Daily Current Affairs September 12 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

State Bank of India Introduces ‘Nation First Transit Card’ for Digital Fare Payments

• State Bank of India, the country’s largest bank, has introduced the ‘Nation First Transit Card’ with the primary goal of enhancing commuting experiences and promoting digital payment adoption.

Aim :

• To simplify digital ticket fare payments across multiple modes of transportation, including metros, buses, water ferries, parking facilities, and more, all within a single card.
• Beyond transportation, the ‘Nation First Transit Card’ can also be utilized for retail and e-commerce transactions, providing users with a convenient and versatile payment solution.

Key Highlights :

• The ‘Nation First Transit Card’ is powered by RuPayand National Common Mobility Card (NCMC) technology, making it a potential game-changer for millions of Indians in their daily commute.
• SBI is also in the process of implementing NCMC-based ticketing solutions in prominent metro lines like MMRC Metro Line 3 and Agra Metro, further expanding the reach of this convenient payment method.

What is NCMC?

• NCMC was recommended by the Nandan Nilekani Committee, which was formed by the Reserve Bank of India (RBI)

Aim :

• To promote cashless transactions and facilitate the integration of commuter payments across various modes of transportation.
• NCMC was officially launched on March 4, 2019.
• It operates on the RuPay platform, developed by the National Payments Corporation of India (NPCI).
• NCMC provides a comprehensive contactless transportation solution, serving as an automated fare collection system for metros, buses, and suburban railways.

Recent News :

• In Aug 2023, SBI Card launched ‘SimplySAVEMerchant SBI Card’ for micro, small, and medium enterprises (MSMEs) with the offer of short-term credit options and other exclusive benefits.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO :Kameshwar Rao Kodavanti

Bank of Baroda Introduces UPI ATM Facility at Over 6,000 ATMs Nationwide  

• Bank of Baroda (BoB) has enabled the Unified Payments Interface (UPI)-Automated Teller Machine (ATM) facility at its ATMs nationwide, this new facility will allow customers to withdraw cash from ATMs without the need for a debit or credit card.
• BoB is recognized as the first Public Sector Bank to launch UPI ATMs in collaboration with the National Payments Corporation of India (NPCI) and powered by NCR Corporation.

Key Highlights :

• Customers of Bank of Baroda and customers of participating issuer banks who use any UPI-enabled mobile app can utilize the UPI ATM service to withdraw cash without requiring their debit cards.
• The UPI ATM service utilizes Interoperable Cardless Cash Withdrawal (ICCW) technology, facilitating cardless cash withdrawals via ATMs.
• This innovation enables QR-based cash withdrawals, eliminating the need for physical cards.

Key Features of UPI-ATM ICCW Service :

• Interoperable: The service is interoperable, meaning it can be used across multiple banks.
• Card-less Transaction: It allows for card-less transactions, enhancing security and convenience.
• Transaction Limit: Customers can withdraw up to 10,000 per transaction, and this amount is subject to the daily UPI limit and limits set by the issuer bank for UPI-ATM transactions.
• Convenience: This service eliminates the need to carry a physical card for ATM cash withdrawals.
• Multiple Account Access: Customers can withdraw cash from multiple accounts using their UPI mobile app.
• UPI ATM transactions are also quicker, convenient, and secured as they generate a single-use dynamic QR code for every transaction and ensure a safe banking experience.

Recent News :

• In Aug 2023, Hitachi Payment Services, a 100% subsidiary of Japan-based Hitachi Limited, launched India’s first Unified Payments Interface (UPI)-Automated Teller Machine (ATM) in collaboration with the National Payments Corporation of India (NPCI).

About BoB :

• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD &CEO : Debadatta Chand
• Tagline : India’s International Bank

Axis Bank Launches its Credit Cards Campaign named ‘Open Experiences’

• Axis Bank, a prominent private sector bank in India, has unveiled its credit card campaign titled ‘Open Experiences.‘
• This campaign recognizes a notable shift in the concept of ‘experience’ in contemporary times.
• It acknowledges that today’s consumers are looking for more than just materialistic gains and are seeking meaningful experiences.

Key Highlights :

• Open Experiences’ aligns with Axis Bank’s core ethos of going beyond conventional banking services to offer experiences that resonate deeply with the aspirations of the modern consumer.
• The campaign introduces a range of tailored credit card offerings designed to deliver exceptional benefits and unique experiences to cardholders.
• Developed by Lowe Lintas, the campaign employs a multi-channel strategy with television as the primary medium for communication.
• It is further amplified through strategic outdoor advertising placements.
• Through this campaign Axis hopes to create a strong preference and desire for Axis Bank Credit Cards and stay relevant to this ‘experience’ generation.

Recent News :

• In Aug 2023, Axis Bank, one of the largest private sector banks in India has launched 2 lending products Kisan Credit Card (KCC) and unsecured Micro, Small & Medium Enterprises (MSME) loans powered by the Public Tech Platform for Frictionless Credit (PTPFC), introduced by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the Reserve Bank of India (RBI).

About Axis Bank :

• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline :Badhti Ka Naam Zindagi

Global Trade Finance Gap Expands to $2.5 Trillion in 2022 -ADB Survey

• The Asian Development Bank (ADB) released its 2023 Trade Finance Gaps, Growth, and Jobs Survey, revealing that the global trade finance gap expanded to an unprecedented $2.5 trillion in 2022, compared to $1.7 trillion two years earlier.
• This gap represents the disparity between financing requests to facilitate international trade and the actual approvals granted.

Factors Behind the Gap :

• Several factors contributed to this substantial increase in the trade finance gap, including rising interest rates, economic uncertainties, inflation, and geopolitical instability.
• These conditions diminished the capacity of banks to provide trade financing.
• Post-COVID Export Growth: The survey noted that after the COVID-19 pandemic, global goods exports experienced substantial growth, with increases of 26.6% in 2021 and 11.5% in 2022.
• This surge in exports led to a surge in demand for trade finance.
• Challenges in Financing: Despite the growth in export demand, the survey found that heightened economic risks made it more challenging to secure trade finance, leading to a significant trade finance gap.
• Global Trade Decline: As of April 2023, global trade exports, in terms of value, experienced a year-to-date slowdown, registering a decline of around 3% following a zero-growth rate in the last quarter of 2022.
• The survey is considered the leading indicator of trade finance health globally.
• It incorporates data from 137 banks and 185 companies across approximately 50 countries.

Key Highlights :

• The trade finance gap increased by 47% from the previous year when it stood at $1.7 trillion.
• This underscores the magnitude of the issue, particularly given that around 80% of global trade relies on some form of financing.
• The survey revealed that geopolitical events, such as Russia’s invasion of Ukraine, had a significant impact on trade finance portfolios, with 60% of banks reporting notable effects.
• Focus on ESG and Digitalization : For the first time, the 2023 survey examined environmental, social, and governance (ESG) issues and digitalization to assess their impact on supply chains and the trade finance gap.
• Many respondents believed that ESG alignment had the potential to reduce the trade financing gap.
• ADB’s Trade and Supply Chain Finance Program (TSCFP) : ADB, with its AAA credit rating, operates the Trade and Supply Chain Finance Program (TSCFP), which provides loans and guarantees to over 200 partner banks.
• This program supports trade by enhancing imports and exports, fostering economic growth, and targeting markets where the private sector faces challenges.
• Since 2009, the TSCFP has facilitated $57 billion in trade across 45,510 transactions in markets that are typically challenging for the private sector to operate in.
• The TSCFP is actively working to promote green, resilient, inclusive, and socially responsible global trade and supply chains.

Recent News :

• In Aug, 2023, India in partnership with the Asian Development Bank (ADB) is set to open a climate change and health hub in New Delhi.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

HDFC Bank Introduces ‘Cardless EasyEMI’ to Simplify Digital Consumer Loans

• HDFC Bank has partnered with a fintech ShopSeto offer end-to-end digital consumer loans – ‘Cardless EasyEMI’.
• The ‘Cardless EasyEMI’ program streamlines the consumer loan process, eliminating the need for physical documents or extensive assistance.

Key Highlights :

• Customers can easily convert their purchases into Equated Monthly Installments (EMIs) by scanning a QR code at participating ShopSe or bank merchant locations.
• This integration with various brands and merchants ensures that customers can access credit swiftly, typically within 5 minutes.
• Existing HDFC Bank customers will receive pre-approved loan offers as part of the ‘Cardless EasyEMI’ program.
• New customers can secure instant consumer durable loans of up to Rs 60,000 with a 12-month repayment tenure, using their PAN card and mobile number as identification.
• CEO of ShopSeIndia : Pallav Jain

About HDFC Bank :

• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

Union Bank of India Introduces Two Distinctive Debit Cards Tailored for High Net Worth Individuals (HNIs) and Women

• Union Bank of India (UBI) has introduced two new debit card variants – a Metal Card tailored for Ultra High Net Worth Individuals (HNIs) and another card with specialized benefits aimed at women.
• Both of these newly introduced debit cards are issued on the RuPay network, a domestic payment network in India.
• The launch of these two debit cards took place at the Global Fintech Fest in Mumbai,Maharashtrawith the participation of Union Bank of India’s MD & CEO, A. Manimekhalai, and Praveena Rai, Chief Operating Officer of NPCI (National Payments Corporation of India).

About Ultra HNI Metal Card :

• The Ultra HNI Metal Card features a distinctive metal design.
• In addition to its premium look, it offers several benefits, including
• Insurance coverage.
• Subscriptions to over-the-top (OTT) channels.
• Access to international lounges.
• Merchant-specific discounts.
• The card is equipped with Near Field Communication (NFC) technology, enabling contactless payments, including tap-and-pay for transit services.

About Women’s Card (RuPay Platinum) :

• The Women’s Card, categorised as a RuPay Platinum card, provides an array of benefits, including :
• Free cancer care coverage for breast, ovarian, and cervical cancers.
• Complimentary health check-ups.
• This card is designed to empower women by offering valuable health-related coverage.

About Union Bank of India:

• Established: 1919
• Headquarters: Mumbai, Maharashtra
• CEO: A. Manimekhalai
• Tagline: Good People to Bank with

Axis Bank Partners with Confirmation, a Leading Electronic Audit Balance Confirmation Platform

• Axis Bank, a leading private sector bank in India, has forged a strategic alliance with Confirmation, recognized as the world’s foremost electronic audit balance confirmation platform.

About the Partnership :

• Through this partnership, Axis Bank will adopt electronic methods for sending and receiving auditors’ Balance Confirmation Certificates (BCC).
• This shift eliminates the need for paper-based processes.
• The transition to electronic confirmations empowers Axis Bank to promptly respond to auditors’ confirmation requests without requiring client intervention.
• This aligns with both Indian and international auditing standards, enhancing efficiency and compliance.
• Axis Bank’s integration with Confirmation connects it to a vast global network encompassing more than 4,200 banks and departments along with over 16,000 audit firms spanning 170 countries.
• This network facilitates the secure exchange of electronic audit balance confirmation certificates.

CURRENT AFFAIRS: NATIONAL NEWS

Ministry of Tourism to launch national competition on ‘Tourism for Tomorrow’

• The Ministry of Tourism will launch a national competition on ‘Tourism for Tomorrow’ to identify best practices and case studies aligned with five priorities of the G20 Goa roadmap.
• The competition will be launched on World Tourism Day on the 27th of September.
• The New Delhi Leaders Declaration which was adopted during the G20 Summit underlined the significance of the ‘Goa Roadmap for Tourism as a vehicle for achieving Sustainable Development Goals.

Key Highlights

• New Delhi Leaders’ Declaration provides a new direction for the tourism sector. The G20 Goa Roadmap outlines the challenges, objectives, opportunities and recommendations for the tourism sector to achieve sustainable development goals.
• GOA Roadmap’, the key deliverable of India’s G20 Tourism Track, is a pioneering initiative that provides a blueprint for sustainable global tourism.
• Goa’s roadmap, aligned with the theme of India’s G20 Presidency, underscores the role of tourism in society, the economy, and environmental stewardship.
• The roadmap focuses on the five priorities: Green Tourism, Digitalization, Skills, Tourism MSMEs, and Destination Management.
• It offers a comprehensive strategy for nations to align their tourism policies with the United Nations Sustainable Development Goals 2030.
• The G20 leaders also endorsed the launch of the “Travel for Life” initiative, emphasizing its transformative potential in promoting responsible and sustainable tourism.
• The Ministry of Tourism aims to facilitate the GOA Roadmap implementation through education and awareness campaigns.
• Through these campaigns, State Governments and private stakeholders will be sensitized about incorporating key recommended actions in their operations for the creation of more sustainable, resilient, and inclusive tourism.

FSSAI officially recognises Mithun as a food animal

• The Food Safety and Standards Authority of India (FSSAI) has recently recognised Mithun, a semi domesticated bovine animal as a food animal paving the way for the promotion of its consumption and commercial rearing on the hills of Northeast.
• Mithun has been included in the Domestic Animal Diversity Information System (DADIS) database.
• Found in altitudes ranging between 300 to 3,000 meters, mithuns have traditionally been part of the culture of various tribes in Arunachal Pradesh, Nagaland, Manipur and Mizoram.
• However, consumption of meat and its milk could not be promoted without FSSAI’s recognition of it as a food animal.
• It is the state animal of Arunachal Pradesh and Nagaland and is primarily reared for meat in community farms.
• Arunachal Pradesh, Nagaland, Manipur and Mizoram account for almost 98% of the global mithun production.
• Mithun meat has a fat content of 0.44% while traditional buffalo meat has.
• An estimate in 2019 put Mithun’s population at 3.9 lakh of which Arunachal Pradesh alone found having 3.50 lakh.
• The NRCM first applied for the FSSAI’s recognition in 2017.
• In order to celebrate FSSAI’s recognition, the NRCM celebrated the first National Mithun Day (September 1) at its campus at Medziphema in Nagaland.
• Mithun meat was given a brand name, Weeshi, a Naga terminology.

About FSSAI

• Food Safety and Standards Authority of India is a statutory body established under the Ministry of Health & Family Welfare, Government of India. The FSSAI has been established under the Food Safety and Standards Act, of 2006, which is a consolidating statute related to food safety and regulation in India.
• Founded: 5 September 2008
• Headquarters: New Delhi

Recent News

• In June 2023,TheGuwahati Railway Station in Assam under North East Frontier Railway was awarded ‘Eat Right Station’ certification by FSSAI in recognition of providing high quality, nutritious food to passengers

Center to stop sites from weaving ‘dark patterns’ to mislead buyers

• The Union government has released draft guidelines to curb “dark patterns” used by online platforms.
• The Department of Consumer Affairs (DoCA) conducted an interactive stakeholder consultation on ‘Dark Patterns’ in June 2023.
• After that, a task force was constituted to submit recommendations on the identification and regulation of dark patterns.
• Based on the recommendations of this task force and deliberations with other stakeholders, draft guidelines for the Prevention and Regulation of Dark Patterns have been framed.

Key Highlights

• The objective is to clearly identify and define tactics as dark patterns so that the Ministry of Consumer Affairs can act against platforms indulging in this under Section 18 of the Consumer Protection Act, 2019.
• The document defines dark patterns as:
• any practices or deceptive design patterns using UI/UX (user interface/user experience) interactions on any platform;
• designed to mislead or trick users to do something they originally did not intend or want to do;
• by subverting or impairing the consumer autonomy, decision making or choice;
• amounting to misleading advertisement or unfair trade practice or violation of consumer rights.
• For instance, false urgency is a dark pattern under which the online seller makes false claims of limited stock (“hurry, only two items left!”).
• The draft guidelines propose prohibitions against engaging in dark patterns.
• The draft guidelines, once notified, shall apply to all platforms systematically offering goods or services in India, advertisers and sellers.
• The document specifies 10 types of dark patterns.
• False urgency means falsely stating or implying a sense of urgency.
• Basket sneaking means the inclusion of additional items at the time of checkout without the consent of the user.
• Confirm shaming means using a phrase, video, audio or any other means to create a sense of fear, shame or ridicule or guilt in the mind of the user.
• Forced action means forcing a user into taking an action that would require the user to buy additional goods.
• Subscription Trap is the process of making cancellation of a paid subscription impossible or complex.
• Interface interference means the design element that manipulates the user interface.
• Bait and switch is the practice of advertising a particular outcome based on the user’s action.
• Drip pricing is another such practice whereby elements of prices are not revealed upfront.
• Disguised advertisement and nagging have been defined by the Ministry in the guidelines.
• The term “dark patterns” was coined in 2010 by Harry Brignull, a user experience specialist.
• These patterns are often used to encourage users to sign up for services, make purchases, or share personal information, among other things.

56% of new internet users to be from rural India by 2025

• Around 56 per cent of total new internet users will be from rural India by 2025, according to a report by TransUnion CIBIL, which said that currently, 36% of digital payment users hail from rural parts of the country.

Key Highlights

• The growing adoption is being driven by the fact that 52% of the country’s population is under 40 years of age, higher than the global average of 46%.
• Further, of the 6.7 crore IT returns filed in FY23, over 2 crore were filed by Gen Z, the report adds that individual EPFO accounts too have seen twofold growth over the last 10 years.
• The report, prepared with insights from the National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC), focuses on the transformative effects of the digitalisation of credit and payments on evolving consumer behaviors.
• The country is at the top spot in terms of a unique identity programme, with 130 crore people enrolled under Aadhaar, and in terms of volumes of digital transactions, with 7,400 UPI transactions being undertaken in 2022.

Union Government tightens ‘beneficial owner’ rules under PMLA

• The Union government has further tightened rules for the ultimate beneficiary and fine tunedthe definition of reporting entity under the Prevention of Money Laundering Act (PMLA).
• The amendments aim to give more power to the agency under the PMLA Act and enlarge the type and nature of individuals who can come under the ambit of the Act.
• The Finance Ministry has notified changes in the Prevention of Money Laundering (Maintenance of Records) Rules, 2005. Accordingly, a person having ownership of more than 10% of the capital or profits of a partnership will be brought within the ambit of the sub rule 3 as a ‘beneficial owner’.

Key Highlights

• Earlier, this limit was 15%.
• Similarly, a person, who does not have any ownership or entitlement to more than 15% (now 10%) of capital or profits of the partnership but exercises control over the partnership through other means, will be treated as a beneficial owner.
• Change has also been made in the definition of ‘principal officer of a reporting entity’.
• The principal officer is responsible for furnishing the information to the Financial Intelligence Unit.
• Prior to the amendment, a reporting entity had the discretion to appoint any officer as ‘Principal Officer’.
• After the amendment, only an officer at the management level can be appointed as ‘Principal Officer’.

Recent News

• In May 2023, the FinanceMinistry included directors of a company as reporting entities under the PMLA for certain activities carried out in the course of business.

CURRENT AFFAIRS : STATE NEWS

Salem Sago from Tamil Nadu Granted a Geographical Indication (GI) Tag

• The Salem Starch and Sago Manufacturers Service Industrial Co-operative Society Limited, commonly known as SagoServe, has been conferred with the Geographical Indication (GI) tag for Salem Sago.
• The District Collector, S Karmegam, officially presented the GI certificate to Lalithaditya Neelam, the Administrator of SagoServe, during an official program.

About Sago :

• Salem district in Tamil Nadu is recognized as the primary centre for sago production in India, initially on a cottage scale basis.
• Sago is derived from the wet starch powder extracted from tapioca roots.
• Sago is typically found in the form of small, hard globules or pearls, characterised by a pearl-white colour.
• The dry powder obtained from tapioca serves as a fundamental raw material for various industrial applications.
• Salem district in Tamil Nadu has previously earned GI tags for raw silk and Malgoa mango, adding to the region’s recognition for its unique products.

About GI Tag :

• A Geographical Indication (GI) is a specific type of Intellectual Property Rights (IPR) that applies primarily to products of agricultural, natural, or manufactured origin, including handicrafts and industrial goods. It signifies their origin from a well-defined geographical territory.
• GI tags are assigned to products that possess distinct characteristics or qualities associated with their place of origin.
• The GI tag is typically valid for a period of 10 years and can be renewed subsequently.

Recent News :

• In Aug 2023, Odisha’s ‘Koraput Kalajeera Rice,’ renowned for its unique aroma and nutritional value, was officially recognized with Geographical Indications (GI) status.
• In July 2023, 3 famous products from Tamil Nadu – Jaderi namakatti, Kanyakumari Matti banana, Chedibutta saree – got the GI tag.

About Sagosarva :

• Established : 1981
• It is a cooperative society with 374 members from various districts including Salem, Namakkal, Dharmapuri, Erode, Perambalur, Trichy, Tiruvannamalai and Villupuram.

Nagaland becomes the 1st North Eastern State to Introduce Aadhaar-Linked Birth Registration     

• Nagaland has become the 1st State in theNorth Eastern Region to initiate Aadhaar Linked Birth Registration (ALBR).
• This innovative initiative integrates Aadhaar enrollment for children in the age group of 0 to 5 years within the birth registration process.

Objective :

• To facilitate seamless access for children to various social welfare schemes specifically designed for their well-being.
• The commencement of the launch was formally led by Commissioner T MhabemoYanthan.

Key Highlights :

• To extend the reach of this service across districts in Nagaland, the Directorate of Economics and Statistics, Nagaland, which serves as the Registrar for Birth and Death for the state, has partnered with the Unique Identification Authority of India (UIDAI).
• UIDAI is functioning as a Registrar cum Enrolment Agency for Child Enrolment through the ALBR process.
• UIDAI has been actively supporting States through workshops, door-to-door enrolments, and outreach to remote areas, assisting them in harnessing the benefits of the Aadhaar ecosystem.

Recent News :

• In July 2023, Nagaland was officially declared as a Lumpy Skin Disease (LSD) positive state in accordance with the “Prevention and Control of Infectious and Contagious Diseases in Animals Act, 2009.”

About Nagaland:

• Governor: Shri La Ganesan
• Chief minister: Neiphiu Rio
• Capital: Kohima

Union Home Minister Amit Shah Chairs Western Zonal Council Meeting in Gandhinagar, Gujarat

• Union Home Minister Shri Amit Shah chaired the 26th Western Zonal Council meeting held in Gandhinagar, Gujarat.

Key Attendees :

• The meeting was attended by the Chief Ministers of the Western Zone states: Gujarat Chief Minister Bhupendra Patel, Maharashtra CM Eknath Shinde, Goa CM Pramod Sawant, and Administrator of Dadra & Nagar Haveli and Daman & Diu Praful Patel.

Key Highlights :

• During the meeting, a total of 17 issues between the states and the Centre were discussed, 9 of these issues were resolved, while the remaining were kept for monitoring after in-depth discussions.
• The concept of creating zonal councils was proposed by Prime Minister Jawaharlal Nehru in 1956.
• It aimed to group states proposed for reorganisation into 4 or 5 zones, each with an advisory council to promote cooperative working.

5 Zonal Councils :

• 5 zonal councils were established in 1957 under Sections 15-22 of the States Reorganisation Act, 1956.
• Each council has a specific composition and geographic coverage.

1. Northern Zonal Council: Includes Haryana, Himachal Pradesh, Jammu & Kashmir, Ladakh, Punjab, Rajasthan, Delhi, and Chandigarh.
2. Central Zonal Council: Includes Chhattisgarh, Uttarakhand, Uttar Pradesh, and Madhya Pradesh.
3. Eastern Zonal Council: Includes Bihar, Jharkhand, Odisha, and West Bengal.
4. Western Zonal Council: Includes Goa, Gujarat, Maharashtra, and Daman & Diu and Dadra & Nagar Haveli.
5. Southern Zonal Council: Includes Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, and Puducherry.

• The Union Home Minister serves as the chairman of each of the 5 zonal councils.

Exclusion of Northeastern States :

• The Northeastern states (Assam, Arunachal Pradesh, Manipur, Tripura, Mizoram, Meghalaya, and Nagaland) are not included in the zonal councils.
• Their special issues are addressed by the North Eastern Council, established under the North Eastern Council Act, 1972.
• Sikkim is also part of the North Eastern Council.

Recent News :

• In July 2023, India’s Clean Hydrogen Mission Got a Boost with the Hydrogen Valley Project in
• In May 2023, The Gujarat cabinet gave its approval to a proposal of setting up 21 new industrial estates across 13 districts in Gujarat, with an aim to boost employment generation locally.

About Gujarat :

• Governor: Acharya Devvrat
• Chief minister: Bhupendrabhai Patel
• Capital: Gandhinagar
• National Park: Vansda National Park, Gir National Park, Marine National Park, Velavadar National Park
• Wildlife Sanctuaries: Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Shoolpaneshwar Wildlife Sanctuary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Mahavir Lunawat appointed as Chairman of AIBI    

• Association of Investment Bankers of India (AIBI), the investment bankers’ sole representative body to SEBI and various statutory authorities appointed Mahavir Lunawat, Managing Director (MD) of Pantomath Capital Advisors as its Chairman for 2 years starting September 2023.
• The Chairman of AIBI holds a crucial position, representing Investment Bankers on the Primary Market Advisory Committee (PMAC) of SEBI.
• This role involves actively advocating for members’ views, comments, and suggestions on regulatory reforms related to the capital markets.
• AIBI also announced the appointment of Arjun Mehra, Managing Director of J.M. Financial, and Prem D’Cunha, Senior Vice President and head of ECM Execution at ICICI Securities, as its Vice Chairmen.

About Mahavir Lunawat :

• Mahavir Lunawat is an industry veteran with over 20 years of experience, having worked with prominent business houses in India.
• He is the Founder and Group Managing Director of Pantomath Capital Advisors.
• He has led significant M&A (Mergers and Acquisitions) and corporate restructuring projects and has managed over 100 Initial Public Offerings (IPOs).
• He has held various thought leadership roles, including Director at TiE Mumbai, a member of the Capital Market Committee of PHD Chamber, and a member of the Kotak Committee on Corporate Governance.
• Currently, Mahavir Lunawat represents AIBI on the SEBI Alternative Investment Policy Advisory Committee (AIPAC).
• He also serves as a visiting faculty member at prestigious Indian institutions and regularly publishes articles, showcasing his commitment to knowledge dissemination

About AIBI :

• Establishment: AIBI was originally incorporated as a Public Limited Company in 1993.
• In 2010, the organization’s name was changed from AMBI to the Association of Investment Bankers of India (AIBI).
• AIBI is the investment banking industry’s only representative to all statutory authorities, particularly SEBI.

CURRENT AFFAIRS: AWARDS AND HONORS

The Shanti Swaroop Bhatnagar Awards have been awarded to 12 distinguished scientists in 2022.

• The country’s top annual science prize, Shanti Swaroop Bhatnagar Awards, wasannounced after a gap of two years.
• This year 12 scientists will get the awards in seven categories.
• N. Kalaiselvi, Director General of CSIR announced the awards for the year 2022 in the presence of Union Minister for Science and Technology Dr Jitendra Singh.
• Named after Shanti Swarup Bhatnagar, the first director of CSIR, these awards are given in seven scientific disciplines: physics, biology, engineering, mathematics, medicine, chemistry, and earth sciences.
• The ‘One Week One Lab’ program started at CSIRNIScPR which will continue till 16 September.
• This is a campaign during which each of the CSIR labs showcases their exclusive ideas and technological breakthroughs to the people of the country over the course of one week.
• Jitendra Singh informed that on the lines of ‘One WeekOne Lab’ in future the CSIR will take the opportunity to spread the contributions of its units to the general public through the ‘One Month One Theme’ campaign.
• Books named ‘Collection of 80 articles of Vigyan Pragati magazine’ and ‘CSIR@80 A Photo journey’ were launched by Union Minister of Science and technology,Dr. Jitendra Singh on the occasion.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Bharat 6G Alliance and Next G Alliance sign MoU to explore collaboration opportunities

• A Memorandum of Understanding (MoU) to explore collaboration opportunities on 6G wireless technologies in India and other parts of the world was signed between Bharat 6G Alliance and Next G Alliance, an Alliance for Telecommunications Industry Solutions (ATIS) initiative.
• The MoU was signed by the Bharat 6G Alliance Chair N. G. Subramaniam and the President and CEO of the ATIS’s Next G Alliance Susan Miller.
• The MoU will facilitate aligning research and development priorities that support a common 6G vision and creating secure and trusted telecommunications as well as resilient supply chains.
• India had a vision for the empowerment of the society at large and the next generation 6G will further enhance the quality of life.
• Launched by the ATIS, the Next G Alliance is an initiative to advance North American wireless technology leadership over the next decade through private sector-led efforts with the initial focus on 6G.
• The efforts of its working groups in Applications, Green G, National 6G Roadmap, Societal and Economic Needs, Spectrum and Technology are building the foundation for North American leadership in 6G and beyond.

About Bharat 6G Alliance

• The Bharat 6G Alliance is an initiative of Indian industry, academia and national research institutions and is aligned with the Bharat 6G Mission to design, develop and deploy technology and innovations that provide an intelligent and secure solution for the high-quality living experience of citizens in India and outside.
• The alliance aimed at promoting the ecosystem for research, design, development, field testing, security, certification and manufacturing of telecom products and solutions.

CURRENT AFFAIRS: SPORTS NEWS

Novak Djokovic defeated Daniil Medvedev in the US Open final to claim his record 24th Grand Slam title:

• In US Open Tennis, Novak Djokovic created history winning the 24th Grand Slam title.
• Serbian star Djokovic defeated Daniil Medvedev of Russia 63, 76, 63 to win the US Open 2023 Men’s Singles final at the Arthur Ashe Stadium,New York City.
• With this, 36 year old Djokovic equals Margaret Court’s record of 24 Grand Slam tennis titles, the most by any player in history.
• Djokovic, already the oldest French Open singles champion, became the oldest US Open singles champion in the pro era.
• In Women’s Doubles, 16th seed New Zealand-Canadian combination of Erin Routliffeand Gabriela Dabrowski defeated 12th seed pair of GermanRussian duo Laura Siegemund and Vera Zvonareva 76, 63 to win the title.
• Earlier, American teenage tennis sensation Coco Gauff secured her maiden Women’s Singles title, defeating Belarusian Aryna Sabalenka 26, 63, 62.

Recent News

• In June 2023,In Tennis, Serbian Novak Djokovic created history by becoming the first man to reach the coveted 23 grand slam title mark with his straight sets win over Casper Ruud in the men’s singles final of the French Open 2023 in Paris.
• In July 2023, In Wimbledon Tennis, World number one Carlos Alcaraz ended Novak Djokovic’s long reign at the AllEngland Club to win his first Wimbledon 2023 title and his second Grand Slam title with a 16 76(6) 61 36 64 victory in the final at the Centre Court in London.

American teenager Coco Gauff wins maiden US Open Women’s Singles title in a thrilling match against Aryna Sabalenka:

• In US Open tennis, American teenage tennis sensation Coco Gauff secured her maiden Women’s Singles title, defeating Aryna Sabalenka in the title clash in New York.
• Gauff produced a gutsy performance on the Arthur Ashe Stadium court to win 26, 63, 62.
• In Mixed Doubles, Anna Danilina of Kazakhstan and Harri Heliovaara, her partner from Finland beat the No.1 seeds Jessica Pegula and Austin Krajicek to claim the title.
• In Women’s Doubles, New ZealandCanadian pair Erin Routliffe and Gabriela Dabrowski will be up against GermanRussian duo Laura Siegemund and Vera Zvonareva in the final clash.
• In Men’s Singles, World No. 2 Novak Djokovic will take on world No. 3 Daniil Medvedev in the US Open 2023 tennis final at the Arthur Ashe Stadium in New York

About Gauff:

• In a span of 40 days, Gauff has won three huge titles and a total of 18 out of her 19 previous matches.
• She previously won the Washington Open and Cincinnati Open in August.
• She is the first American teenager to win the US Open singles title this century and only third overall.

Max Verstappen creates F1 history as he scores 10th consecutive win at Monza

• Max Verstappen and Red Bull created history at the Italian Grand Prix 2023, as the Dutch sensation secured his 10th consecutive Formula 1 victory.
• In doing so, Verstappen surpassed Sebastian Vettel’s nine consecutive wins from 2009, and Red Bull extended their winning streak to a remarkable 15 races.
• Verstappen has won every race since the Miami Grand Prix on May 7 and is set to join only Juan Manuel Fangio, Michael Schumacher, Sebastian Vettel and Lewis Hamilton as drivers who have won a hat-trick of championships.
• The Monza circuit was the stage for this record-breaking performance, where Verstappen initially lined up behind the pole-sitting Carlos Sainz of Ferrari.

Recent News

• In July 2023,Max Verstappen won the Austrian Grand Prix to take another step towards a third successive world title.
• In July 2023, Max Verstappen won the British Grand Prixas Red Bull stayed unbeaten for the Formula One season and equalled McLaren’s 1988 record of 11 victories in a row.
• In June 2023, Max Verstappen won the Monaco GP, facing challenging conditions as a rain shower hit the track in the closing stages.

List of F1 Grand Prix Winners List: 2023

Daily CA One – Liner: September 12

• State Bank of India, the country’s largest bank, has introduced the ‘Nation First Transit Card’ with the primary goal of enhancing commuting experiences and promoting digital payment adoption.
• Bank of Baroda (BoB) has enabled the Unified Payments Interface (UPI)-Automated Teller Machine (ATM) facility at its ATMs nationwide. This new facility will allow customers to withdraw cash from ATMs without the need for a debit or credit card.
• Axis Bank, a prominent private sector bank in India, has unveiled its credit card campaign titled ‘Open Experiences.‘
• The Asian Development Bank (ADB) released its 2023 Trade Finance Gaps, Growth, and Jobs Survey, revealing that the global trade finance gap expanded to an unprecedented $2.5 trillion in 2022, compared to $1.7 trillion two years earlier.
• HDFC Bank has partnered with a fintech ShopSeto offer end-to-end digital consumer loans – ‘Cardless EasyEMI’.
• Union Bank of India (UBI) has introduced two new debit card variants – a Metal Card tailored for Ultra High Net Worth Individuals (HNIs) and another card with specialized benefits aimed at women.
• Axis Bank, a leading private sector bank in India, has forged a strategic alliance with Confirmation, recognized as the world’s foremost electronic audit balance confirmation platform.
• The Ministry of Tourism will launch a national competition on ‘Tourism for Tomorrow’ to identify best practices and case studies aligned with five priorities of the G20 Goa roadmap.
• The Food Safety and Standards Authority of India (FSSAI) has recently recognised Mithun, a semi-domesticated bovine animal as a food animal paving the way for the promotion of its consumption and commercial rearing on the hills of Northeast.
• The Union government has released draft guidelines to curb “dark patterns” used by online platforms.
• Around 56 per cent of total new internet users will be from rural India by 2025, according to a report by TransUnion CIBIL, which said that currently, 36% of digital payment users hail from rural parts of the country.
• The government has further tightened rules for the ultimate beneficiary and fine-tunedthe definition of reporting entity under the Prevention of Money Laundering Act.
• The country’s top annual science prize, Shanti Swaroop Bhatnagar Awards, wereannounced after a gap of two years.
• A Memorandum of Understanding (MoU) to explore collaboration opportunities on 6G wireless technologies in India and other parts of the world was signed between Bharat 6G Alliance and Next G Alliance, an Alliance for Telecommunications Industry Solutions (ATIS) initiative.
• In US Open Tennis, Novak Djokovic created history winning the 24th Grand Slam title.
• In US Open tennis, American teenage tennis sensation Coco Gauff secured her maiden Women’s Singles title, defeating Aryna Sabalenka in the title clash in New York.
• Max Verstappen and Red Bull created history at the Italian Grand Prix 2023, as the Dutch sensation secured his 10th consecutive Formula 1 victory
• The Salem Starch and Sago Manufacturers Service Industrial Co-operative Society Limited, commonly known as SagoServe, has been conferred with the Geographical Indication (GI) tag for Salem Sago.
• Nagaland has become the 1st State in theNorth Eastern Region to initiate Aadhaar Linked Birth Registration (ALBR).
• Union Home Minister Shri Amit Shah chaired the 26th Western Zonal Council meeting held in Gandhinagar, Gujarat.
• Association of Investment Bankers of India (AIBI), the investment bankers’ sole representative body to SEBI and various statutory authorities appointed Mahavir Lunawat, Managing Director (MD) of Pantomath Capital Advisors as its Chairman for 2 years starting September 2023.

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