National and International News :
1. Cabinet approves National Quantum Mission to scale-up Scientific & Industrial R&D for QT
India's National Quantum Mission (NQM) has received approval from the Union Cabinet, with a budget of Rs. 6003.65 crore for a duration of eight years, starting from 2023-24 to 2030-31. This move will propel India to join the ranks of the top six nations, namely the United States of America (USA), Canada, China, France, Austria, and Finland, who are actively engaged in Research and Development (R&D) in Quantum Technology (QT).
The NQM aims to achieve the following objectives :
(i) To foster scientific and industrial R&D in QT and facilitate its growth
(ii) To establish a dynamic and innovative ecosystem in QT
(iii) To position India as a leading nation in the development of Quantum Technologies and Applications (QTA).
Aim :
The mission aims to develop intermediate scale quantum computers with 50-1000 physical qubits in 8 years and satellite-based secure quantum communication over 2000 km within India, long-distance secure quantum communications with other countries, inter-city quantum key distribution over 2000 km, and multi-node Quantum network with quantum memories.
Key notes :
The mission will be overseen by the DST, MoST, led by a Mission Director, with a mission secretariat and governing body comprised of quantum scientists. The Mission Technology Research Council will serve as the scientific advisory body for the governing body.
2. Chief minister of Haryana , Manohar Lal Khattar announces 3 Services to Digitally Empower Beneficiaries
Haryana's CM, Manohar Lal Khattar, has introduced three new online services on April 19, 2023, to digitally empower beneficiaries. These services are:
(i) 'Pro-active Divyang Pension Service,' 'Tau se pucho,' and an online room booking facility at PWD rest houses.
(ii) 'Pro-active Divyang Pension Service' will provide automated pension benefits for Persons with Disabilities(PwDs). PwDs with more than 60% disability will have their data available on the Parivar Informatics Data Repository, which will be certified by the Haryana Parivar Pehchan Authority monthly.
(iii) 'Tau se pucho' is a bilingual WhatsApp and web-based Chatbot solution developed by the Haryana Parivar Pehchan Authority (PPP) to provide quick responses to people's queries.
3. SATHI: Union Agriculture Minister Narendra Singh Tomar launches Seed Traceability Portal and Mobile App
The Union Minister of Agriculture & Farmers Welfare (MoA&FW), Narendra Singh Tomar, launched the first phase of the SATHI (Seed Traceability, Authentication and Holistic Inventory) portal and mobile application on April 19, 2023. The centralized online system aims to address seed production challenges, seed quality identification, and certification under the theme of Uttam Beej – Samriddh Kisan.
Objective :
To prevent the sale of fake seeds that hinder agricultural growth, cause losses to farmers, and ensure that only high-quality seeds are made available to farmers.
Key points :
The portal is a comprehensive platform that encompasses seven verticals of the seed chain: Research Organization, Seed Certification, Seed Licensing, Seed Catalogue, Dealer-to-Farmer Sales, Farmer Registration, and Seed DBT (Direct Benefit Transfer).
The platform will provide quality assurance, identify the source of seeds, and offer direct subsidies to registered farmers' bank accounts.
Only licensed dealers with valid certification can sell seeds to farmers who are centrally registered. Farmers will receive the subsidy through DBT directly into their pre-validated bank accounts.
The system has a QR (Quick Response) code that enables seed tracing. All states are encouraged to join the seed traceability system, and training will be provided through the Indian Council of Agricultural Research (ICAR), Krishi Vigyan Kendras, and State Governments to increase awareness and ensure farmers receive full benefits.
4. Cabinet approves Cinematograph Amendment Bill 2023, aims to tackle problem of film piracy
The Ministry of Information and Broadcasting's (MIB) proposed Cinematograph Amendment Bill, 2023 to amend the Cinematograph Act, 1952, was approved by the Union Cabinet. The bill will be introduced during the Monsoon Session of Parliament. The proposed amendments aim to make the certification process more effective and in line with current times.
The proposed Cinematograph Amendment Bill, 2023 aims to tackle three main issues :
(i) Enhancing the certification process of films by the Central Board of Film Certification (CBFC) and its categorization.
(ii) Addressing unauthorized recording and exhibition of films to prevent piracy.
(iii) Harmonizing the law with existing executive orders, Supreme Court judgments, and other relevant legislation.
Key points :
The Cinematograph Amendment Bill, 2023 proposed by the Ministry of Information and Broadcasting was approved by the Union Cabinet. The bill aims to address three issues: improving the certification process, curbing film piracy, and harmonizing the law with extant executive orders, Supreme Court judgements, and other relevant legislations.
Key amendments include strict penalties to stop film piracy, age-based certification, aligning with Supreme Court judgments, perpetual validity of certificates, and recertification of edited films for television broadcast. The bill sub-divides the existing UA category into three age-based categories and allows for perpetual validity of CBFC certificates. It also removes the restriction on validity of certificates for only 10 years and requires recertification of edited films for television broadcast.
5. IT Roorkee signs MoU with Taiwan’s NCDR to Develop Tech Solutions for Earthquakes & Floods
A Memorandum of Understanding (MoU) was signed between the Indian Institute of Technology Roorkee (IIT Roorkee), Uttarakhand, and the National Science and Technology Centre for Disaster Reduction (NCDR), Taiwan, to collaborate on developing technology solutions for natural hazards such as earthquakes, landslides, floods, debris flow, and compound disasters.
The agreement was signed during a visit by NCDR scientists and faculty members, including Dr Hongey Chen, the director of NCDR.
The MoU aims to promote scientific and academic cooperation and research to enhance relations and mutual understanding between NCDR and the Centre of Excellence in Disaster Mitigation and Management (CoEDMM) of IIT Roorkee.
Researchers from both institutes plan to co-establish an early warning sensor network equipped with P-Alert sensors at selected locations in Uttarakhand.
6. World’s 1st Smart Gun: Biofire Technologies Unveils Biometric Identification to Prevent Misuse
Biofire Technologies, a Colorado-based gun-making company, has recently launched the world's first smart gun, the "Biofire Smart Gun". This 9mm handgun is secured with fingerprint and facial recognition biometrics, allowing only the verified shooter to fire it.
Its design aims to prevent unauthorised access and usage, particularly by children and criminals. The advanced technology used in the smart gun limits access to only the owner and individuals who have been properly authorised by the owner.
Biofire's founder, Kai Kloepfer, hopes that this technology can help lower the suicide rate and reduce the number of accidental deaths caused by firearms in the United States.
7. Cuban President Miguel Diaz-Canel re-elected for second term
Miguel Diaz-Canel was re-elected as the President of Cuba for a second term by the National Congress on April 19, 2023. This comes at a time when Cuba is experiencing one of the most significant economic and social crises since the 1959 revolution led by Fidel Castro.
Key points :
(i) Miguel Díaz-Canel, leader of the Communist Party, won a 97.66% vote in the Cuba-aligned National Assembly for a second term as President.
(ii) Díaz-Canel became President in 2018 and First Secretary in 2021 of the Cuban Communist Party, succeeding Raul Castro in both roles.
(iii) Díaz-Canel is the first non-Castro leader of Cuba and was born after the 1959 revolution, but Raul Castro still holds the position of Army General and a seat in the National Assembly.
(iv) Salvador Valdes Mesa was re-elected as Cuba's vice-president, Esteban Lazo was re-elected as the president of the National Assembly of People's Power (ANPP), and Manuel Marrero Cruz was re-appointed as the Prime Minister.
(v) Under Cuban law, a president cannot serve more than two successive terms.
Miguel Díaz-Canel's professional background and political career :
Miguel Díaz-Canel was designated as the Minister of Higher Education in May 2009.
He was then appointed as the Vice President of the Council of Ministers in March 2012, which made him the deputy prime minister.
In 2013, he was also selected as the First Vice President of the Council of State, where he served as the deputy to Raúl Castro, the President of Cuba at that time.
About Cuba :
Capital : Havana
President : Miguel Díaz-Canel
Currency : Cuban Peso (CUP also known as moneda nacional)
Banking and Finance News :
1. Indian Banks’ Association (IBA) Constituted 4-Member Working Group on ARCs
The Indian Banks’ Association (IBA) has formed a working group consisting of four members to address various issues related to Asset Reconstruction Companies (ARCs) and submit a report to the IBA, RBI (Reserve Bank of India), and the Union government.
The members of the working group are :
(i) Hari Hara Mishra, Secretary of the Association of ARCs in India
(ii) Purshotam Agarwal, Chief Investment Officer of National Asset Reconstruction Company Limited (NARCL)
(iii) Mythili Balasubramanian, Executive Director of Edelweiss
(iv) Tarun Kumar, Director of Encore Asset Reconstruction Company
About Asset Reconstruction Companies (ARCs) :
It is a financial institution (FI) that buys the NPAs (Non-Performing Assets) or bad loans from banks and FI and helps them to recover from the NPAs. They are registered under RBI and regulated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002.
2. RBL Bank launches Unique Digital FD Scheme for New-to-Bank Customers
RBL Bank has launched a new Digital Fixed Deposit (FD) Scheme for new-to-bank customers on April 18, 2023. The scheme offers an interest rate of up to 7.8% and has a term ranging from 15 months to 725 days. Customers can book the Digital FD within a few minutes without having to visit a branch or open a savings account with the Bank.
Some important points to note about the scheme are :
(i) It offers additional benefits such as embedded insurance cover, a seamless savings account opening process, and the ability to track and manage the FD digitally.
(ii) FD holders can opt for insurance cover under a Hospital Daily Cash Benefit policy, which offers daily cash benefits for hospital expenses.
(iii) The Digital FD uses a quick online KYC (Know Your Customer) process, making it easy and hassle-free for customers to open an FD within minutes.
3. SIB introduces 2 Savings Accounts for NRIs – SIB SEAFARER & SIB PULSE
South Indian Bank (SIB) introduced two new saving products for non-resident Indian (NRI) customers on April 18, 2023. The products are called SIB SEAFARER and SIB PULSE and are designed for mariners and healthcare professionals, respectively. These new saving products allow NRIs to maintain either the minimum balance in their savings account or term deposits.
Both SIB SEAFARER and SIB PULSE savings accounts have the following features :
(i) Free and unlimited debit card transactions, NEFT (National Electronic Funds Transfer)/ RTGS & DD / PO.
(ii) Free international debit card, SMS & internet banking services.
4. SBI Board Approves to Raise USD 2 Billion Via Long-Term Debt
On April 18, 2023, the State Bank of India (SBI) approved the examination of the status of long-term fund-raising in single or multiple trenches up to USD 2 billion (about Rs 16,000 crore) under Reg-S/144A, through Public Offer and/or private placement of senior unsecured notes in USD or other convertible currency during FY2023-2024.
SBI plans to raise USD 2 billion through foreign currency bonds in 2023-2024 in single or multiple tranches to augment additional Tier 1 capital and the overall capital base and to strengthen capital adequacy according to Reserve Bank of India (RBI) guidelines.
The Executive Committee of the Central Board of SBI, a public sector lender, made this decision. In March 2023, SBI raised Rs 3,717 crore through an additional tier 1 bond sale.
This was SBI's 3rd Basel III compliant additional tier 1 (AT1) bond sale, and the latest issue closed at a coupon rate of 8.25%.
5. TNeGA signs MoU with Indian Bank for Payment Aggregator Services
On 18th April 2023, Indian Bank, a public sector bank, signed a Memorandum of Understanding (MoU) with the Tamil Nadu e-Governance Agency (TNeGA), a State Nodal Agency under the Information Technology and Digital Service (IT&DS) Department of the Government of Tamil Nadu (TN).
The MoU aims to integrate Payment Aggregator for e-Governance Application of various departments in Tamil Nadu (TN). The signing ceremony was attended by T. Mano Thangaraj, Minister for IT&DS Tamil Nadu, and Mahesh Kumar Bajaj, Executive Director of Indian Bank.
Important :
(i) The Memorandum of Understanding (MoU) signed between the Tamil Nadu e-Governance Agency (TNeGA) and Indian Bank provides a plug-and-play platform for all government departments to address their payment-related needs.
(ii) Indian Bank's Payment Aggregator platform will deliver timely and cost-effective solutions to government departments, ensuring a seamless payment experience for citizens and businesses.
(iii) By facilitating easy access, transparency, and quick service delivery, this MoU will support one of the TN government's top priorities.
(iv) The bank's payment aggregator service will function as a one-stop solution for all payment collection requirements of various TN government departments.
This payment aggregator solution platform facilitates an integrated payment mechanism for online transactions through aggregation and reconciliation services with multiple payment channels, including debit/credit cards, UPI, payment wallets, net banking, e-challans, and e-UPI.
Other News :
1. UN Chinese Language Day 2023 - 20th April
The United Nations (UN) annually observes the Chinese Language Day on April 20 to celebrate the Chinese language and promote the equal use of all six official languages within the organization. On April 20, 2023, the UN celebrated the 13th annual Chinese Language Day under the theme "Chinese Wisdom for a Green World."
The Chinese Language Day is significant as it commemorates the contribution of Cangjie, a mythical figure credited with inventing Chinese characters and being the official historian of the Yellow Emperor in ancient China. The day serves to recognize the importance of Chinese language and culture in the world.
Key points :
The Indian Army has signed an MoU with Tezpur University in Assam on April 19, 2023, to provide Chinese language training for its personnel. The course, which will last for 16 weeks, will be conducted at Tezpur University. The agreement was signed by HQ 4 Corps and the Registrar of the university in the presence of Vice Chancellor Professor S N Singh .
The language course offered by Tezpur University to the Indian Army personnel has the following benefits :
(i) It will enhance the Mandarin proficiency of military personnel, enabling them to communicate effectively with their Chinese counterparts whenever required.
(ii) Improved Chinese language skills will empower the army personnel to convey their thoughts and ideas in a more convincing manner.
(iii) The course will facilitate better comprehension of the Chinese PLA's perspective and worldview during various interactions such as Commander Level Talks, Flag Meetings, Joint Exercises, Border Personnel Meetings, and others. It will also lead to better exchange of ideas.
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