National and International News :
1. Union Cabinet grants approval to LIGO-India to build gravitational-wave Detector in Maharashtra
The Union Cabinet of the Government of India, led by Prime Minister Narendra Modi, granted approval on April 6th, 2023, for the mega science proposal of LIGO-India (Laser Interferometer Gravitational-wave Observatory in India) to conduct research on gravitational waves.
The ambitious LIGO-India project aims to establish a cutting-edge gravitational wave observatory in Hingoli, Maharashtra, in collaboration with the renowned LIGO Laboratory in the United States of America (USA). Spearheaded by the Department of Atomic Energy (DAE) and the Department of Science and Technology (DST), the project is estimated to be worth Rs 2600 crore and is slated to be completed by 2030.
(i) The Union Cabinet of India granted in-principle approval for the LIGO-India project in February 2016. Approximately 300 acres of land have been acquired for the project.
(ii) Dr. Jitendra Singh, Minister of State (Independent Charge) for Science and Technology and Earth Sciences, announced that 174 acres of land in the Aundha area of Hingoli district in Maharashtra have been acquired for the LIGO-India project. The project has received environmental clearance and the geo-technical survey has been completed.
(iii) A monitoring board will be established to oversee the progress of the project.
LIGO India :
(i) LIGO is an L-shaped instrument with each arm measuring 4 kilometers (km) in length. Laser pulses are sent through each arm and bounce off a mirror, and a detector checks if they return at the same time, indicating the absence of gravitational waves. Gravitational waves passing through the detector cause slight time delays in the returning pulses, which researchers use to detect, record, and study gravitational waves.
(ii) LIGO-India will be the third advanced gravitational-wave observatory to join the worldwide network, with existing observatories in Louisiana and Washington, USA.
(iii) LIGO-India is a collaborative project between a consortium of Indian research institutions, the LIGO laboratory in the USA, and its partners, with the Department of Atomic Energy (DAE) and the Department of Science and Technology (DST) overseeing its construction under a Memorandum of Understanding (MoU) with the U.S. National Science Foundation and other research institutions.
(iv) The key components of LIGO-India, worth USD 80 million (Rs 560 crore), will be provided by the USA. LIGO-India is expected to contribute to significant advancements in astronomy and astrophysics through its participation in the global LIGO network.
2. MeitY Notifies "IT Amendment Rules 2023": Government-Appointed Fact-Checker to Identify Fake News
The Ministry of Electronics and Information Technology (MeitY) has proposed an amendment to the Information Technology Rules, 2021, which will now be known as the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Amendment Rules, 2023 [IT Amendment Rules, 2023].
As per the draft amendment, MeitY will have the authority to establish a "fact-checking unit" with wide-ranging powers to determine what is considered "fake, false, or misleading" in relation to "any business of the Union Government."
The proposed amendment also empowers the Press Information Bureau (PIB) to judge the accuracy of news reports, and any content deemed "fake" must be removed by online intermediaries, including social media platforms.
The government fact-checking body will exclusively handle information related to Union Government schemes and will issue necessary notices to intermediaries regarding content identified as false or misleading.
Social media intermediaries (such as Facebook and Twitter) and telecom service providers will be required to warn users against hosting, displaying, uploading, modifying, publishing, transmitting, storing, updating, or sharing any information related to Union Government activities that have been flagged as fake, false, or misleading by the fact-checking unit, as part of enhanced due diligence requirements.
If an intermediary fails to remove content upon request by the fact-checking unit, the intermediary will lose safe harbor protection for that particular content.
Important :
(i) The regulatory mechanism for the fact-checking unit established by MeitY has not been indicated.
(ii) MeitY has not addressed the issues of judicial oversight, right of appeal, or adherence to guidelines established by the Supreme Court of India in the Shreya Singhal v. Union of India case, in relation to content removal or barring of social media handles.
(iii) The announcement of these amended rules amplifies the negative impact of these limitations on the fundamental right to freedom of speech and expression.
(iv) These amendments are expected to have severe repercussions, particularly for news publishers, journalists, activists, and press freedom in India.
Note : The Internet Freedom Foundation (IFF) is an organization in India dedicated to protecting digital liberties and advocating for the preservation of fundamental rights in the realm of technology.
3. Pradhan Mantri MUDRA Yojana - 8th Anniversary
On April 8, 2023, the Ministry of Finance commemorated the 8th anniversary of the launch of the Pradhan Mantri MUDRA (Micro Units Development and Refinance Agency) Yojana (PMMY). PMMY was initiated on April 8, 2015, by Prime Minister Narendra Modi in New Delhi, Delhi.
The objective of PMMY is to provide hassle-free collateral-free micro-credit of up to Rs 10 lakh to small and micro-entrepreneurs who are non-corporate and non-farm, enabling them to engage in income-generating activities.
About Pradhan Mantri MUDRA Yojana (PMMY) :
(i) Pradhan Mantri MUDRA Yojana (PMMY) is a flagship scheme under the National Mission of Financial Inclusion in India.
(ii) PMMY focuses on "Funding the unfunded" and provides collateral-free loans to small and micro-entrepreneurs.
(iii) Loans under PMMY are categorized into Shishu, Kishore, and Tarun based on the amount needed and the maturity of the business.
(iv) Shishu loans are up to Rs 50,000, Kishore loans are above Rs 50,000 and up to Rs 5 lakh, and Tarun loans are above Rs 5 lakh and up to Rs 10 lakh.
(v) The rate of interest is determined by lending institutions based on guidelines from the Reserve Bank of India (RBI).
(vi) For working capital facility, interest is charged only on money held overnight by the borrower.
Achievements of Pradhan Mantri MUDRA Yojana (PMMY) :
(i) As of 24th March 2023, around Rs 23.2 lakh crore has been sanctioned in 40.82 crore loan accounts.
(ii) Approximately 68% of the accounts under the scheme belong to women entrepreneurs and 51% of accounts belong to entrepreneurs of Scheduled Caste (SC) / Scheduled Tribes (ST) and other backward classes (OBC) categories.
(iii) Loans under PMMY are provided by Member Lending Institutions (MLIs) such as Banks, Non-Banking Financial Companies (NBFCs), Micro-Finance Institutions (MFIs), and other financial intermediaries.
4. PM Inaugurates, Lays Foundation for Projects Worth Rs 11,300 cr in Telangana
Prime Minister Narendra Modi inaugurated and laid the foundation stone for development projects worth over Rs 11,300 crore during his visit to Telangana on 8th April 2023. He also addressed a public gathering at the Secunderabad Parade Grounds in Secunderabad, Telangana.
He also flagged off the prestigious Secunderabad - Tirupati Vande Bharat Express train, which connects Secunderabad and Tirupati.
This is the second Vande Bharat train for Telangana and Andhra Pradesh, the two Telugu states. This train will significantly reduce the travel time between Hyderabad and Tirupathi to about 8 hours and 30 minutes, which is approximately 3 hours less than the usual travel time, with limited stops at Nalgonda, Guntur, Ongole, and Nellore.
Others :
(i) PM Modi laid the foundation stone for the re-development of Secunderabad railway station, costing around Rs 720 crore.
The project involves the development of world-class amenities and an iconic station building.
The re-developed station will have a double-level spacious roof plaza with passenger amenities and multimodal connectivity.
(ii) He dedicated the completed parts of the Secunderabad-Mahabubnagar doubling project (stretching 85.24 km) to the nation, costing around Rs 1410 crore.
The project includes 9 bridges, 152 minor bridges, and elimination of 17 level crossing gates to enhance safety.
(iii) He inaugurated 13 new Multi-Modal Transport System (MMTS) services in the Hyderabad–Secunderabad twin city region.
These services will provide fast, convenient, and comfortable travel options for commuters.
The new services will benefit daily commuters, students, and office goers.
(iv) He laid the foundation stone for the All India Institute of Medical Sciences (AIIMS) Bibinagar in Yadadri Bhuvanagiri, Telangana, costing around Rs 1350 crore.
The AIIMS will provide comprehensive, quality, and holistic tertiary care health services to the people of Telangana.
(v) He laid the foundation stone for a national highway project worth Rs 7850 crore, providing connectivity to Telangana and Andhra Pradesh.
The project will contribute to the socio-economic development of the region.
5. CEA: West Bengal Power Development Corporation (WBPDCL) Ranks best performing Power Generation Company in FY23
The Ministry of Power has ranked West Bengal Power Development Corporation (WBPDCL) as the best performing power generation company in India for the financial year 2022-23 (FY23), according to a list published by the Central Electricity Authority (CEA).
WBPDCL achieved a Plant Load Factor (PLF) of 85.23%, securing the top spot.
Odisha Power Corporation followed with a PLF of 76.93%.
NTPC (coal-based station) ranked third with a PLF of 75.9%.
Damodar Valley Corporation (DVC) secured the fourth position with a PLF of 73.42%.
Important :
(i) Three thermal power plants of WBPDCL have secured top ranks in terms of performance and efficiency (measured by PLF) among 205 power plants in India.
(ii) Top 5 power plants in India :
(a) Birbhum's Bakreshwar Thermal Power Station (TPS) of WBPDCL secured the first position with a PLF of 92.38%.
(b) Purulia's Santaldih TPS ranked second with a PLF of 91.37%.
(c) NTPC Korba secured the third position with a PLF of 91.15%.
(d) NTPC Vindyachal ranked fourth with a PLF of 89.54%.
(e) Murshidabad's Sagardighi TPS secured the fifth position with a PLF of 89.39%.
(iii) WBPDCL has registered a record gross generation of 31.85 billion units with a growth of 35% over the past two years, showcasing superior performance in areas like availability, PLF, Specific Oil Consumption (SOC), and auxiliary power consumption (APC). Major turnaround has also been observed in the other two plants at Kolaghat and Bandel in West Bengal.
Banking and Finance :
1. South Indian Bank signs bancassurance pact with Chola MS
(i) South Indian Bank Limited (SIB) has signed a bancassurance pact with Cholamandalam MS General Insurance (Chola MS).
(ii) The agreement aims to offer health and general insurance products of Chola MS to SIB's customers.
This partnership will provide SIB customers with access to a wide range of insurance products offered by Chola MS.
(iii) It will also enable Chola MS to offer insurance products specifically designed for SME customers and innovative insurance covers for retail customers of SIB.
(iv) The key product offerings under this partnership include personal accident coverage, home and property insurance, farmer care, EMI insurance, home package, and retail health.
2. IIFL Finance secures $100mn funding from EDC, Deutsche Bank
IIFL Finance Limited has secured long-term funding of $100 million from Export Development Canada (EDC) and Deutsche Bank, with each contributing $50 million.
In this deal, Deutsche Bank played the role of mandated lead arranger, book runner, and co-financier.
IIFL Finance Limited is a non-banking financial company (NBFC) that is supported by Fairfax.
Important :
(i) IIFL Finance Limited has previously received $100 million in funding from EDC in 2019, making this the second loan from EDC.
(ii) In February 2020, IIFL Finance raised $400 million through its debut dollar bond issue, with the maximum approved amount by the Reserve Bank of India being bought back. The remaining amount is scheduled to mature in April 2023.
(iii) The fresh funding obtained at a competitive rate is expected to result in significant savings in borrowing costs compared to the previous fundraise.
(iv) These long-term funds will support IIFL in further strengthening its asset-liability management position and sustaining growth across its core businesses.
3. SEBI Issues Guidelines for Usage of Brand or Trade Name by Investment Advisers & Research Analysts
The Securities and Exchange Board of India (SEBI), the capital markets regulator, has issued a circular regarding the use of brand names or trade names by Investment Advisers (IAs) and Research Analysts (RAs), following its previous publication of guidelines for advertisements by these entities.
The provisions of the circular will be effective from May 1, 2023.
SEBI has issued this circular under the authority granted by Section 11(1) of the Securities and Exchange Board of India Act, 1992, with the aim to safeguard the interests of investors in the securities market and promote the growth and regulation of the securities market.
Important :
(i) SEBI has found that some IAs and RAs have been using their brand name/trade name/logo more prominently than their registered name with SEBI in their advertisements, websites, publications, and other documents, which may mislead investors.
(ii) SEBI has issued recommendations to maintain transparency, requiring the display of the registered name, logo, registration number, and complete address of the IA/RA on various platforms.
(iii) SEBI has also mandated the inclusion of a disclaimer stating that registration with SEBI, membership in BSE Administration & Supervision Ltd. (BASL) [in the case of IAs], and certification from NISM do not guarantee performance or provide assurance of returns to investors.
(iv) SEBI has prohibited the use of its logo by IAs and RAs.
(v) SEBI has released new rules on the advertisement code for IAs and RAs to enforce compliance with the advertisement code.
(vi) The provisions of this circular will be effective from May 1, 2023, and are outlined in the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, and Securities and Exchange Board of India (Research Analysts) Regulations, 2014.
(vii) SEBI issued this circular under the authority granted by Section 11(1) of the Securities and Exchange Board of India Act, 1992, with the aim to safeguard the interests of investors in the securities market and foster the growth and regulation of the securities market.
(viii) SEBI has directed all registered IAs and RAs to ensure compliance with its decision on the advertisement code, which encompasses forms of communication, disclosures in advertisements, prohibitions in advertisements, and other obligations.
(ix) The code applies to various forms of communication, such as pamphlets, circulars, brochures, research reports, written content for publications, and displays in newspapers, magazines, signboards, mail, text messages, messaging apps, and other mediums that can influence investment choices.
(x) Communication channels may also include social media platforms, radio, telephone, television, tape recording, or any other type of internet communication.
(xi) Furthermore, IAs and RAs are required to provide information in their advertisements about their registered office addresses, membership status, registration number, logo, brand name, and other relevant details as mandated by SEBI.
4. Razorpay partners with UIDAI to process payments for online Aadhaar services
Razorpay (Razorpay Software Private Limited) has joined forces with UIDAI (Unique Identification Authority of India) to facilitate payments for online Aadhaar services, offering citizens a seamless and secure payment experience.
UIDAI allows Aadhaar holders to update their Aadhaar data, such as names and addresses, online for a fee of Rs.50. With over 80,000 such transactions processed daily on the UIDAI website, a robust payment solution was required to ensure high success rates for such a large volume of transactions.
Razorpay will eventually support over 70% of the total daily transactions on the UIDAI portal, providing a reliable payment gateway for online Aadhaar services.
5. CCI Approves Acquisition of SREI Infrastructure Finance by NARCL & IDRCL
On April 6, 2023, the Competition Commission of India (CCI) approved the acquisition of shares and control over SREI Infrastructure Finance Limited by National Asset Reconstruction Company Limited (NARCL) and India Debt Resolution Company Limited (IDRCL) under Section 5(a) of the Competition Act, 2022.
The acquirers are NARCL and IDRCL, while the target is SREI Infrastructure Finance Limited. The proposed transaction involves the acquisition of a majority of the equity share capital of the target as per the resolution plan submitted by NARCL in relation to the corporate insolvency resolution process of the target and its wholly-owned subsidiary, SREI Equipment Finance Limited (SIFL), initiated under the Insolvency and Bankruptcy Code, 2016.
It's important to note that NARCL's resolution plan was approved by the Committee of Creditors of SREI Infrastructure Finance on February 14, 2023.
Green Channel notification :
The Proposed Transaction, which involves horizontal overlaps or vertical or complimentary linkages between the activities of the target and acquirers, is being notified under the Green Channel route as per Regulation 5A(1) read with Schedule III of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (as amended).
NARCL :
NARCL, incorporated under the Companies Act 2013, is a "bad bank" established with the mandate to take over stressed assets of banks and assist them in cleaning up their balance sheets. NARCL focuses on legacy stressed assets with an exposure of Rs 500 crore and above in the Indian banking system.
IDRCL :
IDRCL's main objective is to offer debt management services, including the resolution of stressed assets, to NARCL.
Note : IDRCL advises NARCL on the acquisition of stressed financial assets or companies and assists NARCL for the optimal resolution of the acquired assets or companies.
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