National & International News :
1. Union Minister Sarbananda Sonowal Launches ‘Harit Sagar Guidelines - 2023’ to Achieve Zero Carbon Emission Goal
On May 10, 2023, Union Minister Sarbananda Sonowal launched the 'Harit Sagar Guidelines - 2023', also known as the Green Port Guidelines. The guidelines were prepared by the Ministry of Ports, Shipping & Waterways to achieve the goal of zero carbon emission.
- The objective of the guidelines is to minimize waste through the 4Rs (Reduce, Reuse, Repurpose, and Recycle) and promote monitoring based on Environmental Performance Indicators.
- The Guidelines provide a framework for Major Ports to create a comprehensive action plan aimed at achieving a quantified reduction in carbon emission over defined timelines and Sustainable Developmental Goals (SDG).
- The guidelines also cover aspects of the National Green Hydrogen Mission, development of green hydrogen facility, bunkering greener fuels, offshore wind energy, and provide provision for adopting global Green Reporting Initiative (GRI) standard.
- According to the statement of Sarbananda Sonowal, ports are undertaking green initiatives and actively contributing to the fulfillment of the "Panchamrit" commitments announced by Prime Minister (PM) Narendra Modi.
- At Harit Sagar Guidelines 2023 launch event, Awards were conferred for the major ports for their all time best performance.
List of awards :
1. Best port for the year 2022-23 : Paradip Port, Odisha
2. The award for the best Absolute Performance for the year 2022-23 : Deendayal Port, Kandla (Gujarat)
3. Pre berthing detention time : The Kamarajar Port, Chennai (Tamil Nadu)
4. For achieving major milestone in Turn Around Time : Jawaharlal Nehru Port, Mumbai (Maharashtra)
5. Performance shield in turn around time (non-container port) : Cochin Port (Kerala)
About Ministry of Ports, Shipping and Waterways :
Union Minister : Sarbananda Sonowal (Rajya Sabha - Assam)
Minister of State (MoS) : Shantanu Thakur, Shripad Yesso Naik
2. Union Minister Smriti Zubin Irani launches “Poshan Bhi, Padhai Bhi” for ECCE
On May 10, 2023, Union Minister Smriti Zubin Irani launched “Poshan Bhi, Padhai Bhi”, the flagship program of the Ministry of Women and Child Development (MoWCD) to strengthen Early Childhood Care and Education (ECCE) component of Mission Saksham Anganwadi and Poshan 2.0. The program was launched during a national event organized by MoWCD on key initiatives for strengthening ECCE at Vigyan Bhawan in New Delhi.
- ECCE is an important component of Mission Saksham Anganwadi and Poshan 2.0 and is envisaged under the National Education Policy.
- ‘Poshan Bhi Padhai Bhi’ is a pathbreaking ECCE program to ensure that India has the world’s largest, universal, high-quality preschool network, as suggested by the NEP.
The program will work to provide nutrition and better education to children aged 3 to 6 years in Anganwadis across India. There are around 13.9 lakh (around 14 lakh) Anganwadis across India, which are rural child care centers. The National Institute of Public Cooperation and
- Child Development (NIPSID) provides training to Anganwadi staff regarding the mental development of children under the NEP 2020. Poshan Bhi Padhai Bhi will focus on developing holistic and high-quality pre-primary education for children, emphasizing the links with primary education, as well as early childhood health and nutrition services.
- The program will provide for the mother tongue as the primary teacher instruction medium and different types of teaching-learning material to Anganwadi Sewikas. Smriti Zubin Irani stated that Rs 600 crore is being proposed to be allocated for the training process under Poshan Bhi Padhai Bhi.
- The initiative aims to target children’s development in every domain mentioned in the National Curriculum Framework (NCF), like physical and motor development, cognitive development, and socio-emotional-ethical development, among others. Under the initiative, every child would be provided with at least 2 hours of high-quality preschool instruction on a daily basis.
3. ISRO successfully tested Semi-Cryogenic Engine at IRPC, Mahendragiri
On May 10, 2023, the Indian Space Research Organisation (ISRO) achieved a major milestone by conducting the first integrated test on an intermediate configuration of the 2000kN Semi-cryogenic Engine. The test was conducted at the newly commissioned Semi-cryogenic Integrated Engine & Stage Test facility at the ISRO Propulsion Complex (IPRC) in Mahendragiri, Tamil Nadu.
- The Semi-cryogenic Engine, which uses a Liquid Oxygen (LOX)-Kerosene propellant combination, was designed and developed by the Liquid Propulsion Systems Centre (LPSC) of ISRO with Indian industry participation. This engine will power the booster stages of future launch vehicles, and this test is a crucial step before the complete engine and its qualification can be integrated.
- The intermediate configuration, known as the Power Head Test Article (PHTA), consists of all the engine systems except the thrust chamber. This test was the first in a series of tests planned to validate the design of the propellant feed system, including the low-pressure and high-pressure turbo-pumps, the gas generator, and control components.
- The successful performance of the PHTA helps derive the sequence of operations for further tests. The newly established test facility at IPRC in Mahendragiri, Tamil Nadu, features a state-of-the-art Programmable Logic Controllers (PLC)-based control system and data acquisition system. It is capable of testing Semi-Cryogenic engines up to 2600 kN thrust and will support the subsequent testing and qualification of the fully integrated Semi-cryogenic engine and stage.
Overall, this successful test demonstrates the capabilities of the test facility and PHTA, which will be instrumental in the development of future launch vehicles.
4. India wins 17 medals at Moscow Wushu Stars Championship 2023
Indian Wushu athletes has won a total of 17 medals (10 gold, 4 silver and 3 bronze) at the Moscow Wushu Stars Championship 2023 held in Moscow, Russia from 2nd May to 8th May 2023.
- The girls won the medals in the junior girls, sub-junior girls and senior girls categories across Sanda (Fight) and Taolu in Moscow, Russia.
- On May 9 2023 , the Sports Authority of India (SAI) felicitated the 17 medal winners in the felicitation ceremony hosted by SAI in New Delhi, Delhi.
- The winners were Deputy Director Generals of SAI, Ekta Vishnoi and Shiv Sharma feliciteated the SAI in New Delhi, Delhi.
5. Ministry of Ayush and ICMR sign MoU to Promote & Collaborate on Integrative Health Resear
The Ministry of Ayush and the Indian Council of Medical Research (ICMR) have agreed to work together on integrative health research, which combines traditional and modern medicine systems. The Memorandum of Understanding (MoU) signed on May 11, 2023 aims to address diseases of national importance and generate evidence based science for Ayush therapies .
- Some of the key features of the MoU are :
(i) Establishing Ayush-ICMR Centers for Advanced Research in Integrative Health at all AIIMS with co-funding.
(ii) Exploring the possibility of including research on Integrative Medicine in the National ethical guidelines for biomedical and health research involving human participants by ICMR-DHR.
(iii) Developing a curriculum and training modules for Ayush researchers led by ICMR .
(iv) Designing and conducting joint conferences, workshops and seminars on integrative healthcare .
A joint working group will be formed to monitor and supervise the activities under the MoU and identify further areas of collaboration .
About Indian Council of Medical Research (ICMR) :
Director : Rajiv Bahl
Headquarters : New Delhi, Delhi
6.India Semiconductor Mission signs MoU with Purdue University in USA
On 9th May 2023, the India Semiconductor Mission (ISM) signed a Memorandum of Understanding (MoU) with Purdue University, Indiana, United States of America (USA) in the presence of Union Minister Ashwini Vaishnaw, Ministry of Electronics and Information Technology (MoE&IT), for capacity building, research and development (R&D), and industry participation. Purdue’s partnership with the ISM is the 1st of its kind under the framework of a USA-India governmental partnership.
- The MoU between Purdue and India (or ISM) is valid for 5 years with the option of extension. This partnership aligns with ISM's mission of driving India's strategies for developing a comprehensive semiconductors and display ecosystem.
7. CJI DY Chandrachud launches "E-filing 2.0" & "e-Sewa Kendra"
On 12th May 2023, DY Chandrachud, Chief Justice of India (CJI), launched “E-filing 2.0” and told lawyers that the facility for filing cases electronically will be now available around the clock. CJI DY Chandrachud, who has been advocating for e-courts and e-filing of cases across the country, also inaugurated an “e-Sewa Kendra” on the apex court’s premises.
- The “e-Sewa Kendra” aims to provide litigants and lawyers with a one-stop solution for all their needs related to filing cases and accessing information on cases pending or disposed of in any court across India.
8. PM Narendra Modi launches projects worth over Rs 5,500cr in Rajasthan
On May 10, 2023, Prime Minister Narendra Modi inaugurated and laid the foundation stone of infrastructure projects worth over Rs 5,500 crore in Nathdwara, Rajasthan. These projects include :
Foundation stone laid for three rail projects -
(i) Redevelopment of Udaipur railway station to provide enhanced amenities for the public.
(ii) Gauge conversion project.
(iii) Setting up a new line from Nathdwara to Nathdwara town in Rajsamand. This project will connect Mewar with Marwar and will benefit sectors such as the marble, granite, and mining industry.
Foundation stone laid for a road construction project for upgradation to a two-lane road in Rajsamand and Udaipur.
Dedicated three national highway projects to the nation -
(i) 114 km long six-lane Udaipur to Shamlaji section of NH-48, which will benefit Udaipur-Dungarpur and Banswara.
(ii) 110 km long widening and strengthening to four lanes with paved shoulder of Bar-Bilara-Jodhpur Section of NH-25, which will make access to the border easier. The distance from Jaipur to Jodhpur will also be reduced by three hours, and the world heritage sites like Kumbhalgarh and Haldi Ghati will become more accessible.
(iii) 47 km long two lanes with paved shoulder section of NH 58E.
9. 35th Indo-Thai Coordinated Patrol (CORPAT) held at IMBL in the Andaman Sea
The Indian Navy and the Royal Thai Navy conducted the 35th Indo-Thai CORPAT from May 3 to 10, 2023 along the IMBL in the Andaman Sea. The bi-annual coordinated patrol aims to reinforce maritime linkages between the two countries and ensure the safety and security of the international trade route in the Indian Ocean.
- The participating vessels were INS Kesari, a locally built LST (L) from India, and HTMS Saiburi, a Chao Phraya Class Frigate from Thailand. Maritime Patrol Aircraft from both navies also took part in the exercise . The CORPAT helps to enhance understanding and interoperability between the navies and to prevent and suppress unlawful activities such as IUU fishing, drug trafficking, piracy and armed robbery. It also facilitates information exchange for the prevention of smuggling, illegal immigration and for the conduct of SAR operations at sea.
Banking & Finance News :
1. Federal Bank Launches e-Bank Guarantees in Partnership with NeSL
Federal Bank Limited partners with National E-Governance Services Limited (NeSL) to launch an electronic Bank Guarantee (e-BG) facility for its customers, enabling them to obtain a Bank Guarantee digitally, replacing the traditional paper-based process.
2. Rukart partners with SBI for Easy loan to buy Subjee cooler
Agritech firm Rukart, based in Kalyan, Maharashtra, has joined hands with State Bank of India (SBI) to offer easy loan options for the purchase of its Subjee Cooler, a cold storage system that enhances the shelf life of fruits and vegetables.
- Rukart's Subjee Cooler is a cold chain storage system that requires only 20 litres of water per day to operate. Each cooler costs Rs 50,000 and can store up to 100 kg.
- The partnership aims to provide relief to marginal and small farmers as well as retailers from distress sales.
3. Axis Bank enables UPI for RuPay Credit Cards
On May 9 2023, Axis Bank Limited (formerly known as UTI Bank), India’s third largest private sector bank, enabled RuPay Credit Card support on the Unified Payments Interface (UPI).
- Customers can now scan UPI QR codes or use the merchant’s UPI checkout page to make a purchase using their RuPay credit card.
- This feature will currently work in UPI apps which are supporting the RuPay Credit Card feature and the customers have RuPay Credit Card with Axis Bank.
4. SEBI extends DMA facility to FPIs to participate in Exchange Traded Commodity Derivatives
The Securities and Exchange Board of India (SEBI) issued a notification on May 10, 2023, allowing stock exchanges to extend Direct Market Access (DMA) facility to foreign portfolio investors (FPIs) for Exchange Traded Commodity Derivatives (ETCDs) with immediate effect. This move was made in exercise of the powers conferred under Section 11(1) of the SEBI Act, 1992, to protect the interests of investors in securities and promote the development of the securities market.
- Here are the key points to note :
(i) SEBI allowed this extension based on the representations received for enabling DMA facility to FPIs in ETCDs and deliberations by Commodity Derivatives Advisory Committee (CDAC) of SEBI.
(ii) Brokers need to follow certain conditions to provide this facility to FPIs, which include procedure for application for DMA, operational specifications, client authorization, broker-client agreement, risk management, among others.
(iii) In September 2022, SEBI allowed FPIs to participate in ETCDs to increase the market's depth and liquidity.
(iv) Initially, SEBI allowed FPIs to take part in cash-settled non-agricultural commodity derivative contracts and indices comprising such non-agricultural commodities.
(v) SEBI has already permitted institutional investors such as Category III Alternative Investment Funds (AIFs), Portfolio Management Services, and Mutual Funds to participate in the ETCD market.
5. India extends $1bn credit line for Sri Lanka by a year until March 2024
India has extended a USD 1 billion credit line for Sri Lanka by one year until March 2024 thus providing a backup infusion of dollars for essential imports.
- The credit line is part of about USD 4 billion in emergency assistance extended by India during the peak of Sri Lanka’s financial crisis in 2022, which was scheduled to end in March 2023.
6. RBL Bank goes live on “Direct Tax Collections” through TIN2.0
RBL Bank, an Indian private sector bank headquartered in Mumbai and founded in 1943, has launched a new service for direct tax collections on behalf of the Government of India (GoI) through the upgraded Tax Information Network (TIN2.0) portal.
- This is the second such service from the bank, which was empanelled by the Reserve Bank of India (RBI) as an 'Agency Bank' to conduct banking business for the Central and State Governments.
- The bank also offers customs duty collections through a direct interface with the Indian Customs Electronic Data Interchange Gateway (ICEGATE).
- This service will allow RBL Bank customers to make direct tax payments smoothly via various digital channels and RBL Bank branches.
- The solution, which leverages its enhanced technological infrastructure, offers a simple, user-friendly platform for processing direct tax payments and marks a significant milestone in RBL Bank's Government Banking offerings.
7. Unnati Subsidiary Ora Finance receives NBFC Licence
Ora Finance Private Limited, a subsidiary of the fintech-driven agritech firm Unnati, has become the first company in the agritech space to receive a Non-Banking Financial Company (NBFC) license. This will allow Ora Finance to provide financial services to various stakeholders in the agricultural sector, including farmers, retailers, traders, brands, and food processors.
- Unnati has a network of over 100,000 registered retailers and traders who use its uStore app to manage their agri-business and engage with farmers. Through their apps, these partners connect with over 1.3 million farmers. Ora Finance will provide the Unnati network with access to simple, fairly priced, and easy-to-use credit products.
8. AIBEA to launch “Bank Clinic” to Help Retail Customers with Grievance Redressal
The oldest and largest national trade union of bank employees in India, " All India Bank Employees Association (AIBEA) ", is launching an online service called " Bank Clinic " to help bank customers with their complaints.
- Bank Clinic will allow customers to file their grievances online and AIBEA’s team will follow up with the bank to resolve the issue.
- The aim of Bank Clinic is to provide assistance to customers and to give feedback to banks on areas where they need to improve their service.
- Bank Clinic will be an additional channel for retail bank customers to get their grievances addressed, besides the normal Banking Ombudsman channel.
9. RBI provided license to Profectus Capital for Factoring Services to MSMEs ; Mandates INR settlement of fees for Certain Cards
Profectus Capital Private Limited, an NBFC backed by Actis, received the Certificate of Registration under the Factoring Regulations Act, 2011 from the Reserve Bank of India on May 10, 2023. This registration allows the company to provide factoring services to Micro, Small & Medium Enterprises (MSMEs). Factoring is a financial tool that provides an advance to the seller of goods against their accounts receivable.
- Here are the key points :
(i) Profectus Capital plans to offer timely and efficient factoring services to MSMEs to improve their working capital management, boost their businesses, and receive short-term finance to fund operations.
(ii) Profectus will continue to focus on select manufacturing and service sectors based on its cluster-based lending approach.
(iii) The company will focus on BBB- and above rated corporate buyers.
In addition to this, the RBI mandated rupee-only settlement of fees for certain cards, including International Debit Cards, Store Value Cards, Charge Cards/Smart Cards, or any other instrument that can create a financial liability as 'currency.' This mandate applies to fees charged by 'Authorised Persons' such as banks authorised to deal in foreign exchange, full-fledged money changers, and others.
10. Kotak Bank unveils “Privy League” an Exclusive Premium Banking Programme; offers India’s 1st LED Debit Cards
Kotak Mahindra Bank Limited (KMBL) has introduced a premium banking initiative, Privy League, aimed at High-Net-Worth Individuals (HNI) to provide them with bespoke financial solutions and lifestyle privileges. This program is Kotak Mahindra Bank's primary premium banking offering, developed to celebrate its customers' accomplishments.
- Privy League offers a Signature LED Debit Card, which is India's first LED card and is exclusively designed for the Privy League Platinum tier. Customers of this tier can avail of a 75% discount on Priority Pass.
- The program also includes a Premium Metal Debit Card, exclusively designed by artist Arunanshu Chowdhury for the Privy League black tier, providing luxury deals, complimentary airport lounge access, and various other advantages.
- Here are the key points about Kotak Mahindra Bank Limited's premium banking programme, Privy League, targeting High-Net-Worth Individuals :
(i) Privy League offers customized portfolios and investment solutions based on the customer's risk profile and financial goals.
(ii) It provides a 3-in-1 integrated account that combines a bank account, demat account, and trading account. Members will receive preferential rates on loans, locker rentals, brokerage, and other specialized products.
(iii) Customers will have access to various lifestyle privileges such as health and wellness, culinary experiences, knowledge-based sessions, and more.
(iv) The programme also offers a range of Business Banking solutions.
(v) Customers can access personalized investment insights and research reports.
(vi) Privy League includes travel benefits and a complimentary MMT Black Elite Annual Membership.
About Kotak Mahindra Bank Limited (KMBL) :
Managing Director & CEO : Uday Kotak
Headquarters : Mumbai, Maharashtra
Tagline : We Mean Business
Other News :
1. National Technology Day 2023 - 11th May
- The day also marks the anniversary of the Pokhran nuclear test (Pokhran II) code-named Operation Shakti, conducted on 11th May 1998.
Theme : The theme of National Technology Day 2023 is “School to Startups- Igniting Young Minds to Innovate”.
- Annually, the theme of the National Technology Day is decided by the Technology Development Board(TDB), under the Department of Science and Technology(DST).
2. International Nurses Day 2023 -12th May
- The day commemorates the birth anniversary of British Nurse and statistician Florence Nightingale, one of the founders of modern nursing. She was born on 12th May 1820 in Florence, Grand Duchy of Tuscany (Italy).
- International Nurses Day 2023 was observed on 12th May 2023.
Theme : The theme/campaign of the IND 2023 is “Our Nurses. Our Future”.
- The International Council of Nurses (ICN) commemorates this annual observance by producing and distributing International Nurses' Day (IND) resources and evidence.
About the International Council of Nurses (ICN) :
President : Pamela F Cipriano
Headquarters : Geneva, Switzerland
Establishment : 1899
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