National & International News :
1. Atal Bhujal Yojana Water Scheme extended for another 2 years, beyond 2025
On May 26 2023, the National Level Steering Committee (NLSC) at its fourth meeting held in New Delhi, Delhi has made a decision for the continuation of the Atal Bhujal Yojana (Atal Jal), India's Central Sector water conservation Scheme for an additional two years beyond its original 2025 end date.
- The 2 year extension aims to compensate for implementation delays due to covid-19 and to further community behaviour change towards conservation and smart water management.
- The Atal Bhujal Yojana Scheme is for facilitating sustainable ground water management since April 2020, under the Department of Water Resources (DoWR), River Development (RD) and Ganga Rejuvenation (GR), Ministry of Jal Shakti.
Atal Bhujal Yojana : A Comprehensive Overview
Atal Bhujal Yojana aims to demonstrate sustainable groundwater management led by communities through the implementation of appropriate investments and management actions. This initiative brings together various central and state schemes, fostering convergence to achieve the desired outcomes.
- The scheme has a total outlay of Rs. 6000 crores, with Rs. 3000 crores secured as a loan from the World Bank through the Program for Results (PforR) lending instrument. Additionally, the Government of India (GoI) will contribute Rs. 3000 crores as a matching amount.
- Atal Bhujal Yojana comprises two key components :
(i) Incentive Component: This component incentivizes states to adopt improved groundwater management practices. States that demonstrate progress in this area can receive additional funding incentives.
(ii) Institutional Strengthening and Capacity Building Component: This component focuses on enhancing the capacity and capabilities of relevant line departments, promoting effective collaboration and resource utilization. It aims to implement Water Security Plans (WSPs) in a coordinated manner.
- The benefits of Atal Bhujal Yojana are as follows :
- The scheme encourages the adoption of innovative irrigation techniques to enhance water efficiency and promote sustainable groundwater management.
- It facilitates collaboration among line departments to maximize the effectiveness of implementing Water Security Plans.
- The scheme aims to expand the use of efficient water techniques, such as drip irrigation and crop diversification, in approximately 4.5 lakh hectares of irrigated area.
- Performance will be measured through Disbursement Linked Indicators, and states meeting targets may receive additional funding incentives.
- Atal Bhujal Yojana focuses on community-led initiatives, efficient water usage, stakeholder collaboration, and capacity building for long-term groundwater resource viability in India.
2. Uber partners with GeM portal to offer taxi services to govt offices, agencies, PSUs at fixed price
Uber has joined hands with public procurement portal Government e-Marketplace (GeM) to provide taxi services to Govt offices, Govt agencies, and Public Sector Units (PSUs) on a pilot basis.
- Under this, Uber will provide the cab service at a fixed price with zero cancellation charges and no surge pricing.
- Reason of collaboration : The demand for taxi services is on the rise within the government, leading to substantial expenditures. However, utilizing this service can result in significant savings for government departments.
- Cab and taxi services is the second highest category of services at the GeM portal, which are in demand by the government department and ministries.
- An authorised person in each ministry or department can add riders/officials, who will be allowed to book the service through the Uber app from their mobiles. After availing the service, the bill will directly go to the department
- Authorised official can add or delete the name of riders as per the requirements
- It will be a cashless/cardless ride of the officials; additional vehicle categories for government riders have been added — GeM Yatraa Hatch, GeM Yatraa Sedan; and there will be hourly rental for multiple-stops
GeM : Transforming Government Procurement
GeM, launched in 2016 by the Ministry of Commerce, revolutionizes the procurement process for central ministries and departments by introducing transparency. This platform, Government e-Marketplace (GeM), has witnessed significant growth and now serves as a trusted avenue for buying goods and services.
Key points about GeM :
- GeM is a robust platform with a vast network of participants, including over 63,000 government buyer organizations and more than 62 lakh sellers and service providers.
- It is accessible to government departments, ministries, PSUs, state governments, and CAPF, providing a wide range of products and services for procurement needs.
- The Ministry of Power, Ministry of Defence, and Ministry of Petroleum and Natural Gas were the top buyers on GeM in the fiscal year 2022-23.
- GeM has transformed government procurement by ensuring efficiency, transparency, and cost-effectiveness. It offers a user-friendly interface and a vast marketplace, empowering government entities and driving economic growth through enhanced procurement practices.
3. Mukesh Ambani, CMD of Reliance Industries appointed as member of Advisory Committee of COP28
On May 26 2023, Mukesh Ambani, the Chairman and Managing Director (CMD) of Reliance Industries has been appointed as a member of the Advisory Committee to the President of the 28th Session of the Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC).
- Mukesh Ambani is the only Indian, other than Sunita Narain, Director General, Centre for Science and Environment, on the Advisory Committee to the President of COP28.
- The United Arab Emirates (UAE) will host the COP28 Advisory Committee from November 30 to December 12, 2023 in Dubai, UAE that brings together the climate expertise of thought leaders from countries across 6 continents.
The 2023 UN Climate Change Conference : Shaping Climate Action
The annual UN Climate Change Conferences assess global progress in addressing climate change. The upcoming 2023 conference, from Nov 30 - Dec 12, consists of key events -
COP 28 : Parties discuss and evaluate global efforts, propose policies, and forge agreements for climate action.
CMA 5 : Parties to the Paris Agreement review progress, enhance ambition, and strengthen its implementation to limit global warming.
CMP 18 : Parties to the Kyoto Protocol discuss compliance, emissions trading, and other matters related to its implementation.
SBI 59 : Supports COP by considering climate policy implementation, capacity-building, and sharing best practices.
SBSTA 59 : Focuses on scientific and technical aspects of climate change, providing expertise to the COP.
This conference is pivotal for global climate action, shaping policies and initiatives to combat climate change and foster sustainability for future generations.
4. Praveen Kumar Srivastava appointed as Central Vigilance Commissioner
Praveen Kumar Srivastava (PK Srivastava) has been appointed as the Central Vigilance Commissioner, heading the Central Vigilance Commission (CVC), the anti-corruption watchdog.
On May 29, 2023, PK Srivastava took the oath of office as the Central Vigilance Commissioner at Rashtrapati Bhavan in New Delhi, administered by the President of India, Droupadi Murmu. He previously served as the Acting Central Vigilance Commissioner after the completion of Suresh N. Patel's term on December 24, 2022.
- The tenure of the Central Vigilance Commissioner and the vigilance commissioner is four years or until the incumbent reaches the age of 65 years.
About Central Vigilance Commission (CVC) : The Central Vigilance Commission acts on complaints of corruption in Central Government Ministries, Bodies and Departments.
Central Vigilance Commissioner : Praveen Kumar Srivastava
Established in : February 1964.
Headquarters : New Delhi, Delhi
5. Parminder Chopra to Become 1st Woman CMD of Power Finance Corporation
Parminder Chopra is set to become the first woman Chairman and Managing Director (CMD) of the Power Finance Corporation (PFC), India’s largest non-banking financial company (NBFC) and a Central Public Sector Undertaking(PSU) under the Ministry of Power.
- The Public Sector Enterprise Board (PESB) has recommended Parminder Chopra for the role of CMD of PFC.
- She will succeed Ravinder Singh Dhillon, who is set to retire on 31st May 2023.
- Chopra has over 35 years of experience in the power sector, including at the National Hydroelectric Power Corporation of India (NHPC) and the Power Grid Corporation of India (PGCIL).
- She has been serving as a Director (Finance) of PFC since July 2020.
6. Dr. Vijay Darda’s New Book, ‘RINGSIDE,” to be Released by Shashi Tharoor
"RINGSIDE – Up, Close, and Personal on India and Beyond" is an upcoming book penned by Dr Vijay Darda, former member of parliament (MP) and Chairman of the editorial board of Lokmat Media Group. The book is scheduled to be released in New Delhi, Delhi, on May 30, 2023, by esteemed author and Congress MP, Dr Shashi Tharoor.
The book compiles Darda's weekly articles, originally published in Lokmat Media Group newspapers and other prominent national and regional dailies of India between 2011 and 2016. It offers insights into contemporary political, social, cultural, and other significant events and developments.
Having served as an active member of the Rajya Sabha for three consecutive terms from 1998 to 2016, Darda brings his extensive experience and perspective to this literary work. His previous book, "Straight Thoughts," is a collection of articles spanning from 2004 to 2011.
7. ISRO's GSLV-F12 successfully places navigation satellite NVS-01 into Orbit
On May 29, 2023, the Indian Space Research Organisation (IRSO) has successfully launched the GSLV-F12/NVS-01 mission and placed a second generation Navigation Satellite, NVS-01,into geosynchronous transfer orbit (GTO).
Key notes :
- A GSLV rocket successfully launched the NVS-01 satellite from the Satish Dhawan Space Centre SHAR in Sriharikota, Chennai, Tamil Nadu.
- NVS-01 aims to enhance Navigation with Indian Constellation (NavIC) services.
- The satellite was deployed into the intended Geosynchronous Transfer Orbit (GTO) at an altitude of about 251 km.
- It carries navigation payloads for L1, L5, and S bands, including an indigenously developed rubidium atomic clock.
- NavIC signals provide accurate user positioning within 20 meters and precise timing within 50 nanoseconds.
- The NVS-01 satellite is expected to operate for approximately 12 years, contributing to India's navigation capabilities and space technology advancements.
About Indian Space Research Organisation (ISRO) :
Chairman : S Somanath
Headquarter : Bengaluru, Karnataka
8. TCS-led Consortium Bags Rs. 15,000 crore BSNL Contract for 4G Deployment
The Tata Consultancy Service Limited (TCS)-led consortium has received an advance purchase order worth Rs. 15,000 crore from Bharat Sanchar Nigam Ltd. (BSNL), a central public sector undertaking (PSU) under the Department of Telecommunications, Ministry of Communications, for the deployment of a 4G network across India.
- The consortium composed of Tejas Network Ltd., C-DOT, and ITI Ltd. has secured the bid for BSNL's nationwide 4G project. TCS will receive around 75% of the deal value. Tejas Networks, a domestic gear company under the Tata Group, will provide and maintain RAN equipment.
9. Rocket Lab launches 2nd pair of CubeSats for NASA’s TROPICS mission
Rocket Lab USA Inc.'s Electron rocket launched the final pair of CubeSats for NASA's TROPICS mission on May 25, 2023, from New Zealand.
- The CubeSats will collect frequent tropical storm data to enhance tropical cyclone forecasts.
- The launch was named 'Coming To A Storm Near You'.
- This is Rocket Lab's 37th Electron launch, bringing the total number of satellites launched to 163.
- It is the second TROPICS launch for NASA, following the previous launch on May 7, 2023.
- TROPICS aims to study tropical cyclones and improve hurricane and typhoon forecasting.
- The four CubeSats are part of NASA's Earth System Science Pathfinder Program and were launched into a specific orbit.
- TROPICS will monitor tropical cyclone formation, evolution, and intensity with near-hourly data updates.
- It will observe temperature, precipitation, water vapor, and cloud ice more frequently to enhance storm modeling and prediction.
10. Princess Sophia Duleep Singh London home honoured with Commemorative Blue Plaque
Princess Sophia Duleep Singh, an Indian suffragette, Red Cross nurse, and critic of British rule, was honored with a commemorative Blue Plaque on May 26, 2023, in London, UK.
- The plaque is located at Faraday House, 37 Hampton Court Road, Richmond, London, where Princess Sophia lived for over five decades.
- Princess Sophia was a member of the Women's Social and Political Union (WSPU), a militant suffragette group led by Emmeline Pankhurst.
- Faraday House was granted to Princess Sophia and her sisters as a grace and favor apartment in Hampton Court Palace by Queen Victoria.
- About London’s Blue Plaque : London’s Blue Plaque scheme, run by the English Heritage charity, celebrates the links between the historical figures of the past with the buildings of the present. It was started in 1866 it has inspired many similar schemes in the UK and around the world.
The blue plaque recipients are recognised across several fields, including the arts, music, social reform and activism.
Banking & Finance News :
1. SEBI sets up Intermediary Advisory Committee Chaired by former SEBI ED S. Ravindran
On May 25, 2023, the Securities and Exchange Board of India (SEBI) constituted a 21-member Intermediary Advisory Committee chaired by the former SEBI executive director (ED) S Ravindran.
- The committee will advise SEBI on changes in legal framework and increasing transparency in the functioning of market intermediaries like stock exchanges, depository participants, clearing corporations, among others.
Note that - S Ravindran has previously held important roles within SEBI, including overseeing the Corporation Finance Department, as well as departments related to investment management and foreign institutional investors and custodians.
[ Members :The committee includes representatives from the broking community, legal experts, and financial institutions. The members consist of Ashish Chauhan, Managing Director (MD) and Chief Executive Officer (CEO) of National Stock Exchange (NSE); Sundararaman Ramamurthy, MD & CEO of Bombay Stock Exchange (BSE); and Vijay Mehta, President of the brokers' body Association Of National Exchanges Members Of India (ANMI).
Member-Secretary : Jeevan Sonparote, Chief General Manager at SEBI. ]
About Securities and Exchange Board of India (SEBI) : SEBI was constituted as a non-statutory body in 1988 and later it was established as a statutory body in the 1992.
Chairperson : Madhabi Puri Buch
Headquarters : Mumbai, Maharashtra
2. RBI approves the voluntary amalgamation of Maratha Co-op Bank with Cosmos Co-operative Bank
On May 26, 2023, the Reserve Bank of India (RBI) approved the merger of Maratha Sahakari Bank Ltd., Mumbai with the Cosmos Co-operative Bank Ltd, Pune. This was done through a Voluntary scheme of amalgamation starting from May 29, 2023, under the powers conferred by the Banking Regulation Act, 1949.
As per the scheme, all seven branches of Maratha Sahakari Bank Ltd. will now operate as branches of The Cosmos Co-operative Bank Limited.
- Maratha Sahakari Bank was established in 1946 and has seven branches in Mumbai. It was placed under RBI's Directions under Section 35 of the Banking Regulation Act, 1949, on August 31, 2016. The Directions were extended several times, with the final extension granted until March 31, 2023, as of February 28, 2023.
As of March 31, 2022, Maratha Sahakari Bank had a net profit of Rs 3.81 crore in FY22 but had accumulated losses of Rs 52.43 crore.
On the other hand, as of March 2022, the Cosmos Co-operative Bank operated as a multi-state urban co-operative bank with 140 branches across seven states. It recorded deposits totaling Rs 16,522 crore and advances amounting to Rs 12,293 crore.
About Reserve Bank of India (RBI) :
Governor : Shaktikanta Das
Deputy Governors : Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Headquarters : Mumbai, Maharashtra
Establishment : 1st April 1935
3. Indian Bank Empanelled as Clearing & Settlement Bank with ICCL
On May 27, 2023, Indian Bank and Indian Clearing Corporation Limited (ICCL) signed an agreement, making Indian Bank the clearing and settlement bank for BSE members.
- The agreement was exchanged between Mahesh Kumar Bajaj, executive director of Indian Bank, and Devika Shah, MD and CEO of ICCL.
- Clearing members can now open settlement accounts with Indian Bank for fund settlement in the equity derivatives segment.
- Indian Bank also introduced the electronic term deposit receipt (e-TDR) product, allowing online transmission of fixed term receipts (FDR) and margin with ICCL on behalf of clearing members. The dedicated Fort Mumbai branch will handle these transactions.
4. Srikrishnan Hari Hara Sarma appointed as MD & CEO of Karnataka Bank
On May 26 2023, Karnataka Bank, one of the leading South Indian Private sector banks, appointed Srikrishnan Harihara Sarma as its new Managing Director (MD) and Chief Executive Officer (CEO) for a period of 3 years with effect from the date of his assuming charge.
- He succeeds Sekhar Rao, who has been serving as the Interim MD and CEO of Karnataka Bank since April 2023.
Other News :
1. World Hunger Day 2023 - 28th May
World Hunger Day is annually observed across the globe on 28th May to create awareness about the significance of ending hunger. The day also highlights the significance of the Global Food Crisis, towards finding a sustainable solution towards a hunger-free planet.
Theme : The theme of World Hunger Day 2023 observed on 28th May 2023 is "Celebrating sustainable solutions to hunger and poverty".
Note :
Global Hunger Index 2022 :
According to the 2022 Global Hunger Index (GHI) rankings, India has slipped 6 places and ranked 107, out of 121 countries. With a score of 29.1, India has a level of hunger that is serious.
Yemen is the country with the highest GHI score in 2022, ranked at 121. With a score of 45.1, Yemen has a level of hunger that is alarming.
2. World Menstrual Hygiene Day 2022 - 28th May
World Menstrual Hygiene Day is annually observed across the globe on 28th May to create end period poverty (the inability to afford menstrual products) and highlight the issues faced by menstruating girls and women.
Theme : The theme of World Menstrual Hygiene Day 2023 observed on 28th May 2023 is “Making menstruation a normal fact of life by 2030”.
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