National and International News :
1. Assam, Arunachal Pradesh ink agreement to resolve old Border Dispute
A Memorandum of Understanding (MoU) was signed on April 20, 2023, by the Chief Minister of Assam, Dr. Himanta Biswa Sarma, and the Chief Minister of Arunachal Pradesh, Pema Khandu, to resolve the longstanding border conflict over an 804-km shared boundary between the two states. This signing ceremony took place in Delhi, in the presence of Union Minister Amit Shah from the Ministry of Home Affairs (MHA) in New Delhi.
The conflict was regarding 123 villages spread across 12 districts of Arunachal Pradesh and eight of Assam, which were claimed by Arunachal Pradesh in 2007. To determine the boundary between the two states, the Supreme Court appointed a Local Commission, and in 2022, the process of resolving the dispute began through the formation of 12 regional committees from both states. Both states have accepted the recommendations put forward by these committees, leading to the resolution of conflicts concerning 34 of these villages as per the MoU signed.
Furthermore, disputes over 37 villages were resolved through the Namsai Declaration of July 2022, where the two Chief Ministers agreed in principle over them.
About the MoU :
The MoU between the state governments involved has been deemed "full and final" concerning the 123 disputed villages, and new encroachments in border areas will not be permitted. The agreement entails that one village in Arunachal Pradesh will now belong to Assam, while 60 villages in Assam will become part of Arunachal Pradesh, and 10 villages will remain in Assam. The regional committees will determine the boundary for 49 of the remaining 52 villages within six months, and three villages located within the Indian Air Force (IAF) bombing range will need rehabilitation.
The Assam-Arunachal Pradesh boundary is the longest inter-state border in the Northeast and has been pending in the Supreme Court since 1989.
2. CSIR and OIL Sign MoU for Advanced Energy Research
The Council of Scientific and Industrial Research (CSIR) and Oil India Ltd. (OIL) have signed an umbrella Memorandum of Understanding (MoU) with the goal of pursuing technological partnership in specific areas across the energy value chain to promote research in advanced technologies for energy security.
The identified areas for joint Research and Development (R&D) activities and technology partnership include new frontier areas in hydrocarbon exploration, upstream and downstream operations, new and renewable energy, batteries/storage systems, green and renewable hydrogen/biohydrogen (H2), reducing environmental pollution and bioremediation, waste treatment (including oil separation and recovery from wastewater and waste sludge, including crude oil sludge), corrosion inspection and anti-corrosion coating, extraction of Lithium and Rare Earth Elements from Oilfield Water, stranded natural gas to fuel molecules, and decarbonisation and net zero targets.
The MoU was signed by Dr. N Kalaiselvi, DG (Director General), CSIR & Secretary, Department of Scientific and Industrial Research (DSIR) and Dr. Ranjit Rath, CMD (Chairman & Managing Director), OIL.
About MoU :
The MoU between CSIR and OIL is a milestone for advanced energy research and enables collaboration with all CSIR labs. It aims to accelerate the development of new technologies and solutions to enhance energy security and sustainable growth, and also includes capacity building through training and skill development. As a Navaratna company, OIL is open to providing CSR funding to achieve Sustainable Development Goals, Aspirational Districts, Rural Development, and Government missions/initiatives.
3. CCI Approves Acquisition of up to 76.10% of Voting Share Capital of Suven Pharmaceuticals Limited By Berhyanda Limited
The CCI has approved Berhyanda Limited's acquisition of up to 76.10% of Suven Pharmaceuticals Limited's voting share capital via a share purchase agreement dated December 26th, 2022.
This acquisition is compliant with the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and is pursuant to a mandatory open offer.
Berhyanda Limited is a wholly owned subsidiary of Berhyanda Midco Limited, which is a wholly owned subsidiary of Jusmiral Midco Limited.
These entities are controlled by Advent International Corporation's Advent International GPE IX Funds and Advent International GPE X Funds.
Suven Pharmaceuticals Limited is a bio-pharmaceutical company founded on November 6th, 2018.
4. Atal Innovation Mission, NITI Aayog, UNCDF launches Whitepaper to make India Global Agri-Tech Leader
A whitepaper was launched on April 20, 2023, by Atal Innovation Mission (AIM), NITI Aayog, and the United Nations Capital Development Fund (UNCDF), with the objective of positioning India as a global leader in Agri-Tech innovation and scaling up these innovations in underdeveloped countries in Asia and Africa. The whitepaper was authored by experts from AIM, NITI Aayog, and UNCDF.
About Whitepaper :
The whitepaper, launched jointly by Atal Innovation Mission, NITI Aayog, and UNCDF on April 20, 2023, aims to establish India as a global leader in Agri-Tech innovation and expand these innovations to the least developed countries in Asia and Africa. It provides practical solutions to the challenges faced by Agri-Tech startups and offers recommendations to promote sustainable agricultural practices, food security, and address supply chain inefficiencies and climate change concerns in developing economies. The whitepaper recognizes the potential of Agri-Tech innovations in supporting smallholder farmers and improving the overall agriculture sector.
Key point :
The AIM-UNCDF partnership aims to promote Agri-Tech innovation globally and address challenges in the agriculture sector, such as low productivity, poor risk resilience, and inefficient supply chain management. It facilitates cross-border engagement, knowledge exchange, and investments, creating a collaboration environment for start-ups from Asia and Africa to exchange ideas and generate opportunities in their respective countries.
About UN Capital Development Fund (UNCDF) :
Executive Secretary : Preeti Sinha
Headquarters : New York, United States
5. UNICEF Data Indicates Declining Confidence in Childhood Vaccines During COVID-19 Pandemic
The United Nations Children's Fund (UNICEF) has published a report titled "State of the World's Children 2023: For Every Child, Vaccination" which reveals that routine vaccination coverage for children has decreased during the COVID-19 pandemic. The report states that 67 million children missed one or more vaccinations over three years, with coverage levels decreasing in 112 countries. This decline is attributed to service disruptions, strained health systems, resource diversion, conflict, fragility, and decreased confidence. India is highlighted in the report as one of the countries with the highest vaccine confidence globally.
Key points :
(i) The UNICEF's "State of the World's Children" report is published annually since 1980 to increase awareness and understanding of critical issues affecting children, and to advocate for solutions that promote their well-being.
(ii) The Vaccine Confidence Project at the London School of Hygiene and Tropical Medicine collected the data for the 2023 report on the impact of the COVID-19 pandemic on routine vaccination coverage for children.
6. Norwegian Government Pension Fund increased its stake in Bajaj Electricals by 1.73%
Norwegian Government Pension Fund Global has increased its stake in Bajaj Electricals by 1.73% through bulk deals, bringing its total shareholding to 3.03%. Small Cap World Fund, a California-based venture capital firm, has offloaded 22 lakh shares or 1.94% stakes in Bajaj Electricals, reducing its holding to 3.36%.
7. Himachal Pradesh becomes India’s 1st state to have DNA database of Unidentified Bodies
Himachal Pradesh (HP) has developed a DNA database for unidentified bodies, becoming the first Indian state to do so.
The process of creating this database started in April 2022 and currently, the records of 150 DNA samples of unidentified bodies have been stored in the database.
The Directorate of Forensics Services, Junga, in Shimla (HP) procured DNA profile databasing and matching technology, Smallpond TM software from the United States(US) at a cost of Rs 55 lakh in 2022. It was the first lab to acquire this technology and the facility is at par with international standards.
The database will be useful in the identification of bodies. To identify, the DNA samples of the relatives would be matched with the data/samples stored in the DNA profiling database, and accurate details would be available within seconds.
The database is being prepared and it will have the capacity to store 20,000 DNA profiles, which can be scaled further.
More than 100 bodies are recovered in different parts of the state every year and these remain unidentified. Thus the DNA database would be beneficial in bringing transparency, eliminating data inconsistency, and catching the criminal in cases where crime led to death.
Private, local database of DNA profile information enables efficient matching of new DNA profiles with the existing ones.
DNA : DNA stands for Deoxyribonucleic Acid, which is a molecule that carries genetic information and determines the physical and biological characteristics of living organisms. DNA is present in almost all living cells and it is responsible for the inheritance of traits from parents to offspring. The structure of DNA is a double helix, made up of four nitrogenous bases: adenine (A), thymine (T), cytosine (C), and guanine (G). The sequence of these bases determines the genetic code and variations in the sequence lead to differences in physical and biological traits. DNA analysis has become an important tool in forensic science, medical research, and genetic engineering.
8. West Bengal tops list of States with most ponds and reservoirs: 1st-ever waterbody census
The Ministry of Jal Shakti has released the “Water Bodies – 1st Census Report”, revealing that West Bengal has the highest number of ponds and reservoirs among all states. Tamil Nadu tops the list for the highest number of lakes, while Andhra Pradesh has the most tanks and Maharashtra leads in water conservation schemes. In total, India has 24.24 lakh water bodies, with West Bengal accounting for the most at 7.47 lakh and Sikkim the least at 134.
Some key points regarding the water bodies census are :
(i) The census was conducted as part of the 6th Minor Irrigation Census for 2017-18, under the Centrally Sponsored Scheme "Irrigation Census."
(ii) Less than 3% of the total water on earth is freshwater, and around 75.2% of this freshwater is frozen in polar regions, while 22.6% is present as groundwater.
9. IIT Madras to set up its first international campus in Tanzania
IIT Madras, based in Chennai, is establishing its first international campus in Zanzibar, Tanzania.
The classes are expected to start in October 2023.
This is the first IIT to be established in Africa and is expected to contribute to the growth and development of Tanzania and Africa as a whole.
In February 2023, a team of 5 professors from IIT Madras visited Tanzania to discuss the establishment of the campus with officials.
The announcement regarding the establishment of the campus was made by the Director of IIT Madras, V Kamakoti, during the institute's 64th Institute Day on 20th April 2023.
The announcement was made in the presence of Sridhar Vembu, Founder of Zoho Corporation, who was the Chief Guest at the event.
10. Wg Cdr Deepika Misra becomes 1st Woman Officer of IAF to receive Gallantry Award
Wing Commander (Wg Cdr) Deepika Misra made history on April 20, 2023, as the first female officer in the Indian Air Force (IAF) to receive the Vayu Sena Medal(VM) for Gallantry. The award was bestowed upon her by Chief of the Air Staff (CAS) Air Chief Marshal Vivek Ram Chaudhari at the Investiture Ceremony 2023, which took place at the Air Force Auditorium in Subroto Park, New Delhi, Delhi.
Key points :
(i) Wg Cdr Deepika Misra is the first woman officer in the Indian Air Force (IAF) to receive the Vayu Sena Medal (VM) for Gallantry on April 20, 2023, presented by Chief of the Air Staff (CAS) Air Chief Marshal Vivek Ram Chaudhari at an Investiture Ceremony held at the Air Force Auditorium in Subroto Park, New Delhi.
(ii) Misra is a trained helicopter pilot, qualified flying instructor, and an instrument-rated instructor and examiner.
(iii) The Gallantry Award was given to Misra in recognition of her exceptional courage displayed during a flood relief operation in Madhya Pradesh (MP) and Rajasthan, where she helped in saving the lives of 47 people in floods in 2022 in the aforementioned areas.
(iv) CAS presented Presidential Awards to a total of 58 persons, 57 from the IAF and one from the Army received the awards, including Two Yudh Seva Medals, 13 Vayu Sena Medals (Gallantry), 13 Vayu Sena Medals (devotion to Duty), and 30 Vishisht Seva Medals.
About the Vayu Sena Medal (VM) :
The VM was instituted on January 26, 1960, to recognize exceptional devotion to duty or acts of courage by Air Force personnel.
In 1994, the award was split into two categories: VM (Devotion to Duty) and VM (Gallantry).
The medal itself is a five-pointed star made of standard silver, with a diameter of 35 mm. It is mounted on a ring attached to a metal strip that is 3 mm wide and decorated with Ashoka leaves. The state emblem is embossed on the obverse side, in the center, surrounded by a garland of leaves. On the reverse side, there is a representation of the Himalayan Eagle with an inscription below it.
The monetary allowance attached to the award is Rs. 500 per month, which is given for courageous acts, effective from February 1, 1999.
About the Vishisht Seva Medal (VSM) :
Established on January 26, 1960, the Vishisht Seva Medal (VSM) is awarded to recognize outstanding and distinguished service.
Medal: The circular medal is made of bronze and measures 35mm in diameter. It is attached to a plain horizontal bar with standard fittings. The obverse of the medal displays a five-pointed star, while the reverse side features the State Emblem along with an inscription along the upper rim."
11. Karnataka Bags National Award For Pradhan Mantri Fasal Bima Yojana
Karnataka has won the national award for the best implementation of Pradhan Mantri Fasal Bima Yojana (PMFBY), a crop subsidy insurance scheme, for the year 2022-23, making it the first state in India to do so.
The award ceremony took place at the national conference in Chhattisgarh on April 14, 2023, where Shivayogi C Kalasad, the Secretary to the government, Department of Agriculture, Karnataka, received the award.
During the kharif season between 2021 and 2022, the state of Karnataka recorded a 47.74% increase in the enrolment of farmers under the scheme, and the area covered under the scheme increased by 41.80%.
Note : The pending claims of Rs. 687.4 crore as on May 31, 2022 (since 2018) for 5.66 lakh farmers has been settled by the Department of Agriculture, Ministry of Agriculture and Farmers Welfare (MoA&FW) in a campaign mode.
Important :
(i) The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme initiated by the Government of India's Ministry of Agriculture and Farmers Welfare in 2016. Its aim is to offer complete coverage to farmers for losses or damage to crops resulting from natural calamities, pests, or diseases.
(ii) Karnataka has implemented the PMFBY scheme via its own portal named 'Samrakshane,' which was created by the state using the National Informatics Centre (NIC). In 2022-23, Karnataka was awarded the national award for the best implementation of the PMFBY scheme for the significant increase of 47.74% in the number of farmers enrolled and 41.80% increase in the coverage area under the scheme.
(iii) In 2022, the number of farmers enrolled for the PMFBY scheme in Karnataka increased by 47.74% to 23.86 lakh, while the extent of land insured under PMFBY in 2022 kharif was increased by 41.8% to 18.94 lakh hectares. For Kharif 2022 season, 5.60 lakh farmers whose fields were affected by natural calamities have already been compensated within 2022 with crop insurance claims settled is Rs 298.57 crore. For kharif 2023, the state has released an advance share of Rs 951 crore for the implementation of the PMFBY scheme.
12. JioCinema signs Rohit Sharma as brand ambassador
Rohit Sharma, the captain of the Indian Cricket Team and Mumbai Indians (MI), has been appointed as the brand ambassador of JioCinema, the official digital partner of the Indian Premier League (IPL) 2023-27.
Before signing with JioCinema, Rohit Sharma ended his association with Star Sports, the TV broadcast rights holder of the IPL.
JioCinema has previously partnered with players like Sachin Tendulkar, MS Dhoni, Suryakumar Yadav, and Smriti Mandhana as its ambassadors.
Rohit Sharma will collaborate with JioCinema to make sports viewing synonymous with digital through initiatives in line with their vision.
13. Odisha CM Naveen Patnaik launches India’s first heavy lift logistics drone
Odisha CM Naveen Patnaik inaugurated India's maiden eVTOL (electric Vertical Take-off and Landing) BonV drone for heavy-lift logistics during the "Odisha Skill Conclave 2023" on April 20, 2023. BonV Aero, a start-up from Odisha, designed the drone, which can carry up to 50 kg over distances of up to 10 km. It will be instrumental in disaster management, emergency evacuation, flood relief, firefighting, and delivering medical supplies to remote locations.
The heavy lift logistics drone BonV is supported by IIT Mandi in Himachal Pradesh, NITI Aayog, and AIC - CV Raman Global University in Odisha. BonV Aero is developing electric aerial vehicles for cargo delivery.
The successful trial of the 'RM001' Electric Aerial Vehicle carrying 50 kilograms of cargo was conducted at an altitude of 8000 to 10,000 feet in Tawang, Eastern Command of the Indian Army forward post in Arunachal Pradesh.
In its next phase, BonV Aero aims to develop its flagship platform 'RM002' that can transport 200 kilograms of freight over 40 kilometres.
The BonV drone offers various benefits, including :
(i) It can aid in disaster response efforts in Odisha, which is prone to cyclones and floods.
(ii) It can transport various types of cargo or goods quickly, especially in situations where surface logistics are unfavorable or time-consuming.
(iii) It can improve the accessibility and efficiency of logistics solutions, particularly in remote and hilly areas.
(iv) It is cost-effective.
14. Manipur CM N. Biren inaugurates 5th edition of Hun-Thadou cultural festival at Kangpokpi
The 5th edition of the Thadou Cultural Festival, HUN-2023, was inaugurated by Nongthombam Biren Singh, Chief Minister of Manipur, on April 18, 2023, at Thomas Ground in Kangpokpi district of Manipur.
The festival is an annual cultural event celebrated by the Thadous community of Manipur, and it symbolizes the arrival of the new year.
The two-day festival concluded on April 19, 2023, with the presence of Arjun Munda, Union Minister of Tribal Affairs, at the closing ceremony.
Banking and Finance News :
1. InPrime Finserv Received NBFC Licence from RBI
STK Credit Private Limited's subsidiary, InPrime Finserv, which provides financial services to the informal sector, has been granted a Non-Banking Financial Company (NBFC) license by the Reserve Bank of India (RBI) and issued a Certificate of Registration (COR).
Key notes :
(i) InPrime's goal is to revolutionize the way the informal sector accesses formal financial services.
(ii) The company is dedicated to serving the "Prime" segment of India's informal economy, comprising approximately 50 million households with an annual credit requirement of Rs. 5 lakh crores.
(iii) InPrime intends to empower its customers by offering multiple repayment channels and an engaging financial and digital literacy program that promotes self-service.
(iv) InPrime acknowledges the necessity for customized and improved financial services for the underserved Prime segment.
(v) InPrime is fostering financial inclusion in India by launching its operations in Bengaluru (Karnataka) initially and gradually expanding to other regions of Karnataka and Tamil Nadu.
2. CoRover, LIC Collaborate to Launch 1st Phase of AI virtual assistant LIC Mitra
Bengaluru-based startup CoRover has partnered with Life Insurance Corporation of India (LIC) to introduce the first phase of LIC Mitra, a conversational AI-powered chatbot designed to improve LIC's customer service by automating real-time responses to customer inquiries.
Features of LIC Mitra include :
(i) The CoRover.ai-developed chatbot will be accessible on both LIC's website and mobile app, leveraging technologies such as AI, Machine Learning (ML), and Natural Language Processing (NLP) to comprehend and respond to users' inquiries in multiple languages. The LIC Mitra technology also allows users to search using voice commands.
(ii) Questions about LIC products, past premiums paid, upcoming premiums, policy maturity dates, and insurance can be answered using the chatbot.
(iii) Existing customers can use LIC Mitra to check their policy's latest status and receive information such as premium due dates and policy maturity dates. Additionally, customers can utilize the chatbot to determine their first unpaid premium.
3. AIIB to Open First Overseas Office in Abu Dhabi, UAE
The Asian Infrastructure Investment Bank (AIIB) has signed a host member agreement with the United Arab Emirates (UAE) on April 19, 2023, marking the establishment of its first overseas office, an Interim Operational Hub, at Abu Dhabi Global Market, Abu Dhabi, UAE.
During the signing ceremony in Abu Dhabi, the agreement was signed by Jin Liqun, President and Chair of the Board of Directors of AIIB, and His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and UAE Governor of AIIB.
This agreement aligns with the UAE's commitment to strengthen collaboration with international organizations and institutions that are dedicated to promoting sustainable economic development in developing nations.
Key notes :
(i) AIIB is opening an Interim Operational Hub in Abu Dhabi, UAE due to its rapid growth.
(ii) The Hub aims to bring the bank closer to clients and improve engagement with them.
(iii) It will support AIIB's development agenda and finance infrastructure projects for sustainable economic growth.
(iv) The Hub will manage the bank's investment portfolio and enhance project monitoring and implementation services worldwide.
(v) AIIB's proximity to global financial centers and the international infrastructure ecosystem will give it an edge in the market.
4. CRED launches P2P UPI payments on its app
On April 17, CRED launched a UPI-based Peer-to-peer P2P payments system with the introduction of Scan & Pay.
CRED customers can make secure, instant payments to other users via UPI IDs or contact numbers.
The new system offers several features, such as payment reminders for recurrent transactions, proactive nudges during risky payment scenarios, and custom VPAs to protect privacy.
CRED Protect is a feature that prompts members to use a system-generated alias UPI ID to mask personal details like mobile numbers.
The WIN-WIN feature rewards both the payer and recipient of payments made to 'special contacts' with cashbacks credited to their CRED balance.
CRED offers a variety of payment methods, including bill payments, scan-and-pay, tap-to-pay, UPI P2P, CRED Pay, and CRED flash for online merchants.
5. Union Bank of India Secures 1st Rank in EASE Reforms Index for Q3 FY23
The Indian Banks' Association (IBA) published a report on April 20, 2023, regarding the Enhanced Access & Service Excellence (EASE) Reforms Index for Q3 FY23.
Union Bank of India has secured the first position among all Public Sector Banks (PSBs) for the first time by adopting various reforms prescribed for PSBs.
EASE is an initiative of the Department of Financial Services (DFS), Ministry of Finance, under its 5th iteration, which focuses on Enhanced Digital experience, Data-driven, Integrated, and Inclusive Banking, as part of the PSB Reforms Agenda.
Union Bank of India's performance :
(i) Under the EASE 5.0 framework, PSBs are evaluated on 5 themes, and Union Bank of India secured 1st rank among PSBs for adopting various reforms prescribed under 4 themes. These themes include 'Digitally-enabled customer offerings', 'Big data and analytics', 'Modern Technology Capabilities', and 'Employee development and Governance'.
(ii) The bank excelled in areas such as building analytics capabilities for retaining and deepening customer relationships, effective credit monitoring, comprehensive digital collection management system, fraud resilience, and cyber security.
(iii) Union Bank of India also focuses on adopting modern technology capabilities for providing an integrated banking experience, customer-centric digital offerings, and implementing better governance measures, which has helped the bank to maintain its momentum.
6. SEBI Approved – Emkay Global to Sponsor MF Business & Nexus Select Trust for REIT IPO
Emkay Global Financial Services has been granted in-principle approval by the Investment Management Department of the Securities and Exchange Board of India (SEBI) to establish a Mutual Fund business and incorporate an Asset Management Company (AMC).
Established in 1995, Emkay Global Financial Services currently provides a range of services including equity broking, commodity broking, currency broking, lending, depository participant, portfolio/wealth management services, investment banking and global investing.
Currently, there are 44 MF players with total assets under management of about Rs 40 lakh crore with top 10 players accounting for major share of business.
Bajaj Finserv recently obtained a full-fledged Mutual Fund (MF) license and has filed papers to launch seven new fund offers.
In 2021, SEBI granted in-principle approval to Nitin Kamath-led Zerodha Broking and Frontline Capital Services to enter the MF business.
7. IndusInd Bank signs USD100mn agreement with JBIC to provide Credit Facilities to Japanese OEMs in India
On April 19, 2023, IndusInd Bank entered into a long-term credit agreement of USD 100 million with Japan Bank for International Cooperation (JBIC) to provide support to Indian companies interested in buying Japanese construction equipment.
The loan agreement was signed by the IFSC Banking Unit (IBU) of IndusInd Bank's GIFT City branch. This marks the first time JBIC has provided such lending through any IFSC Banking unit at GIFT City.
Mizuho Bank of Japan, Shizuoka Bank of Singapore, and Joyo Bank of Japan will also co-finance this facility.
Objective :
To foster the growth of Japanese construction equipment companies in India through need-based credit facilities.
Key notes :
(i) The agreement is aligned with the objective of the International Financial Services Centres Authority (IFSCA) to establish GIFT City as a hub for raising long-term finance.
(ii) IndusInd Bank will utilize the funds to provide need-based lending facilities to support the growth of Japanese Original Equipment Manufacturers (OEMs) in India. The program will initially cater to the financing requirements of component suppliers, dealers, and final buyers of construction machinery manufactured by selected Japanese OEMs.
(iii) IndusInd Bank's Commercial Vehicle Finance division is a prominent financier of Japanese OEMs in India and plans to strengthen its market share by targeting component suppliers and dealers who are part of the upstream and downstream supply chain of these OEMs.
8. Fasal Partners with SBI to Support Farmers to Get Easy Financial Access
Fasal, an agriculture technology company, announced its collaboration with State Bank of India (SBI) on April 13, 2023, to offer farmers prompt and easy access to financial resources.
The objective of the partnership is to empower farmers to efficiently finance and manage immediate agricultural input requirements while utilizing Fasal's technology solutions to make farming more precise and predictable. The alliance will aid farmers in overcoming cash flow constraints during critical farming cycles by offering prompt, hassle-free, and collateral-free loans at highly competitive rates.
Fasal aims to address various issues across the horticulture value chain and pave the way for India's horticultural transformation through the partnership.
Financial Offering :
(i) The partnership between Fasal and State Bank of India will provide farmers with access to collateral-free loans up to INR 3 lakhs.
(ii) The loans will be provided under the Kisan Credit Card (KCC) scheme, which is well-known for its low interest rate within the farmer credit support system. If a farmer has already exhausted their KCC limit, SBI will offer these financing solutions through other agriculture schemes.
(iii) Initially, the financial offering from Fasal will be available in Maharashtra, Karnataka, Chhattisgarh, and Madhya Pradesh, with plans to expand to other regions in the future. This solution will help farmers manage their cash-flow constraints during key cycles in farming, and enable them to adopt Fasal's technology solution to make their farming more precise and predictable.
9. RBI Granted AD Category-I Licence to AU SFB, Equitas SFB to Deal in Foreign Exchange
AU Small Finance Bank (SFB) has been granted an Authorised Dealer (AD) category-I licence by the Reserve Bank of India (RBI) on 19th April 2023, under Section 10 of the Foreign Exchange Management Act, 1999, which allows the bank to deal in foreign exchange.
The approval is subject to the bank's adherence to relevant regulations. With the licence, AU Small Finance Bank will be able to introduce a variety of foreign currency-related products to serve the importer-exporter sector and conduct inward and outward remittances.
10. RBI accepts Rs 5,500 crore Bids at Switch and Conversion Auction of Government Bonds
On April 17, 2023, the Reserve Bank of India (RBI) accepted bids worth Rs 5,500 crore at an auction for the switching and conversion of 5 Government of India (GoI) bonds, out of the notified amount of Rs 11,000 crore.
The bids for the floating rate bond (FRB) expiring in 2024, which will be converted into the paper to be redeemed in 2032, were accepted at Rs 2,000 crore, against the notified amount of Rs 4,000 crore.
11. RBI Approves Appointment of Kaizad Bharucha as Dy MD & Bhavesh Zaveri as ED at HDFC Bank
Kaizad Bharucha and Bhavesh Zaveri have been appointed by the Reserve Bank of India (RBI) as Deputy Managing Director (DMD) and Executive Director (ED), respectively, of HDFC Bank Limited, one of India's leading private sector banks, for a term of three years starting from 19th April 2023. The recommendation for their redesignation was made by HDFC Bank's Board of Directors to the RBI on 24 November 2022.
This is to be noted that Kaizad Bharucha was already working as the Executive Director of HDFC Bank before being appointed as Deputy Managing Director by the Reserve Bank of India. Similarly, Bhavesh Zaveri was previously serving as the Group Head of Operations, Cash Management, and ATM Products at HDFC Bank before being appointed as an Executive Director by the RBI.
12. Federal Bank inks Banking Correspondent Agreement with Agri fintech KiVi
In April 2023, the Federal Bank partnered with Kisan Vikas (KiVi), an agriculture fintech start-up based in Chennai, through a Banking Correspondent agreement to expand its agriculture lending portfolio in Tamil Nadu.
Aravind K, the Vice-President of Agri-business at Federal Bank, and Joby CO, the Founder and CEO of KiVi, exchanged an agreement to appoint KiVi as the Banking Correspondent for Federal Bank.
Other News :
1. Zimbabwe Cricketer Gary Ballance retires from All Forms of Cricket
Gary Ballance, a former Zimbabwean cricketer who had also represented England from 2014 to 2017 and later represented Zimbabwe in 2022-2023, has retired from all forms of professional cricket immediately.
Ballance started his cricket career by debuting in the 2006 Under-19 World Cup for Zimbabwe, where Zimbabwe won against England. In his international cricket career, he played 23 Test matches, scoring 1498 runs at an average of 37.45, including four 100s and seven 50s.
During his stint with England, he played 42 times in all three formats, including 23 Test appearances, averaging 37.45. He also set a record by becoming the third-fastest England Test cricketer to reach 1,000 runs after Herbert Sutcliffe and Len Hutton.
In late 2022, Ballance signed a two-year contract with Zimbabwe Cricket and played five ODIs, one T20I, and one Test match during his comeback. He also became the second player after Kepler Wessels to score Test centuries for two different countries, with his only Test hundred for Zimbabwe in February 2023.
2. Virginia Tower Norwood, the Mother of LandSat, Passed Away
Virginia Tower Norwood, an American aerospace engineer, inventor, and physicist who was a founding figure in the field of satellite land imaging, passed away on March 26, 2023, at the age of 96 in Topanga, California, USA. She was known as "The Mother of Landsat" for her pioneering work in the field.
Norwood began her career by working on weather radar at the U.S. Army Signal Corps Laboratories in Fort Monmouth, New Jersey. Later, she spent 36 years at Hughes Aircraft Company, where she worked on various projects such as antenna design, communications links, optics, and Landsat scanners.
She is credited with inventing the scanner that has been used for more than 50 years to map and study the Earth from space. Norwood also oversaw the development of Landsat 2, 3, 4, and 5.
In a 2020 biographical article published by the National Aeronautics and Space Administration (NASA), Virginia Norwood was referred to as "The Mother of Landsat," highlighting her invaluable contributions to the field of satellite land imaging.
3. 16th National Civil Services Day – 21st April 2023
Every year on April 21st, India celebrates National Civil Services Day to acknowledge and appreciate civil service officers who work in various public service departments throughout the country. The day serves as a reminder for public servants to work collectively and with dedication to serve the citizens of India.
In 2023, the 16th National Civil Services Day will be observed on April 21st. The theme for this year's celebration is "Viksit Bharat: Empowering Citizens and Reaching the Last Mile", which emphasizes the importance of empowering citizens and providing public services to the last mile.
4. World Creativity and Innovation Day 2023 - 21st April
Every year on April 21st, people and organizations in over 50 countries around the world observe the United Nations' World Creativity and Innovation Day. The day serves as a reminder of the importance of creativity and innovation in all areas of human development.
The first World Creativity and Innovation Day was observed on April 21st, 2002. In 2017, the United Nations General Assembly (UNGA) adopted resolution A/RES/71/284, officially designating April 21st as World Creativity and Innovation Day.
Since then, the day has been celebrated annually as a UN-recognized event, with the first official observance taking place on April 21st, 2018. Its purpose is to raise awareness of the crucial role creativity and innovation play in shaping a better future for all.
Importance : Creativity and innovation are important because they can stimulate economic growth, create jobs, and provide opportunities for everyone, including women and youth. They also account for 3.1% of the global GDP and 6.2% of employment. According to the UN, the value of exports of cultural goods and services has doubled since 2005, reaching USD 389.1 billion in 2019.
World Creativity and Innovation Week (WCIW) : World Creativity and Innovation Week (WCIW) is celebrated globally from 15th to 21st April every year since 2001, to inspire new ideas and create better futures. The observance starts on 15th April, the birth anniversary of Leonardo da Vinci, and culminates on 21st April, which is celebrated as World Creativity and Innovation Day. WCIW 2023 was celebrated from 15th to 21st April 2023.
