News360 - 14th and 15th May , 2023 | Daily Current Affairs

National & International News :

1. DGQI Assessment for Q3 FY23 : MoPSW Ranked 2nd among 66 Ministeries with Score 4.7

The Ministry of Ports, Shipping and Waterways (MoPSW) has achieved an impressive feat by securing the second position among 66 ministries in the influential 'Data Governance Quality Index (DGQI) assessment for 2022-2023 Q3 (Third Quarter of FY23)' with a score of 4.7 out of 5.

The DGQI assessment for FY23 was conducted by the Development Monitoring and Evaluation Office (DMEO), which operates under the NITI Aayog. This recognition highlights the MoPSW's unwavering commitment to upholding excellence in data governance.

- About DGQI :

The Development Monitoring and Evaluation Office (DMEO), an attached office of NITI Aayog, prepares the Data Governance Quality Index (DGQI) to facilitate comprehensive self-assessment of data preparedness levels among government agencies at both the central and state levels.

The DGQI survey measures the maturity level of administrative data systems and their impact on decision-making within various ministries and departments, particularly regarding the implementation of Central Sector Schemes (CS) and Centrally-Sponsored Schemes (CSS).

Six Themes : The DGQI assessment evaluates agencies based on a scoring system across six key themes, encompassing Data Generation, Data Quality, Use of Technology, Data Analysis, Use and Dissemination, Data Security and HR Capacity, and Case Studies.

- MoPSW's Progress :

(i) The Ministry's remarkable performance in the DGQI assessment can be attributed to the dedicated efforts of the National Technology Centre for Ports, Waterways, and Coasts (NTCPWC) at the Indian Institute of Technology (IIT) Madras. This center was entrusted with the responsibility of enhancing MoPSW's Management Information System (MIS) in accordance with DGQI standards.

(ii) NTCPWC was established under the Sagarmala Programme by MoPSW as its technology arm.

Sagarmala : Launched in March 2015, Sagarmala is a visionary national program aimed at optimizing India's logistics sector by unlocking the full potential of its coastline and waterways. The program seeks to reduce logistics costs for both EXIM (Export-Import) and domestic trade with minimal infrastructure investment.

(iii) DGQI assessment covered the MIS portals for five schemes under MoPSW, including Sagarmala, Research and Development, Shipping, (Andaman, Lakshadweep Harbour Works), IWAI (Inland Waterways Authority of India), and IWT (Inland Water Transport). The objective was to enhance data flow, improve data quality, and incorporate emerging technologies like Artificial Intelligence (AI) and Machine Learning (ML).

- Benefits of Data-driven Decision-making :

(i) Adopting a data-driven approach enables policymakers to accurately identify trends, opportunities, and areas that require improvement.

(ii) Ministries equipped with reliable data can make informed decisions, leading to better outcomes for citizens.

(iii) Data-driven decision-making is cost-effective and enhances transparency, making it easier to track the progress of schemes and policies.

(iv) The Ministry's commitment to data-driven decision-making is a testament to its dedication to effectively serve the people of India.

In short :

- MoPSW's achievement : The Ministry of Ports, Shipping and Waterways (MoPSW) ranked 2nd among 66 ministries in the DGQI assessment for Q3 FY23, scoring 4.7 out of 5.

- DGQI overview : The DGQI assessment is conducted by DMEO under NITI Aayog to evaluate data preparedness levels in government agencies.

- Six themes : DGQI assesses ministries based on six themes, including data generation, quality, use of technology, analysis, security, and HR capacity.

- MoPSW's progress : MoPSW's success in DGQI is attributed to the efforts of NTCPWC, which enhanced the Management Information System (MIS) according to DGQI standards.

- Sagarmala program : NTCPWC is MoPSW's technology arm under the Sagarmala program, aimed at optimizing India's logistics sector.

- DGQI coverage : The assessment covered MIS portals for five MoPSW schemes, incorporating data flow improvements and emerging technologies.

- Benefits of data-driven decision-making : Data-driven approaches enable accurate trend identification, informed decision-making, cost-effectiveness, transparency, and better outcomes.

- Ministry's dedication : MoPSW's commitment to data-driven decision-making showcases its dedication to serving the people of India effectively.

2. Himachal Pradesh CM Sukhvinder Singh Sukhu launched ' Him Data Portal ' for better digital services

On May 12, 2023, Sukhvinder Singh Sukhu, the Chief Minister of Himachal Pradesh, inaugurated the 'Him data portal,' a unified digital platform aimed at enhancing the implementation of welfare schemes by integrating real-time and accurate data from all government bodies. The objective is to provide improved public service delivery.

The launch took place during a conference on governance and technology organized by the Bharti Institute of Public Policy at the Indian School of Business (ISB) in Mohali, Punjab. The development of the portal was a collaborative effort between the Department of Information Technology, Government of Himachal Pradesh.

- Benefits of the portal :

(i) Aim : The Him Data Portal serves as a comprehensive platform, offering easy access to over 200 datasets containing highly accurate state-specific information, including data at the block and village levels.

(ii) It enhances the efficiency and transparency of the state government's operations.

(iii) The data portal consolidates valuable information from various domains, facilitating the visualization of patterns, identifying gaps, opportunities, and connections.

(iv) The portal ensures a streamlined recovery process and connected system outages, benefiting both the public and the state government through time-saving, transparent, and efficient operations.

Knowledge Partner : The Indian School of Business (ISB) in Punjab is the knowledge partner involved in making the Himachal Data Portal more useful. The state government and ISB intend to collaborate on projects related to education, information technology, forests, and governance.

- Project Him Parivar & Him Pulse :

The Himachal Pradesh government plans to launch the 'Him Parivar' project from July 2023, which will assign a unique digital identity to the residents of the state. Through this project, essential facilities such as ration cards, family registers, electricity, drinking water, and more will be accessible with a single click.

The project will strengthen the state's benefit delivery systems through 'Him Pulse,' which will enhance the capacity of Him Parivar to link digital identity with the delivery of targeted benefits to the population.

Him Pulse is designed to improve governance, facilitate last-mile delivery, and assess the inclusiveness and exclusion trends of welfare beneficiaries.

About Himachal Pradesh :

Chief Minister : Sukhvinder Singh Sukhu

Governor : Shiv Pratap Shukla

** Wildlife Sanctuary : Khokhan Wildlife Sanctuary, Kibber Wildlife Sanctuary

3. Telangana CM Chandrashekhar Rao launched Geeta Karmikula Bima Scheme

On May 2, 2023, K Chandrashekhar Rao, the Chief Minister of Telangana, announced a special scheme called Geeta Karmikula Bima for the Toddy Tappers community in the state. This scheme aims to provide a life insurance cover of Rs. 5 lakh to toddy tappers, similar to the existing Rythu Bheema scheme designed for farmer families.

- Aim/objective of the Scheme :

The main objective of Geeta Karmikula Bima scheme is to provide financial support to the family members of toddy tappers who meet with accidental or unfortunate incidents while collecting toddy.

The Telangana government intends to include all toddy tappers in the state under this insurance scheme.

- The eligibility criteria for the Geeta Karmikula Bima Scheme are as follows :

The person should be a permanent resident of Telangana.

They must be a toddy tapper by profession.

They should belong to the economically backward section of society.

- Features :

(i) The insurance amount of Rs. 5 lakh will be directly transferred to the bank account of the family member within 3-4 days of the incident.

(ii) Unlike the previous process of providing ex-gratia payments, which had significant delays, under the Geeta Karmikula Bima scheme, insurance coverage will be provided to the family members within 7 days of the toddy tapper's demise.

- Benefits :

(i) The scheme will bring about positive lifestyle changes for individuals from economically backward sections of society.

(ii) Financial benefits will be extended to the entire family in the unfortunate event of the sole breadwinner's accidental death.

(iii) Families without existing insurance coverage will be able to avail themselves of the benefits offered by the Geeta Karmikula Bima insurance scheme.

4. Assam CM Himanta Biswa Sarma launched Ayushman Asom Scheme under MMJA in Guwahati

On May 10, 2023, Himanta Biswa Sarma, the Chief Minister of Assam, launched the Ayushman Asom Scheme under the Mukhya Mantri Jan Arogya Yojana (MMJAY) with the aim of promoting accessible and affordable healthcare throughout Assam. The launch took place at the Srimanta Sankardev Kalakshetra Auditorium in Guwahati, Assam.

Ayushman Asom-MMJAY is an initiative of the Department of Medical Education and Research, Government of Assam.

- About Ayushman Asom MMJAY scheme :

The Ayushman Asom MMJAY scheme covers 1,578 healthcare procedures across more than 300 empanelled hospitals within the state, as well as all Ayushman Bharat-empanelled hospitals across the country.

The beneficiaries of the Ayushman Asom MMJAY scheme will be listed under the National Food Security Act (NFSA).

- The scheme is eligible for the following individuals :

Aadhaar-linked ration card holders ; Those who have an Aadhaar Card and are not covered under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).

Initially, 26 lakh families will benefit from this scheme, and the coverage will be extended to 32 lakh families in the upcoming phases.

Key notes :

(i) The healthcare scheme for the people of Assam is similar to the Central Government's AB-PMJAY scheme, but it has a slight difference. The Ayushman Asom MMJAY scheme will cover treatment expenditure for all kinds of diseases, addressing the limitations of the AB-PMJAY that left out a significant number of economically-disadvantaged families.

(ii) The Assam government has also launched an e-KYC (Electronic Know Your Customer) drive under AB-PMJAY and Ayushman Asom MMJAY for NFSA beneficiaries.

(iii) The day-to-day operations of the Ayushman Asom MMJAY scheme will be managed by the Atal Amrit Abhiyan Society.

About Assam :

Capital : Dispur

Chief Minister : Himanta Biswa Sarma

Governor : Gulab Chand Kataria

** Wildlife Sanctuary : Sonai Rupai Wildlife Sanctuary, Amchang Wildlife Sanctuary

5. Prof. Jayant Vishnu Narlikar Awarded the first ASI Govind Swarup Lifetime Achievement Award 2022

Professor Jayant Vishnu Narlikar, a distinguished astrophysicist and former president of the Astronomical Society of India (ASI), was honored with the inaugural ASI Govind Swarup Lifetime Achievement Award 2022 on May 11, 2023, for his exceptional contributions to the field of Astronomy and Astrophysics in India.

The ASI, which celebrated its golden jubilee in 2022, established the Govind Swarup Lifetime Achievement Award in honor of Professor Govind Swarup (1929-2020), widely recognized as the pioneer of Indian radio astronomy. Professor Jayant Vishnu Narlikar, the founding director of the Inter-University Centre for Astronomy and Astrophysics (IUCAA) in Pune, Maharashtra, was bestowed with this prestigious award.

- Award Felicitation :

The award announcement took place during the 41st ASI meeting held at the Indian Institute of Technology (IIT) Indore, Madhya Pradesh, in March 2023.

As Professor Jayant Vishnu Narlikar was unable to attend the meeting, Professor Dipankar Banerjee, the President of ASI, personally visited Pune to present the award to him.

- About Jayant Vishnu Narlikar :

In 1960, Jayant Vishnu Narlikar was awarded the Tyson Medal for astronomy. During his doctoral studies at the University of Cambridge in the United Kingdom, he also received the Smith's Prize in 1962.

From 1966 to 1972, he served as a founding staff member of the Institute of Theoretical Astronomy in Cambridge, UK, which was established by Fred Hoyle.

In 1981, he became a founding member of the World Cultural Council.

In 1988, the Indian University Grants Commission established IUCAA in Pune, Maharashtra, with Jayant Vishnu Narlikar as its Founder and Director.

From 1994 to 1997, he served as the President of the Cosmology Commission of the International Astronomical Union, being one of the pioneers of cosmology research in India.

- Other Awards Received by Vishnu Narlikar :

In 2004, he was awarded the Padma Vibhushan, the second-highest civilian award in India. In 1965, he received the Padma Bhushan award from the Indian Government for his research work.

In 2011, the Government of the State of Maharashtra honored him with the Maharashtra Bhushan, the highest civilian award in the state.

In 2014, the Sahitya Akademi, the premier literary body in India, awarded him their highest prize in regional language (Marathi) writing for his autobiography.

- About ASI Govind Swarup Lifetime Achievement Award :

The ASI Govind Swarup Lifetime Achievement Award for Astronomy and Astrophysics was instituted by the ASI and is bestowed upon senior scientists of eminence once every two years.

The award is named in honor of Professor Govind Swarup, considered the father of Indian radio astronomy, who conceptualized and led the construction of the Ooty Radio Telescope (ORT) and the Giant Metrewave Radio Telescope (GMRT) using innovative and cost-effective ideas optimized for the Indian environment.

The award includes a citation, plaque, and a cash prize of Rs 1,50,000.

- Nomination Criteria : The nominee must be 60 years of age or above and have primarily conducted their work in an Indian affiliation.

The award is not given posthumously, unless the passing away occurs after the nomination process has begun.

6. Wesley W Simina becomes FSM's 10th President

Former Speaker Wesley W Simina was elected as the new and 10th President of the Federation States of Micronesia (FSM) during the 1st regular session of the 23rd FSM Congress in Micronesia.

7. Punjab Becomes First Indian State to Implement "Right to Walk" with Mandatory Footpaths and Cycle Tracks on Roads

Punjab has become the first Indian State to implement the " Right to walk " by making it mandatory for all road owning agencies, including the National Highways Authority of India (NHAI) to provide footpaths and cycle tracks in all future expansion of roads and construction of new ones.

8. MyGov and Ministry of Culture Launch "YUVA PRATIBHA" Singing Talent Hunt to Promote Indian Music at Grassroots Level

MyGov in collaboration with Ministry of Culture launched a " YUVA PRATIBHA " Singing Talent Hunt with an aim to promote Indian music at the grassroots level on a national scale by identifying and recognising the new and young talent in various singing genres such as Folk, Patriotic, and Contemporary. 

- The 1st, 2nd, and 3rd winners will be rewarded with Rs 1,50,000 , Rs 1,00,000 and Rs 50,000 respectively, along with a Trophy and Certificate.

Banking & Finance News :

1. World Bank approves USD 82mn for Zoonotic Disease Prevention in India

The Animal Health System Support for One Health Program (AHSSOH) is a new initiative that aims to improve the health and productivity of India's livestock sector by strengthening the capacity to prevent, detect, and respond to endemic zoonotic diseases. The program is supported by a USD 82 million loan from the World Bank's (WB) International Bank for Reconstruction and Development (IBRD), which has a grace period of 4.5 years and a repayment period of 11.5 years. The loan is based on the Program-for-Results (PforR) financing instrument, which links the disbursement of funds to the achievement of specific program outcomes and global best practices for animal health management.

Key points :

- Zoonotic diseases are infections that can be transmitted from animals to humans under natural conditions .

- The program aims to improve food safety and animal health by supporting policies and practices on animal disease and zoonoses management, especially in livestock and wet markets.

- The program will also promote India's One Health approach, which recognizes the interconnection between people, animals, and their shared environment.

- India has the world's largest livestock population and depends heavily on farming, which exposes many people to domestic animals and poultry. Zoonotic diseases such as foot and mouth disease cost India more than USD 3.3 billion annually.

- The program will benefit at least 2.9 million livestock farmers in five states by increasing their access to improved animal health services.

- The program will also enhance collaboration and data sharing between the animal and human health sectors through state-of-the-art laboratories.

2. RazorpayX Introduces Automated ESCROW+ Solution Powered by Axis Trustee Services

RazorpayX, the business banking platform of Razorpay, introduced an automated ESCROW+ solution, powered by Axis Trustee Services Ltd, RBL Bank, and ICICI Bank to support merchants and enables Instant & Secure Money Transfers for Businesses.

Problem statement :

(i) Some businesses do not own all the money in their current account, as they collect funds for other parties or share funds with another business entity for operational purposes.

(ii) This can create a complex money flow that may violate compliance norms and result in penalties for businesses.

ESCROW+ solution :

ESCROW+ is a solution by RazorpayX that solves this problem by providing a trusted Escrow trustee who is verified and onboarded by RazorpayX. It also allows merchants to use an Escrow account to receive funds on behalf of the final beneficiaries, ensuring proper tax treatment and reporting.

The automated processes enabled by ESCROW+ ensure higher success rates and smooth payouts, improving overall payout performance.

At present, the solution is available for digital-first businesses in Gaming, Marketplace & eCommerce, Co-lending, and P2P-lending industries. RazorpayX aims to extend the solution to other industries as well in the future.

Recent important -

RazorpayX, a business banking platform, has launched two new products for startups: Forex Service and Digital Lending 2.0. 

Forex Service helps startups transfer their foreign capital to India easily and at a better exchange rate. Since its beta launch three months ago, it has helped 15 startups bring Rs 350 crore in ARR to India.

Digital Lending 2.0 is a solution for NBFCs and Fintechs to comply with digital lending guidelines. It enables them to offer credit products to their customers seamlessly.

About Razorpay Software Private Limited :

Establishment : 2014

Headquarters : Bengaluru, Karnataka

CEO and Co-founder : Harshil Mathur

3. SEBI grants Final Approval for Proposed Change in Control of HDFC AMC

HDFC Asset Management Company (HDFC AMC) Limited, a subsidiary of HDFC Ltd, has received the final approval from the Securities and Exchange Board of India (SEBI) for the proposed change in control of HDFC AMC through its letter dated 10 May 2023. This approval paves the way for the completion of the merger of HDFC with HDFC Bank, which is expected to take place by June 2023 .

- The merger will create a banking behemoth with a market capitalisation of Rs 14 lakh crore and a combined asset base of around Rs 18 lakh crore. HDFC Bank will be 100 per cent owned by public shareholders, and existing shareholders of HDFC will own 41 per cent of the bank. The merger will also benefit the customers, borrowers, and depositors of both entities by offering lower cost of funds, access to best-in-class mortgage products and services, and enhanced digital capabilities  .

4. Bank of Baroda launches Electronic Bank Guarantee on its BarodaINSTA Platform

Bank of Baroda (BOB), a public sector bank based in Vadodara (Gujarat), India, has launched a new facility of Electronic Bank Guarantee (e-BG) on its digital platform BarodaINSTA, in collaboration with the National E-Governance Services Limited (NeSL).

- This facility will allow BOB to issue e-BGs on its online platform BarodaINSTA, which are faster and more secure than the conventional paper-based process of issuing inland bank guarantees.

- The beneficiaries can access the final digital BG on the NeSL portal as soon as it is issued, without requiring any additional authentication from the issuing bank. This way, an e-BG reduces the turnaround time and enhances the accessibility of bank guarantees.

5. ADB Launches IF-CAP Program to Accelerate Climate Change Financing in Asia and the Pacific

The Asian Development Bank (ADB) has announced the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP) program to accelerate climate change financing in the region.

- IF-CAP's initial partners are Denmark, Japan, the Republic ofKorea, Sweden, the United Kingdom, and the United States.

- IF-CAP financing will contribute to ADB s ambition for $100 billion from its resources for combating climate change for 2019-2030.

Other News :

1. International Day of Plant Health 2023 - 12th May

United Nations (UN)’s International Day of Plant Health (IDPH) is annually observed across the globe on May 12 to create global awareness of the importance of plant health to end hunger, reduce poverty, protect biodiversity and the environment, and boost economic development.

- 12th May 2023 marks the observance of the 2nd International Day of Plant Health.

Theme : The theme of International Day of Plant Health 2023 is “Plant Health for Environmental Protection”.

- The annual observance of the International Day of Plant Health is led by the Food and Agriculture Organization of the United Nations(FAO), in collaboration with the International Plant Protection Convention. 

2. World Migratory Bird Day 2023 - 13th May

United Nations (UN)’s (backed campaign) World Migratory Bird Day (WMBD) is annually observed across the globe on 2 occasions (2 peak days each year), the 2nd Saturday in May and in October, to raise awareness about the importance of migratory birds and their conservation.

- World Migratory Bird Day 2023 falls on 13th May 2023 and 14th October 2023.

- World Migratory Bird Day 2022 was observed on 14th May & 8th October 2022.

- World Migratory Bird Day 2024 will be observed on 11th May & 12th October 2024.

Theme : The Theme of World Migratory Bird Day 2023 is “Water: Sustaining Bird Life”. It was also the campaign slogan of WMBD 2023.

Activities to mark the campaign will be held globally on two peak days in May and October under the theme of WMBD 2023. WMBD 2023 campaign focuses on water and its significance for migratory birds.

- The annual observance of the WMBD is led by United Nations Environment Programme (UNEP), the leading environmental authority in the UN system.

News360 - 12th and 13th May , 2023 | Daily Current Affairs

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

National Technology Day is annually observed across India on 11th May to celebrate and recognise the achievements of scientists, researchers, engineers and others involved in the field of science and Technology and to celebrate the major technological advancements of India.

- 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

International Nurses Day (IND) is annually observed across the globe on May 12 to honour the contribution of nurses to society and acknowledge their role in the overall healthcare system.

- 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

News360 - 11th May , 2023 | Daily Current Affairs

National and International News :

1. MyGov, in collaboration with Ministry of Culture, launches “ YUVA PRATIBHA – Singing Talent Hunt ”

A new initiative called “YUVA PRATIBHA – Singing Talent Hunt” was launched on 10th May 2023 by MyGov in association with Ministry of Culture. The aim of this initiative is to nurture and showcase the young and emerging singers of India in various genres such as Folk, Patriotic, and Contemporary.

- The participants can submit their entries for the competition for a duration of one and a half months.

This is a great chance for the citizens of India to exhibit their singing abilities and talents and to get national recognition.

The winners of the 1st, 2nd, and 3rd positions will receive Rs 1,50,000, Rs 1,00,000, and Rs 50,000, respectively, along with a Trophy and Certificate. The top 3 winners will also get a mentorship for a period of 1 month with a stipend.

2. MoHFW launches a Learning Management Information System - “ SAKSHAM ”

The Ministry of Health and Family Welfare (MoHFW) under the leadership of Union Minister Rajesh Bhushan has launched SAKSHAM (Stimulating Advanced Knowledge for Sustainable Health Management). Developed by the National Institute of Health & Family Welfare (NIHFW) in New Delhi, SAKSHAM is a learning management information system (LMIS) aimed at providing medical education and training to all healthcare professionals in India on a single, dedicated platform. 

- SAKSHAM ensures inclusive capacity building for healthcare professionals from primary health centers in remote areas to tertiary care and corporate hospitals in metropolitan cities. Currently, SAKSHAM hosts over 200 public health and 100 clinical courses online. Upon successful completion of the necessary training and assessment, healthcare professionals can register for clinical courses on the portal https://lmis.nihfw.ac.in/ and obtain certification.

3. CCI clears Edelweiss, ESOF III Investment Fund and Biocon Biologics deal

The Competition Act, 2002 has approved the subscription of certain compulsorily convertible debentures issued by Biocon Biologics Ltd (BBL) by Edelweiss Alternative Asset Advisors (EAAA) and ESOF III Investment Fund under Section 5(a).

The Parties Involved -

Edelweiss Alternative Asset Advisors Limited and ESOF III Investment Fund.

Biocon Biologics Limited.

Key Points :

(i) EAAA is an alternative asset advisor registered with the Securities and Exchange Board of India (SEBI).

(ii) ESOF III Investment Fund is a Category II Alternative Investment Fund (AIF) registered with SEBI.

(iii) BBL is a global leader in biosimilars, engaged in the manufacturing and commercialisation of pharmaceutical formulations.

Please note that -

(i) The activities of the Parties involved in the Proposed Combination do not demonstrate any horizontal, vertical, or complementary overlaps in any of the possible relevant markets in India.

(ii) The Proposed Combination is being notified under the green channel route as per Regulation 5A and Schedule III of the CCI (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (as amended).

4. CM Pushkar Singh Dhami releases Book on Cybercrime Titled “ Cyber Encounters ” in Hindi Version

On 7th May 2023, Pushkar Singh Dhami, Chief Minister (CM) of Uttarakhand, launched the Hindi version of “Cyber Encounter: Cops’ Adventures With Online Criminals” (साइबर एनकाउंटसस) at St Joseph’s Academy, Rajpur Road, Dehradun, Uttarakhand. This version has been published by Prabhat Prakashan Pvt. Ltd.

- The book was originally written in English by Ashok Kumar, the Director General of Police(DGP) of Uttarakhand, and co-authored by OP Manocha, a former scientist of the Defence Research and Development Organisation (DRDO) and published by Ebury Press.

- The book provides information about the world of cybercriminals and the challenges faced by law enforcement agencies while tracking and catching them.

5. ACC Appointed IAS officer Vineet Joshi as new Chief Secretary in Manipur

Vineet Joshi, a 1992 Manipur cadre IAS officer, has been appointed as the new Chief Secretary in Manipur by the Appointments Committee of the Cabinet (ACC) on May 7th, 2023. This decision comes after the replacement of Dr. Rajesh Kumar, whose term was extended for six months in December 2022 but was shortened due to Vineet Joshi's appointment.

- Additionally, Vineet Joshi will replace three other IAS officers: MH Khan (1988 cadre), Moses Challai (1990 cadre), and P Vaiphei (1991 cadre), all of Manipur cadre. The Government of Manipur requested Vineet Joshi's appointment to handle the recent clashes that occurred in the state after a 'Tribal Solidarity March' was organized in the 10 hill districts on May 3, 2023, to protest against the Meitei community's demand for Scheduled Tribe (ST) status. As of now, 23,000 individuals affected by the violence have been rescued and relocated to military garrisons.

6. Max Verstappen of Red Bull won the F1 Miami Grand Prix 2023

Dutch-Belgian racing driver Max Verstappen of Red Bull won the Formula 1(F1) Miami Grand Prix(GP) 2023 title, the 5th round of the 2023 F1 World Championship, at the Miami International Autodrome, Hard Rock Stadium in Miami Gardens, Florida, the United States of America(USA).

- This marks Max Verstappen’s 38th career win, tying him with Sebastian Vettel for most victories for Red Bull.

- Mexico’s Sergio Perez (Red Bull) finished 2nd and Spain’s Fernando Alonso (Aston Martin) finished 3rd in Miami GP 2023.

- The Miami GP 2023, officially known as the F1 Crypto.com Miami Grand Prix 2023, is the 2nd edition of Miami GP. The inaugural edition was held in 2022.

Note : Max Verstappen was the inaugural winner of the Miami GP in 2022.

7. Asian Weightlifting Championships Jinju 2023

Indian weightlifters concluded the Asian Weightlifting Championships Jinju 2023 in Jinju South Korea, with a total of 3 silver medals.

- Asian Weightlifting Championships Jinju 2023 was held from 03 to 13 May 2023 in Jinju South Korea.

Asian Weightlifting Championships 2023 : India’s medal winners

8. South Asian American Author Fatimah Asghar wins Inaugural Carol Shields Prize for Fiction

Fatimah Asghar a South Asian American poet and screenwriter, won the inaugural Carol Shields Prize for Fiction for her debut novel When We Were Sisters published by One World/Random House'

- In addition to the cash prize of USD 150 000 Fatimah Asghar will receive a residency at the award winning Fogo Island Inn in Newfoundland and Labrador, Canada.

9. 3 Indian Student Teams Won NASA HERC 2023 Competition

Three student teams from India won the NASA Human Exploration Rover Challenge ( 2023 competition which was held near NASA s Marshall Space Flight Center, in Huntsville, Alabama, USA .

- The Director for NASA s Space, Time, Energy and Mass (STEM) Engagement Southeast Region Kevin McGhaw presented the award to the teams.

- Winners of the NASA HERC 2023 from India :

Project Review Award :

(i) College/University Division - Birla Institute of Technology and Science, Pilani, Rajasthan

Social Media Award :

(i) High School Division - Young Tinker Educational Foundation, Bhubaneswar, Odisha

(ii) College/University Division - KIET Group of Institutions, Ghaziabad, Uttar Pradesh

10. Footballer Cristiano Ronaldo Tops Forbes' World's 10 Highest Paid Athletes 2023

According to Forbes' World's 10 Highest Paid Athletes 2023 Footballer Cristiano Ronaldo (Portugal) has become the highest paid athlete in the world in 2023 after he moved to Saudi Arabia's Al Nassr in January 2023 .

- He topped the list with a total earning of USD 136 million USD : 46 million on-field and USD 90 million off-field.

Top 5 in The World’s 10 Highest Paid Athletes 2023 :

Banking and Finance News :

1. AU Small Finance Bank Partners with RuPay to Offer Cashback RuPay Credit Card

AU Small Finance Bank (SFB) has launched a new credit card in collaboration with RuPay, called the Business Cashback RuPay credit card. This credit card is designed to cater to the financial needs of self-employed customers, especially those who belong to the Micro, Small and Medium Enterprises (MSMEs) sector and to promote financial inclusion.

The credit card was unveiled by Dilip Asbe, the Chief Executive Officer (CEO) of National Payments Corporation of India (NPCI) and Sanjay Agarwal, the Managing Director (MD) & CEO of AU SFB.

- Benefits :

The cardholders can enjoy various benefits such as up to 2% cashback, 48 days of interest-free credit, and instant loans.

The card also provides fire insurance, burglary, and housebreaking coverage, etc. and helps the customers to manage their finances easily.

The credit card also offers lifestyle and travel benefits.

2. Kotak Mahindra Bank becomes India’s 1st to Relocate Mauritius Domiciled Fund to GIFT IFSC

Mumbai (Maharashtra)-based Kotak Mahindra Bank Limited has become India’s 1st to relocate Mauritius domiciled fund to Gujarat International Finance Tec-City (GIFT-city), Gujarat. On 6th May 2023, it successfully re-domiciled Alchemy India Long Term Fund from Mauritius to GIFT City, India’s 1st International Financial Services Centre (IFSC).

- Kotak Bank issued the 1st ever Foreign Portfolio Investment (FPI) licence to Alchemy’s Fund incorporated in GIFT and registered with the International Financial Services Centres Authority(IFSCA) for relocating from its original jurisdiction.

- This is the 1st FPI license issued by a custodian bank or designated depository participant (DDP) in India, to a fund incorporated in GIFT City, to relocate an existing fund.

[ In June 2023, Alchemy India Long Term Fund will complete 15 years of operation ]

3. Groww completes Rs 175 Cr Acquisition of Indiabulls’ Mutual Fund Business

Groww, an investment platform, has acquired the Mutual Fund business of Indiabulls Housing Finance Loans (IBHFL) for Rs.175.6 crore, including a cash equivalent of Rs.100.62 crore, after receiving the necessary approvals. In May 2021, Groww signed an agreement with IBHFL to acquire the entire stake of IBHFL in its mutual fund subsidiaries, Indiabulls Asset Management Company Limited (IAMCL) and Indiabulls Trustee Company Limited (ITCL), trustee of IAMCL. 

The transaction received approval from the competition regulator Competition Commission of India (CCI) in September 2021. The closing date of the transaction was May 3, 2023, and Groww has no control or shareholding in IAMCL and ITCL after the closing date. 

The sale of IAMCL was limited to only the mutual fund part of the business, while the Alternate Investment Fund (AIF) and Portfolio Management Service (PMS) businesses will remain under IBHFL. Tiger Global and Sequoia, who invested in Groww, will now be able to launch and manage their own mutual funds. 

- Groww has raised $393 million to date and was last valued at $3 billion in October 2021 after raising $251 million in a round led by ICONIQ Growth, a tech-focused direct investment effort affiliated with ICONIQ Capital, an American wealth management and investment firm.

About Groww :

CEO&Co-founder : Lalit Keshre

Headquarters : Bengaluru, Karnataka

Founded in : 2016 (started operations in 2017)

4. Max Life, IIA join hands to offer Life Insurance Access to 11 lakh MSME workforce in UP

Max Life Insurance Company Ltd. (Max Life) has entered into a strategic partnership with the Indian Industries Association (IIA) to offer life insurance plans to the MSME sector’s workforce in Uttar Pradesh (UP).

- This partnership will enable Max Life to leverage IIA’s extensive network across industrialized districts, and provide life insurance access to more than 11 lakh MSME workforce and their families in the State, as well as reach underserved population in UP.

- Sana Insurance Brokers Pvt. Ltd. will act as the enrolment partner to engage with the MSME workforce for these activities.

About Max Life Insurance Company Ltd. (Max Life) :

It is a joint venture between Max Financial Services (part of Max Group) and Axis Bank.

Managing Director & Chief Executive Officer : Prashant Tripathy

Headquarters : Gurugram, Haryana

About Indian Industries Association (IIA) :

President : Ashok Kumar Agarwal

National Office : New Delhi, Delhi

Other News :

1. Sahitya Akademi Awardee & Bengali author Samaresh Majumdar Passed away

On 8th May 2023, the Sahitya Akademi Award winner and popular Bengali writer Samaresh Majumdar passed away at the age of 79 in Kolkata, West Bengal. He was born on March 10, 1944 in Jalpaiguri, West Bengal.

- About Samaresh Majumdar :

Samaresh Majumdar is a famous Bengali writer who began his writing career with his novel "Dour" (Run) published in the Bengali literary magazine "Desh" in 1976, which was later adapted into a film in 1979.

Majumdar is renowned for his Animesh quartet, consisting of four novels - Uttoradhikar, Kalbela, Kalpurush, and Mousalkal, which are now considered modern classics.

In 1984, he won the Sahitya Akademi Award for the second novel of the Animesh quartet, "Kalbela," which was based on the Naxalite movement in West Bengal in the 1960s and 1970s. This novel was later adapted into a film of the same name by director Gautam Ghosh in 2009.

Majumdar is also known for his character "Arjun," a detective cum science fiction character in his detective novels "Adventures of Detective Arjun." The 2013 film "Arjun - Kalimpong E Sitaharan" is based on his novels "Sitaharan Rahasya" and "Khunkharapi."

Besides his literary works, Majumdar has also written several film scripts and received awards for his contributions to the film industry. He published a novel titled "BunoHaansh" in PujabarshikiAnondolok, which was later adapted into a Bengali film named "Buno Haansh" in 2014.

Majumdar has received several awards and honors for his contributions to Bengali language and culture, including the Bankim Puroshkar award in 2009 and the Banga Bibhushan Samman title in 2018, instituted by the West Bengal government. He was also awarded the BFJA (Bengal Film Journalists' Association Awards), Dishari, and ChalachitraPrasar Samiti award in 1982 for Best Script Writer.

2. Rabindranath Tagore Jayanti - 9th May

To commemorate his birth anniversary, Rabindranath Jayanti is celebrated across the country on the 25 th day of the Bengali month Boishakh.

- This year the country will observe the 162 nd birth anniversary of Rabindranath Tagore on 9th May.

- However, Rabindranath Jayanti is also celebrated on May 7 by a few organisations and in some places.

3. International Day of Argania 2023 - 10th May 

The United Nations(UN)’s International Day of Argania is annually observed across the world on 10th May to create awareness about the major role of the Argan Tree (Argania spinosa), the native species of Morocco, in achieving the 3 dimensions of sustainable development (economic, social and environmental) at the local level.

- 10th May 2023 Marks the observance of the 3rd edition of International Day of Argania.

Theme : The theme of International Day of Argania 2023 is "Socio-economic development & sustainability of the Argan ecosystem". 

The 2023 theme aims to highlight the role of Argania in reinforcing resilient communities, contributing to food security and adapting to climate change while empowering rural women through the support and promotion of cooperatives and agricultural organizations.

 

News360 - 10th May , 2023 | Daily Current Affairs

 National and International News :

1. MoHUA and MoR jointly ink MoU with JICA for Project SMART

A Memorandum of Understanding (MoU) was signed on May 8, 2023 between the Ministry of Housing & Urban Affairs (MoHUA) and Ministry of Railways (MoR) with Japan International Cooperation Agency (JICA) for 'Station Area Development along Mumbai-Ahmedabad High Speed Rail (SMART)'.

- The MoU covers four stations of the Mumbai-Ahmedabad High Speed Rail Corridor (MAHSR), also known as the bullet train project, namely Sabarmati, Surat, Virar and Thane. These are among the 12 stations along the 508 km route that will connect India's economic hub Mumbai with the capital of Gujarat, Ahmedabad. 

- The aim of the project is to enhance the accessibility and livability of the areas around the MAHSR stations and to promote economic development in these regions. The project will also support the government and other stakeholders in planning, designing and managing the station areas in a sustainable and inclusive manner. 

- Sabarmati is a brown field development, while Surat, Virar and Thane are green field developments. The project will involve various activities such as urban design, land use planning, infrastructure development, public transport integration, heritage conservation and social development.

About Japan International Cooperation Agency (JICA) :

President : Akihiko Tanaka

Headquarters : Tokyo, Japan

2. India Post, CAIT and Tripta Technologies signed MoU for Logistics Services

A tripartite MoU was signed on 9th May 2023 between India Post, CAIT and Tripta Technologies to provide logistics services for small traders. The MoU was signed in New Delhi in the presence of Devusinh Chauhan, the Minister of State for Communications . The MoU will enable small and medium traders to use India Post as a logistics service provider across the country and will also streamline the parcel operations of India Post . The MoU is expected to benefit thousands of traders and take e-commerce to small towns and rural areas .

- Key features of the MoU are :

(i) The MoU will facilitate the operationalisation of the 'Bharat EMart' portal, which will provide the facility of pick-up of consignments from the premises of traders and ensure delivery at the doorsteps of the consignees across the country.

(ii) The partnership between India Post, CAIT and Tripta Technologies will provide shipping and the last mile delivery services to CAIT's strong trader base and small and medium business in the unorganised sector .

(iii) India Post will also soon onboard itself on the Open Network for Digital Commerce (ONDC) platform, being developed by the Ministry of Commerce as a logistics service provider.

Notes :

(i) Tripta Technologies, a platform that provides technical and business solutions for e-commerce and other digital domains, is supported by the Confederation of All India Traders (CAIT), which represents eight crore traders and over 40,000 trade associations . 

(ii) The Government of India has modernized the India Post by introducing technology to expand its service areas. India Post now offers banking and insurance services, as well as financial inclusion services.

About India Post :

Director General (Postal Services) : Alok Sharma

Headquarters : New Delhi, Delhi

About Confederation of All India Traders (CAIT) :

Chairman : Mahendra Shah

President : B.C.Bhartia

Secretary General : Praveen Khandelwal

Headquarters : New Delhi, Delhi

3. Dr Bharati Pravin Pawar launches Phase-III of Thalassemia Bal Sewa Yojana

Dr. Bharati Pravin Pawar, Minister of State from the Ministry of Health and Family Welfare (MoHFW), launched the 3rd phase of the Thalassemia Bal Sewa Yojana (TBSY) on May 8, 2023, in commemoration of World Thalassemia Day. TBSY is an initiative of the MoHFW and is supported by Coal India Limited (CIL) as part of their Corporate Social Responsibility (CSR) efforts. The Minister also launched the Thalassemia Bal Sewa Yojana Portal and unveiled the Standard Treatment Workflow for Sickle Cell Disease, developed by the Indian Council of Medical Research (ICMR).

- The 3rd phase of TBSY will continue to provide financial assistance of 10 lakhs per Hematopoietic Stem Cell Transplant (HSCT) procedure, which will be directly transferred from CIL to the institutions performing the HSCT. TBSY has empaneled 10 reputed hospitals across India, including AIIMS in New Delhi, CMC Vellore, Kokilaben Dhirubhai Ambani Hospital in Mumbai, MCGM Hospital in Mumbai, PGIMER in Chandigarh, Rajiv Gandhi Cancer Institute in New Delhi, SGPGI in Lucknow, Narayana Hrudayalaya in Bangalore, CMC in Ludhiana, and Tata Medical Centre in Kolkata.

- About TBSY : The MoHFW has been implementing TBSY since 2017 under the National Health Mission (NHM) to treat Thalassemia, an inherited blood disorder that causes the body to have less hemoglobin than normal. The HSCT program is an initiative to provide a one-time cure opportunity to underprivileged Thalassemia patients who have a matched sibling donor but lack the financial resources to cover the procedure's cost. The second phase of TBSY was completed in March 2023.

4. Union Minister Sarbananda Sonowal receives 1st Indian Cargo Ship at the Sittwe Port, Myanmar

The inauguration of Sittwe Port in Myanmar was a historic milestone for India and Myanmar connectivity. The port was jointly inaugurated by Union Minister Sarbananda Sonowal and Myanmar's Deputy Prime Minister Admiral Tin Aung San on May 9, 2023. They also received the first Indian cargo vessel ITT LION that brought construction material to Sittwe from Kolkata. 

- Sittwe Port is a part of the Kaladan Multi-Modal Transit Transport Project (KMTTP) funded by India. The project aims to develop transport infrastructure in Southwestern Myanmar and Northeastern India. The port will reduce the cost and time of transportation of goods between Kolkata and the northeastern states by 50 per cent.   It will also provide an alternative route for the region to access international sea routes via Sittwe. The port has a maximum capacity of 20,000 DWT and will boost the economic development of Rakhine State and the region.

5. Defence Minister Rajnath Singh Inaugurates India’s 1st IAF Heritage Centre in Chandigarh

The Union Minister of Defence, Rajnath Singh, visited Chandigarh on May 08, 2023 and inaugurated the country's first Air Force Heritage Centre in Sector 18. The centre showcases the history and achievements of the Indian Air Force (IAF) through various exhibits and displays.

- The centre covers an area of 17,000 square feet and houses five vintage aircraft, including the Air Force 'Kanpur-1 Vintage Prototype Aircraft', which was designed and built by Air Vice Marshal Harjinder Singh in 1958. The visitors can also experience the cockpit of a MiG-21 fighter jet and a flight simulator at the centre.

- The centre aims to preserve the rich heritage of the IAF and inspire the youth to join the armed forces. Rajnath Singh said that the centre is a tribute to the courage and dedication of all those who have served in the IAF and a reminder of their invaluable contributions in protecting the nation .

6. Uttar Pradesh becomes first state to make digital health cards for children

The 'School Health Program' is a new initiative by the Urban Development Department and Lucknow Smart City in Uttar Pradesh to provide digital health cards and health insurance to municipal school children. The pilot project covers three schools in Lucknow: Aminabad Inter College, Kashmiri Mohalla Girls Inter College and Kashmiri Mohalla Montessori School, with a total of 1765 students .

- A mobile health team of doctors, paramedics, health volunteers and coordinators conducts a comprehensive health check-up of each child on 130 parameters, including physical, mental and oral health . A unique ID card is issued for each child, which allows the parents, school and officials to access the digital health report card online. The health report card is updated every six months and provides a health cover cashless card of Rs 25,000 for hospitalization.

- The program aims to improve the health and academic performance of the children, as well as their future prospects. It also includes workshops on child psychology, first aid, health and hygiene. Uttar Pradesh is the first state in India to implement such a program for municipal school children.

7. Vistara Becomes the First Indian Airline to Use Sustainable Aviation Fuel

Air Vistara, the Indian carrier, made history on May 4th, 2023, by becoming the first Indian airline to operate a commercial domestic flight on a widebody aircraft using sustainable aviation fuel (SAF). The airline's new Boeing 787-9 Dreamliner flew from Indira Gandhi International Airport in Delhi to Chhatrapati Shivaji Maharaj International Airport in Mumbai, using a blend of 17% SAF and 83% conventional jet fuel, reducing carbon dioxide (CO₂) emissions by approximately 4,500 kilograms (kg). 

- This move helped Vistara reduce around 10,000 pounds of CO₂ emissions on the flight. This effort is part of Vistara's broader commitment to reduce carbon emissions and promote a sustainable future for the aviation industry. 

- Vistara is a joint venture between Tata Sons and Singapore Airlines, and it was recently awarded the "Best Overall Airline" in Central/Southern Asia at the 2023 Regional Passenger Choice Awards, as well as the Ch-aviation Asia's Third Youngest Airline Fleet award for the second consecutive year.

8. Indian Navy decommissions INS Magar at Naval base in Kochi after 36 years of Service

After serving the nation for 36 years with distinction, Indian Naval Ship Magar, a Landing Ship Tank (Large) amphibious assault ship, was decommissioned at Kochi Naval Base on May 6, 2023. The ship was indigenously built by Garden Reach Shipbuilders & Engineers Ltd, Kolkata and commissioned on July 18, 1987 by the late Admiral R H Tahiliani. 

- The ship was under the command of CDR Hemant V Salunkhe during the decommissioning ceremony, which was attended by Vice Admiral MA Hampiholi, Commanding-in-Chief, Southern Naval Command, as the Chief Guest. He had also commanded the ship from 2005-06. 

- INS Magar was named after a species of crocodile and was the lead ship of the Magar class amphibious warfare vessels of the Indian Navy. The ship participated in various naval operations ranging from amphibious operations, fleet deployments and humanitarian assistance and disaster relief missions. 

The most notable among them was Op Pawan in support of the forces on ground during the Sri Lankan civil war and Op Samudra Setu during the Covid-19 pandemic, wherein it repatriated more than 4,000 Indian nationals from different parts of the world . The ship also played a key role in the evacuation of over 1,300 survivors after the December 2004 Tsunami. The ship had been converted into a training ship in 2018 and joined the First Training Squadron at Kochi.

9. IAF Received 1st Batch of Indigenous Loitering Munitions – TATA ALS 50

The TATA ALS 50, the first indigenously designed and developed Vertical Take Off and Landing (VTOL) loitering munitions, have been received by the Indian Air Force (IAF). These munitions, also known as suicide drones, have been developed by Tata Advanced Systems Limited (TASL) and can operate from any type of terrain or high altitude area, taking down targets over a range of 50 km, without posing any risks to personnel.

- During trials and tests, the munitions have demonstrated their precision strike capabilities with an accuracy of less than 2 meters. The TATA ALS 50 is designed for VTOL and could enable real-time targeting either by the operator or autonomously.

- VTOL capability will support operating in areas where limited space is available, like narrow valleys, fortified mountain positions, small jungle clearings and the decks of warships. Loitering munition could be used to destroy enemy targets that may be beyond line of sight, including high-value targets like command centres and missile launchers, that may be located at far distances.

10. Dr Sandeep Marwah Presented the First Copy of Book “8 Years of Modi Sarkar” to Ram Nath Kovind

Dr Sandeep Marwah, the Chancellor of AAFT University, Raipur, Chhattisgarh, and President of the International Chamber of Media and Entertainment Industry (ICMEI), presented the 1st copy of the book “ 8 Years of Modi Sarkar- A Compilation of Achievements ” , published by ICMEI, to Ram Nath Kovind, the former President of India.

- The book documents the achievements of the Modi government over the past 8 years. The book is sure to be a valuable resource for researchers, policymakers, and anyone interested in understanding the government’s work over the past eight years.

11. Transactions by CA & CS for Clients are Now Under the ambit of Money Laundering Law

The Union Ministry of Finance announced changes to the Prevention of Money Laundering Act (PMLA) on April 4, 2023, to expand its scope and include financial transactions facilitated by Chartered Accountants (CAs), Company Secretaries (CSs), and Cost and Works Accountants (CWAs).

As a result of these changes, the financial transactions carried out by these professionals, including managing their client firms and trusts, as well as buying and selling business entities, will now be subject to the anti-money laundering law.

- Details of the changes in PMLA 2002 :

(i) The changes have been made in the sub-clause (vi) of clause (sa) of sub-section (1) of Section 2 of the PMLA, which defines ‘relevant persons’ and firms covered under the anti-money laundering law.

(ii) Prior to these changes, the PMLA 2002 did not include these professionals. Following this change, CA, CS and cost and works accountants have all become ‘reporting entities’.

- Company Secretaries : Individuals who obtained a certificate of practice under section 6 of the Company Secretaries Act, 1980.

- Penalties : Failure to meet the requirements will result in penalties imposed by the Director of Financial Intelligence Unit–India (FIU-IND) under Section 13 of the Act.

Key notes :

(i) The Union Ministry of Finance has widened the scope of the Prevention of Money Laundering Act (PMLA), 2002, to include financial transactions facilitated by Chartered Accountants (CA), Company Secretaries (CS), and Cost and Works Accountants (CWA). As a result, these professionals will now be responsible for activities such as managing assets, creating, operating, or managing companies, limited liability partnerships or trusts, and buying and selling of business entities on behalf of their clients.

(ii) Under the amended law, they will also be required to examine their clients' financial position and sources of funds, as well as record the purpose of specified transactions. If they facilitate a transaction that violates the law, they will now be liable under the PMLA.

Banking and Finance News :

1. Visa Launched CVV-Free Payments Feature for Tokenised Cards

Visa, the card payments company, has launched a new feature for tokenized cards in India that eliminates the need for Cardholder Verification Value (CVV) during online transactions, making the process easier for users. This means that customers can now carry out online transactions without having to enter the CVV for every domestic transaction.

- The feature works by allowing merchants to verify the three-digit CVV only once when tokenizing the card. Under tokenized cards, the card details are replaced with a unique code, which enhances transaction security. Tokenized transactions require two-factor authentication, first at the time of tokenization and then when entering the OTP.

- With this new CVV free feature, customers no longer need to input their 16-digit debit or credit card number, CVV, and expiry date at merchant websites for every transaction. This enhances the security of online transactions, as online merchants can only store tokens (not card data), which cannot be used on other merchant platforms.

Other News :

1. World Portuguese Language Day 2023 - 5th May

Every year on May 5, World Portuguese Language Day is celebrated worldwide to recognize the crucial role played by the Portuguese language in preserving human civilization and culture.

- Since 2005, the Community of Portuguese-Speaking Countries (CPLP) Member States has designated May 5 as a day to celebrate the Portuguese language and Lusophone culture. The CPLP Member States initiated the first celebration of the Portuguese language at the UNESCO headquarters in Paris, France, in 2006.

- In 2019, during the 40th session of the UNESCO General Conference, May 5 was officially proclaimed as "World Portuguese Language Day."

- The first-ever World Portuguese Language Day was observed on May 5, 2020.

2. International Thalassaemia Day 2023 – 8th May

Every year on May 8th, International Thalassaemia Day is celebrated worldwide to raise awareness about Thalassaemia, a genetic blood disorder that occurs when the body fails to produce sufficient amounts of the protein haemoglobin, an essential component of red blood cells.

- Theme : The theme for International Thalassaemia Day 2023 is "Be Aware. Share. Care: Strengthening Education to Bridge the Thalassaemia Care Gap."

- Aim / Objectives : The objectives of the day are to increase awareness and knowledge about thalassaemia, its symptoms, and its impact on individuals, families, and communities. It also aims to show support for those living with thalassaemia and promote the importance of early diagnosis, appropriate treatment, and ongoing support for people affected by this blood disorder and healthcare professionals involved in their care.