National & International News :
1. PM Modi Lays Foundation Stone, Inaugurates Railway Projects Worth over Rs 8000 crore in Odisha
Prime Minister Narendra Modi inaugurates railway projects worth over Rs 8000 crore in Odisha on May 18, 2023, via video conferencing.
(i) During the event, PM Modi flags off the Vande Bharat Express, reducing travel time between Puri (Odisha) and Howrah (West Bengal) to just 6 hours and 30 minutes. The train, covering approximately 500 kilometers, will pass through various districts in Odisha and West Bengal.
(ii) PM Modi also lays the foundation stone for the redevelopment of Puri and Cuttack railway stations. The new design of Puri station draws inspiration from Odisha's temple architecture and is expected to be completed in 36 months. The station, with a budget of Rs. 162 crore, will feature world-class amenities, including environmental and waste management systems, aesthetic lighting, and comfortable waiting and retiring rooms. The renovation of Cuttack Railway Station is budgeted at Rs. 303 crore.
- The Prime Minister dedicates 100% electrification of the rail network in Odisha, leading to reduced operating and maintenance costs and decreased dependence on imported crude oil. This achievement positions Odisha as one of the states in India with complete electrification of rail lines.
Additionally, he dedicates other railway projects, including :
- Doubling of the Sambalpur-Titlagarh rail line.
- Establishment of a new broad gauge rail line between Angul-Sukinda.
- Construction of a new broad-gauge line between Bichhupali-Jhartarbha.
- Implementation of a third line connecting Manoharpur-Rourkela-Jharsuguda-Jamga.
About Odisha :
Chief Minister : Naveen Patnaik
Governor : Ganeshi Lal
Festival : Raja Parba; Rath Yatra; Naukhai
Stadium : Jawaharlal Nehru Indoor Stadium; East Coast Railway Stadium
2. Ministry of Ports, Shipping & Waterways & Assam signed an MoU for a Riverine based Tourism Circuit
On May 19, 2023, the Assam Government and the Ministry of Ports, Shipping & Waterways signed an agreement at the Assam Administrative Staff College in Guwahati for the development of a 'Riverine based Tourism Circuit' along the River Brahmaputra in Assam.
-This project, part of the Sagarmala Programme, aims to connect seven historic sites in Guwahati, namely Kamakhya, Pandunath, Ashwaklanta, Doul Govinda, Umananda, Chakreshwar, and Auniati Satra.
- The project's estimated cost is INR 40-45 crores. SDCL and IWAI will jointly contribute 55% of the project cost, while the remaining funding will be provided by ATDC. The Directorate of Inland Water Transport, Assam (DIWT) has graciously offered the usage of Ghats near the temples free of charge for the project.
- The Riverine based Tourism Circuit will introduce a modern ferry service with a 'Hop On Hop Off' concept, allowing visitors to conveniently travel among the seven historic temples/sites around Guwahati. The ferry terminal will include a comfortable waiting lounge for passengers.
- The circuit will begin its journey from Hanuman Ghat in Uzan Bazar, Assam, and cover all seven temples/sites through waterways.
- The project will be executed through a Special Purpose Vehicle (SPV) and is expected to be completed within 12 months.
About Assam :
Chief Minister : Himanta Biswa Sarma
Governor : Gulab Chand Kataria
Stadium : Nehru Stadium, Indira Gandhi Athletic Stadium
3. Union Minister Parshottam Rupala launches “ Sagar Parikrama Yatra Phase-V ”
On May 18, 2023, Union Minister Parshottam Rupala of the Ministry of Fisheries, Animal Husbandry & Dairying (MoFAHD) launched "Sagar Parikrama Yatra Phase-V" in Karanja, Raigad, Maharashtra.
- The fifth phase of the Sagar Parikrama Yatra will cover coastal regions such as Gateway of India, Karanja (Raigad District), Mirkarwada (Ratnagiri District), Devgad (Sindhudurg District), Malvan, Vasco, Mormugaon, and Canacona (South Goa). The objective of this initiative is to address the concerns of fishermen and stakeholders and ensure their economic upliftment.
- The Sagar Parikrama Yatra Phase-V started on May 7 and concluded on May 19 in Canacona, Goa.
4. Israel & India Partners to Establish Center of Water Technology at IIT Madras
India, represented by the Indian Institute of Technology (IIT) Madras in Chennai, Tamil Nadu, has signed a Letter of Intent (LoI) with the Israel government to establish an "India-Israel Center of Water Technology" (CoWT) at IIT Madras focused on Water Resource Management and Water Technologies.
The LoI was signed on May 9, 2023, in New Delhi by representatives including Manoj Joshi, Secretary of the Ministry of Housing and Urban Affairs (MoHUA), Prof V Kamakoti, Director of IIT Madras, and Naor Gilon, Ambassador of Israel to India, in the presence of External Affairs Ministers S Jaishankar and Eli Cohen.
Key notes :
- The CoWT aims to develop human capacity by implementing Israel's best technologies in an Indian context, tailored to meet the country's specific requirements. It also aims to pilot sustainable technologies to ensure water security in India.
(ii) The center will support the MoHUA in achieving its targets under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) by collaborating with Israel's Agency for International Development Cooperation (MASHAV) in the Ministry of Foreign Affairs.
India-Israel Center of Water Technology (CoWT) :
- The CoWT will facilitate knowledge exchange, including technology, scientific information, literature, and sustainable water management practices.
- It will serve as a platform for experts from India and Israel to engage in discussions and consultations on issues such as drinking water, sewerage management, and identifying new areas of intervention.
- The CoWT will offer Indian water professionals exposure to advanced technologies through project demonstrations and exhibitions of Israeli water companies.
- Initial focus areas include integrated water resources management, urban water supply, non-revenue water, and sewage recycling.
- The CoWT will prioritize the development of Internet of Things (IoT) and Artificial Intelligence (AI)-based solutions for water harvesting and smart data management to showcase cutting-edge technologies in the field.
5. Union Cabinet Reshuffle : Arjun Ram Meghwal Replaces Kiran Rijiju as Law Minister; Kiran Rijiju Assigned to Earth Science Ministry
In accordance with the statement issued by the Rashtrapati Bhavan regarding the Union Cabinet Reshuffle, Arjun Ram Meghwal, has replaced Kiren Rijiju with the independent charge as Minister of State in the Ministry of Law and Justice in addition to his existing portfolios.
- Kiran Rijiju was assigned with the portfolio of the Ministry of Earth Sciences which was earlier handled by Union minister Jitendra Singh.
- The reallocated the portfolios of following two ministers in the Union Council of Ministers were made by President Droupadi Murmu, as advised by Prime Minister Narendra Modi.
6. CCI Approved the Merger of Credit Suisse Group with UBS Group
On May 18, 2023, the Competition Commission of India (CCI) granted approval for the proposed acquisition of Credit Suisse Group AG (Credit Suisse) by UBS Group AG (UBS) through an absorption merger, with UBS as the surviving legal entity.
The merger is a result of Credit Suisse's financial difficulties. Following the transaction, all of Credit Suisse's assets, liabilities, and contracts will be transferred in their entirety to UBS. The proposed merger falls under the purview of Section 5(c)(i)(A) of the Competition Act, 2002, making it subject to notification to the CCI.
Key notes :
- UBS is a multinational investment bank and financial services company headquartered in Switzerland. Its areas of involvement include wealth management, asset management, investment banking services, and retail and corporate banking. In India, UBS primarily focuses on brokerage services.
- Credit Suisse is a multinational investment bank and financial services company based in Switzerland. Its business encompasses wealth management, asset management, investment banking services, and retail and corporate banking. In India, Credit Suisse's operations include wealth management and investment banking services.
About Competition Commission of India (CCI) : CCI was established under the Competition Act, 2002 for the administration, implementation and enforcement of the Act, and was constituted in March 2009.
Chairperson : Ravneet Kaur
Headquarters : New Delhi, Delhi
7. AirAsia India i5-767 becomes India's first commercial plane to took off using SAF from Pune to Delhi
On May 19, 2023, AirAsia India flight i5-767 achieved a significant milestone as the first commercial passenger flight in India to successfully take off using indigenously produced Sustainable Aviation Fuel (SAF) blended with Aviation Turbine Fuel (ATF). The flight operated from Pune, Maharashtra, to New Delhi, Delhi.
This achievement marks a significant step towards decarbonizing the aviation sector in India. The SAF used for the flight was supplied by Indian Oil Corporation Ltd. (IOCL) in partnership with Praj Industries Ltd. (Praj). Union Minister Hardeep Singh Puri of the Ministry of Petroleum and Natural Gas received the special flight at the airport.
Notable points :
- The flight utilized SAF blending up to 1% as a demonstration.
- This development aligns with the Aatmanirbhar Bharat Abhiyan mission and India's commitment to achieve Net Zero emissions by 2070. It aims to develop indigenous solutions to mitigate the environmental impact of aviation.
- By 2025, India aims to achieve 1% SAF blending in jet fuel, which would require approximately 14 crore liters of SAF per year. If the target increases to 5% SAF blending, India would require around 70 crore liters of SAF per year.
- Globally, aviation accounts for approximately 3% of total greenhouse gas emissions. If left unchecked, this could increase to 22% by 2050. To address this, the International Civil Aviation Organization (ICAO) has introduced the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) regulations, aiming for a 50% reduction in CO2 emissions from the aviation sector by 2050. The use of SAF serves as an alternative to fossil fuels, contributing to these emission reduction goals.
8. India's Defence Production Exceeds USD 12 Billion for 1st Time
India's defence production achieved significant growth in FY2022-2023, surpassing the USD 12 billion (Rs 1 lakh crore) milestone for the first time. The current value of defence products stands at Rs 1,06,800 crore, and it is expected to increase further as data from the remaining private defence industries is received. This accomplishment is a result of the Indian government's efforts to promote the domestic defence industry and reduce dependence on imports, particularly from Russia.
- The Ministry of Defence (MoD) has set a goal to achieve a turnover of USD 25 billion (~Rs 1.75 lakh crore) in defence manufacturing by 2024-25, including an export target of USD 5 billion (~Rs 35,000 crore) worth of military hardware.
Important :
- Over the past 7-8 years, the number of defence licenses issued to industries has increased by approximately 200%.
- Various policy reforms have been implemented to facilitate ease of doing business, including the integration of Micro, Small, and Medium Enterprises (MSMEs) and startups into the defence supply chain.
- In FY 2022-2023, India's defence exports reached an all-time high of Rs 15,920 crore, reflecting a growth of around 24%. The exported items include Dornier-228 aircraft, artillery guns, BrahMos missiles (produced through a joint venture with Russia), radars, armoured vehicles, rockets and launchers, ammunition, and other equipment.
Arm Imports by India :
- While India has been one of the largest arms importers, there has been an 11% decline in arm imports between the periods of 2013-2017 and 2018-2022.
- The Indian armed forces are projected to spend approximately USD 130 billion on capital procurement in the next five years.
9. NGEL & HMEL signs MoU; HMEL to source 250 MW Renewable Energy from NGEL
On May 19, 2023, NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, and HPCL Mittal Energy Limited (HMEL), a joint venture between Hindustan Petroleum Corporation Limited (HPCL) and Mittal Energy Investment Pte Ltd, signed a Memorandum of Understanding (MoU) in New Delhi.
- The objective of the MoU is to advance green energy and green hydrogen initiatives in line with the Government of India's efforts towards energy transition. The agreement was signed by V. V. Sivakumar, General Manager of NGEL, and Girish Ghildiyal, General Manager of HMEL. Mohit Bhargava, Chief Executive Officer of NGEL, and Harak Banthia, Chief Financial Officer of HMEL, were also present during the signing ceremony.
- Under the MoU, the two entities plan to collaborate in the field of Renewable Energy (RE). NGEL will supply HMEL with 250 megawatts (MW) of round-the-clock (RTC) power from renewable sources. Additionally, the partnership aims to explore opportunities in the Green Hydrogen business and its derivatives, such as Green Ammonia and Green Methanol.
10. MoS S.P. Singh Baghel moved from Law Ministry to Health Ministry
On 18th May 2023, Union Minister of State (MoS) S P Singh Baghel has been moved from the Union Law Ministry to the Ministry of Health and Family Welfare where he will take charge as the MoS.
- Prior to S P Singh Baghel moving to Health Ministry, Union Law Minister Kiren Rijiju was assigned as Minister of Earth Sciences while Arun Ram Meghwal was allotted the charge of the Law Ministry.
11. Siddaramaiah sworn in as CM of Karnataka, DK Shivakumar as Dy CM
On May 20, 2023, Siddaramaiah, the Congress Legislative Party Leader, took oath as the Chief Minister (CM) of Karnataka for the second time. The swearing-in ceremony was held at the Kanteerava Stadium in Bengaluru. Previously, Siddaramaiah served as the CM of Karnataka from 2013 to 2018.
During the ceremony, DK Shivakumar, the Congress President of Karnataka, also took oath as the Deputy CM of Karnataka. The oath of office and secrecy was administered to both the CM and the Dy CM by Thaawarchand Gehlot, the Governor of Karnataka.
In the 2023 Karnataka assembly elections, the Congress emerged as the winner by securing 135 out of the total 224 seats. This victory is significant as it is the largest for any party in Karnataka since 1989, when the Congress won 178 seats with a vote share of 43.76%.
- Additionally, eight Members of the Legislative Assembly (MLAs) were sworn in as cabinet ministers of the Karnataka government. The list of Karnataka's cabinet ministers includes Dr G Parameshwara, KH Muniyappa, KJ George, MB Patil, Satish Jarkiholi, Priyank Kharge, Ramalinga Reddy, and BZ Zameer Ahmed Khan.
12. First Sea Sortie of 6th Scorpene Submarine “ Vaghsheer ”
On 18th May 2023, the 6th Scorpene Submarine of Project-75, Yard 11880, Indian Navy's Kalvari class “Vaghsheer” commenced its sea trials. The submarine was launched on 20 April 2022 from the Kanhoji Angre Wet Basin of Mazagon Dock Shipbuilders Limited (MDL), formerly known as Mazagon Dock Limited.
- MDL has delivered 3 submarines of Project-75 in 2 years and the commencement of sea trials of the 6th submarine is a significant milestone.
- Indian Naval Ship (INS) Vaghsheer will now undergo intense trials of all its systems at sea, which includes propulsion systems, weapons and sensors.
- INS Vagsheer is named after the Sand Fish a deadly deep-sea predator of the Indian Ocean.
Banking & Finance News :
1. Govt Included ICCs Spending Outside India under RBI’s LRS & Levied 20% TCS
On May 16, 2023, in consultation with the Reserve Bank of India (RBI), the Ministry of Finance, Government of India (GoI) made amendments to the Foreign Exchange Management (Current Account Transactions) Rules, 2000 under the Foreign Exchange Management Act (FEMA). As a result, Rule 7, which exempted overseas usage of international credit cards (ICCs) from prior approval by the RBI, was omitted.
- The amendment includes ICC spendings outside India under the RBI's Liberalised Remittance Scheme (LRS) and subjects it to a higher rate of 20% Tax Collected at Source (TCS), effective from July 1, 2023.
Key notes :
- Previous Rules : Only debit cards, forex cards, and bank transfers were included in the LRS limit, while the usage of ICCs for expenses during travel outside India was not included.
- With the amendment, ICCs will no longer receive special treatment and their spending will be treated on par with other money transfer instruments.
Applicability of TCS :
- TCS is the tax collected by the seller from the buyer at the point of sale and deposited with the tax authorities. Banks deduct TCS on foreign remittances.
- The amendment aligns with the announcement made in the 2023-2024 budget, raising the TCS for foreign remittances under LRS from 5% to 20% for overseas tour packages and funds remitted under LRS (excluding education and medical purposes).
Until July 1, 2023, a 5% TCS will be levied on ICCs transactions.
- For medical treatment expenses exceeding Rs 7 lakh, a 5% TCS will be applied. A lower TCS rate of 0.5% will be levied above the Rs 7 lakh threshold for those availing loans for overseas education.
2. IRDAI Forms Task Force to Facilitate Ease of Doing KYC Using Aadhaar
The Insurance Regulatory and Development Authority of India (IRDAI), which operates under the Ministry of Finance (MoF), has formed a task force.
- The task force's objective is to simplify the process of Know Your Customer (KYC) and related matters for insurers using Aadhaar, the 12-digit individual identification number.
- Currently, insurance companies can use Aadhaar with consent management to verify the identity of customers as per the Unique Identification Authority of India (UIDAI) framework.
- The task force consists of 12 members, with Rakesh Joshi, Member (Finance and Investment) of IRDAI, serving as the chairperson.
- The panel has been tasked with proposing measures to streamline customer onboarding using Aadhaar and implementing measures to prevent fraud during underwriting and claims processes.
- The terms of reference for the task force include exploring the linking of ABHA ID (Ayushman Bharat) and facilitating insurers' access to annuity life certificates (Jeevan Pramaan).
About Insurance Regulatory and Development Authority of India (IRDAI) :
Chairperson : Debasish Panda
Headquarter : Hyderabad, Telangana
3. IRDAI Relaxes Norms for Surety Bonds to Expand Market for such Products
On May 15, 2023, the Insurance Regulatory and Development Authority of India (IRDAI) introduced relaxations for surety bonds, which protect parties from financial losses in case of contract breaches or non-performance.
- Surety bonds function as insurance that provides financial security and confidence to parties involved in a contract or agreement.
A surety bond involves three parties : the principal (contractor), the obligee (the person hiring the contractor), and the surety company (the insurer). The principal obtains a surety bond from the surety company, which guarantees the obligee that compensation will be provided if the principal fails to fulfill their obligations.
- The IRDAI has lowered the solvency requirement for surety bond products. Previously, insurance companies were required to hold capital 1.875 times their liabilities, but now they only need to hold 1.5 times their liabilities. This change aims to promote the growth of the surety insurance market.
- The previous exposure limit of 30% on each underwritten contract by an insurer has been removed. This allows insurers to have more flexibility and assume a higher percentage of risk or liability on individual contracts.
- The IRDAI made amendments to the 'IRDAI (Surety Insurance Contracts) Guidelines' in January 2022. One of the amendments removed the restriction on the amount of premiums that insurance companies specializing in surety insurance can receive in a single financial year. Previously, there was a limit on how much they could earn from premiums, but this restriction has now been eliminated.
- These relaxations apply to all general insurers, excluding ECGC Ltd, AIC Ltd, and Stand Alone Health Insurers.
4. Paytm in Partnership with SBI Card, NPCI Launches Co-branded RuPay Credit Cards
On May 18, 2023, Paytm, in collaboration with SBI Card and the National Payments Corporation of India (NPCI), introduced the 'Paytm SBI Card,' a co-branded RuPay Credit Card operating on the RuPay network.
- The objective behind this launch is to enhance credit inclusion in India and make credit cards more accessible to digitally-savvy and young customers.
- The Paytm SBI Card allows customers to make UPI (Unified Payment Interface) payments by scanning QR codes.
- The co-branded credit card offers Paytm First membership worth Rs 750, along with various additional benefits.
- Cardholders can also enjoy a 1% fuel surcharge waiver and Rs 1,00,000 cyber fraud insurance coverage if they hold the 'Platinum' variant of the card.
5. Godrej Agrovet Partners SBI to Extend Finance to Oil Palm Farmers
On May 18, 2023, Godrej Agrovet Limited's (GAVL) Oil Palm Business, in collaboration with the State Bank of India (SBI), introduced a unique finance offering for oil palm farmers.
- The objective of this initiative is to provide loans to palm farmers for the establishment of micro irrigation facilities, fencing arrangements to protect against cattle grazing, and improvement of tube wells on their farms.
- Initially launched for oil palm farmers in Telangana, this financial offering has now been extended to Godrej Agrovet farmers in Tamil Nadu, Odisha, Assam, Manipur, and Tripura, allowing them to avail loans ranging from Rs 1 lakh to Rs 50 crore.
- Loans up to Rs 1.6 lakh can be obtained without the need for collateral, making it particularly beneficial for first-time oil palm farmers.
- GAVL is the largest oil palm processor in India and directly collaborates with farmers throughout the entire crop lifecycle. With 65,000 hectares of oil palm under cultivation across India, the company aims to expand cultivation to 1 lakh hectares by 2027.
- Through its Samadhan centers, GAVL provides oil palm farmers with a comprehensive package of knowledge, tools, services, and solutions.
6. JCB partners with NPCI to offer 40% cashback for RuPay JCB Cardholders for in-store purchases
JCB International Co. Ltd., the international payment brand of Japan, has joined forces with the National Payments Corporation of India (NPCI) to provide a 40% cashback offer to RuPay JCB cardholders for in-store purchases in the UAE, Thailand, Malaysia, and Spain.
- The cashback offer will be valid from May 15 to August 15, 2023, and represents the third phase of the limited-time special cashback offer scheme introduced by JCB in collaboration with RuPay for all RuPay JCB Debit and Credit Cardholders.
- Under this offer, customers using a RuPay JCB Card will receive a 40% cashback on their purchases at retail stores in the UAE, Thailand, Malaysia, and Spain.
- The maximum cashback amount per transaction will be Rs 3,000, with an overall cap of Rs 15,000 per card for the entire offer period.
About the National Payments Corporation of India (NPCI) :
MD & CEO : Dilip Asbe
Headquarters : Mumbai, Maharashtra
Establishment : 2008
7. YES Bank Launches YES PAY EASY App to Enable Merchants to Accept Card & Digital Payments on Smartphones
YES BANK has partnered with Mastercard and Worldline India to introduce YES PAY EASY, a mobile app designed for small-scale merchants. This app enables merchants to accept card and digital payments from their customers' smartphones.
Key Payment Acceptance Modes :
- BHARAT QR (STATIC & DYNAMIC): The app accepts payments through Bharat QR, supporting Visa, MasterCard, RuPay Cards, and UPI. Physical debit or credit cards are not required.
- SMS PAY : Payments are collected remotely by sending a unique payment link through SMS.
- TAP-ON-PHONE: Merchants can accept contactless payments by tapping debit and credit cards on their NFC-enabled phones, with a transaction limit of up to Rs 5000 per transaction.
Features of YES PAY EASY :
- Digital charge slips and reconciliation statements can be shared by merchants using the app.
- The app's Khata feature enables merchants to track pending payments and send reminders, facilitating digital recording of pending payments.
- The app offers a self-guided onboarding process for individuals or sole proprietors who are YES BANK customers.
- Available in eight languages, including English, Hindi, Marathi, Gujarati, Tamil, Kannada, Telugu, and Bengali, to cater to customers across different regions.
- The app provides low rental costs compared to regular POS terminals.
About YES Bank Ltd. :
MD & CEO : Prashant Kumar
Headquarters : Mumbai, Maharashtra
Establishment : 2004
Tagline : Experience Our Expertise
8. ICICI Lombard Partners with actyv.ai to Introduce Revolutionary Insurance Solutions for SMEs
ICICI Lombard General Insurance Company Limited has announced a strategic partnership with actyv.ai, a Singapore-based enterprise SaaS platform. The partnership aims to co-create comprehensive insurance offerings for Small and Midsize Enterprises (SMEs) and the entire supply chain ecosystem, including distributors, retailers, and suppliers.
The partnership's objective is to empower sustainable growth, reduce business risks, foster growth, and contribute to the overall economic development of the country.
Key notes :
- The collaboration enables enterprises to provide group insurance options to their supply chain partners, ensuring continuous growth while prioritizing the well-being and security of all stakeholders.
- Leveraging actyv.ai's technological capabilities, ICICI Lombard will embed bite-sized insurance products within the actyv.ai platform. This will provide seamless access to insurance for enterprises and small businesses.
- ICICI Lombard is the first insurance company in India to establish a digital platform specifically designed for MSMEs (Micro, Small, and Medium Enterprises) to acquire risk coverage.
About ICICI Lombard General Insurance Company Limited :
MD & CEO : Bhargav Dasgupta
Headquarters : Mumbai, Maharashtra
9. NPCI introduces CVV-less payments for Tokenized Cards
RuPay, the Indian payment network developed by the National Payments Corporation of India (NPCI), has introduced a new feature that allows cardholders to make Card Verification Value (CVV)-less payments when they have tokenized their debit, credit, or prepaid cards on the merchant application or webpage that supports this feature.
- With this feature, cardholders no longer need to access their physical wallets or remember card details if they have tokenized their cards on the ecommerce merchant's platform.
Guidelines for tokenization :
As per the Reserve Bank of India (RBI) mandate, customer card information must be stored in an encrypted form known as Card-On-File (COF) to enhance transaction security. COF transforms sensitive cardholder data into randomly generated 16-digit numbers called "tokens" that hold no meaningful value if breached. These tokens enable transactions to be processed without revealing any customer details such as card number, CVV, or expiry date. This process is known as tokenization.
As a result, businesses, payment aggregators, and acquiring banks are prohibited from storing customers' credit/debit/prepaid card information. This measure safeguards customer card details from cyber fraud.
Note : RuPay implemented Card on File Tokenization in 2021.
About National Payments Corporation of India (NPCI) :
MD & CEO : Dilip Asbe
Headquarters : Mumbai, Maharashtra
Establishment : 2008
Other News :
1. World Metrology Day 2023 - 20th May
World Metrology Day is annually observed across the globe on 20th May to create awareness about the Metrology, scientific study of measurement and its application. The day also recognizes and celebrates the contribution of the people who work in intergovernmental and national metrology organizations and institutes.
- The observance marks the anniversary of the signing of the Metre Convention on 20th May 1875.
Theme : The theme of World Metrology Day observed on 20th May 2023 is “ Measurements supporting the global food system ” .
The 2023 theme addressed the increasing challenges of climate change and the global distribution of food in a world whose population reached 8 billion at the end of 2022.
The observance is a joint project by the Bureau International des Poids et Mesures (BIPM) International Organisation of Legal Metrology (OIML – Organisation Internationale de Métrologie Légale).
About Bureau International des Poids et Mesures(BIPM) :
BIPM is the home of the International System of Units (SI) and the international reference time scale (UTC).
Director : Dr Martin J.T. Milton
Headquarters : Paris, France
Established in : 1875
2. 7th Global Road Safety Week - 15 to 21 May 2023
United Nations (UN)’s Global Road Safety Week (UNGRSW) is a biennial global road safety campaign hosted by the World Health Organisation (WHO). The week aims to recognise and create awareness of road safety and make changes that will reduce the number of road deaths by demanding safe and sustainable mobility.
- Global Road Safety Week 2023 was observed from 15th to 21st May 2023 and it marks the 7th UNGRSW.
Theme : The theme for UNGRSW 2023 is “ StreetsforLife #RethinkMobility ” .
3. World Bee Day 2023 – 20th May
United Nations (UN)’s World Bee Day is annually observed across the globe on May 20 to raise awareness of the importance of adopting pollinator-friendly agricultural production practices to protect bees and other pollinators, while contributing to the resilience, sustainability and efficiency of agrifood systems.
Theme : The theme of World Bee Day 2023 observed on 20th May 2023 is “ Bee engaged in pollinator-friendly agricultural production ”.
It is a call for global action to support pollinator-friendly agricultural production and highlights the importance of protecting bees and other pollinators, particularly through evidence-based agricultural production practices.
As part of the celebration of World Bee Day 2023, the Food and Agriculture Organization of the United Nations (FAO) has organised a hybrid event under this year’s theme.
Aim : The day aims to strengthen measures aimed at protecting bees and other pollinators, which would significantly contribute to solving problems related to the global food supply and eliminate hunger in developing countries.
