News360 - 25th May , 2023 | Daily Current Affairs

 National & International News :

1. MoHUA launched its Mega Campaign ‘Meri LiFE, Mera Swachh Shehar’ to promote RRR

The Ministry of Housing and Urban Affairs (MoHUA) introduced a significant campaign called "Meri LiFE, Mera Swachh Shehar" on May 15, 2023. This program aims to promote the principles of waste management known as the 3Rs: Reduce, Reuse, and Recycle.

In urban areas of India, citizens are actively engaging in refurbishing used items to encourage reuse, thereby embracing the concept of generating "wealth" from waste. This positive trend is greatly contributing to the overall zero-waste ecosystem of the Swachh Bharat Mission-Urban 2.0 (SBM-U).

- To kickstart the Meri LiFE, Mera Swachh Shehar campaign, a Pledge for LiFE will be undertaken by everyone on June 5, 2023, in commemoration of World Environment Day. Additionally, large-scale cleanliness operations will be carried out across all cities.

- The 3Rs, which serve as the foundation of the "Waste to Wealth" concept, have empowered numerous entrepreneurs, startups, self-help groups (SHGs), craftsmen, and recyclers to transform waste into various products. Furthermore, the Mission LiFE (Lifestyle for Environment) initiative, spearheaded by Prime Minister Narendra Modi, promotes individual and collective action towards the same cause.

- Mission LiFE strives to safeguard and preserve the environment while instilling a pro-planet behavioral change through individual actions in daily life.

- As part of the nationwide campaign, cities are encouraged to establish "Reduce, Reuse, Recycle (RRR) Centres." These centers will serve as one-stop collection points where citizens can contribute items such as clothing, shoes, books, toys, and used plastic for reuse or recycling.

- The three-week campaign aligns with the objectives of Mission LiFE, urging collective action for environmental protection and conservation by adopting sustainable daily habits. It also strengthens citizens' commitment under SBM-U 2.0 to reduce, reuse, and recycle.

- Scheduled for nationwide launch on May 20, 2023, RRR Centres will provide convenient solutions for citizens, institutions, and commercial enterprises to deposit unused or used plastic products, clothing, footwear, books, and toys. After collection, these items will be handed over to various stakeholders for refurbishment, reuse, or the production of new goods. This effectively advances the government's vision of establishing a circular economy.

2. Ladakh’s Annual Great Prayer Festival ‘ Ladakh Monlam Chenmo 2023 ’ held from 11th May 11 to 16th May - 2023

From May 11 to 16, 2023, Ladakh's annual five-day group prayer camp of Buddhist monks and nuns, known as 'Ladakh Monlam Chenmo 2023' or the Great Prayer Festival, took place in Leh (Ladakh) with the objective of promoting world peace and happiness.

Key Points :

(i) The annual Mass Prayer was resumed after a three-year hiatus due to the COVID-19 pandemic.

(ii) The Monlam Chenmo 2023 mass prayer camp event was organized by the All Ladakh Gonpa Association.

(iii) This festival, held since 1991, occurs on the 21st to 25th days of the third month of the Tibetan lunar calendar.

(iv) During the festival, Buddhist monks perform traditional Tibetan Buddhist dance known as "Cham."

Seva for Sangha Special Camp :

(i) Concurrently with the main event, Member of Parliament (MP) for Ladakh Constituency, Jamyang Tsering Namgyal, led a special camp called 'Seva for Sangha' for the Sangha Community from May 11 to 16, 2023, in collaboration with the district administration of Leh.

This camp is being organized for the first time to provide the Sangha Community with access to various government schemes.

(ii) Different government departments, including banks, also offered the benefits of approximately 20 government schemes to the monks and nuns.

(iii) The Indo-Tibetan Border Police (ITBP) has partnered with the organizers to establish medical camps during the five-day-long 'Seva for Sangha' camp.

3. Sony Sports Network ropes in Sania Mirza as its Ambassador

Leading sports broadcaster Sony Sports Network (also known as Sony TEN), owned and operated by Sony Pictures Networks (SPN), has roped in Sania Mirza, an Indian former professional tennis player, as a Tennis ambassador for the broadcaster, who will be seen as an expert panellist on the network.

- Starting with 2023 Roland Garros, Sania Mirza will be a part of the panel on Sony Sports Network’s studio show, Extraaa Serve.

- Sony Sports Network has launched a special campaign called The Home of Tennis, which showcases Sania Mirza, Sony Sports Network, and the 3 Grand Slams as a perfect match and celebrated the journey of Sania Mirza.

- She is the recipient of the Arjuna Award (2004), Padma Shri (2006), Major Dhyan Chand Khel Ratna Award (2015) and Padma Bhushan (2016).

4. JSW Steel & JFE Steel form JV to Manufacture CRGO Products in India

Mumbai(Maharashtra) based JSW Steel Limited, a flagship company of JSW Group, and Japan’s JFE Steel Corporation, the 2nd largest Japanese steel manufacturer, will form a joint venture (JV) company (50:50) to manufacture the entire range of CRGO (Cold Rolled Grain Oriented) products at its proposed facilities at Vijayanagara, Karnataka.

- The JV company will be the 1st to produce CRGO products with its entire chain of manufacturing processes in India.

- The JV will contribute to the rapidly growing Indian demand, with its “Made in India” CRGO products based on JFE Steel’s energy efficient production technology developed through extensive research and development (R&D).

5. Georgi Gospodinov & Angela Rodel won International Booker Prize 2023 for ‘ Time Shelter ’

Georgi Gospodinov, a Bulgarian writer, and translator Angela Rodel have been awarded the prestigious International Booker Prize 2023 for their dark comic novel titled "Time Shelter." This remarkable achievement marks the first time a book originally written in Bulgarian and translated into English has won the International Booker Prize.

Here are some key details about the award and the winning novel : 

- The International Booker Prize carries a cash prize of £50,000, which is equally divided between the author and the translator. - Additionally, the shortlisted authors and translators each receive £2,500.

- The winners were announced on May 23, 2023, by Leïla Slimani, a French-Moroccan novelist and chair of the 2023 judge panel, at a special event held at London's Sky Garden in the United Kingdom (UK).

- " Time Shelter " represents Georgi Gospodinov's third novel to be published in English. The book was published by Weidenfeld & Nicolson, a renowned British publisher based in the UK.

- This recognition highlights the exceptional storytelling and literary talent of Georgi Gospodinov and the exceptional translation work of Angela Rodel. "Time Shelter" stands out as a significant contribution to the literary world, captivating readers with its dark humor.

Banking & Finanace News :

1. RBI Board approved Transfer of Rs 87,416 Crore as Surplus to Government

During the 602nd meeting of the Reserve Bank of India's (RBI) Central Board of Directors, held on May 19, 2023, several key decisions were made. Chaired by RBI Governor Shaktikanta Das, the board approved the transfer of Rs 87,416 crore as surplus to the Government for the year 2022-2023. Additionally, the contingency risk buffer was raised from 5.5% to 6%.

Here are some important points related to the meeting :

- In the previous financial year (FY) 2021-2022, the RBI had transferred Rs 30,307 crore to the government.

- The board, under the leadership of Shaktikanta Das, approved the RBI's annual report and financial statements for the accounting year 2022-2023.

- Discussions were held regarding the RBI's performance during the period of April 2022 to March 2023.

2. RBI cancels Certificate of Registration of 7 NBFCS

The Reserve Bank of India (RBI) in the exercise of powers conferred on it under Section 45-IA (6) of the RBI Act, 1934 has cancelled the Certificate of Registration (CoR) of seven Non-Banking Finance Companies (NBFC).

- With this, the notified companies are barred from transacting the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45-I of the RBI Act, 1934.

The 7 NBFC are as follows : 

3. Tide and Transcorp launch India’s-first Recycled PVC RuPay Card

In collaboration with Transcorp International Limited, MCT Cards & Technology Pvt. Ltd., and NPCI (National Payments Corporation of India), Tide, a UK-based fintech company, has introduced India's first recycled Polyvinyl Chloride (rPVC) Rupay card.

Here are some additional details about the initiative :

- PVC cards are known for their durability and enhanced security features compared to paper-based cards, as they are less prone to damage or tearing.

- The rPVC Rupay cards are manufactured using recycled PVC plastic. Each 99% rPVC card, weighing between 5.5-6 grams, helps save approximately 7-8 grams of CO2 emissions and 3.5-4.0 grams of plastic waste. This waste can then be used to produce new cards made with virgin PVC.

- Tide, a prominent financial platform in the UK, primarily focused on small and medium-sized enterprises (SMEs). In March 2023, Tide achieved a significant milestone by becoming the world's first fintech company to eliminate 100% of its emissions through durable carbon removals, starting from 2022 onwards. To combat the detrimental effects of climate change, Tide has made the following three pledges :

Pledge 1 : Removing 100% of our emissions with durable carbon removals from 2022 onwards.

Pledge 2 : Reducing 90% of 2021 emissions per employee by 2030. These first two pledges will make Tide fully Net Zero by 2030.

Pledge 3 : Tide Member NetZero - Tide is committed to simplifying the path to Net Zero for its members by providing support and resources to help them achieve this goal.

- The CEO (Chief Executive Officer) of Tide in India is Gurjodhpal Singh.

About Transcorp International Limited :  It is a Reserve Bank of India (RBI) regulated Prepaid Payment Instrument (PPI) license holder.

Managing Director : Gopal Sharma

Headquarters : New Delhi, Delhi

4. Google Pay & NPCI Collaborate to Integrate RuPay Credit Cards with UPI

On May 23 2023, Google pay has partnered with the National Payments Corporation of India (NPCI) to enable the integration of RuPay credit cards with Unified Payments Interface (UPI).

- The users could avail the feature by linking the RuPay credit cards with Google Pay to pay at all online and offline merchants where RuPay credit cards are accepted.

- The feature is now available to RuPay credit card holders of Axis Bank, Bank of Baroda (BoB), Canara Bank, HDFC bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank(PNB) and Union Bank of India(UBI).

- Benefit : The integration of RuPay Credit Card on UPI will provide both the convenience of UPI with the benefits of RuPay Credit Card.

5. YES Bank Partners with IIT Kanpur to Transform Startups and Red Hat to Redefine Mobile Banking Experience

The Startup Incubation and Innovation Centre (SIIC) at the Indian Institute of Technology (IIT) Kanpur has entered into a Memorandum of Understanding (MoU) with YES Bank to provide financial support to startups incubated at SIIC.

Here are the key details of the partnership :

(i) According to the terms of the MoU, SIIC and YES Bank will collaborate to identify innovative startups and offer them the necessary financial support.

(ii) The objective of this partnership is to foster the startup ecosystem in India by providing ventures access to a wide range of resources through YES Bank's specialized startup-focused program called YES Head-Startup.

(iii) The YES Head-Startup program, which is backed by a comprehensive banking proposition, is specifically designed for technology-based or technology-enabled startups. It is complemented by an exclusive privilege program.

Through this collaboration, SIIC and YES Bank aim to provide startups with the required financial assistance and resources to fuel their growth and contribute to the thriving startup ecosystem in India.

About YES Bank Ltd. :

MD&CEO : Prashant Kumar

Headquarters : Mumbai, Maharashtra

Establishment : 2004

Tagline : Experience Our Expertise

6. Bank of Baroda introduces Live Video chat & Web Chat for Customers

Bank of Baroda (BOB) has introduced two innovative customer service initiatives, namely "bob Video Chat" and "bob Live Chat," to enhance the overall banking experience for its customers and prospective customers. With these initiatives, BOB becomes the first public sector bank to offer live video chat and live web chat services.

Here are some key points about these initiatives :

- The introduction of live video calling service (bob Video Chat) and live web chat facility (bob Live Chat) aims to provide customers with a seamless way to connect with the bank and address their banking queries effortlessly.

- BOB has also launched a toll-free number (1800 5700) that is easy to remember and offers 24/7 customer support in 11 languages, including English, Hindi, Marathi, Gujarati, Tamil, Telugu, Malayalam, Kannada, Odia, Punjabi, and Bengali.

- Additionally, the bob Video Chat facility is available at BOB's Digital Banking Units (DBUs) across India, enabling customers to access the service conveniently.

- These initiatives reflect BOB's commitment to leveraging technology and innovation to provide efficient and customer-centric services, ensuring an enhanced banking experience for its customers.

Other News :

1. Renowned Telugu writer, Sahitya Akademi Awardee Kethu Viswanath Reddy Passed Away

On May 22 2023, a noted Telugu writer, novelist and Sahitya Akademi awardee Kethu Viswanath Reddy passed away in Ongole, Andhra Pradesh (AP) at the age of 84. He was born on July 10, 1939.

His works and awards :

- His first short story “Anaadivaallu” was published in the journal Savyasaachi in 1963.

- KethuViswanatha Reddy Kathalu (1998 – 2003), Japthu, and Ichhagni are among his best-known collections of short stories.

- Famous novels : Verlu and Bodhi.

- In 1996, Viswanatha Reddy received the Sahitya Akademi Award (Telugu) for his Short story Kethu Viswanatha Reddy Kathalu.

- In 2021, he was honoured with YSR Lifetime Achievement Award for his contribution to Telugu literature.

2. Endangered Species Day 2023 – 19th May

Endangered Species Day(ESD) is annually observed across the globe on the 3rd Friday of May to create awareness about endangered flora and fauna and to highlight the significance of the plants and animals working in harmony to sustain the ecosystem.

- " Endangered Species Day - 2023 " was observed on 19th May 2023.

- " Endangered Species Day - 2022 " was observed on 20th May 2022 and " Endangered Species Day - 2024 " will be observed on 17th May 2024.

Theme : According to the Endangered Species Coalition(ESC), The theme of Endangered Species Day 2023 is " Celebrating The 50th Anniversary Of The Endangered Species Act! " .

News360 - 24th May , 2023 | Daily Current Affairs

National & International News :

1. MoPSW Sarbananda Sonowal announces ‘Panch Karma Sankalp’ during Chintan Shibir in Kerala

On May 22, 2023, the Ministry of Ports, Shipping & Waterways (MoPSW), led by Union Minister Sarbananda Sonowal, announced a series of five major initiatives known collectively as 'Panch Karma Sankalp.' These initiatives were unveiled during the second Chintan Shibir of MoPSW held in Munnar, Kerala, and are aimed at promoting green shipping and digitization of ports, with the ultimate goal of establishing India as a global leader in the maritime sector.

The Panch Karma Sankalp initiatives are as follows :

(i) MoPSW will provide 30% financial support to encourage the adoption of green shipping practices.

(ii) The Green Tug Transition Programme will be implemented at Jawaharlal Nehru Port, VO Chidambaranar Port, Paradip Port, and Deendayal Port, Kandla. Under this program, each of these ports will procure two environmentally friendly tugboats, known as 'green tugs,' that operate on non-fossil fuels like methanol, hydrogen, or ammonia. Tugboats, which play a crucial role in assisting ships during mooring and berthing operations, will be transformed into eco-friendly vessels.

(iii) Deendayal Port and VO Chidambaranar Port, Tuticorin, will be developed as Green Hydrogen Hubs, focusing on the production and utilization of green hydrogen.

(iv) A Single Window Portal will be established to facilitate and monitor river and sea cruises, streamlining the administrative processes and enhancing efficiency.

(v) Jawaharlal Nehru Port and VO Chidambaranar Port, Tuticorin, have been designated as smart ports, with plans to achieve this status by 2024. The implementation of smart technologies will enhance the overall functioning and effectiveness of these ports.

Additional key notes :

(i) The MoPSW Union Minister will conduct a mid-year Chintan to review the progress of these initiatives. Strict action will be taken in case of any delays in project completion.

(ii) The cargo handled by coastal shipping has increased from 74 MMTPA (Million Metric Tonnes per Annum) in 2014-15 to 151 MMTPA in 2022-23.

(iii) Inland Water Transport (IWT) has witnessed consistent growth in cargo handling, rising from 30 MTPA in 2014 to 126 MTPA in 2022-23.

About Ministry of Ports, Shipping & Waterways (MoPSW) :

Union Minister : Sarbananda Sonowal (Constituency- Majuli, Assam)

Minister of State (MoS) : Shripad Yesso Naik (Constituency- North Goa, Goa), Shantanu Thakur Constituency- Bangaon, Uttar Pradesh)

2. GAINS 2023 : GRSE launches Challenge for Innovation in Shipbuilding

In Kolkata, West Bengal (WB), on May 22, 2023, Garden Reach Shipbuilders and Engineers (GRSE) Ltd introduced the GRSE Accelerated Innovation Nurturing Scheme 2023, also known as 'GAINS 2023.' This initiative aims to leverage an ecosystem that addresses current and future challenges in the ship design and construction industry.

GAINS 2023 is a key component of GRSE's efforts to identify and support the advancement of innovative solutions through startup engagement, specifically focusing on technological progress in shipbuilding. Notably, the scheme was launched by G Surya Prakash, Assistant Manager (Finance), who holds the distinction of being the youngest officer at GRSE. The event also witnessed the presence of Rajeev Chandrasekha, Minister of State at the Ministry of Electronics and Information Technology (MeitY).

About GAINS 2023 :

- The 'GAINS 2023' Challenge is a two-stage process initiated by GRSE.

- The challenge aims to gather a wide range of ideas, from which a few promising ones will be selected and supported.

- The first stage requires participants (entities, firms, and individuals who are Indian citizens) to submit concise written and illustrated entries.

- The focus areas of the challenge are Artificial Intelligence in Shipbuilding, Renewable/Green Energy and Energy Efficiency, and Operational Efficiency Enhancement.

- The deadline for Stage-I submissions is July 2023.

- Shortlisted participants from Stage-I will proceed to Stage-II, where they will submit a detailed project report with technical descriptions and undergo interviews/presentations.

- The Stage-II proposals should include estimated costs, justification of professional qualifications, and other relevant details.

- GRSE will provide funding of up to a maximum of Rs 5 Lakh to firms/entities for Stage-II submissions based on evaluation.

Winners of the challenge may be awarded contracts, and if the product is sold to other customers, a revenue sharing model will be established.

About Garden Reach Shipbuilders and Engineers (GRSE) Ltd :  It is a Category 1 Mini Ratna Company.

Chairman and Managing Director : Commodore (Retd) P R Hari

Headquarters : Kolkata, West Bengal

3. Garuda Aerospace & HAL's subsidiary Naini Aerospace partners to Manufacture Make in India drones

On May 22, 2023, Garuda Aerospace Private Limited, a Chennai-based Drone-as-a-Service (DaaS) startup, and Naini Aerospace Engineering Limited (NAeL), a subsidiary of Hindustan Aeronautics Limited (HAL) under the Ministry of Defence (MoD), signed a joint development partnership.

- The partnership aims to manufacture indigenous drones for various applications.

- The advanced precision drones developed by Garuda Aerospace have a payload capacity of approximately 25 kg and can cover a radius of 500 meters at a speed of 5 meters per second.

- These drones have a spray efficiency of 1500-2550 square meters per minute.

- As part of the partnership, the plan is to manufacture 5000 drones in the first year, with over 7,000 drones already pre-booked by Garuda Aerospace at Rs. 4.5 lakh each.

- NAeL, based in Naini (Prayagraj, UP), will begin manufacturing the heavy-duty drones by the end of June 2023.

- The partnership is expected to generate employment opportunities and stimulate economic activities in the Naini industrial area, which is also an educational hub.

- It will establish the first drone manufacturing facility in northern India, catering to industries such as security and surveillance, agriculture, and land mapping, among others.

- The partnership aims to promote the indigenization of imported components required for drone manufacturing, reducing reliance on imports from countries like China and the West.

- Additionally, the partnership will facilitate cost reduction through improved transportation logistics.

This collaboration aligns with Prime Minister Narendra Modi's vision of achieving the milestone of 1 lakh 'Made in India' drones by 2024.

About Garuda Aerospace :

Founded in : 2015

Founder & CEO : Agnishwar Jayaprakash

Headquarters : Chennai, Tamil Nadu

About Naini Aerospace engineering limited (NAeL) :

Founded in : 29th December 2016

CEO : R.R.Thakur

Headquarters : Naini, Prayagraj, Uttar Pradesh

4. Indian Navy’s warship INS Mormugao engages sea-skimming supersonic target

The Indian Navy successfully carried out the engagement of a sea-skimming supersonic target using its latest indigenous guided missile destroyer INS (Indian Naval Ship) Mormugao.

- This is the Indian Navy’s 1st endeavour to  showcase the future-proof combat readiness and commitment towards Aatmanirbhar Bharat.

5. UGC Launches ‘ NEP SAARTHI ’ to Involve Students in Implementing NEP 2020

The University Grants Commission (UGC) has announced a new initiative titled ‘NEP SAARTHI (Student Ambassador for Academic Reforms in Transforming Higher Education in India)’ to involve students in the implementation of the National Education Policy (NEP) 2020.

Aim : To create an environment where students could engage and participate to make effective use of the provisions of NEP 2020.

About University Grants Commission (UGC) :  It was established by an Act of Parliament in 1956 to coordinate, determine, and maintain standards of teaching, examination, and research in university education.

Chairman : Prof. Mamidala Jagadesh Kumar

Headquarters : New Delhi, Delhi

6. Madhya Pradesh Becomes India’s 1st State to Provide Free Air Travel to Pilgrims

On May 21, 2023, Shivraj Singh Chouhan, the Chief Minister of Madhya Pradesh (MP), inaugurated a group of 32 senior citizens (24 men and 8 women) for a pilgrimage to Prayagraj, Uttar Pradesh (UP). They departed from Raja Bhoj Airport in Bhopal, MP, via a flight organized under the state's Mukhya Mantri Teerth-Darshan Yojana scheme.

Madhya Pradesh has become the first state in India to conduct government-funded pilgrimages by air through the Mukhya Mantri Teerth-Darshan Yojana.

Key points :

(i) So far, 782,000 senior citizens have undertaken pilgrimages on 782 special trains as part of the Mukhya Mantri Teerth-Darshan Yojana.

(ii) CM Shivraj Singh Chouhan has developed an effective action plan from May to July to ensure easy access to the benefits of the Mukhya Mantri Tirth-Darshan Yojana by air for the elderly population of MP. The scheme was launched on May 21, commencing from Bhopal (MP) to Prayagraj (UP).

Upcoming pilgrimage plans :

(i) On May 23, 2023, pilgrims from Agar Malwa district (MP) will depart from Indore airport for Shirdi, Maharashtra.

(ii) On May 25, 2023, pilgrims from Betul district (MP) will depart from Bhopal airport, transiting through Agra airport, to visit Mathura & Vrindavan (UP).

(iii) On May 26, 2023, pilgrims from Dewas (MP) will depart from Indore airport for Shirdi, Maharashtra.

(iv) On June 3, 2023, pilgrims from Khandwa (MP) will depart from Indore airport, transiting through Kolkata, West Bengal, for Gangasagar (West Bengal).

Mukhyamantri Tirth Darshan Yojana :

- The Government of Madhya Pradesh launched the Mukhyamantri Tirth Darshan Yojana in June 2012.

- The scheme offers free spiritual tours across India for senior citizens.

- Eligible participants are senior citizens of MP aged 60 years and above, who can visit various holy places outside of MP under this scheme.

About Madhya Pradesh :

Chief Minister : Shivraj Singh Chouhan

Governor : Mangubhai Chhaganbhai Patel

National Park : Bandhavgarh National Park

Wildlife sanctuaries : Nauradehi Wildlife Sanctuary; Orchha Wildlife Sanctuary

7. Niramaya Health Insurance Scheme : Vizag launches AP’s first health insurance scheme for special children

On May 20, 2023, the Visakhapatnam district in Andhra Pradesh (AP) launched the "Niramaya Health Insurance Scheme," a pioneering initiative aimed at providing free medical services for special children, including those with autism, cerebral palsy, mental retardation, and multiple disabilities.

The scheme was inaugurated by the Visakhapatnam District Collector A. Mallikarjuna at the Bhavitha Centre in Akkayyapalem, Visakhapatnam.

Operated by the Central Government through the National Trust under the Ministry of Social Justice and Empowerment, the Niramaya Health Insurance Scheme seeks to offer free medical services for special children.

Key points about the scheme :

- The scheme has received an allocation of Rs 1,34,750 from the 'Sanjeevani Nidhi' fund, which is used to pay insurance premiums for individuals with disabilities. The Sanjeevani Nidhi fund is comprised of contributions made by employees from their personal income, amounting to Rs 15 lakh collected to date. These funds will be utilized to support the underprivileged and persons with special abilities.

- In Visakhapatnam, there are approximately 1,404 children with special needs, and the district is implementing the scheme with the assistance of 'The Ability People Organization.'

- Beneficiaries of the scheme can claim reimbursement of up to Rs 1 lakh per year for medical expenses incurred during the year. This provides financial support for necessary treatments and care for special children.

- The Niramaya Health Insurance Scheme is a significant step towards ensuring accessible and affordable healthcare for special children in Visakhapatnam district.

About Andhra Pradesh :

Chief Minister : Y. S. Jaganmohan Reddy

Governor : S. Abdul Nazeer

Airports : Visakhapatnam International airport, Vijayawada International Airport

8. Assam Governor Gulab Chand Kataria releases a Book Titled “ Partitioned Freedom ”

On 20th May 2023, Gulab Chand Kataria, Governor of Assam, released a book titled “Partitioned Freedom”, which was authored by Ram Madhav and published by Prabhat Prakashan Pvt. Ltd, in Guwahati, Assam.

- The book “Partitioned Freedom” offers profound insights into the events that unfolded during 1905 and the pre-independence era.

- It explores and answers the questions raised because India which defeated the British designs to partition one province failed when the whole country was being partitioned 4 decades later.

- Ram Madhav is an Indian Politician, Author, and thinker. His other books are “ Uneasy Neighbours : India and China After 50 Years of the War” and “Asahaj Padosi ” .

Banking and Finance News :

1. SEBI Introduced Risk disclosure Framework for Trading by Individual Traders in Equity F&O Segment

On May 19, 2023, the Securities and Exchange Board of India (SEBI) introduced a risk disclosure framework for individual traders in the equity Futures & Options (F&O) segment, effective from July 01, 2023.

The aim of the framework is to provide traders with detailed information about the risks associated with trading in derivatives and enable informed decision-making.

Key points :

- Stock brokers are required to display risk disclosures on their websites and inform clients in a specified manner.

- Clients must acknowledge the risk disclosures by reading them, prompted through a pop-up window upon logging into their trading accounts.

- Risk disclosures should be prominently displayed, covering at least 50 percent of the screen area.

- Qualified Stock Brokers (QSBs) must maintain their clients' Profit and Loss (P&L) data continuously and retain it for at least five years.

- Stock Exchanges and Depositories are directed to display risk disclosures on their websites, along with a link to a study conducted by SEBI on January 25.

Key points on risk disclosures related to derivatives :

- In the financial year 2021-22, 9 out of 10 individual traders in the equity F&O segment incurred net losses, averaging Rs 1.1 lakh.

- Only 11% of individual traders in the equity F&O segment made a profit, averaging Rs 1.5 lakh in FY22.

- Loss-making traders had net trading losses close to Rs 50,000 on average, and they also incurred an additional 28% of net trading losses as transaction costs.

- Traders making net trading profits spent between 15% to 50% of such profits on transaction costs.

- The risk disclosure framework introduced by SEBI aims to enhance transparency and provide traders with comprehensive information about the risks involved in trading derivatives, helping them make more informed investment decisions.

About Securities Exchange Board of India(SEBI) :

Chairperson : Madhabi Puri Buch

Headquarters : Mumbai, Maharashtra

Establishment : 12 April 1992

2. Paytm Money Launches Bond Investing on its Platform for Retail Investors

Paytm Money Limited, a subsidiary of Paytm, has introduced an advanced bonds platform in India to simplify bond investments for retail investors. The platform enables investors to invest in government, corporate, and tax-free bonds.

Key notes :

- The Paytm Money app will provide a single dashboard with comprehensive information about coupon vs yield, clean price vs dirty price, coupon frequency, and coupon record dates.

- Paytm Money, being a registered broker with SEBI, leverages a strong regulatory framework to offer a secure and transparent bond product in India.

- Safety features have been incorporated into the platform, including limit orders as the default order type, price comparisons across both NSE and BSE, pre-selected best exchange rates, and credit ratings from multiple rating agencies (with the lowest rating as the default).

- The Bonds platform by Paytm Money is currently being launched through an early access waitlist program.

- The launch of India's most advanced bonds platform by Paytm Money aims to simplify bond investments for retail investors by providing a user-friendly interface, comprehensive information, and safety features to enhance their investment experience.

3. Bajaj Allianz Life Launched India’s First ULIP Small-Cap Fund

Bajaj Allianz Life Insurance Company Ltd launched India’s first small-cap fund in the ULIP (Unit Linked Insurance Plan) segment namely ‘Bajaj Allianz Life Small Cap Fund’ that offers customers the opportunity to achieve capital appreciation by investing in a diversified portfolio of small-cap stocks.The NFO (New Fund Offer) period for Bajaj Allianz Life’s small-cap fund ends on May 23, 2023.

- The benchmark index is the Nifty Small Cap 100 index.The benchmark index is a standard or reference point used to measure the performance of a particular market or segment.

- Focus is on the - Long-term wealth creation for our customers .

About Bajaj Allianz Life Insurance Company Ltd :

Managing Director and Chief Executive Officer : Tarun Chugh

Headquarters : Pune, Maharashtra

4. Aditya Birla Capital launches ‘ Udyog Plus ’ : An Innovative One-Stop Business Platform for MSMEs

Aditya Birla Capital, the financial services business of the Aditya Birla Group, has launched " Udyog Plus " , an innovative one-stop business platform designed for Micro, Small & Medium Enterprise (MSME) customers through its lending arm, Aditya Birla Finance.

Key notes :

- " Udyog Plus " is a digital Business-to-Business (B2B) platform that offers a range of solutions to MSMEs, including financing, protection, investments, advisory services, and value-added services for business management and growth.

- Existing and new customers of Aditya Birla Finance can access Udyog Plus through the financing section of the Aditya Birla Capital website.

- The platform provides a completely paperless digital journey for business loans up to Rs 10 lakh.

- " Udyog Plus " is integrated with government e-commerce websites through the Open Credit Enablement Network (OCEN), as well as with private e-commerce websites. This integration allows credit facilities to be provided to sellers on these platforms.

- The launch of " Udyog Plus " by Aditya Birla Finance aims to provide MSME customers with a comprehensive and convenient digital platform to meet their financial needs. By offering a wide range of services and integrating with e-commerce platforms, Aditya Birla Capital aims to support the growth and development of MSMEs in India.

Other News :

1. International Tea Day 2023 – 21st May

The United Nations (UN) International Tea Day is annually observed on 21st May globally to promote the ways to sustain the production and consumption of tea across the globe and also to learn the significance of tea in combating hunger and poverty.

- International Tea Day also provides an opportunity for tea-producing countries, international organisations, governments and tea enthusiasts to collaborate and exchange knowledge and experiences related to tea production, trade and consumption.

- The day is observed by the Food and Agriculture Organisations (FAO) of the UN in collaboration with other relevant Organisations.

2. World Day for Cultural Diversity for Dialogue and Development 2023 – 21st May

The United Nations(UN)’s World Day for Cultural Diversity for Dialogue and Development is annually observed across the globe on 21st May to celebrate the richness of the world’s cultures. The day also recognises the need to enhance the potential of culture as a means of achieving prosperity, sustainable development and peaceful global coexistence.

- The annual observance of the day is led by United Nations Educational, Scientific and Cultural Organization (UNESCO).

3. National Anti-Terrorism Day 2023 – 21st May

Anti-Terrorism Day is annually observed across India on 21st May to mark the death anniversary of former Indian Prime Minister (PM) Rajiv Gandhi, who was assassinated in 1991 at Sriperumbudur, Tamil Nadu.

21st May 2023 marks the 32nd death anniversary of 6th Prime Minister of India PM Rajiv Gandhi 

(1984 to 1989).

- Anti-Terrorism Day is observed to promote peace, humanity, unity, and harmony among the people, and to raise awareness about terrorism’s antisocial acts.

- All government offices and other public institutions take an anti-terrorism pledge on this day, and is celebrated to honour the victims of various terror attacks throughout India.

Note :  According to the Global Terrorism Index (GTI) 2023, India has been ranked 13th among 163 countries analyzed in the comprehensive study, which assesses the impact of terrorism worldwide. The GTI report is compiled annually by the Institute for Economics & Peace (IEP) based in Sydney, Australia. It utilizes data from Terrorism Tracker and various other sources to provide a comprehensive analysis of terrorism trends and patterns globally. The index covers 99.7% of the world's population, making it a significant tool for understanding the global terrorism landscape.

4. International Day for Biological Diversity 2023 – 22nd May

United Nations (UN)’s International Day for Biological Diversity is annually observed across the globe on May 22 to raise awareness and promote the conservation of biological diversity.

- The day highlights the importance of biodiversity and its crucial role in sustaining life on Earth.

Theme : The theme of the International Day for Biological Diversity 2023 observed on 22nd May 2023 is “ From Agreement to Action: Build Back Biodiversity ” .

5. World Turtle Day 2023 - 23rd May

Every year on May 23, World Turtle Day is celebrated globally to raise awareness and promote the conservation of turtles and tortoises, as well as their endangered habitats.

- The 23rd World Turtle Day is being observed on May 23, 2023.

Theme : The theme for World Turtle Day 2023 is " I Love Turtles " .

Turtles in India :

- India is home to a diverse range of turtle species, with at least 29 species of freshwater turtles (24) and tortoises (5), in addition to 5 species of marine turtles.

- Among these species is the Asian giant softshell, one of the largest freshwater turtles, capable of growing up to 51 inches in length and weighing 250 kg.

- As per the recent amendment to the Wildlife Protection Act (WPA) in 2022, which came into effect in April 2023, it is prohibited to keep Indian turtle species as pets.

- Under the Wild Life (Protection) Amendment Act, 2022, 28 out of the 29 Indian turtle species are now protected under the WPA of 1972.

6. International Day to End Obstetric Fistula 2023 - 23rd May

United Nations (UN)’s International Day to End Obstetric Fistula is annually observed across the globe on May 23 to raise awareness about obstetric fistula and to promote actions towards its prevention, treatment, and eventual elimination.

Theme : The theme of the International Day to End Obstetric Fistula 2023 observed on 23rd May 2023 is “ 20 years on – progress but not enough! Act now to end fistula by 2030 ” .

About the United Nations Population Fund (UNFPA) :

UNFPA began operating in 1969 as the United Nations Fund for Population Activities. UNFPA is the UN’s sexual and reproductive health agency.

Executive Director : Dr Natalia Kanem

Headquarters : New York, United States of America (USA)

News360 - 23rd May , 2023 | Daily Current Affairs

National & International News :

1. 3rd ETWG meeting under India’s G20 Presidency held in Mumbai- India Commits to Just Energy Transition

Under India's G20 Presidency, the 3rd Energy Transitions Working Group Meeting (ETWG) took place in Mumbai, Maharashtra on May 15, 2023. Secretary Bhupinder Singh Bhalla of the Ministry of New and Renewable Energy (MNRE) emphasized India's commitment to an accelerated, responsible, and equitable energy transition through global cooperation and collaboration.

The official side event of the 3rd ETWG, titled "Low-cost Finance for New & Emerging Energy Technologies," was organized by the MNRE in conjunction with the Indian Renewable Energy Development Agency (IREDA) and the International Renewable Energy Agency (IRENA).

Chairing the 3rd ETWG Meeting is Shri Alok Kumar, who also serves as the Secretary of the Ministry of Power in the Government of India. The previous two meetings of the ETWG were held in Bengaluru, Karnataka, and Gandhinagar, Gujarat.

Highlights of the side event during the 3rd ETWG included the launch of several reports :

- "Low-Cost Finance for Energy Transition" report prepared by IRENA in collaboration with the MNRE. This report emphasizes a comprehensive toolkit to enhance the availability of affordable capital in G20 countries and beyond.

- Two other reports, namely "Financing Needs for New Age Critical Technologies: CO2 Capture Utilization and Storage (CCUS)" and "Financing Needs for New Age Critical Technologies: Battery Energy Storage (BES)," were released. These reports were developed by the Ministry of Power in collaboration with the Indian Institute of Management (IIM) in Ahmedabad, Gujarat, and NETRA (NTPC Energy Technology Research Alliance). NETRA is an R&D laboratory of NTPC Limited located in Greater Noida, Uttar Pradesh.

- During the side event, keynotes were delivered by policymakers, financial institutions, and technology developers, focusing on estimating cost-effective financing for an energy transition based on the future trajectory of emerging critical technologies such as Hydrogen, Offshore Wind, Energy Storage, and Carbon Capture Utilization & Storage (CCUS). Low-cost financing is one of the six key priority areas identified by the ETWG during India's presidency.

- Additionally, two-panel discussions took place during the event. The first panel, moderated by Gauri Singh, Deputy Director-General of IRENA, centered around the "outlook of new and emerging energy technologies." The second panel, moderated by Dan Dorner, Head of the Strategic Initiatives Office at the International Energy Agency (IEA), focused on the role of International Financial Institutions (IFIs) and Multilateral Development Banks (MDBs) in mobilizing investments.

2. MP Cabinet approved ‘CM Learn and Earn’ Scheme for Unemployed Youths

On May 17, 2023, the State Cabinet of Madhya Pradesh, chaired by Chief Minister Shivraj Singh Chouhan, announced a new scheme called the "Mukhyamantri Sikho Kamao Yojana" or the "Chief Minister Learn and Earn Scheme." This scheme aims to provide skill training opportunities to unemployed youths in the state.

Aim : The scheme aims to offer employment-oriented skill training to approximately one lakh youths in Madhya Pradesh.

The scheme will not only provide training and skill enhancement but also offer a stipend to the participants, thereby boosting employment prospects and facilitating a better means of earning.

About eligibility :  To be eligible for the scheme, candidates must be residents of Madhya Pradesh and aged between 18 and 29. They should have a minimum educational qualification of 12th class or an ITI (industrial training) certificate.

Stipend Benefits (Monthly) :

(i) Candidates with a 12th class qualification : Rs. 8,000

(ii) Candidates with ITI/Diploma qualification : Rs. 8,500/9,000

(iii) Graduates or those with higher degrees : Rs. 10,000

- 75% of the stipend will be directly transferred to the trainees' bank accounts by the state government through Direct Benefit Transfer (DBT). The remaining 25% of the prescribed minimum stipend will be deposited by the respective establishment into the trainee's account.

Features of the scheme :

The scheme identifies 703 types of work areas, including engineering, tourism, hotel management, hospitals, railways, ITI, software development, banking, chartered accountancy, industries, and other financial services, for training.

- Establishments operating in the media, arts, law and legal services, education and training, and service sectors will also be included in the scheme.

- The scheme focuses on providing industry-oriented training, enhancing proficiency in the latest technologies and processes, and improving regular employability for the trainees.

- Candidates who pass the training will receive a State Council for Vocational Training (SCVT) certificate issued by the Madhya Pradesh State Skill Development and Employment Generation Board (MPSSDEGB).

About registration :

- Registration of establishments for training the youths will commence on June 7, 2023.

- The registration of youths for the scheme will start from June 15, 2023.

- The youth will begin working or receiving training from August 1, 2023, and the first monthly stipend will be disbursed on August 31.

About Madhya Pradesh :

Chief Minister : Shivraj Singh Chouhan

Governor : Mangubhai C. Patel

Zoological Park : Van Vihar National Park Zoo, Kamla Nehru Prani Sangrahalaya Zoo (Indore Zoo)

3. UBI Global ranks Kerala Startup Mission as World’s No.1 Public Business Incubator

In the 2nd edition of the UBI Global World Rankings of business incubators and accelerators (World Ranking Report 21/22), Kerala Startup Mission (KSUM) has secured the top position as the world's leading public/private business incubator. KSUM has been recognized for its significant role in establishing Kerala as a thriving startup hub.

- The Secretary (Electronics & IT) of Kerala, Rathan U Kelkar, and the Chief Executive Officer (CEO) of KSUM, Anoop Ambika, jointly received this prestigious honor during the UBI Global World Rankings 2021-2022 event, which took place as part of the World Incubation Summit in Ghent, Belgium.

- The World Ranking Report 21/22 is based on the findings and accolades derived from the World Benchmark Study 2021-2022 conducted by UBI Global, an innovation intelligence company and community based in Sweden. This study represents the sixth edition of its kind.

- Incubators and accelerators from over 90 countries participated in the study, engaging in self-assessment to evaluate their performance and impact. The analysis, study, benchmarking, and ranking of these institutions were carried out by UBI Global.

About KSUM :

KSUM, established in 2006, serves as the Kerala Government's agency dedicated to fostering entrepreneurship within the state. It actively implements the Kerala Technology Startup Policy and provides comprehensive support to the startup ecosystem through various schemes and programs. KSUM focuses on nurturing technology-based entrepreneurship and developing essential infrastructure to facilitate the growth of high-end startup ventures.

- The organization's pioneering initiatives, including the 'Fail Fast or Succeed' (FFS) virtual incubation program, physical incubation support for startups at different stages, and a well-structured funding mechanism, have played a crucial role in attaining the esteemed global recognition mentioned earlier. These innovative programs have contributed significantly to the success and impact of the startup ecosystem in Kerala.

Ranker holders :

(i) Public/Private Business Incubator - Kerala Startup Mission(KSUM), India

(ii) Public/Private Business Accelerator - EIT Health Accelerator, Europe

(iii) University Business Incubator - İTÜ Çekirdek, Türkiye

(iv) University Business Accelerator -  Interuniversity Microelectronics Centre (IMEC), Belgium

About UBI Global :

CEO and Co-Founder : Ali Amin

Headquarters : Stockholm, Sweden

Founded in : 2013

4. MoUs signed for 2 Community Development Projects in Nepal under GOI Grant Assistance

On May 17, 2023, the Embassy of India in Kathmandu, Nepal, and the Ministry of Federal Affairs and General Administration of the Government of Nepal signed Memorandums of Understanding (MoUs) for the implementation of two High Impact Community Development Projects (HICDPs) in Nepal. These projects will be undertaken with grant assistance from the Indian Government.

(i) Malagiri Shanti Yogashram, Ramechhap District, Nepal :

The first project involves the construction of the Malagiri Shanti Yogashram in Ramechhap District, Nepal. The implementation of this project will be carried out in collaboration with Ramechhap Municipality. It aims to provide improved healthcare facilities for the local community, contributing to the overall betterment of health services in the area.

(ii) Kedar Jyotipunja Multiple Campus, Doti District, Nepal :

The second project focuses on the construction of the Kedar Jyotipunja Multiple Campus in Doti District, Nepal. The implementation of this project will be undertaken in partnership with Badikedar Rural Municipality. The objective is to enhance educational opportunities and infrastructure, thereby improving the quality of education in the region.

Both projects, one in the healthcare sector and the other in the education sector, are estimated to cost a total of Nepalese Rupees (NRs) 80.33 million.

Key Information about HICDPs :

Objective : The construction of these projects aims to enhance healthcare and education facilities for the local communities, ultimately improving the quality of life for people in Nepal.

Implementation : The Malagiri Shanti Yogashram project will be implemented through Ramechhap Municipality, while the Kedar Jyotipunja Multiple Campus project will be implemented through Badikedar Rural Municipality.

Indo-Nepal Projects :

- India has been actively involved in Indo-Nepal development projects since 2003.

- Over 535 High Impact Community Development Projects have been undertaken by India in Nepal, with 478 projects already completed.

Among these projects, 81 are located in Mahdesh Pradesh, Nepal, including 6 projects specifically in Mahottari District, Nepal.

As part of these initiatives, the Government of India has also donated 23 ambulances to various hospitals and health posts in Mahottari, Nepal.

About Nepal :

President : Ram Chandra Poudel

Prime Minister : Pushpa Kamal Dahal

Capital : Kathmandu

Currency : Nepalese Rupee (NR) 

5. Trichy Airport’s New Terminal Project Bags International Safety Award: British Safety Council

ITD Cementation India Limited has been honored with the International Safety Award in the first-class merit category by the British Safety Council for the Tiruchirappalli International Airport project, also known as the Trichy Airport Project.

The construction of the new terminal building in Trichy, Tamil Nadu, undertaken by ITD Cementation India Limited, led to their receipt of the award on May 10, 2023.

The prestigious recognition was bestowed upon ITD Cementation India Limited for their unwavering commitment to maintaining excellent health and safety standards throughout 2022.

Key Details :

- Selection Criteria: The Trichy Airport Project was selected for the award based on the evaluation parameters set by the British Safety Council, scoring an impressive 73.21% marks.

- Previous Recognition: ITD Cementation India Limited had previously received an accolade from the National Safety Council of India (NSCI) in 2019, acknowledging their outstanding performance in occupational safety and health.

Note : The Trichy Airport Project undertaken by ITD Cementation India Limited has been acknowledged for their exceptional dedication to ensuring the highest standards of safety and promoting a healthy work environment.

About the British Safety Council :

Chief Executive Officer (CEO) : Michael Robinson

Headquarters : London, the United Kingdom (UK)

Establishment : 1957

6. DSCI appoints Pramod Bhasin as its New Chairman

Effective from April 1, 2023, Pramod Bhasin has been appointed as the new Chairman of the Data Security Council of India (DSCI). He succeeds Rajendra S Pawar, the chairman and co-founder of NIIT Group, who held the position for three years.

Here are some key details about Pramod Bhasin and his role as the Chairman of DSCI :

- Pramod Bhasin currently serves as the Chairman of the Indian Council for Research on International Economic Relations (ICRIER).

- He founded Genpact in 1996 and served as its leader until 2011, playing a significant role in shaping the business process industry in India.

- Along with Vinayak Godse, the Chief Executive Officer (CEO) of DSCI, the newly appointed leadership aims to establish cybersecurity as a crucial element of the evolving era of digitization.

Note : DSCI, established by NASSCOM (National Association of Software and Service Companies), is a not-for-profit industry body dedicated to data protection in India. Its mission is to foster a safe, secure, and trusted cyberspace by establishing best practices, standards, and initiatives in cybersecurity and privacy.

7. Indra Installs Naval Version of Lanza 3D Radar on Indian Navy’s Destroyer

Indra Sistemas, S.A. (Indra), a Madrid-based Information Technology and Defense System Company, in collaboration with TATA Advanced Systems Limited (TASL), has successfully installed the naval version of Lanza-N 3D radar on an Indian Navy Destroyer Ship.

This installation marks the first of 23 radars that will be equipped on Indian Naval Ships. Over the next decade, Indra will deliver these radar systems to the Indian Navy.

The introduction of Lanza-N radars aims to enhance the maritime security efforts of the Indian Navy. These state-of-the-art radar systems provide advanced surveillance capabilities, enabling naval vessels to detect and track surface and air threats in real-time effectively.

Important points :

Radar Deployment : The Lanza-N 3D radar systems will replace the ELM-2248 MF-STAR and RAWL-02/LW-08 radars on India's Kolkata-class and Visakhapatnam-class destroyers during their scheduled refit or mid-life modernization program.

Aim : By deploying Lanza-N radars, the Indian Navy seeks to bolster its surveillance and air defense capabilities.

- Features of Lanza-N Radar : The Lanza-N 3D radar integrates a primary surveillance radar with medium and long-range coverage of up to 254 nautical miles (approximately 450 kilometers). It also includes a Secondary Surveillance Radar (SSR)/IFF (Identification Friend or Foe).

- Technological Advancements : The Lanza-N radar system incorporates the latest technological and operational updates from Indra's Lanza radar family. It features increased power for extended long-range capabilities and allows for remote monitoring of the pressurization system.

- Situational Awareness : With the comprehensive situational picture provided by the Lanza-N radar, naval commanders can make informed decisions swiftly, improving the Navy's overall situational awareness during operations. These radars offer enhanced detection range, accuracy, and reliability, enhancing tracking and target acquisition capabilities.

By equipping Indian Naval Ships with Lanza-N 3D radars, the Indian Navy aims to strengthen its defense capabilities and safeguard maritime interests effectively.

8. SpaceX launches 22 Second-Generation Starlink Satellites to Orbit

On 19th May 2023, SpaceX launched a Falcon 9 rocket topped with 22 second-generation “V2 Mini” Starlink satellites into Orbit, which was lifted off from Cape Canaveral Space Force Station in Florida, United States of America (USA), and landed the returning rocket at sea.

- “ V2 Mini ” Starlink satellites are larger and more capable than the 1st-generation Starlink craft that make up the vast majority of the mega constellation.

- This launch was the 30th Falcon 9 flight of the year and the 32nd orbital mission overall for SpaceX in 2023.

- It was the 5th launch and landing for this particular booster, SpaceX. It has previously launched CRS-26, OneWeb Launch 16, Intelsat IS-40e, and one Starlink mission.

9. Patch Reporting App: Uttarakhand CM launches mobile app to Report Potholes

On May 15, 2023, the Chief Minister (CM) of Uttarakhand, Pushkar Singh Dhami launched ‘Patch Reporting App’ to report potholes. It will help in making the roads of Uttarakhand pothole-free.

- This app will enable the mobile phone users to record pictures of potholes and register their complaints with Public Works Department (PWD) authorities seeking their repair by giving the relevant details.

- The complainants will be given updates about action taken for the redressal of their complaints.

10. Himachal Pradesh’s unique Kangra tea registered for GI tag with European Union

On May 18, 2023, Kangra tea from Himachal Pradesh was granted protected Geographical Indication (GI) status by the European Union (EU). This certification allows the tea to be sold in Europe, as it acknowledges the product's quality, authenticity, and reputation in the European market.

- Kangra Tea is renowned for its exceptional quality, distinctive aroma, and a subtle hint of fruity flavor.

- This recognition will particularly benefit the tea growers in Palampur, Baijnath, Kangra, and Dharamshala in the Kangra district, Jogindernagar in the Mandi district, and the Bhattiyat area of Chamba district.

- Kangra tea was initially awarded the GI status in 2005 by the Registrar of Geographical Indications in Chennai, Tamil Nadu.

- The GI status has been granted to more than 400 traditional products from Himachal Pradesh, including Kullu shawl, Chamba Rumal, Kinnaur shawl, Kangra painting, Lahaul woolen socks, gloves, and more.

11. Odisha CM Naveen Patnaik launches State Dashboard & CM Dashboard

On May 18, 2023, Naveen Patnaik, Chief Minister (CM) of Odisha, launched “State Dashboard”, a data and analytics-powered platform which will streamline performance monitoring of government schemes by aiding data-driven decision-making.

- The State Dashboard consists of 3 critical components : CM Dashboard, Department Dashboard, and Administrative Action Monitoring Portal.

- The launch of the integrated Dashboard will carry forward the 5T governance model (transparency, teamwork, technology, timeliness, and transformation).

- The Dashboard will enable citizens to access public information with ease on policies, budget allocations and public expenditures.

12. Indian Navy & Royal Saudi Naval Force Collaborate for Maiden Afloat Training of Saudi Cadets

Indian Navy and the Royal Saudi Naval Force of the Saudi Arabian Armed Forces collaborate for first-ever training of Saudi Cadets with the Indian Navy. 55 cadets from the King Fahd Naval Academy, Saudi Arabia, arrived at Kochi(Kerala) headquarters of India’s Southern Naval Command on 16th May 2023 for 24 days of afloat training.

- This would contribute towards mutual cooperation between the Navies of India and Saudi Arabia.

- The 55 cadets along with 5 Directing Staff from King Fahd Naval Academy, Saudi Arabia arrived onboard First Training Squadron (1TS) - ships, Indian Navy ships(INS) Tir and INS Sujata at Kochi as part of afloat training with the Indian Navy.

- During their training, the cadets will receive instruction in seamanship, navigation, fire fighting, and emergency drills while on board.

To offer them practical exposure to life on a sailing vessel, the cadets will also be assigned to serve on the Sail Training Ship, INS Sudarshini, during this duration.

13. Telangana Home Minister Mohammed Mahmood Ali launches “ SAHAS ” - An Initiative to Make Workplaces Safer for Women

On May 19, 2023, Mohammed Mahmood Ali, the Minister of Home, Prisons, and Fire Services in Telangana, inaugurated the "SAHAS" initiative, which signifies 'Courage'. Its main objective is to strengthen support systems for women who experience workplace sexual harassment.

- " SAHAS " is a pioneering collaborative effort between the State Police and Industry Bodies to create a conducive environment and provide comprehensive support for female employees in workplaces throughout Telangana.

- The brainchild of Shikha Goel, the Director General of Police (DGP) Women Safety Wing, the SAHAS project encompasses various components, including the launch of the Sahas Microsite, Sahas Sathi Chatbot, Sahas Whatsapp Number, Forum, and online support facilities in Hyderabad, Telangana.

- The Sahas initiative receives sponsorship and support from Ixoreal Biomed, the manufacturer of "KSM-66 Ashwagandha".

Banking & Finance News :

1. RBI gives nod to SBIFML to acquire 9.99% stake in HDFC Bank

On May 17, 2023, the Reserve Bank of India (RBI) granted approval to SBI Funds Management Ltd (SBIFML) for acquiring a stake of up to 9.99% in the paid-up share capital or voting rights of HDFC Bank Ltd.

- SBIFML is required to acquire the majority shareholding in the bank within a six-month period, specifically by November 15, 2023.

- This investment will be made as part of the mutual fund schemes managed by SBI Funds Management.

Here are some key points to note :

(i) Currently, SBIFML holds a 5.07% equity stake in HDFC Bank and a 3.79% stake in Housing Development Finance Corporation (HDFC) Limited.

(ii) SBIFML must ensure that its aggregate holding in HDFC Bank remains below 10% of the paid-up share capital or voting rights of the bank at all times.

(iii) It is important to mention that the approval is subject to certain conditions, including compliance with the relevant provisions of the Banking Regulation (BR) Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023, provisions of the Foreign Exchange Management Act, 1999, regulations issued by the Securities and Exchange Board of India (SEBI), and other applicable guidelines and regulations.

(iv) SBIFML is the largest mutual fund manager in India, with assets under management of Rs 7.17-lakh crore as of the end of March 2023.

About SBI Funds Management Ltd. (SBIFML) :  It is a Joint Venture between the State Bank of India (SBI) and AMUNDI (France).

Managing Director & Chief Executive Officer : Shamsher Singh

Headquarters : Mumbai, Maharashtra

Other News :

1. SP Hinduja, UK-based Billionaire Businessman & Chairman of Hinduja Group, Passed away

On May 17, 2023, Srichand Parmanand Hinduja (SP Hinduja), the India-born British industrialist and Chairman of the Hinduja Group, passed away at the age of 87 in London, United Kingdom (UK). He was born on November 28, 1935, in Karachi, Sindh province, British India (now Pakistan).

- SP Hinduja also held the position of Chairman of the Hinduja Bank of Switzerland and Hinduja Foundations.

- He was the eldest among the four Hinduja brothers: Gopichand P Hinduja, Prakash P Hinduja, and Ashok P. Hinduja.

- Following SP Hinduja's passing, his brother Gopichand Hinduja will succeed him as Chairman of the Hinduja Group.

Here are some highlights of SP Hinduja's career :

(i) In 1952, SP Hinduja entered the family business of textile and trading in Mumbai, Maharashtra, and Tehran, Iran.

The Hinduja Group was initially headquartered in Iran and later moved to London, UK, in 1979.

(ii) In 1993, SP Hinduja ventured into banking with IndusInd Bank, one of the first new-generation private banks in India.

In 1994, he founded S P Hinduja Banque Privee, the only Indian-owned Swiss bank, headquartered in Geneva, Switzerland.

(iii) He established himself as a leading business tycoon in India, alongside prominent names such as the Tatas, the Birlas, the Bajajs, and the Ambanis.

(iv) Under SP Hinduja's leadership, the Hinduja Group made significant acquisitions, including Gulf Oil from the US-based oil company Chevron in 1984 and Ashok Leyland Ltd (formerly Land Rover Leyland International Holdings) from the UK's Rover Group in 1987.

In 2012, the Group acquired Houghton International, the world's largest metal fluids manufacturer, based in the United States.

SP Hinduja leaves behind a legacy of entrepreneurial success and contributions to various industries.

2. Rattan Lal Kataria, BJP MP from Ambala, Passed Away

On 18th May 2023, Bharatiya Janata Party (BJP) leader Rattan Lal Kataria, a Member of Parliament (MP), Lok Sabha, from Ambala (Haryana), passed away in Chandigarh at the age of 72. He was born on 19 December 1951 in Yamunanagar, Haryana.

- He was also associated with the Rashtriya Swayamsevak Sangh (RSS) for over five decades. From 2000 to 2003, he served as the President of the BJP (Haryana Unit).

- Rattan Lal Kataria, the 3-time MP, was elected to the Lok Sabha from Ambala in 1999, 2014, and 2019.

- Rattan Lal Kataria served as the Minister of State (MoS) for Jal Shakti and Social Justice and Empowerment from 2019 to 2021.

The ₹2000 banknotes will be withdrawn from circulation but will remain as legal tender

The ₹2000 banknote was introduced in November 2016 after the withdrawal of ₹500 and ₹1000 banknotes. Its objective was fulfilled when other denominations became available, and printing was stopped in 2018-19.

-  Around 89% of the ₹2000 banknotes were issued before March 2017 and are reaching the end of their estimated lifespan. The value of these banknotes in circulation has decreased significantly.

- The denomination is not commonly used for transactions, and an adequate stock of other denominations is available to meet currency requirements.

- To align with the "Clean Note Policy," the ₹2000 banknotes will be withdrawn from circulation while remaining legal tender.

- The public can deposit or exchange ₹2000 banknotes at any bank branch until September 30, 2023, with a limit of ₹20,000 at a time starting from May 23, 2023.

- The 19 Regional Offices of RBI will also provide exchange facilities for ₹2000 banknotes.

- Banks are advised to stop issuing ₹2000 banknotes immediately.

- The public is encouraged to utilize the time until September 30, 2023, to deposit or exchange their ₹2000 banknotes. FAQs are available on the RBI website for more information.

[ Yogesh Dayal (Chief General Manager) ; Press Release: 2023-2024/257 ]