Daily Current Affairs February 19 & 20 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

HDFC Bank becomes 1st Private sector bank to enable linking of ‘Rupay Credit on UPI’

• HDFC Bank has become the first private sector bank in India to take up a service that allows customers to use RuPay credit cards on a unified payments interface (UPI) with Bharat Interface for Money (BHIM)and other UPI-enabled apps.

Aim :

• To enable safe, and secure payment transactions.
• Till 2022, UPI was being linked to savings accounts from where the payments used to be debited.
• From now on, HDFC Bank Rupay credit cards can be linked to a UPI ID enabling a customer to use the credit card on popular payments platforms.

Key Highlights :

• Roughly 2-4 million merchants accept credit cards and more than 50 million accept UPI payments.
• Currently, 3 banks Punjab National Bank, Union Bank of India, and Indian Bank, which are all state owned, use the UPI feature.

What is Rupay?

• RuPay is an Indian multinational financial services and payment service system, launched by the National Payments Corporation of India (NPCI) on 26 March 2012.

About HDFC Bank :

• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

HDFC raises Rs 25,000 crore via India’s largest rupee bond sale                        

• Housing Development Finance Corporation Ltd (HDFC) concluded a sale of 10-year non-convertible debentures (NCDs) worth Rs 25,000 crore, marking the largest domestic rupee bond issuance by a corporate in India.
• The housing financier’s bonds carry an annualised coupon or the rate of interest periodically paid out to investors of 7.97%.
• The 10-year benchmark government bond yield closed at 7.35% in the secondary market.
• The deal was arranged by ICICI Bank, Axis Bank, HDFC Bank, and ICICI Securities Primary Dealership.
• The issue was oversubscribed and received 92 bids amounting to 27,863 crore of which the company retained 55 investor bids totaling to Rs. 25,000 crore

Key Highlights :         

• Earlier HDFC had launched the debt issuance with a base size of Rs 5,000 crore and the option to retain additional subscription worth Rs 20,000 crore.
• In December 2022, HDFC Bank raised Rs 15,000 crore through the issuance of tier-2 bonds, marking the largest sale by any bank in the current financial year.

NSDC partners with HDFC Life to boost entrepreneurial skills

• The National Skill Development Corporation (NSDC), working under the aegis of Ministry of Skill Development & Entrepreneurship (MSDE), Government of India (GoI) has entered into a partnership with HDFC Life, India’s life insurer, under the Skill India Mission, to support self-employment and augment entrepreneurial opportunities.

About the Partnership :

• As part of this collaboration, NSDC will support HDFC Life in inducting trained (https://www.hdfclife.com/) life insurance advisors and strengthening the last mile reach.
• The partnership will provide training to candidates undergoing the IC38 examination conducted by the Insurance Regulatory and Development Authority of India (IRDAI) and drive skill enhancement.

About NSDC :

• Headquarters : New Delhi, India
• MD & CEO : Ved Mani Tiwari
• NSDC is a not-for-profit public limited company incorporated on July 31, 2008, under section 25 of the Companies Act, 1956 (corresponding to section 8 of the Companies Act, 2013).
• NSDC was set up by the Ministry of Finance as a Public Private Partnership (PPP) model.
• It has established 37 Sector Skill Councils (SSCs) and implements the Government’s flagship skill development schemes such as Pradhan Mantri Kaushal Vikas Yojana (PMKVY), National Apprenticeship Promotion Scheme (NAPS)

About HDFC Life :

• Founded : 2000
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Vibha Padalkar
• HDFC Life is a joint venture (JV) between Housing Development Finance Corporation Ltd (HDFC), one of India’s leading housing finance institutions and Abrdn, a global investment company.

SEBI notifies governance norms for REITs, InvITs

• Capital Market Regulator Securities and Exchange Board of India (SEBI) notified governance norms for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) on the lines of listed companies.
• In two separate notifications, provisions such as those related to tenure of auditor, computation of leverage and unclaimed or unpaid distribution have been streamlined by the SEBI.
• This comes after the board of SEBI approved a proposal in December, 2022 for introducing governance norms for REITs and InvITs on the lines of corporate governance norms for listed companies.
• The SEBI stated that the tenure of an auditor will be made till the conclusion of the 5th annual general meeting of unitholders, and a statutory auditor will undertake a limited audit of all the entities or companies whose accounts are to be consolidated.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance , GoI.

PSBs Write Off Rs 29,000-Crore Bad Loans In December 2022 Quarter

• During Q3FY23, public-sector banks (PSBs) in India wrote off bad loans worth Rs 29,000 crore, up from Rs 23,000 crore in the same quarter of the previous year.
• According to estimates by rating agency CARE Ratings, the write-offs by PSBs in April-December 2022, at Rs 81,000 crore, were lower than the Rs 90,000 crore in April-December 2021.

Key Highlights :

• The gross non-performing assets (GNPAs) for the banking sector as a whole remain at around 5%, the figure is expected to come down to 2-2.5%, which was the level seen 10-12 years ago.
• The gross NPAs of 12 PSBs declined 18% YoY to Rs 4.58 lakh crore at the end of December 2022, while net NPAs dropped by 32% to Rs 1.15 lakh crore during the same period.
• In Q3FY23, Bank of India, a Mumbai-based public-sector lender, wrote off Rs 2,522 crore, higher than the Rs 1,883 crore in the second quarter but much lower than the Rs 4,900 crore in Q3FY22.
• Public sector banks have written off a massive Rs 8 lakh crore worth of loans since 2014, more than double the capital of Rs 3.37 lakh crore infused by the government in them.
• The maximum write-offs were in fiscal 2019 at Rs 1.83 lakh crore, followed by FY20 at Rs 1.75 lakh crore.

DriveU partners with SMC Insurance to provide car insurance

• DriveU, a leading car driver service and a super-app for car owners, partnered with SMC Insurance Brokers Pvt. Ltd to provide car insurance for over 650,000 DriveU customers.

Aim :

• To make the insurance buying process more gratifying and less daunting of a task.

About the Partnership :

• Through this partnership, all the new and existing customers of DriveU will be able to buy or renew their car insurance easily.
• The collaboration will make the car insurance buying process simpler and more seamless for the customers.
• With this, DriveU, is one step closer to rewarding the entire car ownership journey with every transaction on the DriveU platform further reducing the cost of owning a car, and consolidating the needs of car owners under one roof.

Note :

• Co-founder and CEO of DriveU : Ashok Shastry
• Director of SMC Group : Pravin K Agarwal

CURRENT AFFAIRS: NATIONAL NEWS

Twelve cheetahs from South Africa arrive at Kuno National Park

• Under Project Cheetah, a total of 12 African cheetahs including seven males and five females will reach Kuno National Park, Madhya Pradesh.
• The second batch of cheetahs will fly down from South Africa through C-17 aircraft of the Indian Air Force (IAF).
• In South Africa, three cheetahs have been kept in Phinda quarantine boma and nine in Rooiberg quarantine boma.
• There is no specific distinction between the South African and Namibian cheetahs. South African cheetahs belong completely to the wild and have a wild character.
• The “Action Plan for Introduction of Cheetah in India” has been prepared by the Wildlife Institute of India.
• After the importing 12 cheetahs in February, 12 cheetahs will be translocated annually for the next eight to 10 years.
• Earlier, eight Namibian cheetahs — five females and three males were released by Prime Minister Narendra Modi at Kuno National Park on 17 September 2022.

Recently held:

• Recently, South Africa signed an MoU on cooperation in the re-introduction of Cheetahs in India.
• India has launched the Project Cheetah initiative as per the IUCN guidelines.

National level Hackathon ‘KAVACH-2023’ launched to advance India’s cyber-preparedness

• KAVACH-2023 has been launched in New Delhi to advance India’s cyber-preparedness .
• It is a national-level hackathon to identify innovative ideas and technological solutions to address the cyber security and cybercrime challenges of the 21st century.
• KAVACH-2023 is being jointly conducted by the Ministry of Education’s Innovation Cell, AICTE, Bureau of Police Research and Development (BPR&D) and the Indian Cyber Crime Coordination Centre.
• Shri Balaji Srivastava, IPS, Director General, BPR&D, said that it will be a 36-hour long event
• During KAVACH-2023, youth from educational institutions across the country and registered start-ups will take part.
• The winning teams will be awarded total prize money worth Rs 20 Lakh.

About BPR&D

• Founded: 28 August 1970
• Headquarters: New Delhi, India
• Agency executive: BALAJI SRIVASTAVA

Indian Railways, India Post launch ‘Rail Post Gati Shakti Express Cargo Service’

• Rail Post Gati Shakti Express Cargo Service has been launched by Indian Railways.
• A Joint Parcel Product, Rail Post Gati Shakti Express Cargo Servi ce, has formally been launched by Indian Railways and Indian Post.
• It is an initiative to providing seamless logistics for the service sector in the country.
• This is in compliance with the budget announcement for the financial year 2022-23.
• It has been launched on 16 February on four sectors- Delhi to Kolkata, Bengaluru to Guwahati, Surat to Muzaffarpur and Hyderabad to Hazrat Nizamuddin.
• To take this initiative forward, a joint marketing team has been formed between Postal and Railways.

Key Features of this service are as follows:

• Door step Pick-Up and Delivery, Flexibility of Quantum of Load, Time Tabled Service, Safe Transmission, Insurance, Affordable Tariff, Single Point of Contact, Mobile Application
• Earlier, a pilot weekly service was started from Surat to Varanasi by connecting one VPU with Tapti Ganga Express on 31 March 2022.

North India’s first nuclear plant to come up in Haryana

• North India’s first nuclear power plant will come up in Haryana in the village of Gorakhpur in Fatehabad district, 150 km north of the national capital.
• Union Minister of State for Science and Technology, and Earth Sciences Jitendra Singh said that during Prime Minister Narendra Modi’s regime, one of the major achievements would be the installation of nuclear/atomic energy plants in other parts of the country, which were earlier confined mostly to south Indian states like Tamil Nadu and Andhra Pradesh or in the west in Maharashtra, according to a statement from the Department of Atomic Energy.
• Recently a bulk approval of the installation of 10 nuclear reactors has been given the nod by the Modi government.
• Gorakhpur Haryana Anu Vidyut Pariyojana (GHAVP), which will have two units of 700 MWe capacity each of pressurised heavy water reactor (PHWR) indigenous design, is under implementation near Gorakhpur village in Fatehabad district in Haryana, according to the statement from the department of atomic energy.
• Till date, an amount of Rs 4,906 crore has been spent from the total allocated funds of Rs 20,594 crore.

Despite funding winter, India is the third largest startup ecosystem globally: NASSCOM

• According to a report produced by NASSCOM in collaboration with Zinnov, a management consulting firm despite a slowdown in startup funding, India continues to be the third largest tech start-up ecosystem globally, with over 1,300 active tech start-ups added in CY2022.
• According to the report, India added the second highest number of Unicorns in the world, with over 23 added in CY2022.
• Simultaneously, the potential pipeline of Unicorns expanded to over 170, growing at a pace equivalent to 2021.
• The year also witnessed a significant investment focus on non-unicorns and unique start-ups.
• Almost 1,400 unique start-ups received funding in 2022, 18 per cent higher than in 2021. Amongst these, 47 per cent of start-ups raised their first round in 2022.

About NASSCOM:

• The National Association of Software and Service Companies is an Indian non-governmental trade association and advocacy group, focused mainly on the technology industry of India.
• Established in 1988, NASSCOM is a non-profit organisation.
• Debjani Ghosh, President, NASSCOM.

CCI approves Dalmia Cement’s acquisition of Jaiprakash Associates’ cement plants for ₹5,666 crore

• The Competition Commission of India (CCI) has approved a ₹5,666 crore deal related to Dalmia Cement’s acquisition of cement, clinker and power plants of Jaiprakash Associates Limited (JAL).
• The acquisition will enable New Delhi-headquartered Dalmia Cement to expand its footprint into the central India region and emerge as a pan-India company with 75 million tonnes capacity by FY27 and 110-130 million tonnes by FY31. More than 50 per cent of Jaypee Group’s cement capacity is located in central India.
• Dalmia Cements is a wholly owned subsidiary of Dalmia B harat Limited (DBL) which has been in business of the manufacture and sale of cement for over 80 years.
• DBL is the ultimate parent entity of the Dalmia Bharat Group.
• JAL is engaged in the manufacture and sale of clinker in India, manufacture and sale of grey cement primarily in the States of Madhya Pradesh, Uttar Pradesh, Chhattisgarh and (coal-based) thermal power generation primarily for captive consumption purposes in India.
• The plants that are being sold under this deal are situated at Madhya Pradesh, Uttar Pradesh, and Chhattisgarh.
• In December last year, Dalmia Bharat through its wholly-owned subsidiary Dalmia Cement entered into a binding framework agreement to acquire the entities for an aggregate enterprise value of ₹5,666 crore.
• The agreement covered divestment of the cement, clinker and power plants having aggregate cement capacity of 9.4 mtpa, along with clinker capacity of 6.7 mtpa and thermal power plants of aggregate capacity of 280 MW.
• JAL had decided to exit from cement business completely and use the proceeds to repay the loans of lenders and concentrate in its other core areas of working.

About CCI

• Founded: 14 October 2003
• Headquarters: New Delhi
• First executive: Dhanendra Kumar
• Agency executive: Ashok Kumar Gupta

CURRENT AFFAIRS : INTERNATIONAL NEWS

Global Sea level Rise a major threat to India, other nations – WMO

• According to the World Meteorological Organisation (WMO) report, titled “Global Sea-Level Rise and Implications”, Between 2013 and 2022, global mean sea-level rose by5 millimetre (mm).
• WMO stated that human influence was very likely the main driver of these increases since at least 1971.

Key Highlights :

• The global mean sea level has increased by 20m between 1901 and 2018.
• The average rate of increase was 3 mm/ year between 1901 and 1971 while it was 1.9 mm/year between 1971 and 2006 & 3.7 millimetre/year between 2006 and 2018.
• As per report, Mumbai, Shanghai, Dhaka, Bangkok, Jakarta, Maputo, Lagos, Cairo, London, Copenhagen, New York, Los Angeles, Buenos Aires, and Santiago are among the cities most threatened by rise in sea levels.
• Sea level rise is a major threat to Mumbai, Chennai, Kolkata and other coastal cities of India.
• The Sea level rise is a major threat for India and China along with Bangladesh, the Netherlands and other countries having coastal populations.
• As per the WMO report, the sea levels will rise by 2-3 metres over the next 2,000 years if the increase in global temperatures is limited to 1.5 degrees Celsius (above pre-industrial levels) till the end of the century.
• Higher temperatures would mean bigger rise in sea levels, estimating that 2 degrees Celsius increase would mean a rise of 2-6 metres, while 5 degrees Celsius warming would lead to 19-22 metre rise in sea levels.
• During 1971-2018, thermal expansion is responsible for 50% of sea level rise. 22% of the rise in sea level is due to the loss of ice from glaciers.
• According to WMO, the global mean sea level rise by 2100 will be 0.28-0.55 m under the very low GHG (greenhouse gas) emissions
• The sea level rise will be 0.44-0.76 m under the intermediate GHG emissions conditions and 0.63-1.01 m under the very high emissions.
• In the Indian Ocean, 50% of the sea level rise is due to the expansion of the volume of water as the ocean water is warming up rapidly.

About WMO :

• Founded : 23 March 1950
• Headquarters : Geneva, Switzerland
• President : Gerhard Adrian
• Secretary General : Petteri Taalas
• Member States : 193 countries and territories
• The WMO is a specialised agency of the United Nations (UN).

India & Spain agree to collaborate on digital infrastructure, climate action and sustainable development

• India’s Prime Minister Shri Narendra Modi and his Spanish counterpart Mr Pedro Sanchezagreed to collaborate on issues such as digital infrastructure, climate action, clean energy and sustainable development.

Key Highlights :

• Both leaders discussed many bilateral and international issues of mutual interest.
• India and Spain leaders reviewed ongoing bilateral initiatives and expressed satisfaction at the growing cooperation in the defence, economic and commercial sectors.
• PM Modi briefed his Spanish counterpart on India’s priorities for the G-20 Presidency oriented towards working to promote oneness based on the theme of Vasudhaiva Kutumbkam (One Earth, One Family, One Future).
• “Prime Minister Sánchez extended full support to India’s initiatives under its G-20 Presidency

Bilateral Agreements between India & Spain :

• Agreement on Trade and Economic Cooperation (1972)
• Agreement on Cultural Cooperation (1982).
• Civil Aviation Agreement (1986).
• Double Taxation Avoidance Agreement (1993).
• Bilateral Investment Protection and Promotion Agreement (1997).
• Extradition Treaty (2002)
• MoU on Institutionalisation of Political Dialogue (2006)

About Spain :

• Prime Minister : Pedro Sánchez
• Capital: Madrid
• Currency : Euro

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh Govt Inks MoUs With HCL Foundation To Strengthen The Grassroots Sports Ecosystem

• The Sports Department of Uttar Pradesh (UP) signed memorandums of understanding (MoU) with HCL Foundation to strengthen the Grassroots Sports Ecosystem And Infrastructure And Build High-Performance Centre.
• The MoU was signed at the sports-focused session titled “Harnessing opportunities in the sports sector in Uttar Pradesh ” during the UPGIS 2023 event in Lucknow, UP.

Aim :

• To strengthen the grassroots sports ecosystem of the state and create synergies with corporates and organisations to work on the PPP model to empower athlete training in UP.

Key Highlights :

• HCL Foundation intends to work with 5,000 underserved children and youth and persons with a disability to identify and nurture talent in multiple sports with the vision of mainstreaming them in the existing sports ecosystem of India.
• The proposed project will be implemented in Lucknow, Gautam Buddha Nagar & Hardoi districts of Uttar Pradesh.
• MotoGP Bharat is organising the Race world championship in BIC Lucknow with a proposed investment of Rs 473 crore and will employ 500 people.

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• Wildlife Sanctuary : Chandra Prabha WLS, Hastinapur WLS, Katarniaghat WLS
• Major Lakes : Pangaili Fulhar or Gomti Taal, Ramgarhtaal and Chiluataal, Surha Taal

West Bengal FM presents Rs 3.39-lakh crore budget for 2023-24          

• West Bengal (WB) Finance Minister (FM) Chandrima Bhattacharya presented a Rs 3.39-lakh crore budget for the Financial Year (FY) 2023-24.
• The budget focuses on social welfare and youth-oriented schemes and development of the rural roads.

Key Highlights :

• West Bengal’s Gross Domestic Product (GDP) is projected to grow at 8.4% and the industry at 7.8% in the ongoing 2022-23 fiscal.
• The WB government has allocated Rs 3000 crore for developing 11,500 km of rural roads.
• A new scheme Bhavishyat Credit Card has been introduced for youth to provide financial assistance as loans to begin a business. ₹350 crore has been allocated for the scheme
• Under the Bhavishyat Credit Card scheme, 2 lakh youth in the age group of 18-45 years will be given financial assistance as loans up to ₹5 lakh through banks for setting up micro-enterprises.
• The state government is taking up a special project named ‘Rastashree’ for strengthening the existing roads.
• The Rastashree project is also for improving the connectivity of these roads with other places. Rs. 3,000 crore has been allocated for this project.
• In the budget, the “Matsyajeebi Bandhu” scheme has also been introduced to support the dependent family members of the fisherman in case of their untimely demise.
• Under this scheme, the dependent family members shall receive one time grant of Rs. 2 lakh in case of the death of a registered fisherman between the age group of 18-60 years, either due to natural reasons or by accident.
• Agricultural income tax on tea gardens for 2023-24 and 2024-25 will be waived.
• In the budget, the government has provided an exemption on payment of Education Cess, Rural Employment Cess and Agricultural Income Tax for 2 years i.e. 2023-24 and 2024- 25.

About WB :

• Governor : C. V. Ananda Bose
• Chief Minister : Mamata Banerjee
• Capital : Kolkata
• National Park : Gorumara National Park
• Wildlife Sanctuary : Ballabhpur WLS, Bethuadahari WLS, Chapramari WLS

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

YouTube CEO Susan Wojcicki resigns & Indian-American Neal Mohan to be new CEO of YouTube 

• YouTube Chief Executive officer (CEO) & one of the first Google employees, Susan Wojcicki, is stepping down from her role in the tech giant that started in her garage 25 years ago.
• After the resignation of Susan Wojcicki, Indian-American Neal Mohan has been appointed as the next CEO of YouTube.
• The change of guard comes as YouTube is vying for viewing time with popular short-form video app TikTok and streaming services like Netflix.

About Neal Mohan :

• Mohan, a Stanford graduate, who is currently serving as the Chief Product Officer (CPO) at YouTube.
• Prior to joining YouTube, Mohan was Senior Vice President, Display and Video Ads at Google.

About YouTube :

• Founded : February 14, 2005
• Headquarters : San Bruno, California, United States
• Founders : Steve Chen, Chad Hurley and Jawed Karim.
• YouTube is a global online video sharing and social media platform.
• It is owned by Google, and is the second most visited website after Google Search.

CURRENT AFFAIRS: AWARDS AND HONOURS

Karnataka Bank wins ‘Prathista Puraskar – Digidhan Award’ from MeitY

• Karnataka Bank has won Prathista Puraskar under Digidhan Awards 2021-22.
• The bank has won the award for highest percentage in BHIM-UPI transactions in private sector bank category.
• The bank has won Prathista Puraskar under Digidhan Awards 2021-22 by the Union Ministry of Electronics and Information Technology.
• The bank is carrying out an accelerated digital drive under ‘KBL VIKAAS 2.0’.
• It is labelled as KBL-NxT.
• Ashwini Vaishnaw, Union Minister for Electronics and Information Technology gave the award to Gokuldas Pai, Chief Business Officer of the bank, and Jagadeesh KS, Deputy General Manager – Delhi region, Karnataka Bank.

About Karnataka bank:

• Karnataka Bank is a Scheduled Commercial Bank based in Mangaluru, Karnataka.
• It is a private sector bank.
• Mahabaleshwara M. S is its MD and CEO.

CURRENT AFFAIRS: BUSINESS NEWS

Surf Excel becomes HUL’s first $1 billion brand

• Hindustan Unilever’s Surf Excel detergent brand crossed a billion dollars in annual sales in 2022, the first brand in India’s home and personal care category to reach that mark.
• Surf Excel posted more than ₹8,200 crore in annual sale s last year, becoming also the first HUL brand to top that mark, driven by the company’s increased focus towards premium products.
• HUL’s second largest brand is Brooke Bond at ₹5,000 crore annual sales.
• Launched around six decades ago, Surf tasted success early and became a market leader soon after being launched.

About HUL

• HUL has introduced a number of other detergent brands in India to take on lower-priced products launched by rivals,but it always maintained the premium tag for Surf Excel.
• Sanjiv Mehta, MD and CEO of HUL.

 Zomato launches The Shelter Project, a network of rest points for delivery partners

• Food delivery major Zomato has launched The Shelter Project, under which the company has started building public infrastructure (called Rest Points) to support the entire gig economy and delivery partners of various companies.
• These rest points will offer delivery partners clean drinking water, phone-charging stations, access to washrooms, high-speed internet, a 24×7 helpdesk and first-aid support.

About Zomato:

• Zomato is an Indian multinational restaurant aggregator and food delivery company founded by Deepinder Goyal and Pankaj Chaddah in 2008.
• Headquarters: Gurgaon, Haryana, India.

Private wireless network companies to invest $250 million by 2027: Nokia MBiT report

• India’s total spend on private wireless networks is expected to reach around $250 million by 2027, which will have 2,000+ sites for private wireless networks by then, a Nokia’s annual Mobile Broadband Index (MBiT) report.
• It also said with 5G gaining momentum since the first launch in October, 4G and 5G data combined account for nearly 100 per cent of the mobile data traffic.
• In addition, average data consumption per user has risen sharply since 2018, reaching 19.5GB per user per month in 2022 – this is equivalent to 6,600 songs.
• At an average level, the total mobile data consumed in India is expected to more than double by 2024.
• Over 70 million 5G devices are estimated to have been shipped to India in 2022, 0

About Nokia:

• CEO: Pekka Lundmark
• Headquarters: Espoo, Finland
• Founded: 12 May 1865, Nokia, Finland
• Founders: Fredrik Idestam, Eduard Polón, Leo Mechelin

CURRENT AFFAIRS : DEFENCE NEWS

4th edition of India-Japan joint military exercise ‘Dharma Guardian’ 2023 begins

• The 4th edition of the annual joint military exercise, “EX DHARMA GUARDIAN”, between India and Japan is being conducted at Camp Imazu in Shiga province, Japan from 17 February to 02 March 2023.

Participants :

• Troops of the Garhwal Rifles Regiment of the Indian Army and an Infantry Regiment from the Middle Army of the Japan Ground Self Defence Force (JGSDF) will be participating in the exercise.
• Exercise Dharma Guardian is an annual training event that has been conducted in India since 2018 to enhance defence cooperation between Indian Army & JGSDF.
• The 3rd edition of Exercise ‘Dharma Guardian’ was held at Foreign Training Node, Belgaum from February 27, 2022 to March 10, 2022.

About EX DHARMA GUARDIAN :

• The training exercise will enhance the defence cooperation between India and Japan.
• It will also further deepen ties between both countries.
• Platoon-level joint training on operations in Jungle and semi-urban terrain is part of this joint training Exercise.

Significance of the exercise :

• The training will focus primarily on a high degree of physical fitness and sharing of drills at the tactical level.
• The joint exercise will enable the two armies to share best practices in tactics, techniques and procedures of conducting tactical operations under a UN Mandate.

Other Exercise between India and Japan :

• Malabar Exercise
• Japan-India Maritime Exercise (JIMEX)
• Shinyuu Maitri

About MoD :

• Union Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS: MOUS AND AGREEMENT

Ola signs MoU with T.N. to set up ‘world’s biggest’ EV hub

• Ola Electric Mobility Pvt Ltd (OEM) signed an MoU with the Tamil Nadu government to set up a cell manufacturing plant and electric 4-wheeler manufacturing plant in SIPCOT Pochampalli, Bargur, Krishnagiri district at a combined investment of ₹7,614 crore.
• The manufacturing facilities will be set up through OEM’s subsidiaries Ola Cell Technologies Pvt Ltd and Ola Electric Technologies Pvt Ltd.
• Tamil Nadu government said, of the total investment, Ola Cell Technologies will invest ₹5,114 crore and Ola Electric Technologies ₹2,500 crore, respectively over 5 years.
• The new manufacturing facilities will provide direct employment for 3,111 persons.
• With this investment, Ola Electric Mobility targets to install an electric 4-wheelers plant capacity of 1,40,000 units/annum and 20 GWh capacity GigaFactory.
• The MoU was exchanged in the presence of Tamil Nadu chief minister MK Stalin and Ola CEO Bhavish Aggarwal.
• The chief minister also laid the foundation stone for a 4.98-acre mini Tidel Park in the Vellore district at an estimated cost of ₹30 crore.
• He also inaugurated an ultra-pure liquid medical oxygen production plant of Inox Air Products at an estimated cost of ₹150 crore.

CENTRAL WATER COMMISSION INKS AN AGREEMENT WITH IIT, ROORKEE

• The Central Water Commission (CWC), Department of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti entered into a Memorandum of Agreement for Development of International Centre of Excellence for Dams (ICED) under externally funded Dam Rehabilitation and Improvement Project Phase II and Phase III.
• This MoA will remain valid for ten years or till the duration of the DRIP Phase-II and Phase-II Scheme, whichever is earlier, from the date of signing.
• The ICED is being set up at a cost of Rs. 109 Crore, being borne by the Department of Water Resources, Ganga Rejuvenation & River Development, Ministry of Jal Shakti, Government of India as a non-recurring grant in six tranches.
• IITR will endeavour to reach a level of self-sufficiency within ten (10) years by generating income streams through the knowledge and capabilities developed on dam safety & rehabilitation in general, and in the core areas of reservoir sedimentation and seismic hazard mapping and analysis in particular.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Velocity launches India’s 1st ChatGPT-integrated AI chatbot – Lexi                                       

• Homegrown financial technology firm Velocity launched India’s first Artificial Intelligence (AI) chatbot integrated with OpenAI’s ChatGPT, called “Lexi“.
• Velocity has integrated this latest advancement in AI with its existing analytics tool, Velocity Insights.

Key Highlights :

• Indian eCommerce brands that utilise Velocity Insights receive a daily business report on Whatsapp, which led the company to also integrate ChatGPT in the same Whatsapp interface.
• The integration of ChatGPT with Velocity Insights empowers eCommerce founders by providing them with AI-powered business insights in a conversational manner, freeing up time for critical business functions.

About Velocity :

• Co-founder and chief executive officer (CEO) Abhiroop Medhekar
• ChatGPT has reached 100 million users within two months and has clocked over 590 million visits.

CURRENT AFFAIRS: IMPORTANT DAYS

World Day of Social Justice 2022: 20th February

• The United Nations (UN) World Day of Social Justice is annually observed on February 20 to encourage people to look at how social justice affects poverty eradication.
• The theme this year of the World Day of Social Justice is “Overcoming Barriers and Unleashing Opportunities for Social Justice”
• The Copenhagen Declaration and Programme of Action for Social Development were reviewed by the UN member states a decade later in New York in 2005.
• Finally, 20th February was declared as the annual World Day of Social Justice by the United Nations on November 26, 2007.
• The International Labour Organization (ILO) is the first specialized agency of the United Nations that was formed on October 29, 1919.
• ILO is also credited with proposing the observance of February 20th as World Day of Social Justice adopting the ILO Declaration on Social Justice for a Fair Globalisation in International Labour Conference on June 10, 2008.
• The Philadelphia Declaration of 1944 and the Declaration on Fundamental Principles and Rights at Work of 1998 are the guiding principles behind this declaration.
• The contemporary vision of the ILO’s mandate in the era of globalization and the free-market economy is guided by the Declaration of 2008.

Daily CA One- Liner: Feb 19 & 20:

• HDFC Bank has become the first private sector bank in India to take up a service that allows customers to use RuPay credit cards on a unified payments interface (UPI) with Bharat Interface for Money (BHIM)and other UPI-enabled apps.
• Housing Development Finance Corporation Ltd (HDFC) concluded a sale of 10-year non-convertible debentures (NCDs) worth Rs 25,000 crore, marking the largest domestic rupee bond issuance by a corporate in India.
• The National Skill Development Corporation (NSDC), working under the aegis of Ministry of Skill Development & Entrepreneurship (MSDE), Government of India (GoI) has entered into a partnership with HDFC Life, India’s life insurer, under the Skill India Mission, to support self-employment and augment entrepreneurial opportunities.
• Capital Market Regulator Securities and Exchange Board of India (SEBI) notified governance norms for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) on the lines of listed companies.
• During Q3FY23, public-sector banks (PSBs) in India wrote off bad loans worth Rs 29,000 crore, up from Rs 23,000 crore in the same quarter of the previous year.
• DriveU, a leading car driver service and a super-app for car owners, partnered with SMC Insurance Brokers Pvt. Ltd to provide car insurance for over 650,000 DriveU customers.
• According to the World Meteorological Organisation (WMO) report, titled “Global Sea-Level Rise and Implications”, Between 2013 and 2022, global mean sea-level rose by5 millimetre (mm).
• India’s Prime Minister Shri Narendra Modi and his Spanish counterpart Mr Pedro Sanchezagreed to collaborate on issues such as digital infrastructure, climate action, clean energy and sustainable development.
• The Sports Department of Uttar Pradesh (UP) signed memorandums of understanding (MoU) with HCL Foundation to strengthen the Grassroots Sports Ecosystem And Infrastructure And Build High-Performance Centre.
• West Bengal (WB) Finance Minister (FM) Chandrima Bhattacharya presented a Rs 3.39-lakh crore budget for the Financial Year (FY) 2023-24.
• YouTube Chief Executive officer (CEO) & one of the first Google employees, Susan Wojcicki, is stepping down from her role & Indian-American Neal Mohan has been appointed as the next CEO of YouTube
• The 4th edition of the annual joint military exercise, “EX DHARMA GUARDIAN”, between India and Japan is being conducted at Camp Imazu in Shiga province, Japan from 17 February to 02 March 2023.
• Homegrown financial technology firm Velocity launched India’s first Artificial Intelligence (AI) chatbot integrated with OpenAI’s ChatGPT, called “Lexi“.
• Under Project Cheetah, a total of 12 African cheetahs including seven males and five females will reach Kuno National Park, Madhya Pradesh
• KAVACH-2023 has been launched in New Delhi to advance India’s cyber-preparedness
• Rail Post Gati Shakti Express Cargo Service has been launched by Indian Railways
• North India’s first nuclear power plant will come up in Haryana in the village of Gorakhpur in Fatehabad district, 150 km north of the national capital
• According to a report produced by NASSCOM in collaboration with Zinnov, a management consulting firm despite a slowdown in startup funding, India continues to be the third largest tech start-up ecosystem globally, with over 1,300 active tech start-ups added in CY2022
• The Competition Commission of India (CCI) has approved a ₹5,666 crore deal related to Dalmia Cement’s acquisition of cement, clinker and power plants of Jaiprakash Associates Limited (JAL).
• Karnataka Bank has won Prathista Puraskar under Digidhan Awards 2021-22.
• Hindustan Unilever’s Surf Excel detergent brand crossed a billion dollars in annual sales in 2022, the first brand in India’s home and personal care category to reach that mark
• Food delivery major Zomato has launched The Shelter Project, under which the company has started building public infrastructure (called Rest Points) to support the entire gig economy and delivery partners of various companies
• India’s total spend on private wireless networks is expected to reach around $250 million by 2027, which will have 2,000+ sites for private wireless networks by then, a Nokia’s annual Mobile Broadband Index (MBiT) report
• Ola Electric Mobility Pvt Ltd (OEM) signed an MoU with the Tamil Nadu government to set up a cell manufacturing plant and electric 4-wheeler manufacturing plant in SIPCOT Pochampalli, Bargur, Krishnagiri district at a combined investment of ₹7,614 crore
• The Central Water Commission (CWC), Department of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti entered into a Memorandum of Agreement for Development of International Centre of Excellence for Dams (ICED) under externally funded Dam Rehabilitation and Improvement Project Phase II and Phase III
• The United Nations (UN) World Day of Social Justice is annually observed on February 20 to encourage people to look at how social justice affects poverty eradication