Daily Current Affairs March 11 2023

 

CURRENT AFFAIRS : BANKING & FINANCE

Bajaj Finserv got SEBI licence to start mutual fund business

• Financial services company Bajaj Finserv has received the final registration from the Securities and Exchange Board of India (SEBI) to start its mutual fund (MF) business operations under Bajaj Finserv Mutual Fund.
• Bajaj Finserv Mutual Fund, with Bajaj Finserv Asset Management Limited (BFAML) as the Investment Manager, will soon offer a range of MF products including equity, debt, and hybrid funds, both in the active and passive segments, to investors.
• BFAML will create a tech-driven, multi-channel approach to serve investors across the country to build a future-ready asset management company.
• The Indian mutual fund industry has assets worth Rs 39.62 lakh crore and has 42 asset management companies working in the sector as on January 31, 2023.

About Bajaj Finserv Limited :

• Founded : May 2007
• Headquarters : Pune, Maharashtra, India
• Chairman & MD : Sanjiv Bajaj
• Chief Executive Officer, Bajaj Finserv Asset Management : Ganesh Mohan
• Bajaj Finserv Limited is an Indian non-banking financial services company

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.

Axis Bank partners with ITC Ltd to offer rural lending products to farmers in remote region

• Axis Bank, India’s third largest private sector bank, has collaborated with ITC Limited to offer the Bank’s lending products and services to farmers who are a part of ITC’s agriculture ecosystem.

About the Partnership :

• The partnership will enable Axis Bank to cater to the financial requirements of unserved and under-served farmers based in remote regions by offering them a range of assets and liability products such as farmer loans and gold loans, among others.
• Axis Bank will leverage ITCMAARS (Meta Market for Advanced Agricultural Rural Services), a full-stack agri-tech application to reach out to the farmers and address their financial requirements.
• The bank will also offer farmers a range of products and services through its rural-urban and semi-urban (RUSU) branches located across 656 districts.
• Through this initiative, Axis Bank aims to further scale up its Bharat Banking strategy by increasing new-to-bank accounts.

About Axis Bank :

• Established : 3 December 1993
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

About ITC Limited :

• Founded : 24 August 1910
• Headquarters : Kolkata, West Bengal, India
• Chairman & MD : Sanjiv Puri

YES Bank enters into co-lending partnership with Aadhar Housing Finance

• YES Bank has entered into a co-lending partnership with Aadhar Housing Finance Ltd to offer home loans at competitive interest rates.

About the partnership :

• Under the partnership, the entities will provide products such as Home Loan for Salaried Employees, Loan for Plot Purchase and Construction, Home Improvement Loan, Loan Against Residential Commercial Property, Balance Transfers and Top Up, among others, to customers from lower and middle-income groups.
• The partnership is in line with the Reserve Bank of India’s (RBI) co-lending framework that enables banks and non-banking companies to jointly bring about financial solutions that address the needs of underserved and underserved sections of society.
• CEO & MD of Aadhar Housing Finance : Rishi Anand.

About YES Bank :

• Founded : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience Our Expertise

Ujjivan Small Finance Bank Launches “Unpause Initiative” to Support Workplace Diversity

• Ujjivan Small Finance Bank (Ujjivan SFB) has launched the ‘Unpause Initiative’, a programme designed to assist women who have taken a career break for any reason and are now ready to return to the workforce.
• The initiative is part of its commitment to promoting workplace diversity and

Aim :

• To provide women with the resources and support they need to succeed, to enable them to enrich themselves and contribute to the community at large.

Key Highlights :

• As part of this Initiative,’ Ujjivan SFB has also announced a special Hiring Drive and Employee referral programme for women who are resuming their careers.
• The hiring programme will be implemented across the bank, and women from all walks of life and diverse backgrounds are encouraged to apply.

About Ujjivan SFB :

• Founded : 1 February 2017
• Headquarters : Bangalore, Karnataka, India
• MD & CEO : Ittira Davis
• Tagline : Build a Better Life
• Ujjivan Financial Services holds an 80% stake in the bank
• The Bank is licensed under Section 22 (1) of the Banking Regulation Act, 1949 to carry out small finance bank business and received Scheduled Bank status from the RBI in August 2017.

Only 1% women Insured in India – Report

• According to the latest report by PayNearby in association with RBI Innovation Hub, Insurance penetration among women in rural India remains a concern with only 1% insured and 29% aware of the insurance products offered.
• It is highlighted that Life insurance is the most common type of Insurance availed by this cohort at 23%.
• Also the number of health insurance policies is also gradually increasing now with 18% of women insured.

About the report :  

• The report covers nearly 10000 women as the survey was conducted across more than 5000 retail outlets of PayNearby.
• Further, the insights are backed by transactional data of the RBI’s Innovation Hub in 2022-23.
• On the other aspects, the report states that 78% of the women cited cash withdrawal as the primary reason for visiting a retail service outlet.
• For roughly about 45% women, 1000-2500 rupees was the most preferred range of withdrawal, followed by 32% transactions between 500-999 rupees.
• Only 6% of women transact over 5000 rupees, as per the report findings.
• The PayNearby study shows that 74% of women know how to operate their bank accounts, without depending on another person & the range of 500-750 rupees is the most preferred.

Equitas Small Finance Bank partners with Gujarat Titans for Tata IPL 2023                            

• Equitas Small Finance Bank has signed a partnership as the ‘Proud Banking Partner’ with the 2022 Tata IPL champions – Gujarat Titans for the 2023 season.
• The Gujarat Titans team will sport the Equitas Small Finance Bank logo on the back of the helmet as part of the team’s jersey.

Aim :

• To communicate that Equitas has been playing a progressive role in transforming the lives of individuals through their lending and social responsibilities of ‘Beyond Banking.

Key benefits :

• Earning up to 7% interest on savings
• Contactless video KYC service
• No maintenance charges on savings accounts
• Free online fund transfers and so on. ·

About Equitas Small Finance Bank :

• Founded : 2016
• Headquarters : Chennai, Tamil Nadu
• MD & CEO : Vasudevan P N

Bandhan Bank opens Mega Currency Chest in West Bengal

• A Mega Currency Chest has been opened by Bandhan Bank in Kolkata, West Bengal.
• This is the Bank’s third mega currency chest, the other two being in Patna and
• Shri Gunveer Singh, Chief General Manager, Reserve Bank of India (RBI) inaugurated the currency chest .
• This chest would facilitate fresh currency circulation and help the bank serve its clientele.
• Bandhan Bank currently has over 1 crore customers in West Bengal.
• In the Kolkata region, the bank has 182 bank branches.

About Bandhan Bank :         

• Founded : 2015
• Headquarters : Kolkata, West Bengal
• Chairman : Anup Kumar Sinha
• MD & CEO : Chandra Shekhar Ghosh

CURRENT AFFAIRS: NATIONAL NEWS

Money laundering laws will now cover cryptocurrency trade

• The government has stated that the Prevention of Money Laundering Act, 2002 will apply to trade in crypto currency or virtual assets.
• The Finance Ministry has stated in the notification that the exchange between one or more forms of virtual digital assets and the transfer of virtual digital assets will be covered under the money laundering act.
• Apart from this, participating in financial services related to safekeeping of virtual digital assets and sale of virtual digital assets will also come under the money laundering law.
• Crypto exchanges and intermediaries dealing in Virtual Digital Assets (VDAs) will now have to conduct KYC for their customers and users of the platform.
• In addition, exchanges will have to report suspicious activity to the Financial Intelligence Unit of India.
• The notification states that entities operating in VDAs will be considered “reporting entities” under the PMLA.
• It includes Banks, financial institutions, entities engaged in the real estate and jewellery sectors as well as casinos are now ‘reporting entities’.
• Under this law, every reporting entity is required to maintain records of all transactions.
• It includes the record of all cash transactions of more than Rs 10 lakh for at least five years.
• It was enacted in 2003 but it came into force on 1 July 2005.
• It was enacted to prevent and control money laundering in India.
• The act was amended in 2005, 2009 and 2012.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Group of 16 countries led by Vanuatu launched an effort to fight the problem of climate change at the United Nations

• A group of 16 countries led by Vanuatu – an island country in the South Pacific Ocean, launched an effort to fight the problem of climate change at the United Nations (UN).
• The group seeks an advisory opinion from the International Court of Justice (ICJ) on the issue of climate change.

About ICJ :         

• The ICJ, also known as the World Court, is the principal judicial organ of the UN.
• It was established in June 1945 by the Charter of the United Nations and began work in April 1946.
• The seat of the Court is at the Peace Palace in The Hague (Netherlands).
• Of the 6 principal organs of the United Nations, it is the only one not located in New York, United States.
• French and English are the official languages of the Court.
• The ICJ has two types of jurisdictions: contentious and

Composition :

• The Court is composed of 15 judges, all from different countries, who are elected for terms of office of nine years by the United Nations General Assembly (UNGA) and the Security Council (UNSC).
• To be elected, a candidate must receive an absolute majority of the votes in both UNGA and UNSC.
• One-third of the composition of the Court is renewed every 3 years.
• Once elected, a member of the Court is a delegate neither of the government of his own country nor of any other State.

CURRENT AFFAIRS: BUSINESS NEWS

Flipkart launches Samarth Krishi to connect farmers, FPOs with its consumers

• Flipkart has launched ‘Flipkart Samarth Krishi’ program to provide farming communities and Farmer Producer Organisations (FPOs) with national market access and more negotiation power.
• Aligned with the government’s commitment to empower Indian farmers and boost the agricultural sector, the ‘Flipkart Samarth Krishi’ program seeks to provide market access and build the capacity of farmers.
• Additionally, it will help them grow sustainably, get market-ready, and become a part of the mainstream economy through relevant partnerships.
• As part of the program, farmers and FPOs will be trained on technologies and best practices for improving the quality of produce.
• Through these partnerships, Flipkart India has been able to source pulses, millets, and whole spices directly from farmers and FPOs.
• The Samarth Krishi program aims to make the digital transformation of the agricultural sector more inclusive by enhancing livelihoods and engaging with 2,500 FPOs by the end of 2023.

About Flipkart:

• Parent organization: Walmart
• Founders: Binny Bansal, Sachin Bansal
• CEO: Kalyan Krishnamurthy
• Founded: October 2007, Bangalore

Apple partner Foxconn Tech plans $700 million India plant in shift from China

• Apple partner Foxconn is stepping up its India business plans and investments significantly, in a move that is being seen as a shift from China just like its key customer.
• In the latest development, Taiwanese electronics contract manufacturer Fo xconn has decided to invest an estimated $700 million to set up a new plant in Karnataka.
• The proposed plant, to be located near the Bengaluru airport, is expected to manufacture and assemble devices including the iPhone.
• Experts described Foxconn’s bet on India as part of a strategy to reduce its over-dependence on China, where 75 per cent of its production is located.
• Just a day ago, Foxconn had signed an agreement with the Telangana government to set up a manufacturing facility with a potential to create 100,000 jobs.
• So, the new manufacturing plans of Foxconn come with the promise of generating over 200,000 jobs across Telangana and Karnataka.
• The New Taipei-headquartered electronics manufacturer already has plants in Tamil Nadu and Andhra Pradesh.
• Also, through its joint venture with Vedanta, it is also making a foray into semiconductor business- a project which is expected to get the green signal from the government soon.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Kurkure onboards Sara Ali Khan as its new brand ambassador

• PepsiCo owned snack brand Kurkure has onboarded Bollywood actor Sara Ali Khan as its new brand ambassador.
• Khan’s fun and playful persona is synonymous to Kurkure’s brand positioning as a family entertainer.
• Sara Ali Khan will be an active part of upcoming Kurkure campaigns and will promote the brand and products across all traditional and digital platforms in the country.

Slice onboards Kiara Advani as brand ambassador & launches new summer campaign

• Slice, a fruit-flavoured soft drinks brand from PepsiCo, has onboarded bollywood actor Kiara Advani as its brand ambassador replacing Katrina Kaif.
• The brand also launched its new summer campaign titled, ‘Aam Ka Ehsaas. Sabse Khaas,’ featuring the actor at a special brand event.

Aim : 

• To further connect with its audience and reinforce its position as the go-to drink for mango lovers across the country.

CURRENT AFFAIRS: MOUS AND AGREEMENT

GRSE signs MoU with KEL for research & development of lightweight bailey bridge

• Garden Reach Shipbuilders and Engineers (GRSE) Ltd has signed a Memorandum of Understanding (MoU) with Kerala Electrical & Allied Engineering (KEL), a state-owned enterprise of Kerala, for the joint research and development of a lightweight bailey bridge with a carbon fibre composite deck.
• Under the MoU, KEL will also design and develop dry-type transformers and alternators as per Navy specifications.
• GRSE has been a pioneer in the development of bailey-type portable bridges for disaster management and connecting difficult terrains.
• Earlier, in August 2022, GRSE became the only organization in India qualified for the Green Channel Certification for the supply of bailey-type bridges of various spans and configurations to the Indian Army.
• This initiative of the government aims to facilitate ease of doing business and promote the national mission of “Make in India” with a special focus on defence manufacturing.

About GRSE:

• Garden Reach Shipbuilders & Engineers Ltd, abbreviated as GRSE, is one of India’s leading shipyards, located in Kolkata.
• It builds and repairs commercial and naval vessels. GRSE also builds export ships.
• Founded: 1884
• Chairman: P R Hari

IRCTC partners with HDFC Bank to launch co-branded travel credit card

• Indian Railway Catering and Tourism Corporation Ltd (IRCTC) and HDFC Bank announced a partnership to launch a co-branded travel credit card.
• Known as the IRCTC HDFC Bank Credit Card, the co-branded card is in a single variant and is available on NPCI’s Rupay network.
• This is the third tie-up of IRCTC after State Bank of India and Bank of Baroda.
• The card will provide exclusive benefits and maximum savings on bookings of train tickets booked through the IRCTC’s ticketing website and through IRCTC Rail Connect app.
• In December 2020, the RBI had barred HDFC Bank from issuing new cards and introducing new digital initiatives after repeated instances of technological outages at the lender, which is the market leader in the credit cards segment.

About IRCTC

• Chairman & Managing Director: Rajni Hasija
• Headquarters: New Delhi
• Founded: 27 September 1999

About HDFC Bank

• CEO: Sashidhar Jagdishan
• Founded: August 1994
• Headquarters: Mumbai

CURRENT AFFAIRS: RANKING AND REPORTS

Malnutrition in mothers soars by 25 per cent in crisis-hit countries: UNICEF

• According to UNICEF, since 2020, the number of pregnant women and nursing mothers suffering from undernutrition has increased by 25 percent in 12 countries.
• This UNICEF report is based on the data analysis of women in the world.
• The report estimates that more than one billion women and adolescent girls are suffering from undernutrition.
• Most of the undernutrition women are living in the world’s poorest regions.
• 68 percent of the undernutrition women and adolescent girls are living in the South Asia and sub-Saharan Africa.
• Malnutrition increases the risk of neonatal death and can affect children’s nutrition, growth, and learning capacity.
• 51 million children under two years are affected by stunting in the world. About half of these children gets affected by stunting during pregnancy.
• Between 2020 and 2022, the number of pregnant or breastfeeding women suffering from acute malnutrition increased by 25 percent.
• These 12 countries include Afghanistan, Burkina Faso, Ethiopia, Kenya, Mali, Niger, Nigeria, Somalia, Sudan, South Sudan, Chad and Yemen.
• UNICEF said that priority will be given to women and girls in terms of access to nutritious food.

About UNICEF

• UNICEF, originally called the United Nations International Children’s Emergency Fund in full, now officially United Nations Children’s Fund, is an agency of the United Nations responsible for providing humanitarian and developmental aid to children worldwide.
• Founded: 11 December 1946
• Headquarters: New York, United States
• Founders: United Nations General Assembly, Ludwik Rajchman
• Head: Catherine M. Russell

CURRENT AFFAIRS : DEFENCE NEWS

Defence ministry signs agreement with HAL to procure 70 HTT-40 Basic Trainer Aircraft & 3 Cadet Training Ships from L&T

• The Ministry of Defence (MoD) signed contracts with Hindustan Aeronautics Limited (HAL) and Larsen & Toubro Limited (L&T) for procurement of 70 HTT-40 Basic Trainer Aircraft worth ₹9,936 crore & 3 Cadet Training Ships worth more than three thousand 100 crore rupees respectively.
• In a major boost to the Government’s efforts to achieve ‘Atma Nirbharta’ in defence, the Union Cabinet had approved the procurement of 70 HTT-40 trainer aircraft from HAL at a cost of over Rs 6,800 crore.

About HTT-40 Trainer Aircraft :

• HTT-40 Trainer Aircraft will meet the shortage of basic trainer aircraft of the Indian Air Force for training of newly-inducted pilots.
• The aircraft will be supplied over a period of 6 years.

About Cadet Training Ships :

• Cadet Training Ships will cater to the training of navy officer cadets.
• The ships will be indigenously designed, developed and constructed at L&T shipyard in Kattupalli, Chennai.
• The project will generate an employment of 5 lakh man-days over a period of four-and-half years.
• This will encourage active participation of Indian shipbuilding and associated industries, including the Ministry of Micro, Small and Medium Enterprises (MSMEs).

About MoD :

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

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Centre for Railway Information System collaborated with ISRO for live tracking of trains under Real Time Train Information System project

• The Indian Railways is collaborating with Indian Space Research Organization (ISRO) under the Real Time Train Information System (RTIS) project.

Aim:

• To enable real-time tracking of train movements with the assistance of satellite imagery.

About RTIS project :

• RTIS devices that use satellite imagery are being installed on the trains to automatically acquire its “movement timing at the stations, including that of arrival and departure or run-through”.
• These timings get automatically plotted on the control chart of those trains in the Control Office Application (COA) system.
• The project is executed by the Centre for Railway Information Systems (CRIS).
• ISRO has launched GSAT satellites that have GAGAN payloads for tracking the movement of trains.

Applications of RTIS :

• RTIS gives mid-section updates with a periodicity of 30 seconds.
• The Train Control can now track the location and speed of RTIS-enabled locomotives/trains more closely, without any manual intervention.
• It allows passengers to get the real-time location or train running status of a train on their smartphone.

About ISRO :

• Established : 15 August 1969
• Headquarters : Bangalore, Karnataka, India
• Chairman : Sreedhara Somanath

About CRIS :

• Established : July 1986
• Headquarters : New Delhi, India
• It is under the ownership of the Government of India and administrative control of the Ministry of Railways.

About Ministry of Railways :

• Union Minister : Ashwini Vaishnaw
• Minister of State : Raosaheb Danve, Darshana Jardosh
• Chairman & CEO of Railway Board : Anil Kumar Lahoti

CURRENT AFFAIRS: SPORTS NEWS

IOC Session to be held in Mumbai

• The International Olympic Committee (IOC) announced that the 140th IOC Session would be held in Mumbai from October 15 to 17.
• According to a press release, an IOC Executive Board meeting will be held on October 12 and 13, prior to the IOC Session, while the Opening Ceremony of the IOC Session is scheduled for October 14.
• The decision to hold the 140th IOC Session in India was taken by its members during the 139th meeting in Beijing in February.
• India won the bid to host the event after 75 members voted for it and one against it.
• The IOC Session will return to India 40 years after the 86th edition, which took place in New Delhi in 1983.

About IOC:

• The International Olympic Committee is a non-governmental sports organisation based in Lausanne, Switzerland.
• It is constituted in the form of an association under the Swiss Civil Code.
• Headquarters: Lausanne, Switzerland
• President: Thomas Bach
• Founded: 23 June 1894, Paris, France
• Founders: Pierre de Coubertin, Demetrios Vikelas

CURRENT AFFAIRS: BOOKS AND AUTHOR

Former bureaucrat KM Chandrasekhar’s memoir offers a ringside view of the workings of India’s corridors of power

• “As Good as My Word” This book by former Cabinet Secretary KM Chandrasekhar offers a critique of institutions and covers a period marked by much tumult
• The book is an honest account of Chandrasekhar’s career.
• Some issues, especially in the later part of his working life, also involved matters that became, and continue to be, subjects of national discussion.
• In this autobiography, he paints an intimate picture of the UPA government during one of its toughest phases and his own, crucial, role in steering India through some of her most severe crises – the Great Recession of 2008, the oilmen’s strike in 2009 and the 26/11 Mumbai attacks – and scams – the 2G Spectrum case and the 2010 Commonwealth Games corruption scandal.

Daily CA One- Liner: Mar 11

• Financial services company Bajaj Finserv has received the final registration from the Securities and Exchange Board of India (SEBI) to start its mutual fund (MF) business operations under Bajaj Finserv Mutual Fund.
• Axis Bank, India’s third largest private sector bank, has collaborated with ITC Limited to offer the Bank’s lending products and services to farmers who are a part of ITC’s agriculture ecosystem.
• YES Bank has entered into a co-lending partnership with Aadhar Housing Finance Ltd to offer home loans at competitive interest rates.
• Ujjivan Small Finance Bank (Ujjivan SFB) has launched the ‘Unpause Initiative’, a programme designed to assist women who have taken a career break for any reason and are now ready to return to the workforce.
• According to the latest report by PayNearby in association with RBI Innovation Hub, Insurance penetration among women in rural India remains a concern with only 1% insured and 29% aware of the insurance products offered.
• Equitas Small Finance Bank has signed a partnership as the ‘Proud Banking Partner’ with the 2022 Tata IPL champions – Gujarat Titans for the 2023 season.
• A Mega Currency Chest has been opened by Bandhan Bank in Kolkata, West Bengal.
• A group of 16 countries led by Vanuatu – an island country in the South Pacific Ocean, launched an effort to fight the problem of climate change at the United Nations (UN).
• PepsiCo owned snack brand Kurkure has onboarded Bollywood actor Sara Ali Khan as its new brand ambassador.
• Slice, a fruit-flavoured soft drinks brand from PepsiCo, has onboarded bollywood actor Kiara Advani as its brand ambassador replacing Katrina Kaif.
• The Ministry of Defence (MoD) signed contracts with Hindustan Aeronautics Limited (HAL) and Larsen & Toubro Limited (L&T) for procurement of 70 HTT-40 Basic Trainer Aircraft worth ₹9,936 crore & 3 Cadet Training Ships worth more than three thousand 100 crore rupees respectively.
• The Indian Railways is collaborating with Indian Space Research Organization (ISRO) under the Real Time Train Information System (RTIS) project.
• The government has stated that the Prevention of Money Laundering Act, 2002 will apply to trade in crypto currency or virtual assets
• Flipkart has launched ‘Flipkart Samarth Krishi’ program to provide farming communities and Farmer Producer Organisations (FPOs) with national market access and more negotiation power.
• Apple partner Foxconn is stepping up its India business plans and investments significantly, in a move that is being seen as a shift from China just like its key customer
• Garden Reach Shipbuilders and Engineers (GRSE) Ltd has signed a Memorandum of Understanding (MoU) with Kerala Electrical & Allied Engineering (KEL), a state-owned enterprise of Kerala, for the joint research and development of a lightweight bailey bridge with a carbon fibre composite deck
• Indian Railway Catering and Tourism Corporation Ltd (IRCTC) and HDFC Bank announced a partnership to launch a co-branded travel credit card.
• According to UNICEF, since 2020, the number of pregnant women and nursing mothers suffering from undernutrition has increased by 25 percent in 12 countries.
• The International Olympic Committee (IOC) announced that the 140th IOC Session would be held in Mumbai from October 15 to 17
• “As Good as My Word” This book by former Cabinet Secretary KM Chandrasekhar offers a critique of institutions and covers a period marked by much tumult