Excellence by Saikat Sir: Daily Current Affairs July 12 2023

Daily Current Affairs July 12 2023 | Latest News

CURRENT AFFAIRS : BANKING & FINANCE

Utkarsh Small Finance Bank’s ₹500-crore initial public offering to be open for subscription from July 12-14

Utkarsh Small Finance Bank (SFB) will launch its ₹500 crore initial public offering (IPO) on July 12,2023 with the price band being set at ₹23-25.
The IPO, entirely a fresh issue of shares, will close for subscription on July 14, 2023.
Minimum Bid Lot is 600 equity shares.
While not less than 75% of the issue would be available for allocation to QIBs, up to 15% is reserved for non-institutional investors and the balance 10% for retail individual investors.
The IPO proceeds will be used to expand the bank’s business over the next 2 years and help it become a multi-product bank.
As of March 2023, it had operations in 26 states and union territories, employed 15,424 people at 830 banking locations, and served 3.59 million customers, the majority of whom lived in rural and semi-rural areas, mostly in the states of Bihar, Uttar Pradesh, and Jharkhand.

About Utkarsh Small Finance Bank :

Founded : 2016 (started operating in 2017)
Headquarters : Varanasi,Uttar Pradesh,India
MD & CEO : Govind Singh
Utkarsh Small Finance Bank Limited is an Indian small finance bank (SFB) with a portfolio surpassing ₹6000 crore that spans from Fiscal 2019 to Fiscal 2023.
It has the third highest growth rate in Gross Loan Portfolio among SFBs.
The sole promoter of the bank is Utkarsh CoreInvest Limited, formerly known as Utkarsh Micro Finance Limited.

ESAF Small Finance Bank refiles Draft Red Herring prospectus for ₹629 crore IPO

ESAF Small Finance Bank Ltd, a Small Finance Bank with a focus on unbanked and under-banked customer segments, especially in rural and semi-urban areas has filed its Draft Red Herring prospectus (DRHP) with capital market regulator Securities and Exchange Board of India to raise Rs 629.04 crore through for its initial public offering (IPO).

History :

Earlier, the bank had filed its DRHP in July 2021.
The IPO will include a fresh issue up to ₹486.74 crore and an offer for sale of up to ₹142.30 crore by promoter and other selling shareholders.
The offer for sale comprises up to ₹119.26 crore by ESAF Financial Holdings Private Ltd, up to ₹12.67 crore by PNB MetLife India Insurance Company Ltd, up to ₹10.37 crore by Bajaj Allianz Life Insurance Company Ltd.

IPO offer distribution :

The Offer is being made through the Book Building Process, wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders.
As per the DRHP, the proceeds from the fresh issue will be used towards augmenting the bank’s Tier– I capital base to meet its future capital requirements.
ICICI Securities Ltd, DAM Capital Advisors Ltd and Nuvama Wealth Management Ltd are the book running lead managers and Link Intime India Private Ltd is the registrar to the offer.

PhonePe launched a one-stop Point-of-sale solution for merchant partners

PhonePe launched its Point-of-sale (POS) device that enables merchants to accept payments via Debit Cards, Credit Cards and UPI, providing them with a simple and seamless settlement experience.
The device comes preloaded with the PhonePe POS App and supports transactions through tap/swipe/dip and interoperable QR codes.

Key Highlights :

The POS device, built on the Android platform, revolutionises the checkout experience for businesses.
Its reliability and security are topnotch, backed by the PCI-PTS 6 certification, safeguarding both merchant and consumer data.
With automatic batch closure and unified reconciliation, the device becomes a one-stop solution for hasslefree account settlement, streamlining merchant operations.
The device is offered at a nominal monthly rental, and comes with world-class product quality and service from PhonePe.

CURRENT AFFAIRS: NATIONAL NEWS

V Muraleedharan, the minister of state for external affairs, addresses the sixth India-Arab collaboration conference in New Delhi

India and the Arab world trade relations have stood the test of time and even during the COVID-19 pandemic and global geopolitical conflict it continues to grow.
Addressing the 6th India- Arab partnership conference in New Delhi, Minister of State for External Affairs Muraleedharan said the trade between India and the Arab world stands at 240 billion dollars.
India’s wide-ranging partnerships with Arab countries are robust and they have traditionally enjoyed close and friendly relationships and shared cultural heritage.
The new India is moving ahead with the mantra of reform, performance, and transformation in every sector adding that India has emerged as the fastest-growing major economy in the world.
Highlighting initiatives including Startup India, Digital India and Production Linked Incentive Scheme for the manufacturing sector and the government is continuously working to improve the business environment in the country.

50th GST Council meeting in New Delhi is presided over by FM Nirmala Sitharaman:

The 50th GST Council meeting chaired by the Union Finance Minister Nirmala Sitharaman is underway in New Delhi.
The meeting is being attended by Minister of State for Finance Pankaj Chaudhary, Finance Ministers of States and UTs, and Senior officials.
In February this year, the 49th GST Council met under the Chairpersonship of Union Minister for Finance and Corporate Affairs Nirmala Sitharaman in New Delhi.
In that meeting, the government decided to clear the entire pending balance GST compensation of 16 thousand 982 crore rupees for June 2022 to States and Union territories.
In its recommendations, the Council had also decided to lower the GST slabs for Rab, and pencil sharpener.

About Goods and Services Tax (GST):

The goods and services tax (GST) is a tax on goods and services sold domestically for consumption.
The tax is included in the final price and paid by consumers at the point of sale and passed to the government by the seller.
The GST is usually taxed as a single rate across a nation.
The GST was launched on 1 July 2017 by the President of India and the Government of India.

The Department of Pension & Pensioners’ Welfare (DoPPW) Bankers’ Awareness Workshop is launched at the SKICC in Srinagar by Union Minister Dr. Jitendra Singh:

The Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Jitendra Singh inaugurated a bankers’ awareness workshop at Srinagar.
The two-day workshop is organized by the Department of Pension & Pensioners’ Welfare (DoPPW) for officers of the State Bank of India at Winter Hall, Sher-i-Kashmir International Convention Center, Srinagar.
The objective of the workshops is to spread awareness of the various rules and procedures relevant to Pension Disbursing Banks and also the steps being taken by the Government of India to ensure “Ease of Living” for Pensioners.
Bankers’ Awareness workshops, on similar lines, will be conducted in collaboration with other Pension Disbursing Banks in 2023-24.
The workshop is also expected to firm up a road map towards integrating 17 banks with the single-window Integrated Pensioners’ Portal of DoPPW with the objective of providing pensioners with a host of services related to pension and banking.
Jitendra Singh inaugurated the integration of the SBI pension seva portal with the Integrated Pensioners Portal in October 2022.

Five expert committees have been established by the National Statistical Commission (NSC) to examine ways to enhance the survey process

The National Statistical Commission (NSC) has constituted five expert committees to look into ways to improve the survey process as India looks to revamp the government’s statistical surveys to improve data quality.
These committees will give their recommendations to the NSC on issues including incorporating technology in surveys, sampling methodology, data collection process, and statistical methods.
The committee will look at going beyond traditional statistical methods like averages in dealing with survey data to further improve accuracy.
Quality of statistics and data collection methods have been questioned in the past, with experts claiming a bias in sample selection.
The government discarded the 2017-18 Consumer Expenditure Survey citing data inconsistencies.

About NSC:

The National Statistical Commission of India is an autonomous body which formed in June 2005 under the recommendation of the Rangarajan Commission.
The NSC is currently headed by Prof. Rajeeva Laxman Karandikar who was appointed as Chairperson of the Commission on 30 Nov 2022 for a period of three years.

CURRENT AFFAIRS : STATE NEWS

Odisha Television introduced India’s first artificial intelligence news anchor – Lisa

Odisha Television Limited (OTV) has introduced the state’s first artificial intelligence (AI) news anchor named Lisa.
The introduction of Lisa, the AI news anchor, took place at a ceremony held in Bhubaneswar, Odisha.

About Lisa :

The introduction of Lisa, the first AI anchor in Odisha’s regional television broadcasting arena, signifies a new era in television journalism.
It is developed by the media house in collaboration with a Mumbai, Maharashtra based startup, Lisa has the potential to speak in multiple languages.
Lisa currently presents news in Odia and English on OTV’s television and digital platforms.
However, efforts are underway to enhance Lisa’s proficiency in Odia.

CURRENT AFFAIRS: BUSINESS NEWS

Provisional Direct Tax Collections data for FY 2023–24 show continuous development:

The provisional figures of Direct Tax collections up to 9th July 2023 continue to register steady growth. Direct Tax collections up to 9th July 2023 show that gross collections are at Rs. 5.17 lakh crore which is 14.65% higher than the gross collections for the corresponding period of last year.
Direct Tax collection, net of refunds, stands at Rs. 4.75 lakh crore which is 15.87% higher than the net collections for the corresponding period of last year.
This collection is 26.05% of the total Budget Estimates of Direct Taxes for F.Y. 2023-24.
Refunds amounting to Rs. 42,000 crore have been issued from 1st April 2023 to 9th July 2023, which are 2.55% higher than refunds issued during the same period in the preceding year.

Harley-Davidson banks on Hero MotoCorp partnership to push premium bike sales in India

With high customs duty impeding sales of its imported big bikes in India, Harley-Davidson is banking on the partnership with Hero MotoCorp to offer locally-produced premium models in the country.
Harley and Hero introduced their first co-developed product in India — Harley-Davidson X 440 — with price starting at Rs 2.29 lakh.
The bike is being produced by Hero MotoCorp at its Neemrana-based plant.
Harley-Davidson had announced to discontinue sales and manufacturing operations in India in September 2020.
Before that it had an assembly plant at Bawal in Haryana.
In October 2020, Hero MotoCorp and Harley-Davidson announced a partnership for the Indian market.

About Hero MotoCorp

Founder: Brijmohan Lall Munjal
Founded: 19 January 1984
Headquarters: New Delhi
chairman, managing director and CEO: Pawan Kant Munjal

About Harley-Davidson

Headquarters: Milwaukee, Wisconsin, United States
Founded: 1903
Chairman, President and CEO: Jochen Zeitz.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Atal Innovation Mission launches ‘ATL Industry Visit’ in collaboration with Bayer

The Atal Innovation Mission (AIM) and Bayer inaugurated a one-of-a-kind industrial visit project called Atal Tinkering Labs at Bayer’s production site in Vapi, Gujarat.
According to NITI Aayog, “It is critical to raise public awareness in order to fuel the manufacturing policy and realize its potential.”
Bayer has partnered with Niti Aayog since 2021 to support various initiatives of the Atal Innovation Mission.
To nurture and strengthen science-based learning, Bayer has adopted a total of 125 ATL schools in seven states.
The 50 schools adopted in the later phase are all-girls schools aligned with Bayer’s commitment to Diversity & Inclusion and empowering women.
Over the last year and a half, Bayer in partnership with its implementing partners has also trained about 150 ATL coordinators on ATL Curriculum.
Bayer has opened its manufacturing and production plants and research centers across Vapi, Shamirpet, Chandippa, and Bangalore to the ATL students to provide first-hand exposure to experience how technology, automation, and innovation are leveraged by the industry.

About AIM

AIM is the government of India’s main program to encourage an innovative and entrepreneurial culture there.
Create awareness and a governance framework to supervise the nation’s innovation ecosystem. Create new programs and policies for supporting innovation in various economic sectors.

Significant Initiatives by AIM

Atal Tinkering Labs: These are fostering a problem-solving mentality in Indian classrooms.
Atal Incubation Centers: Creating world-class startups and expanding the incubator model.
Challenges for Atal New India include encouraging product innovation and aligning it with the needs of diverse sectors/ministries.
Mentor India Campaign: A nationwide mentor network created in conjunction with the public sector, corporations, and institutions to support all mission objectives.
The mission of the Atal Community Innovation Center is to foster community-centered innovation and ideas in unserved/underserved areas of the country, particularly Tier 2 and Tier 3 cities.
ARISE (Atal Research and Innovation for Small Enterprises): To promote innovation and research in the MSME sector.

About Gujarat

Capital: Gandhinagar
Chief Minister: Bhupendrabhai Patel
Governor: Acharya Devvrat
WLS & NP: Gir National Park, Velavadar National Park, Marine National Park, Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Latvia’s foreign minister Edgars Rinkevics sworn in as European Union’s first openly gay President

Edgars Rinkevics, 49 Latvia’s long-serving foreign minister (from 2011 to 2023), has made history by becoming the first openly gay president of a European Union(EU) member state for a four-year term.
He is the 7th president of Latvia.
He succeeded Egils Levits, who didn’t seek reelection.
As the new president, Rinkevics will represent Latvia at the upcoming NATO summit in Vilnius, Lithuania.
The European Union never had a gay head of state before & it has had openly gay heads of governments before.
Although the position of Latvia’s president is generally ceremonial, Latvia’s president can veto legislation and call referendums.

Additional Info :

Gay marriage is illegal in Latvia.
In 2022, For the first time, a Latvian court has officially recognised the legal status of the relationship of a same-sex couple.

About Latvia :

President : Edgars Rinkēvičs
Prime Minister : Krišjānis Kariņš
Capital : Riga
Currency : Euro

Rajiv Kumar Porwal assume charge as Director (System Operation) of Grid India

Rajiv Kumar Porwal has assumed charge as Director (System Operation) of Grid Controller of India Limited (Grid-India).
As Director (System Operation) of Grid India, Porwal will be responsible for the overall secure and reliable operation of the India’s Power System, operational planning, grid integration, scheduling and dispatch of electricity, monitoring real-time electricity grid operations, post facto analysis of the grid operations through the NLDC & RLDCs as well as cyber security.
Prior to his elevation, he was contributing as Executive Director, NRLDC, Grid-India.
He has around three decades’ experience in Power System Operation spread across POWER GRID and Grid-India.

About Grid Controller of India Limited :

Founded : March 2009
Headquarters : New Delhi, India
Chairman & Managing Director : S.R Narasimhan
Grid Controller of India Limited (GRID-INDIA) is a division of the Ministry of Power, Government of India (GoI).

B.Neeraja Prabhakar becomes a new Chairperson of ICAR-Indian Institute of Oil Palm Research Advisory Committee

B.Neeraja Prabhakar, the Vice-Chancellor of Sri Konda Laxman Telangana State Horticultural University, was appointed as the chairperson of the Research Advisory Committee (RAC) of the prestigious Indian Council of Agricultural Research (ICAR)-Indian Institute of Oil Palm Research (IIOPR) in Pedavegi, Andhra Pradesh (AP).
She will head the 10-member committee in this position for 3 years.
She has also served as a member of the Telangana Oil Palm Advisory Committee, which advises the state government on various issues for the cultivation and promotion of oil palm.
The ICAR-IIOPR in Pedavegi is the country’s sole esteemed research institute exclusively dedicated to the study of oil palm and the development of technologies applicable to oil palm-growing states.

Note :

Indonesia is the world’s biggest palm oil producer.
Andhra Pradesh (AP) is the major Oil Palm growing State in India with a production capacity of 20 lakh tons.
Telangana leads all Indian states in terms of the highest oil recovery rate from oil palm bunches produced.

About ICAR :

Established: 16 July 1929
Headquarters: New Delhi
Director General: Himanshu Pathak

CURRENT AFFAIRS: SPORTS NEWS

Minnu Mani becomes Kerala’s First Woman Cricketer to Play For India

Minnu Mani creates history as the first woman cricketer from Kerala to represent the Indian senior team.
Her debut performance includes a wicket in the first over, impressing teammates and coaches alike.
As India and Bangladesh women’s cricket teams were preparing for the first T20I in Mirpur, far away at Mananthavady in Kerala’ s Wayanad district, the Mani household suddenly came alive.
Nonetheless, Minnu finished with respectable figures of 3-0-21-1, contributing to India’s effort in restricting Bangladesh to 114/5.
India later secured a comfortable seven-wicket victory, chasing down the target in just 16.2 overs.
Hailing from the Kurichiya tribe in Wayanad, Minnu had previously made waves by being the sole player from Kerala to participate in the Women’s Premier League (WPL), where she was bought by the Delhi Capitals for a staggering Rs 30 lakh.

About Kerala

Capital: Thiruvananthapuram
Chief Minister: Pinarayi Vijayan
Governor: Arif Mohammed Khan
WLS: Periyar Wildlife Sanctuary, Eravikulam National Park, Aralam Wildlife Sanctuary, Begur Wildlife Sanctuary, Silent Valley National Park, Neyyar Wildlife Sanctuary, Peppara Wildlife Sanctuary

CURRENT AFFAIRS : OBITUARIES

Basketball star and Two-time Olympic champion McCray-Penson Passed away

Former basketball star and two-time Olympic gold medal winner, Nikki McCray-Penson has passed away at the age of 51.

About McCray-Penson :

McCray-Penson was born on December 17, 1971 in Collierville, Tennessee, United States (US).
She was a two-time Southeastern Conference Player of the Year at Tennessee in 1994 and 1995.
She was the head coach of the Mississippi State Bulldogs women’s basketball team from 2020 to 2021 and a professional basketball player from 1996 to 2006.
She played in the Women’s National Basketball Association (WNBA) for eight seasons.
She also had a legendary 15-year career as a coach.
She was part of the coaching staff that led the University of South Carolina to its first national title in 2017 under Dawn Staley & it was the first title for the women’s basketball program.
Later, she served as the head coach at Old Dominion and then Mississippi State University.
She was inducted into the Women’s Basketball Hall of Fame in

Awards & Honors :

McCray-Penson captured Olympic gold medals with the 1996 and 2000 United States Olympic teams.
She was named to three WNBA All-Star teams (in 1999, 2000, and 2001)

CURRENT AFFAIRS: IMPORTANT DAYS

World Malala Day 2023: July 12

In honor of the young campaigner Malala Yousafzai, the UN has declared July 12th to be World Malala Day.
On July 12, 1997, Malala Yousafzai was born in Mingora, Pakistan.
In 2007 the Taliban took over the city in which she lived and banned girls from attending school.
In 2009, Malala writes for B.B.C. Urdu where she expresses her advocacy through the platform
On the morning of October 9th, 2012, gunmen from the Taliban shot Malala Yousafzai in the head.
On her 16th birthday, the young lady traveled to New York and spoke at the United Nations.
In 2013, TIME Magazine declared Malala one of the world’s most influential people. A year later, Malala was named a Nobel Peace Prize winner. Along with this prestigious honor, Malala has received the United Nations Human Rights Prize and The Liberty Medal.
In 2017, Malala began her studies at Oxford.
She currently resides in Birmingham and continues to fight for women’s empowerment and education.

Daily CA One- Liner: July 12

Utkarsh Small Finance Bank (SFB) will launch its ₹500 crore initial public offering (IPO) on July 12,2023 with the price band being set at ₹23-25.
ESAF Small Finance Bank Ltd, is a Small Finance Bank with a focus on unbanked and under-banked customer segments, especially in rural and semi urban areas has filed its Draft Red Herring prospectus (DRHP) with capital market regulator Securities and Exchange Board of India to raise Rs 629.04 crore through for its initial public offering (IPO).
PhonePe launched its Point-of-sale (POS) device that enables merchants to accept payments via Debit Cards, Credit Cards and UPI, providing them with a simple and seamless settlement experience.
India and the Arab world trade relations have stood the test of time and even during the COVID-19 pandemic and global geopolitical conflict it continues to grow.
The 50th GST Council meeting chaired by the Union Finance Minister Nirmala Sitharaman is underway in New Delhi.
Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Jitendra Singh inaugurated a bankers’ awareness workshop at Srinagar.
The National Statistical Commission (NSC) has constituted five expert committees to look into ways to improve the survey process as India looks to revamp the government’s statistical surveys to improve data quality.
The provisional figures of Direct Tax collections up to 9th July 2023 continue to register steady growth. Direct Tax collections up to 9th July 2023 show that gross collections are at Rs. 5.17 lakh crore which is 14.65% higher than the gross collections for the corresponding period of last year.
With high customs duty impeding sales of its imported big bikes in India, Harley-Davidson is banking on the partnership with Hero MotoCorp to offer locally-produced premium models in the country.
The Atal Innovation Mission (AIM) and Bayer inaugurated a one-of-a-kind industrial visit project called Atal Tinkering Labs at Bayer’s production site in Vapi, Gujarat.
Minnu Mani creates history as the first woman cricketer from Kerala to represent the Indian senior team.
Odisha Television Limited (OTV) has introduced the state’s first artificial intelligence (AI) news anchor named Lisa.
Edgars Rinkevics, 49 Latvia’s long-serving foreign minister (from 2011 to 2023), has made history by becoming the first openly gay president of an European Union(EU) member state for a four-year term.
Rajiv Kumar Porwal has assumed charge as Director (System Operation) of Grid Controller of India Limited (Grid-India).
Neeraja Prabhakar, the Vice-Chancellor of Sri Konda Laxman Telangana State Horticultural University, appointed as the chairperson of the Research Advisory Committee (RAC) of the prestigious Indian Council of Agricultural Research (ICAR)-Indian Institute of Oil Palm Research (IIOPR) in Pedavegi, Andhra Pradesh (AP).
Former basketball star and two-time Olympic gold medal winner, Nikki McCray-Penson has passed away at the age of 51.
In honor of the young campaigner Malala Yousafzai, the UN has declared July 12th to be World Malala Day.

Excellence by Saikat Sir

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