Daily Current Affairs September 06 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI Permits Scheduled Commercial Banks to Offer Credit Lines via UPI

• The Reserve Bank of India (RBI) has allowed scheduled commercial banks (SCBs) (excluding Payment Banks, Small Finance Banks, and Regional Rural Banks) are now allowed to facilitate payments using pre-sanctioned credit lines for individuals with their prior consent through the Unified Payments Interface (UPI) system.
• UPI currently supports linkage with savings accounts, overdraft accounts, prepaid wallets, and credit cards.
• Credit lines are now included as a funding account option within the UPI system.

Key Highlights :

• Under this facility, payments through a pre-sanctioned credit line issued by a Scheduled Commercial Bank to individuals, with prior consent of the individual customer, are enabled for transactions using the UPI System.
• Banks can establish terms and conditions for the use of these credit lines, including aspects such as credit limits, credit duration, interest rates, and more.
• At present, UPI handles 75% of the retail digital payments volume in India.
• Presently, UPI transactions are enabled between deposit accounts at banks, sometimes intermediated by pre-paid instruments including wallets.
• It is now proposed to expand the scope of UPI by enabling transfer to/from pre-sanctioned credit lines at banks, in addition to deposit accounts.
• UPI achieved a significant milestone by surpassing 10 billion transactions in the month of August, 2023.
• The number of UPI transactions in July was 9.96 billion (996.4 crore) and 9.33 billion in June, 2023.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar

SBI Enables UPI Interoperability with eRupee Central Bank Digital Currency (CBDC) for Smooth Transactions

• The State Bank of India (SBI) has introduced UPI interoperability with its Digital Rupee (eRupee), also known as Central Bank Digital Currency (CBDC) to enhance customer convenience.
• This feature is accessible through the ‘eRupee by SBI’ application, enabling SBI CBDC users to scan merchant UPI QR codes for swift and secure transactions.

Key Highlights :

• SBI’s participation in the RBI’s retail digital e-rupee project in December 2022 paved the way for this integration, promoting the use of digital currencies in everyday transactions.
• SBI anticipates that this integration will have a significant impact on the digital currency ecosystem, providing secure and efficient transaction solutions.
• The linkage of CBDC to the widely used UPI platform has the potential to reshape the payment landscape in India, with CBDCs taking on a more central role in everyday financial transactions.

What is CBDC?

• CBDCs are electronic forms of sovereign currency issued by a country’s central bank.
• They are designed to represent the official currency in digital form, similar to physical cash, and are backed by the government.
• CBDCs do not earn interest, but they can be converted into other forms of money, such as bank deposits.
• India’s Digital Rupee, a CBDC, was launched by the Reserve Bank of India (RBI) on a pilot basis on December 1, 2022.
• Finance Minister Nirmala Sitharaman announced the rollout of CBDC in the Union Budget 2022-23, signalling the government’s commitment to a digital economy.
• CBDCs are part of a global trend toward digitising currency and offer a secure and efficient means of conducting digital transactions.

About SBI :

• Established : 1806
• Headquarters : Mumbai, Maharashtra
• Chairman : Dinesh Khara

SEBI’s Proposal to Establish a Performance Validation Agency for Intermediary Claim Verification

• Capital markets regulator Securities and Exchange Board of India (SEBI) came out with a proposal to set up a Performance Validation Agency (PVA) to validate any claims of performance by registered intermediaries including investment advisers, research analysts and portfolio managers.
• The primary purpose of the PVA would be to facilitate intermediaries in marketing their products based on validated performance data.
• The proposed PVA would enable intermediaries such as investment advisers, research analysts, and portfolio managers to showcase validated performance data to investors.
• This validation is intended to enhance the credibility of intermediaries and expand the reach of their services.

Key Highlights :

• Currently, intermediaries, including Asset Management Companies (AMCs) and portfolio managers, largely self-verify their performance claims.
• The claims made by these intermediaries are mostly self-verified and currently there is no dedicated agency to validate such claims.
• Accordingly, the regulator has proposed to create an independent body called PVA to validate the claims related to investment advice, ‘buy,sell,hold’ recommendation, mutual fund scheme, portfolio management service, algorithm, by registered intermediaries such as investment advisers (IAs), research analysts (RAs), portfolio managers AMCs and stock brokers.
• It has been suggested that PVA should be a wholly-owned subsidiary of market infrastructure institutions (MIIs) or a jointly supported entity by multiple MIIs, whose purpose would be to enable intermediaries to market their products based on validations made by the PVA.
• Under the proposal, the agency would be required to process the data and claims or performance of intermediaries including privacy of customer data on strategies.

Recent News :

• In July, 2023 Capital markets regulator Securities and Exchange Board of India (SEBI) tightened the disclosure norms for listed companies with strict timelines and introduced criteria for determining the materiality of events.

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 (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF),

RBI Governor Shaktikanta Das Receives ‘A+’ Rating in Global Finance Central Banker Report 2023

• Reserve Bank of India (RBI) Governor Shaktikanta Das has been awarded an ‘A+’ rating in the Global Finance Central Bank Report Card 2023.
• According to Global Finance, Das has been ranked at the top position in the list of 3 central bank governors worldwide.
• The A+ category in the report also includes 2 other central bank governors: Thomas J. Jordan of Switzerland and Nguyen Thi Hong of Vietnam.

About Central Banker Report Card :        

• The Central Banker Report Card is an annual publication by Global Finance, and it has been assessing and grading the performance of central bank governors since 1994.
• The report assesses and grades the performance of central bank governors in 101 significant countries and regions, including entities like the European Union, the Eastern Caribbean Central Bank, and the Bank of Central African States.
• The full Central Banker Report Card 2023, along with the grade list, is scheduled to be released in October, 2023.

Rating Criteria :

• The grades in the report are based on a scale from ‘A’ to ‘F’ and evaluate central bank governors’ performance in areas such as inflation control, economic growth goals, currency stability, and interest rate management.
• An ‘A’ grade signifies excellent performance, while ‘F’ indicates outright failure.

Central Bank Governors Earning ‘A’ Grade :

• Roberto Campos Neto of Brazil, Amir Yaron of Israel, Harvesh Kumar Seegolam of Mauritius and Adrian Orr of New Zealand, Leonardo Villar of Colombia, Hector Valdez Albizu of Dominican Republic, Asgeir Jonsson of Iceland and Perry Warjiyo of Indonesia.

Recent News :

• In June 2023, The chief of the RBI, Shaktikanta Das was honoured with the title of ‘Governor of the Year’ for 2023 by Central Banking in London.

Bajaj Auto Consumer Finance gets RBI Certificate to start Non-Banking Financial Activities

• Bajaj Auto Consumer Finance Limited (BACFL), a wholly-owned subsidiary of Bajaj Auto has received a certificate of registration from Reserve Bank of India (RBI) to carry out operations as a non-deposit taking non-banking financial company (NBFC).
• The certification Registration was issued on 31 August 2023 from RBI under section 45-IA of the Reserve Bank of India Act, 1934 to commence/carry on the business of non banking financial institutions without accepting public deposits.

Background :

• In 2021, Bajaj Auto announced the setting up of a 100% captive finance subsidiary ‘Bajaj Auto Consumer Finance’.
• In July 2023, BACFL applied to the RBI for an NBFC licence to expand its financing services to include two-wheeler purchases from non-Bajaj Auto brands.

About Bajaj Auto Consumer Finance :

• Established : 2021
• Headquarters : Mumbai, Mahara
• CEO : Rakesh Makkar
• Bajaj Auto Consumer Finance is the 2nd non-banking financial company in the Bajaj group.
• The group also houses Bajaj Finance and Bajaj Housing Finance, both of which are subsidiaries of financial services company Bajaj Finserv.

Punjab National Bank Introduces PNB GST Sahay App for Instant Loans Based on GST Invoices for MSMEs  

• State-owned Punjab National Bank (PNB) has launched the PNB GST Sahay App, a mobile application based on the Goods and Services Tax (GST) Sahay scheme, an end–to-end digital product under which lending can be done using GST invoices.
• With this integration, PNB has become the 1st public sector bank to enable seamless credit flow to Micro, Small, and Medium Enterprises (MSMEs) by integrating GST invoices into the lending process.
• The initiative is also in line with the bank’s strategy to further the development of the MSME sector and digital credit ecosystem in India.

Benefits of PNB GST Sahay App :

• The PNB GST Sahay App makes the entire loan process digitised and helps eliminate any manual intervention for borrowers and makes the process more cost-effective, fast, and smooth.
• This app will directly credit the loan amount into the borrower’s current account maintained with the bank.
• It will bridge the gap between the applicant/borrower and the bank.

Loan Availability and Cap :

• Through the app, all GST-registered MSMEs having an active account with PNB will be able to access the bank’s GST Sahay service for loans starting from Rs 10,000 to Rs 2 lakh per invoice, subject to capping of Rs 10 lakh per borrower.
• The solution will also allow borrowers a one-time hassle-free repayment process with the option of prepayment.

Recent News :

• Among the top public sector banks (PSBs), Punjab National Bank (PNB), Bank of Maharashtra and Union Bank of India are the banks with the maximum number of collateral-free MSME loans up to Rs 10 lakh and Rs 10 lakh to Rs 25 lakh as of March 2023.
• In Aug, 2023 On World Senior Citizens Day (Aug 21, 2023), Punjab National Bank (PNB), the nation’s leading public sector bank, has introduced the “Pensioner’s Lounge”, a dedicated space within the branch that serves pensioners and senior citizens with all their banking needs.

About PNB :

• Founded : 19 May 1894
• Headquarters : Dwarka, Delhi, India
• MD & CEO : Atul Kumar Goel
• Tagline : You Can Bank Upon

India and Singapore Successfully Conduct First Live Paperless Transaction via Trade Trust Platform 

• India and Singapore piloted the first live paperless transaction using the Trade Trust platform, marking a milestone in the digital connection between India and Singapore.
• The transaction occurred following the India-Singapore Ministerial Roundtable and a meeting with Prime Minister Narendra Modi.

Key Highlights :

• In 2022, a Joint India-Singapore Ministerial delegation called upon Prime Minister Narendra Modi and briefed him about the outcomes of the inaugural session of the India-Singapore Ministerial Roundtable (ISMR).
• This was the maiden meeting of the ISMR, a new ministerial platform between the two countries to boost economic cooperation.
• The ISMR seeks to deepen existing cooperation and identify opportunities for mutually beneficial collaboration in new and emerging areas.

Recent News :

• In Feb 2023, India and Singapore linked their respective online payments systems Unified Payments Interface (UPI) of India and PayNow of Singapore for seamless cross-border transactions between the two countries.

About Singapore :

• Prime Minister : Lee Hsien Loong
• Capital: Singapore
• Currency: Singapore Dollar

CCI Levies ₹40-Lakhs Fine on NTPC for Gun Jumping

• The Competition Commission of India (CCI) has imposed a penalty of Rs 40 lakh on NTPC Limited for the offence of gun jumping.
• Gun jumping occurs when parties involved in a combination fail to notify CCI before consummating the transaction.
• The penalty was imposed because NTPC had acquired a 35.47% stake in Ratnagiri Gas & Power without prior notification to CCI.

Key Highlights :

• CCI has granted NTPC a 60-day period to pay the imposed penalty.
• CCI has determined that NTPC is liable for the penalty under Section 43A of the Competition Act.
• In gun jumping, parties to a combination fail to notify the CCI about a combination prior to its consummation or violate the 210-day standstill obligation.
• In gun jumping, false declaration is also made on the notice sent to CCI.

About CCI :

• Established: 14 October 2003
• Headquarters: New Delhi
• Chairman: Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs.
• CCI is probing various anti-competitive cases, including those relating to technology companies.

About  NTPC Limited :

• Founded : 7 November 1975
• Headquarters : New Delhi, Delhi, India
• Chairman & MD : Gurdeep Singh
• NTPC Limited, formerly known as National Thermal Power Corporation, is an Indian central Public Sector Undertaking under the ownership of the Ministry of Power and the Government of India, who is engaged in the generation of electricity and other activities.

RBI approves amalgamation of Navanirman Co-operative Urban Bank with Rajadhani Co-op Urban Bank 

• The Reserve Bank of India (RBI) has sanctioned the Scheme of Amalgamation of The Navanirman Co-operative Urban Bank Limited, Hyderabad, Telangana with Rajadhani Co-op. Urban Bank Ltd, Hyderabad, Telangana.
• The Scheme has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949.

SBI Introduces Aadhaar-Based Enrolment for Social Security Schemes via Customer Service Points

• State Bank of India (SBI) has introduced a new feature that allows customers to enrol in social security schemes by providing their Aadhaar card.
• SBI Chairman Dinesh Khara unveiled the new feature which will be available at the bank’s Customer Service Points (CSPs) that aims to make the process of enrolling in various social security schemes simpler.
• Customers can now easily enrol in important social security schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana (APY) using their Aadhaar.
• Customers will not need to carry their passbooks to the Customer Service Points (CSPs).

CURRENT AFFAIRS: NATIONAL NEWS

Centre’s Digital Infrastructure for Knowledge Sharing education platform to offer AI help

• The National eGovernance Division (NeGD) will integrate Personalised Adaptive Learning (PAL) into the Digital Infrastructure for Knowledge Sharing (DIKSHA) platform.
• Under the Personalised Adaptive Learning, each student will have an individualised learning experience.

Key Highlights:

• DIKSHA under the Ministry of Education provides e-content for schools through an online portal and a mobile application.
• The DIKSHA platform has embedded assistive technologies for learners with visual or hearing impairments.
• It has digitalized NCERT textbooks which are used in national and State Boards.
• This platform has teaching videos, explainers, and practice questions contributed by many academicians.
• NCERT sought MeitY’s expertise in facilitating PAL for DIKSHA.
• For PAL, content from different subjects will have to be categorized and different chunks will have to be tagged.

About DIKSHA

• DIKSHA is an initiative of the National Council of Educational Research and Training.
• It has QR-coded textbooks and various specialized e-contents for classes 1-12 in 33 languages.
• It was launched on 5th September 2017.

NCERT gets deemed university status, announces Education Minister Dharmendra Pradhan

• The government has granted deemed university status to the National Council of Educational Research and Training (NCERT).
• This announcement was made by Education Minister Dharmendra Pradhan while attending the 63rd Foundation Day Celebration Programme of NCERT in New Delhi.
• Education Minister also announced that Bal Bhavan will be merged with NCERT soon.

Key Highlights

• Bal Bhavan is an autonomous institute headquartered in New Delhi.
• Prime Minister, Jawaharlal Nehru founded it in 1956.
• Education Minister Dharmendra Pradhan inaugurated an Augmented Reality (AR) and Virtual Reality (VR) Laboratory.
• Through AR and VR facility, children from every corner of the country with different dialects will be benefited.
• He also inaugurated a Vidhya Samiksha Kendra on the occasion.
• He directed NCERT to add a brief chapter on Chandrayaan-3’s success and findings in all 22 recognised languages.
• A deemed university status is an accreditation granted by the Department of Higher Education under the Ministry of Education.
• The accreditation grants “the academic status and privileges of a university.”

About NCERT

• National Council of Educational Research and Training (NCERT) is an autonomous organisation.
• It was set up in 1961.
• Dr Dinesh Prasad Saklani is its director.

PM Narendra Modi to embark on a two-day visit to Indonesia

• Prime Minister Narendra Modi will be on a two-day visit to Indonesia to attend the 20th ASEAN-India Summit and 18th East Asia Summit.
• The two Summits will be hosted in Jakarta by Indonesia the current Chair of ASEAN.
• Briefing media in New Delhi, Secretary (East) in Ministry of External Affairs Saurabh Kumar said, the 20th ASEAN-India Summit is special since it is the first one after the elevation of India-ASEAN relationship to a comprehensive strategic partnership last year.
• During the Summit, the Prime Minister will review the progress in ASEAN-India relations and provide them with further direction.
• India is the founding member of the East Asia Summit.
• He said, that during the Summit, the Prime Minister and other leaders will discuss ways to further strengthen East Asia Summit mechanism as well as exchange views on matters of regional and international interests.

About Indonesia :

• President : Joko Widodo
• Currency : Indonesian rupiah (Rp)

Recent News

• In July 2023, Prime Minister (PM) Shri Narendra Modi will be the chief guest at the French Bastille Day Parade in Paris, France

CURRENT AFFAIRS : STATE NEWS

Kerala Chief Minister Pinarayi Vijayan Introduces the LEAP Membership Card by the Startup Mission                   

• Kerala Chief Minister (CM) Shri Pinarayi Vijayan has launched the statewide membership card of Kerala Startup Mission (KSUM) ‘LEAP (Launch,Empower,Accelerate, Prosper) Coworks’ and also inaugurated the refurbished headquarters of KSUM in Thejaswini Building, Technopark Phase 1, Thiruvananthapuram, Kerala.
• This membership card is part of the government’s initiatives to support startups and promote innovation.
• Besides that, he also inaugurated the first phase of the country’s first Digital Science Park.

About LEAP Coworks :

• LEAP Coworks is a pioneering government initiative aimed at transforming industry incubators into co-working spaces.
• The primary goal is to provide an environment conducive to innovation and collaboration, fostering a successful startup ecosystem.

Infrastructure and Amenities :

• LEAP Coworks offers state-of-the-art infrastructure, including well-designed workspaces, meeting rooms, high-speed internet connectivity, and essential amenities to create a productive work environment.

Incubation Support by KSUM :

• KSUM continues to provide valuable incubation support services to startups including mentorship programmes, business development assistance, access to funding opportunities, and expert guidance.

Unlocking Opportunities for Startups :

• The launch of the LEAP Coworks membership card is expected to provide startups, professionals, angels, and venture capitalists with unparalleled access to KSUM’s premium facilities.

Subsidised Access and Flexi Workstations :

• The membership card not only grants access to premium facilities but also facilitates subsidised access to all LEAP centre facilities.
• It allows users to book Flexi Workstations and access KSUM’s partner incubation centres across kerala.

Recent News :

• In Aug,2023 Kerala got its 1st Artificial Intelligence (AI) school at Santhigiri Vidyabhavan in Thiruvananthapuram.

About KSUM :

• Founded : 2006
• Headquarters : Thiruvananthapuram, Kerala, India
• CEO : Anoop Ambika

About Kerala:

• Governor: Arif Mohammad Khan
• Chief Minister: Pinarayi Vijayan
• Capital: Thiruvananthapuram
• National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park, Silent Valley National Park, Indira Gandhi National Park

CURRENT AFFAIRS: BUSINESS NEWS

Amazon to invest $15 million in nature-based projects in Asia-Pacific region

• Amazon has announced a $15-million allocation for nature-based solutions in the Asia-Pacific (APAC) region.
• The fund will invest an initial $3 million into projects in India, beginning with a first project in the Western Ghats to plant 300,000 trees.
• The allocation draws from Amazon’s $100-million Right Now Climate Fund, created in 2019 to support nature conservation and restoration projects that enhance climate resilience and biodiversity while driving social and environmental benefits in communities where they operate.

Key Highlights

• The first $ 3 million from the fund’s APAC allocation will support nature-based projects in India.
• For its first project, Amazon will be working with the Centre for Wildlife Studies (CWS) to support communities and conservation efforts in the Western Ghats, a UNESCO World Heritage Site which is home to more than 30 per cent of all of India’s wildlife species, including the world’s largest population of wild Asiatic elephants and tigers.
• Amazon’s funding of $1 million will help CWS establish the “Wild Carbon” program, which will support 10,000 farmers in planting and maintaining one million fruit-bearing, timber and medicinal trees.
• In 2019, Amazon co-founded The Climate Pledge, committing to reach net-zero carbon by 2040 – 10 years ahead of the Paris Agreement.

Recent News

• In June 2023,Indian Council of Agricultural Research (ICAR), New Delhi signed a MoU with Amazon Kisan to combine strengths and create synergy between the two organizations for guiding the farmers on scientific cultivation of different crops for optimum yield and income
• Amazon Web Services (AWS) has announced to invest 12.7 billion dollars in cloud infrastructure in India by 2030.

Pine Labs introduces new PoS device for QR, card-based payments

• Digital payments provider Pine Labs has launched Mini, a cheaper variant of its point-of-sale (PoS) device, which will allow merchants to accept both quick response (QR)-based and card-based payments.
• The device is near field communication (NFC)- enabled and can accept card payments only through the tap-to-pay mode.
• Pine Labs’ move comes at a time when the competition in the PoS market has heated up, with Paytm focusing on widening the acceptance of its sound-based PoS, Soundbox.
• In July, Paytm had launched different variants of its Soundbox, including a portable pocket version of the device for smaller merchants.
• Other consumer payment providers such as PhonePe have also launched similar merchant payment–acceptance devices, while Google Pay is running a pilot in the space.
• Pine Labs said its Mini device is available at nearly a third of the cost of a regular PoS terminal and is targeted at small merchants.

About Pine Labs:

• Founded: 1998
• Headquarters: Noida, Uttar Pradesh, India
• CEO: B Amrish Rau
• Pine Labs is an Indian company that provides financing and retail transaction technology.

Recent News

• In May 2023, Pine Labs, a merchant commerce omni channel platform, has announced the acceptance of Digital Rupee (e Rupee) on its PoS (Point of Sale) terminals in partnership with ICICI Bank.

CURRENT AFFAIRS: MOUS AND AGREEMENT

IREDA signs MoUs with Union Bank of India and Bank of Baroda to co-finance Renewable Energy projects

• Indian Renewable Energy Development Agency Ltd. (IREDA) has signed Memorandums of Understanding (MoUs) with the Union Bank of India (UBI) and Bank of Baroda (BoB).
• These agreements will empower IREDA to coll aborate with UBI and BoB, in co-lending and loan syndication for a wide range of renewable energy projects, including both established and emerging RE technologies.

Attendees

• The MoU with Union Bank of India was formally inked by General Manager (Technical Services), IREDA, Shri Bharat Singh Rajput and General Manager (Large Corporate Vertical), UBI, Shri Dhirendra Jain.
• The signing ceremony was graced by the presence of Chairman and Managing Director of IREDA, Shri Pradip Kumar Das; Managing Director & CEO of UBI, Ms. A. Manimekhalai and senior officials.
• The MoU with Bank of Baroda was executed by General Manager (Technical Services), IREDA, Shri Bharat Singh Rajput and General Manager, BoB, Shri Dhiren Lalai.
• The signing ceremony witnessed the presence of IREDA CMD and MD & CEO of BoB, Shri Debadatta Chand along with Executive Director Mr. Lalit Tyagi. Other senior officials of BoB, Head-Large Corporate Relationships, Mr. Sumit Sachdeva and Head – Credit, Mr. Manoj Chayani were also present on the occasion.

Key Highlights

• Both Union Bank of India and Bank of Baroda have an extensive nationwide presence with a vast network of branches.
• This collaboration aims to extend our reach, particularly in tier-2 & tier-3 cities and rural areas, enabling us to provide unique and innovative financial support to existing and new customers.
• In recent years, IREDA has been actively encouraging partnerships with various Central and State agencies as well as financial institutions to leverage its techno-financial expertise for the development of the renewable energy sector.

About IREDA :

• Headquarters : New Delhi, Delhi
• Chairman & Managing Director : Pradip Kumar Das
• The IREDA is a Public Limited Government Company and a Non-Banking Financial Institution formed for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: “ENERGY FOR EVER”.
• It is a Mini Ratna (Category – I) Government of India Enterprise with the objective of promoting, developing and extending financial assistance and under the administrative control of the Ministry of New and Renewable Energy (MNRE).

About BoB :

• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India’s International Bank
• Bank of Baroda operates more than 11,000 ATMs across India

About UBI :

• Founded : 11 November 1919
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : A. Manimekhalai
• Tagline : Good People to Bank with

Recent News

• In may 2023,The government has appointed IDBI Capital, BOB Capital and SBI Capital to manage the initial public offer (IPO) of the Indian Renewable Energy Development Agency (IREDA).
• In July 2023, Indian Renewable Energy Development Agency Ltd. (IREDA) held its 36th Annual General Meeting (AGM) at India Habitat Centre in New Delhi.

IREDA and IIFCL team up to finance renewable energy projects

• Indian Renewable Energy Development Agency (IREDA) has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company Ltd (IIFCL), to finance renewable energy projects.
• The MoU will empower IREDA and IIFCL to engage in Co-Lending / Co-Origination and Loan Syndication for all categories of Renewable Energy projects, including Small Hydro projects.
• Both organisations will strive to also fix interest rates for IREDA borrowings for a period of three to four years.
• Further, IIFCL may invest in the bonds issued by IREDA, as per the terms and conditions of the issue.
• The MoU was signed, by Chairman & Managing Director, IREDA, Shri Pradip Kumar Das and Managing Director, IIFCL, Shri P R Jaishankar.
• IREDA established a specialised Business Development and Consultancy division two years ago to meet the growing demand in the RE sector.
• In the past, IREDA has signed MoUs with other central and state agencies.
• This MoU will enable a synergy of the green financing expertise of IREDA and Infra financing expertise of IIFCL.

About IREDA:

• Indian Renewable Energy Development Agency Ltd. (IREDA) is a PSU under the Ministry of New & Renewable Energy (MNRE) and India Infrastructure Finance Company Ltd (IIFCL) is a wholly-owned Government of India company set up in 2006 to provide long-term financial assistance to viable infrastructure projects.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Cognizant India Chairman and MD Rajesh Nambiar appointed as Nasscom Chairperson                    

• Rajesh Nambiar, Chairman and Managing Director (CMD) of Cognizant India, has been appointed as the Chairperson of the National Association of Software and Services Companies (Nasscom).
• Rajesh Nambiar succeeds Anant Maheshwari, the former President of Microsoft India.
• Nambiar has previously served as the vice-chairperson of Nasscom.
• Nambiar along with President Debjani Ghosh, will continue to work with the Nasscom Executive Council, industry, and the government in strengthening India’s position as a global technology hub while navigating the current volatile macro environment.

About Nasscom :

• Founded : 1988
• Headquarters: Noida, Uttar Pradesh
• President : Debjani Ghosh
• The Nasscom is an Indian non-governmental trade association and advocacy group that primarily serves the Indian technology industry.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Hyderabad Firm Grene Robotics Introduces India’s First AI-Powered Anti-Drone System ‘Indrajaal’  

• Hyderabad-based company Grene Robotics has initiated the demonstration of its weapons platform ‘Indrajaal,’the world’s only autonomous wide area anti-drone, Counter-Unmanned Aircraft System (C-UAS), in Hyderabad.
• The demonstration of Indrajaal is a significant milestone in Indian defense technology.
• This anti-drone system is capable of safeguarding against various drone classifications, including micro, mini, small, large, and extra-large drones, enhancing security measures for the future.

About Indrajaal :

• Indrajaal’s design principle leverages a Lego block-like combination mechanism of 12 unique layers of technology powered by artificial intelligence for the first time in the world.
• This design enables the system to detect, identify, classify, track, and swiftly neutralise drone threats in real-time.
• Indrajaal offers 360-degree protection and can cover vast areas spanning up to 4000 sq. km.
• It provides a comprehensive framework to defend against all classifications and levels of autonomous drones, ranging from low Radar Cross Section (RCS) threats to medium and high-altitude long-endurance (HALE) UAVs, loitering munitions, smart bombs, rocket showers, nano and micro drones, and swarm drones.

CURRENT AFFAIRS: SPORTS NEWS

First ever ‘Climate Cup’ Football tournament 2023 begins in Leh, Ladakh

• Climate Football Cup 2023, the first-ever professional football tournament in the Union Territory of Ladakh, began.
• The seven-day event will be held at the Open Astroturf Stadium in Spithuk, Leh.
• Four teams are participating in the competition.
• These are – Delhi Football Club, Tibetan National Football Association, Ladakh Professional Football Club and Ladakh State Team.
• Open Stadium is the state-of-the-art sports facility of Ladakh.
• This stadium is built at an altitude of 11 thousand feet above sea level.
• It has been fitted with artificial grass which can withstand extreme weather conditions.
• This stadium was recently built under the Khelo India program.
• It has a seating facility for 30 thousand spectators.
• It is one of the highest stadiums in the world.

About Ladakh :

• Lieutenant Governor: B. D. Mishra
• Capitals : Leh, Kargil

Recent News

• In June 2023, In a significant step towards empowering women and ensuring their safety and security, the Ladakh Police Department inaugurated the first-ever Women Police Station in Kargil district.

CURRENT AFFAIRS : OBITUARIES

Veteran Kerala Congress leader & former Speaker Vakkom Purushothaman Passed away

• Former Kerala speaker and senior Congress leader Vakkom Purushothaman passed away at the age of 95 in Thiruvananthapuram, Kerala.

About Vakkom Purushothaman :

• Vakkom Purushothaman was born on 12 April 1928 in Vakkom near Trivandrum, Kerala.
• He has been a member of the All India Congress Committee for over 35 years.
• He was elected to the Kerala Assembly 5 times from Attingal Assembly constituency and became a minister thrice from 1971-1977, 1980-1981, 2004-2006.
• He was the longest-served Speaker of the Kerala assembly, from 1982 to 1984 and again from 2001 to 2004.
• He was also elected twice to the Lok Sabha from Alappuzha constituency and served from 1984 to 1991 & 1989-1991.
• Purushothaman served as the 6th Lieutenant Governor of the Andaman and Nicobar Islands from 1993 to 1996, the Governor of Mizoram from 2011 to 2014 and Governor of Tripura for two months in 2014.

Daily CA One- Liner: September 6

• The Reserve Bank of India (RBI) has allowed scheduled commercial banks (SCBs) (excluding Payment Banks, Small Finance Banks, and Regional Rural Banks) are now allowed to facilitate payments using pre-sanctioned credit lines for individuals with their prior consent through the Unified Payments Interface (UPI) system.
• The State Bank of India (SBI) has introduced UPI interoperability with its Digital Rupee (eRupee), also known as Central Bank Digital Currency (CBDC) to enhance customer convenience.
• Capital markets regulator Securities and Exchange Board of India (SEBI) came out with a proposal to set up a Performance Validation Agency (PVA) to validate any claims of performance by registered intermediaries including investment advisers, research analysts and portfolio managers.
• Reserve Bank of India (RBI) Governor Shaktikanta Das has been awarded an ‘A+’ rating in the Global Finance Central Bank Report Card 2023.
• Bajaj Auto Consumer Finance Limited (BACFL), a wholly-owned subsidiary of Bajaj Auto has received a certificate of registration from Reserve Bank of India (RBI) to carry out operations as a non-deposit taking non-banking financial company (NBFC).
• State-owned Punjab National Bank (PNB) has launched the PNB GST Sahay App, a mobile application based on the Goods and Services Tax (GST) Sahay scheme, an end–to-end digital product under which lending can be done using GST invoices.
• India and Singapore piloted the first live paperless transaction using the Trade Trust platform, marking a milestone in the digital connection between India and Singapore.
• The National eGovernance Division (NeGD) will integrate Personalised Adaptive Learning (PAL) into the Digital Infrastructure for Knowledge Sharing (DIKSHA) platform.
• The government has granted deemed university status to the National Council of Educational Research and Training.
• Prime Minister Narendra Modi will be on a two-day visit to Indonesia to attend the 20th ASEAN-India Summit and 18th East Asia Summit.
• Amazon has announced a $15-million allocation for nature-based solutions in the Asia-Pacific (APAC) region.
• Digital payments provider Pine Labs has launched Mini, a cheaper variant of its point-of-sale (PoS) device, which will allow merchants to accept both quick response (QR)-based and card-based payments.
• Indian Renewable Energy Development Agency Ltd. (IREDA) has signed Memorandums of Understanding (MoUs) with the Union Bank of India (UBI) and Bank of Baroda (BoB).
• Indian Renewable Energy Development Agency (IREDA) has signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company Ltd (IIFCL), to finance renewable energy projects.
• The Competition Commission of India (CCI) has imposed a penalty of Rs 40 lakhs on NTPC Limited for the offence of gun jumping.
• The Reserve Bank of India (RBI) has sanctioned the Scheme of Amalgamation of The Navanirman Co-operative Urban Bank Limited, Hyderabad, Telangana with Rajadhani Co-op. Urban Bank Ltd, Hyderabad, Telangana.
• State Bank of India (SBI) has introduced a new feature that allows customers to enrol in social security schemes by providing their Aadhaar card.
• Kerala Chief Minister (CM) Shri Pinarayi Vijayan has launched the statewide membership card of Kerala Startup Mission (KSUM) ‘LEAP (Launch, Empower, Accelerate, Prosper) Coworks’ and also inaugurated the refurbished headquarters of KSUM in Thejaswini Building, Technopark Phase 1, Thiruvananthapuram, Kerala.
• Rajesh Nambiar, Chairman and Managing Director (CMD) of Cognizant India, has been appointed as the Chairperson of the National Association of Software and Services Companies (Nasscom).
• Hyderabad-based company Grene Robotics has initiated the demonstration of its weapons platform ‘Indrajaal,’ the world’s only autonomous wide area anti-drone, Counter-Unmanned Aircraft System (C-UAS), in Hyderabad.
• Climate Football Cup 2023, the first-ever professional football tournament in the Union Territory of Ladakh, began.
• Former Kerala speaker and senior Congress leader Vakkom Purushothaman passed away at the age of 95 in Thiruvananthapuram, Kerala.