Daily Current Affairs September 14 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Bharti AXA Life Launches “Income Laabh” to Streamline Insurance with Enhanced Protection

• Bharti AXA Life Insurance has introduced a new insurance product called “Bharti AXA Life Income Laabh” with the goal of simplifying insurance and providing maximum protection to customers.
• This plan is designed to offer both financial protection and a consistent income stream to policyholders.

About Bharti AXA Life Income Laabh :

• Bharti AXA Life Income Laabh is a non-linked, non-participating individual savings plan that includes life insurance coverage.
• Customers who opt for this plan can expect a steady stream of guaranteed income for a period of 10 to 12 years, depending on the chosen policy term.
• Initially, the income payout is set at 100% of the annual premium paid. After 5 years (for a 10-year policy term), this payout increases to 150%.
• For a 12-year policy term, after 6 years, the income payout grows to 200%.
• In addition to the regular income payouts, the policyholder or nominee receives a guaranteed lump sum amount in the final year of the income period. This can be utilised to achieve significant life goals.
• The primary aim of this product is to enhance the financial well-being of policyholders and their families.

About Bharti AXA Life Insurance :

• Headquarters : Mumbai, Maharashtra
• MD & CEO : Parag Raja
• Bharti AXA Life Insurance is a Joint Venture (JV) between Bharti Enterprises ( 51%) and French insurance company AXA (49%).

RBI Expected to Commence Digital Rupee Pilot in Call Money Market by October 2023 

• Reserve Bank of India’s (RBI) Executive Director Ajay Kumar Choudhary announced that the RBI is likely to launch the pilot of Central Bank Digital Currency (CBDC) for transactions in the interbank borrowing or call money market by October 2023.
• A pilot for the wholesale CBDC, known as Digital Rupee-Wholesale (e-W), was initiated in November 2022.
• The pilot for the retail CBDC was started on December 1, 2022.
• Initially, it was used for settling secondary market transactions in government securities.
• The introduction of CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934, were made with the passage of the Finance Bill 2022.
• Participating Banks: Nine banks were selected by RBI for the wholesale CBDC pilot project, including State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank, and HSBC.
• The Digital Rupee (e-R) is in the form of a digital token that represents legal tender and is issued in the same denominations as paper currency and coins.
• The e-R is distributed through financial intermediaries like banks, and users can transact with it through digital wallets offered by participating banks.
• The RBI is showcasing various digital initiatives in the financial sector at the exhibition pavilion during the G20 Summit.
• These include Public Tech Platform (PTP) for Frictionless Credit, CBDC, UPI One World, RuPay On-The-Go, and Bharat Bill Payment System.

What is Call money?

• Call money, also known as “money at call,” is a short-term loan that is due to be paid immediately in full when demanded by the lender.
• It does not have a defined schedule of payment and maturity, and prior notice for repayment is not required.
• Furthermore, the lender of the call money need not provide prior notice to the borrower about the repayment.

What is an Interbank Call Money Market?

• Interbank Call Money Market is a short-term money market which allows large financial institutions to borrow and lend money at interbank rates, the rate of interest that banks charge when they borrow funds from each other.
• The loans in the call money market are very short, usually lasting no longer than a week.
• These loans are often used to help banks meet reserve requirements.
• It is not exclusively used by banks.
• Interbank call money market customers can include other financial institutions, mutual funds, large corporations, and insurance companies.

RBI Governor Shaktikanta Das Urges Fintech Companies to Establish Self-Regulatory Organization (SRO)

• Reserve Bank of India (RBI) Governor Shaktikanta Das has urged fintech entities to establish a Self-Regulatory Organisation (SRO).
• Fintech entities interested in being recognized as SROs must apply to the RBI.
• The RBI will issue a letter of recognition to suitable entities.

What is Financial Technology?

• FinTech, short for financial technology, encompasses software, mobile applications, and various technologies designed to enhance and automate traditional financial services for both businesses and consumers.
• FinTech includes a wide range of applications, from mobile payment apps to complex blockchain networks with encrypted transactions.
• Fintech companies modify, enhance, or automate financial services, including mobile banking, peer-to-peer payment services (e.g., Gpay, PhonePe), automated portfolio management (e.g., Fintoo, Motilal Oswal), and trading platforms (e.g., Zerodha, Groww)

RBI’s Expectations from FinTech Companies :

• Industry Best Practices: RBI expects fintech companies to evolve industry best practices, privacy and data protection norms in compliance with local laws.
• Ethical Business Practices: Fintech firms are required to promote ethical business practices, ensure transparency in pricing, and avoid mis-selling.

What is Self-Regulatory Organisation (SRO) :

• An SRO is a non-governmental organisation (NGO) responsible for setting and enforcing rules and standards within a specific industry, with the goal of safeguarding customers and promoting ethics, equality, and professionalism.
• SROs work with industry stakeholders to establish rules and regulations.
• They administer self-regulatory processes impartially, ensuring a disciplined environment and imposing penalties when necessary.
• SROs address concerns that go beyond the narrow interests of the industry, such as protecting workers, customers, and other participants in the ecosystem.

Functions of an SRO :

• Communication Channel: The recognized SRO serves as a two way communication channel between its members (fintech entities) and the RBI.
• Establishing Standards: SROs work to establish minimum benchmarks and standards, fostering professional and ethical market behaviour among their members.
• Grievance Redressal: They establish uniform grievance redressal and dispute management frameworks to address issues among their members.

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

CURRENT AFFAIRS: NATIONAL NEWS

Cabinet approvals:

Cabinet approves eCourts Phase III for 4 years

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the eCourts Project Phase III as a Central Sector Scheme spanning four years (2023 onwards) with a financial outlay of Rs.7210 crore.
• In line with the vision of Hon’ble Prime Minister Shri Narendra Modi ji’s “Sabka Sath, Sabka Vikas and Sabka Vishwas“, eCourts Mission Mode Project is the prime mover for improving access to justice using technology.
• As a part of the National eGovernance Plan, the e-Courts Project has been under implementation since 2007 for ICT enablement of the Indian Judiciary Phase II which will conclude in 2023.
• Phase III of the e-Courts Project in India is rooted in the philosophy of “access and inclusion”.
• The Centrally Sponsored Scheme of eCourts Phase III is being implemented under the joint partnership of the Department of Justice, Ministry of Law & Justice, Government of India and eCommittee, Supreme Court of India, in a decentralized manner through the respective High Courts to develop a judicial system that would promote ease of justice by making the system more accessible, affordable, reliable, predictable, and transparent for all stakeholders

Cabinet approves foreign investment of up to Rs.9589 crore in M/s Suven Pharmaceuticals Limited

• The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi approved the FDI proposal for foreign investment of up to 9589 crore in M/s Suven Pharmaceuticals Limited by M/s Berhyanda Limited, Cyprus.
• The approval is for the acquisition of up to 76.1% equity shares of M/s Suven Pharmaceuticals Limited, a public limited Indian pharmaceutical company listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited, by M/s Berhyanda Limited, Cyprus, by way of transfer of shares of from existing promoter shareholders and public shareholders through mandatory Open Offer.
• The aggregate foreign investment may increase up to 90.1% in M/s Suven Pharmaceuticals Limited.
• The proposal has been evaluated by SEBI, RBI, CCI and other relevant agencies.
• The approval has been granted after examination of the proposal by the Departments concerned, RBI and SEBI and is subject to the fulfilment of all rules and regulations as applicable in this regard.
• As per the extant FDI Policy, 100% foreign investment is allowed under automatic route in greenfield pharmaceutical projects.
• In brownfield pharmaceutical projects, FDI up to 74% are allowed under the automatic route and Government approval is required for investment beyond 74%.
• Total FDI inflows in the pharmaceutical sector have been Rs.43,713 crore during the last five years (from 2018-19 to 2022-23).
• The sector has witnessed significant growth in FDI of 58% in the last financial year.

Cabinet approves signing of an MoU between India and Armenia on cooperation in the field of sharing successful Digital Solutions implemented at the Population Scale for Digital Transformation

• The Union Cabinet, chaired by the Hon’ble Prime Minister approves the signing of the Memorandum of Understanding (MoU) between the Ministry of Electronics & Information Technology of the Republic of India and the Ministry of High-Tech Industry of the Republic of Armenia on Cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.
• The MoU intends to promote closer cooperation and exchange of experiences and digital technologies-based solutions (viz. INDIA STACK) in the implementation of digital transformational initiatives of both the countries.
• MoU envisages improved collaboration leading to employment opportunities in the field of IT.
• The MoU shall come into effect from the date of signature of the Parties and shall remain in force for a period of 3 years.
• Both G2G and B2B bilateral Cooperation in the field of Digital Public Infrastructure (DPI) will be enhanced.
• The activities contemplated in this MoU would be financed through their administration’s regular operating allocations.

About Armenia :

• Prime Minister: Nikol Pashinyan
• Capital: Yerevan
• Currency: Armenian Dram

Cabinet approves signing of an MoU between India and Antigua & Barbuda on cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation

• The Union Cabinet, chaired by the Hon’ble Prime Minister approves the signing of the Memorandum of Understanding (MoU) between the Ministry of Electronics & Information Technology of the Republic of India and the Ministry of Information, Communications Technologies, Utilities and Energy of the Antigua & Barbuda on Cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.
• The MoU intends to promote closer cooperation and exchange of experiences and digital technologies-based solutions (viz. INDIA STACK) in the implementation of digital transformational initiatives of both countries.
• MoU envisages improved collaboration leading to employment opportunities in the field of IT.
• The MoU shall come into effect from the date of signature of the Parties and shall remain in force for a period of 3 years.
• Both G2G and B2B bilateral Cooperation in the field of Digital Public Infrastructure (DPI) will be enhanced.
• The activities contemplated in this MoU would be financed through their administration’s regular operating allocations.

About Antigua & Barbuda

• Prime minister: Gaston Browne
• Capital: Saint John’s
• Currency: East Caribbean Dollar

Cabinet approves signing of an MoU between India and Sierra Leone on cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation

• The Union Cabinet, chaired by the Hon’ble Prime Minister approves the signing of the Memorandum of Understanding (MoU) between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Information and Communications of the Republic of Sierra Leone on Cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.
• The MoU intends to promote closer cooperation and exchange of experiences and digital technologies-based solutions (viz. INDIA STACK) in the implementation of digital transformational initiatives of both countries.
• MoU envisages improved collaboration leading to employment opportunities in the field of IT.
• The MoU shall come into effect from the date of signature of the Parties and shall remain in force for a period of 3 years.
• Both G2G and B2B bilateral Cooperation in the field of Digital Public Infrastructure (DPI) will be enhanced.
• The activities contemplated in this MoU would be financed through their administration’s regular operating allocations.

About Sierra Leone :

• President: Julius Maada Bio
• Capital: Freetown
• Currency: Sierra Leonean Leone

Cabinet approves scheme for release of grant to support LPG connections to Women under Pradhan Mantri Ujjwala Yojana

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the extension of Pradhan Mantri Ujjwala Yojana (PMUY) for the release of 75 lakh LPG connections over three years from Financial Year 2023-24 to 2025-26.
• The total financial implication will be 1650 crore per connection at the following rates:
• 2 kg Single Bottle Connection – Rs.2200 per connection
• 5 kg Double Bottle Connection – Rs.2200 per connection
• 5 kg Single Bottle Connection – Rs.1300 per connection
• As per the existing modalities of Ujjawala 2.0, the first refill and stove will also be provided free of cost to Ujjwala beneficiaries.
• A targeted subsidy of Rs.200 per 14.2 kg LPG cylinder for up to 12 refills per year is being provided to PMUY consumers.
• Without continuation of PMUY, eligible poor households may not be able to get their due benefit under the scheme.
• LPG connections to poor households will provide access to clean cooking fuel to help in addressing health problems caused by the use of traditional sources of cooking fuel such as firewood, coal, cow dung
• This will in turn enhance the productivity of women, raise their quality of life by removing drudgery associated with the collection of wood and insure them against the non-availability of cooking fuel, at times.

Recent News

• In May 2023, The Union Cabinet approved the signing of a memorandum of understanding between the Competition Commission of India (CCI) and the Egyptian Competition Authority (ECA).
• In June 2023, The Union Cabinet authorized the City Investments to Innovate, Integrate, and Sustain (CITIIS) 2.0 programme, which would encourage a circular economy in 18 smart cities chosen through a competition.
• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has given its approval for ratification of the Headquarters Agreement (HQA) between the Government of India (Gol) and the Coalition for Disaster Resilient Infrastructure (CDRI) signed on 22nd August, 2022.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Memorandum of Understanding Signed for India-Middle East-Europe Economic Corridor (IMEC) at G20 Summit

• During the G20 Summit in New Delhi, a Memorandum of Understanding (MoU) was signed among the governments of India, the United States (US), Saudi Arabia, the European Union (EU), the United Arab Emirates (UAE), France, Germany, and Italy to establish the India – Middle East – Europe Economic Corridor (IMEC).

Key Highlights :

• The IMEC project is part of the PGII (Partnership for Global Infrastructure Investment), which is a Western-led initiative aimed at funding infrastructure projects worldwide.
• It is considered a response to China’s Belt and Road Initiative (BRI).
• PGII is characterised by transparency and a focus on building climate-resilient infrastructure while addressing gender equality and health infrastructure development goals, as outlined by the G7 nations.
• The PGII can contribute towards reducing the infrastructure gaps in the Global South countries.

Specific Initiatives :

• Projects in Indonesia: PGII has announced multiple projects in Indonesia, including those related to clean energy and telecommunications.
• US Investment: The U.S. government’s International Development Finance Corporation (DFC) will invest more than $15 million in India’s health infrastructure.
• EU Global Gateway Program: The European Union, through its Global Gateway program, plans to activate 300 billion euros of investments in critical connectivity projects from 2021 to 2027, half of this funding is designated for Africa.

United Kingdom Re-enters European Union’s €95.5 Billion Horizon Research Programme  

• The United Kingdom (UK) government has officially announced its decision to rejoin Horizon Europe, the European Union’s research funding program with a budget of €95 billion.
• With this move, UK scientists will now have access to a significant source of funding.
• The UK left the EU in early 2020 (Brexit).

Key Highlights :

• An “agreement in principle” has been signed between the European Commission and the United Kingdom to facilitate the UK’s participation in Horizon Europe.
• Horizon Europe supports individual researchers and international scientific collaborations within the EU and “associated” non-EU countries.
• These associated countries contribute to the program and gain opportunities to secure grants and engage in cross-border scientific projects.
• The decision for the UK to leave the European Union in a 2016 referendum initially jeopardised its participation in Horizon Europe.
• Although cooperation with Horizon Europe was negotiated as part of the 2020 Brexit withdrawal agreement, trade disputes related to Northern Ireland strained UK-EU relations, delaying the formal signing of the agreement.
• Starting in 2024, the UK will rejoin Horizon Europe as an associated country, contributing approximately €2.6 billion annually to access the program.
• In addition to Horizon Europe, the UK will also rejoin the European Union’s Earth observation program, known as Copernicus.

G20 Leaders Approve Goa Roadmap and “Travel for LiFE” Program for Significant Boost to Tourism Sector

• Group of Twenty (G20) leaders have unanimously endorsed the “Goa Roadmap for Tourism” as a significant step toward achieving Sustainable Development Goals (SDGs).
• The “Goa Roadmap” is an outcome of India’s G20 Tourism Track and serves as a blueprint for promoting sustainable global tourism.
• This roadmap aligns with the theme of India’s G20 Presidency and emphasises the role of tourism in society, the economy, and environmental sustainability.

5 Priority Areas :

• The roadmap highlights 5 interconnected priorities:

1. Green tourism
2. Digitization
3. Destination management
4. Skills development
5. Support for tourism micro, small, and medium-sized enterprises (MSMEs).

• These priorities have been endorsed by all G20 countries, emphasising their commitment to achieving sustainable, resilient, and inclusive tourism.

Travel for LiFE :

• India’s vision of “Travel for LiFE” (Lifestyle for Environment) has been integrated into the Goa roadmap, emphasising sustainable lifestyles.

G20 Tourism and SDG Dashboard :

• The G20 Tourism and SDG Dashboard was launched by the Union Ministry of Tourism in collaboration with the United Nations World Tourism Organisation (UNWTO).
• This dashboard serves as a global repository, showcasing best practices and case studies of sustainable tourism practices and policies from G20 nations.

Mission LiFE (Lifestyle for Environment) :

• Mission LiFE or Lifestyle for Environment is a global environmental movement initiated by India to encourage individual and community actions aimed at protecting and preserving the environment.
• It was launched by the Indian Prime Minister at the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow in November 2021.
• Mission LiFE aims to mobilise 1 billion individuals in India and other countries to adopt sustainable lifestyles and contribute to the fight against climate change.
• It embodies the spirit of the “P3 model,” which stands for “Pro Planet People.”
• The program operates on the principles of ‘Lifestyle of the planet, for the planet, and by the planet,’ promoting sustainable living practices.

About Ministry of Tourism :

• Cabinet Minister : G. Kishan Reddy

Minister of State : Shripad Naik, Ajay Bhatt

CURRENT AFFAIRS: BUSINESS NEWS

Retail inflation based on CPI slips to 6.83% in August 2023

• Retail inflation, based on the Consumer Price Index (CPI), slipped to 6.83 per cent in August this year.
• According to the Ministry of Statistics and Programme Implementation data released, rural areas saw a slightly higher inflation rate at 7.02% compared to urban areas at 6.59 per cent.
• CPI for the last month fell from a 15-month high of 7.44% in July, mainly due to a decline in vegetable prices.
• The Consumer Food Price Index (CFPI) for August stood at 9.94% falling from 11.51 percent in July.
• The retail inflation still remains above the Reserve Bank of India’s upper tolerance limit of 6%.
• The Government had mandated the Central Bank to maintain retail inflation at four per cent with a margin of 2% on either side.

Recent News

• India’s annual retail inflation eased to a 18-month low of 4.7% in April from 5.66 per cent the previous month.
• Consumer Price Index (CPI)-based retail inflation declined to an 18-month low level of 4.7% in April.
• Retail inflation, based on Consumer Price Index (CPI), stood at 4.81 percent in June 2023.

About Retail Inflation:

• The Consumer Price Index (CPI), which tracks retail inflation, tracks price increases as seen by retail consumers.
• The Wholesale Price Index (WPI), on the other hand, tracks wholesale inflation and gauges it at the producer level.

Index of Industrial production jumps to a five-month high by 5.7% in July 2023

• The index of industrial production jumped to a 5-month high.
• As per the Ministry of Statistics and Programme Implementation data, IIP grew by 5.7% in July this year as compared to 3.7% in June 2023.
• It was 2.2% in July 2022.
• The manufacturing sector having 77% weightage in IIP grew by 4.6%.
• The Basic Metal sector climbed 12.8%, Mining output rose by 10.7% and Electricity grew by 8% for July 2023.

Recent News

• The Index of Industrial Production (IIP) grew by 5.2% in May 2023 from 4.2% in April 2023.

About IIP

• The Index of Industrial Production (IIP) is an index that shows the growth rates in different industry groups of the economy in a stipulated period.
• The IIP index is computed and published by the Central Statistical Organisation (CSO) monthly.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

RBI Grants Approval for Sandeep bakhshi’s Re-appointment as ICICI Bank’s MD & CEO

• The Reserve Bank of India (RBI) has granted approval for the re-appointment of Sandeep Bakhshi as the Managing Director and Chief Executive Officer (MD & CEO) of India’s 2nd largest private sector bank, ICICI Bank.
• Sandeep Bakhshi’s re-appointment is for a duration of 3 years, effective from October 4, 2023, until October 3, 2026.
• This marks his 2nd tenure extension.
• Previously, in 2021, he was reappointed for a period of 2 years, extending until October 2023.
• Sandeep Bakhshi has been leading ICICI Bank since October 2018, holding the position of MD & CEO.

About Sandeep Bakhshi :

• Sandeep Bakhshi has had a longstanding association with the ICICI Group, having been part of it since 1986.
• Throughout his career, Bakhshi has held various key assignments across different entities within the ICICI Group, including ICICI Ltd, ICICI Lombard General Insurance, ICICI Bank, and ICICI Prudential Life Insurance.
• Prior to becoming the MD & CEO, Bakhshi served as the Whole Time Director and Chief Operating Officer (COO) of ICICI Bank.

About ICICI Bank Limited :

• Established : 5 January 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sandeep Bakhshi
• Tagline : Hum Hai Na, Khayal Apka

CURRENT AFFAIRS : DEFENCE NEWS

21st Edition of India-France Bilateral Naval Exercise ‘VARUNA’ 2023 conducted in Arabian Sea

• The 2nd phase of the Indian-French bilateral naval exercise, Varuna 2023, took place in the Arabian Sea.
• The exercise witnessed the participation of guided missile frigates, tankers, Maritime Patrol Aircraft and integral helicopters from the two sides.
• The 1st phase of the Varuna exercise occurred off India’s Western Seaboard from January 16 to January 20, 2023.
• Varuna 2023 marks the 21st edition of this bilateral naval exercise between India and France.
• This exercise also commemorates the 25th year of the India-France strategic partnership.

Key Highlights :

• The Indian-French bilateral naval exercise commenced in 1993.
• It was officially named “Varuna” in 2001.
• Varuna provides a platform for both navies to exchange and learn from each other’s best practices and procedures in naval operations.

Indian Navy and Uber Collaborate for Private Travel of Naval Personnel and Their Families Nationwide in India                                     

• The Indian Navy has joined hands with a cab aggregator service with an aim to provide reliable, convenient, safe and economical mobility solutions for personal travel and commute of naval personnel and families across India.
• The Navy signed a Memorandum of Understanding (MoU) with Uber in the presence of Navy Chief Admiral R Hari Kumar and senior officials of the company.

Objective :

• To offer a comprehensive range of benefits to Indian Navy personnel, aligning with the Chief of Naval Staff’s vision of ensuring “happy personnel” under the ‘SHIPS FIRST‘ initiative.
• This partnership is also in line with the Government of India’s ambitious ‘Digital India’ vision, which emphasises the transformative potential of technology.
• Uber will extend several benefits to Indian Navy’s personnel and their families, including
• A personalised profile on the Uber App.
• Premier Executive Cab Category providing surge price protection during peak office hours.
• Availability of Top-rated drivers.
• Zero cancellation fee on all Uber rides.
• 24×7 Premium business support.

About Indian Navy :

• Founded : 26 January 1950
• Headquarters : New Delhi, Delhi
• Chief of the Naval Staff (CNS) : Admiral R. Hari Kumar

About Uber Technologies, Inc :

• Founded : March 2009
• Headquarters: San Francisco, California, United States.
• Chairman : Ronald Sugar
• CEO : Dara Khosrowshahi
• Uber Technologies, Inc. is an American transportation conglomerate that mainly provides ride-hailing services where individuals can hail a vehicle using the Uber app on their phone.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

GQG Acquired More Than 5 Crore Shares From IDFC First Bank’s V Vaidyanathan

• American investment firm GQG Partners completed the acquisition of more than 5 crore shares from V Vaidyanathan, Managing Director (MD) and Chief Executive Officer (CEO) of IDFC First Bank.
• The exchange took place at a price of Rs 94.5 per share, based on available data.
• This transaction involved approximately 0.8% of the total equity of IDFC First Bank.
• Utilisation of Funds: V Vaidyanathan planned to utilise the proceeds from the sale as follows:
• Rs 229 crore for subscribing to new shares of IDFC First Bank.
• Rs 240.5 crore for payment of income tax related to exercising stock options.
• Rs 9.2 crore for pre-committed causes.
• After the completion of this deal, Vaidyanathan’s stake in the bank would increase from 0.58% (as of June 30, 2023) to 1.04%.
• When considering options that are yet to be converted, Vaidyanathan’s shareholding will be 1.23% of the total share capital of IDFC First Bank.
• The stock options granted to Vaidyanathan were originally from Capital First, a non-banking finance company.
• Capital First was merged with IDFC Bank, and after the merger in December 2018, these stock options were converted to IDFC FIRST Bank stock options.

About IDFC First Bank :

• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Vaidyanathan
• Tagline : Always You First

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

North Korea launches new ‘tactical nuclear attack submarine’ named Hero Kim Kun Ok

• North Korea has launched its 1st tactical nuclear attack submarine, submarine No 841 named the Hero Kim Kun Ok, which was unveiled ahead of the country’s 75th anniversary of its founding day (September 09, 1948).
• North Korean leader Kim Jong-un personally oversaw the official launch of the nuclear-powered submarine.

About Hero Kim Kun Ok :

• The Hero Kim Kun Ok, will play a pivotal role in patrolling the waters between the Korean Peninsula and Japan.
• It appears to be a modified Soviet-era Romeo-class submarine, which North Korea acquired initially from China in the 1970s and later began producing domestically.
• The submarine is equipped with 10 launch tube hatches, leading experts to believe that it is armed with ballistic missiles and cruise missiles.
• The submarine is classified as “tactical,” suggesting that it may not have submarine-launched ballistic missiles (SLBM) capable of reaching the U.S. mainland. Instead, it likely possesses smaller, short-range SLBMs or submarine-launched cruise missiles (SLCM) capable of targeting South Korea, Japan, or other regional locations.
• The development of this submarine has raised concerns in the region, particularly among South Korea and Japan, as it enhances North Korea’s naval capabilities and its potential to threaten neighbouring countries.

Recent News :

• In July 2023, North Korea successfully tested the Hwasong-18, its new solid-fuel intercontinental ballistic missile (ICBM), for the second time from Pyongyang, North Korea.
• In July,2023 the US docked a nuclear-capable ballistic missile submarine in South Korea for the first time since the 1980s.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Ministry of Labour and Employment signs Memorandum of Understanding (MoUs) with various Private Job Portals/Employers

• The Ministry of Labour and Employment signed a Memorandum of Understanding (MoU) with leading private job portals, companies/employers and skill providers to integrate with the National Career Service (NCS) portal of the Ministry here.
• The objective of MoUs is to enhance employment opportunities and services for jobseekers on the NCS
• The private job portals partnering with the Ministry of Labour and Employment will share their vacancies on NCS so that the NCS registered jobseekers can seamlessly apply for such vacancies.
• On behalf of the Ministry of Labour and Employment, the MoUs were signed by Shri Amit Nirmal, Deputy Director General (Employment) in the presence of Smt. Arti Ahuja, Secretary Ministry of Labour and Employment and Shri Ramesh Krishnamurthi, Additional Secretary (Labour and Employment).
• The MoUs were signed with TeamLease HRTech, Monster.com India Pvt Ltd referred to as found it, QUESS CORP Limited, Delivery Track (VSS Tech), KARPAGA Assessment APP MATRIX Services Private Limited (HireMee), QUIKR INDIA Private Limited, TCS iON, and first job.co.in to share their vacancies with NCS portal.
• These vacancies will enhance the employment opportunities for the NCS registered jobseekers.
• More than 30 lakh eShram registered workers of the unorganized sector who have joined NCS so far, would also be benefitted from this partnership.
• The Ministry of Labour and Employment also signed an MoU with TCS iON to provide free-of-cost online soft skill employability training to the job seekers registered on the NCS Portal both in English as well as Hindi language.
• This employability training was found very useful in enhancing the employability skills of job seekers.
• Such training would help to improve the quality of the work force on their selection.

IICA and UNICEF jointly organize workshops on Business Responsibility and Sustainability Reporting (BRSR)

• The Indian Institute of Corporate Affairs (IICA), organized a workshop on Business Responsibility and Sustainability Reporting (BRSR) in collaboration with UNICEF and the National Stock Exchange at the NSE premises in Mumbai, Maharashtra.
• The workshop was attended by above 50 Sustainability, CSR (Corporate Social Responsibility), ESG (Environment, Social and Governance) and BHR (Business Human Rights) professionals from key corporate houses.
• The workshop aimed to provide a comprehensive understanding of the BRSR framework, which is based on the nine principles of the National Guidelines for Responsible Business Conduct (NGRBC).
• The BRSR framework is a mandatory disclosure mechanism for the top 1000 listed companies or businesses to report their performance on environmental, social and governance (ESG) aspects and demonstrate their commitment to responsible business practices.
• The workshop also covered various topics such as CSR & ESG as tools for establishing responsible brands, effective BRSR disclosures, digital tools, IT portal/software for BRSR and the application of family-friendly policies in business.
• The workshop enabled the participants to enhance their knowledge and skills in BRSR and its implementation.

Recent News

• In July 2023, Indian Institute of Corporate Affairs (IICA), under the aegis of Ministry of Corporate Affairs, kick-started its annual week-long conference – ‘Week with Legends, 2023’, for its Graduate Insolvency Programme (GIP) wherein stalwarts of the Insolvency practice are invited to take part in a roundtable discussion with the students of its flagship GIP on various aspects of Insolvency and Bankruptcy regime in India.
• In June 2023, The Indian Institute of Corporate Affairs (IICA) in association with NALSAR University of Law, Hyderabad launched a new programme, LL.M in Insolvency and Bankruptcy Laws at New Delhi.
• In June 2023, A Memorandum of Understanding (MoU) was signed between the Indian Institute of Corporate Affairs (IICA) and Rashtriya Raksha University (RRU).
• In June 2023, A Memorandum of Understanding (MoU) was signed between Directorate General Resettlement (DGR) under Department of Ex-Servicemen Welfare, Ministry of Defence and M/s Kotak Mahindra Life Insurance Company Limited in New Delhi.

ABOUT IICA :

• IICA is an institution established by the Ministry of Corporate Affairs (MCA), Government of India as an autonomous body to act as a think-tank and a centre of excellence to support the growth of the corporate sector in India through an integrated and multi-disciplinary approach.
• RRU is an Institution of National Importance under the Ministry of Home Affairs.
• It is a pioneering national security and police University of India.

About UNICEF :

• Headquarters: New York,
• Founded: 11 December 1946
• Founders: United Nations General Assembly, Ludwik Rajchman
• Head: Catherine M. Russell

Daily Ca One- Liner: September 14

• Bharti AXA Life Insurance has introduced a new insurance product called “Bharti AXA Life Income Laabh” with the goal of simplifying insurance and providing maximum protection to customers.
• Reserve Bank of India’s (RBI) Executive Director Ajay Kumar Choudhary announced that the RBI is likely to launch the pilot of Central Bank Digital Currency (CBDC) for transactions in the interbank borrowing or call money market by October, 2023.
• Reserve Bank of India (RBI) Governor Shaktikanta Das has urged fintech entities to establish a Self-Regulatory Organisation (SRO).
• The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the eCourts Project Phase III as a Central Sector Scheme spanning four years (2023 onwards) with a financial outlay of Rs.7210 crore.
• The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi approved the FDI proposal for foreign investment of up to 9589 crore in M/s Suven Pharmaceuticals Limited by M/s Berhyanda Limited, Cyprus.
• The Union Cabinet, chaired by the Hon’ble Prime Minister approves the signing of the Memorandum of Understanding (MoU) between the Ministry of Electronics & Information Technology of the Republic of India and the Ministry of High-Tech Industry of the Republic of Armenia on Cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.
• The Union Cabinet, chaired by the Hon’ble Prime Minister approves the signing of the Memorandum of Understanding (MoU) between the Ministry of Electronics & Information Technology of the Republic of India and the Ministry of Information, Communications Technologies, Utilities and Energy of the Antigua & Barbuda on Cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.
• The Union Cabinet, chaired by the Hon’ble Prime Minister approves the signing of the Memorandum of Understanding (MoU) between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Information and Communications of the Republic of Sierra Leone on Cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformation.
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the extension of Pradhan Mantri Ujjwala Yojana (PMUY) for release of 75 lakh LPG connections over three years from Financial Year 2023-24 to 2025-26.
• Retail inflation, based on the Consumer Price Index (CPI), slipped to 6.83 per cent in August this year.
• As per the Ministry of Statistics and Programme Implementation data, IIP grew by 5.7 per cent in July this year as compared to 3.7 per cent in June 2023.
• During the G20 Summit in New Delhi, a Memorandum of Understanding (MoU) was signed among the governments of India, the United States (US), Saudi Arabia, the European Union (EU), the United Arab Emirates (UAE), France, Germany, and Italy to establish the India – Middle East – Europe Economic Corridor (IMEC).
• United Kingdom (UK) government has officially announced its decision to rejoin Horizon Europe, the European Union’s research funding program with a budget of €95 billion.
• Group of Twenty (G20) leaders have unanimously endorsed the “Goa Roadmap for Tourism” as a significant step toward achieving Sustainable Development Goals (SDGs).
• The Reserve Bank of India (RBI) has granted approval for the re-appointment of Sandeep Bakhshi as the Managing Director and Chief Executive Officer (MD & CEO) of India’s 2nd largest private sector bank, ICICI Bank.
• The 2nd phase of the Indian-French bilateral naval exercise, Varuna 2023, took place in the Arabian Sea.
• The Indian Navy has joined hands with a cab aggregator service with an aim to provide reliable, convenient, safe and economical mobility solutions for personal travel and commute of naval personnel and families across India.
• American investment firm GQG Partners completed the acquisition of more than 5 crore shares from V Vaidyanathan, Managing Director (MD) and Chief Executive Officer (CEO) of IDFC First Bank.
• North Korea has launched its 1st tactical nuclear attack submarine, submarine No 841 named the Hero Kim Kun Ok, which was unveiled ahead of the country’s 75th anniversary of its founding day .
• The Ministry of Labour and Employment signed a Memorandum of Understanding (MoU) with leading private job portals, companies/employers and skill providers to integrate with National Career Service (NCS) portal of the Ministry here
• The Indian Institute of Corporate Affairs (IICA), organised a workshop on Business Responsibility and Sustainability Reporting (BRSR) in collaboration with UNICEF and the National Stock Exchange at the NSE premises in Mumbai