Daily Current Affairs September 21 2023 | Latest News

 

CURRENT AFFAIRS: BANKING AND FINANCE

SIDBI to raise Rs 10,000 crore from rights issue next fiscal

• SIDBI has planned to raise ₹10,000 crore from the rights issue next fiscal to expand its capital base.
• SIDBI, which refinances SME loans, plans to conduct the rights issue in two tranches of ₹5,000 crore each next fiscal.
• SIDBI expects to increase its assets to ₹5 lakh crore by March 2024 from about ₹4 lakh crore in March 2023.
• The shareholders will subscribe to the proposed rights issue.
• The Central Government owns 20.8% of SIDBI.
• State Bank of India (SBI) holds 15.65% and Life Insurance Corporation of 13.33%.
• The rest of the equity is held by other public financial institutions and banks.
• Capital Adequacy Ratio (CAR) of SIDBI declined from 24.28% in FY22 to 19.29% in FY23. It further declined to 15.63% as of the June 2023 quarter.

E-rupee worth ₹16.39 crores in circulation as of March 2023

• Central Bank Digital Currency (CBDC) or e-rupee worth ₹16.39 crores is in circulation.
• This is according to data from RBI’s Handbook of Statistics on the Indian Economy for FY23.
• The data showed that out of total e-rupee circulation, ₹10.69 crore was wholesale CBDC and ₹5.70 crore was retail CBDC.
• The circulation was highest for ₹500 CBDC notes at ₹2.71 crore.
• This was followed by ₹200 notes at 1.16%.
• Circulation for all other currency denominations of 50 paise to ₹100 was below 1%. It ranged between 0.01- 0.83%.
• The total flow of resources to the commercial sector increased 31% year-on-year (yoy) in FY23.
• The share of banks increased from 46% in FY22 to 59% of the total flow and the share of non-banks declined from 54% to 41% as per RBI’s Handbook of Statistics on the Indian Economy 2022-23.
• The total flow of resources to the commercial sector stood at ₹29,49,176 crore in FY23 against ₹22,51,703 crore in FY22.
• Under the non-bank category, the resource flow to the commercial sector from domestic sources in FY23 was higher at 70%.
• The flow from foreign sources decreased sharply from 52% to 30%.

SEBI Details Procedure Allowing Board Seats For REIT, InvIT Holders

• SEBI notified the framework that allows unitholders of real estate investment trusts and infrastructure investment trusts to nominate representatives on the boards.
• A circular from the market regulator said that unitholders who own at least 10% of the outstanding REITs or InvITs, either individually or collectively, may nominate a director to the boards of investment managers of a REIT or InvIT.
• Eligibility would be reviewed every month.
• In its June board meeting, the Securities and Exchange Board of India approved a proposal for special rights for the unitholders in its bid to enhance its corporate governance norms.
• According to the notified framework, unit holders eligible under the rules will have the option to either nominate or refrain from nominating a director to the board of investment managers to be their representative.
• Any subsequent intimations shall be made within 10 days of the end of every financial year. On receipt of the intimation, unitholders who are interested shall inform their investment manager within the next 10 days.

About REITs

• Real Estate Investment Trusts or REITs are investment trusts (like mutual funds) that own and operate real estate properties generating regular income and capital appreciation on their investments.

About InvITs

• Infrastructure Investment Trusts or InvITs are also like mutual funds that pool money from investors that own and operate operational infrastructure assets like highways, roads, pipelines, warehouses, power plants, etc.

RBI Issues Revised Norms for Classification and Valuation of Investment Portfolios by Banks

• The RBI issued revised norms for the classification, valuation, and operation of investment portfolios of commercial banks, aligning them with global standards and best practices.
• The revised ‘Reserve Bank of India (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks) Directions, 2023′ will apply from April 1, 2024, to all Commercial Banks excluding Regional Rural Banks.

Key Highlights

• The revised directions include principle-based classification of investment portfolio, tightening of regulations around transfers to/from held to maturity (HTM) category and sales out of HTM, inclusion of non-SLR (statutory liquidity ratio) securities in HTM subject to fulfilment of certain conditions and symmetric recognition of gains and losses.
• As per the revised norms, banks will have to classify their entire investment portfolio under three categories — Held to Maturity (HTM), Available for Sale (AFS) and Fair Value through Profit and Loss (FVTPL).
• “Held for Trading (HFT) shall be a separate investment subcategory within FVTPL.
• The category of the investment shall be decided by the bank before or at the time of acquisition and this decision shall be properly documented.
• RBI has removed the 90-day ceiling on the holding period of securities under the Held For Trading (HFT) category.
• At present, banks are allowed to set aside more than 25% of total investments under HTM, provided the investment in government securities to meet the statutory liquidity ratio (SLR) requirement, is capped at 18%.
• Banks are currently required to follow regulatory guidelines on the classification and valuation of investment portfolios, which are based on a framework issued in October 2000 drawing upon the then-prevailing global standards and best practices.

CURRENT AFFAIRS: NATIONAL NEWS

The 14th edition of Global Skills Summit begins, to focus on empowering youth and creating future

• The 14th edition of the Global Skills Summit has begun in Delhi.
• The theme of the two-day Summit is building skills, empowering youth, and creating a future.
• The Summit aims to focus on creating a road map for a high-quality industry-led skilling ecosystem in India.
• Addressing the Summit, Ministry of Skill Development and Entrepreneurship Secretary Atul Kumar Tiwari informed country’s dynamic workforce seeks immediate post-school opportunities.
• He further added that the ecosystem of education, skills, and entrepreneurship in the country must equip the youth with skills and employment opportunities as the economy grows.
• The Summit will see future-forward discussions and deliberations on the ways to make the youth of India skilled for the industry and navigate the skilling and education ecosystem in India.

Centre launches three game-changing initiatives for farmers focusing on agri-credit and crop insurance

• The government will launch a series of transformative initiatives, aimed at revolutionizing agriculture in the country in New Delhi.
• The transformative initiatives, include Kisan Rin Portal (KRP), Door to Door KCC Campaign, and Weather Information Network Data Systems (WINDS) Manual.
• These initiatives will be launched by Finance Minister Nirmala Sitharaman and Union Minister of Agriculture & Farmers’ Welfare, Narendra Singh Tomar.
• According to the Minister of Agriculture & Farmers’ Welfare, these initiatives aim to amplify financial inclusion, streamline data utilization, harness technology, and enhance the livelihoods of the agricultural community.
• It said these initiatives will focus on agri-credit and crop insurance, keeping the welfare of farmers at their core. It added that these efforts and innovations will help in furthering the goal of agricultural transformation and sustainable economic growth for the farming community of the country.

About Kisan Rin Portal

• The Kisan Rin Portal (KRP), developed in collaboration with multiple government departments, is poised to revolutionize access to credit services under the Kisan Credit Card (KCC). This digital platform offers a comprehensive view of farmer data, loan disbursement specifics, interest subvention claims, and efficient agriculture credit.

About Ghar Ghar Kisan Credit Card

• The Ghar Ghar Kisan Credit Card (KCC) Abhiyaan is an ambitious campaign to extend the benefits of the Kisan Credit Card (KCC) Scheme to every farmer across India. This campaign aims to achieve universal financial inclusion, ensuring that every farmer has unhindered access to credit facilities. The Ministry said the total number of operative KCC accounts as of March 2023 is 7.35 Crores with a total sanctioned limit of 8.85 lakh crores rupees.

About The Weather Information Network Data Systems

• The Weather Information Network Data Systems (WINDS) initiative is an instrumental innovation, that leverages advanced weather data analytics to provide stakeholders with actionable insights on weather.

Shri Jyotiraditya M Scindia to inaugurate new infrastructure at Tezu airport on 24th September 2023

• Shri Jyotiraditya M Scindia, Minister for Civil Aviation and Steel, along with Shri Pema Khandu, Chief Minister of Arunachal Pradesh will inaugurate the newly developed infrastructure of Tezu Airport.
• Tezu Airport is a domestic airport located in the town of Tezu which operates through a single runway.
• The airport is developed on 212 acres of land and is capable of handling operations for ATR 72 type of aircraft.
• AAI undertook the development and upgradation work to operationalize Tezu Airport at the request of the State Government.
• The works undertaken for Rs. 170 Cr. include the extension of the runway (1500m x 30m) and the construction of a new apron for 02 nos.
• ATR 72 type aircraft, construction of a new terminal building, and a fire station cum ATC Tower.
• Teju Airport was operationalized in 2018 under the RCS UDAN scheme of the Ministry of Civil Aviation. The airport is currently connected to Dibrugarh, Imphal & Guwahati through regular scheduled flights by Alliance Air & Flybig Airline.

Benefits of the project

• Expansion of airport capacity to handle more traffic.
• Ensure better connectivity of the northeastern region with the rest of the country.
• Boost tourism, trade, and employment generation.
• Promote infrastructure development & economic growth of the region.

About Tezu

• Tezu is a small town located on the banks of the Lohit River and is the headquarters of the Lohit District of Arunachal Pradesh. The town is known for its scenic beauty, with lush green forests and rolling hills all around.

CURRENT AFFAIRS: INTERNATIONAL NEWS

ADB predicts 6.5 per cent GDP growth for Bangladesh in FY 2024

• The Asian Development Bank (ADB) has projected Bangladesh’s gross domestic product (GDP) growth to be 6.5 per cent in the fiscal year 2024, compared to an estimated growth of 6 per cent in fiscal 2023.
• The projection was made in the latest ADB report, ‘Asian Development Outlook (ADO) September 2023,’ released.
• The slightly faster growth forecast reflects an improvement in domestic demand and better export growth due to economic recovery in the euro area, ADB said in a press release.
• ADB also predicted that Inflation in Bangladesh will ease from 9.0% in FY2023 to 6.6% in FY2024.
• However, food inflation for August 2023 was 12.54 per cent which is 12 years high according to the Bangladesh Bureau of Statistics.
• ADB also expects that the current account deficit will slightly narrow from 0.7% of GDP in FY2023 to 0.5% of GDP in FY2024 as remittance growth improves.
• The main risk to this growth projection is a further deterioration in export growth if global demand is weaker than expected

CURRENT AFFAIRS: STATE NEWS

The indefinite Rail-Roko movement called by Kurmi community began in Jharkhand

• The indefinite Rail-Roko movement called by the Kurmi community began in Jharkhand.
• The members of the Kurmi community are demanding their inclusion in the Scheduled Tribe list.
• After the Calcutta High Court banned the movement in West Bengal, the Kurmi community withdrew the movement in West Bengal.
• Besides, the agitators have gathered in large numbers near to Gomo, Muri, and Neemdih railway stations in Jharkhand.
• Sheetal Ohdar, National President of Totemic Kurmi Vikas Morcha, stated that the Rail Roko movement stands as per the schedule in Jharkhand.
• He claimed that the movement ban order by the Calcutta High Court is not for Jharkhand.
• Presently, due to the agitation, four trains operating in Jharkhand have been cancelled, including Raxaul-Secunderabad Express, Bhagalpur-Ranchi Express, Gorakhpur-Hatia Express and Kamakhya-Ranchi Express.
• Meanwhile, the South Eastern Railway division in its recently issued press statement stated to restore normal train services with immediate effect.
• The trains that were cancelled, diverted, short-terminated, or short-originated will now run as per their schedule.
• The Ranchi and Dhanbad district administration has made strict security arrangements given the agitations.

CURRENT AFFAIRS: APPOINTMENTS AND RESIGNATION

Justice Qazi Faez Isa sworn in as the 29th chief justice of Pakistan

• Justice Qazi Faez Isa was sworn in as the 29th Chief Justice of Pakistan in a ceremony held at Aiwan-i-Sadr in Islamabad.
• The oath of office was administered by President Arif Alvi.
• His term as Chief Justice in the Supreme Court will be 13 months, which will end on 25 October 2024.
• His appointment has come at a time when Pakistan is facing serious constitutional, legal, and political challenges.
• His initial challenge will be to hold the general election transparently within 90 days of the dissolution of Parliament.
• The biggest task for the Chief Justice will be to restore the prestige and neutrality of the apex court.
• Another main challenge for Justice Isa will be to resolve more than 56,000 pending cases in the Supreme Court.
• Recently, he was in the news for his protest against the non-implementation of the Supreme Court Practice and Procedure Act, which was created during the Shahbaz Sharif term of government.

About Qazi Faez Isa

• Justice Isa was born on October 26, 1959, in Quetta.
• He began his legal career as an advocate in the Balochistan High Court in 1985 and later became an advocate of the Supreme Court in 1998.

CURRENT AFFAIRS: DEFENCE NEWS

13th Indo-Pacific Armies Chiefs Conference (IPACC) to be held from 26 to 27 of September in New Delhi

• The 13th Indo-Pacific Armies Chiefs Conference (IPACC) will be held from 26 to 27 of this month at Manekshaw Centre, in New Delhi.
• The two-day conference will be attended by army chiefs of the 30 Indo-Pacific region to discuss security cooperation, and collective strategies in the Indo-Pacific region.
• The conference will also discuss the issues of mutual interest in the region and the role of military diplomacy in mitigating the crisis in the region.
• This will be the 13th biennial event which will be hosted by the Indian Army and US Army Pacific.
• Chief-of-Staff of the US Army, General James C McConville, along with his delegation, will be present for the two events that he will co-host along with Chief of Indian Army Staff General Manoj Pande.
• The two other conferences, the Indo-Pacific Armies Management Seminar (IPAMS), and Senior Enlisted Leaders Forum (SELF) will also be separately held at Manekshaw Centre, for ascertaining a multilateral security partnership in the region.
• During the conference the chiefs of Indo-Pacific armies will address the issues of the role of military diplomacy in mitigating crises, enhancing collaboration and interoperability, and the need for self-reliance by modern armies.
• The Indo-Pacific encompasses 64 per cent of the world’s inhabitants and contributes 63 per cent of GDP, including 46 per cent of world merchandise trade.
• The Indo-Pacific undeniably holds a pivotal role in the world economy.

Airports Authority of India inducts two new B-360 types of aircraft into AAI Flight Inspection Fleet

• The Airports Authority of India has added two new B-360 types of aircraft equipped with an advanced state Flight Inspection system into the AAI Flight Inspection Fleet.
• The induction ceremony took place in the presence of Civil Aviation Minister Jyotiraditya Scindia, and Minister of State for Civil Aviation Vijay Kumar Singh at the Safdarjung Airport.
• Civil Aviation Minister Jyotiraditya Scindia said this initiative will go a long way in improving the accuracy of navigational aid equipment at airports.
• This is a step ahead towards modernizing Indian civil aviation, ready to play a leading role in International aviation.
• As per the Ministry, the induction of these new aircraft will help AAI to accomplish the timely flight calibration of the Ground Radio Navigation and visual aids at all airports in the country.
• AAI will also provide necessary support by undertaking flight calibrations in the neighbouring countries, which will also lead to the generation of revenue.

10th meeting of India-Malaysia Joint Sub-Committee on Defence Science, Technology and Industry Cooperation held in New Delhi

• The 10th meeting of the India-Malaysia Joint Sub-Committee on Defence Science, Technology and Industry Cooperation was held in New Delhi.
• According to the Defence Ministry, the existing defence research and industry cooperation between the two countries was reviewed and discussions were held on issues of mutual interest during the meeting.
• It said effective and practical initiatives were explored to further expand the ongoing interactions related to the defence industry sector.

Military Leaders of 3 West African Countries Sign a Security Pact

• Sahel security pact has been signed by military leaders of Mali, Burkina Faso and Niger.
• The military leaders of Mali, Burkina Faso and Niger signed a mutual defence pact.
• Ministerial delegations from these three Sahel countries announced this pact in Mali’s capital Bamako.
• The Liptako-Gourma Charter established the Alliance of Sahel States (AES).
• Its main objective is to establish an architecture of collective defence and mutual assistance.
• The Liptako-Gourma region is a region where the borders of Mali, Burkina Faso and Niger meet.
• This alliance is a combined military and economic effort between the three countries.
• The three countries are struggling to contain Islamic insurgents linked to al Qaeda and Islamic State.
• With this pact, all three West African Sahel countries will help each other in case of any rebellion or external aggression.
• All three countries are members of the France-supported G5 Sahel alliance joint force to tackle Islamist groups in the region.
• The Sahel is the ecoclimatic and biogeographic realm of transition in Africa between the Sahara to the north and the Sudanian savanna to the south.
• The Sahel part of Africa includes from west to east parts of northern Senegal, southern Mauritania, central Mali, northern Burkina Faso, the extreme south of Algeria, Niger, the extreme north of Nigeria, the extreme north of Cameroon and Central African Republic, central Chad, central and southern Sudan, the extreme north of South Sudan, Eritrea, and the extreme north of Ethiopia.

CURRENT AFFAIRS: SPORTS NEWS

ICC releases official Anthem ‘Dil Jashn Bole’ for Men’s Cricket World Cup featuring Ranveer Singh and influencers

• The International Cricket Council released the official Anthem for the Men’s Cricket World Cup beginning on the 5th of next month.
• The theme of the anthem is Dil Jashn Bole and it features Bollywood superstar Ranveer Singh and other popular social media influencers.
• The ICC posted on its social media handle, X, official anthem arriving now on platform 2023, Board the One Day Xpress and join the greatest cricket Jashn ever!
• The music for the anthem has been prepared by Pritam, and the singers are Pritam, Nakash Aziz, Sreerama Chandra, Amit Mishra, Jonita Gandhi, AKASA, and Charan.
• The video showcases Ranveer Singh dancing in a train compartment on the song Dil Jashan Jashan Bole, and then travellers join him to dance.
• ICC General Manager – Marketing and Communications, Claire Furlong said, the anthem brilliantly captures the passion and energy of India and the fans that will make this event so special.
• The Cricket World Cup is being held in India after 12 years. It will be played across 10 cities.
• The opening match on 5th October will be played between England and New Zealand at Ahmedabad’s Narendra Modi Stadium. India will play its first match against Australia in Chennai.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of Peace 2023: September 21

• International Day of Peace is celebrated on 21st September of every year. Peace is commonly known as the lack of conflict.
• This year’s theme is Actions for Peace: Our Ambition for the #GlobalGoals
• The United Nations General Assembly declared the International Day of Peace to strengthen the ideas of peace.
• In the beginning, the date chosen was the opening day of the annual sessions of the General Assembly (the third Tuesday of September) but later it was declared that the 21st September is observed as International Day of Peace.
• In 1983, the office of the Secretary-General of the United Nations, Pathways to Peace(PTP) submitted a “We the Peoples” initiative Annual Report to the UN, summarising the Peace Day activities.
• For its initiative, the International Year of Peace in 1987, PTP was granted” Peace Messenger”.
• In 2006, the name was changed from “We the Peoples” initiative to “Culture of Peace Initiative.

World Alzheimers Day 2023: September 21

• Every year World Alzheimers Day is observed on 21st September.
• Alzheimer’s is a brain disorder that slowly destroys the memory and thinking skills of a person.
• World Alzheimers Day 2023 Theme is “Never too early, never too late”.
• Alzheimer’s disease was first diagnosed in an old German lady in 1901 by Alois Alzheimer, a German Psychiatrist.
• This illness was named after the German Psychiatrist.
• When Alzheimer’s Disease International celebrated its 10th anniversary in 1994, the Association declared that World Alzheimer’s Day was observed on the 21st September of every year.
• Alzheimer’s disease is the 6th leading cause of death and in all over the world the 7th deadliest disease.
• The early symptom of the disease is an inability to recall the events or discussions or our daily activities. It may affect physical health too.

Daily CA One-Liner: September 21

• SIDBI has plans to raise ₹10,000 crore from the rights issue next fiscal to expand its capital base.
• Central Bank Digital Currency (CBDC) or e-rupee worth ₹16.39 crore is in circulation.
• SEBI notified the framework that allows unitholders of real estate investment trusts and infrastructure investment trusts to nominate representatives on the boards.
• The RBI issued revised norms for the classification, valuation, and operation of investment portfolios of commercial banks, aligning them with global standards and best practices.
• The 14th edition of the Global Skills Summit has begun in Delhi.
• The government will launch a series of transformative initiatives, aimed at revolutionizing agriculture in the country in New Delhi.
• Shri Jyotiraditya M Scindia, Minister for Civil Aviation and Steel, along with Shri Pema Khandu, Chief Minister of Arunachal Pradesh will inaugurate the newly developed infrastructure of Tezu Airport.
• The Asian Development Bank (ADB) has projected Bangladesh’s gross domestic product (GDP) growth to be 6.5 per cent in the fiscal year 2024, compared to an estimated growth of 6 per cent in fiscal 2023.
• The indefinite Rail-Roko movement called by the Kurmi community began in Jharkhand.
• Justice Qazi Faez Isa was sworn in as the 29th Chief Justice of Pakistan in a ceremony held at Aiwan-i-Sadr in Islamabad.
• The 13th Indo-Pacific Armies Chiefs Conference (IPACC) will be held from 26 to 27 of this month at Manekshaw Centre, in New Delhi.
• The Airports Authority of India has added two new B-360 types of aircraft equipped with an advanced state Flight Inspection system into the AAI Flight Inspection Fleet.
• The 10th meeting of the India-Malaysia Joint Sub-Committee on Defence Science, Technology and Industry Cooperation was held in New Delhi.
• Sahel security pact has been signed by military leaders of Mali, Burkina Faso and Niger.
• The International Cricket Council released the official Anthem for the Men’s Cricket World Cup beginning on the 5th of next month.
• International Day of Peace is celebrated on 21st September of every year. Peace is commonly known as the lack of conflict.
• Every year World Alzheimer Day is observed on the 21st September