Daily GK Update- 31st Mar, 2023

NATIONAL UPDATES:

 

1. Hero MotoCorp's Board appoints Niranjan Gupta as new CEO: The board of Hero Motocorp has appointed Niranjan Gupta as the new CEO with effect from May 1, 2023. He has been elevated from his current designation of Chief Financial Officer (CFO) and Head-Strategy and Mergers and Acquisitions (M&A). He has played an important role in Hero Motocorp’s partnerships with Harley Davidson and Zero Motorcycles. While Pawan Munjal will continue as Executive Chairman and Whole-Time Director on the company's Board.

 

2. Praveer Sinha re-appointed as CEO and MD of Tata Power: Tata Power has approved the reappointment of Praveer Sinha as CEO and MD for four years, effective from May 1, 2023. His present tenure as a CEO and MD is scheduled to conclude on April 30, 2023. Currently, He is also serving as the Chairman of the CII Western Region council and co-chairs the CII National Committee on Power. He has also contributed to setting up the first international incubator in India for promoting innovations in the clean energy space.

 

3. Justice T S Sivagnanam appointed as acting Chief Justice Of Calcutta HC: The central government has approved the appointment of Justice TS Sivagnanam as Acting Chief Justice of the Calcutta High Court with effect from March 31, 2023. He succeeded the current Chief Justice Prakash Shrivastava who retired. He enrolled in the Bar Council of Tamil Nadu in September 1986. He was appointed as an additional judge of the Madras High Court in March 2009. He was transferred to the Calcutta High Court in October 2021.

 

4. PNGRB approves unified tariff for natural gas pipeline: Petroleum and Natural Gas Regulatory Board approved a unified tariff for a natural gas pipeline of Rs 73.93 per metric million British thermal units (MMBtu), effective from April 1, 2023. Aim: To boost the consumption of natural gas and increase its share in India’s energy basket from 6.2% to 15% by 2030 Three zones for unified tariff:

·       1st: Up to the distance of 300 km from the source

·       2nd: More than 300 km and up to 1,200 km

·       3rd: Remaining length of the grid system

5. India targeting defence exports worth Rs 40,000 crore by 2026: Defence Minister Rajnath Singh addressed the ‘Rising India Conclave’ in New Delhi on March 30, 2023. During the event, he informed that India aims to achieve defence equipment exports target worth 40 thousand crore rupees by 2026. In the last few years, defence exports have witnessed a quantum jump from 900 crore rupees to 14 thousand crore rupees (FY23). He also highlighted the progress made by the country in all sectors.

 

6. Jaipur to get India’s 2nd largest cricket stadium named after Anil Agarwal: Vedanta’s Hindustan Zinc Limited (HZL) has signed an MoU with the Rajasthan Cricket Association for the development of the world’s third-largest cricket stadium in the village of Chonp in Jaipur. Vedanta’s HZL will spend INR 300 crore on the stadium, one of the largest corporate investments in India’s sports infrastructure. The stadium would be named as Anil Agarwal International Cricket Stadium, Jaipur. The stadium facilities will be spread across 100 acres and have a seating capacity of over 75,000. In terms of the size of the playing field area this stadium would be the largest in the world.

 

7. First G20 disaster risk reduction working group meeting begins in Gandhinagar: The First G20 Disaster Risk Reduction Working Group meeting under India’s G20 Presidency began at Gandhinagar, Gujarat. Principal Secretary to the Prime Minister Dr. P K Mishra and Minister of State for Communications Devusinh Chauhan inaugurated the meeting. Around 100 delegates from the G20 member countries, invitee countries and from nine international organizations are participating in the three-day event. Five priority areas have been identified for the meeting which include an early warning for all, resilient infrastructure, and improving the National System for Disaster Risk Reduction.

 

8. 30 March – Rajasthan Day: March 30 is celebrated across the state to mark the formation of the state of Rajasthan. On this day in 1949, the four states, namely Jodhpur, Jaipur, Bikaner, and Jaisalmer, joined with the United State of Rajasthan, and the region came to be known as Greater Rajasthan. Formerly, Rajasthan was known as Rajputana, which means “The Country of the Rajputs”. The meaning of Rajasthan is “The Abode of the Rajas”. It is located in the northwest part of the country and is the home of cultural diversity.

 

INTERNATIONAL UPDATES:

 

1. India falls 6 spots to rank 144 in Passport Index 2023: According to the Passport Index 2023, released by Arton Capital, the India passport ranking for 2023 has slipped to 144 with a mobility score of 70. In 2023, India ranked 138th out of 199 countries. The ranking was topped by the United Arab Emirates (UAE) with a mobility score of 181, followed by Sweden, Germany, Finland, Luxembourg, Spain, France, Italy, the Netherlands, and Austria. Note: India ranked 85th out of 199 countries in the Henley Passport Index 2023.

 

2. Himachal Pradesh’s Kangra tea gets European GI tag: Kangra Tea from Himachal Pradesh has been granted the European Geographical Indication (GI) tag. This is an important certification that recognizes the tea as originating from a specific region. The tag will help Kangra tea to get an opportunity to enter the European market. Kangra tea is renowned for its distinctive taste and colour. Green tea has a subtle woody aroma, while black tea has a sweet, lasting aftertaste.

The geographical features of the area are said to be responsible for the tea’s distinctive qualities. In India, Kangra tea received the Geographical Indication designation in 2005 Since 1999, the cultivation and development of tea have improved constantly in the Kangra region of Himachal Pradesh.

 

3. Sheikh Mansour Bin Zayed Al Nahyan appointed as Vice-President of UAE: The President of the United Arab Emirates (UAE), Sheikh Mohamed bin Zayed Al Nahyan has appointed Sheikh Mansour bin Zayed Al Nahyan, his brother, as the Vice President of the country. The incumbent Vice president Sheikh Mohammed Bin Rashid Al Maktoum, will also continue in the same role.

Sheikh Mansour has been active in UAE politics since 2004, when he was appointed as Minister of Presidential Affairs. He has overseen the Presidential Court and the Ministry of Presidential Affairs, as well as presiding over several government institutions, including the Ministerial Development Council and the Emirates Investment Authority.

 

4. 29 March 2023 – World Piano Day: World Piano Day is celebrated annually on the 88th day of the year. This annual event takes place on March 29 in non-leap years and March 28 in leap years. This event aims to celebrate the melodious history of the ‘King of Musical Instrument’ To provide a platform for piano-related initiatives that will advance musical innovation and spread the joy of playing the piano. World Piano Day was first celebrated on March 28th, 2015.

 

5. 31 March – World Backup Day: World Backup Day is observed every year on 31 March. Objective – To raise awareness about the importance of data backup and protection. The day encourages individuals and organizations to take proactive steps to safeguard their data and prevent the loss of important information due to hardware failure, cyberattacks, or other unforeseen events.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. World Bank announces $100 million as loan for Odisha: The Board of Executive Directors of the World Bank has approved a $100 million loan to Odisha. Reason: To robust its early forecasting systems for improved response to disasters and enhance its social protection coverage for poor and vulnerable households through digital platforms Odisha is vulnerable to natural disasters with cyclones hitting the state every 15 months on average. The Program has a maturity of 12.5 years with a grace period of 3 years.

 

2. BharatPe, NITI Aayog' WEP ties up to support women entrepreneurs: BharatPe, under its corporate social responsibility initiative BharatPe Cares has joined hands with NITI Aayog’s Women Entrepreneurship Platform (WEP) to extend its support to women entrepreneurs in the country. Focus area: To facilitate the development of a first-of-its-kind aggregator platform that gives access to peer support, mentorship, networking channels According to the 6th economic census, women comprise only 13.76% of the total entrepreneurs in India.

 

3. Aditya Birla Health Insurance, UCO Bank sign bancassurance pact: Aditya Birla Health Insurance Co. Ltd. (ABHICL) has signed a bancassurance pact with UCO Bank for the distribution of health insurance products. This partnership enables ABHICL to expand its national footprint by leveraging UCO Bank’s widely distributed network of 3,164 branches. ABHICL now has 17 bancassurance partners with over 80,000 direct-selling agents, across the country.

CEO, Aditya Birla Health Insurance: Mayank Bathwal

 

4. SBI, Godrej Capital sign MoU to offer banking products, services: Godrej Capital has signed a strategic MoU with the State Bank of India (SBI) for various financial products and offerings. Both organizations joined together to make financial solutions more accessible and affordable, unlocking opportunities for financial inclusion. The association leverages the strengths of both groups by facilitating a gamut of financial services provided by the bank such as banking products, credit cards, and wealth management.

 

5. Axis Bank, Shriram Housing Finance enter into co-lending pact: Axis Bank and Shriram Housing Finance Limited (SHFL) signed a partnership agreement under the co-lending model through the Yubi Co.Lend platform. Both lenders will offer secured MSME loans and home loans to the middle and low-income segment borrowers based in rural and semi-urban regions. It will leverage the financial expertise of bank, and the loan processing technology of SHFL to assess the credit profile of borrowers and provide loans at competitive interest rate

 

6. Ambit Finvest, Bajaj Finserv join hands for digital lending platform: Ambit Finvest has partnered with SKALEUP (digital technology services arm of Bajaj Finserv Direct) to develop a D2C (direct-to-customer) instant loan application. Under this partnership, they will provide give business loans to MSME business owners through a completely paperless and automated digital onboarding process. Ambit Finvest is the NBFC of the Ambit Group. CEO of Bajaj Finserv Direct: Ashish Panchal

 

AWARDS AND HONOURS

 

1. Naveen Jindal conferred with ‘Lifetime Achievement Award’ by University of Texas: The University of Texas at Dallas has conferred Indian industrialist Naveen Jindal with a lifetime achievement award for his accomplishments in industry, politics and education. Jindal is the second person to receive the Lifetime Achievement Award from the University of Texas at Dallas after noted Nobel Laureate Aziz Sancar. This is the highest award that the University of Texas, Dallas bestows on alumni to recognize a graduate whose contributions have bettered society. Jindal, an alumnus of UT Dallas 1992 batch, received the award for his outstanding achievements in industry, politics and academia.

Daily GK Update- 30th Mar, 2023

NATIONAL UPDATES:

 

1. ICG conducts Regional Search And Rescue (SAR) Exercise in Andhra Pradesh: The Indian Coast Guard (ICG) has conducted Regional Search and Rescue (SAR) exercise from 28 -29 March 2023 at Kakinada, Andhra Pradesh. Aim: To simulate a real-time maritime distress scenario and highlight the functioning of the SAR organization for a mass rescue operation It involved all stakeholders with the effective use of available resources towards M-SAR (Maritime Search and Rescue) contingency efficiently. ICG founded: 1 February 1977

 

2. Prof. Renu Cheema Vig appointed as the Vice Chancellor of Panjab University: Vice-President, Jagdeep Dhankhar appointed Prof (Dr.) Renu Cheema Vig as the Vice Chancellor of Panjab University for a term of three years. She is also the first woman to hold the position in the varsity’s 141-year history. She was working as the Acting Vice Chancellor of Panjab University since January 16, 2023, after the resignation of Prof. Raj Kumar amid allegations of corruption. A three-member selection committee was formed for recommending names for the position

 

3. Textiles Ministry issued PAHCHAN cards to 30.53 lakhs handicrafts artisans: Ministry of Textiles has issued PAHCHAN cards to 30.53 lakhs handicrafts artisans and 30.90 lakhs handloom weavers across the country under the PAHCHAN initiative. The cardholder's details are available on the website of the Office of the Development Commissioner of Handicraft and Handloom. PAHCHAN card is an initiative to issue Aadhar link identity cards to handicrafts artisans under this initiative. The Union MoS for Textiles, Darshana Jardosh informed in Lok Sabha.

 

4. Defence Ministry signs three contracts worth about 5400 crore rupees: The Defence Ministry has signed three contracts at a total cost of nearly 5400 crore rupees to boost the defence capabilities. Two contracts were signed with Bharat Electronics Ltd for the procurement of Automated Air Defence Control and Reporting System Project Akashteer and the acquisition of Sarang Electronic Support Measure systems The third was with New Space India Limited for the procurement of an advanced Communication Satellite, GSAT 7B for the Indian Army.

 

5. First Disaster Risk Reduction Working Group Meeting held in Gandhinagar: The First G20 Disaster Risk Reduction WGM under India’s G20 Presidency is being held at Gandhinagar in Gujarat from 30th March to 1st April 2023. The meeting was inaugurated by Principal Secretary to the Prime Minister Dr. P K Mishra and MoS for Communications Devusinh Chauhan. Five priority areas have been identified for the meeting which include an early warning for all, resilient infrastructure, and improving the National system for financing Disaster Risk Reduction.

6. IIT Madras Researchers develop a device to detect milk adulteration: Indian Institute of Technology Madras (IIT Madras) Researchers have developed a three-dimensional (3D) paper-based portable device. This device can detect adulteration in milk within 30 seconds. The test could be even performed at home. It can detect multiple substances commonly used as adulterating agents including Urea, detergents, soap, starch, hydrogen peroxide, sodium-hydrogen-carbonate, and salt, among others.

 

7. Second G20 Sherpas meeting begins at Kumarakom in Kerala: The second Sherpa meeting of the G20 Summit under India’s Presidency began at the idyllic village of Kumarakom in Kerala from March 30 to April 2, 2023. Over 120 delegates from G20 member nations are participating in the event being chaired by India’s Sherpa Amitabh Kant. The meeting will bring together nine invitee countries and various international and regional organizations. During the four-day meeting, the delegates will hold multi-lateral discussions on G20’s economic and developmental priorities, besides addressing contemporary global challenges. The focus will be both on policy approaches and concrete implementation.

 

8. Education Ministry shortlisted around 9,000 schools for PM SHRI: The Ministry of Education has shortlisted around 9,000 schools across the country for its flagship Pradhan Mantri Schools for Rising India (PM SHRI). The institutions were selected based on six broad parameters including curriculum, access and infrastructure, human resources, and gender equity were assessed. They were assessed on the basis of six broad parameters: curriculum, pedagogy and assessment; access and infrastructure; human resources – leadership; inclusive practices and gender equity; management, monitoring and governance and beneficiary satisfaction.

 

INTERNATIONAL UPDATES:

 

1. United Arab Emirates launches National Genome Strategy: The UAE has launched its National Genome Strategy to provide a comprehensive legislative and governance framework to support the development and implementation of genomic programs. The strategy will last ten years and will focus on delivering public health priorities while improving the country's well-being. The Emirates Genome Council will oversee the National Genome Strategy. It will advance the nation's preventive and personalized healthcare agenda.

 

2. Passport Index Points 2023: India ranks at 144th; topped by UAE: India fell six places to the 144th position in the annual passport index for 2023, from 138th a year ago. The Passport Index 2023 has been published by financial advisory services firm Arton Capital that ranks passports of 199 countries. The rankings are determined by mobility score of the countries which is calculated on provisions like visa-free visit, visa on arrival, an eVisa (if used within three days) and electronic travel authorisation. India’s mobility score fell from 71 in 2019 to 47 in 2020 due to the coronavirus pandemic, according to the Passport Index 2023 report. The score rose to 73 in 2022 as travel restrictions were gradually lifted, but it fell back to 70 in 2023. According to the report, Indians can only travel to 59 countries without needing a visa. China too ranked relatively lower compared to other large economies at 118th in the Passport Index individual rankings. South Korea, which is 12th in the individual rankings and has a mobility score of 174, has the highest score in Asia. Japan hold the 26th spot with a mobility score of 172. The United Arab Emirates topped the individual passport ranking with a mobility score of 181. It is followed by Sweden, Germany, Finland, Luxembourg, Spain, France, Italy, the Netherlands and Austria with a joint mobility score of 174.

 

OTHER UPDATES:

 

SPORTS

 

1. Satwiksairaj Rankireddy & Chirag Shetty win Swiss Open doubles title: India’s top men’s doubles badminton pair of Satwiksairaj Rankireddy and Chirag Shetty win their first title of the 2023 season in Basel. They beat China’s Ren Xiang Yu and Tan Qiang 21-19, 24-22 in the Swiss Open 2023, a Super 300 event. This was Rankireddy and Shetty’s first BWF (Badminton World Federation) doubles title of the year, and the fifth World Tour title in their career. Both claimed the India Open and French Open in 2022, Thailand Open in 2019 and Hyderabad Open in 2018.

Satwik and Chirag also won the 2022 Commonwealth Games gold.

 

BANKING AND FINANCE

 

1. IRDAI's new rules for commission payouts: Under the IRDAI (Payment of Commission) Regulations, 2023, the IRDAI has replaced the earlier individual cap on commission payments on insurance products with an overall cap on expenses of management (EoM) of insurers. EoM: It is computed as a percentage of premiums collected, and includes commissions/other expenses. It is applicable for life and non-life insurers. The EoM of general insurers cannot exceed 30% of the gross premium written in India in a financial year.

 

2. Centre to borrow Rs 8.88 Lakh Cr in first half FY24: The Finance Ministry informed that the government has decided to make a gross market borrowing of ₹8.88 trillion in the first half of FY24. It is accounting for 57.55% of the overall market borrowings planned for the year. The borrowing is scheduled to be completed in 26 weekly tranches of Rs 31,000-39,000 crore. The Centre has budgeted a gross market borrowing of ₹15.43 trillion in FY 2024. The borrowing program is finalized in consultation with the RBI.

 

3. Public sector banks wrote off ₹91000 cr in 9 months of FY23: According to data presented in the Rajya Sabha, the public sector banks (PSBs) have written off around ₹91,000 crores in the first 9 months of the current fiscal year. PSBs have just managed to recover a little over ₹1 out of ₹5 in written-off accounts during FY22. However, the pace of recovery has picked up from around 8% in 2017-18 to a little over 21% in FY22. Bank-wise details: SBI (₹17,356 cr) followed by Union Bank of India (₹16,497 crore), and BoB (₹13,032 cr)

 

4. SEBI approves ASBA-like facility for investors to trade in secondary market: SEBI has approved a framework for an Application Supported by a Blocked Amount (ASBA) like facility for secondary market trading. It is based on the blocking of funds for trading in the secondary market through UPI. ASBA: It is an IPO application process under which the application money by an investor is blocked in that investor’s bank account. And once the IPO application is approved, the application money is debited from the investor’s account.

 

5. SEBI reimagines MF sponsor and trustee role: The Securities and Exchange Board of India (SEBI) has allowed private equity (PE) funds to sponsor Mutual Fund schemes. The decision comes in the backdrop of IDFC Mutual Fund getting acquired by a consortium comprising Bandhan Financial Holdings Ltd, Sovereign Wealth Fund GIC, and private equity fund ChrysCapital. It has also permitted the set-up of self-sponsored asset management companies (AMCs). SEBI chairperson: Madhabi Puri Buch

 

AWARDS AND HONOURS

 

1. Naveen Jindal gets lifetime achievement award from Texas University: An Indian industrialist Naveen Jindal was honored with a lifetime achievement award from the University of Texas at Dallas. He was conferred in recognition of his accomplishments in industry, politics, and education. He was an alumnus of the University of Texas at Dallas' 1992 batch. He is the second person to receive this award from the University of Texas, after Nobel Laureate Aziz Sancar. Currently, he is serving as the Chairman of Jindal Steel and Power Ltd.

 

2. J&K’s Aliya Mir wins Wildlife Conservation Award 2023: Wildlife conservationist Aliya Mir was awarded Wildlife Conservation Award by Jammu and Kashmir Lieutenant Governor Manoj Sinha. The award makes her the first woman from the Union Territory to receive it in recognition of her conservation efforts in the area. Alia Mir is also the first woman in Kashmir to work for Wildlife SOS, a part of the Wildlife Rescue Team. Alia Mir’s Wildlife Rescue Helpline, which she started in 2021, works closely with the Jammu and Kashmir Wildlife Protection Department to rescue snakes and other wild animals.

Daily GK Update- 29th Mar, 2023

NATIONAL UPDATES:

 

1. India host SCO-National Security Advisors meeting in New Delhi: The current chair of the Shanghai Cooperation Organisation (SCO), India hosted a meeting of National Security Advisors (NSA) and top officials in New Delhi on March 29. National Security Adviser (NSA) Ajit Doval addressed the meeting. Pakistan and China attended the SCO-NSA meeting virtually.

About SCO: It is an intergovernmental organization established in 2001. Members: India, China, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, and Uzbekistan.

 

2. Union Minister Giriraj Singh initiates ‘Captive Employment’ initiative: Union Minister for Rural Development, Giriraj Singh has onboarded 19 Captive Employers under the Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY). Captive employers will train Rural Poor Youth and employ trained youth in their company or subsidiary. MoRD and the Captive Employers also signed MoU towards this aim. DDU-GKY is a placement-linked skilling program of the Ministry of Rural Development under the aegis of the National Rural Livelihood Mission (NRLM).

 

3. Centre approves Rs 800 crore to set up 7432 public EV charging stations: The Union government has sanctioned 800 crore rupees under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) Scheme Phase -2 for setting up 7432 public fast charging stations across the country. At present, there are about 6,586 charging stations across the country. This move will boost the electric vehicle ecosystem in India and encourage more people to switch to cleaner modes of transportation. The government has formulated FAME India Scheme in 2015.

 

4. Education Ministry shortlisted around 9,000 schools for PM SHRI: The Ministry of Education has shortlisted around 9,000 schools across the country for its flagship Pradhan Mantri Schools for Rising India (PM SHRI). The institutions were selected based on six broad parameters including curriculum, access and infrastructure, human resources, and gender equity were assessed.

About PM SHRI:

·       PM Modi announced this scheme on 5th September 2022.

·       It is a Centrally Sponsored Scheme.

Aim: To upgrade and develop around 14,500 schools

 

5. Task force to make India a 'product developer and manufacturing nation': The Ministry of Electronics and Information Technology (MeitY) has constituted a nine-member task force to make India a ‘product developer and manufacturing nation’. It will be chaired by the additional secretary (MeitY), Bhuvnesh Kumar with the joint secretary (electronics), Amitesh Kumar Sinha as the member convenor. This is an effort to position itself as an alternative to the likes of China and Vietnam.

6. NDTV appoints former SEBI Chairman UK Sinha as Independent Director: NDTV has appointed U.K. Sinha and Dipali Goenka as the Independent Directors of NDTV for two years effective March 27, 2023. U.K. Sinha has also been designated as the Non-Executive Chairperson of NDTV. U.K. Sinha served as the Chairman of SEBI between 2011 and 2017 and also served as the Chairman of UTI Asset Management for 6 years. Dipali Goenka is the Chief Executive Officer (CEO) and Managing Director (MD) of Welspun India Limited.

 

7. Agriculture sector employs highest female workers: Labour Ministry: According to the annual Periodic Labour Force Survey (PLFS) Report 2021-22, the agriculture sector has the highest estimated percentage distribution of female workers. Nearly 63% of workers are female in the agriculture sector at the pan-India level, followed by 11.2% in the manufacturing sector. The government has incorporated several protective provisions in the labor laws for equal opportunity and a congenial work environment for women workers.

 

INTERNATIONAL UPDATES:

 

1. Dalai Lama names US-born Mongolian boy third highest leader in Buddhism: The 14th Dalai Lama has named an 8-year-old Mongolian boy as the 10th Khalkha Jetsun Dhampa Rinpoche - the third highest rank in Tibetan Buddhism. The ceremony was organized in Dharamsala, where the Dalai Lama (87) lives in exile. The eight-year-old boy is the son of a university professor and has a twin brother. In 1995, the Dalai Lama named a new Panchen Lama, the second most important figure in the faith. The boy was arrested by Chinese authorities.

 

OTHER UPDATES:

 

SPORTS

 

1. Haldwani to get a sports university: Uttarakhand Chief Minister Pushkar Singh Dhami has announced the government will set up a sports university in the Kumaun region’s Haldwani town. The international stadium of Haldwani will be upgraded into a sports university. He also informed that Uttarakhand will hold several national-level sports events in the coming year.

 

BANKING AND FINANCE

 

2. SEBI imposed penalties totaling ₹36 crore on PNB Finance and other entities: SEBI has imposed penalties totaling ₹35.67 crore on PNB Finance and Industries Ltd, Camac Commercial Company Ltd, and various other entities. It includes promoters Samir Jain and Meera Jain who have also been barred from the securities market. Reason: Comply with the minimum public shareholding requirement under Sebi norms Listed companies are required to have at least 25% public shareholding. SEBI imposed a fine of Rs 12 crore on PNBFIL.

 

3. NPCI recommends up to 1.1% interchange fee on UPI transactions: National Payments Corporation of India has recommended an interchange fee of up to 1.1% on merchant UPI transactions done using prepaid payment instruments (PPIs)–wallets/cards–with effect from April 1, 2023. The charges will be levied on UPI payments of over ₹2,000 made to online merchants, large merchants, and small offline merchants. However, on certain merchant categories, a lower interchange starting from 0.5%, might be levied as per applicable caps.

 

AWARDS AND HONOURS

 

1. Bangabandhu Sheikh Mujibur Rahman honoured with literary award: The Foundation of SAARC Writers and Literature (FOSWAL) conferred Special Literary Award 2023 to Bangladesh’s Father of the Nation Bangabandhu Sheikh Mujibur Rahman in its 63rd Literature Festival. He was awarded for his trilogy- The Unfinished Memoirs, The Prison Diaries, and New China 1952.

In a citation issued by the Foundation of SAARC Writers and Literature, he is compared to Mahatma Gandhi. SAARC Literary Award is an annual award conferred by the FOSWAL since 2001

 

2. Kashmir’s Aliya Mir honoured with Wildlife Conservation Award 2023: Alia Mir, a woman from J&K has been honoured with the Wildlife Conservation Award by the administration for her conservation efforts in the region. J-K Lieutenant Governor Manoj Sinha facilitated her with the wildlife honour award. She is also the first woman from Kashmir who works for the charity Wildlife SOS organization which is part of the Wildlife Rescue Team. She was awarded for her achievements in bear rescue in Kashmir, rescue, and release of wild animals.

 

OBITUARIES

 

1. Veteran artist Vivan Sundaram passes away: Renowned contemporary Indian artist Vivan Sundaram passed away in Delhi at the age of 79. His work has been showcased in museums and exhibitions across the world. He worked with different media – painting, sculpture, printmaking, photography, installation, and video art. He was a founding member of the Kasauli Art Center, the Journal of Arts & Ideas, the Safdar Hashmi Memorial Trust (SAHMAT), and a managing trustee of the Sher-Gil Sundaram Arts Foundation.

Daily GK Update- 28th Mar, 2023

NATIONAL UPDATES:

 

1. Second Infrastructure Working Group Meeting begins in Vishakhapatnam: The second G20 Infrastructure Working Group (IWG) meeting is being organized in Visakhapatnam, Andhra Pradesh from March 28-29, 2023. It is being conducted under the theme of Financing Cities of Tomorrow: Inclusive, Resilient, and Sustainable. The conference is attended by 63 representatives of G-20 countries and other invited organizations, ADB and World Bank. The first G-20 IWG summit was held in Pune (Maharashtra) under the presidency of India.

 

2. 1st G20 Trade and Investment Working Group Meeting begins in Mumbai: The first G20 Trade and Investment Working Group (TIWG) Meeting under India’s G20 Presidency is being organized in Mumbai (Maharashtra) from March 28− 30, 2023. The event was attended by 100 delegates from G20 member countries, invitee countries, regional groupings, and international organizations. On the first day, an International Conference will be held on 'Trade Finance’. On the second day, the focus will be on making trade work for growth and prosperity.

 

3. Govt constitutes a Committee to monitor the stock of Tur: The Government has constituted a Committee to monitor the stock of Tur held by entities such as importers, millers, stockists, and traders in close coordination with the state governments. The decision has come against the backdrop of reports of market players not releasing stocks despite the regular arrival of imports in good quantities. The Committee has been constituted under the chairmanship of Additional Secretary Nidhi Khare.

 

4. Anupriya Patel inaugurated 23rd INDIASOFT in New Delhi: Union Minister of State for Commerce & Industry, Anupriya Patel has inaugurated the 23rd edition of INDIASOFT in New Delhi. The country’s Research and Development professionals for developing and perfecting over 70 new products that will be launched at the INDIASOFT. More than 1500 Indian exhibitors are showcasing their products and solutions at the event and other collocated events. Over 650 delegates from 80 countries are participating in the three-day event. 2047 India would become a developed country with a GDP of USD 32 trillion, which would be a defining moment for India and the global community. This scale of growth would be greatly influenced by the strides India is making in the ICT sector.

 

INTERNATIONAL UPDATES:

 

1. Egypt joins BRICS bank as new member: Egypt has joined the BRICS New Development Bank (NDB). The African-Arab nation became an NDB member on February 20, though a formal notification was issued on March 22. The New Development Bank was set up by BRICS nations on the basis of the intergovernmental agreement signed at the sixth BRICS summit in Fortaleza in July 2014. The upcoming BRICS Summit, scheduled to be hosted by South Africa in August, is anticipated to promote intra-BRICS trade using national currencies, allowing member nations to safeguard their foreign exchange reserves.

 

2. Manmeet Colon sworn in as Connecticut’s first assistant police chief: 37-year-old Indian-origin Sikh woman officer, Manmeet Colon has assumed charge as the assistant police chief in the US state of Connecticut. She became the department’s first-ever second-in-command of Asian descent. Colon, a 15-year New Haven Police Department (NHPD) veteran, was sworn in as the city’s third assistant police chief in a ceremony. The Board of Police Commissioners in New Haven unanimously approved the appointment of Colon who was previously a lieutenant in the internal affairs office.

 

3. 27 March – World Theatre Day: World Theatre Day is celebrated on 27 March annually across the world. This day is marked by theatre enthusiasts, professionals, and organizations. It provides a unique opportunity to celebrate the rich history of theatre and its diverse contributions to society. It was initiated in 1961 by the International Theatre Institute.

Theme 2023 – Theatre and a Culture of Peace

 

OTHER UPDATES:

 

SPORTS

 

1. Archana Suseendran clinched double gold in AFI Indian Grand Prix 2: Tamil Nadu’s Archana Suseendran has clinched two gold medals in 100m and 200m at the AFI Indian Grand Prix 2, held in Kerala on March 27, 2023. In the Women's 100m final, she defeated Assam sprinter Hima Das and completed her 100m race in 11.52 seconds. While she completed the 200m race in 23.21 seconds. In the Men's 100m race category Sanjeet from Haryana clinched the gold. The AFI Indian Grands Prix 3 and 4 will be held in Bengaluru on April 10 and 15.

 

BANKING AND FINANCE

 

1. S&P keeps India’s economic growth forecast unchanged at 6% in FY24: S&P Global Ratings has kept its forecast for India's economic growth unchanged at 6% for 2023-24 and 6.9% for 2024-25. In the quarterly economic update for Asia-Pacific, S&P highlighted that the inflation rate will be eased to 5% in 2023-24 from 6.8% in the current financial year (2022-23). It has also been forecasted that the GDP of India will grow by 7% in the current financial year ending March 31 (2022-23). S&P Global HQ: New York, U.S.

 

2. World Bank: Global economy 'speed limit' on track to hit 30-year low by 203: According to the World Bank's report titled 'Falling Long-Term Growth Prospects: Trends, Expectations, and Policies', the global economy’s 'speed limit' is on track to crash to a three-decade low by 2030.

The 'speed limit' refers to the maximum long-term growth rate without sparking inflation concerns. At 2.2%, the global average potential GDP growth rate would be sharply lower than the 3.5% recorded in the first decade of the century.

 

3. Samara Capital to buy Aditya Birla Insurance brokers: Aditya Birla Group has agreed to sell its insurance broking business, Aditya Birla Insurance Brokers Ltd (ABIBL) to private equity firm Samara Capital for ₹455 crore. ABIBL is specialized in providing integrated insurance broking and advisory services to companies and individuals. It also offers reinsurance solutions to insurance companies. It is subject to receipt of the approval of IRDAI and other regulatory and statutory approvals.

 

4. Troubled Silicon Valley Bank acquired by First Citizens: The First Citizens Bank will acquire Silicon Valley Bank and assume control of all its deposits and loans. As part of the deal, North Carolina-based First Citizens Bank has agreed to purchase $72 billion worth of SVB’s assets at a $16.5 billion discount from the FDIC. First Citizens Bank will take control of $56 billion in deposits. The Federal Deposit Insurance Corporation (FDIC) will continue to retain receivership of around $90 billion worth of SVB’s assets.

 

5. EPFO fixes 8.15% interest rate on employees' provident fund for 2022-23: Employees' Provident Fund Organisation (EPFO) has fixed an 8.15%  interest rate on employees' provident fund (EPF) deposits for 2022-23. In March 2022, EPFO lowered the interest on EPF for 2021-22 to 8.1% for its about five crore subscribers, from 8.5% in 2020-21. After the CBT's decision, the interest rate on EPF deposits for 2022-23 will be sent to the Ministry of Finance for concurrence. EPFO provides the interest rate only after finance ministry ratification.

 

6. Govt caps maximum GST cess rate on tobacco products: The government has set a maximum rate of GST compensating cess on pan masala, cigarettes, and other kinds of tobacco, with the highest rate tied to the retail sale price. The cess rate was capped as part of amendments to the Finance Bill 2023. According to the amendment, the maximum GST compensation cess rate for pan masala will be 51% of the retail sale price per unit, from the current cess charge at 135% ad valorem.

 

7. CRIF gets RBI license to operate as NBFC account aggregator: CRIF Connect Private, a subsidiary of CRIF S.p.A, has received approval from RBI to commence operations as an NBFC Account Aggregator (AA). CRIF Connect is uniquely positioned to benefit both consumers and financial institutions. It is an end-to-end encrypted platform that securely fetches and transfers a consumer’s financial data based on their explicit consent between financial institutions, making data sharing extremely safe based on RBI-approved guidelines.

 

8. Sebi eases FPIs onboarding process: The SEBI has simplified the procedural requirements for Foreign Portfolio Investors' (FPIs) onboarding. SEBI has allowed designated depository participants (DDPs) to grant FPI registration based on scanned copies of application forms and supporting documents. Trading can only be activated following the verification of the physical documents. It has allowed DDPs to accept the use of digital signatures by FPIs for the execution of registration-related documents.

 

AWARDS AND HONOURS

 

1. Sacred Hopi site in Arizona awarded ICOMOS Water and Heritage Shield 2023: A site located in Arizona (United States) and sacred to the Hopi Native American Nation has been awarded a ‘Water and Heritage Shield’ by the International Committee On Monuments and Sites International Science Committee. The Shield was awarded to the Black Mesa Trust (BMT), a Hopi grassroots organization. Purpose of Shield: To aware public of the significance of water and indigenous sacred sites all over the world and the right to cultural and historical memory

 

OBITUARIES

 

1. Co-founder of Intel, Gordon Moore passed away: Intel co-founder and creator of Moore’s Law, Gordon Moore passed away at the age of 94 in Hawaii. Moore was an important figure in the semiconductor industry and played a key role in putting Intel’s processors in most personal computers. He was the driving force behind the development of modern computing devices. He started working on semiconductors in the 1950s and co-founded the Intel Corporation in 1968.

He was best known for coining Moore’s law which predicted the speed of advances in computer chips that came to explain the exponential improvement in technology of all kinds.