Daily GK Update- 7th July, 2023

NATIONAL UPDATES:

 

1. Justice Sheo Kumar Singh appointed as acting chairperson of NGT: The Central government has appointed Justice Sheo Kumar Singh as Acting Chairperson of the National Green Tribunal (NGT), till further order. He has replaced Justice Adarsh Kumar Goel, who retired on July 6, 2023. He was appointed as Judicial Member of the NGT on March 11, 2020. He worked as a district judge in various districts of Uttar Pradesh (UP), as Registrar (Judicial) at the Supreme Court of India, and as Registrar General, Allahabad High Court.

 

2. 7th edition of SALVEX exercise conducted in Kochi: The Seventh edition of the Indian Navy and US Navy Salvage and Explosive Ordnance Disposal Eexercise, SALVEX was conducted from 26 Jun – 06 Jul 23 at Kochi. Both the navies have participated with their ships – INS Nireekshak and USNS Salvor in addition to Specialist Diving and EOD teams. Aim: To enhance the skill sets of the Diving teams in a number of diverse disciplines such as mine detection and neutralization, wreck location, and salvage. 

 

3. India’s first Vedic-themed park unveiled in Noida: India’s first Vedic-themed park has been opened to the public at Sector 78, Noida, inaugurated by Uttar Pradesh CM Yogi Adityanath. This park is also known as Ved Van Park. It will also highlight excerpts from the four Vedic literature pieces- Rig Veda, Atharva Veda, Yajur Veda, and Sama Veda- via laser shows, wall paintings, and sculptures. The place is home to over 50,000 plants, such as banyan, kalpavriksha, and coconut, which have been mentioned in Vedic literature.

 

4. Odisha announces state forest rights scheme: Odisha government has launched the ‘Mo Jungle Jami Yojana’ to saturate recognition of rights pertaining to the Forest Rights Act (FRA) and speed up the post-rights recognition activities within the prescribed time frame. Under the scheme, designed by the ST & SC Development department, it has been decided to constitute forest rights cells at the tehsil and district level with human resources to ensure and assist in the effective implementation of FRA, 2006.

 

5. J&K launches India’s first chatbot for people in mental distress: India’s first Tele-MANAS (Tele Mental Health Assistance and Networking Across States) chatbot was launched in Jammu & Kashmir on July 5, 2023. The service was launched by J&K LG Manoj Sinha. This chatbot will start an instant conversation with people in distress. Tele-MANAS is a two-tier system - Tier 1 comprises State Tele MANAS cells and Tier 2 comprises specialists at District Mental Health Programme /Medical College resources for physical consultation.

 

6. 4th edition of the Space Economy Leaders Meeting begin in Bengaluru: As part of India’s G20 Presidency, the 4th edition of the Space Economy Leaders Meeting has started in The Chairman of ISRO S Somanath informed that partnerships between space agencies, industries, and start-ups were discussed during the meeting. The theme of the meeting, namely towards a new space era -Economy, Responsibility, and the alliance was extensively discussed during the Heads of Space Agencies session. The discussion also covered the possibilities of the rule of law in space, guidelines and regulations in space missions, the possibility of upgrading the G20 Space Economy Leaders forum, and how to bring new countries into the space sector, helping them to build rockets and ground stations.

 

7. Haryana restaurants can now remain open 24X7: The Haryana government decided to allow all restaurants across the state to remain open 24×7. There will be no restriction on them to close at night. The decision was announced by Deputy Chief Minister Dushyant Chautala. Keeping in mind the convenience of the restaurants and the general public, the restaurant owners of the state who want to keep their restaurants open for 24 hours in the future, can keep them open. No one can force them to shut down, but they will have to register with the Labour Department and follow other terms and conditions (Section 9 and 10 of the Punjab Shops and Commercial Establishments Act, 1958).” Section 9 of the Punjab Shops and Commercial Establishments Act, 1958, caters to “Opening and Closing Hours of establishments”. It mentions, “Government shall, by notification, fix the opening and closing hours of all classes of establishments. Section 10 of the Act mentions about the “Close Day” of the establishment under which the employer can alter the operational timings by informing the government prior to implementing such timings. If any restaurant owner feels that someone is harassing them unnecessarily, they can register their complaint through email on MSME’s mail id — hepcharyana@gmail.com.

 

8. IFFCO to procure 2500 agricultural drones to spray fertilizers: To promote the use of nano fertilizers across the country, IFFCO will procure 2,500 agri-drones and train 5,000-odd rural entrepreneurs as part of its national campaign launched in July 2023. Already, IFFCO has signed an agreement for procurement of drones, to be used for spraying of its products nano urea and nano di-ammonium phosphate (DAP), in a phased manner. IFFCO will also procure 2,500 electric three-wheelers (loader type) to carry the drone to farmers’ field along with nano fertilisers and associated utilities. It is expected that one agri-drone would be able to cover 20 acres per day for spraying IFFCO nano fertilizers and bio-stimulants like Sagarika, Agrochemicals, etc with backup. These EV 3-wheelers are environment friendly, the cooperative said, adding this will also support recently launched scheme PM-PRANAM that aims to reduce chemical fertilizers and promote alternative fertilizers.

 

INTERNATIONAL UPDATES:

 

1. IIT Madras becomes first ever IIT to be set up outside India in Tanzania: Recently, the Ministry of External Affairs signed an MoU with the IIT Madras and the Ministry of Education and Vocational Training Zanzibar (Tanzania) to set up the first-ever IIT campus outside India. It was signed in the presence of External Affairs Minister S Jaishankar and Zanzibar's President Hussein Ali Mwinyi. The National Education Policy 2020 recommends that high-performing Indian universities will be encouraged to set up campuses in other countries.

 

2. India and Singapore signed a Protocol Document: The Department of Administrative Reforms and Public Grievances under the Ministry of Personnel and the Public Service Division of the Republic of Singapore signed a Protocol Document. Reason: To extend the current MoU on Cooperation in the field of Personnel Management and Public Administration till 2028 The MoU aims at strengthening the partnership between the two countries through various forms of cooperation between both countries’ Public Service officers.

 

3. Taiwan to set up Taipei Economic and Cultural Center in Mumbai: The Taiwanese government will establish a Taipei Economic and Cultural Center (TECC) in Mumbai as part of a broader aim to further deepen cooperation with India. At present, Taiwan has TECCs in Delhi and Chennai. Taiwan’s decision to set up the TECC in India’s financial capital came at a time when leading Taiwanese companies are increasingly looking at relocating their production bases from China to India. India is keen on having production facilities of leading Taiwanese chip producers, including Taiwan Semiconductor Manufacturing Corporation (TSMC), the world’s largest chipmaker whose clients included Apple. Since the TECC in Chennai was set up in 2012, nearly 60 percent of all Taiwanese businesses investing and opening factories in India have chosen to develop their operations in southern India. In 1995, New Delhi set up the India-Taipei Association (ITA) in Taipei to promote interactions between the two sides and to facilitate business, tourism and cultural exchanges. Though India and Taiwan do not have formal diplomatic ties, the bilateral trade relations have been on an upswing.

 

4. World famous Shravani Mela inaugurated in Deoghar: Shravani Mela 2023, one of the largest religious congregations in the country’s eastern region, was inaugurated in the Deoghar district of Jharkhand. State Agriculture Minister Badal Patralekh inaugurated the fair at Kanwariyapath in Dumma, bordering Bihar. This year, the fair will be organized for two consecutive months from July 3 to August 31. After 19 years, this is for the first time when there will be eight Mondays during the Shravani fair. Devotees from various parts of the country and abroad visit Deoghar during the month of ‘Shravan’ and offer prayers at Baba Baidyanath Dham temple. Baba Baidyanathdham Temple is one of the 12 Jyotirlingas in the country.

 

5. QU Dongyu re-elected as Director-General of FAO: China’s QU Dongyu was re-elected to a second term as Director-General of the Food and Agriculture Organization (FAO) of the United Nations He was elected during the 43rd session of the conference of the United Nations Food and Agriculture Organization (FAO) held in Rome, Italy. The international community has welcomed Qu’s reappointment as head of the UN Food and Agriculture Organization. He was the only candidate standing for the role of FAO director-general and received 168 out of 182 votes in a ballot in Rome on Sunday. Qu, a former Chinese government minister who was nominated for the post by Beijing, will serve a new four-year term from August 1. Qu, a biologist by training, was vice-minister of agriculture before taking over as head of the U.N. agency in 2019.

 

6. Quick Heal Technologies appoints Vishal Salvi as CEO: Global cybersecurity solutions provider, Quick Heal Technologies Ltd has appointed Vishal Salvi as the new Chief Executive Officer (CEO) with immediate effect. Vishal Salvi, a former executive at Infosys, has over 29 years of experience in the cybersecurity and information technology domains in India and globally. Prior to joining Quick Heal Technologies, Salvi held the position of Global Chief Information Security Officer, Business Head of the Cybersecurity Service Line & Senior Vice President at Infosys Ltd.

Salvi’s extensive expertise in cybersecurity and information technology has been honed through various leadership roles at renowned organizations such as PwC, HDFC Bank, Standard Chartered Bank, Global Trust Bank, Development Credit Bank, and Crompton Greaves. Kailash Katkar will continue in the role of Chairman and Managing Director. Quick Heal is an Indian multinational cybersecurity software company, headquartered in Pune, Maharashtra, India.

 

7. 7 July – World Chocolate Day: World Chocolate Day is celebrated every year on July 7. This special occasion pays tribute to one of life’s most delightful indulgences. On this day, chocolate enthusiasts of all ages come together to relish their favorite treats, be it a plain chocolate bar, a decadent truffle, or a delectable chocolate cake. Established in 2009, World Chocolate Day commemorates the anniversary of chocolate’s introduction to Europe in 1550. Before 1550, chocolate was primarily available in specific countries across South and Central America, such as Mexico. However, foreign explorers desired to bring this special treat to the European continent.

 

OTHER UPDATES:

 

SPORTS

 

1. Tamim Iqbal announces retirement from international cricket: Bangladesh one-day captain Tamim Iqbal has announced his retirement from international cricket before the team begins its ODI World Cup campaign in India. He played 70 Test matches for Bangladesh scoring 5134 runs at an average of 38.89 with 10 tons to his name. As far as the ODIs is concerned, he played 241 matches amassing 8313 runs at an average of 36.62 with 14 centuries and 56 half-centuries. He last played in the format in April against Ireland.

 

2. India wins gold in Junior mixed team at World Archery Youth Championship 2023: India’s Priyansh and Avneet Kaur won gold in the junior mixed team compound event, defeating Israel 146-144 in a keenly-contested final of the World Archery Youth Championships. India’s Manav Jadhav and Aishwarya Sharma also won a bronze medal defeating Mexico in the cadet mixed compound event. The event is taking place at the University of Limerick in the west of Ireland from July 3-9.

 

BANKING AND FINANCE

 

1. Bihar overtakes Tamil Nadu to become India's largest MFI market: According to a report, published by Crif High Mark, Bihar has overtaken Tamil Nadu to become the state with the highest microlending borrowings in India as of March 2023. It highlighted Bihar's impressive growth with a 13.5% increase in the gross lending portfolio during the March quarter compared to the previous quarter. NBFC holds the largest share in the market (37.3% of the overall MFI loans), while Banks at 33.1% and small finance banks at 16.6%

 

2. PNB launches its virtual branch in the Metaverse: Punjab National Bank (PNB) has launched its virtual branch, PNB Metaverse. It is a virtual branch of the bank, which will deliver a unique experience of banking to existing and new customers. With the help of this, customers can explore the bank's products and services such as bank deposits, retail/MSME loans, digital products, women/senior citizens, 'Do It Yourself', and government flagship schemes. The bank will offer an immersive 3D experience to the customers.

 

3. FPSB India appoints Krishan Mishra as new CEO: The Financial Planning Standards Board (FPSB) of India has appointed Krishan Mishra as Chief Executive Officer (CEO), effective 1 August 2023. He will lead the strategy and operations of FPSB India and champion the advancement of the financial planning profession in India. FPSB is the global standards-setting body for the financial planning profession and owner of the international Certified Financial Planner (CFP) certification program.

 

4. Flipkart, Axis Bank tie-up to offer upto Rs 5 lakh in lending to customers: Flipkart has joined hands with Axis Bank to offer loans for up to Rs 5 lakh to customers. The lending service is accessible through Flipkart's app and boasts a 30-second approval time while removing the need for document submission. By introducing personal loans, Flipkart is expanding its range of financial services, which already includes a 'buy now, pay later' option, EMI payments, and a co-branded credit card. It will empower consumers to make big-ticket purchases.

 

5. Bandhan Mutual Fund launched Bandhan Financial Services fund: Bandhan Mutual Fund has launched an open-ended equity scheme, Bandhan Financial Services Fund. This new scheme offers investors the opportunity to benefit from the multi-year growth opportunities in the financial services sector. This new fund will open on July 10 for subscription and will close on July 24, 2023. The Bandhan Financial Services Fund will use a 3-factor model for stock selection. The fund manager will prioritize the stock’s Earnings Trajectory, Management Quality, and Competitive Positioning, thereby focusing on both the quality and growth aspects of the portfolio. Bandhan Financial Services Fund has a bottom-up stock selection approach with flexible allocation across market cap segments, facilitating focus on growth-oriented companies that have proven competitive positioning, good management quality, and a robust earnings trajectory.

 

6. Bank of India becomes first bank to offer Mahila Samman Savings Certificate: Bank of India, one of the largest public sector banks (PSBs) in the country, has become the first bank to officially roll out Mahila Samman Savings Certificate (MSSC) scheme. The scheme was announced by Union Finance Minister Nirmala Sitharaman during her Budget Speech 2023. The scheme offers an interest rate of 7.5 percent per annum, compounded quarterly. Individual girls or women can open an account under the Mahila Samman Savings Certificate scheme or a guardian can open an account on behalf of a minor girl. The account will mature after two years from the date of opening. Accounts under this scheme can be opened until March 31, 2025. According to a statement by the bank, while the minimum investment is Rs 1,000, any sum in multiples of Rs 100 can be deposited, up to a maximum limit of Rs 2 lakh. Individuals can open multiple accounts with a gap of three months between each account, subject to the overall investment cap of Rs 2 lakh. Account closure can be requested by the customer in case of emergencies or at their discretion, with a penalty of 2 percent after six months from the date of account opening, and the applicable interest rate will be 5.5 percent. Account holders can also make partial withdrawals, up to 40 percent of the eligible balance, after one year from the date of opening the account. All earnings under the Mahila Samman Savings Certificate will be taxable as per existing income tax provisions. However, TDS (Tax Deducted at Source) will not be deducted under the scheme.

 

OBITUARIES

 

1. Artist Namboothiri, iconic illustrator passes away: K M Vasudevan Namboothiri, who was popularly known as Artist Namboothiri, passed away at Kottakkal in Malappuram district. His iconic illustrations gave life to many mythical characters in Malayalam literature. He inspired a golden era of painting and sculpture in Kerala through his unique three-dimensional sketches. He had received many honors like Kerala Lalita Kala Akademi's Raja Ravi Varma Award and the State Institute of Children's Literature award.

Daily GK Update- 6th July, 2023

NATIONAL UPDATES:

 

1. 7th bilateral Japan-India Maritime Exercise, JIMEX 23 held at Visakhapatnam: Indian Navy is being hosted the seventh edition of the bilateral Japan-India Maritime Exercise 2023, 'JIMEX 23' at Visakhapatnam from 5 to 10 July 2023. This edition marks the 11th anniversary of JIMEX, since its inception in 2012. Indian Navy participated with the INS Delhi (India's first indigenously built Guided Missile Destroyer) INS Kamorta (an indigenously designed and built Anti-Submarine Warfare Corvette), fleet tanker INS Shakti, etc.

 

2. DGCA, EU Aviation Safety Agency sign MoU for unmanned aircraft systems: The Directorate General of Civil Aviation (DGCA) has signed an MoU with the EU Aviation Safety Agency (EASA) for cooperation in Unmanned Aircraft Systems and Innovative Air Mobility. It will focus on collaboration on unmanned aircraft and innovative air mobility between the two civil aviation authorities. It would include cooperation in the areas of development of certification standards and environmental standards and related requirements for the certification.

 

3. Scheme for Expansion and Modernization of Fire Services in the States: The Ministry of Home Affairs has launched a Scheme for the Expansion and Modernization of Fire Services in the States with a total outlay of Rs.5,000 Crore. Objective: To expand and modernize Fire Services within National Disaster Response Fund (NDRF) Out of the total outlay, Rs. 500 crore has been kept for incentivizing the States on the basis of their legal and infrastructure-based reforms. This scheme was announced by the Union Home Minister, Amit Shah.

 

4. Gujarat govt doubles insurance cover under Pradhan Mantri Jan Arogya scheme: The Gujarat government has doubled the insurance coverage under Pradhan Mantri Jan Aarogya Yojana from Rs. 5 lakhs to Rs. 10 lakhs, effective from July 11, 2023. The State Health Minister Rushikesh Patel informed that the decision will benefit nearly 1.78 crore Ayushman Bharat cardholders in the state. The beneficiaries will get free of cost medical treatment from over two thousand government hospitals and 795 private hospitals in the state under PMAY.

 

5. 4th edition of the Space Economy Leaders Meeting to begin in Bengaluru: As part of India's G20 Presidency, the 4th edition of the Space Economy Leaders Meeting has started in Bengaluru on July 6. It dwell upon the sharing of the space mission economy, the responsibilities of space agencies, and alliances in space missions. The goal will be to improve the space economy share in the global economy in a responsible and sustainable manner Cultural Programmes representing India’s culture and tradition are also organized for foreign dignitaries.

 

6. English translation of bestselling Marathi novel ‘Dudiya’ out: The fast-paced novel “Dudiya: In your Burning Land”, written by Sahitya Akademi award-winning Marathi novelist Vishwas Patil, has been translated into English by Nadeem Khan. The book originally written in Marathi, is a story of a spirited young Adivasi girl who challenges conventional norms both within her impoverished tribe and inside a Naxal camp by simply trying to live a life of dignity and independence. The book was published by Niyogi Books.

 

7. HM laid foundation for country’s first cooperative-run Sainik School: Union Home and Cooperation Minister Amit Shah has virtually laid the foundation stone of the country’s first cooperative-run Sainik School near Mehsana in This Sainik School has been started in honor of Prime Minister Narendra Modi’s appeal to start 100 new Sainik Schools on PPP basis in the country. The Sainik School will be established at Boriyavi village, 11 kilometers away from Mehsana city by the leading cooperative Dudh Sagar Dairy at the cost of 75 crores rupees.

 

8. Forests for monkeys to come up in Lucknow: The Uttar Pradesh government plans to create dedicated monkey forests in Lucknow to help sustain the simian population and reduce human-monkey conflict. Some dedicated ‘monkey forests’ (Vanar Vans) will be created in the state capital during the proposed annual plantation drive for simian population. These Vanar Vans will be created in three categories by nagar nigam, forest, and rural development departments. The project is expected to cost around Rs 10 crore and will be completed in a year.

 

9. Nitin Gadkari inaugurates and lays foundation stone of 11 highway project: Union minister for road transport and highways Nitin Gadkari has inaugurated and laid the foundation stone for 11 national highway (NH) projects worth ₹5600 crore in Pratapgarh, Rajasthan. The ceremony marked the inauguration of four NH projects, spanning a total length of 219 km and costing ₹3,775 crore. The 6-laning project from Kishangarh to Gulbapura section on National Highway 48 aims to bolster the economic and social development of Ajmer and Bhilwara districts. Furthermore, the 6-laning of Gulabpura to Chittorgarh section will strengthen connectivity between Udaipur, Jaipur, and Kota regions, benefiting Bhilwara and Chittorgarh districts. Additionally, the construction of a 4-lane Railway Over Bridge (ROB) on National Highway 162A at Fatehnagar will alleviate traffic congestion at the railway crossing. Foundation stone for seven projects with a cumulative cost of ₹1850 crore and spanning a total length of 221 km, was laid during the ceremony. These projects include the development of direct connectivity from the revered religious site Nathdwara to Udaipur airport. Furthermore, the tribal areas of Dungarpur, Udaipur, and Banswara will witness improved connectivity, and the construction of bypasses in Sangwara and Garhi will reduce the distance between Dungarpur and Banswara by 10 km. Thirteen animal underpasses will also be constructed in the Todgarh Wildlife Sanctuary on the Beawar-Gomti road to safeguard wildlife. During the event, it was announced that 74 projects under the Central Road Fund (CRF), with an estimated cost of ₹2250 crore, have been approved for Rajasthan.

 

10. Indian Naval Air Squadron 324 celebrates first anniversary at INS Dega: Indian Naval Air Squadron 324 (INAS 324) at INS Dega in Visakhapatnam celebrated its maiden anniversary. Indian Naval Air Squadron 324 is equipped with indigenous ALH Mk III helicopters. The crew upholds their motto “Nidruvith Dhrud Veeryvath” – “Faithful, Tenacious, Fearless” Their deployment significantly enhances maritime surveillance capability and strengthens coastal security along the east coast. With the inclusion of removable Medical ICUs, the aircraft also has the ability to provide critical medical support during emergencies.

 

INTERNATIONAL UPDATES:

 

1. The 2023 Global Peace Index released: According to the 2023 Global Peace Index (GPI), released by the Institute for Economics and Peace, India has ranked 126 out of 163 countries. With an overall score of 2.31, India falls below the global average of 2.314. Iceland has remained the most peaceful country in the world since the study was first released in 2008. It measures the state of peace across three domains: Societal safety and security, Ongoing domestic and international conflict, and Militarisation

 

2. Hewlett Packard to manufacture high-end servers in India: American multinational information technology company, Hewlett Packard Enterprise (HPE) has partnered with Indian manufacturer VVDN Technologies to begin manufacturing some of its high-volume servers in India. This announcement comes in the wake of the recent Prime Minister Narendra Modi’s State visit to the US. HPE has partnered with Indian manufacturer VVDN Technologies to manufacture HPE’s products from its plant in Manesar in Haryana. The manufacturing operation will support the growing demand from customers in India and further strengthen and diversify HPE’s global supply chain. HPE has its largest workforce outside the US in India. HPE’s largest campus in the world at Mahadevapura in Bengaluru is home to many of HPE’s worldwide product development resources. More than 4,000 scientists, engineers, and research teams are based out of HPE’s R&D hub at this campus.

 

3. Meta to launch ‘Threads’ app: Meta Platforms, the parent company of the social media platform Facebook, is planning to launch a microblogging app ‘Threads’, Instagram’s text-based conversation app. Threads, Instagram’s text-based conversation app and will allow users to follow the accounts they follow on the photo-sharing platform and keep the same username. The launch comes after Twitter announced a slate of restrictions on the app, including the need to be verified in order to use TweetDeck.

 

4. 6 July – World Zoonoses Day: World Zoonoses Day is observed every year on July 6 marks the historic milestone of the first vaccination against a zoonotic disease. Objective – To increase awareness about zoonotic diseases and their effects on both human and animal health. This day serves as a crucial reminder of the interconnectedness between humans and animals and the potential risks of zoonotic diseases like influenza, Ebola and West Nile virus. Caused by viruses, parasites, bacteria and fungi, these diseases can lead to serious complications in both humans and animals, sometimes even resulting in death. The origins of World Zoonoses Day can be traced back to 1885 when French scientist, Louis Pasteur developed a successful rabies vaccine. The day was officially recognized and observed on July 6, 2007, honouring the 100th death anniversary of Louis Pasteur.

 

OTHER UPDATES:

 

SPORTS

 

1. India win gold in junior mixed team at World Archery Youth C'ship 2023: Indian pair Priyansh and Avneet Kaur won gold in the junior mixed-team compound event in the final of the World Archery Youth Championships in Limerick, Ireland. In the final, the Indian pair defeated Israel 146-144. While India's Manav Jadhav and Aishwarya Sharma also won a bronze medal after defeating Mexico in the cadet mixed compound event. The World Archery Youth Championships event is taking place at the University of Limerick, Ireland from July 3 to 9.

 

2. Lallianzuala Chhangte wins AIFF Men’s Footballer of the Year award 2022-23: Indian football team midfielder Lallianzuala Chhangte has been named the AIFF Men’s Footballer of the Year for 2022-23. He beat Nandhakumar Sekar and Naorem Mahesh Singh of East Bengal to win the award. While Manisha Kalyan won her second consecutive Women’s Footballer of the Year award.

·       AIFF Men’s Coach of the Year award – Clifford Miranda

·       AIFF Women’s Coach of the Year – Priya Parathi Valappil

·       AIFF Men’s Emerging Footballer of the Year 2022-23- Akash Mishra

·       AIFF Women’s Emerging Footballer of the Year 2022-23- Shilji Shaji

·       AIFF President- Kalyan Chaubey

 

BANKING AND FINANCE

 

1. RBI panel recommends measures for internationalization of rupee: RBI's working group has recommended the inclusion of the rupee in the Special Drawing Rights (SDR) basket and recalibration of the foreign portfolio investor (FPI) regime to accelerate the pace of internationalization of the rupee. The recommendations by an Inter-Departmental Group (IDG), headed by RBI Executive Director Radha Shyam Ratho. The group was constituted by RBI Deputy Governor T Rabi Sankar to review the position of the rupee as an international currency.

 

2. Global e-commerce transactions expected to hit $8.5 trillion by 2026: As per the Global Payments Report 2023, by FIS, the global e-commerce market is expected to grow at a compound annual growth rate of 9% during 2022-26 with transaction value rising to over $8.5 trillion in 2026 During 2021-22, all regions except Europe saw double-digit growth with the highest growth of 21% in the Middle East and Africa Of the 40 markets, 37 saw double-digit YoY growth from 2021 to 2022. The report predicts a mid-teens CAGR in the regions through 2026.

 

3. RBI cancels licenses of two co-operative banks: The Reserve Bank of India (RBI) has canceled the banking licenses of two cooperative banks in Maharashtra and Karnataka. The licenses of Malkapur Urban Co-operative Bank Ltd, Buldhana, and Shushruti Souharda Sahakara Bank Niyamita, Bengaluru have been canceled. The two cooperative banks ceased to carry on banking business with effect from the close of business on July 5. These banks did not have adequate capital and earning prospects.

 

4. FDI in developing countries stood at $662billion in 2022: UNCTAD: According to UNCTAD’s World Investment Report 2023, FDI in developing countries in Asia remained flat at $662 billion during 2022, as compared to the previous year. During 2022, FDI inflows to India rose by 10% on an annual basis to $49 billion, while China registered a 5% yearly growth to $189 billion. Overall global FDI declined by 12% to $1.3 trillion in 2022 after a strong rebound in 2021 following the steep drop induced by the coronavirus pandemic in 2020.

 

5. Bank of India becomes first bank to offer Mahila Samman Savings Certificate: Bank of India has become the first bank to officially roll out Mahila Samman Savings Certificate (MSSC) scheme. The account will mature after two years from the date of opening. Accounts under this scheme can be opened until March 31, 2025. The scheme offers an interest rate of 7.5% per annum, compounded quarterly. Individual girls or women can open an account under the Mahila Samman Savings Certificate scheme or a guardian can open an account on behalf of a minor girl

Daily GK Update- 5th July, 2023

NATIONAL UPDATES:

 

1. Government launched the Bharat 6G Alliance: The Department of Telecommunications has launched Bharat 6G Alliance (B6GA) to drive innovation and collaboration in next-generation wireless technology. Bharat 6G Alliance (B6GA) is a collaborative platform consisting of public and private companies, academia, research institutions, and standards development organizations. The website for Bharat6G Alliance has been also launched. Bharat 6G Alliance will forge coalitions and synergies with other 6G Global Alliances.

 

2. PM Modi inaugurates Sai Hira Global Convention Centre in Andhra Pradesh: PM Narendra Modi has inaugurated the Sai Hira Global Convention Centre in Puttaparthi in Satya Sai district in Andhra Pradesh via video conferencing. The inauguration witnessed the presence of prominent dignitaries and devotees from around the world. The Sri Sathya Sai Central Trust has constructed a new facility at Prasanthi Nilayam, Puttaparthi. Prasanthi Nilayam is the main ashram of Sri Sathya Sai Baba. The Convention Centre was donated by philanthropist Ryuko Hira

 

3. Meesho collaborates with IISc's lab for research in generative AI: Softbank-backed e-commerce platform Meesho has signed a memorandum of understanding with the Vision & AI Lab of the Indian Institute of Science for one year. Aim: To collaborate in the area of generative artificial intelligence The goal of this partnership is to foster innovation in generative artificial intelligence and multimodal large language models in the e-commerce industry, thus enhancing user experience.

 

4. Election Commission launches web portal for Contribution Reports: Political parties will now be able to file their financial accounts online to the EC. The Commission has launched a web portal for filing of Contribution Reports, Audited Annual Accounts and Election Expenditure Statements by Political Parties. These financial statements are required to be submitted by political parties to the poll body from time to time as per the Representation of People’s Act and transparency guidelines. The facility has been created to facilitate political parties in overcoming the difficulties in the physical filing of reports and to ensure the timely filing of financial statements. The online availability of the data is expected to enhance the level of compliance and transparency. The portal also has a facility for sending reminders in the form of messages on the registered mobile number and registered emails of the authorized representatives of the political party. The Poll Panel has said the political parties not wishing to file the financial report through online mode will have to convey the reasons for not filing online to it in writing and may continue to file its reports in hard copy along with CDs and Pen drives.

 

5. DAY-NRLM launches eSARAS mobile App: The Deendayal Antyodaya Yojna- National Rural Livelihoods Mission (DAY-NRLM) launched the eSARAS mobile App to support marketing for products made by women of Self-help Groups (SHGs). eSARAS is an e-commerce mobile app that provides a platform for marketing handicrafts and hand-looms made by SHG Didis. The eSARAS fulfillment centre will be managed by the Foundation for Development of Rural Value Chains (FDRVC), a not-for-profit company constituted jointly by the Ministry of Rural Development and Tata Trust. This fulfillment centre will be used for processing, packaging and shipping of products that customers purchase through the eSARAS portal and eSARAS mobile app. It will handle the logistics required to bring an online order to a customer’s doorstep.

 

6. India’s first ‘Police Drone Unit’ launched in Chennai: Greater Chennai Police has established a ‘Drone Police Unit’ to assist cops in aerial surveillance. This will particularly be helpful in case of large gatherings, real-time checking of vehicle registration data and spotting of suspects. According to the police, a total of nine drones under three categories are available in this unit: Quick Response Surveillance Drones (6), Heavy Lift Multirotor Drone (1) and Long-Range Survey Wing Place (2). These are all equipped with built-in artificial intelligence (AI) capabilities and can be operated up to a distance of 5-10 km from the ground station. These drones equipped with AI technology can accurate estimate crowds during festivals or other gatherings, thereby enabling police to correctly plan crowd control strategies. Also, the drones are equipped with ANPR cameras which are capable of doing real-time checking with the vehicles registration database and spot suspects, stolen vehicles. The Heavy Lift Drone, equipped with thermal cameras, is capable of detecting and rescuing people caught in sea waves by deploying life jackets, even during the night.

 

INTERNATIONAL UPDATES:

 

1. Govt organising international conference on green hydrogen ecosystem: Union Power Minister R. K. Singh has inaugurated the International Conference on Green Hydrogen 2023, which is being organized in New Delhi from 5-7 July 2023. Aim: To discuss recent advances and emerging technologies in the entire green hydrogen value chain It is being organized by the Ministry of New and Renewable Energy, Ministry of Petroleum and Natural Gas, CSIR, and Office of Principal Scientific Advisor to the Government of India in collaboration with CII.

 

2. Iran becomes a new permanent member of SCO: Iran has become the new permanent member of the Shanghai Cooperation Organisation (SCO) at an India-hosted virtual summit of the grouping. With the addition of Iran as a new member, the total membership of the SCO reaches nine. The SCO was founded at a summit in Shanghai in 2001 by the presidents of Russia, China, the Kyrgyz Republic, Kazakhstan, Tajikistan, and Uzbekistan. India and Pakistan became permanent members of SCO in 2017. SCO headquarters: Beijing, China

 

3. China's Qu-Dongyu re-elected as head of FAO: China's QU Dongyu has been re-elected as Director-General of the Food and Agriculture Organization of the United Nations (FAO) for a second term. In the ballot of FAO member countries, Qu received a total of 168 out of 182 votes deposited. His new term will run from 1 August 2023 to 31 July 2027. He was elected as FAO Director-General for the first time in 2019. Under the leadership of QU, the World Food Forum (WFF) was created in 2021.

 

4. ICFA, RAKEZ signs MoU to enhance food and agriculture collaboration: Ras Al Khaimah Economic Zone (RAKEZ) and the Indian Chamber of Food and Agriculture (ICFA) have signed a Memorandum of Understanding. Aim: To promote mutual growth and development in the food and agriculture sectors of the UAE and India The agreement strengthens the strategic collaboration between the two countries. The partnership aims to facilitate knowledge exchange, trade promotion, investment, and research and development collaboration.

 

5. Lt Gen MU Nair appointed as the Head of National Cyber Coordination Centre: Lt Gen MU Nair has been appointed as the Head of the National Cyber Coordination Centre, after replacing Lt Gen (ret.) Dr. Rajesh Pant. Additionally, he has served as the additional director general, head of signal intelligence, chief of staff of a corps, and command Previously, Lt Gen Nair served as Army Headquarters' chief signal officer He is a distinguished National Defence Academy alumni

Nair has extensive knowledge of both domestic and international communication

 

OTHER UPDATES:

 

SPORTS

 

1. India beat Kuwait to lift SAFF Championship title for 9th time: India defeated Kuwait 5-4 in the penalty shoot-out to lift the SAFF Championships trophy 2023 held at Sree Kanteerava Stadium in Bengaluru, Karnataka. India recorded its win for the ninth time in the SAFF Championships trophy. Goalkeeper Gurpreet Singh turned out as the hero for the Indian side, saving the final kick from the Kuwaiti captain. In the semi-final, India defeated Lebanon while Kuwait defeated Bangladesh 1-0 in the other last-four clash.

 

2. Senior Men’s Cricket Selection Committee appoints Ajit Agarkar as Chairman: Former Indian cricketer, Ajit Agarkar has been appointed as chairman of the Senior Men’s Cricket Selection Committee. The Selection Committee now consists of Ajit Agarkar, Shiv Sundar Das, Subroto Banerjee, Salil Ankola, and Sridharan Sharath. Ajit Agarkar represented India in 26 Tests, 191 ODIs, and four T20Is, in addition to playing 110 first-class, 270 List A, and 62 T20 matches. He also held the record for being the fastest to reach 50 ODI wickets for a decade.

 

3. HESS Triveni Continental Kings crowned champions of Global Chess League: Triveni Continental Kings were crowned champions of the inaugural Global Chess League after defeating Mumba Masters 2-0 in the final. The Kings finished the league stage with 15 points, two points ahead of Mumba Masters The final was played in a best-of-three format, with each team playing two rapid games. The Kings won the first rapid game, with Levon Aronian defeating Maxime Vachier-Lagrave The winner was decided through three stages of tie-breaks. After two rounds of rapid ending in a draw, another two rounds of blitz were played, but still finished with draws. The champion was ultimately decided in a series of sudden-death blitz games where the decisive outcome came in the fourth game. With this crucial victory, Bjerre not only clinched the title for his team but also won the $500,000 prize. The overall prize fund for the tournament was a stunning $1 million.

 

4. Haryana wins 6th Youth Women’s National Boxing Championships: Haryana has won the 6th Youth Women’s National Boxing Championships in Bhopal, Madhya Pradesh. Haryana finished with a total of 13 medals, including five gold, four silver, and four bronze Uttarakhand and Delhi claimed the second and third spots with 32 and 20 points respectively. Led by 2 times Asian Junior Champion Nikita Chand, Uttarakhand won 3 gold and 1 silver medal. Delhi ended their campaign with 3 silver and 1 bronze medal. Haryana’s Priya (57kg) was adjourned best boxer due to her phenomenal display in the 57kg category while Madhya Pradesh’s Anjali Singh won the most promising boxer award

 

BANKING AND FINANCE

 

1. Indian Overseas Bank unveils RuPay Select Debit card, luxury benefits: Indian Overseas Bank (IOB) has launched a new RuPay Select Debit card, to provide luxury, convenience, and security, all in one card. Eligibility Criteria: One is required to have a savings account or a certificate of deposit with IOB Maintaining an average daily balance of ₹ 1 lakh The cash withdrawal limit is set to ₹50,000. The daily limit for usage in merchant establishments (PoS) is set at ₹ five lakh.  Daily usage limit in e-commerce platforms: up to ₹3,50,000

 

2. India doubles its share of global commercial services exports: Report: According to a World Bank and WTO report, India has doubled its share of global commercial services exports to 4.4% in 2022 from 2% in 2005. Report title: Trade in services for development The report highlighted that China has also doubled its share of global commercial services exports from 2005 to 2022, from 3% to 5.4%. India, South Africa, and Türkiye, jobs directly linked to cross-border services exports account for more than 10% of total services sector jobs

 

3. World Bank approves USD 1.5 bn financing for India’s low-carbon transition: World Bank’s board of executive directors has approved $1.5 billion in financing to accelerate India’s development of low-carbon energy. The financing will help India promote low-carbon energy by scaling up renewable energy, developing green hydrogen, and stimulating climate finance for low-carbon energy investments. Centre has set a target of achieving 500 GW of installed renewable energy capacity by 2030 and reaching net zero by 2070. Further, recently the Indian government launched the much-anticipated incentive scheme for the production of green hydrogen worth over ₹17,000 crore. The ‘First Low-Carbon Energy Programmatic Development Policy Operation’, the first in a series of two envisaged operations, will support India in developing green hydrogen. The program will support the successful implementation of the National Green Hydrogen Mission that aims to stimulate $100 billion in private sector investment by 2030,”

 

4. Indian Bank rolls out digital services under ‘Project WAVE’ initiative: Indian Bank, in partnership with National E-Governance Service Limited (NeSL), has rolled out e-BG (electronic bank guarantee) services under Project WAVE to reduce the number of old paper-based process. CEO and Managing Director of Indian Bank, S L Jain has launched the digital service at an event in Chennai. The e-BG rollout will reduce the turn-around time of the bank issuance and delivery to the beneficiary within few minutes from the 3-4 working days. In addition, e-BG by Indian Bank would replace physical stamp paper and physical signatures of customers by e-signature and e-stamps. Besides, Indian Bank has also introduced a new facility under Project WAVE, to ensure fully end-to-end digitally pre-approved business loans, for easy and smooth loan process. The facility is available to process a loan of ₹25 lakh.

 

5. SBI appoints Kameshwar Kodavanti as new CFO: The State Bank of India board has appointed Kameshwar Kodavanti as the new Chief Financial Officer (CFO), effective from July 1, 2023. He has replaced Charanjit Surinder Singh Attra, who has resigned from his post. He has been working with the State Bank of India since August 1991 and has experience in fields of banking, forex, finance, and accounting. He brings expertise in banking, forex, finance, and accounting to his new position.

 

AWARDS AND HONOURS

 

1. Lallianzuala Chhangte wins AIFF Men’s Footballer of the Year award 2022-23: Indian football team midfielder Lallianzuala Chhangte has been named the AIFF Men’s Footballer of the Year for 2022-23. He beat Nandhakumar Sekar and Naorem Mahesh Singh of East Bengal to win the award. While Manisha Kalyan won her second consecutive Women’s Footballer of the Year award. AIFF Men’s Emerging Footballer of the Year 2022-23: Akash Mishra AIFF Women’s Emerging Footballer of the Year 2022-23: Shilji Shaji AIFF President: Kalyan Chaubey