Daily GK Update- 16th Mar, 2024

 

NATIONAL UPDATES:

 

1. Reliance to buy 13% of Paramount’s stake in Viacom18 for Rs 4,286 crore: India’s largest private company Reliance Industries has entered in a binding agreement to buy Paramount Global’s entire 13.01% stake in Viacom 18 Media for Rs 4,286 crore ($517 million). The stake in Viacom18 was held by Paramount Global through its two subsidiaries. Viacom18 is a subsidiary of TV18 Broadcast, which holds preferencial shares worth 57.48% in the company. Post the transaction, TV18 Broadcast’s stake in Viacom18 will increase to 70.49%. Viacom18 has 40 television channels, including Comedy Central, Nickelodeon and MTV.

 

2. India ranked 134 out of 193 countries on UN Human Development Index 2022: India’s ranking on the United Nations Human Development Index improved by one position in 2022 to 134 out of 193 countries ranked compared to 135 out of 192 countries ranked in 2021 on the back of a marginal increase in its HDI value to 0.644 compared to 0.633 in 2021. India, Bhutan and Bangladesh are all in the Medium Human Development category. Switzerland has been ranked number one. Nepal (146) and Pakistan (164) have been ranked lower than India. The HDI is a composite index computed based on three parameters – life expectancy, mean years of schooling and average incomes – in contrast to gross domestic product (GDP), which is a gauge only of incomes or output in an economy.

 

3. India, ADB sign $23 million loan for Fintech Ecosystem Development: The Government of India and the Asian Development Bank (ADB) signed a $23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City). GIFT City is an initiative of the Government of India and the State Government of Gujarat to foster India’s financial services and fintech ecosystem. The project is expected to establish an International Fintech Institute (IFI) to strengthen fintech education, boost start-up success rates, and drive fintech research and innovation.

 

4. Parshottam Rupala release Book on Sagar Parikrama: Union Minister for Fisheries, Animal Husbandry Dairying Parshottam Rupala has release Book and Video on “Sagar Parikrama” at Rajkot, Gujarat. The object of the book is to chronicle the Sagar Parikrama Yatra, encompassing content on diverse elements, such as the Maritime route, cultural and geographical explorations, and notable impacts from all 12 phases of Sagar Parikrama. The Book on Sagar Parikrama contains 7 chapters covering genesis of Sagar Parikrama, Overview and detailed coverage of the journey of West coast, East coast and the key take away.

 

5. 16 March – National Vaccination Day: National Vaccination Day or National Immunization Day is celebrated in India on 16 March every year to raise awareness about the significance of vaccines in the human body. Vaccinations are a cornerstone of modern medicine, and they have played a significant role in improving public health and well-being worldwide. In 1988, the World Health Organization (WHO) started the Global Polio Eradication Initiative to get rid of polio from the world. In 1995, the government of India began the Pulse Polio Immunization Programme to eliminate polio from the country. Since then, March 16th has been celebrated as National Vaccination Day.

 

INTERNATIONAL UPDATES:

 

1. Mohammad Mustafa elected as new PM of Palestinian: President Mahmoud Abbas of the Palestinian Authority (PA) has appointed Mohammad Mustafa as the new Prime Minister. Mustafa, a U.S.-educated economist, is one of the leading Palestinian business figures with a track record of overseeing Gaza’s reconstruction efforts under Hamas’ rule. The previous prime minister, Mohammad Shtayyeh, resigned along with his government last month.

 

2. 15 March – World Consumer Rights Day: World Consumer Rights Day is celebrated annually on March 15 across the globe. Objective – To raise awareness about the rights and responsibilities of consumers in the marketplace. Theme 2024 – Fair and responsible AI for consumers. On March 15, 1962, President John F. Kennedy spoke before the US Congress and addressed consumer rights. This incident marked the first time that a world leader spoke of consumer rights. In 1983, the first World Consumer Rights Day was observed. Since then, the United Nations has recognized the special day.

 

OTHER UPDATES:

 

SPORTS

 

1. Max Verstappen triumphs at Saudi Arabian Grand Prix: Red Bull’s Max Verstappen clinched victory at the Saudi Arabian Grand Prix, starting from pole position. It marked Red Bull’s second consecutive one-two finish in the 2024 Formula One season. It was the first time Verstappen, winner of a record 19 of 22 races last year, has won the first two races of a season. Sergio Perez (Red Bull) finished at second and Charles Leclerc finished third for Ferrari. The victory was a ninth in a row for Verstappen, dating back to Japan last September, and the 56th of the 26-year-old Dutch driver’s career.

 

2. Mumbai Wins Ranji Trophy 2024 after beating Vidarbha: Mumbai has won the Ranji Trophy 2024 after beating Vidarbha by 169 runs at the Wankhede Stadium in Mumbai. It also happened to be their 42nd title for Mumbai, which showed why they are deemed as a brute force in Indian domestic cricket. Mumbai also ended their 8-year-long wait to win the championship after they last got their hands on the title back in the 2015-16 edition.

 

 

 

AWARDS AND HONOURS

 

1. Greeshma and Ritika jointly won Chameli Devi Jain Award 2024: Chameli Devi Jain Award 2024 for Outstanding Woman Media Person of the Year has been given jointly to independent journalist Greeshma Kuthar, and Ritika Chopra of the Indian Express. The Chameli Devi Jain Award 2024 honours the exceptional work and contributions of Greeshma Kuthar and Ritika Chopra in the field of journalism. According to The Media Foundation, an independent jury comprising senior journalist and columnist Radhika Ramaseshan (Chair), award-winning journalist and author Mariyam Alavi, and Down to Earth managing editor Richard Mahapatra, selected the winners from more than 65 entries of women journalists.

 

Daily GK Update- 15th Mar, 2024

 

NATIONAL UPDATES:

 

1. Gyanesh Kumar And Sukhbir Singh Sandhu Appointed Election Commissioners: Retired IAS officers Gyanesh Kumar and Sukhbir Singh Sandhu have been appointed as Election Commissioners. The Ministry of Law and Justice issued a notification in this regard. The posts of the two Election Commissioners were vacant after the retirement of Anup Chandra Pandey and the resignation of Arun Goel. They were appointed election commissioners by the selection panel chaired by Prime Minister Narendra Modi.

 

2. Hardeep Singh Puri Launches Alternate Auto Fuel ‘Ethanol100’: The Unio Minister Hardeep Singh Puri launched Ethanol100, an alternate auto fuel in New Delhi. The green fuels like ethanol 100 will play a key role in sustaining the economic growth of the country. Ethanol100 is a blend of 92 to 94 percent ethanol, 4 to 5 percent motor spirit to provide colour to flame and 1.5 percent Co-solvent higher saturated alcohol. The fuel produces lower emissions of greenhouse gases, a reduction by around 63% on well to wheel basis.

 

3. Senior bureaucrat Rahul Singh appointed new CBSE chief: The Central Government has appointed senior IAS officer Rahul Singh (1996 batch Indian Administrative Service officer of Bihar cadre) the Chairman of the Central Board of Secondary Education (CBSE). Rahul Singh will replace Nidhi Chiber in this post because Nidhi Chiber has been made an advisor in NITI Aayog. The Appointments Committee of the Cabinet (ACC) has approved the appointment of Rahul Singh as the Chairman of CBSE.

 

4. L&T Finance Holdings inks pact with JICA for $125 million funding: Non-banking financial company (NBFC) L&T Finance Holdings Limited (LTFH) had signed a financing pact with Japan International Cooperation Agency (JICA) for $125 million to support financing in rural and peri urban areas in India, particularly women borrowers. At least 40% of the proceeds will be allocated for women borrowers, while the rest will be allocated to support farmers, the Ministry of Micro, Small and Medium Enterprises (MSMEs).

 

5. Central Govt Proposes Ban On Sale & Breeding Of Ferocious Dogs: The Central government has proposed a ban on the sale and breeding of ferocious dogs. The Animal Husbandry Ministry issued a directive to states and Union Territories to ensure prohibition on the sale, breeding, or keeping of as many as 23 dog breeds that are dangerous for human life. It said that breeds like Rottweilers, Pitbulls, and American bulldogs are under scrutiny.

 

6. Droupadi Murmu To Grace Global Spirituality Mahotsav In Hyderabad: President Droupadi Murmu will be gracing the Global Spirituality Mahotsav in Hyderabad. The Four-Day, one-of-a-kind spiritual congregation will continue till Sunday at Kanha Shanti Vanam. The Global Spirituality Mahotsav is being held with the main theme, ‘Inner Peace to World Peace’. The Event is bringing spiritual leaders from all faiths and beliefs to one platform at the world’s largest meditation centre.

 

INTERNATIONAL UPDATES:

 

1. UN Hails India’s Progress In Human Development Index: The United Nations has hailed India’s progress in the Human Development Index, highlighting significant strides made in different parameters, marking overall development. The HDI report has revealed that India’s average life expectancy reached 67.7 years in 2022, up from 62.7 years the previous year. Additionally, India’s gross national income (GNI) per capita has surged to 6951 dollars, marking a 6.3 per cent increase over the span of 12 months.

 

2. UK tests a laser weapon that can hit a coin from a kilometer: The UK’s Ministry of Defence (MoD) has conducted successful tests of its first-ever laser weapon, named “DragonFire”. The high-powered laser is designed to target and neutralize drones, offering a potentially low-cost alternative to traditional missiles. The DragonFire laser weapon is expected to significantly reduce the reliance on expensive ammunition, offering a cost-effective solution for air defense.

According to the UK government, firing the laser for just 10 seconds costs the equivalent of using a heater for an hour, typically less than £10 per shot. This cost efficiency makes it a promising option for military operations.

 

OTHER UPDATES:

DEFENCE

 

1. Raksha Mantri Rajnath Singh Inaugurates Nausena Bhawan In New Delhi: Raksha Mantri Rajnath Singh inaugurated Nausena Bhawan in New Delhi.  CDS General Anil Chauhan, Chief of Navy Staff Admiral R Hari Kumar, DRDO Chairman Dr. Samir V Kamat and other dignitaries were also present on the occasion. The newly built Nausena Bhawan is situated at Delhi Cantonment Area.

 

SPORTS

 

1. Max Verstappen Triumphs at Saudi Arabian Grand Prix 2024: Max Verstappen won the Saudi Arabian Grand Prix from pole position as Red Bull continued their dominant start to the Formula One season with a second one-two in as many races. Mexican Sergio Perez was runner-up under the Jeddah Corniche floodlights, last year’s winner taking the chequered flag 13.643 seconds behind his triple world champion teammate. It was the first time Verstappen, winner of a record 19 of 22 races last year, has won the first two races of a season.

 

2. Mumbai win record-extending 42nd Ranji Trophy title: The Mumbai cricket team, led by Ajinkiya Rahane, defeated Vidarbha in the final of the Ranji Trophy to win their 42nd title at the Wankhede Stadium in Mumbai. On the fifth day of the five-day final, the Mumbai team defeated the Vidarbha team by 169 runs. Musheer Khan of Mumbai was the Player of the Match, while Tanush Kotia of Mumbai was the Player of the Series. The Mumbai team collected the trophy and a Rs 5 crore winning prize.

 

BANKING AND FINANCE

 

1. Max India’s subsidiary partners with IIT Delhi for senior citizen care: Max India Ltd, an integrated service provider for senior care needs, entered into a Memorandum of Understanding (MoU) with the Indian Institute of Technology Delhi (IIT Delhi). This partnership aims to develop offerings tailored specifically for the senior demographic. Max India Ltd is the wholly owned subsidiary of Antara Assisted Care Services Limited. The company reported, in response to India’s growing elderly population and the accompanying challenges of mobility-related disabilities, the company with IIT Delhi will conduct research and design solutions aimed at enhancing the quality of life for seniors.

 

2. RBI bars Federal Bank, South Indian Bank from issuing co-branded credit cards: Following the directions by the Reserve Bank of India (RBI), private sector lenders Federal Bank and South Indian Bank stopped issuing co-branded credit cards to new customers on account of regulatory deficiencies. South Indian Bank said that it will not onboard new customers on their co-branded credit cards until it is fully compliant with directions under RBI Master Direction on Credit Card and Debit Card issuance. However, the lender added that it will continue to service the existing customers who hold co-branded credit cards. South Indian Bank has one co-branded credit card in partnership with State Bank of India (SBI), which is available in two variants SimplySAVE and Platinum.

 

3. RBI imposes ₹1.40 cr monetary penalty on Bank of India: The Reserve Bank of India (RBI) has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 29.55 lakh on private sector lender Bandhan Bank for noncompliance with certain directions. The penalty on Bank of India has been imposed for non-compliance with the RBI’s directions related to ‘interest rate on deposits’, ‘customer service in banks’, ‘interest rate on advances’, and contravention of provisions of Credit lnformation Companies Rules 2006.

 

Daily GK Update- 14th Mar, 2024

 

NATIONAL UPDATES:

 

1. India’s Index of Industrial Production grows by 3.8% in January 2024: India’s industrial production grew 3.8 per cent in January 2024, according to official data released by the government. Factory output measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 5.8 per cent in January 2023. The IIP grew 5.9 per cent during April 2023 to January 2024 compared to a 5.5 per cent expansion in the year-ago period. In January 2024, mining production rose 5.9 per cent, and power output increased to 5.6%.

 

2. ADB to provide USD 181 min loan to improve livability, mobility in Ahmedabad: India has signed a 181 million dollars loan with the Asian Development Bank (ADB) to improve urban livability and mobility in Ahmedabad. The loan will fund development in areas transitioning from rural to urban, called Peri-urban areas. Under the Ahmedabad Peri-urban Livability Improvement Project, 166 km of water distribution network, 126 km of climate-resilient stormwater drainage, 300 km of sewerage systems, and four sewage treatment plants will be constructed. The Project will also support 10 junction improvements along the existing Sardar Patel Ring Road to improve connectivity of peri-urban areas to Ahmedabad.

 

3. Anurag Thakur launches PB-SHABD to offer news feed to media outlets: Information and Broadcasting Minister Anurag Singh Thakur launched PB-SHABD, a news-sharing service from Prasar Bharati in New Delhi. PB-SHABD stands for Prasar Bharati – Shared audio-visuals for Broadcast Dissemination He also launched revamped websites of Akashvani News and DD News and updated News on the Air mobile app. The SHABD service is being offered free of cost for the first year as an introductory offer and will provide news stories in all major Indian languages across fifty categories. CEO of Prasar Bharti – Gaurav Dwivedi

 

4. Gyanesh Kumar, Sukhbir Sandhu appointed as new Election Commissioners: Former bureaucrats Sukhbir Singh Sandhu from Punjab and Gyanesh Kumar from Kerala have been named as the new Election Commissioners by a panel chaired by Prime Minister Narendra Modi, committee member and Congress leader Adhir Ranjan Chowdhury. The appointments come in the wake of the recent resignation of Election Commissioner Arun Goel, just days ahead of the upcoming Lok Sabha elections. With the retirement of Anup Pandey in February and Goel’s resignation, the three-member Election Commission panel was left with only the Chief Election Commissioner, Rajiv Kumar. Six names came up before the panel for the selection of the two ECs and the names of Mr. Sandhu and Mr. Kumar were finalised by a majority of members of the high-powered panel.

 

 

 

 

INTERNATIONAL UPDATES:

 

1. India and Dominican Republic signs protocol for establishment of Joint Economic and Trade Committee: The protocol for the establishment of the Joint Economic and Trade Committee (JETCO) between India and the Dominican Republic was signed. The protocol envisages strengthening and developing cooperation on trade, services, industrial technologies, and various other sectors by means of technical assistance, training programmes, and capacity building. It will be pivotal in mitigating challenges faced by the trade and industry and provide a platform for sharing of knowledge and best practices between the two countries. India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three-wheelers, etc. to them.

 

2. India and Bhutan signed MoU in the field of Energy Efficiency and Energy Conservation Measures: The Union Cabinet chaired by Prime Minister Narendra Modi approved the signing of MoU between India and Bhutan on extending co­operation in the field of Energy Efficiency and Energy Conservation Measures. The MoU was signed between Bureau of Energy Efficiency, Ministry of Power, Government of India and Department of Energy, Ministry of Energy and Natural Resources, Royal Government of Bhutan. As part of this MoU, India aims to assist Bhutan to enhance energy efficiency in the household sector by promoting star labeling programme developed by Bureau of Energy Efficiency.

 

3. Foreign Secretary Vinay Kwatra granted six-month extension: The government gave Foreign Secretary Vinay Mohan Kwatra a six-month extension, till end-October 2024. The Appointments Committee of the Cabinet has approved extension in service of Vinay Mohan Kwatra as Foreign Secretary for a period of six months beyond 30.04.2024 i.e. up to 31.10.2024 or until further orders, whichever is earlier. Kwatra, a 1988 batch officer was appointed Foreign Secretary in April 2022, which was extended through a subsequent order to grant him a two-year term till April 30, 2024.

 

4. 14 March – International Day of Action for Rivers: International Day of Action for Rivers is observed every year on March 14. Objective – To spread awareness about the importance of rivers and climate change. Theme 2024 – Water for All the International Day of Action against Dams and For Rivers, Water, and Life was approved at the first International Meeting of People Impacted by Dams in March 1997 in Curitiba, Brazil. On March 14, river experts from 20 different nations announced the “Day of Action for Rivers”. The aim of the participants was to form a coalition against the degradation of ecologically sensitive water bodies, rivers and watersheds.

 

5. 14 March 2024 – World Kidney Day: World Kidney Day is observed every year on second Thursday of March. This year World Kidney Day is observed on 14th March. Objective – To raise awareness about the importance of kidney health and the increasing burden of kidney diseases worldwide. Theme 2024 – Kidney Health for All – Advancing Equitable Access to Care and Optimal Medication Practice World Kidney Day was first observed in 2006 with the slogan ‘Are Your Kidneys ok?’.

 

OTHER UPDATES:

 

BANKING AND FINANCE

 

1. Retail inflation dropped a tad to 4-month low of 5.09% in February 2024: India’s retail inflation eased marginally to 5.09 per cent on an annual basis in February as against 5.10 per cent in the previous month, data released by the Ministry of Statistics & Programme Implementation. The number has remained within the Reserve Bank of India’s (RBI) tolerance band of 2-6 per cent. On a sequential basis, the inflation rate increased to 0.16 per cent against a contraction of (-)0.11 per cent in the previous month. The rural inflation rate remained unchanged at 5.34 per cent, meanwhile, the urban inflation rate declined to 4.78 per cent from 4.92 per cent in January.

 

2. Kotak Mahindra Bank sells 2% stake in KFin Tech: Kotak Mahindra Bank has sold a 2% stake in KFin Technologies through the open market for Rs 208 crore. The private sector lender sold 3,470,000 shares of KFin Technologies at Rs 600.28 a share, bulk deals data on the BSE showed.

As of December end, Kotak Mahindra Bank held a 9.80% stake in KFin Technologies. Kotak Mahindra Bank invested Rs 310 crore in KFin Technologies in September 2021.

 

3. L&T Finance signs $125-m pact with JICA to aid rural, peri-urban financing: L&T Finance Holdings Ltd (LTFH) has signed a financing pact with Japan International Cooperation Agency (JICA) for $125 million to support financing in rural and peri-urban areas in India, particularly women borrowers. Last November, LTFH had sourced $125-million loan from Asian Development Bank, & as part of the co-financing agreement, additional $125-million loan is now raised from JICA. At least 40% of the proceeds would be allocated to women borrowers, while the rest would be to support farmers and MSMEs, besides loans to purchase new two-wheeler vehicles, including electric two-wheelers.

 

Daily GK Update- 13th Mar, 2024

 

NATIONAL UPDATES:

 

1. Tamil Nadu govt. launches ‘Neengal Nalama’ Scheme: Tamil Nadu State government has launched the Neengal Nalama Scheme with the aim of improving the health index and social well-being of all citizens and making them aware of the Tamil Nadu government schemes. This scheme involves government officials reaching out to beneficiaries across the state to inquire about any challenges or difficulties they may have faced while availing themselves of various Tamil Nadu government schemes. This scheme will be monitored by the welfare department of Tamil Nadu, which will ensure that it solves the problems of Tamil Nadu citizens regarding various schemes.

 

2. PM Modi inaugurates 15 Airport Projects: Prime Minister Narendra Modi has inaugurated 15 airport projects, including the revamped Terminal 1 of the Indira Gandhi International Airport in Delhi, worth over Rs.9,800 crore. The project virtually launched by the PM during an event at Uttar Pradesh’s Azamgarh included 12 new terminal buildings of Pune, Kolhapur, Gwalior, Jabalpur, Delhi, Lucknow, Aligarh, Azamgarh, Chitrakoot, Moradabad, Shravasti and Adampur Airports. Additionally, foundation stones were laid for new terminal buildings at Kadapa, Hubballi, and Belagavi airports, signaling a significant boost to India’s aviation infrastructure.

 

3. Tata Power Solar completes India’s largest solar-BESS project in Chhattisgarh: Tata Power Solar Systems Limited (TPSSL), a subsidiary of Tata Power Renewable Energy Limited (TPREL), has completed India’s largest Solar and Battery Energy Storage Systems (BESS) project at Rajnandgaon in Chhattisgarh. It comprises a 100 MW Solar PV Project and a 120 MWh Utility Scale Battery Energy Storage System (BESS). TPSSL secured the Rs 945 crore project from SECI in December 2021, handling engineering, construction, and commissioning of the project.

 

4. MoRD partners with IIT Delhi to work collaboratively in Geospatial Technology and Artificial Intelligence: The Ministry of Rural Development has signed a MoU with the Indian Institute of Technology Delhi to formalize their partnership in applications of geospatial technology and artificial intelligence. The project is to be executed by the HydroSense lab led by Manabendra Saharia. The MoU centred around the project “BhuPRAHARI,” an initiative aimed at leveraging ground and space-based geospatial technologies along with Artificial Intelligence to monitor and manage assets under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).

 

5. Nayab Singh Saini elected as new CM of Haryana: BJP leader Nayab Singh Saini has become the new Chief Minister of Haryana, succeeding Manohar Lal Khattar. The announcement comes close on the heels of Manohar Lal Khattar and his entire cabinet submitting their resignations to Haryana Governor Bandaru Dattatreya. Nayab Singh Saini was unanimously elected the BJP’s Legislative Party leader in the presence of Khattar and Haryana-in-charge Biplab Dev.

 

6. Deepak Ballani appoints as DG of ISMA: Industry body Indian Sugar & Bio-energy Manufacturers Association (ISMA) has announced the appointment of Deepak Ballani as its new Director General. With over 25 years of extensive experience in public policy, government affairs, and organizational management, Ballani assumes this pivotal role with a wealth of expertise. Prior to joining ISMA, Ballani served as the Director General at the All-India Plastics Manufacturers Association, where he spearheaded policy advocacy, government affairs management, and international partner management.

 

INTERNATIONAL UPDATES:

 

1. 11 March – World Plumbing Day: World Plumbing Day is celebrated on March 11 annually to honor the critical role that plumbing plays in societal health. Plumbing is, after all, the reason that our cities and towns are so clean. Without proper plumbing, all the human defecation and waste would remain in the city. It is an international event initiated by the World Plumbing Council to recognize the crucial role plumbing plays in societal health and amenity. The idea behind World Plumbing Day is for people worldwide to pause and reflect on the vital role of plumbing in preserving health and way of life, or in building sustainable, disease-free futures for millions in developing countries.

 

2. 13 March – No Smoking Day: No Smoking Day is celebrated every year on the second Wednesday of March. This year is fall on 13 March. It is a day dedicated to spreading awareness about the destructive impacts of smoking and to inspire individuals to give up smoking. It is a day to promote healthy ways of life, and a smoke-free environment. The history of No Smoking Day traces back to 1984, when a charity called ‘No Smoking Day’ was founded.

 

OTHER UPDATES:

 

SPORTS

 

1. Indian sailor Vishnu Saravanan clinches gold medal at Europa Cup: Indian sailor Vishnu Saravanan won the gold medal at the Europa Cup 2024 in the ILCA 7 category in Mallorca, Spain.

The event was organized by Reial Club Nautic Port de Pollenca. Saravanan topped the 91-boat race with 17 net points. Australia’s Lawson McAullay won the bronze with 22 net points at the event. The ILCA7 is a category within the ILCA -International Laser Class Association sailing class.

Saravanan became the first Indian sailor to qualify for successive Olympics.

 

 

 

 

 

BANKING AND FINANCE

 

1. Fintech GIPL merges with North East Small Finance Bank, gets CCI nod: The Competition Commission of India (CCI) has approved the merger of a financial technology company, Garagepreneurs Internet Pvt Ltd with the North East Small Finance Bank. The proposed transaction comprises the merger of a financial technology company, GIPL (including Quadrillion Finance Pvt Ltd (QFPL) (an NBFC-SI-ICC) and Intergalactory Foundry Pvt Ltd (IFPL) with North-East Small Finance Bank (NESFB) (including RGVN (North-East) Microfinance Ltd (RGVN)), pursuant to the composite scheme of amalgamation to be filed before the jurisdictional National Company Law Tribunal and certain related transactions.

 

2. SIDBI gets $24.5 million from GCF for ‘Avaana’ fund: Small Industries Development Bank of India (SIDBI) has received $24.5 million from Green Climate Fund (GCF) for its maiden anchored project `Avaana Sustainability Fund (ASF)’ valued at $120 million. GCF, a pivotal component of the historic Paris Agreement, is the world’s largest climate fund. The primary aim of the ASF project is to invest in early-stage companies harnessing technology-led innovation to spur climate solutions and sustainability in India.

 

3. BoB launches green term deposit scheme with 7.15% interest: Bank of Baroda (BoB) has launched the BoB Earth Green Term Deposit Scheme, aimed at raising deposits for financing eligible environment-friendly projects and sectors. The scheme offers customers the dual benefits of stable financial returns and contribution to a greener planet. It offers annual interest rates, ranging from 6.75 per cent for a tenure of 12 to 18 months to 7.15 per cent for 777 days.

Additionally, for longer tenures of 1,111 days, 1,717 days, and 2,201 days, the interest rates are set at 6.40 per cent per annum. Funds collected through this scheme will be directed towards financing green initiatives such as renewable energy.

 

4. IndusInd Bank launched all-in-one payment wearables: IndusInd Bank has introduced ‘Indus PayWear,’ a new wearable payment solution, available on Mastercard. These wearables enable users to tokenise their IndusInd Bank cards for tap-and-pay transactions at contactless Point-of-Sale (PoS) terminals worldwide. Indus Paywear aims to deliver unparalleled flexibility, convenience, and security to users. It is a fine example of how Mastercard leverages its expertise to allow consumers the power to choose between and make payments using their favorite wearable device.

 

AWARDS AND HONOURS

 

1. Srinivasan Swamy receives 2024 IAA Golden Compass Award: Srinivasan K. Swamy, CMD of integrated marketing services company RK Swami Ltd. has been presented with IAA Goden Compass Award at the 45th IAA World Congress held in Penang, Malaysia. Penang Governor Tun Ahmad Fuzi Abdul Razak presented the award to Mr. Swamy. The award honours those who have significantly contributed to the world stage in the field of marketing, advertising and media. This is the first time this award is being bestowed upon an Indian industry leader.

 

Daily GK Update- 12th Mar, 2024

 

NATIONAL UPDATES:

 

1. PM Modi inaugurates Kochrab Ashram in Sabarmati: Prime Minister Narendra Modi inaugurated the redeveloped Kochrab Ashram and launched the master plan of the Gandhi Ashram Memorial at Sabarmati in Gujarat. Kochrab was the first Ashram established by Mahatma Gandhi after he returned to India from South Africa in 1915. In independent India, this date is a witness to the beginning of a historic occasion.

 

2. Nayab Singh Saini takes oath as new Haryana chief minister: BJP leader Nayab Singh Saini become the new Chief Minister of Haryana, succeeding Manohar Lal Khattar. Manohar Lal Khattar and his entire cabinet submitting their resignations to Haryana Governor Bandaru Dattatreya earlier in the day In the 90-member Haryana assembly the BJP has 41 MLAs, it also enjoys the support of 5 independent MLAs and the HLP MLA Gopal Kanda.

 

3. Shri Kishor Makwana assumes charge of Chairman NCSC: Shri Kishor Makwana assumed the charge of Chairman of National Commission for Scheduled Castes in New Delhi. He said the Commission will work not only to ensure justice to the SCs but will also remain pro-active to prevent any form of injustice to the Community. The NCSC will engage to participate and advise on the planning process of socio-economic development of the Scheduled Castes and to prevent atrocities against them. He has been an Author of more than 33 books.

 

4. A S Rajeev Sworn in as Vigilance Commissioner in CVC: Banker A S Rajeev was sworn in as a member of the Central Vigilance Commission in New Delhi. He was administered the oath of office as the Vigilance Commissioner in the Central Vigilance Commission by the Central Vigilance Commissioner Praveen Kumar Srivastava. A S Rajeev has more than 38 years of experience in four public sector banks Syndicate Bank, Indian Bank, Vijaya Bank and Bank of Maharashtra. It consists of a Chairman and two vigilance commissioners.

 

5. Mandaviya launches credit assistance programme for Jan Aushadhi Kendras: Union Minister Dr. Mansukh Mandaviya launched a credit assistance programme for Jan Aushadhi Kendras.  The initiative is set to be implemented through a Memorandum of Understanding (MoU) between the Small Industries Development Bank of India (SIDBI) and the Pharmaceuticals and Medical Devices Bureau of India (PMBI). These centers serve as lifelines for millions by providing accessible and affordable medication.

 

6. AS Rajeev sworn in as Vigilance Commissioner: Former Bank of Maharashtra Chief Executive AS Rajeev was sworn in as the Vigilance Commissioner at the Central Vigilance Commission. A S Rajeev is a career banker with over 38 years of experience in four banks, namely, Syndicate Bank, Indian Bank, Vijaya Bank and Bank of Maharashtra. During his tenure as the Executive Director in Indian Bank, the Indian Bank emerged as one of the strongest and most profitable banks in India, with lowest non-performing assets and highest capital adequacy ratio. The Central Vigilance Commission Act, 2003, provides for the appointment of a Central Vigilance Commissioner and two Vigilance Commissioners.

 

INTERNATIONAL UPDATES:

 

1. Mauritius Day 2024: 12th March 2024: Every year, March 12 is observed as Mauritius Independence Day which celebrates the anniversary of the country gaining independence from British rule. Mauritius has been under  the control of the French, Dutch and Britishers but on 12 March 1968, after gaining independence from the Britishers, it finally became a free country. The date of 12 March was chosen to coincide with Mahatma Gandhi’s Salt March which occurred on 12 March 1930.

 

2. World Glaucoma Day:12th March 2024: Every year, World Glaucoma Day is observed on March 12. Glaucoma is a set of eye diseases that destroys the optic nerve – the nerve present in the back of the eyes. This can lead to blindness and vision loss. India now stands as the world’s second-largest producer of mobile phones: India now stands as the world’s second-largest producer of mobile phones at the end of the decade 2014-2024. India Cellular and Electronics Association said in a statement that the sector has transitioned from being 78 percent import-dependent in 2014 to 97 percent self-sufficiency. Only three percent of the total mobile phones sold in India are now imported. India’s mobile phone production is nearing 20 lakh crore rupees in a decade of unprecedented growth.

 

OTHER UPDATES:

DEFENCE

 

1. INS Tir participates in Exercise Cutlass Express in Seychelles: INS Tir, the lead ship of First Training Squadron (1TS), participated in Exercise Cutlass Express 24 (CE-24) held at Port Victoria, Seychelles. The exercise was inaugurated by Seychelles President Wavel Ramkalawan with dignitaries from India, the US and African countries present on the occasion. As part of Exercise Cutlass Express, the Indian Navy actively engaged with participants from 16 friendly foreign countries.

 

2. DRDO successfully conducts Mission Divyastra: Defence Research and Development Organisation (DRDO) has conducted first successful flight test of indigenously developed Agni-5 missile with Multiple Independently Targetable Re-Entry Vehicle (MIRV) technology. The flight test named Mission Divyastra was carried out from Dr APJ Abdul Kalam Island in Odisha. Various Telemetry and radar stations tracked and monitored multiple re-entry vehicles. The Mission accomplished the designed parameters. Missiles equipped with MIRV technology can aim multiple targets that can be located hundreds of kilometres apart. Agni-5, which can carry nuclear warheads and hit targets more than 5,000 km away, is aimed mainly at thwarting the challenge from China.

 

SPORTS

 

1. Yashasvi Jaiswal wins ICC Player of the Month for February: Yashasvi Jaiswal has trumped New Zealand's Kane Williamson and Sri Lanka's Pathum Nissanka to win the ICC Player of the Month award for February. Jaiswal made the month of February his own by scoring two double centuries in Test cricket in consecutive games against England. The 22-year-old racked up 712 runs for Team India and finished as the leading run-scorer of the series.

 

2. Devendra Jhajharia elected new President of PCI: A two-time Paralympic gold medalist, Devendra Jhajharia has been elected as the new President of the Paralympic Committee of India (PCI). He succeeds another renowned para-athlete, Deepa Malik. Devendra Jhajharia, a javelin thrower, won gold medals in the 2004 Athens and 2016 Rio Paralympics in the F46 disability category.

 

BANKING AND FINANCE

 

1. IndusInd Bank launches Indus PayWear: IndusInd Bank has introduced 'Indus PayWear,' which, in collaboration with Mastercard, boasts to be the country's first all-in-one tokenisable wearables for both debit and credit cards. The company stated in a filing on the exchanges that this offering aims to enable users to tokenise their IndusInd Bank cards onto a chip-enabled wearable device.

It is a fine example of how Mastercard leverages its expertise to allow consumers the power.

 

AWARDS AND HONOURS

 

1. Riken Yamamoto Wins 2024 Pritzker Architecture Prize: Japanese architect Riken Yamamoto has been named the winner of the 2024 Pritzker Architecture Prize. Yamamoto’s work emphasizes the importance of community and shared spaces. The Pritzker Architecture Prize is an annual award founded in 1979 by Jay A. Pritzker and his wife, Cindy.

 

2. 96th Osacar 2024 winners announced: The 96th Academy Awards happened at the Dolby Theater in Hollywood. It was a night full of exciting wins and unexpected moments. The Academy Awards, also known as the Oscars, celebrate both the artistic and technical achievements in movies. They’re given out every year by the Academy of Motion Picture Arts and Sciences (AMPAS) in the United States. The awards honor outstanding work in filmmaking as decided by the Academy’s voting members.