Weekly Current Affairs – 8th-14th August 2023 Part 2
Banking & Financial Awareness
1. Which payment company has launched a US dollar stablecoin, becoming the first major financial technology firm _______________ PayPal.
Note:
➢ Aim: To embrace digital currencies for payments and transfers.
➢ Stablecoins are a type of cryptocurrency that typically track the value of a major currency such as the dollar one-for-one.
➢ They play a key role in connecting traditional and crypto markets, as traders use the coins like cash in order to move in and out of trades without paying high fees.
2. Which life insurance organization has introduced the ‘Direct Incentive Disbursement’ program in the Delhi and Uttarakhand circles _________ Postal Life Insurance.
Note:
➢ Aim: To ensure that it receives its hard-earned commissions from the previous month directly to their Post Office Savings Bank accounts.
➢ Swift and Secure Transactions: Salesforce receives incentives directly in their POSB accounts.
➢ Convenience and Motivation: Salesforce can conveniently manage their funds, and immediate rewards drive optimal performance.
3. According to the SEBI report, Domestic companies raised how much amount from capital markets in the fiscal 2022-23, which was 4.6 per cent higher than the amount raised in the fiscal 2022 _________ Rs 9.8 lakh crore.
Note:
➢ The capital market regulator said that the funds were raised for the financing needs of the companies through various instruments such as equity, debt, AIFs, REITs, and InvITs.
➢ According to the SEBI its recovery from erring market participants for the year stood at Rs 6,031 crore
4. Banks have written off bad loans worth _______ in the last nine financial years starting 2014-15 in Aug 2023 _____________ Rs 14.56 lakh crore.
Note:
➢ Out of the total Rs 14,56,226 crore, written off loans of large industries and services stood at Rs 7,40,968 crore.
➢ According to Minister of State for Finance Bhagwat Karad Scheduled Commercial Banks have recovered an aggregate amount of Rs 2,04,668 crore in written-off loans, including corporate loans, since April, 2014 2022 and up to March, 2023.
5. Star Health and Allied Insurance jointly partnered with which bank in August 2023 to enhance Star Health’s distribution network _____________ Standard Chartered Bank.
Note:
➢ Objective: To serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.
➢ Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies.
➢ SCB currently has 100 branches spread across 42 cities.
6. Which bank partnered with the state government for Odisha Tourism Development Corporation to help them strengthen payment solutions for Odisha Tourism Development Corporation Ltd ___________ Bandhan Bank.
Note:
➢ The bank has provided Point of Sale machines to facilitate card payments by tourists.
➢ Prime locations include Puri, and Bhubaneshwar, will be covered under this tie-up
➢ The PoS machines will hasten tourist payment collections, bringing convenience to both the tourists and OTDC officials.
7. ICICI Lombard General Insurance and which organization have joined forces to offer car and two-wheeler insurance plans _________________ Bajaj Finance.
Note:
➢ Customers can easily purchase these policies on the platform, enjoying a fully digital and smooth customer experience.
➢ The ICICI Lombard Car and Two-wheeler Insurance policies offer comprehensive damage coverage, including third-party cover and various add-on benefits to vehicle owners.
8. As per the information shared by the FM in the Rajya Sabha, Public Sector Banks and 5 major private sector banks collected over what amount in charges since 2018 on account of non-maintenance of minimum balance, additional ATM transactions, and SMS Services ____________₹35,000 crore.
Note:
➢ Breakdown of Charges:
➢ ₹21,000 crore on account of non-maintenance of minimum balance.
➢ Over ₹8,000 crore was collected for transactions through ATM beyond free numbers and SMS charges gave over ₹6,000 crore.
9. According to the Reserve Bank of India (RBI) Monetary Policy, released in August 2023, the RBI’s Monetary Policy Committee (MPC) unanimously decided to keep the repo rate unchanged at what percent _____________ 6.5 percent.
Note:
➢ Other Highlights:
➢ The standing deposit facility (SDF) rate remains at 6.25%.
➢ The marginal standing facility (MSF) rate and the Bank Rate at 6.75%.
➢ RBI has revised the CPI inflation target for the current fiscal to 5.4%.
➢ Projected real GDP growth for 2023-24: 6.5%
10. RBI has imposed ₹1.50 lakh penalty on which co-operative bank for contravention of provisions of Maintenance of Deposit Accounts _____________ Shri Vinayak Sahakari Bank.
Note:
➢ Mizoram Urban Cooperative Development Bank was also penalized of ₹20,000 for non-compliance with specific directions under Supervisory Action Framework and KYC directions
➢ Further, imposed a monetary penalty of ₹1.00 lakh on Shreeji Bhatia Cooperative Bank Ltd and ₹1.50 lakh on Shri Vinayak Sahakari Bank Ltd, Ahmedabad.
11. Which payment bank has become the first Indian bank to launch an eco-friendly debit card for its new and existing customers with a savings bank account in Aug 2023 ______________ Airtel Payments Bank.
Note:
➢ The debit cards will be made from certified eco-friendly r-PVC (recycled polyvinyl chloride) material, which is environmentally safe.
➢ Producing the r-PVC cards will lead to a 43 percent reduction in hydrocarbon usage, effectively decreasing petroleum consumption during the manufacturing process.
12. Which bank has become the first financial services provider in India to launch a 24×7 live video banking service in August 2023 ______________ AU Small Finance Bank Limited.
Note:
➢ Aims: To provide a virtual platform where customers can communicate with a video banker in real time via video calls, like video conferencing.
➢ Objectives: To extend the reach of banking services to areas with limited infrastructure and resources, offering a convenient and personalized banking experience.
13. The Reserve Bank of India (RBI) has introduced Artificial Intelligence-powered conversational features on which interface in August 2023 _________ UPI.
Note:
➢ Aims: To enable digital payments through voice commands
➢ The concept, known as “Conversational Payments,” introduces a dynamic and user-friendly approach to transactions
➢ Objectives: To allow users to initiate payments seamlessly within chat or messaging conversations, transforming routine interactions into instant financial exchanges
14. The gross direct tax collection has registered a growth of around what percent to RS 653,000 crore compared to the same period in 2022 in Aug 2023 _____________ 16%.
Note:
➢ Net direct tax collection, after adjusting refunds, stands at RS 584,000 crore, which is over 17 % higher than the net collections for the same period 2022.
➢ The collection is over 32% of the total Budget estimates of Direct Taxes for 2023-24.
➢ Refunds amounting to Rs 69,000 crore has issued, which is 3.73% more compared to year 2022
15. Which organization launched the 3rd edition of the UPI Safety Awareness Campaign, “UPI Chalega” in August 2023 _____________ National Payments Corporation of India (NPCI).
Note:
➢ Aim: To promote UPI’s brand awareness, amplify understanding of its features, and encourage wider adoption among new users
➢ It also educates users about various features such as UPI LITE, which enables swift low-value transactions; UPI AUTOPAY, which allows secure and convenient recurring payments using any UPI application
16. Who introduced the Mahila Samman Savings Certificate (MSSC), a small savings scheme for women and girls in August 2023 ____________ Finance Minister, Nirmala Sitharaman.
Note:
➢ MSSC is a 2-year deposit scheme, which offers an interest rate of 7.5% per annum.
➢ Objective: To promote financial inclusion and empower women, including girls.
➢ It is a one-time program that runs from April 2023 to March 2025.
➢ Banks Include: Bank of Baroda, Union Bank of India, Canara Bank and Bank of India
17. The wholesale price-based inflation remained in the negative territory for the fourth straight month in July 2023 at what percent on easing prices of fuel, even though food articles turned costlier ___________ (-)1.36 percent.
Note:
➢ The wholesale price index (WPI) based inflation rate has been in the negative since April and was (-)4.12 percent in June. In July last year, it was 14.07 percent.
➢ Inflation in food articles skyrocketed 14.25 percent in July against 1.32 percent in June 2023
18. RBI has selected global consultancy firms McKinsey and Company India LLP and which organization to develop systems using artificial intelligence and machine learning for its supervisory functions ____________ Accenture Solutions Pvt Ltd India.
Note:
➢ RBI is looking to AI and machine learning to analyze its huge database and improve regulatory supervision over banks, NBFCs to ensure that the benefits of advanced analytics can accrue to the Department of Supervision in the central bank.
Obituaries
1. William Friedkin, who passed away, was a veteran ________ Filmmaker.
Note:
➢ He directed movies like The Exorcist” and “The French Connection”.
➢ Friedkin exploded onto the Hollywood scene in 1971 with the gritty cop drama “The French Connection.”
➢ It won five Oscars, including for best director and best picture.
➢ Friedkin followed that up with “The Exorcist,” in 1973. It was a huge commercial and critical hit, as well as being deeply controversial.
2. Siddique, who passed away at the age of 63, was a prominent __________ Filmmaker.
Note:
➢ His journey in the world of Malayalam cinema began with his directorial debut, “Ramji Rao Speaking” along with his friend Lal.
➢ The duo created some of the Malayalam film industry’s biggest comedy blockbusters, including “In Harihar Nagar,” “Godfather,” “Vietnam Colony,” “Ramji Rao Speaking,” and “Friends,” among others. He also directed films in Tamil, Telugu, and Hindi.
3. Hari Narke, passed away in Mumbai due to a heart attack at the age of 70, was a famous ____________ Author.
Note:
➢ He was the professor of Mahatma Phule chair at Savitribai Phule Pune University and a former member of the Maharashtra Backward Class Commission.
➢ He was also a member of the Rangnath Pathare committee which was formed to collect evidence to prove Marathi as a classical language.
Important Days
1. The world observed the International Day for Biological Diversity on which date to increase understanding and encourage the preservation of the Earth’s diverse ecosystems ____________ May 22.
Note:
➢ The world observes World Tribal Day or World Indigenous Day on which date, dedicated to advocating for and safeguarding the rights of indigenous populations _____________ August 9.
➢ Aim: To offer a prime opportunity to actively work towards safeguarding the fundamental rights of tribal communities worldwide
➢ Goal: To safeguard the rights of these populations and ensure their voices received global recognition.
➢ Theme for 2023: “Indigenous Youth as Agents of Change for Self-determination.”
2. World Lion Day is observed every year on which date to highlight the importance of these majestic creatures and to garner support for their conservation _____________ August 10.
Note:
➢ This day is also an opportunity to learn about the importance of lions in the natural world and the potential impacts of their extinction on humanity.
➢ The IUCN has designated the Asiatic Lion as an endangered species because of its limited population and constrained habitat.
3. International Youth Day is commemorated every year on which date __________ 12 August.
Note:
➢ The theme of International Youth Day 2023 is Green Skills For Youth: Towards A Sustainable WorldT
➢ Aims: To encourage youth around the world to organize activities to raise awareness about the situation of youth in their country.
➢ Objective: Bringing youth issues to the attention of the international community and celebrating the potential of youth as partners in today’s global society.
4. World Organ Donation Day is observed every year on which date ______________ August 13.
Note:
➢ Aim: To spread awareness around the importance of organ donation and bust myths around it.
➢ Theme for 2023: “Step up to volunteer; need more organ donors to fill the lacunae”.
➢ Organ donation means when a person allows to surgically remove their organ and transplant it to another person.
➢ This is done with the content of the donor when they are alive or that of their kin when they are no more.
5. International Left-Handers Day is celebrated every year on which date ___________ August 13.
Note:
➢ Aims: To raise awareness about the challenges and of left-handers, understanding in a predominantly righthanded world.
➢ Goal: To work on the challenges left-handers face and cater to their unique needs.
➢ Theme for 2023: “Left-Handers in Sports.”
➢ Objective: To recognize and appreciate the diversity of skills, talents, and perspectives that left-handers bring to various fields and activities.
6. Prime Minister Narendra Modi had declared that August 14, will be remembered as which day _________ ‘Vibhajan Vibhishika Smriti Diwas’ or Partition Horrors Remembrance Day.
Note:
➢ Reason: In memory of the struggles and sacrifices during the partition in 1947.
➢ Aim: To keep reminding us of the need to remove the poison of social divisions, and disharmony and further strengthen the spirit of oneness, social harmony and human empowerment.
➢ Prime Minister Narendra Modi announced the event on this date in 2021.
New Appointments
1. Tesla appointed Indian-origin whom as Chief Financial Officer of the company replacing Kirkhorn _________ Vaibhav Taneja.
Note:
➢ He initially assumed the role of Corporate Controller in May 2018, and his commitment and competence led to his elevation to the position of CAO in March 2019.
➢ His portfolio encompassed the critical domains of financial reporting, tax compliance, and internal controls, underscoring his pivotal role in upholding Tesla’s fiscal integrity.
2. The Appointments Committee of the Cabinet (ACC) approved the proposal of the Ministry of Petroleum and Natural Gas for re-employment on a contract basis of whom as the Chairman of Indian Oil Corporation Limited for a period of one year ___________ Shrikant Madhav Vaidya.
Note:
➢ This is one of the very rare occasions when a director on the board of a PSU has been given an extension of service beyond his retirement age.
➢ No chairman of a Maharatna PSU has been given an extension beyond 60 years.
3. The Insurance Regulatory and Development Authority of India (IRDAI) has given its official approval and appointed whom as the managing director & CEO of SBI Life Insurance Company in Aug 2023 __________ Amit Jhingran.
Note:
➢ He had a successful career with the State Bank of India spanning over 30 years.
➢ Currently, he serves as the chief general manager of the Hyderabad Circle.
➢ He started as a probationary officer in August 1991 and has held various positions in international banking.
4. International Gemological Institute (IGI), a Blackstone portfolio company, has appointed whom as Global CEO of IGI, effective October 1, 2023 ___________Tehmasp Printer.
Note:
➢ He would replace current CEO Roland Lorie, who will step down after spending nearly five decades.
➢ Tehmasp Printer has more than 30 years of experience in managing and leading businesses.
➢ He has been with IGI for 24 years, most recently as Managing Director of IGI India.
Important News – India
1. Name the nationwide campaign has been launched to pay tribute to the ‘Veers’ who laid down their lives for the country ____________ Meri Mati Mera Desh.
Note:
➢ AIM: It will include programs at the village, and block levels , by local urban bodies, as well as state and national level.
➢ During the campaign of “Meri Mati Mera Desh”, an Amrit Kalash Yatra will also be taken out.
➢ It will start on 9th August, with scheduled programs until Independence Day 2023.
2. According to the World Trade Statistical Review 2023, the annual flagship publication of the World Trade Organization (WTO), what is the rank of India among the Leading exporters in world merchandise trade (2022) _______________ 18th.
Note:
➢ On a global scale, India holds the 9th spot in merchandise importing and ranks 7th in merchandise exporting (2022).
➢ The leading exporters in world merchandise trade for the year 2022 are China, the USA, and Germany, occupying the top three positions.
3. India will contribute what percent from the India-UN Development Partnership Fund to the Tuvalu project in August 2023 ____________ 700,000 USD.
Note:
➢ Aim: To store and supply clean water to students, teachers, and school staff, fostering good hygiene and lowering the incidence of water-borne illnesses.
➢ In May 2023, PM Narendra Modi announced the “Sagar Amrut Scholarship” scheme for the Pacific Island countries, at the Summit of the Forum for India–Pacific Islands Cooperation.
4. After passing the IIM (Amendment) Bill 2023 in the ongoing Monsoon Session, in the Parliament, the National Institute of Industrial Engineering (NITIE) would be officially renamed as __________ Indian Institute of Management, Mumbai (IIM Mumbai).
Note:
➢ With this, NITIE becomes the 21st IIM of India and second in Maharashtra, after IIM Nagpur.
➢ Presently, NITIE ranked 7th in the Management Category by National Institute Ranking Framework (NIRF) in 2023.
5. The Minister of Coal, Pralhad Joshi informed in Lok Sabha, Coal/Lignite PSUs have established ________ Eco-parks during the last 5 years _________15.
Note:
➢ No fund has been allocated by the Government for Eco-parks.
➢ It was developed by Coal/Lignite PSUs for recreational purposes of nearby localities and no revenue earned from these Eco-parks is spent on the development of the mining areas.
➢ Kenapara Eco-Park, SECL, Chhattisgarh is run and maintained by local SHGs to promote mine tourism.
6. Which airlines unveiled its mega brand makeover and new logo, which signifies “limitless possibilities” in August 2023 _____________ Air India.
Note:
➢ AI’s new logo ‘The Vista’ includes a modern design with golden, red and purple colours.
➢ It is inspired by the peak of the gold window frame, signifying limitless possibilities, progressiveness, and the airline’s bold, confident outlook for the future.
➢ It represents the spirit of a bold new India, marking a significant turning point in its Vihaan.
7. SEBI reduced the timeline for listing of securities after the closing of IPO to three days from the present requirement of six working days. What is the fulform of IPO _________Initial Public Offering.
Note:
➢ The reduction in timelines will benefit both issuers as well as investors
➢ Issuers will have faster access to the capital raised thereby enhancing the ease of doing business, and the investors will have opportunity for having early credit and liquidity of their investments
8. Meghalaya Chief Minister Conrad K Sangma launched the _________ (amount) Chief Minister’s Solar Mission for minimizing the power deficit in this northeastern hill state in August 2023 ______________ Rs 500 crore.
Note:
➢ The mission will be a flagship Renewable Energy intervention committed to fostering green and clean energy transformation across the state.
➢ The mission will begin a new era of resilience, independence, and green progress for Meghalaya.
9. Which body approved the merger scheme of India’s homegrown entertainment company Zee Entertainment Enterprises with Culver Max Entertainment in Aug 2023 ___________National Company Law Tribunal.
Note:
➢ Aim: To create a $10-billion Indian media giant.
➢ ZEE will have 30 days to file with the registrar of companies, following which, the shares of the company will be de-listed from the stock exchanges and the merged company will get re-listed in another six weeks
10. What is the name of Investor Awareness Vans, which was launched by Investor Education and Protection Fund Authority (IEPFA) CEO Anita Shah Akella __________ Niveshak Sarathi
Note:
➢ Theme: From Unawareness to Financial Independence.
➢ Aims: To disseminate crucial financial education and raise awareness against fraudulent schemes across the Delhi NCR region.
➢ These vans are equipped with a TV screen running “Hisab Ki Kitab,” developed by IEPFA.
11. Who laid the foundation stone for the Indian Farmers Fertilizer Cooperative Limited Nano Urea Plant at Gandhidham in Kutch in August 2023 ______________ Union Minister Amit Shah.
Note:
➢ Aims: To fulfill 3 primary goals which include achieving self-sufficiency in food production and bringing prosperity to the farmers.
➢ This will reduce imports of fertilizers and make India self-reliant in the field of fertilizers and conserve the nutrients of the soil and ensure judicious use of fertilizers.
12. Who launched the Direct Benefit Transfer in National Apprenticeship Promotion Scheme in New Delhi in August 2023 _________ Union Minister for Education, Dharmendra Pradhan.
Note:
➢ The Scheme marks a stride towards transparency and efficiency as the skilled workforce is paramount, to encompass policy evolution
➢ Objective: To focus on the vision of making skilling an apprenticeship aspirational as well as encouraging earning while learning as envisioned in the National Education Policy.
13. The Indian School of Business (ISB’s) Bharti Institute of Public Policy signed an MoU with which state government to begin a knowledge partnership with a focus on evidence-based policy formulation and its impact in the State ___________ Goa.
Note:
➢ Objectives: To improve the social and economic prosperity indicators through evidence-based public policy interventions, capacity-building workshops, and citizen-centric governance-based initiatives as a knowledge partner.
14. Indraprastha Institute of Information Technology Delhi Innovation and Incubation Centre (IIITD-IC) signed a MoU with which bank to enable IIITD-IC to strengthen its mentoring initiatives for startups __________YES BANK.
Note:
➢ It will also identify newer investment and funding opportunities that can benefit startups.
➢ Under the partnership, YES BANK will offer banking facilities to Startups that are in a developmental phase at IIITD-IC under the Bank’s YES Head Startup program.