The Union cabinet chaired by
Prime Minister(PM) Narendra Modi has approved the following proposals on 13th
September 2023.
i.Resolution on the success of the New Delhi Group20 (G20) Summit
ii.The Union Cabinet approved the extension of Pradhan Mantri Ujjwala
Yojana (PMUY) 2.0 for release of 75 lakh LPG (Liquefied Petroleum Gas)
connections over 3 years from Financial Year 2023-24 to 2025-26.
iii.Approved the eCourts Project Phase III as a Central Sector
Scheme spanning 4 years (starting from 2023 onwards) with financial outlay of
Rs.7210 crore.
iv.Approval of MoUs between India and 3 other Countries
·
MoU between India and Armenia,
India and Antigua & Barbuda, India and Sierra Leone
v.Approval of M/s Berhyanda Limited of Cyprus
acquisition of 76.1% equity shares from Suven Pharmaceuticals Limited for about
Rs.9589 crores.
About Armenia:
President – Vahagn Khachaturyan
Capital – Yerevan
Currency – Armenian Dram
About Antigua & Barbuda
Prime Minister – Gaston Browne
Capital – Saint John’s
Currency – East Caribbean Dollar
About Sierra Leone
President – Julius Maada Bio
Capital – Freetown
Currency – Sierra Leonean Leone
The National Institution for
Transforming India (NITI Aayog) has successfully completed its Special
Campaign 2.0, which aims to resolve pending matters and promote cleanliness
(Swachhta) within government offices.
·
The Special Campaign 2.0,
initiated by the Department of Administrative Reforms and Public Grievances (DARPG),
under the Ministry of Personnel, Public Grievances and Pensions, was undertaken
from November 2022 to August 2023.
·
About 95% of public grievances
and appeals were successfully addressed during the campaign period.
·
Special Campaign 2.0 is a step
towards transparent, efficient governance and cleanliness in government
institutions.
The main goal of Special
Campaign 2.0 was to quickly and effectively resolve public complaints, as well
as references from Members of Parliament, State Governments, and other
government agencies.
Note: As a tribute to Mahatma Gandhi’s vision of “A Clean India”
DARPG initially launched campaign for disposal of pending matters from 2nd to
31st October 2021. With the success of the campaign, DARPG decided to continue
the campaign in 2022 and further in 2023.
The Indian Institute of Technology
(IIT), Kanpur in Uttar Pradesh(UP) has signed a Memorandum of
Understanding (MoU) with the ICICI Bank Limited to support the
startup ecosystem at provide the Startup Incubation and Innovation Centre
(SIIC) IIT Kanpur.
·
The partnership offers a
comprehensive support system to early-stage ventures.
Features of the MoU:
i.Under this MoU, IIT Kanpur and ICICI Bank will facilitate joint
efforts to equip startups and innovators at the SIIC with essential tools and
knowledge.
ii.The MoU will focus on improving the understanding of foreign trade
policies among incubatees and conducting workshops and seminars to help them
engage in international markets.
iii.As a part of the partnership, IIT Kanpur and ICICI bank will jointly
hosst events for startups, to cutivate a broader environment of innovation and
entrepreneurship that extends beyond financial services.
Role of ICICI bank:
i.ICICI Bank helps innovators, incubatees, and students at IIT Kanpur
with pre- and post-transaction compliance while engaging with Private Equity
(PE) and Venture Capital (VC) support.
·
This includes verifying and
submitting regulatory documents through digital means.
ii.This simplifies the process and enhances
accessibility to financial resources for emerging entrepreneurs.
ICICI Bank Got RBI Approval to make I-Process as
its Wholly-Owned Subsidiary
The Reserve Bank of India (RBI) has approved ICICI Bank Limited to convert
I-Process Services (India) Private Limited (I-Process) into a
wholly-owned subsidiary, subject to specific conditions.
·
ICICI Bank’s Board members
already approved the proposal in February 2023.
·
The estimate cost of
conversion is Rs 15.40 crores (subjected to finalisation)
·
ICICI Bank currently holds
19% stake in I-Process.
About I-Process Services
(India) Private Limited (I-Process):
I-Process Services (India) Private Ltd. is a leading company in financial
service recruitment.It provides staffing solutions services for some of India’s
top financial institutions.
Chief Executive Officer (CEO) – Prashant Mohta
Headquarters – Gurugram, Haryana
Established in – 2005
About ICICI Bank Limited:
Managing Director(MD) and Chief Executive Officer (CEO) – Sandeep
Bakhshi
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – Hum Hai Na Khayal Apka
Max Life Insurance Company Limited has launched a new insurance
plan “Max Life Secure Earnings & Wellness Advantage
(SEWA) Plan” that combines the benefits of health and life insurance under
a single plan.
It allows the insured to fulfill the healthcare needs of their family while
simultaneously ensuring a financial backup for future expenses.
·
It integrates health,
protection, savings, and wellness benefits for the insured and offers a comprehensive
plan that covers hospitalisation, Intensive Care Unit (ICU) charges, etc. along
with life cover.
·
SEWA Plan is available in 2
variants namely: Elite Variant and Lite Variant.
Some Features of
SEWA Plan:
i.The SEWA plan offers guaranteed returns on premiums. There is also
partial withdrawal allowed through a traditional guaranteed plan. The
guaranteed returns are payable as a lump sum at maturity.
ii.The policy also offers an in-built health coverage over and above the
existing health insurance plan.
iii.It provides an option to take loans against policy to help customers
in case of financial emergencies, but only when the policy has acquired a
surrender value, which can be a maximum of 75% of the surrender value.
iv.The policy also provides a discount of 5% on first-year premiums to
female and transgender customers.
Some Benefits of SEWA:
i.The policy offers a death benefit to the nominee in case of death of
the insured.
ii.The customers are entitled to loyalty boosters on each premium
payment during the premium paying term.
iii.A savings booster benefit is added to the accrued policy benefit at
the end of each month post-completion of the premium paying term.
·
This benefit applies only to
the Elite variant of the plan.
Wellness App:
i.Max Life Insurance also offers customers with an interactive holistic
wellness app named ‘Max Fit‘.
ii.The Max Fit app offers personalised health and wellness solutions
promoting physical, mental, and emotional well-being through 24*7 live support
for addressing all health concerns.
iii.The app encourages the customers to lead a disciplined and healthier
lifestyle, by providing enhanced maturity benefits.
About Max Life Insurance Company Limited:
Managing Director & Chief Executive Officer– Prashant Tripathy
Headquarters– Gurugram, Haryana
Established in– 2000
Commenced Operations– 2001
i.On September 13, 2023, the Reserve Bank of India (RBI)
issued guidelines on Responsible Lending Conduct which directs Regulated
Entities (REs) to release all original movable or immovable property
documents, and remove charges registered with any registry within 30 days of
full repayment or settlement of personal loans by borrowers.
ii.If REs delay property document release or fail to file charge
satisfaction forms after 30 days post-loan settlement, they must explain the
reasons to the borrower. If the delay is REs’ fault, they must compensate the
borrower at Rs 5,000/day.
iii.RBI also revised its guidelines on categorizing the investments by
banks, to align them with global standards by issuing RBI
(Classification, Valuation and Operation of Investment Portfolio of Commercial
Banks) Directions, 2023 which will be effective from April 1, 2024.
iv.RBI introduced a new category of investment, Fair Value Through
Profit and Loss (FVTPL) account.
v.As per the revised norms, banks will have to classify their entire
investment portfolio under three categories viz. Held-to-Maturity (HTM),
Available for Sale (AFS) and FVTPL.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael
Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
A Memorandum of Understanding
(MoU) was signed between the Tata Power Solar Systems Limited (TPSSL),
and Small Industries Development Bank of India (SIDBI) to offer an easy
financing option for Micro, Small & Medium Enterprises (MSMEs).
·
TPSSL is the wholly owned
subsidiary of Tata Power Renewable Energy Limited (TPREL) while TPREL is
a subsidiary of Tata Power.
Signatories:
Dr. Praveer Sinha, Chief Executive Officer (CEO) & Managing Director
(MD), Tata Power; and Sivasubramanian Ramann, Chairman &
Managing Director (CMD), SIDBI signed in the presence of Minister of State
(MoS) of Finance, Dr. Bhagwat Karad, at the Global SME
Finance Forum 2023 in Mumbai, Maharashtra.
Key Points:
i.TPSSL and SIDBI will encourage solar energy adoption among MSMEs by
offering customized financing solutions through SIDBI’s 4E (End to End Energy
Efficiency) Scheme.
·
The initiative aims to reduce
CO2 footprints and contribute to India’s clean energy goals.
ii.MSMEs that are willing to opt for Rooftop Solar PV
Plant or associated services from Tata Power or its authorised Channel Partners
across India will be financially supported by SIDBI .
·
Notably, SIDBI has set up a
mission solar to provide financing to 2,000 MSMEs for solar rooftops.
iii.During the forum, TPSSL and SIDBI launched ‘The
Big Solar Fest’ offering zero processing fees during the festival season to
promote solar adoption among MSMEs, enhancing sustainability.
Background:
The MoU signed was the outcome of success and positive feedback received
from the collateral-free solar financing initiative introduced by TPSSL
and SIDBI in 2021.
AWARDS
& RECOGNITIONS
The Government of France has
awarded the “Chevalier de l’Ordre des Arts et des Lettres” (Knight of
the Order of Arts and Letters) to the Indian Fashion Designer Rahul
Mishra. The award recognises his achievements in the
field of arts as a designer, and his commitment to promote Indian crafts and
know-how internationally.
·
The award also honours his
contribution to the cultural relationship and cooperation between France and
India.
·
On 12th September 2023, Emmanuel
Lenain, Ambassador of France to India, presented the insignia of the award
to Rahul Mishra at a special ceremony at the Residence of France, New Delhi,
Delhi.
About Rahul
Mishra:
i.Rahul Mishra, hailing from Uttara Pradesh(UP), is known for
combining slow fashion with traditional Indian crafts.
ii.He made his debut in 2006 at the Lakme Fashion Week with a collection
using cotton handloom from Kerala. Later in 2014, he made his global debut with
his prêt-à-porter collection at Paris Fashion Week in 2014.
iii.In 2009, He became the first non-European designer to win the
prestigious scholarship at the Istituto Marangoni, Milan, Italy.
Awards & Achievements:
i.He was won the International Woolmark Prize 2013/14 for his “Lotus
Effect” collection. He was the first Indian to win the award.
·
His work from this collection
was featured in the Victoria & Albert Museum from 2015 to 2016.
ii.In 2020, he became the first Indian to showcase his
work at the Paris Haute Couture Week. He was invited as a guest by the
Fédération de la Haute Couture et de la Mode.
iii.He was the first Indian designer to feature on online rental
boutique, Rent the Runway.
Ordre des Arts et des Lettres:
i.It is an Order of France established by the Minister of Culture in
1957 and confirmed as part of L’ordre National du Mérite by president Charles
de Gaulle in 1963.
ii.It is the most significant arts-specific honour conferred by the
Government of France that honours personalities who have made significant contribution
to the music field, arts, literature and the cultural and artistic legacy of
Indo-France relations.
iii.The award is given at three levels: Commandeur (Commander),
Officier(Officer), Chevalier (Knight).
ACQUISITIONS
& MERGERS
The global investment firm
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is set
to invest Rs 2,069.50 crore into Reliance Retail Ventures Limited (RRVL)
to raise its total equity stake to 1.42% from 1.17% on a fully
diluted basis.
This investment will translate into an additional equity stake of 0.25% in
RRVL on a fully diluted basis.
·
The investment is at a
pre-money equity value of Rs 8.361 lakh crore (around USD 100 billion).
·
The deal makes RRVL one of the
top four companies by equity value in India.
RRVL is the retail arm and a
subsidiary of Reliance Industries Limited(RIL). KKR had earlier invested Rs
5,550 crore in RRVL in 2020.
· In September 2023, RIL received Rs 8278 crore from Qatar Investment Authority (QIA) for around 1% stake in RRVL.
SCIENCE
& TECHNOLOGY
On 12th September 2023, the
World Health Organization (WHO) launched 2 resources designed to
strengthen suicide prevention efforts. The 2 resources are
·
4th version
of Preventing Suicide: a resource for media professionals (2023 update).
·
Policy
brief on the health aspects of decriminalization of suicide and suicide
attempts.
The resources provide
important guidance on two areas that are critical to suicide prevention efforts
namely Responsible reporting of suicide by the media and Decriminalization of
suicide and suicide attempts.
About World Health Organisation (WHO)
Director General– Dr Tedros Adhanom Ghebreyesus
Headquarters– Geneva, Switzerland
Established on– 7 April 1948
Amazon Web Services (AWS)
India Private Limited has signed a Memorandum of Understanding (MoU) with the
Indian Space Research Organization (ISRO) and Indian National Space
Promotion and Authorization Centre (IN-SPACe) to support space-tech
innovations through cloud computing.
·
Cloud computing provides
speedy handling of enormous numbers of raw space data as well as the execution
of Artificial intelligence (AI), Machine learning (ML) and analytics workloads
to achieve meaningful results at a low cost.
About the Partnership:
i.The partnership will support space startups, research institutes, and
students access to cutting edge cloud technologies that accelerate the
development of new solutions in the space sector.
ii.They will also work together on a new initiative to utilise AWS
education programmes to train students and educators in cloud computing, AI,
ML, analytics, and security.
iii.This partnership follows the Government of India’s Indian
Space Policy 2023.
·
The policy provides a
strategic roadmap for the growth and development of India’s space program and
ambitions.
A Startup
Support Initiative:
i.Through the AWS Activate program, AWS will provide eligible space
startups tools, resources, and expert technical support at no cost.
·
This will enable startups to
build innovative solutions and commercialise them faster.
ii.Startups will also benefit from access to AWS and
its global experience of building aerospace and satellite solutions through the
AWS Space Accelerator program.
About the Indian National Space Promotion and Authorization Centre
(IN-SPACe):
IN-SPACe was established under the Department of Space (DOS) as a single window
agency for all space sector activities of private entities.
Chairman – Dr. Pawan Kumar Goenka
Headquarters – Ahmedabad, Gujarat
Established – 2020
SPORTS
Indian Under 16 (U-16) men’s
football team won the South Asian Football Federation (SAFF) U-16 Championship
2023 title defeating Bangladesh (2-0) in the finals. The 2023 SAFF U16
Championship was held from 2nd to 10th September 2023 in Changlimithang Stadium
in Thimphu, Bhutan.
·
2023 SAFF U16 Championship is
the 8th edition of the SAFF U-15/U-16/U-17 Championship, the annual
international football competition contested by the national teams of SAFF
members(India, Nepal, Bangladesh, Bhutan, Maldives, Pakistan).
i.This marks the 5th title of India in the
SAFF U-15/U-16/U-17 Championship.
·
With this India became the
most sussessful team of the tournament with 5 titles (U15 title in 2017 &
2019; U16 title in 2013 and 2023 and U-17 title in 2022).
ii.Bharat Lairenjam scored a goal in the first half in
the 8th minute, while Levis Zangminlun secured the winning goal for Indi in the
second half in the 74th minute, leading to a victory for India.
iii.Suraj Singh won the Best Goalkeeper award and Mohammed Arbash(MD
Arbash) won Most Valuable Player (MVP) and also bagged the Highest
Goal Scorer award with 3 goals.
Note: SAFF formed in 1997, is an organization working to develop and
make football more accessible for everyone within the South Asian
football-playing countries. SAFF’s motto is ‘Unity in Strength’
OBITUARY
Dr. NS. Srinivasan, a renowned highway and
traffic expert, and Founder Director of the National Transportation
Planning and Research Centre (NATPAC), passed away at the age of 89 at
his residence in Chennai, Tamil Nadu(TN). He was born in Nallur, TN
·
He served as Head of the
Traffic and Transportation Division of the Central Road Research Institute, New
Delhi, Delhi for 13 years from 1963 to 1976.
·
From 1976 to 1988, he served
as the executive director of NATPAC. He also served as an Advisor to the Kerala
Road Fund Board (KRFB).
·
He served as a World Bank
advisor to prepare a highway network plan for Yemen. He has prepared
transportation plans for Delhi, Bengaluru (Karnataka), and other cities
including the 9th Asian Games of Delhi & 8th World Tamil Conference at
Thanjavur (TN).
·
He also served at Anna
University (Chennai) as a visiting professor in Transportation Engineering from
1990 to 2002. After retirement, he started the Transport Advisory Forum (TAF).
·
He has been acknowledged as
“the man who brought order to Delhi’s roads”, “Roving Organizer”, “Pioneer in
Traffic Planning”, and “the Father of Traffic Engineering in India”.
Awards: He was honoured with
several awards including the President of India’s Prize of the Institution of
Engineers (India) for the year 1973-74.
Note: NATPAC is an institution under the Kerala State Council for
Science, Technology and Environment (KSCSTE) in Thiruvananthapuram (Kerala)
IMPORTANT
DAYS
Hindi Diwas (Hindi Day) is annually
observed across India on 14th September to commemorate the
adoption or declaration of Hindi, written in the Devanagari script as one of
the official languages of India.
·
This day is observed to
celebrate and recognise the linguistic diversity of India, with a focus on the
Hindi language’s significance in India’s identity.
Background:
Pandit Jawaharlal Nehru, the first Prime Minister(PM) of Independent India
proclaimed the 14th September of every year as the Hindi Diwas to commemorate
the adoption of Hindi as official langaugae of India on 14th September 1949.
·
The first ever Hindi Diwas was
observed on 14th September 1953.
About Ministry of Home
Affairs(MHA):
The Department of Official Language was set up in June 1975 as an independent
Department of the MHA.
Union Minister– Amit Shah (Constituency- Gandhi Nagar, Gujarat)
Ministers of State– Nityanand Rai; Ajay Kumar Mishra; Nisith Pramanik
STATE
NEWS
On 13th September 2023, the Government
of Odisha signed a Memorandum of Understanding (MoU) with 6
Public Sector Banks(PSBs), to provide banking services in all unbanked Gram
Panchayats (GPs) of Odisha through Customer Service Point-plus (CSP
plus) banking outlets.
·
The 6 PSBs are: State Bank of
India (SBI), Punjab National Bank (PNB), Union Bank of India (UBI),
UCO Bank of India, Bank of India (BoI), and Bank of Baroda (BoB).
·
Odisha is the first state
in India to adopt such an exemplary model for providing banking services to all
GPs.
Key People:
The MoU was signed in the presence of Anu Garg, Development Commissioner Cum
Additional Chief Secretary Water Resources, Government of Odisha; Vishal Kumar
Dev, Principal Secretary of Finance department, Government of Odisha.
Banking Penetration in Odisha:
i.Financial inclusion is a high-priority agenda of the Government. It
continues to be a critical challenge since banking penetration in Odisha is
quite low and not uniform across the districts.
·
Out of 6798 GPs, around 65% of
GPs (4373 GPs) do not have brick-and-mortar branches.
ii.For increasing banking penetration and financial
inclusion, brick-and-mortar branches are an integral component.
iii.Since banking is an essential service for financial inclusion, every
GP of Odisha needs to be provided with a brick-and-mortar branch for easy
access to banking services and to strengthen the Direct Benefit Transfer (DBT)
system.
Scheme for providing banking services to GPs:
i.In August 2023, the Odisha cabinet approved a scheme under which
brick-and-mortar infrastructure will be offered to banks to roll out their
services in all 4,373 unbanked GPs through CSP-plus outlets with a budgetary
support of Rs. 500 crore.
ii.The scheme will be implemented in a phased manner to cover all
unbanked GPs of Odisha within the current financial year 2023-24.
iii.Odisha Govt will provide rent-free banking space for 5 years
and bear one-time expenses for Fixed Costs and Recurring expenses for 3 years.
·
This is one of the landmark
initiatives by any state government to transform financial inclusion and take
it to the next level.
Benefits:
i.People residing in all unbanked GPs of Odisha will have easy access to
all kinds of banking services, free of cost.
ii.Senior citizens, Differently-abled People, and Pregnant women will
get doorstep banking services and avail of the DBT of the Odisha government in
a timely manner.
About Odisha:
Chief Minister– Naveen Patnaik
Governor– Ganeshi Lal
Dance Forms– Ghumura Dance (Folk), Odissi (Classical)
Assam Governor Gulab Chand
Kataria launched the ‘Sarpanch Samvad’, a mobile app developed by the
Quality Council of India (QCI) in Raj Bhavan, Guwahati, Assam.
·
The objective of this
initiative is to provide comprehensive support to sarpanchs across India and
encourage their development as leaders.
Features of the
‘Sarpanch Samvad’ app:
i.The app is set to connect approximately 2.5 lakh sarpanchs across
India.
ii.It also serves as a platform for networking, knowledge dissemination,
and collaboration for grassroots leaders.
iii.Sarpanchs can use this app to highlight development activities in
local villages, learn about best practices, and establish connections across
India.
Key points:
i.Sarpanch or president is the head of the village panchayat.
ii.The app was launched as part of the QCI’s initiative of bringing
together Sarpanchs from different parts of the country for Samvaad
(discussions) to share their best practices and ways to elevate villages to
quality villages.
About the Quality Council of India (QCI):
i.The Quality Council of India was established in 1997 by the Government
of India as an apex organisation responsible for establishing and operating the
third-party national accreditation system.
ii.It is also responsible for improving quality across sectors and
advising the government and other stakeholders on matters concerning quality.
iii.It has established constituent Boards that offer accreditation in
respective areas including
·
National Accreditation Board
for Testing and Calibration Laboratories (NABL) for labs.
·
National Accreditation Board
for Hospitals & Healthcare Providers (NABH) for hospitals.
·
National Accreditation Board
for Certification Bodies (NABCB) for certification and inspection
bodies.
·
National Accreditation Board
for Education and Training (NABET) for education and training.
About Assam:
Chief Minister – Himanta Biswa Sarma
Governor – Gulab Chand Kataria
Dance – Bihu, Jhumur Dance, Bagurumba
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