Latest Current Affairs For Saturday 25th February, 2023

Kotak Mahindra Bank launches corporate customer platform fyn

Kotak Mahindra Bank has launched a unified portal named 'Kotak fyn' for corporate customers.

Aim: To track their payments, collections, trade, and other services related to their bank accounts. 

The bank is also planning to introduce a new loan origination and management system that would digitize the process from the loan application, to sanction, to disbursal.

This system would reduce the turnaround time for corporate borrowers and make the process more transparent.

Alliance, Dunzo tie up to offer insurance to 20,000 delivery partners

Dunzo delivery joined hands with Alliance Insurance Brokers to provide insurance to its national network of delivery partners.

With this initiative, Alliance Insurance Brokers is providing insurance protection to almost 20,000 delivery partners, insured on a daily basis, while they are active on the platform.

In case of an accident, the policy offers a benefit of Rs 5 lakh to cover children’s education and reimburse business losses and hospitalization expenses.

NTPC ranked as the top Independent Power Producers

NTPC Limited has topped the ranking of Independent Power Producers and Energy Traders Globally in the S&P Global Commodity Insights Top 250 Global Energy Company Rankings 2022.

These rankings are based on four key metrics: Asset worth, Revenues, Profits, and Return on Investment (ROI).

Presently, NTPC contributes 24% of the total electricity produced in India.

NTPC is targeting non-fossil fuel-based capacity to make up nearly 50% of the company’s portfolio by 2032.

Govt approves Innovative Extension Approaches for Revitalising Agriculture

The J&K govt has approved a five-year project on Innovative Extension Approaches for Revitalising Agriculture in J&K.

Aim: To give a push to sustainable agriculture

The project, worth 463 crore rupees, is also aimed to empower farmers and educated youth through technology-driven and inclusive agri-extension services.

One of the critical outcomes would be the creation of 2,000 Kissan Khidmat Ghars, which will serve as One Stop Centre for farmer-oriented services. 

Abu Dhabi defence firm, India's HAL sign MoU at UAE's defence expo

UAE's leading defense group, EDGE signed a Memorandum of Understanding with India's aerospace firm Hindustan Aeronautics Limited (HAL) at the International Defence Exhibition and Conference (IDEX).

Aim: To explore the areas of cooperation, including joint design and development of missile systems and Unmanned aerial vehicles (drones). 

Besides, both companies will also explore the utilization of HAL's small gas turbine engines on EDGE's guided weapons.

Karnataka Bank, Paisalo Digital ink co-lending pact

The NBFC Paisalo Digital Ltd entered into a co-lending loan agreement with Karnataka Bank to meet the funding requirements of priority segments such as agriculture and MSME.

This agreement will enable Paisalo Digital to drive financial inclusion by providing low-cost financial solutions to priority sectors.

As per the RBI circular, released on November 5, 2020, banks and NBFCs can enter into tie-ups for the joint contribution of funding for priority sectors.

Thomas Cook, Pine Labs launch UPI payment facility for foreign visitors

Pine Labs and Thomas Cook (India) partnered with National Payments Corporation of India to enable payments via UPI for foreign nationals from G20 countries.

Pine Labs will issue the prepaid payment product under the PPI authorization from RBI.

This facility can be accessed on arrival in India at Thomas Cook’s airport counters.

When encashing foreign currency at Thomas Cook’s counter, the customer can open a Pine Labs Fave Money prepaid account loaded with the rupee value. 

22nd Law Commission's term extended till August 2024

The Union Cabinet chaired by PM Narendra Modi has approved the extension of the term of the 22nd Law Commission of India from 20th February 2023 to 31st August 2024.

The 22nd law panel was constituted for three years on 21st February 2020.

Law Commission of India:

It is a non-statutory body and is constituted by the Government of India from time to time.

It was originally constituted in 1955.

Chairperson: Justice (retired) Rituraj Awasthi. 

Niva Bupa launches health insurance plan 'ReAssure 2.0'

Niva Bupa Health Insurance has launched a new health insurance policy named 'ReAssure 2.0'.

Aim: To encourage customers to start investing for their health and financial security at an early age. 

This new-age indemnity plan offers a 'live healthy' benefit.

It gives a premium discount of up to 30% on policy renewal basis health points earned.

It is available as an individual, multi-individual, and family floater starting from Rs 5 lakh to Rs 1 crore.

Age: 18 -65 yrs

New Delhi World Book Fair 2023 to begin

The New Delhi World Book Fair will be started at Pragati Maidan in New Delhi from 25th Febraury to 5th March 2023.

The Union Education Minister Dharmendra Pradhan will inaugurate the fair.

The 2023 theme of the fair is Azadi Ka Amrit Mahotsav.

The Guest of Honour Country: France

The G20 theme has been integrated with the book fair, and exhibitions of books from G20 member countries will be organized during the fair.

NBT Chairman: Prof. Govind Prasad Sharma

Sajjan Jindal wins EY Entrepreneur of the Year Award 2022

Chairman of JSW Group Sajjan Jindal was honored with the EY Entrepreneur of the Year Award 2022.

Reason: For his exceptional entrepreneurial journey in scaling the global conglomerate with a presence in steel, cement, infrastructure, energy, and paints. 

He will now represent India at the EY World Entrepreneur of the Year Award (WEOY) at Monte Carlo in June 2023.

While K P Singh, Chairman Emeritus, DLF Group, was honored with the Lifetime Achievement Award.

Former Mastercard CEO, Ajay Banga nominated to Lead World Bank

US President, Joe Biden has nominated former Mastercard CEO Ajay Banga as the president of the World Bank.

He would replace David Malpass, who will step down from his role this June before completing his tenure in April 2024.

He was nominated for his expertise in handling global challenges including climate change.

Presently, he is serving as the vice chairman at private equity firm General Atlantic.

Notably, he is the first Indian-born nominee for this role.

CAG Girish Chandra Murmu selected as External Auditor of ILO in Geneva

Comptroller and Auditor General (CAG) Girish Chandra Murmu has been selected as the External Auditor of the International Labour Organization (ILO) in Geneva.

He has been selected for a four-year term from 2024 to 2027.

CAG will take over from the incumbent External Auditor of ILO, the Supreme Audit Institution of the Philippines.

CAG’s appointment is a recognition of its standing among the international community and its professionalism, and its global audit experience. 

PM Narendra Modi to be awarded prestigious Lokmanya Tilak Award 2023

The Tilak Smarak Mandir Trust (Hind Swaraj Sangh) would confer the prestigious Lokmanya Tilak National Award 2023 to Prime Minister Narendra Modi in Pune on August 1, 2023.

Reason: This award recognizes PM Modi's supreme leadership under which India has climbed the ladder of progress

It is presented annually on the occasion of Lokmanya Tilak's death anniversary.

Other awardees: Indira Gandhi, Atal Bihari Vajpayee, Sharad Pawar, Cyrus Poonawalla, and Manmohan Singh. 

J&K Bank wins award for Best Performance in CASA

Jammu & Kashmir Bank has been felicitated for the Best Performance in CASA-India (1st Runner up in Small Bank Category) at ICC Emerging Asia Banking Conclave & Awards 2022.

The event was participated by banks from India, Nepal, Bhutan, Bangladesh, Sri Lanka & Myanmar.

The function was organized by the Indian Chamber of Commerce in Goa.

Indian Chamber of Commerce (ICC) is a non-governmental trade association and advocacy group headquartered in Calcutta.

India poised to become world’s 2nd-largest economy by 2075: Goldman Sachs

According to the Investment Bank Goldman Sachs, India is poised to become the world’s second-largest economy by 2075.

As per the report, India would cross Japan, Germany, and the US With a population of 1.4 billion people.

India’s GDP is estimated to expand remarkably, reaching 52.5 trillion dollars surpassing the US GDP projection.

The labour force participation set to make India the second-largest economy in the world by 2075.

L&T and Spain's Navantia sign agreement for submarine project

L&T has signed a teaming agreement with Spanish-based Navantia for the submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine program.

P75 (India) Submarine Project is expected to be valued at €4.8 billion.

Navantia would carry out the design of P75(I) submarines based on its S80 class of submarines.

The first S80 class submarine was launched in 2021 and is undergoing sea trials prior to its delivery to Spanish Navy. 

India overtakes China as most attractive emerging market for investing

According to a study by Invesco Global Sovereign Asset Management, India has overtaken China to become the most attractive emerging market for investing in sovereign wealth funds this year.

Reason: This is due to its solid demographics, political stability, and proactive regulation. 

Positives for the nation also include the rapidly expanding demography, strong regulatory actions, and a welcoming climate for sovereign investors.

World Population Day 2023: 11 July

World Population Day is observed every year on July 11 in order to raise awareness about global population issues, including population control.

2023 theme: Unleashing the power of gender equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities. 

It was established by the United Nations Development Programme (UNDP) in 1989, after the day the world approximately reached a population of five billion, which was observed on 11 July 1987.

MoHUA conducts SBM-U 2.0 Planning & Implementation Review-cum-Workshop

The Housing Ministry organized a review-cum-workshop to evaluate and accelerate the planning and implementation of the SBM-Urban 2.0.

PM Modi launched the 2.0 versions of SBM-U and AMRUT on October 1, 2021.

SBM-U 2.0: Achieving 100% waste segregation in all households and premises and 100% door-to-door collection of segregated waste from each. 

AMRUT 2.0: To provide complete coverage of water supply to all households and sewerage and septage in 500 AMRUT cities. 

Gujarat CM launches pilot project of ‘Antyodaya Shramik Suraksha Yojana’

Gujarat CM Bhupendra Patel launched the Antyodaya Shram Suraksha Accident Insurance Scheme from Kheda

All those registered under the e-Shram portal from Nadiad will benefit from the scheme.

It is being implemented through the Indian Postal Department, the IPPB, and the Ministry of Labour and Employment.

Under this scheme, insurance with a premium of Rs. 289 and Rs. 499 per year will be a big support to workers in the event of death or partial disability.

OCA elects Sheikh Talal as the new President

Kuwait’s Sheikh Talal Fahad Al Ahmad Al Sabah has been elected as the new President of the Olympic Council of Asia (OCA).

He replaced his older brother Sheikh Ahmad Al-Fahad Al-Sabah, who led the OCA for 30 years until 2021.

The OCA was founded in 1982 by his father Fahad Al-Ahmed Al-Jaber Al-Sabah, who led it until 1990.

The Olympic Council of Asia (OCA) is a governing body of sports in Asia, currently with 45 member National Olympic Committees.

Bajaj Allianz Life Insurance wins Insurer Innovation Award 2023

Bajaj Allianz Life Insurance has won the Insurer Innovation Award 2023 for the APAC region at the 8th World Digital Insurance Awards, hosted by TDI - The Digital Insurer.

Recognition: Bajaj Allianz Life's ground-breaking WhatsApp Conversational Platform - empowering customers to digitally services their policies seamlessly. 

The award entries were shortlisted by industry experts and the winner was selected by the community through pre-voting and live event voting.