Latest Current Affairs For Wednesday 15th March, 2023

After Silicon Valley Bank, Signature Bank collapse

New York-based Signature Bank was shut by regulators in the US, becoming the second bank in the country after Silicon Valley Bank.

The Federal Deposit Insurance Corporation (FDIC) has been appointed as a receiver, which typically means it will liquidate the bank’s assets to pay back its customers, including depositors and others.

The standard insurance amount from FDIC is $250,000 per depositor, per bank, for each account ownership category.

SIBC, Maharashtra Govt sign MoU in sustainable infrastructure and Defence

Sweden India Business Council (SIBC) has signed an MoU with the Maharashtra government for cooperation in waste to energy, sustainable infrastructure & transportation, defense manufacturing, and investment.

The MoU was signed between SIBC and Maharashtra Industrial Development Corporation (MIDC) in the presence of Maharashtra Deputy Chief Minister Devendra Fadnavis.

Both have also agreed to work together to explore and facilitate funding opportunities.

India remains world’s largest arms importer: SIPRI Data

According to the Stockholm International Peace Research Institute (SIPRI) report, despite an 11% drop in arms import between 2013-17 and 2018-22, India remained the world’s largest arms importer from 2018 to 2022 followed by Saudi Arabia.

Russia was India’s largest arms supplier in the periods between 2013-17 and 2018-22.

But Russia's share of arms imports to India fell from 64 to 45%.

While France emerged as the second-largest arms supplier to India followed by the US.

India's retail inflation drops to 6.44% in February 2023

According to the data released by the National Statistical Office (NSO), India's retail inflation has lowered to 6.44% in February 2023 from 6.52% in January 2023.

But it remained above the upper band of the 4+/- 2 percent medium-term target of the Reserve Bank of India (RBI) for the second consecutive month.

While food inflation eased marginally to 5.95 percent in February 2023 from 6% in January 2023, inflation for cereals, milk, and fruits picked up.

Japanese Nobel-winning novelist Kenzaburo Oe passes away

Japanese novelist, Kenzaburo Oe passed away at the age of 88 on March 3, 2023, due to age-related issues.

He was known for his pacifist and anti-nuclear views.

He was honoured with the Nobel Prize in Literature in 1994 for creating "an imagined world, where life and myth condense to form a disconcerting picture of the human predicament today".

His notable works are 'A Personal Matter' and 'The Silent Cry'.

Suryoday Small Finance Bank launches special women’s savings account

Suryoday Small Finance Bank has launched a new savings account for women customers called the Blossom Women’s savings account.

Features:

Women can earn up to 7% interest rate per annum

An exclusive and free Rupay Platinum Debit Card that rewards women customers with discounts and cashback.

Monthly Interest Pay-out in the account. 

One complementary account for child (Savings Aditya Account). 

Average Monthly Balance (AMB) of ₹10,000. 

CEO of Suryoday SFB: R Baskar Babu. 

India to host SCO Tourism Ministers’ Meeting 2023 in Kashi

India will host the Shanghai Cooperation Organisation (SCO) Tourism Ministers’ Meeting (TMM) on 17th -18th March 2023 in Kashi (designated as the first cultural capital of the SCO).

During TMM, the Tourism Joint Action Plan on the Development of Cooperation in Tourism among SCO member countries would be adopted.

India will also host the SCO Food Festival in Mumbai from 13-19 April 2023.

India is the current chair of the Shanghai Cooperation Organisation (SCO).

Ministry of Jal Shakti to Identify 75 Water Heritage Sites

The Ministry of Jal Shakti had constituted a Committee to identify 75 Water Heritage Structure (WHS) in reference to 75 years of India's Independence.

A total of 421 nominations were received and out of which, Committee has recommended 75 water heritage structures.

It includes 5 WHS from Gujarat and 4 WHS from Andhra Pradesh.

At present, there is no central fund allocated / disbursed for the maintenance of these sites.

India and Sweden signed MoC to promote research networking

India and Sweden signed a Memorandum of Cooperation (MoC) to strengthen cooperation and promote research networking between research institutions from both countries.

Aim: To promote mobility funding opportunities in both countries. 

It facilitates academic cooperation through mobility activities as well as through seminars, workshops, and conferences.

This partnership will take forward joint Science and Technology efforts particularly in smart cities, AI, and many more.

38.58 crore loans extended since inception of MUDRA Yojana

According to the Mudra portal (as of 27.01.2023), more than 38.58 crore loans have been extended since the inception of the Scheme in April 2015.

Out of this, over 26.35 crore loans have been extended to Women Entrepreneurs (68%).

SC/ST/OBC category borrowers received 19.84 crore loans (51%).

As per the Ministry of Labour survey, PMMY helped in generating 1.12 crore net additional employment in the country from 2015 to 2018.

IREDA received ‘Infrastructure Finance Company’ status from RBI

The Reserve Bank of India (RBI) granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA).

Earlier, it was classified as an Investment and Credit Company (ICC).

With the IFC status, IREDA will be able to take higher exposure in RE financing.

It will also help the company to access a wider investor base for fund mobilization, resulting in competitive rates for fundraising.

Chairman of IREDA: Pradip Kumar Das

Asia's first woman loco pilot, Surekha Yadav will operate Vande Bharat

Asia's first female locomotive pilot, Surekha Yadav is now operating the Vande Bharat Express.

She operated Vande Bharat Express from Solapur to Chhatrapati Shivaji Maharaj Terminal (CSMT) in Maharashtra.

She hails from Stara, Maharashtra, and become the country's first female train driver in 1988.

She had won many awards at the state and national levels so far for her achievements.

Union Minister of Railway: Ashwini Vaishnaw

Multilateral Naval Exercise La Perouse 2023 Commences

The third edition multi-lateral maritime exercise La Pérouse 2023 started between the navies of India, Australia, French, Japan, and the United States in the Indian Ocean Region from 13-14 March 2023.

It is a biennial exercise, conducted by the French Navy.

Aim: To enhance maritime domain awareness and optimize maritime coordination amongst the participating navies in the Indo-Pacific Region

India's INS Sahyadri and fleet tanker INS Jyoti have participated.

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.