Latest Current Affairs For Friday 31st March, 2023

IIT Madras Researchers develop a device to detect milk adulteration

Indian Institute of Technology Madras (IIT Madras) Researchers have developed a three-dimensional (3D) paper-based portable device.

This device can detect adulteration in milk within 30 seconds.

The test could be even performed at home.

It can detect multiple substances commonly used as adulterating agents including Urea, detergents, soap, starch, hydrogen peroxide, sodium-hydrogen-carbonate, and salt, among others.

SEBI reimagines MF sponsor and trustee role

The Securities and Exchange Board of India (SEBI) has allowed private equity (PE) funds to sponsor Mutual Fund schemes.

The decision comes in the backdrop of IDFC Mutual Fund getting acquired by a consortium comprising Bandhan Financial Holdings Ltd, Sovereign Wealth Fund GIC, and private equity fund ChrysCapital.

It has also permitted the set-up of self-sponsored asset management companies (AMCs).

SEBI chairperson: Madhabi Puri Buch. 

SEBI approves ASBA-like facility for investors to trade in secondary market

SEBI has approved a framework for an Application Supported by a Blocked Amount (ASBA) like facility for secondary market trading.

It is based on the blocking of funds for trading in the secondary market through UPI.

ASBA:

It is an IPO application process under which the application money by an investor is blocked in that investor’s bank account.

And once the IPO application is approved, the application money is debited from the investor’s account.

Public sector banks wrote off ₹91000 cr in 9 months of FY23

According to data presented in the Rajya Sabha, the public sector banks (PSBs) have written off around ₹91,000 crores in the first 9 months of the current fiscal year.

PSBs have just managed to recover a little over ₹1 out of ₹5 in written-off accounts during FY22.

However, the pace of recovery has picked up from around 8% in 2017-18 to a little over 21% in FY22.

Bank-wise details: SBI (₹17,356 cr) followed by Union Bank of India (₹16,497 crore), and BoB (₹13,032 cr). 

Centre to borrow Rs 8.88 Lakh Cr in first half FY24

The Finance Ministry informed that the government has decided to make a gross market borrowing of ₹8.88 trillion in the first half of FY24.

It is accounting for 57.55% of the overall market borrowings planned for the year.

The borrowing is scheduled to be completed in 26 weekly tranches of Rs 31,000-39,000 crore.

The Centre has budgeted a gross market borrowing of ₹15.43 trillion in FY 2024.

The borrowing program is finalized in consultation with the RBI.

First Disaster Risk Reduction Working Group Meeting held in Gandhinagar

The First G20 Disaster Risk Reduction WGM under India’s G20 Presidency is being held at Gandhinagar in Gujarat from 30th March to 1st April 2023.

The meeting was inaugurated by Principal Secretary to the Prime Minister Dr. P K Mishra and MoS for Communications Devusinh Chauhan.

Five priority areas have been identified for the meeting which include an early warning for all, resilient infrastructure, and improving the National system for financing Disaster Risk Reduction.

Defence Ministry signs three contracts worth about 5400 crore rupees

The Defence Ministry has signed three contracts at a total cost of nearly 5400 crore rupees to boost the defence capabilities.

Two contracts were signed with Bharat Electronics Ltd for the procurement of Automated Air Defence Control and Reporting System Project Akashteer and the acquisition of Sarang Electronic Support Measure systems. 

The third was with New Space India Limited for the procurement of an advanced Communication Satellite, GSAT 7B for the Indian Army.

United Arab Emirates launches National Genome Strategy

The UAE has launched its National Genome Strategy to provide a comprehensive legislative and governance framework to support the development and implementation of genomic programs.

The strategy will last ten years and will focus on delivering public health priorities while improving the country's well-being.

The Emirates Genome Council will oversee the National Genome Strategy.

It will advance the nation's preventive and personalized healthcare agenda.

Textiles Ministry issued PAHCHAN cards to 30.53 lakhs handicrafts artisans

Ministry of Textiles has issued PAHCHAN cards to 30.53 lakhs handicrafts artisans and 30.90 lakhs handloom weavers across the country under the PAHCHAN initiative.

The cardholder's details are available on the website of the Office of the Development Commissioner of Handicraft and Handloom.

PAHCHAN card is an initiative to issue Aadhar link identity cards to handicrafts artisans under this initiative.

The Union MoS for Textiles, Darshana Jardosh informed in Lok Sabha.

IRDAI's new rules for commission payouts

Under the IRDAI (Payment of Commission) Regulations, 2023, the IRDAI has replaced the earlier individual cap on commission payments on insurance products with an overall cap on expenses of management (EoM) of insurers.

EoM: It is computed as a percentage of premiums collected, and includes commissions/other expenses.

It is applicable for life and non-life insurers.

The EoM of general insurers cannot exceed 30% of the gross premium written in India in a financial year.

Prof. Renu Cheema Vig appointed as the Vice Chancellor of Panjab University

Vice-President, Jagdeep Dhankhar appointed Prof (Dr.) Renu Cheema Vig as the Vice Chancellor of Panjab University for a term of three years.

She is also the first woman to hold the position in the varsity’s 141-year history.

She was working as the Acting Vice Chancellor of Panjab University since January 16, 2023, after the resignation of Prof. Raj Kumar amid allegations of corruption.

A three-member selection committee was formed for recommending names for the position. 

Naveen Jindal gets lifetime achievement award from Texas University

An Indian industrialist Naveen Jindal was honored with a lifetime achievement award from the University of Texas at Dallas.

He was conferred in recognition of his accomplishments in industry, politics, and education.

He was an alumnus of the University of Texas at Dallas' 1992 batch.

He is the second person to receive this award from the University of Texas, after Nobel Laureate Aziz Sancar.

Currently, he is serving as the Chairman of Jindal Steel and Power Ltd.

ICG conducts Regional Search And Rescue (SAR) Exercise in Andhra Pradesh

The Indian Coast Guard (ICG) has conducted Regional Search and Rescue (SAR) exercise from 28 -29 March 2023 at Kakinada, Andhra Pradesh.

Aim: To simulate a real-time maritime distress scenario and highlight the functioning of the SAR organization for a mass rescue operation. 

It involved all stakeholders with the effective use of available resources towards M-SAR (Maritime Search and Rescue) contingency efficiently.

ICG founded: 1 February 1977

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.