Latest Current Affairs For Wednesday 5th July, 2023

Indian Bank rolls out digital services under 'Project WAVE' initiative

Public sector lender Indian Bank has unveiled new services under its digital transformation initiative 'Project WAVE'.

The bank in collaboration with National E-Governance Services Ltd, has introduced an electronic bank guarantee (e-BG) service to ease traditional paper-based processes.

This move will also reduce the turnaround time of the bank guarantee issuance and delivery to the beneficiary from an industry average of 3-4 working days to a few minutes.

Debadatta Chand takes charge as Bank of Baroda MD

Debadatta Chand assumed charge as Managing Director and Chief Executive Officer of the Bank of Baroda.

He has taken over charge from Sanjiv Chadha, whose tenure ended on June 30, 2023.

Before this role, Chand was serving as the Executive Director at the bank since March 2021.

He was overseeing corporate & institutional credit, corporate & institutional banking, treasury & global markets, mid-corporate business, and trade & foreign exchange.

SpaceX launches European space telescope Euclid to explore ‘dark universe’

SpaceX launched the European Space Agency’s Euclid observatory toward its ultimate destination 1.5 million km away.

This telescope has been named after the ancient Greek mathematician, Euclid.

It will take a month to get there and another two months before it starts its ambitious six-year survey this autumn.

Euclid will measure dark energy and dark matter with unprecedented precision.

It is four meters tall and almost as wide.

State Bank of India launches ‘Transaction Banking Hubs’

State Bank of India launched 34 Transaction Banking Hubs at 21 district centers across the country.

Aim: To provide quick and efficient Transaction Banking solutions to customers. 

Dinesh Khara, the chairman of the SBI, inaugurated the hubs, on the occasion of the 68th foundation day of the bank.

The bank's goal is to meet all customers' needs and provide comprehensive solutions for their transaction, payment, and collection requirements under one roof.

Unsafe WASH behind 395,000 deaths of children under 5 in 2019: WHO report

As per the WHO report, Unsafe drinking water, sanitation, and hygiene (WASH) were responsible for 395,000 deaths among children under the age of five in 2019.

Report title: Burden of Disease Attributable to unsafe drinking water, sanitation, and Hygiene: 2019 Update. 

Out of these, 273,000 deaths are attributed to diarrhea, while 112,000 deaths are from acute respiratory infections.

Half of the world’s population still does not have adequate access to WASH. 

SBI appoints Kameshwar Kodavanti as new CFO

The State Bank of India board has appointed Kameshwar Kodavanti as the new Chief Financial Officer (CFO), effective from July 1, 2023.

He has replaced Charanjit Surinder Singh Attra, who has resigned from his post.

He has an extensive career in banking, with over 31 years of experience at SBI, starting from August 1, 1991.

He brings expertise in banking, forex, finance, and accounting to his new position.

Kodavanti holds the qualification of a Chartered Accountant.

Meta to launch Twitter-like app 'Threads'

Meta Platforms, the parent company of the social media platform Facebook, is planning to launch a microblogging app 'Threads', Instagram’s text-based conversation app.

It is expected to be released soon and will allow users to follow the accounts they follow on the photo-sharing platform and keep the same username.

The launch comes after Twitter announced a slate of restrictions on the app, including the need to be verified in order to use TweetDeck.

Tamil Nadu regains top spot in electronic exports in India

According to the Exports data, released by the government for FY23 shows that Tamil Nadu ($5.37 billion) has emerged as the top exporter of electronics in India.

As per the data, TN overtook UP and Karnataka to emerge as India's top electronics exporter in March 2023.

Reason: The global giants Foxconn and Pegatron accelerated iPhone exports last year

In FY23, UP placed second in electronics exports, exporting $4.90 billion, and Karnataka third with $4.52 billion.

DAY-NRLM launches Mobile App to Market products made by SHGs women

Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM) launched a mobile App named 'eSARAS', which will add to eCommerce initiatives for products made by the SHGs.

Aim: To strengthen the marketing support for products made by women of SHGs

The eSARAS fulfillment center will be managed by the Foundation for Development of Rural Value Chains (a Not for Profit Company constituted jointly by the Ministry of Rural Development and Tata Trust).

The World famous Shravani Mela inaugurated in Deoghar

Shravani Mela 2023 was inaugurated by Jharkhand's Agriculture Minister Badal Patralekh by offering prayers at Baba Baidyanathdham temple in Deoghar, Jharkhand.

He informed that the state government has made adequate arrangements for Kanwariyas to perform the Jal Abhishek puja of Baba Baidyanath.

Shravani Mela is being organized from the 3rd of July to the 7th of September 2023.

Baba Baidyanathdham Temple is one of the 12 Jyotirlingas in the country.

G-20 Research & Innovation Initiative Gathering Summit begins in Mumbai

The G-20 Research and Innovation Initiative Gathering (RIIG) Summit and Research Ministers’ Meeting started in Mumbai on July 4, 2023.

In 2023, a total of 5 RIIG meetings were hosted by India under the theme "Research and Innovation for Equitable Society".

More than 100 foreign delegates including Research Ministers from 29 G-20 members, invited guest countries and international organizations to participate in the meeting.

NADA India, SARADO signs MoU in New Delhi

National Anti-Doping Agency, India (NADA India) has signed an MoU with  South Asia Regional Anti-Doping Organization (SARADO) to increase Regional Cooperation in anti-doping in sports.

The MoU was signed between Ritu Sain (DG & CEO, NADA India) and Mohamed Mahid Shareef (DG, SARADO), in the presence of Minister of Youth Affairs & Sports, Anurag Singh Thakur.

SARADO members include anti-doping organizations from Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka.

India hosts 23rd Summit of Shanghai Cooperation Organization virtually

PM Narendra Modi hosted the 23rd edition of the SCO Summit virtually on July 4, 2023.

Theme 2023: Towards a SECURE SCO

SECURE stands for Security, Economic development, Connectivity, Unity, Respect for sovereignty and territorial integrity, and Environmental protection.

The summit was attended by SCO Members China, Russia, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, and Uzbekistan.

Observer States: Iran, Belarus, and Mongolia

Guest of the Chair: Turkmenistan

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.