Current Affairs April 27th 2023| Current Affairs News

April 27, 2023

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CURRENT AFFAIRS : BANKING & FINANCE

RBI cancels Adoor Co-operative Urban Bank’s banking licence, allows to operate as a non-banking Institution

The Reserve Bank of India (RBI) has cancelled the banking licence of Kerala-based Adoor Co-operative Urban Bank and has allowed it to function as a non-banking institution.
The cancellation of the bank’s license and its new categorisation as a non-banking Institution has been done under various sections of the Banking Regulation Act, 1949.
The Bank was granted a license in January 1987.
Further, the bank has to repay unpaid and unclaimed deposits of non-members held by it, whenever demanded, even after being notified as a non-banking Institution.

What is the difference between Bank & NBFC?

According to RBI, the difference between a bank and NBFC is that a bank is a government-authorised entity that provides banking services to the people, whereas NBFC is a company providing banking services to the people without holding a bank licence.

About RBI :

Established : 1 April 1935
Headquarters : Mumbai, Maharashtra, India
Governor : Shaktikanta Das
Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

Bajaj Allianz General Insurance & actyv.ai Partners to Offer Insurance Products

Bajaj Finserv’s insurance subsidiary, Bajaj Allianz General Insurance Company has entered into a partnership with actyv.ai, the Singapore-headquartered enterprise under the Insurance Regulatory and Development Authority of India (IRDAI), to offer insurance products to MSME (Ministry of Micro, Small & Medium enterprises) through their technology platform and the partner ecosystem across the Supply chain.
Bajaj Allianz General Insurance, a private general insurer, will leverage the technology stack of the actyv.ai platform by offering innovative insurance products to champion the sustainability of suppliers, distributors and retailers.
With this collaboration, Bajaj Allianz will offer bite-sized commercial insurance products like fire and burglary, in addition to group health products like personal accident, hospital cash, credit-linked health plans and group health plans.

About Bajaj Allianz General Insurance :

Headquarters : Pune, Maharashtra
Managing director (MD) and chief executive director (CEO) : Tapan Singhel
Bajaj Allianz General Insurance Company Limited is a joint venture (JV) between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE.

About actyv.ai :

Founded : 2019
Founder and Global CEO of actyv.ai : Raghu Subramanian

SEBI proposals clear the air on ESG investments

Capital Market Regulator Securities and Exchange Board of India (SEBI) came out with a holistic regulatory framework for ESG disclosures by India Inc, investors, and rating agencies to facilitate a balanced approach to ESG.
In order to enhance the reliability of ESG disclosures, the BRSR (Business Responsibility and Sustainability Report) Core should be introduced, which contains a limited set of key performance indicators (KPIs).

Quantifiable parameters :

According to SEBI, initially top 150 listed companies will have to disclose and obtain a reasonable assurance on BRSR Core parameters from FY24 and that will be gradually extended to the top 1,000 listed entities by FY27.
The parameters are quantifiable under 9 broad themes – such as change in GHG footprint, change in water footprint, investing in reducing its environmental footprint, embracing circularity (details related to waste management by the entity), enhancing employee well-being and safety, enabling gender diversity in business, enabling inclusive development, and fairness in engaging with customers and suppliers.
Under these themes, there are about 50 KPIs to facilitate comparability of the disclosures.
The BRSR core contains factors that are relevant to both the manufacturing and service sectors and are more relevant especially in the Indian context, as attributes such as job creation and inclusive development are considered.
To start with, SEBI stated that these requirements of disclosure and assurance should be applicable to the top 250 listed entities (by market capitalization), on a comply-or-explain basis from FY25 and FY26, respectively.
SEBI also mandated ESG schemes to invest at least 65% of AUM in listed entities, where assurance on BRSR Core is undertaken.

About SEBI :

Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
Headquarters : Mumbai, Maharashtra
Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Emkay Global gets SEBI’s in-principle approval for mutual fund business

Emkay Global Financial Services has received in-principle approval from the capital markets regulator Securities and Exchange Board of India (SEBI) to launch a mutual fund business in India.

About Emkay Global Financial Services :

Founded : 1995
It offers services such as institutional equity, portfolio management services, wealth management, investment banking and global investing.

Key Highlights :

At present, there are 44 MF players with total assets under management of about ₹40 lakh crore with top 10 players accounting for a lion’s share of business.
Bajaj Finserv was the latest entrant to receive full-fledged mutual fund licence and it has recently filed papers for launching 7 new fund offers.
Similarly, billionaire Nitin Kamath-led Zerodha Broking, which has received SEBI’s in-principle approval for entering mutual fund business, plans to tie-up with Vasanth Kamath-owned fintech firm smallcase.
MF sponsors subject to having a net-worth of ₹100 crore for contribution towards the net-worth of the Asset Management Company.
This net-worth of the AMC has to be maintained till the time it posts profit for 5 consecutive years.
Existing players have to maintain a net-worth of ₹50 crore and are required to show net profit in 3 out of the immediately preceding 5 years, including the 5th year.

Nexus Select Trust gets SEBI’s approval for REIT IPO

Nexus Select Trust, the retail-focused real estate investment trust sponsored by private equity firm Blackstone, has received the final observations, and go ahead from the Securities and Exchange Board of India (SEBI) for its Real Estate Investment Trust (REIT) initial public offering (IPO) of units.
The ₹4,000-crore IPO consists of a fresh issue of ₹1,600 crore while the remaining ₹2,400 crore is through an offer of sale from its main sponsor Blackstone and some other smaller holders.
The REIT aims for a listing by May 15,2023 and is expected to file its final offer document.
The REIT’s portfolio comprises 17 malls with a total leasable area of 10 million square feet.
With an enterprise value of ₹23,000 crore and a debt of ₹3,600 crore, the REIT will still have about $500 million for making acquisitions and adding to its portfolio.
It already has an acquisition pipeline of 2.5 msf of assets identified in places such as Ranchi,Jharkhand and Chennai, Tamil Nadu (TN).

CURRENT AFFAIRS: NATIONAL NEWS

FOSCOS web application of FSSAI to be available in regional languages

Food Safety and Standards Authority of India (FSSAI) has undertaken to translate Food Safety and Compliance System (FOSCOS) into Hindi, followed by all the regional languages.

About FOSCOS

The Food Safety and Compliance System is an enhanced version of the Food Licensing and Registration System (FLRS) which was launched in 2012 for the issuance of pan-India FSSAI Licenses and Registration.
It is a comprehensive system for registration and licensing for Food Business Operators (FBOs).
It is a statutory body established under the Food Safety and Standards Act, 2006 (FSS Act).
Nodal ministry: Ministry of Health & Family Welfare.

EAM Jaishankar co-chairs 4th India-CARICOM ministerial meeting with Jamaican counterpart

India’s External Affairs Minister Mr Jaishankar co-chaired the 4th India-CARICOM ministerial meeting with his Jamaican counterpart.
CARICOM, which stands for Caribbean Community, is the oldest surviving integration movement in the developing world.
It is an organization of Caribbean countries and dependencies originally established as the Caribbean Community and Commons Market in 1973 by the Treaty of Chaguaramas.
It has 15 members; Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname, and Trinidad and Tobago.
The Chairmanship of the Community is rotated every six months among the member countries’ Heads.
In 2007, CARICOM officially inaugurated the Caribbean Court of Justice (CCJ), which serves as the final court of appeal for CARICOM members and also handles regional trade disputes.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Japan’s Health Ministry approves the country’s first abortion pill Mefeego

In a significant boost to reproductive rights, Japan’s Health Ministry has approved the country’s first abortion pill-Mefeego pill pack.
The approval came from the Health Ministry’s Pharmaceutical Board after it approved the MeFeego Pack abortion pill manufactured by British pharmaceutical Linepharma.
While abortion pills are widely available in many countries across the globe, the medication was not approved by Japan’s Health Ministry.
Japan’s abortion laws also allow women to have abortions only with the consent of their partners which denies women the right to make decisions over their own bodies.

Key Highlights :

The medication consists of two types of pill, and can be used within 9 weeks of pregnancy.
The pill pack contains 2 types of medicines, mifepristone and misoprostol, which have been included by the World Health Organisation (WHO) in its list of essential medicines, shown to be safe and effective for people who are pregnant.

About Japan :

Prime Minister : Fumio Kishida
Capital : Tokyo
Currency : Japanese yen

CURRENT AFFAIRS : STATE NEWS

Manipur Chief Minister N. Biren inaugurates 5th edition of Hun-Thadou cultural festival at Kangpokpi

Manipur Chief Minister (CM) Shri N Biren Singh inaugurated the 5th edition of the state-level HUN Thadou Cultural Festival, at Thomas Ground in Kangpokpi district of Manipur.

About HUN festival :

HUN festival is an annual cultural festival and a civilising act of the Thadous community of Manipur.
It is celebrated at the arrival of the new year according to the community.

About Manipur :

Governor : Anusuiya Uikey
Chief Minister : N. Biren Singh
Capital : Imphal
National Park : Keibul Lamjao National Park, Sirohi National Park
Wildlife Sanctuary : Zeilad Wildlife Sanctuary, Jiri Makru Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

India attracts fifth of PE inflows into the Asia-Pacific region

India accounts for one-fifth of private equity inflows into the Asia-Pacific.
Private equity (PE) and venture capital (VC) inflows into India reached beyond $61 billion in 2022.
India’s share of investments in the Asia-Pacific region increased to a fifth from less than 15% a year ago.
As per the India Private Equity Report 2023 of Bain & Company, the current year will be a cautious optimism with momentum in sectors driven by domestic consumption and export.
PE and VC investment declined 15-30% across most regions.
Over 2,000 deals were transacted in 2022.
Venture capital and growth equity accounted for almost 90% of deals.
$1-billion investments slowed.
Exits slowed to $24 billion from an all-time high of $36 billion in 2021.
Traditional sectors dominated the share of exits greater than $100 million.
Healthcare and manufacturing showing the largest increase in exit value.

Alibaba splits into six units, plans new IPOs in historic overhaul

Alibaba Group Holding Ltd. plans to split its $220 billion empire into six units that will individually raise funds and explore initial public offerings, the biggest overhaul of China’s online commerce leader since its inception more than two decades ago.
The move frees up the Chinese company’s main divisions from e-commerce and media to the cloud to operate with far more autonomy, laying the foundation for future spinoffs and market debuts.
Alibaba’s announcement coincided with the return of its billionaire co-founder Jack Ma to China after more than a year abroad.
Alibaba is ready to tap investors and public markets after the Xi Jinping administration’s clampdown on internet spheres wiped out more than $500 billion of its value.
Alibaba has had previous success with spinoffs.
It hived off Alipay in 2010, an unpopular move that led to Ant Group Co’s creation.

IOCL to invest ₹61,077-cr to set up petrochemical complex at Paradip

State-run Indian Oil Corporation (IOCL) have approved setting up a petrochemical complex at Paradip in Odisha at an estimated c ost of ₹61,077 crore.
The project will be the oil marketing company’s (OMC) largest-ever investment at a single location.

About IOCL:

IOCL Chairman Shrikant Madhav Vaidya,
Founded: 30 June 1959,
Headquarters: New Delhi.

NSE Comes Up With New Migration Policy For SMEs To Shift To Main Board

The National Stock Exchange of India (NSE) has revised the eligibility criteria for SMEs looking to switch from its SME platform to the main board.
The new guidelines require SMEs to list on the SME platform for at least three years along with a minimum net worth of Rs 50 crore and at least 1,000 public shareholders on the last day of the preceding quarter from the date of application before moving to the main board.
Effective from April 20, the applicant company should also have positive cash accruals (earnings before interest, depreciation and tax) from operations for each of the three financial years preceding the migration application.
In addition, the company should have positive PAT (profit after tax) in the immediate financial year of making the migration application to the exchange.
Moreover, the paid-up equity capital (amount received by the company from shareholders in exchange for shares of stock) of the applicant should not be less than Rs 10 crores and the market capitalisation shouldn’t be less than Rs 25 crores

CURRENT AFFAIRS: AWARDS AND HONOURS

Angela Merkel received the highest order of Merit of Germany

Former German chancellor Angela Merkel received the highest order of Merit of Germany.
She has been honoured with this award for her achievements in office, despite growing criticism of her decisions on Russia and her energy policy.
President Frank-Walter Steinmeier handed over her the Grand Cross award.
Former chancellors Konrad Adenauer and Helmut Kohl have received this award twice.

About Angela Merkel

Angela Merkel led Germany from 2005 to 2021.
She served for four terms.
She was the first woman to take the post of chancellor.
Germany’s Order of Merit is the only federal decoration of Germany.
It is given for special achievements in political, economic, cultural, intellectual or honorary fields.
It was created by first President of Germany Theodor Heuss in 1951.

Synergy Group wins prestigious Tanker Operator Award

Synergy Group, which operates a fleet of more than 560 vessels, has won the GREEN4SEA Tanker Operator award for its ‘leadership role in global tanker management.’
Founded in 2006 by Captain Rajesh Unni, the group took home the award through a representative during a hybrid event held in Athens.
Instituted by the SAFETY4SEA shipping and maritime news portal, the awards recognise operational excellence and industry leadership in the tanker sector
Capt Rajesh Unni, CEO, Synergy Group.

CURRENT AFFAIRS: APPS AND PORTALS

Jack Dorsey introduces Bluesky for Android

The Bluesky app, a Twitter alternative by Jack Dorsey, has been recently launched for Android beta.
The app was first launched in 2019 as a Twitter-backed side platform, but in 2021 it separated from Twitter.
The Bluesky app debuted in February on the iOS platform.
Bluesky has similar features to those of Twitter: followers and follow, create posts, different sections for posts and replies, and more.
At present, the platform has about 25,000 users.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Shreekant M Bhandiwad appointed as chairman of KVGB

Shreekant M Bhandiwad has taken charge as the new Chairman of Karnataka Vikas Grameena Bank (KVGB).
He Succeeds Puttaganti Gopi Krishna, who was serving as the chairman of KVGB from 2019 to 2023.
Prior to his joining as Chairman of KVGB, Bhandiwad was heading the Patna circle of Canara Bank, Bihar.
P Gopikrishna, repatriated to Canara Bank as Circle Head, Bengaluru, Karnataka.

About Karnataka Vikas Grameena Bank :

Founded : September 12, 2005
Headquarters : Dharwad, Karnataka, India
KVGB is an Indian Regional Rural Bank sponsored by Canara Bank.
It is under the ownership of the Ministry of Finance , Government of India (GoI).
The bank was constituted after amalgamation of 4 Regional Rural Banks (RRBs) namely Malaprabha Grameena Bank, Bijapur(Vijayapura) Grameena Bank, Varada Grameena Bank and Netravathi Grameena Bank.
It is a scheduled Bank with share capital contributed in the ratio of 50:15:35 by the Central Government, Government of Karnataka and the Canara Bank respectively.

Rajesh Kumar Singh takes charge as new DPIIT Secretary

Senior IAS officer Rajesh Kumar Singh assumed the charge of secretary in the Department for Promotion of Industry and Internal Trade (DPIIT).
Singh has replaced Anurag Jain, who was appointed as secretary in the Ministry of Road Transport and Highways.

About Rajesh Kumar Singh :

Singh is an Indian Administrative Service officer of 1989 Batch from Kerala cadre.
He has also held the position of Commissioner of the Delhi Development Authority (DDA).
He has also held the position of Secretary of Urban Development and Finance Secretary of the Government of Kerala.
Before DPIIT, Singh was serving as Secretary in the Department of Animal Husbandry and Dairying.

About DPIIT :

The DPIIT is a central government department under the Ministry of Commerce and Industry in India.
DPIIT was established in 1995.
It was reconstituted in 2000 with the merger of the Department of Industrial Development.
Headquarters : New Delhi, Delhi

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

ISRO’s PSLV-C55 successfully places 2 Singapore satellites into orbit

The Indian Space Research Organisation’s (ISRO) successfully launched the Polar Satellite Launch Vehicle C55 (PSLV-C55) mission carrying 2 Singaporean satellites TeLEOS-2 and Lumelite-4 from Satish Dhawan Space Center at Sriharikota in Andhra Pradesh (AP) into a low-earth orbit.
At the end of a 22.5 hour countdown, the 44.4 metre tall rocket lifted off majestically from the first launch pad at the pre-fixed at the Satish Dhawan Space Centre, located about 135 km from Chennai.
PSLV-C55 is a dedicated commercial PSLV mission of NewSpace India Limited (NSIL), which is the commercial arm of ISRO, for an international satellite customer.
It is the 57th flight of PSLV, and the 16th mission of the PSLV Core Alone configuration (PSLV-CA) variant.
This is the lightest version of PSLV.

About TeLEOS-2 :

TeLEOS-2 is a synthetic aperture radar satellite developed under a partnership between Defence Science and Technology Agency (DSTA), representing the Government of Singapore and ST Engineering.
After deployment of the satellite into the about 586 km orbit, it would be used to support the satellite imagery requirements of various agencies within the Government of Singapore.
It would be used to provide all-weather day and night coverage and is capable of imaging at one metre full polarimetric resolution for Singapore.

About Lumelite-4 :

The co-passenger satellite is Lumelite-4, co-developed by the Institute for Infocomm Research and Satellite TEchnology and Research Centre of the National University of Singapore.
It is an advanced 12U satellite developed for the technological demonstration of the High-Performance Space-borne VHF data Exchange System (VDES).
This mission follows the successful deployment of the TeLEOS-1 satellite in a PSLV-C29 rocket along with 5 other satellites of Singapore in December 2015.

About ISRO :

Founded : 15 August 1969
Headquarters : Bangalore, Karnataka
Chairman : Sreedhara Somanath

SpaceX Starship, world’s biggest rocket, explodes during first flight test

SpaceX’s Starship Spacecraft created history, as the most powerful & biggest rocket ever built lifted off on its first test flight.
It was blasted off from Starbase, the SpaceX spaceport in Boca Chica, Texas.
The Starship capsule had been scheduled to separate from the first-stage rocket booster 3 minutes into the flight but separation failed to occur and the rocket blew up.
The vehicle experienced multiple engines out during the flight test, lost altitude, and began to tumble.
The flight termination system was commanded on both the booster and ship.
It is standard procedure to destroy a wayward rocket to prevent damage to people or property below.
The US space agency National Aeronautics and Space Administration (NASA) has picked Starship to ferry astronauts to the Moon in late 2025 for the first time since the Apollo programme ended in 1972.
Starship comprises a 164-ft tall craft for crew and cargo, placed on top of a 230-ft-tall first-stage Super Heavy booster rocket.

IIT Madras Scientists develop an ‘Easy-to-use Screening Device for reliable assessment of Blood Vessel Health

Researchers at the Indian Institute of Technology-Madras (IIT-M) developed a device called ‘ARTSENS’ to assess the health and age of blood vessels and thereby provide early screening for cardiovascular diseases.

Research Team :

The research was led by Dr. Jayaraj Joseph, Assistant Professor, Department of Electrical Engineering, IIT Madras.

About ‘ARTSENS’ :

It is a novel, non-invasive device.
It can be used in routine medical examinations by even non-experts, to assess and predict vascular health.
It is powered by a proprietary non-imaging probe and an intelligent computing platform and is developed by the Healthcare Technology Innovation Centre (HTIC) at IIT Madras.

CURRENT AFFAIRS : OBITUARIES

Pakistani-Canadian journalist Tarek Fatah passed away

Renowned Pakistan-born Canadian columnist and famous television personality Tarek Fatah passed away at the age of 73 in canada.

About Tarek Fatah :

Tarek Fatah was born on November 20, 1949, in Karachi, Pakistan.
He was an award-winning reporter, columnist, and radio and television commentator, both in Canada and abroad.
He advocated LGBT (Lesbian, gay,bisexual and transgender) rights.
He called himself “an Indian born in Pakistan” and “a Punjabi born into Islam”
He also authored several books including, ‘Chasing a Mirage: The Tragic Illusion of an Islamic State’ and ‘The Jew is Not My Enemy: Unveiling the Myths that Fuel Muslim Anti-Smitism.’

Daily CA One- Liner: April 27

The Reserve Bank of India (RBI) has cancelled the banking licence of Kerala-based Adoor Co-operative Urban Bank and has allowed it to function as a non-banking institution.
Bajaj Finserv’s insurance subsidiary, Bajaj Allianz General Insurance Company has entered into a partnership with ai, the Singapore-headquartered enterprise under Insurance Regulatory and Development Authority of India (IRDAI), to offer insurance products to MSME (Ministry of Micro, Small & Medium enterprises) through their technology platform and the partner ecosystem across the Supply chain.
Capital Market Regulator Securities and Exchange Board of India (SEBI) came out with a holistic regulatory framework for ESG disclosures by India Inc, investors, and rating agencies to facilitate a balanced approach to ESG.
Emkay Global Financial Services has received in-principle approval from the capital markets regulator Securities and Exchange Board of India (SEBI) to launch a mutual fund business in
Food Safety and Standards Authority of India (FSSAI) has undertaken to translate Food Safety and Compliance System (FOSCOS) into Hindi, followed by all the regional languages
India’s External Affairs Minister Mr Jaishankar co-chaired the 4th India-CARICOM ministerial meeting with his Jamaican counterpart
India accounts for one-fifth of private equity inflows into the Asia-Pacific
Alibaba Group Holding Ltd. plans to split its $220 billion empire into six units that will individually raise funds and explore initial public offerings, the biggest overhaul of China’s online commerce leader since its inception more than two decades ago.
State-run Indian Oil Corporation (IOCL) have approved setting up a petrochemical complex at Paradip in Odisha at an estimated cost of ₹61,077 crore
The National Stock Exchange of India (NSE) has revised the eligibility criteria for SMEs looking to switch from its SME platform to the main board
Former German chancellor Angela Merkel received the highest order of Merit of Germany
Synergy Group, which operates a fleet of more than 560 vessels, has won the GREEN4SEA Tanker Operator award for its ‘leadership role in global tanker management
The Bluesky app, a Twitter alternative by Jack Dorsey, has been recently launched for Android beta.
Nexus Select Trust, the retail-focused real estate investment trust sponsored by private equity firm Blackstone, has received the final observations, and go ahead from the Securities and Exchange Board of India (SEBI) for its Real Estate Investment Trust (REIT) initial public offering (IPO) of units.
In a significant boost to reproductive rights, Japan’s Health Ministry has approved the country’s first abortion pill-Mefeego pill pack.
Manipur Chief Minister (CM) Shri N Biren Singh inaugurated the 5th edition of the state-level HUN Thadou Cultural Festival, at Thomas Ground in Kangpokpi district of
Shreekant M Bhandiwad has taken charge as the new Chairman of Karnataka Vikas Grameena Bank (KVGB) & he Succeeds Puttaganti Gopi Krishna.
Senior IAS officer Rajesh Kumar Singh assumed the charge of secretary in the Department for Promotion of Industry and Internal Trade (DPIIT).
The Indian Space Research Organisation’s (ISRO) successfully launched the Polar Satellite Launch Vehicle C55 (PSLV-C55) mission carrying 2 Singaporean satellites TeLEOS-2 and Lumelite-4 from Satish Dhawan Space Center at Sriharikota in Andhra Pradesh (AP) into a low-earth orbit.
SpaceX’s Starship Spacecraft created history, as the most powerful & biggest rocket ever built lifted off on its first test flight.
Researchers at the Indian Institute of Technology-Madras (IIT-M) developed a device called ‘ARTSENS’ to assess the health and age of blood vessels and thereby provide early screening for cardiovascular diseases.
Renowned Pakistan-born Canadian columnist and famous television personality Tarek Fatah passed away at the age of 73 in canada.