Current Affairs March 26th & 27th 2023| Current Affairs News

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CURRENT AFFAIRS : BANKING & FINANCE

Karur Vysya Bank enters into a bancassurance agreement with SBI Life in the life insurance category                

• Karur Vysya Bank (KVB) has executed an agreement with SBI Lite, the insurance arm of State Bank of India (SBI) as an additional bancassurance partner in the life insurance category.

What is bancassurance?

• Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank’s customers.
• This partnership arrangement can be profitable for both companies.

Key Highlights :

• SBI Life Insurance declared an interim dividend of ₹2.5 per share for its investors for the financial year 2022-23.
• A dividend is a reward that companies often provide to their shareholders, though not mandatory, from a portion of their earnings.
• The declared interim dividend will be paid on or before April 6, 2023, to eligible shareholders.

About KVB :

• Founded : 1916
• Headquarters : Karur, Tamil Nadu
• MD & CEO : Mr. Ramesh Babu
• Tagline : Smart Way to Bank
• KVB is a Scheduled Commercial Bank.

About SBI Life :

• Founded : March 2001
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Mahesh Kumar Sharma
• SBI Life is an Indian life insurance company which was started as a joint venture (JV) between the State Bank of India (SBI) and French financial institution BNP Paribas Cardif.

CoinDCX becomes ‘FIU-Registered Reporting Entity’ to comply with new PMLA regulations                          

• CoinDCX, India’s leading and most valued crypto company, has become a Financial Intelligence Unit (FIU)-registered reporting entity under Prevention of Money Laundering Act (PMLA) norms.
• This brings the cryptocurrency exchange operator under PMLA regulations.

Key Highlights :

• The government had mandated that Virtual Digital Assets (VDA) service providers such as exchanges, custodians and wallet providers must comply with several regulatory requirements
• These requirements include Know Your Customer (KYC) norms, record-keeping, reporting of suspicious transactions, the appointment of a compliance officer and engaging with regulatory authorities to seek guidance on compliance matters.
• This would lead to increased accountability and implementation of best practices by the Virtual Digital Assets (VDA) industry.
• CoinDCX was also the first exchange to publish proof of reserves.
• Recently, it has started offering Decentralised finance (DeFi) services through the Okto wallet app for users worldwide.

About CoinDCX :

• Founded: 2018
• Headquarters : Mumbai, Maharashtra
• Founder and CEO : Sumit Gupta

Egypt Became a Member Of the BRICS New Development Bank                                

• Egypt officially became a member of BRICS’ New Development Bank (NDB) which includes India, Brazil, Russia, China, and South Africa as member countries.
• Egypt completed all the necessary procedures to become an eligible member on February 20, 2023.

Key Highlights :

• BRICS’ New Development bank was established in July 2014, after an intergovernmental agreement at the 6th BRICS summit in Fortaleza.
• The NBD approved Egypt’s accession in December 2021, while in September 2021 a similar decision was made regarding the United Arab Emirates (UAE), Uruguay and
• The bank’s goal is to finance infrastructure projects and sustainable development projects in BRICS member states and developing countries.
• Previously, the bank received an “АА+” international credit rating from Fitch Ratings and S&P Global Ratings
• Since its founding, the bank has approved more than 90 projects totalling US$32 billion in support of such areas as transportation, water, clean energy, digital and social infrastructure, as well as urban construction.
• South Africa is to host the 15th BRICS Summit which is scheduled to be held in Aug 2023 in Durban, South Africa.

About NDB :

• Founded : 2015
• Headquarters : Shanghai, China
• President : Dilma Rousseff

Sovereign Gold Bond (SGB) Scheme: Govt launches Series IV 2022-23

• In terms of Government of India (GoI) Notification Sovereign Gold Bonds 2022-23 (Series IV) will be opened for subscription during the period March 06-10, 2023 with Settlement date of March 14, 2023.
• The issue price of the Bond during the subscription period shall be ₹5,611 per gram.
• GoI in consultation with the Reserve Bank of India has decided to allow a discount of ₹50 per gram from the issue price to those investors who apply online and the payment is made through digital mode.
• For such investors the issue price of Gold Bond will be ₹5,561 per gram of gold.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhary

CURRENT AFFAIRS: NATIONAL NEWS

Women and Child Development Ministry to celebrate the 5th Poshan Pakhwada

• The Women and Child Development Ministry will celebrate the 5th Poshan Pakhwada from 20th March to 3rd April 2023.
• The main aim of the Pakhwada is to raise awareness about the importance of nutrition and promote healthy eating habits through Jan Andolan and Jan Bhagidari.
• The theme of the 5th Poshan Pakhwada is “Nutrition for All: Together Towards a Healthy India”.
• It will focus on popularising ‘Shree Anna’- the mother of all grains as a valuable asset to resolve the problem of malnutrition.
• The activities during the Poshan Pakhwada will also focus on the celebration of Swasth Balak Spardha and popularizing Saksham Anganwadis
• Every year, Poshan Pakhwada is celebrated in the month of March for 15 days.
• The Ministry of Women and Child Development celebrate Poshan maah in September.
• Poshan Abhiyaan was launched by Prime Minister Narendra Modi on 8th March 2018.
• It was launched to improve nutritional outcomes holistically.

Ministry ropes in Grant Thornton Bharat to assist in capacity building

• The Corporate Affairs Ministry (MCA) is going all out to build capacity among its cadre/ posts and other organisations to make them ‘future ready’ and to meet the requirements of a vision of ‘New India’.
• The objective is to enhance the delivery system and create a ‘citizen-centric, future-ready civil service with the right attitude, skills and knowledge aligned to the vision of New India’.
• Towards this end, MCA has appointed Grant Thornton Bharat LLP to assist in the formulation of an Annual Capacity Building Plan (ACBP).
• The Centre’s ‘New India’ vision aims to transform India into a modern and developed country. The vision encompasses various sectors, including the economy, infrastructure, social welfare, healthcare, education, and agriculture.
• On the economic development front, the government aims to make India a $5-trillion economy by 2025, with a focus on job creation, ease of doing business, and entrepreneurship.
• Overall, the ‘New India’ vision is a comprehensive plan that aims to transform India into a developed country, creating a more prosperous and inclusive future for all its citizens.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Cochin Shipyard Ltd bags International Order for World’s First Zero-Emission Feeder Container Vessel

• India’s leading shipbuilder, Cochin Shipyard Limited (CSL), Cochin received an order from NAVSHUTTLE 1 AS and NAVSHUTTLE 2 AS, Lysaker Norway for the design and construction of 2 Zero Emission Feeder Container Vessels with an option for 2 more vessels.
• The cost of the project is approximately Rs 550 crore.

Key Highlights :

• The project is one of the world’s first Zero Emission Feeder Container Vessels powered by Hydrogen Fuel Cells with Green Hydrogen.
• The order was received from companies in Samskip Group, headquartered in the Netherlands.
• The first vessel is expected to be delivered in 28 months and the second in 34 months.
• In zero-emission mode, each vessel is expected to achieve around 25,000 tonnes of CO 2 reduction per year.
• They will also achieve zero emission operations in ports by using green shore power at the port of call.
• The vessel’s deliveries are scheduled from Q3 of 2025 onwards.
• Recently, CSL has also bagged contracts for construction of Commissioning Service Operation Vessels (CSOV) for the European renewable offshore wind-farm segment.
• These vessels also employ emission reduction technologies with large capacity Li-ion batteries and methanol fuelled generators.

About CSL :

• Founded : 29 April 1972
• Headquarters : Kochi, Kerala, India
• Chairman & Managing Director : Shri Madhu S Nair

Belarus Nobel Peace Prize laureate Ales Bialiatski sentenced to 10 years in prison             

• A Belarusian court sentenced Ales Bialiatski, Belarus’ top human rights advocate and a candidate for the 2022 Nobel Peace Prize, to 10 years in

Key Highlights :

• The founder of the human rights organisation Viasna, Ales Bialiatski was among thousands of Belarusians who were detained amid a brutal crackdown on protests against the continued rule of strongman Alexander Lukashenko following disputed national elections in 2020.
• 3 years later, a Minsk court found Bialiatski guilty of smuggling money from abroad to finance the anti-government demonstrations.
• Two other colleagues from Viasna – Valiantsin Stefanovich and Uladzimir Labkovich were also sentenced to 9 and 7 years, respectively.
• This is not the first time that Ales Bialiatski has found himself behind bars.
• According to the report, he was imprisoned between 2011 and 2014 on a charge of tax evasion in connection to Viasna’s funding – a charge which he had denied.
• In October,2022 he was awarded the Nobel Peace Prize for his work on human rights and democracy, sharing it with the Russian rights group Memorial and Ukraine’s Center for Civil Liberties.
• Bialiatski remained in prison during the Nobel ceremony and his wife accepted the award on his behalf.

CURRENT AFFAIRS : STATE NEWS

Tamil Nadu becomes 1st Indian state to launch PM MITRA mega textile park                     

• India’s first PM Mega Integrated Textile Region and Apparel (PM MITRA) Park for the textile industry was launched at E. Kumaralingapuram in Virudhunagar district of Tamil Nadu.
• With an Memorandum of Understanding (MoU) inked between the State and the Center, Tamil Nadu Chief Minister Shri MK Stalin and Union Textiles Minister Shri Piyush Goyal jointly launched the park.

Key Highlights :

• The PM Mitra Mega Textiles Park will give a boost to the local economy of Virudhunagar, an aspirational district in Tamil Nadu.
• Under the Virudhunagar PM Mitra project, infrastructure work will be done with an estimated Rs 2,000 crore, which includes a central subsidy of Rs 500 crore.
• The Virudhunagar PM MITRA Park is among the 7 such proposals announced by the Centre.
• The other 6 parks will come up in Telangana, Karnataka, Maharashtra, Gujarat, Madhya Pradesh and Uttar Pradesh under the Rs 4,445 crore PM MITRA scheme.
• With an investment of over Rs 70,000 crore, the PM Mitra Park will significantly enhance the textile industry by creating a large number of job opportunities and giving “new work” to an estimated 20 lakh people.
• 11 companies have also signed MoUs to set up their units with a total investment of ₹1,231 crore in the mega textile park.
• The mega textile park will be set up on 1,052 acres of land at E Kumaralingapuram in Virudhunagar district.
• The proposed project site is owned by the State Industries Promotion Corporation (SIPCOT).

About TN :

• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park : Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
• Wildlife Sanctuaries : Kalakad Wildlife sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
• Tiger Reserve : Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve

Asia’s largest Tulip Garden opens for public at Srinagar in J&K                                           

• The Indira Gandhi Tulip Garden, Asia’s largest tulip garden, opened to the public, nestled between Dal Lake and the Zabarwan hills in Srinagar.
• Jammu and Kashmir (J&K) Lieutenant Governor Shri Manoj Sinha at the opening ceremony stated that about 68 varieties of tulips will bloom in the garden this year.
• In addition to 15 lakh tulips of various colours and hues, the garden, also known as Siraj Bagh, has other spring flowers on display, including hyacinths, daffodils, muscari, and cyclamens, according to Inam-ul-Rehman, the garden’s in-charge.
• The Tulip festival is an annual Spring festival to increase tourism of the Government of J&K.

About Indira Gandhi Memorial Tulip Garden :

• The Indira Gandhi Memorial Tulip Garden, formerly known as Siraj Bagh.
• It was inaugurated in 2008 by Jammu and Kashmir’s then-chief minister, Ghulam Nabi Azad.
• It is the largest tulip garden in Asia spread over an area of about 30 ha (74 acres).

About J&K :

• Lieutenant Governor : Manoj Sinha
• Capital : Srinagar, Jammu
• National Park : Kishtwar High Altitude National Park, Kazinag National Park, Dachigam National Park
• Wildlife Sanctuaries : Ramnagar Wildlife Sanctuary, Gulmarg Wildlife Sanctuary
• J&K was a state of India until August 2019, which was bifurcated to form two union territories namely Jammu and Kashmir and Ladakh on 31 August 2019.

Odisha CM Naveen Patnaik unveils father Biju’s iconic Dakota aircraft for public display

• Odisha Chief Minister (CM) Shri Naveen Patnaik unveiled the renovated Dakota DC-3 aircraft of former chief minister Biju Patnaik for public viewing at the Biju Patnaik International Airport Bhubaneswar.
• The DC-3 aircraft bearing registration number VT-AUI belonged to the erstwhile Kalinga Airlines, founded by Biju Patnaik, who was known to be a daredevil pilot.
• The iconic Dakota (DC-3) aircraft (VT-AUI) was brought from Netaji Subhas Chandra Bose International Airport (NSCBI) in Kolkata to Bhubaneswar on January 18, 2023.

Key Highlights :

• Biju Patnaik used this aircraft to rescue former Indonesian vice-president Md Hatta and former prime minister Sutan Sjahrir.
• Biju, for his effort, was given honorary citizenship of Indonesia and awarded the title of ‘Bhumi Putra’ by the Indonesian government, a recognition rarely granted to a foreigner.
• Meanwhile, the CM has launched non-schedule flight operation from Bhubaneswar to Rangeilunda (Berhampur) airstrip.

About Odisha :

• Governor : Ganeshi Lal
• Chief Minister : Naveen Patnaik
• Capital : Bhubaneswar
• National Park : Bhitarkanika National Park, Nandankanan National Park, Simlipal National Park
• Wildlife Sanctuary : Debrigarh Wildlife Sanctuary, Ushakothi Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Abu Dhabi Investment Authority pumps in $500 mn in Lenskart for a 10% stake

• Indian eyewear startup Lenskart Solutions Pvt announced signing definitive documents for a $500 million investment from the Abu Dhabi Investment Authority (ADIA).
• The transaction includes both primary and secondary shares, making the ADIA one of the largest shareholders in Lenskart.
• The ADIA has reportedly acquired a 10 per cent stake in Lenskart, which has been valued at $4.2 billion.
• Lenskart, which uses technology and supply chain automation to directly sell glasses and contact lenses to consumers, was co-founded in 2010 by Peyush Bansal, who is also its chief executive officer.

RailTel bags ₹287-cr order from C-DAC

• RailTel has bagged a ₹57-crore order from the Centre for Development of Advanced Computing (C-DAC) for supply, installation, integration, testing and commissioning of the IT infrastructure for greenfield datacentres at New Delhi and Bengaluru along with training and support.
• The datacentres will facilitate C-DAC in building up its capacity for secure, big data enterprise applications.
• The C-DAC is the premier R&D organisation of the Ministry of Electronics and Information Technology (MeitY).
• The delivery period of the project is 300 days, RailTel said in a statement.
• The C-DAC is undertaking creation of this greenfield, turnkey project to build a suite of Big Data enterprise Applications.
• The complete solution is to be spread over two geographical locations, one hosting both the datacentre and the Business Continuity Plan, and the other hosting the Disaster Recovery site.

State-run oil marketing companies report loss of ₹18,622-cr in 9 months of FY23

• The three state-run oil marketing companies (OMCs) – Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) – have cumulatively posted a loss of ₹18,622 crore during April-December of FY23.
• The OMCs have been booking losses on sale of petrol and diesel due to unprecedented volatility in international crude oil prices following the Russia-Ukraine war in February 2022 and the freeze on the retail prices of both the auto fuels since April 6, 2022.
• While crude oil price (Indian basket) in rupee per barrel terms has increased by 23 per cent from December 2021 to March 2023, the increase in retail selling price of petrol and diesel at Delhi has only been 1.08 per cent and 3.40 per cent, respectively during this period.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Bandhan Bank appoints Mr. Ratan Kumar Kesh as Executive Director                                               

• Bandhan Bank has appointed Mr Ratan Kumar Kesh as Executive Director (ED) of the bank.
• His appointment will be effective from March 31, 2023 for a period of 3 years.
• He has also been appointed as Key Managerial Personnel of the Bank for a period of 3 years.

About Bandhan Bank :

• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
• Chairman : Dr. Anup Kumar Sinha
• MD and CEO : Chandra Shekhar Ghosh

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Hyundai inks pact to acquire General Motors’s Talegaon manufacturing facility

• Hyundai India has signed a pact with General Motors India for the potential acquisition of the latter’s plant in Talegaon, Maharashtra.
• The American company had signed a deal with Great Wall Motors in January 2020 to sell the plant, but the deal fell through June, 2022 as the Chinese carmaker did not receive the required approvals from the Indian government in time.

Key Highlights :

• General Motors stopped production at the Talegaon plant in 2020.
• The plant, established in 2008, has the capacity to produce 130,000 cars and 160,000 engines per year.
• If Hyundai’s agreement with General Motors is approved, the South Korean automaker could potentially increase its production capacity in India by about 15 per cent.
• At present, Hyundai operates 2 facilities near Chennai, capable of manufacturing approximately 824,000 units annually.
• Hyundai India is the largest car seller in the country after Maruti Suzuki India, with a market share of 14.9%, compared with Maruti’s 42.3%..
• Tata Motors, the third-largest player in the Indian automobile market, is the closest rival to Hyundai.
• Hyundai Motor India Ltd is a wholly owned subsidiary of the Hyundai Motor Company.

Canara Bank Sells Stake In Russian Joint Venture to SBI for Rs 121 Crore                                   

• Canara Bank has sold its stake in Russian joint venture (JV) Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs 121.29 crore.
• CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60%) and Canara Bank (40%).
• The Canara bank entered into the agreement for sale on November 11, 2022.

About Canara Bank :

• Founded : July 1906
• Headquarters : Bangalore, Karnataka, India
• MD & CEO : K Satyanarayana Raju

Adani Power amalgamates 6 subsidiary companies                                              

• Adani Power has amalgamated its 6 subsidiaries, including Adani Power (Mundra), with itself.
• An amalgamation of 6 wholly-owned subsidiary companies of Adani Power Ltd (APL) –

1. Adani Power Maharashtra Ltd (APML)
2. Adani Power Rajasthan Ltd (APRL)
3. Udupi Power Corporation Ltd (UPCL)
4. Raipur Energen Ltd (REL)
5. Raigarh Energy Generation Ltd (REGL)
6. Adani Power (Mundra) Ltd (APMuL) – with APL was sanctioned by the Ahmedabad-bench of National Company Law Tribunal on February 8, 2023.

• The company will publish financial statements for FY 2022-23 based on amalgamation and will also recast comparative period numbers in compliance with applicable accounting standards.

About Adani Power :

• Founded : 22 August 1996
• Headquarters : Ahmedabad, Gujarat
• MD & CEO : Mr Vneet S. Jaain
• Adani Power is an Indian power and energy company which is a part of Adani Group.

CURRENT AFFAIRS : DEFENCE NEWS

India & UK hold Bilateral maritime exercise ‘Konkan’ in Arabian Sea

• The annual bilateral maritime exercise between the Indian Navy (IN) of India and the Royal Navy of the United Kingdom (UK), Konkan 2023, was held from 20 to 22 Mar 23 off the Konkan coast in the Arabian Sea.

Participants :

• Indian Navy : Indian Naval Ship (INS) Trishul, a guided missile frigate
• Royal Navy : HMS Lancaster, a Type 23 guided missile frigate

Key Highlights :

• The joint drill by the two navies demonstrated operational readiness, enhancing interoperability and improving the ability to conduct joint operations.
• The exercises covered all domains of maritime operations, air, surface, and
• This included gunnery shoots on surface inflatable target ‘Killer Tomato’, helicopter operations, anti-air and anti-submarine warfare drills, Visit Board Search and Seizure (VBSS), ship manoeuvres and exchange of personnel.
• India and the UK agreed to new agreements on maritime information sharing.
• UK agreed to join India’s Information Fusion Centre in Gurugram.
• The UK will be deploying a Carrier Strike Group in the Indian Ocean region in 2023.

About ‘Konkan’ exercise :

• The Bilateral Konkan exercise is a naval exercise conducted between India and the United Kingdom.
• The Konkan series of exercises was started in 2004 & since then, the exercise is conducted by both the navies in rotation.

Other Exercises between India and UK :

• Exercise ‘Indradhanush’ (Air Force Exercise)
• ‘Ajeya Warrior’ (Joint Military Exercise)

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

Russia delivers the 3rd regiment of S-400 `Triumf’ to India                           

• Indian Air Force (IAF) has received the 3rd regiment of the S-400 `Triumf’ air defence missile system from Russia and this will be deployed along the Pakistan border.
• Russia delivered the first two systems to India in December 2021 and April 2022, respectively, and the country intends to deliver the remaining two systems by the end of 2023.

About S-400 :

• It has a range up to 400 km and it has the tracking capability of almost 600 kms.
• Almost 100 personnel of the IAF have undergone training in Russia on the S-400 air defence system.
• The S-400 air defence system can engage not only enemy fighter jets, but also unmanned aerial vehicles, cruise and ballistic missiles.
• It consists of long-range radar, two battalions of launchers, a command post vehicle, and target acquisition radar.
• The launchers, the command post and the radars are mounted on multi-wheel/multi-axle Ural carriers.
• These are capable of moving on different terrains including the desert, mountains and uneven terrain.

Background :

• Earlier, it has been reported that Russia had plans to deliver the 3rd regiment by January/February 2023.
• This means that out of the 5 S-400 India had ordered, 3 have reached India and the balance 2 are expected to be delivered before the year ends.
• While the 1st regiments which India has received are already deployed in eastern Ladakh along the Line of Actual Control (LAC) and the 2nd one has been deployed in the north eastern region.
• As per the deal inked between the two countries it is worth US$ 5 bn (Rs 35,000 crore) for 5 regiments of the S-400 air defence missiles.
• The IAF already has the indigenous MR-SAM and Akash missile system and also the quick reaction surface to air missile – Spyder of Israel.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

North Korea tests nuclear underwater attack drone Haeil generate ‘radioactive tsunami’                             

• North Korea has tested a nuclear-capable underwater attack drone called ‘Haeil’ (meaning “tsunami” in Korean) the first weapon of its kind capable of generating a radioactive tsunami that can destroy naval strike groups and major ports.

Key Highlights :

• The drone cruised underwater at a depth of 80 to 150 metres (260-500 ft) for over 59 hours during the test.
• The drone can be towed by a surface ship for operation, and can be deployed at any coast or port.
• The United States (US) and South Korea completed an 11-day exercise that included their biggest field training in years, and are preparing another round of joint naval drills that will reportedly involve a U.S. aircraft carrier.

About North Korea :

• Capital : Pyongyang
• Currency : Korean People’s won

CURRENT AFFAIRS: MOUS AND AGREEMENT

NGEL inks pact with IOCL for setting up renewable energy projects

• State-run NTPC Green Energy (NGEL) has signed a joint venture (JV) agreement with Indian Oil Corporation (IOCL) for setting up of renewable energy (RE) projects to meet round-the-clock power requirement of the state-run oil marketing company’s (OMCs) refineries.
• NGEL is a subsidiary of the country’s largest power generator NTPC, which through NGEL, has set an ambitious target of building a renewable generation portfolio of 60 gigawatts (GW) over the next decade to aggressively pursue its green energy business.
• The signing of this JV agreement between the two Maharatna companies will enable the power behemoth and India’s largest OMC to meet the government’s clean energy targets in their respective core businesses.
• Last month, NTPC had completed the procedure of transferring its RE assets to NGEL.
• The Genco’s green energy arm has also announced plans to raise up to ₹9,000 crore to repay an outstanding debt liability as well as to raise fresh loans.
• NTPC incorporated NGEL in April 2022 for consolidating its renewable energy (RE) businesses and aggressively pursuing its green/ sustainable energy venture.
• The transactions comprised of transfer 15 RE assets, through a Business Transfer Agreement (BTA), and the transfer of 100 per cent equity shareholding of NTPC Renewable Energy (NREL), a wholly-owned subsidiary of NTPC, through a Share Purchase Agreement (SPA), executed on July 8, 2022.

NAFED signs MoU with Agriculture Ministry to support millet initiatives

• Agriculture marketing co-operative NAFED has signed an MoU with the Ministry of Agriculture to extend its support on the various government initiatives to promote millets, under which start-ups will get additional market access to sell their products.
• Under the collaboration, NAFED will set up a Millet Corner in all its retail outlets (NAFED bazaars), install Millet Vending Machines (MVMs) in Delhi and its adjoining places such as Gurugram and Noida.
• Agriculture Minister Narendra Singh Tomar has directed NAFED to contribute and promote the “International Year of the Millet 2023” (IyoM-23) on a global scale.

About NAFED:

• National Agricultural Cooperative Marketing Federation of India Ltd is an apex organization of marketing cooperatives for agricultural produce in India, National Agricultural Cooperative Marketing Federation of India Ltd,
• Founded: 2 October 1958,
• Headquarters: New Delhi, India,
• Chairman – Dr. Bijender Singh.

CURRENT AFFAIRS: RANKING AND REPORTS

Finland Tops World Happiness Report

• On 20th March every year, the world celebrates World Happiness Day and the UN Sustainable Development Solutions Network releases an annual report named World Happiness Report.
• The reports measure global happiness on several standards which include national and international aspects.
• Despite improvement in India’s ranking in the report is still very low and many small neighbours of India are ranked above.
• India’s ranking is 125.
• The report speaks for countries’ level of happiness based on the responses of a nationally representative sample of people about the levels of satisfaction in life these days.
• Finland tops the ranking for the sixth year in a row with a score of 7.8 and other Norwegian countries like Denmark, Iceland are ranked second and third.
• In the list of top 10, other countries are Israel, Netherlands, Sweden, Norway, Switzerland, Luxembourg and New Zealand.
• The countries are ranked on the basis of healthy life expectan cy, GDP per capita, social support, low corruption, generosity in a community where people look after each other, and freedom to make key life decisions.
• Out of the 137 countries, Taliban-ruled Afghanistan has ranked last and is most unhappy according to the report.
• Other regions at the bottom of the list include Lebanon, Zimbabwe, the Democratic Republic of Congo, etc.
• The report adds that these countries have high-level of corruption and low life expectancy.
• India’s rank has certainly improved from 136 to 125 but the country still ranks below its neighbours like Nepal, China, Bangladesh, etc.
• Despite being the fastest-growing economy in the world, India has consistently ranked low in the index and several people have even raised questions on how India can rank lower than countries in crises.
• For more than a year now, Russia and Ukraine are fighting each other but when it comes to happiness, the countries are ranked above India, i.e. 70th Russia and 92nd Ukraine.
• According to the report, both countries have seen increased benevolence during 2020 and 2021.
• During 2022, benevolence grew sharply in Ukraine but fell in Russia.

Women’s literacy rate has jumped to 77%:

• The literacy rate of Indian women has grown over the years.
• According to the World Bank India report, only 1 of 11 girls was literate at the time of India’s independence, about nine percent.
• And at present, the women’s literacy rate has jumped to 77% while India’s male literacy rate stands at 84.7%.
• As per the government’s National Sample Survey report, Kerala is the most literate state in the country with 92.2%, followed by union territory Lakshadweep (91.85%).
• The third-most literate state in the country is Mizoram (91.33%). Whereas Bihar has the lowest literacy rate in India at 61.8%, followed by Arunachal Pradesh at 65.3% and Rajasthan at 66.1%.
• However, around 12.6% of students drop out of school in India, and 19.8% discontinued education at the secondary level.
• The number is significantly higher for girls as they get married early and in many communities educating girls is not even a priority and is seen as an unnecessary cost.
• Globally, 1.8 million girls get married underage.
• In India, the literacy rate, including the female literacy rate is abysmally low in rural areas and in some pockets of urban areas.
• The literacy rate in rural India is 67.77% as compared to 84.11% in urban India.
• The Ministry of Education launched Samagra Shiksha Scheme in 2018-19 that envisaged the school as a continuum from preschool, primary, upper primary, and secondary to senior secondary levels.
• Besides, the centrally sponsored scheme of Adult Education – Saakshar Bharat was also launched to improve the literacy rate among adults.
• The scheme was implemented in the rural areas of 404 districts in 26 states and one Union Territory, which had an adult female literacy rate of 50% and below as per Census 2001.
• The National Statistical Office (NSO) consists of the Central Statistical Office (CSO) and the National Sample Survey Office (NSSO).
• It acts as the nodal agency for planned development of the statistical system in the country.
• Along with release of important indicators, It also lays down and maintains norms and standards in the field of statistics.

CURRENT AFFAIRS: SPORTS NEWS

Rohan Bopanna becomes oldest tennis player to win ATP Masters 1000 title

• Rohan Bopanna becomes the oldest player to have won the Men’s Doubles title at the ATP 2023 Series.
• While another Tennis player Carlos Alcaraz was honoured with the World’s No. 1 Rank in the Men’s Singles category.
• Both these great players have been awarded in the ATP Tournament 2023 series by the Association of Tennis Professionals (ATP).
• He collectively won the trophy with his tennis ally Matthew Ebden of Australia.
• With their mutual efforts, they defeated the leading pair of Dutchman Wesley Koolhof and Briton Neal Skupski by 6-3, 2-6, 10-8 results in order to claim their Men’s Doubles title together and this was the first of its kind in the current season.

CURRENT AFFAIRS : OBITUARIES

Renowned writer, director & ad filmmaker Pradeep Sarkar passed away                              

• Renowned writer, director and ad filmmaker, Pradeep Sarkar passed away in Mumbai, Maharashtra at the age of 67.

About Pradeep Sarkar :

• Sarkar was born in Kolkata, West Bengal on 30 April 1955.
• He began his career with Vinod Chopra Productions, the production company of director and producer Vidhu Vinod Chopra.
• He produced the critically-acclaimed Parineeta, which won the acclaimed National Film Award in the Best Debut Film of a Director category.
• His famous Bollywood movies included ‘Parineeta’, Laga Chunari Mein Daag’, Mardaani and Helicopter Eela.
• He had also worked on several web series like ‘Cold Lassi Aur Chicken Masala’, ‘Forbidden Love’ and ‘Arranged Marriage’.

Awards & Honors :

• Pradeep Sarkar received the Indira Gandhi Award for Best Debut Film of a Director at the 53rd National Film Awards 2006 for his film Parineeta.
• Sarkar also won the Best Debutant Director in Screen Awards and the Hottest Young Director in Stardust Awards in 2006.

CURRENT AFFAIRS: IMPORTANT DAYS

Purple Day for Epilepsy: March 26

• On March 26th of this current year Purple Day of Epilepsy 2023 is observed all over the world.
• It is a global event that is observed all over the world on March 26th every year to create awareness about Epilepsy.
• In 1067-1046 B.C the earliest known medical texts detailing the signs, symptoms, and types of seizures of what we now know as epilepsy are written.
• In 460 – 377 B.C.Hippocrates is the first person to suggest epilepsy as a medically treatable disease of the brain
• In the Mid-1800s, Bromide is first released as an effective medication for controlling seizures.
• In 2017, The Anita Kaufmann Foundation sets a Guinness World Record on Purple Day by facilitating the largest ever training session on epilepsy.

World Theatre Day 2023: March 27

• On 27th March ,World Theatre Day 2023 is celebrated all over the world.
• It is an international day observed annually all over the world on the 27th of March every year.
• The theme for World Theatre Day 2023 is “Theatre and a Culture of Peace.”
• World Theatre Day celebrates the importance of theatre arts as it continues to move, entertain, teach and change us.
• In 534 B.C Poet, tragedian, and author Thespis arrives in Athens with his troupe and performs in the marketplace.
• In 55 B.C Rome’s First Stone Theatre – Pompey the Great builds the first permanent stone theatre in Rome.
• In 1585, Widely regarded as the world’s oldest theatre in world, the Teatro Olimpico in Vicenza, Italy, is inaugurated with a performance of Sophocles’ “Oedipus the King.”
• In 1962, First World Theatre Day – For the first time, World Theatre Day is celebrated by ITI centers, ITI Cooperating Members, theatre professionals and organizations, theatre academies, and theatre lovers all over the world on March 27.

Daily CA One- Liner: Mar 26 & 27

• Karur Vysya Bank (KVB) has executed an agreement with SBI Lite, the insurance arm of State Bank of India (SBI) as an additional bancassurance partner in the life insurance category.
• CoinDCX, India’s leading and most valued crypto company, has become a Financial Intelligence Unit (FIU)-registered reporting entity under Prevention of Money Laundering Act (PMLA) norms.
• Egypt officially became a member of BRICS’ New Development Bank (NDB) which includes India, Brazil, Russia, China, and South Africa as member countries.
• In terms of Government of India (GoI) Notification Sovereign Gold Bonds 2022-23 (Series IV) will be opened for subscription during the period March 06-10, 2023 with Settlement date March 14, 2023.
• India’s leading shipbuilder, Cochin Shipyard Limited (CSL), Cochin received an order from NAVSHUTTLE 1 AS and NAVSHUTTLE 2 AS, Lysaker Norway for the design and construction of 2 Zero Emission Feeder Container Vessels with an option for 2 more vessels.
• A Belarusian court sentenced Ales Bialiatski, Belarus’ top human rights advocate and a candidate for the 2022 Nobel Peace Prize, to 10 years in
• India’s first PM Mega Integrated Textile Region and Apparel (PM MITRA) Park for the textile industry was launched at E. Kumaralingapuram in Virudhunagar district of Tamil Nadu.
• The Indira Gandhi Tulip Garden, Asia’s largest tulip garden, opened to the public, nestled between Dal Lake and the Zabarwan hills in Srinagar.
• Odisha Chief Minister (CM) Shri Naveen Patnaik unveiled the renovated Dakota DC-3 aircraft of former chief minister Biju Patnaik for public viewing at the Biju Patnaik International Airport Bhubaneswar.
• Bandhan Bank has appointed Mr Ratan Kumar Kesh as Executive Director (ED) of the bank.
• Hyundai India has signed a pact with General Motors India for the potential acquisition of the latter’s plant in Talegaon, Maharashtra.
• Canara Bank has sold its stake in Russian joint venture (JV) Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs 121.29 crore.
• Adani Power has amalgamated its 6 subsidiaries, including Adani Power (Mundra), with itself.
• The annual bilateral maritime exercise between the Indian Navy (IN) of India and the Royal Navy of the United Kingdom (UK), Konkan 2023, was held from 20 to 22 Mar 23 off the Konkan coast in the Arabian Sea.
• Indian Air Force (IAF) has received the 3rd regiment of the S-400 `Triumf’ air defence missile system from Russia and this will be deployed along the Pakistan border.
• North Korea has tested a nuclear-capable underwater attack drone called ‘Haeil’ (meaning “tsunami” in Korean) the first weapon of its kind capable of generating a radioactive tsunami that can destroy naval strike groups and major ports.
• The Women and Child Development Ministry will celebrate the 5th Poshan Pakhwada from 20th March to 3rd April 2023.
• The Corporate Affairs Ministry (MCA) is going all out to build capacity among its cadre/ posts and other organisations to make them ‘future ready’ and to meet the requirements of a vision of ‘New India’
• Indian eyewear startup Lenskart Solutions Pvt announced signing definitive documents for a $500 million investment from the Abu Dhabi Investment Authority.
• RailTel has bagged a ₹287.57-crore order from the Centre for Development of Advanced Computing (C-DAC) for supply, installation, integration, testing and commissioning of the IT infrastructure for greenfield datacentres at New Delhi and Bengaluru along with training and support.
• The three state-run oil marketing companies (OMCs) – Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) – have cumulatively posted a loss of ₹18,622 crore during April-December of FY23
• State-run NTPC Green Energy (NGEL) has signed a joint venture (JV) agreement with Indian Oil Corporation (IOCL) for setting up of renewable energy (RE) projects to meet round-the-clock power requirement of the state-run oil marketing company’s (OMCs) refineries
• Agriculture marketing co-operative NAFED has signed an MoU with the Ministry of Agriculture to extend its support on the various government initiatives to promote millets, under which start-ups will get additional market access to sell their products
• On 20th March every year, the world celebrates World Happiness Day and the UN Sustainable Development Solutions Network releases an annual report named World Happiness Report
• The literacy rate of Indian women has grown over the years.
• Rohan Bopanna becomes the oldest player to have won the Men’s Doubles title at the ATP 2023 Series
• Renowned writer, director and ad filmmaker, Pradeep Sarkar passed away in Mumbai, Maharashtra at the age of 67.
• On March 26th of this current year Purple Day of Epilepsy 2023 is observed all over the world
• On 27th March , World Theatre Day 2023 is celebrated all over the world