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CURRENT AFFAIRS : BANKING & FINANCE
RBI Issues Detailed Norms For Outsourcing Of IT Services By Banks & Non banking financial Companies
- Reserve Bank of India (RBI) came out with detailed norms for outsourcing of IT services by banks, Non bank financial Companies (NBFCs) and regulated financial sector entities to ensure that such arrangements do not undermine their responsibilities and obligations to customers.
- In its ‘Master Direction on Outsourcing of Information Technology Services’, RBI stated that Regulated Entities (REs) have been extensively leveraging IT and IT-enabled Services (ITeS) to support their business models, products and services offered to their customers.
- With a view to provide REs adequate time to comply with the requirements, the norms will come into effect from October 1, 2023.
- In February,2022 the RBI proposed the issuance of suitable regulatory guidelines on outsourcing of IT services with an aim to ensure effective management of attendant risks.
Key Highlights :
- According to RBI, the underlying principle of the directions is to ensure that outsourcing arrangements neither diminish REs’ ability to fulfil its obligations to customers nor impede effective supervision by the central bank.
- A RE shall take steps to ensure that the service provider employs the same high standard of care in performing the services as would have been employed by the RE, if the same activity was not outsourced.
- According to the RBI, a RE should not engage an IT service provider that would result in the reputation of RE being compromised or weakened.
- A RE intending to outsource any of its IT activities should have a comprehensive board-approved IT outsourcing policy.
- Also, REs should ask their service providers to develop and establish a robust framework for documenting, maintaining and testing business continuity plans and disaster recovery plans.
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
ICICI Bank enables FASTag based parking payment at Mangaluru International Airport
- ICICI Bank, one of India’s leading private sector banks, has introduced a new digital and contactless payment facility for parking at the Mangaluru International Airport.
- ICICI Bank is the only bank to introduce the FASTag facility at the Mangaluru International Airport.
Key Highlights :
- The parking facility at Mangaluru International Airport now features scanners that read the FASTag, a radio-frequency identification (RFID) tag affixed to the windshield of a vehicle, allowing for automatic entry and exit recording of the vehicle’s entry and exit time.
- The facility allows FASTag users of any bank to pay the parking charges digitally and in a contactless manner, resulting in quicker movement of vehicles in the parking zone.
About ICICI Bank :
- Founded : 5 January 1994
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Sandeep Bakhshi
RBI Circular on branch audit of PSBs cause disquiet
- The Reserve Bank of India (RBI) has left it to the banks to decide the percentage of their branch business they want to get audited from FY24.
- Auditors say this would severely impact their ability to properly assess the situation and highlight the risks.
- For the current financial year, the RBI has drastically reduced the percentage of business of the branches that can be audited.
- A recent circular from the RBI declared that the statutory branch audit of the PSBs should be carried out to cover a minimum of 70% of the funded and non-funded business for FY23 and from FY24 they can decide the percentage of business coverage they want audited.
- Earlier, the audit coverage of any PSB branch was 90%.
- The RBI has also specified that the PSB board can decide on selection of branches for audit purposes, which would effectively mean that all branches will not be covered under the audit.
- There are a total of 84,000 bank branches in India and RBI has stated that each auditor can cover only 2 branches.
Shivalik Small Finance Bank partners with Arya.ag to enable ease of finance to small farmers
- Shivalik Small Finance Bank (SFB) has partnered with grain commerce platform Arya.ag to finance small farmers against warehouse receipt.
Mission :
- To drive financial inclusion for farmers and Farmer Producer Organizations (FPOs) and offer loans through Shivalik SFB under Warehouse Receipt Finance.
- Under the Partnership, Shivalik SFB will focus on small and underserved segments through the delivery of digitally focussed, affordable products and differentiated customer experience.
About Shivalik Small Finance Bank :
- Established : 1998
- Headquarters : Noida, Uttar Pradesh
- MD & CEO : Anshul Swami
- Tagline : A Bank For Your Welfare
SBI partners with a start-up, Garuda Aerospace
- India’s biggest public sector bank, State Bank of India (SBI) collaborates with a startup, Garuda Aerospace Pvt Ltd (GAPL) with a view to making drone technology more accessible to the agricultural sector while also increasing efficiency in the sector’s use of the technology.
Key Highlights :
- Garuda Aerospace is a human-centric brand that is focused on developing low-cost drone solutions to optimise industries through accurate data.
- The company uses impactful intelligence drone solutions.
- Having only started in 2015, garuda aerospace already made a significant mark on the drone industry.
- Garuda Aerospace is an international standard-certified company for Aerospace Quality Management Systems.
- Currently, the company has begun the process for a Wireless Planning & Coordination (WPC) licence.
About SBI :
- Founded : 1 July 1955
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Dinesh Kumar Khara
About Garuda Aerospace Pvt Ltd :
- Headquarters : Chennai, Tamil Nadu
- Founder & CEO : Agnishwar Jayaprakash
CURRENT AFFAIRS: NATIONAL NEWS
Ladakh’s Hanle is India’s first Dark Sky Reserve
- India’s first ‘dark sky reserve’ in Ladakh’s Hanle village is now ready and will be opened for the public soon.
- Spread over 1,073 sq km across a cluster of six hamlets in the Hanle cold desert region at an elevation of 4,500 metres above sea level, the reserve is among a few of its kind in the world that will offer a spectacular vie w of the night sky.
- Meanwhile, work is on in full swing to develop Benital in Uttarakhand as the first ‘astro village’ of India.
- Located at an altitude of 2,600 metres above sea level, Benital, with its low light pollution and minimal human activity, offers an undisturbed view of the night sky, making it an ideal location for a dark sky park.
- The department has estimated a total expense of Rs 5 crore for the project and submitted a report to the administration. It has entrusted the Garhwal Mandal Vikas Nigam with the responsibility of developing Benital as an astro-village.
Narendra Singh Tomar Launches ‘Millets Experience Centre’ at Dilli Haat, INA, New Delhi
- The first of its kind ‘Millets Experience Centre (MEC)’ has been launched by Agriculture Minister Narendra Singh Tomar at Dilli Haat in New Delhi.
- The National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED), in collaboration with the Agriculture Ministry, has established the Millets Experience Centre.
- It aims to increase awareness about millet and encourage its adoption among the general public.
- The United Nations General Assembly declared the year 2023 the International Year of Millets (IYM 2023), acting on India’s proposal, supported by 72 countries.
- This announcement by the United Nations has established India as the leader of the event and the Government of India is working on a ‘mission mode’ to make millets a winner for farmers, the environment and the consumer.
- This initiative led by the Ministry will popularise millets (Sri Anna) as a nutritional powerhouse by providing a variety of dishes like millets dosa, millets pasta, etc.
- The MEC offers customers not only a distinctive dining experience but also an opportunity to buy a variety of ready-to-eat and ready-to-cook products from local millet start-ups.
CURRENT AFFAIRS : STATE NEWS
Telangana Government launches Agri Innovation Challenge
- The Telangana Government has launched a Grand Challenge for Innovation to promote innovation in the food processing sector.
- Telangana Agriculture Minister S Niranjan launched the Challenge at the inaugural of the Food Conclave 2023.
- The Telangana government is organising a Food Conclave-2023 here on April 29, 2023 focussing on the opportunities in Green, White, Yellow, Blue, and Pink revolutions.
- The theme of the conclave is “Envisioning India’s Decade in the Agri-Food Sector.”
- The maiden event will have events around 5 themes — Agriculture (Green), Edible Oil (Yellow), Dairy (White), Meat and Poultry (Pink), and Aquaculture (Blue).
- The government has roped in the World Economic Forum (India), Indian Vegetable Oil Producers Association (IVPA), Indian Dairy Association, Heifer International, and Society of Aquaculture Professionals to hold the panel discussions.
About Telangana :
- Governor : Tamilisai Soundararajan
- Chief Minister : K. Chandrashekar Rao
- Capital : Hyderabad
- National Park : Mrugavani National Park, Mahavir Harina Vanasthali National Park, Periyar National Park
- Tiger Reserve : Tadoba Andhari Tiger Reserve
CURRENT AFFAIRS: MOUS AND AGREEMENT
AIL-BSL signs MoU with Telecommunications Consultants India Limited (TCIL)
- SAIL-Bokaro Steel Plant (BSL) has entered into an MoU with Telecommunications Consultants India Limited (TCIL) to explore potential of application of 5G/ IT/ Telecom and other wireless communication technologies in SAIL-Bokaro Steel Plant including SAIL’s Mines & Collieries, Central Coal Supply Organization and the SAIL Refractory Unit in Jharkhand.
- SAIL-BSL has taken this initiative of becoming the first PSU in the country to take initiative for setting up a dedicated 5G network with the help of TCIL which will pave way for application of 5G/ IT / Telecom technologies in Steel manufacturing.
- Besides steel plant, this partnership will also be useful in providing innovative solutions in SAIL Mines and Collieries in Jharkhand, Smart Cities etc.
About SAIL:
- Headquarters: New Delhi,
- CEO: Soma Mondal.
CURRENT AFFAIRS: AWARDS AND HONOURS
India’s easternmost district gets PM excellence award for Innovation
- Changlang in Arunachal Pradesh, India’s easternmost district received the Prime Minister’s Award for Excellence in Public Administration for its innovative New Age Learning Centre (NALC).
- NALC is a flexible, futuristic, leisure learning space-cum-library set up in a part of the Miao subdivisional office to enable people from all age groups to learn and improve every aspect of their personality.
- NALC’s focus is also on e-learning through free Wi-Fi, online training through tablets, e-reading through Kindle, etc.
- The NALC project was launched in 2016 with the aim of providing quality education to children in remote areas using digital technology.
- On the occasion of Civil Services Day 2023, Prime Minister Narendra Modi has conferred the Prime Minister’s Awards for Excellence in Public Administration at Vigyan Bhawan in New Delhi.
- This time, as many as 13 bureaucrats have been conferred with PM Award 2023 in different categories.
RINL won Ispat Rajbhasha Samman’s 1st prize
- RINL bagged Steel Ministry’s “Ispat Rajbhasha Samman” First Prize for the year 2021-22.
- CMD, RINL Shri Atul Bhatt received this prestigious award from the Minister of State for Steel and Rural Development Shri Faggan Singh Kulaste.
- Shri Kulaste also released RINL’s March issue of Hindi In-house Magazine “Rashtriya Ispat Sugandh”.
- Rashtriya Ispat Nigam Ltd, also known as Vizag Steel, is a central public sector undertaking under the ownership of Ministry of Steel, Government of India based in Visakhapatnam, India.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
PESB recommends Amrendu Prakash as SAIL Chairman
- Public enterprises selection board (PESB) has recommended Amarendu Prakash for the post of Chairman, of Steel Authority of India Ltd (SAIL).
About Amarendu Prakash :
- Shri Prakash began his career at SAIL in 1991 with a posting in Rolling Mills.
- In the year 1999, he was conferred upon by SAIL the prestigious “JAWAHAR AWARD” for best young manager for his leadership qualities.
- Currently, he is serving as the Director in charge (Bokaro Steel Plant) in Steel Authority of India Ltd (SAIL).
About SAIL :
- Founded : 19 January 1954
- Headquarters : New Delhi, India
- SAIL is a central public sector undertaking under the ownership of the Ministry of Steel, Government of India (GoI).
Jet Airways CEO-designate Sanjiv Kapoor quits
- Grounded airline Jet Airways (India) Ltd Chief Executive Officer (CEO)-designate Sanjiv Kapoor has resigned from the airline.
- He joined Jet Airways as its Chief Executive Officer (CEO) on April 4, 2022.
About Sanjiv Kapoor :
- Kapoor began his airline career with Northwest Airlines in the United States in 1997 in finance, planning, and procurement.
- He was also a CEO at GMG airlines in Bangladesh.
- Prior to joining Jet Airways, he served as the president of Oberoi Hotels and Resorts.
About:
- Founded : 1 April 1992 (Commenced Operations 5 May 1993)
- Headquarters : Mumbai, Maharashtra
Government Appoints Siddhartha Mohanty as LIC Chairman
- The Appointments Committee of the Cabinet (ACC) has approved the appointment of Siddhartha Mohanty, interim LIC Chairman, as regular Chairperson of the state-controlled Life Insurance Corporation of India (LIC) till June 29, 2024.
- Mohanty had in mid March, 2023 replaced MR Kumar as interim chairperson of LIC for a 3-month period.
- The ACC has also approved the ex post facto entrustment of financial and administrative powers and functions of LIC Chairperson to Siddhartha Mohanty, Managing Director of LIC, in addition to his own duties for a period of three months with effect from March 14, 2023 or till regular Chairperson is appointed, whichever is earlier.
About LIC :
- Founded : 1 September 1956
- Headquarters : Mumbai, Maharashtra, India
CURRENT AFFAIRS : DEFENCE NEWS
7th edition of India & United Kingdom bilateral training exercise ‘Ajeya Warrior 2023’ Commence at UK
- The 7th edition of joint military exercise “AJEYA WARRIOR-23” between India and the United Kingdom (UK) was conducted at Salisbury Plains, United Kingdom from 27 April to 11 May 2023.
Aim :
- To build positive military relations, imbibe each other’s best practices and promote the ability to operate together while undertaking company-level sub-conventional operations in urban and semi-urban environments under UN mandate.
- The 6th Edition of India – UK Joint Company Level Military Training EXERCISE AJEYA WARRIOR has commenced at Chaubatia, Uttarakhand and will culminate on 20 Oct 2021.
About AJEYA WARRIOR Exercise :
- It is a biennial training event with the United Kingdom (UK) which is conducted alternatively in the UK and India.
- Soldiers of the 2 Royal Gorkha Rifles from the United Kingdom and Indian Army soldiers from the BIHAR Regiment are participating in the exercise.
- The Indian Army contingent arrived at Brize Norton on 26 April 2023 by an Indian Air Force C-17 aircraft with indigenous weapons and equipment.
- The scope of this exercise involves a Command Post Exercise (CPX) at the Battalion level and Company level Field Training Exercise (FTX).
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Ajay Bhatt
- Defence Secretary : Giridhar Aramane
CURRENT AFFAIRS: SPORTS NEWS
Indian football: Odisha FC to face Gokulam Kerala for a spot in the 2023-24 AFC Cup
- Odisha FC won their first title after beating Bengaluru FC in the final of the Super Cup at the EMS Corporation Stadium in Kozhikode.
- While Brazilian Diego Mauricio struck both goals for the winners in the first half, Sunil Chhetri scored from a penalty in the 84th minute to set up a nervy finish for the Bhubaneswar side.
- While it was the first-ever final for Odisha, it was the third of the season for Bengaluru.
- For Simon Grayson’s boys, it proved the second defeat in a final in as many months; they had lost the ISL final to ATK Mohun Bagan in a shootout.
- Player of the Tournament: Diego Maurício (OFC)
- Top Goalscorer of the Tournament: Wilmar Jordan Gil (NEUFC) – 7 goals
- Best Goalkeeper of the Tournament: Amrinder Singh (OFC).
Odisha extends Indian Hockey team sponsorship till 2033
- The Odisha government decided to further extend its sponsorship for both the Men and Women Indian Hockey Teams (senior and junior) for another ten years from 2023 to 2033.
- The decision in this regard was taken at the Cabinet meeting chaired by chief minister Naveen Patnaik.
- The cabinet on the day approved 15 different proposals submitted by various departments.
- As Odisha has been the official sponsor of both the Men and Women National Hockey Teams since 2018, this support is going to be a significant step towards the growth and development of Hockey in India
- OMC has now committed to sponsor both the teams till January 31, 2033 and a total amount of ₹12 crores (excluding applicable taxes) will be released by OMC to Hockey India during this period.
CURRENT AFFAIRS: BOOKS AND AUTHOR
Boria Majumdar released a new book titled ‘Sachin@50 – Celebrating a Maestro on the occasion of Sachin Tendulkar’s birthday.
- Renowned sports historian and TV show host Boria Majumdar released a new book titled ‘Sachin@50 – Celebrating a Maestro on the occasion of Sachin Tendulkar’s 50th birthday.
- The book traces Tendulkar’s journey to success, starting from his teenage debut where he gained global recognition in 1989 following a bleeding nose incident in Pakistan.
- It also throws light on how he transcended the boundaries of the game to become the biggest batting sensation ever.
- The book features original essays and excerpts from several notable personalities, including Tendulkar’s wife, Anjali Tendulkar, his brother Ajit Tendulkar, cricket legends Sunil Gavaskar, Sourav Ganguly, and Rohit Sharma, and international cricketer David Warner.
CURRENT AFFAIRS: IMPORTANT DAYS
World Tuna Day 2023 – May 2
- World Tuna Day is observed every year on May 2.
- This day is established by the United Nations(UN) General Assembly to raise awareness about the importance of Tuna Day
- Tuna is a species of food and are economically very important.
- The United Nations General Assembly (UNGA) celebrated Tuna Day on May 2.
- It was first observed in the year 2016.
- Tuna is a large wild animal.
- The population of Tuna fish has declined by more than 97 per cent due to overfishing and illegal fishing.
- The UN has announced May 2 as World Tuna Day to preserve Tuna from getting extinct.
- Thailand is one of the largest Tuna producing countries across the world.
World Asthma Day 2023 – May 2
- World Asthma Day is a global healthcare event commemorated every year on the first Tuesday in May to promote awareness of asthma worldwide.
- This year 2023 World Asthma Day is observed on 2nd of May (Tuesday).
- On this day, various global and local organisations step forward together to combat the major global non-communicable disease in children and adults.
- The theme of World Asthma Day was organized by Global Initiative for Asthma(GINA).
- The theme of World Asthma Day 2023 was “Asthma care for All”.
- The first Asthma Day was organized in 1998 in more than 35 countries.
- It is an annual event organized by Global Initiative for Asthma(GINA).
- Every year this day was celebrated to raise awareness among people and how to get control over this disease.
- This disease causes respiratory problems in the Lungs of humans.
- The first Asthma disease meeting was held in Barcelona, Spain.
- The meeting was conducted in more countries to get the control of Asthma.
- It causes difficulty in breathing to humans.
Daily CA One- Liner: May 2
- India’s first ‘dark sky reserve’ in Ladakh’s Hanle village is now ready and will be opened for the public soon
- The first of its kind ‘Millets Experience Centre (MEC)’ has been launched by Agriculture Minister Narendra Singh Tomar at Dilli Haat in New Delhi
- SAIL-Bokaro Steel Plant (BSL) has entered into an MoU with Telecommunications Consultants India Limited (TCIL) to explore potential of application of 5G/ IT/ Telecom and other wireless communication technologies in SAIL-Bokaro Steel Plant including SAIL’s Mines & Collieries, Central Coal Supply Organization and the SAIL Refractory Unit in Jharkhand
- Changlang in Arunachal Pradesh, India’s easternmost district received the Prime Minister’s Award for Excellence in Public Administration for its innovative New Age Learning Centre (NALC)
- RINL bagged Steel Ministry’s “Ispat Rajbhasha Samman” First Prize for the year 2021-22
- Odisha FC won their first title after beating Bengaluru FC in the final of the Super Cup at the EMS Corporation Stadium in Kozhikode
- The Odisha government decided to further extend its sponsorship for both the Men and Women Indian Hockey Teams (senior and junior) for another ten years from 2023 to 2033
- Renowned sports historian and TV show host Boria Majumdar released a new book titled ‘Sachin@50 – Celebrating a Maestro on the occasion of Sachin Tendulkar’s 50th birthday
- World Tuna Day is observed every year on May 2.
- World Asthma Day is a global healthcare event commemorated every year on the first Tuesday in May to promote awareness of asthma worldwide.
- Reserve Bank of India (RBI) came out with detailed norms for outsourcing of IT services by banks, Non bank financial Companies (NBFCs) and regulated financial sector entities to ensure that such arrangements do not undermine their responsibilities and obligations to customers.
- ICICI Bank, one of India’s leading private sector banks, has introduced a new digital and contactless payment facility for parking at the Mangaluru International Airport.
- According to the circular from the RBI declared that the statutory branch audit of the PSBs should be carried out to cover a minimum of 70% of the funded and non-funded business for FY23 and from FY24 they can decide the percentage of business coverage they want audited.
- Shivalik Small Finance Bank (SFB) has partnered with grain commerce platform Arya.ag to finance small farmers against warehouse receipt.
- India’s biggest public sector bank, State Bank of India (SBI) collaborates with a startup, Garuda Aerospace Pvt Ltd (GAPL) with a view to making drone technology more accessible to the agricultural sector while also increasing efficiency in the sector’s use of the technology.
- The Telangana Government has launched a Grand Challenge for Innovation to promote innovation in the food processing sector.
- Public enterprises selection board (PESB) has recommended Amarendu Prakash for the post of Chairman, of Steel Authority of India Ltd (SAIL).
- Grounded airline Jet Airways (India) Ltd Chief Executive Officer (CEO)-designate Sanjiv Kapoor has resigned from the airline.
- The Appointments Committee of the Cabinet (ACC) has approved the appointment of Siddhartha Mohanty, interim LIC Chairman, as regular Chairperson of the state-controlled Life Insurance Corporation of India (LIC) till June 29, 2024.
- The 7th edition of joint military exercise “AJEYA WARRIOR-23” between India and the United Kingdom (UK) was conducted at Salisbury Plains, United Kingdom from 27 April to 11 May 2023.