Current Affairs May 13th 2023| Current Affairs News

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CURRENT AFFAIRS : BANKING & FINANCE

SEBI permits Foreign Portfolio Investors Direct Market Access to exchange-traded commodity derivatives  

• In order to promote institutional participation in Exchange Traded Commodity Derivatives (ETCDs), the capital market regulator Securities and Exchange Board of India (SEBI) allowed stock exchanges to extend direct market access (DMA) to registered Foreign Portfolio Investors (FPIs) with immediate effect.

What is DMA?

• Direct Market Access (DMA) facilitates the clients of a broker to directly access the exchange trading system through the broker’s infrastructure to place orders without manual intervention by the broker.
• Also, DMA provides certain advantages to brokers such as direct control over orders, faster execution of orders, reduced risk of errors associated with manual order entry, maintaining confidentiality, lower impact costs for large orders and implementing better hedging and arbitrage strategies.

Key Highlights :

• Based on representations received for enabling DMA facility to FPIs in ETCDs and deliberations by Commodity Derivatives Advisory Committee (CDAC) of SEBI, has been decided to allow stock exchanges to extend DMA facility to FPIs for participation in ETCDs.
• This permission is subject to certain conditions that require brokers to follow procedure for application for DMA, operational specifications, client authorisation, and broker-client agreement, risk management, among others.
• In September 2022, SEBI allowed FPIs to participate in the ETCDs in order to increase depth and liquidity in the market.
• SEBI had already allowed institutional investors such as Category III Alternative Investment Funds (AIFs), Portfolio Management Services and Mutual Funds to participate in the ETCD market.

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.

Unnati’s Ora Finance Becomes 1st Agritech Firm to Receive NBFC License     

• Unnati, a fintech-based agritech company, made an announcement regarding its subsidiary, Ora Finance, becoming the first-ever agritech firm to receive an non-banking financial company (NBFC) license.
• It will allow the company to meet the financial requirements of those in the agricultural sector, like farmers, retailers, traders, brands, and food processors.
• Unnati has a network of more than one lakh registered retailers and traders who use its uStore app to engage with the farmers and manage their agribusinesses on a day-to-day business.
• These partners reach out to over3 million farmers through its apps.

What is NBFC?

• A NBFC is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency.

Eligibility criteria of NBFC :

• The company must be registered under the Companies Act, 2013, or any other relevant law.
• The company must have a minimum net owned funds of 2 crores.
• The company must have a board of directors with at least one director having at least 10 years of experience in the banking or financial sector.

India extends $1 billion credit line for Sri Lanka by a year until March 2024

• India has extended a $1 billion credit line for Sri Lanka by one year until March 2024, giving the crisis-hit country a backup funds to pay for essential imports.
• The credit line, part of about $4 billion in emergency assistance extended by India during the peak of Sri Lanka’s financial crisis in 2022, was scheduled to end in March, 2023.
• There is about $350 million left of the credit line that can be utilised as needed.

About Sri Lanka :

• President : Ranil Wickremesinghe
• Prime Minister : Dinesh Gunawardena
• Capital : Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
• Currency : Sri Lankan rupee (Rs

AIBEA is set to launch ‘Bank Clinic’ to help retail customers with grievance redress

• The All India Bank Employees’ Association (AIBEA), is the oldest and largest national trade union of bank employees in India plans to set up an online ‘Bank Clinic’ to assist bank customers with grievance redress.
• Once a bank’s retail customer lodges an online complaint with “Bank Clinic”, ALBEA’s team will take up the complaint with the Bank for redress.
• The Bank Clinic will be one more channel through which a retail bank customer can get his grievances addressed besides the normal Banking Ombudsman channel.

About AIBEA :

• Founded : 20 April 1946
• General Secretary : C. H. Venkatachalam

RBL Bank goes live on ‘Direct Tax Collections’ through TIN 2.0

• RBL Bank formerly known as Ratnakar Bank has gone live with ‘Direct Tax Collections’ on behalf of the Government of India (GoI) through the new Tax Information Network (TIN2.0) portal.
• This is the second such offering from the Bank, following its empanelment by the Reserve Bank of India (RBI) as an ‘Agency Bank’ to conduct banking business for the Central and State Governments.
• The Bank already offers customs duty collections through a direct interface via Indian Customs Electronic Data Interchange Gateway (ICEGATE).
• This enhanced service will enable RBL Bank customers to make direct tax payments seamlessly via various digital channels and RBL Bank branches.
• Leveraging its enhanced technology framework, the solution provides an easy, user-friendly platform for managing direct tax payments and marks an important milestone in RBL Bank’s Government Banking offerings.
• This segment is one of the key focus area for the Bank as a high enabler for growing its liability franchise.

About RBL Bank :

• Founded : 6 August 1943
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : R. Subramaniakumar
• Tagline : Apno ka Bank

Rukart partners with SBI for easy loans to customers buying cold storage system ‘Subjee Cooler’

• Agritech firm Rukart, which sells ‘Subjee Cooler’ to enhance shelf life of fruits and vegetables, has tied up with State Bank of India (SBI) to help potential customers in getting easy loan options to buy the product.

Aim :

• To mitigate distress sales among marginal/small farmers and retailers.

About Rukart :

• Founded : May 2019
• Rukart manufactures Subjee Cooler, a cold chain storage system that requires only 20 liters of water a day to function.
• It increases the shelf life of fruits, flowers and vegetables by 4-6 days.
• The cost of the product is Rs 50,000 each and one Subjee Cooler has a storage capacity of 100 kg.
• Rukart is mentored by the Powering Livelihoods program, jointly run by Council On Energy, Environment and Water (CEEW) and Villgro Innovations Foundation.

About SBI :

• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara

CURRENT AFFAIRS: NATIONAL NEWS

Government allocated Rs. 611 crores to incubators under startup seed fund scheme so far

• The government has allocated Rs 611 crore to incubators and out of that, Rs 61 crore was released to startups under the seed fund scheme so far.
• In April 2021, the government launched the Startup India Seed Fund Scheme (SISFS) with a corpus of Rs 945 crore.
• The corpus is divided over the next four years (till 2025) for providing seed funding to eligible startups through eligible incubators across India.
• The fund aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialisation.
• So far, 165 incubators have been selected under the scheme and Rs 611 crore has been approved for them.
• Nodal Department: Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry.
• An Experts Advisory Committee (EAC) has been created by DPIIT to execute and monitor the SISFS.
• The EAC will select eligible incubators who will be provided grants of up to Rs 5 Crores each.
• In turn, the selected incubators will provide startups with up to Rs 20 lakhs for validation of Proof of Concept, prototype development, and product trials to startups.
• Eligibility criteria for Startups:
• A startup recognized by DPIIT incorporated not more than 2 years ago at the time of application.
• Startup should not have received more than Rs 10 lakh of monetary support under any other Central or State Government scheme.
• Shareholding by Indian promoters in the startup should be at least 51% at the time of application to the incubator for the scheme.

Govt revises nutritional standards in its food safety schemes for kids

• A decade after the National Food Security Act (NFSA) was enacted, the Central government has revised the nutritional standards of meals at schools and Anganwadi.
• The amendment has been done on the recommendations of an inter-ministerial committee, which, in its draft report, had also recommended that the serving of eggs as part of government food safety programmes be also made mandatory.
• However, there are no restrictions on states and Union Territories to add eggs and other items on the menu of food safety programmes such as midday meals (now known as PM Poshan) at schools, or the Integrated Child Development Services (ICDS) scheme at anganwadis that covers pre-school children, along with pregnant and lactating mothers.
• In its draft report, the inter-ministerial committee had recommended “urgent action”, citing the possible impact of the Covid-19 pandemic in worsening the “silent crisis” of undernutrition.
• Three new categories have been created for undernourished children aged between six months to six years.
• The nutritional standards for some existing categories such as lower primary classes, and upper primary classes have been revised.
• For instance, under the previous norms, every child in lower primary classes was entitled to get 450 kilocalories (kcal) and 12 gm protein with midday meals.
• Now, the protein quantity has been hiked to 15-20 gms, while fat (18-21 gms) and carbohydrates (70 gms) are part of the mix as well.

IIFT celebrates Diamond Jubilee on its 60th Foundation Day

• Indian Institute of Foreign Trade (IIFT), New Delhi celebrated its Diamond Jubilee on its 60th Foundation Day on 2nd May 2023.
• The Indian Institute of Foreign Trade (IIFT) was established in 1963 as an autonomous body under the Ministry of Commerce & Industry to contribute in the skill building for the external trade sector of India.
• The Institute was granted “Deemed to be University” status in 2002.
• The Institute was granted the prestigious AACSB accreditation on 17th November, 2021.
• With this the IIFT figures amongst 900+ Business School of the world which have earned this accreditation.
• The National Assessment and Accreditation Council (NAAC) has recognized IIFT as Grade ‘A’ Institution in 2005 as well as in 2015.

ULIP Integration with Digital Systems of Coal Ministry  kicks off

• Secretary of, the Ministry of Coal chaired a meeting on the integration of the Unified Logistics Interface Platform (ULIP) with the digital systems of the Ministry of Coal.
• It was launched in 2022 as a part of the ‘National Logistics Policy (NLP)’.
• It is designed for enhancing efficiency and reducing the cost of logistics in India by creating a transparent, single-window platform to pro vide real-time information to all stakeholders.
• It was emphasized that the solution should have visibility of multi-modal transport and all the existing systems should be integrated with the ULIP system to create a National Single Window Logistics Portal.
• It will provide real-time monitoring of cargo movement and ensure the confidentiality of data with end-to-end encryption.
• There are three key components of this platform namely
• Integration with existing data sources of ministries
• Data exchange with private players
• Unified document reference in the supply chain.

MSME Ministry Organizes first North East SMB Outreach program BizAmp

• Union Ministry of Micro, Small and Medium Enterprises (MSME) has recently presided over BizAmp.
• It is the first outreach programme to empower MSMEs from the North-Eastern States and amplify their businesses utilizing benefits under Self-Reliant India (SRI) Fund.
• Organized by the Ministry of MSME in association with NSIC Venture Capital Fund Limited (NVCFL) under its SRI Fund.
• It served as a platform for the empanelled daughter funds of SRI Fund to reach the MSMEs in the North East Region of India.
• It focuses upon maximizing capital benefits through NVCFL’s SRI Fund.
• The Government of India, launched SRI Fund with an outlay corpus of Rs 10,006 crore, concentrated towards financing an infusion of capital to MSMEs through Daughter Funds.
• The SRI fund which is being managed by NVCFL, is an Alternative Investment Fund (AIF) providing growth capital to MSMEs through equity/quasi-equity/equity-like structured instruments.
• As on 31st March 2023, the fund has made a capital commitment of Rs. 5,120 crore to 42 empaneled daughter funds.

CURRENT AFFAIRS : STATE NEWS

Punjab becomes the first state to enforce ‘Right to walk’

• Punjab became first state to implement the ‘right to walk’.
• The Punjab government has made it mandatory for all road-owning agencies, including National Highways Authority of India (NHAI), to provide footpaths and cycle tracks in the future expansion of roads and construction of new roads.
• The Punjab government has announced to enforce the ‘right to walk’ due to consistent rise in deaths of pedestrians and cyclists.
• The state government has issued these directions following two court orders after Public Interest Litigations (PILs) were filed at Punjab and Haryana High Court (HC) and another in the Supreme Court of India.
• To prepare an action plan for constructing footpaths and cycle tracks, public works department, local bodies, NHAI and urban development departments have been instructed to prepare an action plan.

About Punjab :

• Governor : Banwarilal Purohit
• Chief Minister : Bhagwant Mann
• Airport : Ludhiana Airport, Sri Guru Ram Das Ji International Airport,Bathinda Airport

PTC India inks MoU with Brookfield for 100 MW solar power in Rajasthan            

• Power trading solution provider PTC India has entered into a Memorandum of Understanding (MoU) with Brookfield Renewables to purchase 100 MW of solar power on a long-term basis.
• Brookfield Renewables is developing a 400 MW solar power project in Bikaner solar park in Rajasthan.
• The agreement includes an option to increase the power capacity to 200 MW at the time of project commissioning based on mutual confirmation by the two parties.
• PTC India will market the power to various utilities and commercial and industrial consumers.
• Under this arrangement, PTC India will provide Brookfield Renewables with an assured tariff and payment security.

About PTC India Limited :

• Founded : 16 April 1999
• Headquarters : New Deli, India
• Chairman & MD : Dr.Rajib.K.Mishra
• PTC India Limited, formerly Power Trading Corporation of India Limited, is an Indian company that provides power trading solutions, cross border power trading, and consultancy services.

About Rajasthan :

• Governor : Kalraj Mishra
• Chief Minister : Ashok Gehlot
• Capital : Jaipur
• National Park : Keoladeo National Park, Ranthambore National Park
• Wildlife Sanctuary : Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary\

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

National Investment and Infrastructure Fund appoints Rajiv Dhar as its interim CEO                                            

• National Investment and Infrastructure Fund Ltd (NIIFL) has appointed Rajiv Dhar, as the Chief Executive Officer (CEO) & Managing Director (MD) of NIIFL on an interim basis, effective May 11, 2023.
• The planned succession follows Sujoy Bose’s request to relieve him from his current responsibilities as MD and CEO, a position he held since 2016 in the company.

About Rajiv Dhar :

• Dhar, with more than 30 years of experience, has been a critical member of the NIIFL leadership team since 2017.
• Prior to this new appointment, he is executive director and chief operating officer (COO) at NIIF.
• NIIFL manages over $4.3 billion of equity capital commitments across its 3 funds – Master Fund, Fund of Funds, and Strategic Opportunities Fund, each with a distinct investment strategy committed to supporting the country’s growth needs.

About NIIFL :

• Founded: February 2015
• Headquarters: Mumbai,Maharashtra, India.
• NIIFL is an investment platform for international and Indian investors anchored by the Government of India.

Alia Bhatt appointed as first Indian Global Ambassador of Gucci                                         

• Gucci, Italian high-end luxury fashion house has appointed Alia Bhatt as its first Indian Global Ambassador for the House.
• Alia Bhatt will make her first appearance as Global Brand Ambassador on the occasion of the House’s upcoming Cruise 2024 fashion show in Seoul, Korea, at Gyeongbokgung Palace on May 16, 2023
• The show will mark the fashion house’s 25 years in the country.
• It is the first time that Gucci has appointed an Indian celebrity as a global ambassador, in what seems to be a growing global recognition of the Indian market.

About Gucci :

• Founded : 1921
• Headquarters : Florence, Italy
• CEO : Marco Bizzarri

CURRENT AFFAIRS: BUSINESS NEWS

Domestic gas price for May set at $8.27, consumers will continue paying ceiling price of $6.50

• The price of domestic natural gas for May has been set at $8.27 per million British thermal units (mBtu), up from $7.92 for most of April 2023.
• This increase is in line with the new domestic gas pricing formula introduced in April 2023.
• In April 2023, the Union Cabinet approved significant changes in the pricing regime for domestic natural gas under the ambit of the administered price mechanism (APM).
• Under the APM, the Indian government sets the price of natural gas produced by oil and gas companies.
• The price of APM gas has been determined as per the ‘modified’ Rangarajan formula since November 2014.
• The revised pricing mechanism is based on recommendations of a panel headed by Kirit Parikh.
• Despite the increase in notified price, consumers will continue to be charged $6.50 per mBtu — the ceiling price of gas as per the new pricing regime.
• This means that this price revision is unlikely to result in price changes in case of fuels like compressed natural gas (CNG) for transportation and piped natural gas (PNG) for household use.

Dialog, Axiata Group and Bharti Airtel sign binding term sheet to combine operations in Sri Lanka

• Dialog Axiata Plc, Axiata Group Berhadm and Bharti Airtel signed a binding term sheet to combine the operations of Bharti Airtel Lanka.
• Bharti Airtel Lanka is a wholly-owned subsidiary of Airtel.
• Under the proposed transaction, Airtel will be granted a stake in Dialog, representing the fair value of Airtel Lanka.
• Upon the completion of the transactions, Airtel will accordingly be issued new shares in Dialog.
• The proposed transaction is subject to the execution of definitive agreements and the fulfilment of all closing conditions, including regulatory and shareholder approvals.
• Recently, Bharti Airtel has partnered with Bridgepointe Technologies under Global Channel Partners Programme.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India, Israel sign MoU on Industrial Research and Development Cooperation with focus on several key technology areas

• An MoU has been signed by India and Israel on industrial research and development cooperation with a focus on several key technology areas.
• It includes aerospace, Electronics Instrumentation, Civil, Infrastructure and Engineering, Environment, Mining, Chemicals, and Petrochemicals and Agriculture.
• India and Israel will enhance partnership in areas such as innovation and start-ups, ushering in a new phase of deeper bilateral cooperation.
• CSIR and Directorate of Defense Research and Development, Ministry of Defense of Israel signed the Multi-Sectoral Agreement in New Delhi.

About Israel:

• Capital: Jerusalem
• Currency: Shekel
• Prime minister: Benjamin Netanyahu

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy and Royal Thai Navy conduct 35th Indo-Thai coordinated patrol   

• The Indian Navy and the Royal Thai Navy conducted the 35th edition of the India-Thailand Coordinated Patrol (Indo-Thai CORPAT) from May 3 to May 10, 2023, in the Andaman Sea.

Aim :

• To reinforce maritime linkages between the two countries and ensure the safety and security of the international trade route in the Indian Ocean.

Participants :

• Indian Naval Ship (INS) Kesari and His Thai Majesty’s Ship (HTMS) Saiburi along with Maritime Patrol Aircraft from both navies participated in the CORPAT.

Key Highlights :

• The Indian Navy and the Royal Thai Navy have been organizing CORPAT bi-annually since 2005 along the International Maritime Boundary Line (IMBL).
• CORPAT help in building understanding and improving interoperability between both navies.
• CORPAT gives an opportunity to facilitate instituting measures to prevent and suppress unlawful activities like fishing, drug trafficking, piracy and armed robbery.
• It will enhance synergy for exchanging information for the prevention of smuggling, and illegal immigration and for the conduct of Search and Rescue (SAR) operations at sea.
• As part of the Security and Growth for All in the Region (SAGAR) initiative, the Indian Navy is proactively engaging with the countries in the Indian Ocean Region (IOR) towards enhancing regional maritime security.
• It is another step towards enhancing the bonds of friendship between India and Thailand.

About Ministry of Defence : 

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

Indian Army to Have Common Uniform for Brigadier and Above rank officers from August 1                        

• The Indian Army has decided that from August 1,2023 officers of the rank of Brigadier and above will have a common uniform irrespective of their different parent cadre and appointment.
• The decision was taken after detailed deliberations during the recently concluded Army Commanders’ Conference.

Key Highlights :

• As part of the decision, headgear, shoulder rank badges, gorget patches, belts and shoes of senior officers will be standardised.
• There will be no change in the uniform worn by officers of the rank of Colonel and below.
• The Indian Army has decided to adopt this common uniform to promote and strengthen common identity and approach in service matters amongst senior leadership, beyond the boundaries of regimentation.
• The officers of brigadiers and above in the Indian Army are those who have already commanded units or battalions and are mostly posted at headquarters or establishments where officers from all arms and services work together.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

IBM partners with NASA to monitor natural disasters and climate change using AI                         

• Tech major International Business Machines (IBM) has partnered with US space agency National Aeronautics and Space Administration (NASA) to design a new geospatial foundation model to track climate change on Earth.

Key Highlights :

• The new geospatial foundation model, which is part of IBM’s Space Act Agreement with NASA, converts the space agency’s satellite observations into customised maps of natural disasters and other environmental changes.
• The first-ever foundation model for analysing geospatial data will help estimate climate-related risks to crops, buildings, and other infrastructure, value and monitor forests for carbon-offset programmes, and develop predictive models to help enterprises create strategies to mitigate and adapt to climate change.
• This model would be part of IBM’s watsonx.ai, a nextgen enterprise studio, expected to be generally available in July,2023 for AI builders to train, test, tune, and deploy both traditional machine learning and new generation AI capabilities.

About NASA :

• Founded : July 29, 1958
• Headquarters : Washington, D.C, United States (US)
• Administrator : Bill Nelson
• The NASA is an independent agency of the U.S. federal government responsible for the civil space program, aeronautics research, and space research.

About IBM :

• Founded : June 16, 1911
• Headquarters : Armonk, New York, United States
• Chairman and CEO : Arvind Krishna
• The International Business Machines Corporation, nicknamed Big Blue, is an American multinational technology corporation.

CURRENT AFFAIRS: SPORTS NEWS

Azerbaijan Grand Prix: Perez beats Verstappen to win in Baku

• Sergio Pérez took a remarkable victory at the Azerbaijan Grand Prix in Baku after defeating his teammate and championship Max Verstappen.
• The Mexican driver took his sixth career win.
• Perez is now just six points behind Verstappen, with both drivers having won two races each after four rounds of the championship.
• Ferrari driver Charles Leclerc finished third, claiming his team’s first podium appearance of the year.
• The Azerbaijan Grand Prix is a Formula One motor racing event.
• It was organized at the Baku Formula One city circuit in Baku, Azerbaijan.

Yogi Adityanath unveils logo, mascot, torch and anthem of Khelo India University Games

• Union Minister of Youth Affairs and Sports Anurag Thakur and Uttar Pradesh Chief Minister Yogi Adityanath launched the Logo, jersey, mascot, torch and anthem of the Khelo India University Games (KIUG) 2022 in Lucknow.
• The 3rd edition of the Khelo India University Games will take place from May 23 to June 3, 2023.
• Inspired by the ideology of Kaushal, Neeti and Dhairya, the games are slated from May 25 to June 3 in various cities of Uttar Pradesh.
• The game’s mascot Jitu the Barasingha, the exotic vibrant state animal who embodies “Garv se Gaurav” was then unveiled by the Chief Minister himself.
• The official logo of the Khelo India University Games 2022 Uttar Pradesh represents the rich heritage of Uttar Pradesh, India’s largest state.
• The logo is a representation of the state’s rich traditional and historical legacy which has been the foundation for its development in all aspects viz; education, infrastructure and sports.
• ‘Shakti’, the official torch of the Khelo India University Games, Uttar Pradesh is a symbol of not only its heritage and the spirit it embodies but also a living entity that is brimming with energy.
• The opening ceremony is scheduled for May 25 at the Babu Banarasi Das University in Lucknow.
• The KIUG 2022 Games will be held in Varanasi, Noida and Gorakhpur, besides the state capital of Lucknow.
• The Shooting competition will be organized in New Delhi at the Dr. Karni Singh Shooting Range.
• For the First time, water sports such as Rowing will be a part of the Khelo India University Games.
• Two indigenous Sports Disciplines namely Mallakhamb and Yogasana, were part of the last edition of the Khelo India University Games held in Karnataka and will also be part of this edition.

Daily CA One- Liner: May 13

• In order to promote institutional participation in Exchange Traded Commodity Derivatives (ETCDs), capital market regulator Securities and Exchange Board of India (SEBI) allowed stock exchanges to extend direct market access (DMA) to registered Foreign Portfolio Investors (FPIs) with immediate effect.
• Unnati, a fintech-based agritech company, made an announcement regarding its subsidiary, Ora Finance, becoming the first-ever agritech firm to receive an non-banking financial company (NBFC) license.
• India has extended a $1 billion credit line for Sri Lanka by one year until March 2024, giving the crisis-hit country a backup funds to pay for essential imports.
• The All India Bank Employees’ Association (AIBEA), is the oldest and largest national trade union of bank employees in India plans to set up an online ‘Bank Clinic’ to assist bank customers with grievance redress.
• RBL Bank formerly known as Ratnakar Bank has gone live with ‘Direct Tax Collections’ on behalf of the Government of India (GoI) through the new Tax Information Network (TIN2.0) portal.
• Agritech firm Rukart, which sells ‘Subjee Cooler’ to enhance shelf life of fruits and vegetables, has tied up with State Bank of India (SBI) to help potential customers in getting easy loan options to buy the product.
• Punjab became first state to implement the ‘right to walk’.
• Power trading solution provider PTC India has entered into a Memorandum of Understanding (MoU) with Brookfield Renewables to purchase 100 MW of solar power on a long-term basis.
• National Investment and Infrastructure Fund Ltd (NIIFL) has appointed Rajiv Dhar, as the Chief Executive Officer (CEO) & Managing Director (MD) of NIIFL on an interim basis, effective May 11, 2023.
• Gucci, Italian high-end luxury fashion house has appointed Alia Bhatt as its first Indian Global Ambassador for the House.
• The Indian Navy and the Royal Thai Navy conducted the 35th edition of the India-Thailand Coordinated Patrol (Indo-Thai CORPAT) from May 3 to May 10, 2023, in the Andaman Sea.
• The Indian Army has decided that from August 1,2023 officers of the rank of Brigadier and above will have a common uniform irrespective of their different parent cadre and appointment.
• Tech major International Business Machines (IBM) has partnered with US space agency National Aeronautics and Space Administration (NASA) to design a new geospatial foundation model to track climate change on Earth.
• The government has allocated Rs 611 crore to incubators and out of that, Rs 61 crore was released to startups under the seed fund scheme so far
• A decade after the National Food Security Act (NFSA) was enacted, the Central government has revised the nutritional standards of meals at schools and Anganwadi
• Indian Institute of Foreign Trade (IIFT), New Delhi celebrated its Diamond Jubilee on its 60th Foundation Day on 2nd May 2023
• Secretary of, the Ministry of Coal chaired a meeting on the integration of the Unified Logistics Interface Platform (ULIP) with the digital systems of the Ministry of Coal
• Union Ministry of Micro, Small and Medium Enterprises (MSME) has recently presided over BizAmp
• The price of domestic natural gas for May has been set at $8.27 per million British thermal units (mBtu), up from $7.92 for most of April 2023
• Dialog Axiata Plc, Axiata Group Berhadm and Bharti Airtel sign ed a binding term sheet to combine the operations of Bharti Airtel Lanka
• An MoU has been signed by India and Israel on industrial research and development cooperation with a focus on several key technology areas
• Sergio Pérez took a remarkable victory at the Azerbaijan Grand Prix in Baku after defeating his teammate and championship Max Verstappen
• Union Minister of Youth Affairs and Sports Anurag Thakur and Uttar Pradesh Chief Minister Yogi Adityanath launched the Logo, jersey, mascot, torch and anthem of the Khelo India University Games (KIUG) 2022 in Lucknow