Current Affairs May 28th & 29th 2023| Current Affairs News

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CURRENT AFFAIRS : BANKING & FINANCE

RBI imposes ₹84.50 lakh penalty on Central Bank of India for non-compliance

The Reserve Bank of India (RBI) has imposed a penalty of ₹84.50 lakh on the Central Bank of India (the bank) for non-compliance with certain provisions of norms related to fraud classification and reporting.
The RBI had conducted statutory inspection for supervisory evaluation of the bank with reference to its financial position as on March 31, 2021.

Key Highlights :

Examination of the reports revealed that the public sector lender had failed to report fraud to RBI certain accounts within 7 days of the decision of Joint Lenders’ Forum (JLF) to declare the accounts as fraud.
It had recovered SMS alert charges from its customers on a flat basis rather than on actual usage basis.
The penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

About Central Bank of India :

Founded : 21 December 1911
Headquarters : Mumbai, Maharashtra, India
MD & CEO : Matam Venkata Rao
Tagline : Build a Better Life Around Us./ Central To You Since 1911

RBI sanctions merger of Maratha Cooperative Bank with Cosmos Cooperative Bank

The Reserve Bank of India (RBI) has sanctioned the voluntary Scheme of Amalgamation of Maratha Sahakari Bank with The Cosmos Co-operative Bank.
All the branches of Maratha Sahakari Bank Ltd., Mumbai (Maharashtra) will function as branches of The Cosmos Co-operative Bank Limited, Pune (Maharashtra) with effect from May 29, 2023.
The merger with Cosmos Co-operative Bank is aimed at ensuring the stability and continuity of services of Maratha Sahakari Bank.

Key Highlights :

The RBI had placed Maratha Sahakari Bank, which was founded in 1946 and has 7 branches in Mumbai, under Directions under Section 35 of the Banking Regulation Act, 1949, on August 31, 2016.
The Scheme has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949.
As of March-end 2022, The Cosmos Co-operative Bank, which is a multi-state urban co-operative bank with 140 branches in 7 states, had deposits and advances of ₹16,522 crore and ₹12,293 crore, respectively

About RBI :

Established : 1 April 1935
Headquarters : Mumbai, Maharashtra, India
Governor : Shaktikanta Das (First Governor of RBI- Sir Osborne Smith)
Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

LIC Q4 net profit surges over 5-fold to ₹13,191 crore

Insurance behemoth Life Insurance Corporation of India (LIC) posted a more than 5-fold jump in consolidated net profit to ₹13,191 crore for the fourth quarter ended March 2023.
The insurer had earned a profit of Rs 2,409 crore in the same quarter a year earlier.
However, the total income of the insurer during the March quarter declined to ₹2,01,022 crore from ₹2,15,487 crore in the same period of the previous fiscal

Key Highlights :

For the entire financial year 2022-23, LIC registered a multi-fold rise in net profit to Rs 35,997 crore from Rs 4,125 crore in the previous financial year.
The board of LIC has recommended a final dividend of ₹3 per equity share with a face value of ₹10 each for the year ended March 31, 2023.
The solvency ratio – which measures an insurance company’s cash flow in comparison to the amount it owes as total life cover – increased to 1.87% as of March 31, 2023, against 1.85% at the end of the preceding fiscal.
In 2022, the government raised ₹20,557 crore by diluting its 3.5% stake in the LIC through the initial public offering (IPO), the country’s biggest ever.
The government sold over 13 crore shares or a 3.5% stake in LIC through the IPO.
The price band of the issue was ₹902-949 a share.

About LIC :

Founded : 1 September 1956
Headquarters : Mumbai, Maharashtra, India
Chairperson : Siddharth Mohanty

CBDT exempts startup investments from 21 nations

India’s Finance Ministry has notified a total of 21 nations, investments from which in Indian start-ups will be exempted from Angel Tax.
Excluded entities include those registered with Security and Exchange Board of India (SEBI) as Category-I FPI, Endowment Funds, Pension Funds and broad-based pooled investment vehicles, which are residents of 21 specified nations, including the United States (US), United Kingdom (UK), Australia, Germany and Spain, as per the notification.
The other nations mentioned in the notification are Austria, Canada, Czech Republic, Belgium, Denmark, Finland, Israel, Italy, Iceland, Japan, Korea, Russia, Norway, New Zealand and
The Central Board of Direct taxes (CBDT) has notified that Non-resident investment in unlisted Indian startups from these countries will not attract Angel Tax.

What is Angel tax?

Angel tax is levied on unlisted companies in India that receive investments from angel investors.
The tax is levied on the amount of the investment that exceeds the fair market value of the shares issued by the company.
Angel tax essentially derives its genesis from section 56(2)(viib) of the Income Tax Act, 1961.
It is levied at a rate of 30.9% on net investments in excess of the fair market value to deter the generation and use of unaccounted money through subscription of shares of a closely held company, at a value which is higher than fair market value.

Key Highlights :

In 2019, the Government announced an exemption from the Angel Tax for startups on fulfilment of certain conditions.
These are,
The startup should be recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) as an eligible startup.
The aggregate amount of paid-up share capital and share premium of the Startup cannot be more than ₹25 crores.
This amount does not include the money raised from Non-Resident Indians (NRIs), Venture Capital Firms, and specified companies.
For angel investors, the amount of investment that exceeds the fair market value can be claimed for a 100% tax exemption.
However, the investor must have a net worth of ₹2 crores or an income of more than ₹25 Lakh in the past 3 fiscal years.
Previously, angel tax provisions were applicable only for investments received from resident investors.
However, Finance Bill 2023 has extended its applicability to non-resident investors as well.

About Ministry of Finance :

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

About Central Board of Direct Taxes :

CBDT is a statutory body established as per the Central Board of Revenue Act, 1963.
It is administered by the Department of Revenue under the Ministry of Finance.
It is India’s official financial action task force unit.

Govt caps amount of interest subvention at Rs 10 cr per IEC holder

The government capped the amount of interest subvention at Rs 10 crore per IEC (import-export code) holder in one financial year.
In March 2022 the RBI extended the interest equalisation scheme for pre and post-shipment rupee credit for Micro, Small and Medium Enterprises (MSME) exporters till March 2024 with the objective of boosting outbound shipments.
Exporters get subsidies under the ‘Interest Equalisation Scheme for pre and post-shipment Rupee Export Credit’.
All disbursements made from April 1, 2023, shall be counted for an IEC for the current financial year.
The interest equalisation rates under the scheme have been revised to 2% and 3% for specified categories of MSME manufacturer exporters.

What is the IEC Code?

Import Export Code (also known as IEC code) is a 10-digit identification number that is issued by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India.
IEC is an important document required to undertake the business of inbound and outbound shipments.

CURRENT AFFAIRS: NATIONAL NEWS

FSSAI announces to conduct nationwide surveillance of dairy products to curb adulteration

FSSAI stated that it will conduct nationwide surveillance of milk and milk products to check for adulteration.
The large-scale surveillance would involve collecting samples from both organized and unorganized sectors in all districts across the country.
Samples of products will also be tested like khoa, chenna, paneer, ghee, butter, curd, and ice cream, as part of the ongoing effort to check adulteration in milk and milk products.
The survey will assess the samples for compliance with quality and safety standards.
It will identify hotspots for adulteration of milk and milk products and take corrective action.
Since 2011, FSSAI has conducted five such surveillances of milk and milk products.
In 2018, the National Milk Safety and Quality Survey was conducted in all the states and union territories.
In 2020, a Pan-India Milk Products Survey was conducted by FSSAI to assess the safety and quality of milk products and desserts sold during festivals.
In 2022, a milk survey was conducted by FSSAI in 12 states, in which Lumpy Skin Disease (LSD) was spread in 10 states.

SECL’s Gevra mine to be largest coal producing mine in Asia

The government is scaling up the annual production of SECL’s Gevra coal mine to 70 MT making it the largest.
Gevra project of South Eastern Coalfields Ltd (SECL) in Chhattisgarh recently became the first mine in the country to achieve 50 MT of coal production.
Gevra mine is currently being expanded to achieve 70 MT of production, making it the largest coal producing mine in Asia.
Coal secretary Amrit Lal Meena was on a two-day visit to Chhattisgarh.
Along with officials of South East Central Railway (SECR) at SECL headquarters in Bilaspur, Meena reviewed the rail projects of Chhattisgarh East Railway Limited (CERL) and Chhattisgarh East West Railway Limited (CEWRL).
He inaugurated ‘Chhal’ rail siding in SECL, Raigarh area and also took stock of the progress of two rail corridors being developed on Special Purpose Vehicle (SPV) model in the state.
Under the PM Gati Shakti national master plan, the infrastructure required for transportation of coal is being developed in the country and the new rail corridor will prove to be a milestone in this regard.

GRSE launches innovation nurturing scheme for ideas in ship design, construction

In a bid to address challenges in the ship design and construction industry, defence PSU Garden Reach Shipbuilders and Engineers Ltd. launched an innovation nurturing scheme that would help generate a large number of ideas.
The GRSE Accelerated Innovation Nurturing Scheme 2023 is a two-stage process to help generate a large number of ideas from which a few promising ones may be selected and nurtured.
Kolkata-based defence shipyard launched GAINS 2023 to leverage the ecosystem that addresses present and emerging challenges in the ship design and construction industry.
Artificial intelligence, renewable energy, energy efficiency, and efficiency enhancement are focus areas for GRSE and are the thematic areas of the “GAINS 2023” challenge.
GAINS 2023, a scheme for encouraging innovators through an open innovation challenge, was launched by the youngest officer of GRSE, G Surya Prakash, assistant manager (finance), in the presence of the Minister of State for Electronics and IT and Skill Development and Entrepreneurship, Rajeev Chandrasekhar, through the virtual mode.

Centre forms Steering committee to review, monitor Cheetah translocation project

Central government formed a steering committee to review and monitor Cheetah translocation project.
An 11-member committee will be headed by Global Tiger Forum Secretary General Dr Rajesh Gopal has been formed to review and monitor the Cheetah translocation project.
The government has formed this committee after the death of three cheetah cubs.
It will also have a four-member consulting panel of international Cheetah experts.
The committee will advise the Madhya Pradesh Forest Department and the National Tiger Conservation Authority. It will also decide the opening of the cheetah habitat for eco-tourism.
The committee will also suggest ways to involve the local community in the project activities.
The steering committee will remain in force for two years and will meet at least once every month.
A total of 20 cheetahs arrived in India in two batches – the first batch of eight cheetahs from Namibia came in September 2022 and 12 more from South Africa came in February.

Govt to issue special commemorative coin of ₹75 to mark the inauguration of new Parliament building

Government will launch a special commemorative coin of Rs 75 to mark the opening of the new Parliament building.
A special commemorative of Rs 75 coin will be released on the occasion of the inauguration of the new Parliament building.
Rs 75 coin will be circular in shape with a diameter of 44 millimetres.
It will have 200 serrations.
The face of the coin will have the Lion Capitol of Ashoka Pillar in the centre with ‘Satyameva Jayate’ inscribed below it.
It will have ‘Bharat’ written in Devanagari script on the left and ‘India’ in English on the right.
It will be made up of a quaternary alloy with 50 per cent silver, 40 per cent copper, 5 per cent nickel, and 5 per cent zinc.
On the other side of the coin, there will be a picture of Parliament House, above which will be written ‘Sansad Sankul’ in Devanagari script and ‘Parliament Complex’ in English below.
This coin is not legal tender, it will be a commemorative coin.
The Reserve Bank of India (RBI) is responsible for the circulation of coins in India.
Under the Coinage Act, 1906, the central government has the power of designing and minting of coins.

SAMARTH campaign to promote digital transactions in gram panchayats

‘Samarth campaign’ has been launched by Shri Giriraj Singh to promote digital transactions in 50000 Gram Panchayats under Amrit Mahotsav in Lucknow.
The Ministry of Rural Development is running this campaign, w hich was started on 1st February 2023 and will continue till 15 August 2023.
The major thrust of the Samarth campaign is to promote digital transactions in rural areas, with a special focus on women.
Shri Giriraj Singh said that the NPA of Self-Help Groups (SHGs) which was 9.58% in 2013, has come down to below 2% now.

Government Signs Agreement With Six States To Start Digital Crop Survey

Central government signed an agreement with six states to conduct Digital crop survey.
The Central government signed an agreement with Assam, Gujarat, Madhya Pradesh, Odisha, Rajasthan and Uttar Pradesh to conduct the Digital crop survey.
The agreement has been signed at a workshop, which was organized by the Union agriculture ministry to discuss with state governments the implementation plan of the Digital crop survey.
A manual for a web portal and a mobile application for a Digital crop survey has been also launched on this occasion.
Digital crop survey is part of the government’s Agristack or India Digital Ecosystem for Agriculture (IDEA).
Agristack and Krishi-Decision Support System (Krishi-DSS) will help in resolving issues and challenges in the agriculture sector.
The digital crop survey will give a clear picture of crops being sown across the country during different agriculture seasons.
The main aim of the project is to create one verified source about the farmer and his/her crop-sown data.
The digital survey system will use new technology like advanced analytics, GIS-GPS technologies and artificial intelligence and machine learning.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Savarkar statue to be unveiled in Mauritius

After Chhatrapati Shivaji Maharaj’s statue, the bust of freedom fighter Vinayak Damodar Savarkar also known as Veer Savarkar will be unveiled in the port Luis capital city Mauritius on May 28,2023 Savarkar’s birth anniversary.
Maharashtra public works department (PWD) minister Ravindra Chavan will attend the programme which will be graced by Prithviraj Singh Rupan, President of Mauritius, and Leladevi Dookun-Luchoomun, the Deputy Prime Minister.
This is the second-consecutive function where two icons of Maharashtra from different eras are being honoured by Mauritius.
In April,2023 a 13-feet-tall statue of Chhatrapati Shivaji Maharaj was unveiled by deputy CM Devendra Fadnavis on the premises of Maharashtra Bhavan.
The latest function will mark the beginning of ‘Veer Savarkar Global Summit’ with the aim to spread the work, literature and thoughts of the freedom fighter.

About Mauritius :

President : Prithvirajsing Roopun
Prime Minister : Pravind Jugnauth
Capital : Port Louis
Currency : Mauritian rupee

CURRENT AFFAIRS : STATE NEWS

Himachal Pradesh’s Kangra Tea becomes 2nd product to get European Geographical Indication tag

Kangra tea of Himachal Pradesh (HP) has become the second product after Basmati Rice of the country to get registered with the European Union (EU) as a protected Geographical Indication (GI), paving the way for the sale of the product in European countries.
Among the states with GI tags Tamil Nadu (TN) has the highest number of GI tags in the country followed by Uttar Pradesh (UP).
Tamil Nadu has 55 GI tagged goods while U.P has 48 followed by Karnataka with 46.
However U.P is first in terms of Handicrafts with 36 GI tags for craft category.

About Kangra tea :

Kangra tea is a tea from the Kangra district in Himachal Pradesh (HP).
Kangra tea was given the Geographical Indication status in 2005.

About GI Tag :

The GI Tag is a status given to a product belonging exclusively to a particular area.
The quality, reputation and any other characteristics of that particular product is generally attributed to the geographical origin of the product.
A GI, a kind of Intellectual Property Rights (IPR), is primarily an agricultural, natural or manufactured product (handicraft and industrial goods) originating from a definite geographical territory.
The tag is valid for a period of 10 years after which it is renewed.
The Department for Promotion of Industry and Internal Trade (DPIIT),an arm of the commerce and industry ministry which deals with investments and intellectual property rights (IPRs), has issued operational guidelines for financial assistance for undertaking the initiatives for the promotion of GIs.

About HP :

Governor : Shiv Pratap Shukla
Chief Minister : Sukhvinder Singh Sukhu
Capital : Shimla (Summer), Dharamshala (Winter)
Wildlife Sanctuary : Daranghati Sanctuary, Kanwar Sanctuary,Rupi Bhawa Sanctuary

Rajasthan government promotes manufactured sand as easy alternative to river sand

The government of Rajasthan has made the decision to promote the usage of manufactured sand (M-Sand) as an inexpensive and easy alternative to river sand.
Additional chief secretary (mines, petroleum and MSME) Veenu Gupta stated that investors would be encouraged to set up M-sand units in Rajasthan.

Key Highlights :

In its M-sand policy, the Rajasthan government had made it mandatory to use at least 25% of it in government constructions.
In January 2021, the state government had released the M-Sand Policy, 2020.
Under the policy, 36 units have been set up and the annual production is around 5 million tonnes.
The objective of the policy is to generate employment at the local level as well as to solve the problem of waste generated from the mines.
The policy was announced in the budget for 2019-20.
Under this M-Sand units have been given industry status and provisions have been made as per the requirements of the state.
The benefits include investment subsidy in state goods and services tax, and concessions in electricity fees, land tax, and stamp duty.

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: AWARDS AND HONOURS

Three Indian peacekeepers to be honoured with U.N.’s Dag Hammarskjold medal

Three Indian peacekeepers were awarded the Dag Hammarskjold Medal by the United Nations.
The three Indians include Border Security Force (BSF) personnel Head Constables Shishupal Singh and Samwali Ram Vishnoi.
They served with the Organisation Stabilisation Mission in the Democratic Republic of the Congo.
The three Indians also include Shaber Taher Ali.
He was employed in a civilian capacity with the U.N. Assistance Mission for Iraq.
Singh and Vishnoi were among five people killed during an anti-UN protest in the Eastern city of Goma near Congo’s border with Uganda.
While Singh hailed from Sikar, Vishnoi belonged to Barmer.
India first participated in a U.N. peacekeeping mission in 1950.
Dag Hammarskjold Medal is the highest honour awarded to U.N. Peacekeepers.
It is named after Dag Hammarskjöld, the second Secretary-General of the United Nations.
This year marks the 75th anniversary of the U.N. Peacekeeping. The International Day of United Nations Peacekeepers is observed on May 29.

CURRENT AFFAIRS: RANKING AND REPORTS

Kangra tea becomes second GI-tag Indian product to get registered with EU

Kangra tea of Himachal Pradesh has become the second product after Basmati Rice in the country to get registered with the European Union (EU) as a protected Geographical Indication (GI), paving the way for the sale of the product in European countries.
Among the states with GI tags Tamil Nadu has the highest number of GI tags in the country followed by Uttar Pradesh.
Tamil Nadu has 55 GI-tagged goods while U.P has 48 followed by Karnataka with 46.
However U.P is first in terms of Handicrafts with 36 GI tags for craft category.
The Geographical Indication Tag is a status given to a product belonging exclusively to a particular area.
The quality, reputation and any other characteristics of that particular product is generally attributed to the geographical origin of the product
GI tag is given primarily to agricultural, natural and manufactured handicraft and industrial goods. The tag is valid for a period of 10 years after which it is renewed.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

R.Dinesh elected as President of Confederation of Indian Industry for 2023-24

The National Council of Confederation of Indian Industry (CII) has elected R Dinesh, executive vice-chairman of TVS Supply Chain Solutions, as the president of CII for 2023-24.
He takes over from Sanjiv Bajaj, chairman and managing director, Bajaj Finserv Limited who served as president of CII for 2022-23.

Other Appointments :

Sanjiv Puri, the Chairman and Managing Director of ITC Limited, will assume the role of President-Designate of CII for the year 2023-24.
Rajiv Memani, Chairman of the India region of Ernst & Young (EY), a global professional services organisation, has been appointed as the Vice President of CII for 2023-24.

About R Dinesh :

Dinesh is a fourth-generation member of the TVS family.
He founded TVS Supply Chain Solutions (formerly known as TVS Logistics) in 1995 and steered the company into a billion-dollar organisation.
Under his leadership, the company also expanded into more than 50 countries.

About CII :

Founded : 1895
Headquarters : New Delhi, Delhi, India
Director General : Chandrajit Banerjee
The CII is a non-governmental trade association and advocacy group.

Dream11’s Harsh Jain appointed as new chairman of Internet and Mobile Association of India

Harsh Jain, co-founder and chief executive officer (CEO) of Dream Sports has been elected as the chairman of the Internet and Mobile Association of India (IAMAI) for the period of next two years.
Jain has replaced Sanjay Gupta, Vice President and Country Manager, Google India at IAMAI.
Alongside him, Rajesh Magow, Co-Founder & Group CEO, MakeMyTrip, and Satyan Ganjwani, Vice Chairman, Times Internet, have been elected the Vice Chairman and the Treasurer of the association replacing Shivnath Thukral and Harshil Mathur respectively.
The new 24-member Governing Council and the new Executive Council of the IAMAI will take charge from the present councils at the upcoming Annual General Meeting.
The IAMAI Governing Council election is held every 2 years.

About IAMAI :

Founded : 2004
Headquarters : Mumbai, Maharashtra
IAMAI is a not-for-profit industry body representing the interests of the online and mobile value added services industry.
IAMAI represents the digital services industry in India and has over 500 Indian and multinational corporations as its members.
Its mandate is to expand and enhance the online and mobile value-added services sectors.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

CCI approves Multiples PE Fund & CPPIB investments in Acko Technology

The Competition Commission of India (CCI) approves acquisition of additional Series E compulsorily convertible preference shares of Acko Technology & Services Private Limited by Multiples Private Equity Fund III and CPP Investment Board Private Holdings (4) Inc (CPHI-4).
The proposed combination envisages the acquisition of additional Series E compulsorily convertible preference shares (CCPS) of Acko Technology & Services Private Limited (Acko/Target) by Multiples Private Equity Fund III (Multiples Fund III) & CPHI-4.

What is Multiples Fund III?

Multiples Fund III is a Category II Alternative Investment Fund with the Securities and Exchange Board of India (SEBI) and is being managed by Multiples Alternate Asset Management Private Limited.

What is CPHI-4?

CPHI-4 is a Canadian corporation and a wholly owned subsidiary of the Canada Pension Plan Investment Board (CPPIB).

About CCI :

Established : 14 October 2003
Headquarters : New Delhi, Delhi, India
Chairman : Ravneet Kaur
The CCI is the chief national competition regulator in India.
It is a statutory body within the Ministry of Corporate Affairs.
CCI consists of a chairperson and 6 members appointed by the Central Government.

CURRENT AFFAIRS : DEFENCE NEWS

Iran successfully test-launched Kheibar ballistic missile

Iran’s defence ministry unveiled the 4th generation of its Khorramshahr ballistic missile, with a range of 2,000 kilometres (1,242 miles) and a capacity to carry warheads weighing over a tonne.
It was developed by the Aerospace Industries Organisation (AIO).
The missile also is called Kheibar, after a Jewish fortress conquered by the Muslims in the 7th century in what is now Saudi Arabia.

About Kheibar missile :

Kheibarshekan is an Iranian solid-fuel medium-range ballistic missile operated by the Islamic Revolutionary Guard Corps Aerospace Force.
The Kheibar missile, the latest version of the Khorramshahr which is Iran’s longest-range missile to date was unveiled alongside a replica of the Al-Aqsa mosque in east Jerusalem.
Kheibar, a liquid fuel missile able to carry a 1,500-kg (3,300-pound) warhead.
Its name references the ancient town of Khaybar located in modern-day Saudi Arabia known for a decisive 7th century battle in which the army of Prophet Mohammed defeated its thousands of Jewish residents.
The speed of the high-mobility tactical missile “can reach Mach 16 outside the atmosphere and Mach 8 inside the atmosphere”.

About Iran :

President : Ebrahim Raisi
Capital : Tehran
Currency : Iranian rial

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Microsoft launches a multilingual AI-chat bot for rural India – Jugalbandi

Microsoft has unveiled a new generative Artificial Intelligence (AI)-driven multilingual chatbot called ‘Jugalbandi’, designed for farmers and other users living in rural India.
The chatbot is being developed in collaboration with Microsoft Research and the government-backed AI4Bharat – an open-source language AI centre based at the Indian Institute of Technology (IIT) Madras – and OpenNyAI.
The main objective of the collaboration is to break language barriers and provide technology-driven solutions through the Bhashini initiative.
Its main aim is to provide personalised assistance by understanding user queries in multiple languages.

About ‘Jugalbandi’ :

Jugalbandi is a combination of AI models from AI4Bharat and Microsoft Azure OpenAI Service which will enable seamless conversations between users and the chatbot.
Jugalbandi will provide information regarding numerous government schemes and welfare programs.
It will especially help those people who are unable to read, write, or understand English.
It will reduce the need to visit government service centres and minimise the inconvenience of retrieving missing documents.
Jugalbandi will cover 22 official languages and around 20,000 government programs.

About Microsoft :

Founded : April 4, 1975
Headquarters : Washington, United States
Chairman & CEO : Satya Nadella

Infosys Introduces a platform ‘Topaz’ for generative artificial intelligence

IT major Infosys Ltd launched a platform called ‘Infosys Topaz’ for generative artificial intelligence (AI).

Key Highlights :

It helps amplify the potential of humans, enterprises, and communities to tap into the next generation of opportunities to create value from unprecedented innovations, connected ecosystems, and pervasive efficiencies.
Infosys Topaz leverages Infosys applied AI framework to build an AI-first core that empowers people to deliver cognitive solutions that accelerate value-creation.
Infosys Topaz enables businesses, across industries, with support from an ecosystem of over 100 industry networks and partnerships.

About Infosys :

Founded : 2 July 1981
Headquarters : Bangalore, Karnataka, India
MD & CEO : Salil Parekh
Infosys Limited is an Indian multinational information technology company that provides business consulting, information technology and outsourcing services.

CURRENT AFFAIRS: SPORTS NEWS

Emilia Romagna Grand Prix cancelled due to ‘adverse weather conditions’

The Emilia Romagna Grand Prix has been cancelled due to adverse weather in the region.
The race at Imola, due to be round six of the 2023 F1 season, will now not take place due to flooding in the area and the risk of further downpours over the coming days.
The race in Imola was due to kick off F1’s first triple-header of the season, with races to follow on consecutive weekends in Monaco and Spain in the sport’s record 23-round campaign.
Red Bull’s Max Verstappen, who won last year’s race at Imola, holds a 14-point lead at the top of the drivers’ standings to teammate Sergio Perez after five races.
The next race of the 2023 F1 season is now the Monaco Grand Prix, taking place over the weekend of 26-28 May.

CURRENT AFFAIRS : OBITUARIES

Legendary Rock & Soul Singer Tina Turner Passed away

Tina Turner, popularly known as the ‘Queen of Rock ‘n’ Roll, passed away at the age of 83.

About Tina Turner :

Turner was born on November 26, 1939, in Brownsville, Tennessee, United States (US).
Turner began her career with Ike Turner’s Kings of Rhythm in 1957.
Under the name Little Ann, she appeared on her first record, “Boxtop”, in 1958.
In 1960, she debuted as Tina Turner with the hit duet single “A Fool in Love”.
The duo Ike & Tina Turner became “one of the most formidable live acts in history”.
They released hits such as “It’s Gonna Work Out Fine”, “River Deep – Mountain High”, “Proud Mary”, and “Nutbush City Limits”, before disbanding in 1976.
Previously, she held a Guinness World Record for the largest paying audience (180,000 in 1988) for a solo performer.
In the UK, Turner was the first artist to have a top 40 hit in seven consecutive decades; she has a total of 35 UK top 40 hits.

Awards & Honors :

She received 12 Grammy Awards, which include 8 competitive awards, 3 Grammy Hall of Fame awards and a Grammy Lifetime Achievement Award.
She was the first black artist and first woman to be on the cover of Rolling Stone.
Rolling Stone ranked her among the 100 Greatest Artists of All Time and the 100 Greatest Singers of All Time.
She was first inducted into the Rock Hall in 1991 as part of Ike and Tina Turner.
In 2021, she was inducted into the hall of fame for the second time, credited as a solo artist.
She was also a 2005 recipient of the Kennedy Center Honors and Women of the Year award.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day Of Action For Women’s Health 2023 – May 28

International Day of Action for Women’s Health is observed annually on May 28.
This day is observed to raise awareness about the health of Women and well beings such as Sexual and Reproductive Health and Rights(SRHR).
In 1987, South Africa was first recognized this day as the International Day of Action for Women’s Health.
This day creates an opportunity to get awareness about the sexual and reproductive health of women to illiterate people
Every year this day is celebrated by women’s and health groups.
It is a platform for the recognition of sexual rights, sexuality, reproductive rights, health, etc.
In 1984, the Women’s Global Network for Reproductive Rights (WGNRR) has created to organize the International Day of Action for Women’s Health.

International Everest Day 2023 – May 29

International Everest Day 2023 is observed on May 29.
The first attempt to climb mountains by the British people in the 1920s.
68 years ago, Nepalese Tenzing Norgay and New Zealand’s Edmund Hillary climbed mountains and that day history was created.
Since 1953, several people have climbed the mountain and more and more visitors have increased each year.
Everest is the highest mountain when measured at sea level.
Several International climbers and families actively participated in the events that were celebrated on International Everest Day.
International Mount Everest Day was celebrated in 2008, and it was the day Edmund Hillary passed away and Nepal decided on May 29 as International Everest Day.

International Day Of United Nations Peacekeepers 2023 – May 29

International Day of United Nations Peacekeepers is observed every year on May 29.
The 2023 theme, “Peace begins with me”
The first United Nations Peacekeeping mission was first established in May 1948.
General Assembly designated May 29 as International Day of United Nations Peacekeepers.
On this day, we have to pay respect to the courage of all men and women who sacrifice their lives for the cause of peace.
In the first UN Peacekeeping Mission in 1948, 3,800 military, police and other personnel lost their lives in the service of peace.
On 29th May UN offices, member states, and non-governmental organizations conducted several events to honour peacekeepers.
At UN Headquarters in New York, Secretary-General conduct a ceremony to honour all peacekeepers who lost their lives.

Daily CA One-Liner: May 28 & 29

FSSAI stated that it will conduct nationwide surveillance of milk and milk products to check for adulteration
The government is scaling up the annual production of SECL’s Gevra coal mine to 70 MT making it the largest
In a bid to address challenges in the ship design and construction industry, defence PSU Garden Reach Shipbuilders and Engineers Ltd. launched an innovation nurturing scheme that would help generate a large number of ideas
Central government formed a steering committee to review and monitor Cheetah translocation project
Government will launch a special commemorative coin of Rs 75 to mark the opening of the new Parliament building
‘Samarth campaign’ has been launched by Shri Giriraj Singh to promote digital transactions in 50000 Gram Panchayats under Amrit Mahotsav in Lucknow
Central government signed an agreement with six states to conduct Digital crop survey
Three Indian peacekeepers were awarded the Dag Hammarskjold Medal by the United Nations
Kangra tea of Himachal Pradesh has become the second product after Basmati Rice in the country to get registered with the European Union (EU) as a protected Geographical Indication (GI), paving the way for the sale of the product in European countries
The Emilia Romagna Grand Prix has been cancelled due to adverse weather in the region
International Day of Action for Women’s Health is observed annually on May 28
International Everest Day 2023 is observed on May 29
International Day of United Nations Peacekeepers is observed every year on May 29
The Reserve Bank of India (RBI) has imposed a penalty of ₹84.50 lakh on the Central Bank of India (the bank) for non-compliance with certain provisions of norms related to fraud classification and reporting.
The Reserve Bank of India (RBI) has sanctioned the voluntary Scheme of Amalgamation of Maratha Sahakari Bank with The Cosmos Co-operative Bank.
Insurance behemoth Life Insurance Corporation of India (LIC) posted a more than 5-fold jump in consolidated net profit to ₹13,191 crore for the fourth quarter ended March 2023.
India’s Finance Ministry has notified a total of 21 nations, investments from which in Indian start-ups will be exempted from Angel Tax.
The government capped the amount of interest subvention at Rs 10 crore per IEC (import-export code) holder in one financial year.
After Chhatrapati Shivaji Maharaj’s statue, the bust of freedom fighter Vinayak Damodar Savarkar also known as Veer Savarkar will be unveiled in the port Luis capital city Mauritius on May 28,2023 Savarkar’s birth anniversary.
Kangra tea of Himachal Pradesh (HP) has become the second product after Basmati Rice of the country to get registered with the European Union (EU) as a protected Geographical Indication (GI), paving the way for the sale of the product in European countries.
The government of Rajasthan has made the decision to promote the usage of manufactured sand (M-Sand) as an inexpensive and easy alternative to river sand.
The National Council of Confederation of Indian Industry (CII) has elected R Dinesh, executive vice-chairman of TVS Supply Chain Solutions, as the president of CII for 2023-24.
Harsh Jain, co-founder and chief executive officer (CEO) of Dream Sports has been elected as the chairman of the Internet and Mobile Association of India (IAMAI) for the period of next two years.
The Competition Commission of India (CCI) approves acquisition of additional Series E compulsorily convertible preference shares of Acko Technology & Services Private Limited by Multiples Private Equity Fund III and CPP Investment Board Private Holdings (4) Inc (CPHI-4).
Iran’s defence ministry unveiled the 4th generation of its Khorramshahr ballistic missile, with a range of 2,000 kilometres (1,242 miles) and a capacity to carry warheads weighing over a tonne.
Microsoft has unveiled a new generative Artificial Intelligence (AI)-driven multilingual chatbot called ‘Jugalbandi’, designed for farmers and other users living in rural India.
IT major Infosys Ltd launched a platform called ‘Infosys Topaz’ for generative artificial intelligence (AI).
Tina Turner, popularly known as the ‘Queen of Rock ‘n’ Roll, passed away at the age of 83.