Banking Current Affairs

Banking Current Affairs for 19 May 2023

NATIONAL NEWS

UP Holds 2nd Position in GI Tagged Products

  • After getting GI tag for three more One District One Product (ODOP) crafts, Uttar Pradesh has
    now come second in the country in terms of maximum number of items with Geographical
    Indication tag.
  • The ODOP crafts which have got GI tag include Mainpuri Tarkashi, Mahoba Gaura Stone Craft and Sambhal Horn Craft.
  • Tamil Nadu leads with 55 GI-tags, followed by UP and Karnataka with 48 and 46 GI products,
    respectively.
  • However, UP ranks first in terms of GI-tagged handicrafts, with 36 crafts to its credit.
  • With this achievement, UP has overtaken Karnataka to become the second state with the
    highest number of GI-tags in the country.
  • Handicrafts in UP also have the highest number of GI tags.

National Ayush Mission Conclave in New Delhi

  • Union Minister of AYUSH Sarbananda Sonowal inaugurated the two-day National AYUSH
    Mission (NAM) Conclave in New Delhi.
  • The two-day conclave will pave the way for better coordination among stakeholders and
    strengthen the functioning of AYUSH health and wellness centres.
  • The objective of the mission is to increase the availability, reach and quality of AYUSH health
    services across the country through AYUSH Health Wellness Centers as part of the Ayushman
    Bharat scheme of the Government of India.
  • The government had approved operationalization of 12,500 AYUSH health wellness centres by
    upgrading existing AYUSH dispensaries and health sub-centres under the broad umbrella of
    NAM in a phased manner.
  • More than 8500 such centres have been established across the country and are serving the communities.

Production Linked Incentive Scheme - 2.0 for IT Hardware

  • The Union Cabinet, chaired by the Prime Minister Narendra Modi approved the Production
    Linked Incentive Scheme 2.0 for IT Hardware with a budgetary outlay Rs 17,000 crore.
  • It is an initiative that provides incentives to domestic industries to promote production at the local level.
  • Through this scheme, the government aims to incentivize companies to increase the sales of
    manufactured products in domestic units.
  • Electronics manufacturing in India has seen a steady growth with a CAGR (Compound Annual Growth Rate) of 17% in the last 8 years.
  • In 2023 it crossed a major benchmark in production of USD 105 billion (about Rs 9 lakh crore).
  • India has become the second largest mobile phone manufacturer in the world.
  • Mobile phone exports have crossed a major milestone of US $ 11 billion (about Rs 90 thousand crore) in 2023.
  • The global electronics manufacturing ecosystem is coming to India, and India is emerging as a
    major electronics manufacturing country.

Flood Relief Exercise 'Jal Rahat'

  • Indian Army’s Gajraj Corps, along with other disaster management groups, conducted a joint
    flood relief drill, ‘Exercise Jal Rahat’, at Hagrama Bridge on Manas River in Assam.
  • Apart from Indian Army- SSB, National Disaster Response Force (NDRF), State Disaster Response Force (SDRF), District Disaster Management Authority (DDMA) and Police representatives participated in the exercise.
  • The event included coordination and rehearsal for rescue missions of people from inundated areas by joint efforts of expert teams of Army, NDRF and SDRF.
  • It is to showcase the Indian Army’s preparedness and capabilities in responding to natural
    disasters, particularly floods.

Bhupendra Yadav Launched Meri LiFE App

  • The Meri LiFE app was launched by Union Minister for Environment, Forest and Climate Change Bhupendra Yadav.
  • The Meri LiFE app aims to revolutionise progress tracking for individuals and communities.
  • The app is part of a global mass movement inspired by the vision of the Prime Minister.
  • The Meri LiFE app encourages people to protect the environment and adopt a sustainable
    lifestyle.
  • This app empowers users to make a positive impact on the environment.
  • The Meri LiFE App promotes sustainable living practices.

Andhra Pradesh Launches ‘e-Chits’ App

  • Andhra Pradesh (AP) Revenue Minister Shri Dharmana Prasada Rao launched ‘E-chits’
    application of the Registration and Stamps Department.
  • It is to ensure better regulation of the chit fund businesses in AP.
  • All the chit-fund transactions will be done through the mobile app, which was developed by the Registration and Stamps Department, keeping in view the increasing number of fraud cases.
  • The E-chits application would usher in transparency in the chit fund business and prevent duping of customers.
  • This policy helps prevent fraud by chit fund companies and avoid loss to subscribers.
  • The app will also ensure that subscribers know which registered companies are operating in the chit fund business.

INTERNATIONAL NEWS

International Museum Expo 2023

  • Prime Minister Narendra Modi will inaugurate the International Museum Expo 2023 in New
    Delhi.
  • The expo is part of the Amrit Mahotsav celebration of Independence and will be organised to mark the 47th International Museum Day.
  • PM Modi will inaugurate the virtual walkthrough of the upcoming National Museum in North
    and South Block.
  • The objective of the National Museum is to display and highlight important historical events, personalities, ideas and achievements that have shaped India’s past and present.
  • The Prime Minister will unveil several items including the mascot of the International Museum Expo, “A Day at the Museum”, Directory of Indian Museums, Pocket Map of Duty Path and Museum Card.
  • The mascot of the International Museum Expo is a modern representation of the Dancing Girl made in the Chennapatnam art style using wood.

Direct International Flight Connecting Bhubaneswar-Dubai

  • First-ever direct international flight service from Bhubaneswar to Dubai has been started.
  • IndiGo’s direct flight service shows the growing importance of Bhubaneswar as a major
    destination.
  • The inaugural flight, carrying a delegation of representatives from the Government of Odisha,
    civil society, and members of the business & sports community and self-help groups reached
    Dubai International Airport.
  • The travel to Dubai by the delegation coincides with the upcoming Odisha Dibasa program
    showcasing the state’s rich culture and heritage
    The Odisha Dibasa program is scheduled to be held on May 16 and 17, 2023.
  • Operating 3 times a week on Mondays, Wednesdays, and Fridays, the state-of-the-art Airbus A320 aircraft will ensure seamless travel between Bhubaneswar and Dubai, enhancing convenience for both business and leisure travellers.
  • The launch of the first international flight from Bhubaneswar to Dubai reduces the flying time
    from 12 to 4 hours.

BANKING

IRDAI Directs Insurers to Provide Full Insurance Coverage

  • The Insurance Regulatory and Development Authority of India (IRDAI) has directed all insurers to comply with the provisions outlined in the Surrogacy (Regulation) Act, 2021, and the Assisted Reproductive Technology (ART) Act, 2021.
  • Surrogacy is a legal and regulated arrangement in which a woman (the surrogate mother) carries a pregnancy and gives birth to a child on behalf of another individual or couple (the intended parents).
  • The surrogate mother agrees to nurture the embryo or fetus until birth and transfer parental rights to the intended parents.
  • By incorporating surrogacy into health insurance policies, the IRDAI aims to enhance
    affordability and accessibility for prospective parents seeking to build their families through
    this method.

AWARDS & PRIZES

Astronomical Society of India Govind Swarup Lifetime Achievement Award

  • Jayant Vishnu Narlikar received the first Astronomical Society of India Govind Swarup Lifetime Achievement Award.
  • President of the ASI, Prof. Dipankar Banerjee presented the award to Prof. Jayant Vishnu
    Narlikar.
  • The award was announced at the 41st meeting of the ASI held at IIT Indore.
  • Narlikar has dedicated his life to the study of the Universe and contributed to understand various aspects of Astrophysics including the Narlikar-Hoyle theory.
  • He was one of the first who started cosmology research in India. He gave the idea to introduce the astronomy curriculum and research in Indian Universities.
  • He played a key role in the formation of the Inter-University Centre for Astronomy and
    Astrophysics (IUCAA).
  • Govind Swarup Lifetime Achievement Award was instituted by the Astronomical Society of
    India (ASI) in 2022 to honour eminent Indian astronomers for their valuable contributions.
  • The award carries a citation and plaque, and a cash prize.

APPOINTMENTS & RESIGNATIONS

New Law and Justice Minister

  • Arjun Ram Meghwal was appointed as the new Law and Justice Minister and the previous Law
    and Justice Minister Kiren Rijiju was assigned the Ministry of Earth Sciences.
  • Meghwal will also continue in his current position as Minister of State for Parliamentary
    Affairs and Culture.
  • Arjun Ram Meghwal will replace Kiren Rijiju in the Ministry of Law and Justice.
  • The Ministry of Law and Justice is a cabinet ministry in the Government of India.
  • It is responsible for the management of legal affairs, legislative activities and administration of
    justice in India.
  • The ministry consists of three departments: Legislative Department, Department of Legal
    Affairs and Department of Justice.

New Chairman of PNGRB

  • AK Jain was appointed as the new chairman of the Petroleum and Natural Gas Regulatory
    Board (PNGRB) by the government.
  • The appointment was made by the Appointments Committee of the Cabinet and the post of
    chairman was lying vacant since December 2020.
  • AK Jain will replace former PNGRB chief DK Saraf.
  • Former coal secretary AK Jain will serve as the chairman of PNGRB for a period of five years.
  • PNGRB is responsible for promoting competitive markets and addressing matters related to
    the petroleum and natural gas sectors.

IMPORTANT DAYS

World Hypertension Day

  • World Hypertension Day is observed every year on 17 May.
  • It is to raise awareness about hypertension (high blood pressure) and promote preventive
    measures, early detection, and management of this global health issue.
  • World Hypertension Day was first established in 2005 by the World Hypertension League
    (WHL).
  • Theme of 2023 is ‘Measure Your Blood Pressure Accurately, Control It, Live Longer’.
  • The day serves as a platform to educate individuals, communities, health professionals and
    policy makers about healthy blood pressure levels and the risks associated with high blood pressure.
  • The day plays a crucial role in raising awareness about hypertension, its causes, risk factors,
    and the importance of regular blood pressure monitoring.

World Telecommunication and Information Society Day

  • World Telecommunication and Information Society Day is observed every year on 17 May.
  • It is organised by the International Telecommunication Union (ITU).
  • The day emphasises the influence of the Internet and communication technologies.
  • It aims to address connectivity challenges in various regions.
  • The theme for 2023 is ‘Enabling the least developed nations through information and
    communication technologies.’
  • The day highlights the transformative power of communication tools such as the Internet and
    mobile networks.

OBITUTARY

Eminent Singer Kalyani Kazi

  • Eminent singer and the youngest daughter-in-law of poet Kazi Nazrul Islam, Kalyani Kazi
    passed away at the age of 87 in Kolkata, West Bengal.
  • She was a member of the advisory council of Poschimbongo Kazi Nazrul Islam Akademi.
  • The West Bengal government had conferred on her the Sangeet Mahasamman award.
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