Banking Current Affairs for 23 May 2023
India to Host 44th ISO COPOLCO Plenary
- India will host the 44th edition of the annual ISO COPOLCO Plenary by the Ministry of Consumer Affairs, Food and Public Distribution.
- The event to be held in New Delhi will be inaugurated by Commerce and Industry Minister Piyush Goyal.
- Organized by the Bureau of Indian Standards (BIS), the grand event will include interactive
sessions and workshops on relevant topics, apart from various activities aimed at enhancing consumer engagement in the standardization process. - ISO COPOLCO, known as the Committee on Consumer Policy, is a vital committee under the International Organization for Standardization (ISO).
- It is responsible for advocating consumer interests in the standardization process and ensuring that standards are developed with consumers ‘needs in mind.
- It provides a forum for the exchange of information and experience on consumer involvement in ISO’s international standardization work.
First State in the Country to Approve Good Governance Regulations
- Maharashtra Chief Minister Eknath Shinde approved the first Good Governance Regulations in the country.
- The purpose of the rules is to enhance accountability, accessibility, dynamism and transparency in state administration.
- A separate cell will be set up to address the effects of climate change.
- The rules also include expanding the scope of ‘Aaple Sarkar Seva Kendra’ for end-to-end online services to citizens within the prescribed time limit.
- Citizens’ complaints will be redressed at a speedy pace.
- The rules were drawn up in consultation with ministerial officials, experts and NGOs.
- 161 department-wise indices have been prepared to evaluate the performance of good governance.
INTERNATIONAL NEWS
Oldest Tree in The World
- A giant tree in southern Chile, known as the ‘Great Grandfather’ and this tree, a Patagonian
cypress, located in the Alerce Costero National Park is the oldest tree in the world. - The trunk of the tree has a diameter of four metres (13 ft) and it is 28 metres tall.
- It is over 5,000 years old, surpassing the oldest tree currently known as the Methuselah, which
is 4,850 years old.
BANKING
BSE Relaunches Sensex and Bankex Derivative Contracts
- The Bombay Stock Exchange (BSE), Asia’s oldest stock exchange, relaunched Sensex and
Bankex derivative contracts in its bid to boost derivative trading. - The relaunch of derivative contracts comes with a reduced lot size of futures and options and a new expiry cycle of Friday from Thursday earlier.
- Sensex is a well-known benchmark and a barometer of India’s economy.
- The lot size of futures and options has been reduced to 10 from 15 for Sensex, and to 15 from
20 in case of Bankex.
In 2000, BSE had launched Sensex-30 derivatives (options and futures) for the first time. - The Sensex-30 derivatives are made up of 30 of the largest and most liquid stocks listed on BSE.
- A derivative is set between two or more parties that can trade on an exchange or over the counter (OTC).
- Derivatives are the type of financial contracts whose value is dependent on an underlying asset, group of assets, or benchmark.
ECONOMY
Mobile Trading Platform ‘FLIP’
- Geojit Financial Services has launched its latest mobile trading platform, FLIP, that will replace the existing platform SELFIE.
- The new platform will provide investors and traders a comprehensive and flexible trading
experience, backed by a range of advanced features. - FLIP users will benefit from additional features set to be introduced over the next three months, including Split Order for Options, Roll Over for Futures, and Conditional Orders, Trading from Charts, Events Calendar, Market Overview, and Apply for IPO.
- Clients can download FLIP, and all existing SELFIE users can upgrade to FLIP from Apple AppStore and Google Play Store.
SPORTS
Seiko Golden Grand Prix
- In her first major senior outdoor international event, long jumper Shaili Singh won a bronze at
the Seiko Golden Grand Prix in Yokohama. - She finished third in the women’s long jump with a creditable effort of 6.65m.
- Shelly’s first round jump of 6.65 m was the best ever at a World Athletics Continental Tour Gold level event.
- Her attempt also saw a wind speed of +2.1 m/s, which is above the permissible limit of +2.0
m/s. Maryse Luzolo of Germany took the gold with a jump of 6.79m, while Brooke Buschkuel of Australia was second with an effort of 6.77m.
Italian Open
- In the Italian Open final, world number three tennis star Daniil Medvedev defeated Holger Roon to win his first claycourt title.
- This is Medvedev’s fifth title of 2023 and the win has lifted him above Novak Djokovic to the
second spot in the world rankings. - He won his 20th career title.
- He will also be seeded second in the French Open, which begins on 28 May at Roland Garros.
- The Australian-Belgian pair of Storm Hunter and Elise Mertens defeated top-seeded Americans
Coco Gauff and Jessica Pegula 6-4 6-4 to become the women’s doubles champions.
AWARDS & PRIZES
Highest Civilian Honours by Fiji, Papua New Guinea
- Prime MinisterNarendra Modi was conferred with the highest honor by Fiji and Papua New Guinea on 21 May.
- PM Modi was honored with the island nation’s highest civilian award during his visit to Papua
New Guinea to attend the 3rd India-Pacific Islands Cooperation (FIPIC) summit. - PM Modi was awarded “The Companion of the Order of Fiji” by his Fijian counterpart Sitweni Rabuka for his global leadership, a rare honor for a non-Fijian.
- Papua New Guinea conferred its highest civilian honour, Grand Companion of the Order of Loghu (GCL) on PM Modi for his efforts towards unity of the Pacific Island nation.
APPOINTMENTS & RESIGNATIONS
First Woman Director-General of The United Nations Migration Agency
- Amy Pope of the United States has been selected as the first female Director-General of the
United Nations Migration Agency. - She will head the Geneva-based International Organization for Migration (IOM).
- Pope is currently serving as deputy to Director General Antonio Vitorino.
- Her five-year term as director general will begin on 01 October 2023, replacing Vitorino.
- It is an agency of the United Nations and provides services and advice related to migration.
- The agency provides assistance to governments and expatriates.
SCIENCE & TECHNOLOGY
IIM Kozhikode Partners with Kerala Police
- The Centre for Digital Innovation and Transformation (CDiT) at the Indian Institute of
Management Kozhikode (IIMK) and the Kerala Police Cyberdome Project, inked an MoU to
augment cyber security measures in new-age policing. - The MoU was signed between Lt. Col M Julius George, Chief Administrative Officer, IIMK and P Prakash, Inspector General of Police & Nodal Officer Kerala Police Cyberdome.
- Kerala Police Cyberdome Project is a PPP initiative of Kerala Police to work in the areas of cyber security, information security, cyber forensics, data analytics and other areas where Information Technology can be leveraged for new-age policing.
IMPORTANT DAYS
International Day for Biological Diversity
- The International Day for Biological Diversity is observed every year on 22 May.
- It aims to increase understanding of Earth’s diverse ecosystems and encourage conservation.
- The theme for the International Day for Biological Diversity 2023 is ‘Agreement to Action:
Build Back Biodiversity’. - The United Nations designated 22 May as the International Day for Biodiversity (IDB) to promote understanding and awareness of biodiversity issues.
- It Provides essential services such as pollination, nutrient recycling, water purification and climate regulation.