Today's Current Affairs 12th September 2023

INTERNATIONAL

India, UK announce Infrastructure Financing Bridge

• India and the United Kingdom have jointly announced the launch of the Infrastructure Financing Bridge during the 12th Economic and Financial Dialogue (EFD). This collaborative initiative signifies the continued commitment of both nations to work closely together to unlock substantial infrastructure investment opportunities in India.
• A joint statement issued by Finance Minister Nirmala Sitharaman and UK’s Chancellor of the Exchequer Jeremy Hunt outlines the primary objectives of this partnership:

1. Leveraging UK Expertise: The statement highlights that the UK has significant expertise in financial and project management, making it a valuable partner for India in infrastructure development.
2. India’s Investment Potential: Recognizing India’s status as an investment powerhouse in technology, fintech, and green transition, the collaboration aims to tap into India’s pivotal role in driving global economic growth.

 NATIONAL

Tamil Nadu government all set to launch scheme granting monthly aid to over 1 crore women, ATM cards to be issued

• In a groundbreaking move, the Tamil Nadu government is all set to launch the Kalaignar Magalir Urimai Thogai Thittam, the largest social welfare initiative aimed at providing monthly financial assistance. This scheme is set to benefit over 1.06 crore eligible women who are the heads of their families.
• Under this scheme, eligible beneficiaries will receive a monthly sum of Rs 1,000. This financial aid will be directly transferred into the bank accounts of the beneficiaries. To facilitate easy access to the funds, ATM cards will be issued to the eligible women, allowing them to withdraw the allocated amount as needed.
• Chief Minister M K Stalin officially announced this significant initiative on September 11. He highlighted the direct transfer of funds into beneficiaries’ bank accounts and the provision of ATM cards as key features of the program. The launch of the scheme is scheduled for September 15, coinciding with the birth anniversary of former Chief Minister C N Annadurai.

 APPOINTMENTS AND RESIGNATIONS

Sandeep Bakshi's re-appointment as ICICI Bank MD & CEO gets RBI approval

• In a significant development, ICICI Bank, the country’s second-largest private sector bank, has announced that it has received approval from the Reserve Bank of India (RBI) for the re-appointment of Sandeep Bakhshi as the Managing Director and Chief Executive Officer (MD and CEO) of the bank. This approval comes as a crucial step in ensuring the stability and leadership continuity of the bank.
• As per the exchange filing made on September 11, the RBI has approved Sandeep Bakhshi’s re-appointment as MD and CEO of ICICI Bank with effect from October 4, 2023, extending his term until October 3, 2026. This three-year extension reflects the confidence of both the board of directors and the RBI in Mr. Bakhshi’s leadership and vision.
• Sandeep Bakhshi has been at the helm of ICICI Bank since October 15, 2018, prior to which he held the position of Whole-time Director and Chief Operating Officer (COO). With an impressive 36-year tenure within the ICICI Group, Bakhshi brings a wealth of experience to his role. He has contributed significantly to various aspects of the ICICI Group, including ICICI Limited, ICICI Lombard General Insurance, ICICI Bank, and ICICI Prudential Life Insurance.

 IMPORTANT DAYS

United Nations Day for South-South Cooperation Day 2023: 12 September

• United Nations Day for South-South Cooperation, on September 12 of every year, is celebrated by several countries around the world. The United Nations’ Day for South-South Cooperation celebrates the economic, social and political developments made in recent years by regions and countries in the South and highlights United Nations efforts to work on technical cooperation among developing countries.
• The International Labour Organization (ILO) plays a pivotal role in championing workers’ rights on a global scale, and in an increasingly interconnected world it recognizes the significance of South-South and triangular cooperation as a key avenue for achieving its mission. The ILO has also helped to establish the role of South-South collaboration in supporting countries to meet their development goals, and in the achievement of the global Sustainable Development Goals (SDGs).
• This year the ILO has partnered with the governments of Brazil, China and India to launch new programmes and reaffirm commitments.
• Funded by the government of Brazil, a programme on South-South Cooperation for Social Justice in the Global South, and a programme on Public Employment Services and Skills development in ASEAN, funded by the government of China, have been launched. A project in the Caribbean on skills development and climate change, which is closing phase one, is receiving new impetus for a second phase through the United Nations India Fund.

 SUMMITS AND MOU’S

Thomas Cook India partners with NPCI to launch RuPay Forex Card

• Thomas Cook (India) Limited, India’s leading omnichannel forex services company, has entered into a groundbreaking partnership with the National Payments Corporation of India (NPCI) to introduce a pioneering RuPay prepaid forex card tailored for Indian travelers visiting the United Arab Emirates (UAE). This significant technological endeavor is being enabled by NPCI Certified Partner, CARD91.
• The strategic alliance between Thomas Cook and RuPay harnesses the vast potential of NPCI’s global card payment network of India. This initiative resonates with the “Made in India” ethos, offering comprehensive international payment solutions for Indian travelers venturing overseas.
• The Thomas Cook and RuPay forex card partnership has embarked on its journey with the UAE as its inaugural destination. The rollout plan encompasses a phased approach, with the first phase featuring the RuPay card loaded in UAE Dirhams (AED). This arrangement offers extensive usability across the UAE, catering to a wide range of transactions and ATM withdrawals.

PM Modi launched Global Biofuel Alliance: India’s green energy assault

• Indian Prime Minister Narendra Modi announced the formation of the Global Biofuels Alliance (GBA) during the G20 Summit. The alliance includes more than 30 countries and international organizations, aimed at promoting the adoption of biofuels and expanding bioenergy access in emerging economies.
• This announcement comes during a month marked by important environmental events, including the International Day of Clean Air for Blue Skies (September 7), International Day for the Preservation of the Ozone Layer (September 16), and World Environment Health Day (September 26). The G20 New Delhi Leaders’ Declaration also highlights the establishment of the Global Biofuels Alliance.
• The GBA launch reflects India’s proactive stance as the G20 President and its representation of the ‘Voice of the Global South.’ The Ministry of Petroleum and Natural Gas emphasized the action-oriented nature of India’s positive agenda.

India, Saudi Arabia close historic agreement on enhanced cooperation in energy sector

• India and Saudi Arabia, two major players in the global energy landscape, have signed a Memorandum of Understanding (MoU), paving the way for a stronger partnership between these nations in various aspects of the energy sector. This historic agreement was signed by Union Minister for New & Renewable Energy and Power, R. K. Singh, on behalf of India and by Abdulaziz bin Salman Al-Saud, representing Saudi Arabia.
• The MoU, as outlined in the official press release from the Ministry of New and Renewable Energy, encompasses a wide range of energy-related areas for Many collaboration:
• Renewable Energy
• Energy Efficiency
• Hydrogen
• Electricity and Grid Interconnection
• Petroleum and Natural Gas
• Strategic Petroleum Reserves
• Digital Transformation and Innovation
• Cybersecurity and Artificial Intelligence
• Bilateral Investment
• Circular Economy
• Supply Chain Localization

 AWARDS AND RECOGNITION

After year’s delay, CSIR’s Bhatnagar awards for 2022 announced

• Council of Scientific and Industrial Research (CSIR) has publicised the list of awardees for the Shanti Swarup Bhatnagar (SSB) awards for 2022, considered among the prestigious prizes for science in India. After an unexplained delay of nearly a year in the announcement always made on September 26, the CSIR’s foundation day. The CSIR had announced the Bhatnagar winners for 2021 nearly two years ago.

Name	Affiliation	Field of Study
Ashwani Kumar	CSIR-Institute of Microbial Technology	Biological Sciences
Maddika Subba Reddy	Centre for DNA Fingerprinting Diagnostics, Hyderabad	Biological Sciences
Akkattu Biju	Indian Institute of Science, Bengaluru	Chemical Sciences
Debabrata Maiti	Indian Institute of Technology, Bombay	Chemical Sciences
Vimal Mishra	Indian Institute of Technology, Gandhinagar	Earth and Atmospheric Sciences
Dipti Ranjan Sahoo	Indian Institute of Technology, Delhi	Engineering Sciences
Rajnish Kumar	Indian Institute of Technology, Madras	Engineering Sciences
Apoorva Khare	Indian Institute of Science and	Mathematical Science
Neeraj Kayal	Microsoft Research Lab India	Mathematical Science
Dipyaman Ganguly	Indian Institute of Chemical Biology, Kolkata	Medical Sciences
Anindya Das	Indian Institute of Science, Bengaluru	Physical Sciences
Basudeb Dasgupta	Tata Institute of Fundamental Research	Physical Sciences

 

BANKING AND ECONOMY

RBI Governor launches Credit Line on UPI, other digital payment initiatives at Global Fintech Fest 2023

• In a significant move aimed at enhancing India’s digital payment ecosystem, RBI Governor Shaktikanta Das unveiled a slew of new UPI (Unified Payments Interface) features developed by the National Payments Corporation of India (NPCI). These introduced features are set to revolutionize the way Indians transact and manage their finances.
• One of the standout features introduced by the central bank is the concept of ‘Credit Line on UPI.’ The fundamental idea behind this feature is to provide pre-sanctioned credit lines from banks via UPI, making credit more accessible to a wider population.
• This initiative incorporates various elements such as the linkage of pre-sanctioned credit lines, the creation of digital credit products by banks, interest-free credit periods with defined interest rates, and a clear schedule of charges.
• Additionally, it offers customer engagement channels for credit sanction requests and the ability to link different pre-sanctioned credit lines through UPI-enabled apps for seamless transactions.