Today's Current Affairs 13th September 2023

NATIONAL

Raksha Mantri dedicates to the nation 90 BRO infrastructure

• Raksha Mantri Shri Rajnath Singh has dedicated to the nation 90 infrastructure projects of Border Roads Organisation (BRO), worth over Rs 2,900 crore, spread across 11 States/Union Territories. The projects were inaugurated by the Raksha Mantri at an event in Jammu on September 12, 2023. These include Nechiphu Tunnel in Arunachal Pradesh; two airfields in West Bengal; two helipads; 22 roads and 63 bridges. Of these 90 projects, 36 are in Arunachal Pradesh; 26 in Ladakh; 11 in Jammu & Kashmir; five in Mizoram; three in Himachal Pradesh; two each in Sikkim, Uttarakhand & West Bengal and one each in Nagaland, Rajasthan and Andaman & Nicobar Islands.
• The Border Roads Organisation (BRO) has achieved an extraordinary feat by completing the construction of these strategically-important projects in record time, with most of them being executed within a single working season using state-of-the-art technology. In his address, the Raksha Mantri described the BRO as the ‘brother‘ of the Armed Forces, emphasizing that through its infrastructure projects, the BRO is not only securing India’s borders but also playing a key role in the socio-economic development of remote areas.
• The event took place at Devak Bridge on Bishnah-Kaulpur-Phulpur Road, which was inaugurated by the Raksha Mantri. The state-of-the-art 422.9-meter-long Class 70 RCC Devak bridge is strategically significant as it will enhance the operational preparedness of the Armed Forces and boost the socio-economic development of the region.

‘Bharat: Mother Of Democracy’ – A Special Initiative By Tagbin To Greet World Leaders At G20 Summit

• On the eve of the G20 leadership summit, the Ministry of Culture unveiled a remarkable online portal titled “Bharat: The Mother of Democracy.” This portal serves as a comprehensive digital exhibition chronicling the rich history of democracy in India, spanning an astonishing 7,000 years – from the Sindhu-Saraswati civilization to the year 2019.
• The portal provides an in-depth exploration of the history of democracy in India.
• Covers 7,000 years of democratic evolution, beginning with the Sindhu-Saraswati civilization.
• Available in 16 languages, ensuring a global audience can access its content.
• Supported languages include German, French, Spanish, Arabic, Portuguese, Italian, Turkish, Russian, English, and Hindi.

 SPORTS

Germany beat Serbia to win first ever FIBA basketball world cup

• A Dennis Schroder-inspired Germany beat Serbia 83-77 to lift basketball's 2023 FIBA World Cup on Sunday, 10 September.
• Despite going down 26-23 in the first quarter, the Germans, playing in their first-ever final, refused to be overawed by the occasion.
• Inspired by the intensity of Isaac Bonga on both sides of the ball and Toronto Raptor Schroder's three-point magic, they responded by taking an early four-point lead in the second.
• After weathering a rally from Serbia, the teams went into half-time locked at 47-47. The lead had changed hands 15 times by this point, a testament to a high quality, but even contest.
• With a capacity crowd at fever pitch, Germany stepped on the gas in the third quarter to open up an 11-point lead when Serbia called a time-out.

Maharashtra beat Karnataka with the final score 31-10 in the finals to win Championship

• Maharashtra clinched the title of champions in the 5th National Wheelchair Rugby Championship 2023 by securing a convincing victory over Karnataka, concluding with a final score of 31-10. This championship, which took place at Balewadi in Pune from September 10 to September 11, 2023, was marked by intense competition and served as a testament to the impressive development of wheelchair rugby in India.
• The 5th National Wheelchair Rugby Championship 2023 was organized by The Indian Rugby Football Union (Rugby India), the governing body for rugby in India. It was conducted in association with the Wheelchair Rugby Federation of India and Mitsubishi Corporation. This collaborative effort aimed to promote and expand the sport of wheelchair rugby across the nation.
• The championship saw an overwhelming participation of over 120 athletes from different parts of India, making it a truly national event. This massive turnout reflected the growing interest and enthusiasm for wheelchair rugby in the country.

Tennis: Former No. 1 Simona Halep gets 4-year ban in doping case

• The ITIA (International Tennis Integrity Agency) has taken decisive action against two-time Grand Slam champion Simona Halep, handing her a four-year ban from professional tennis due to violations of the sport’s anti-doping program. This move follows Halep’s positive test for Roxadustat at the US Open last year, which led to her provisional suspension.
• The Integrity Agency stated that Halep had committed “intentional anti-doping violations,” a conclusion supported by the analysis of 51 blood samples collected as part of the Athlete Biological Passport (ABP) program.
• Halep’s ordeal began with her provisional suspension in October of the previous year. The Romanian tennis star’s hearing was repeatedly delayed, further fueling speculation and anxiety surrounding her case. In the interim, Halep turned to social media to voice her dissatisfaction with the ITIA’s handling of her situation and urged the authorities to expedite the verdict announcement.

 OBITUARY

UK scientist Ian Wilmut, creator of ‘Dolly’ the Sheep clone, passes away at 79

• Wilmut made headlines and heated ethical debates in 1996 when he and his team created Dolly, the first mammal to be cloned from an adult cell.
• British scientist Ian Wilmut, whose research was central to the creation of the cloned animal, Dolly the Sheep, has died at the age of 79, the University of Edinburgh said on Monday.
• His death on Sunday years after being diagnosed with Parkinson’s disease was announced by the University of Edinburgh, where he worked.
• Wilmut, along with Keith Campbell from the animal sciences research institute in Scotland, generated news headlines and heated ethical debates in 1996 when they created Dolly, the first mammal to be cloned from an adult cell.

 RANKING

India Ranks 30th On The Best Countries List, Switzerland Tops While United States Slips To 5th

• Switzerland has once again claimed the title of the world’s best country, according to the latest U.S. News & World Report’s annual Best Countries rankings. This marks Switzerland’s second consecutive year at the pinnacle and its sixth time overall as the No. 1 nation on the list.
• Switzerland excels particularly in entrepreneurship (No. 6), quality of life (No. 6), social purpose (No. 8), and cultural influence (No. 8). It also claims the top spot for being open for business.
• The rankings, released recently, reaffirm Switzerland’s supremacy, closely followed by Canada at No. 2, Sweden at No. 3, Australia at No. 4, and the United States at No. 5. The United States has slipped one spot compared to its 2022 ranking. In the 2023 rankings, European countries dominate the top tier, securing 16 of the top 25 spots.

 BANKING AND ECONOMY

RBI issues revised norms for classification, valuation of investment by banks

• The Reserve Bank of India had issued a Discussion Paper (DP) on January 14, 2022 proposing revisions to the current norms for the classification, valuation, and operation of investment portfolios of commercial banks. After considering the feedback received on the DP, the Reserve Bank of India (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks) Directions, 2023 has been issued.
• The revised Directions include principle-based classification of investment portfolio, tightening of regulations around transfers to/from held to maturity (HTM) category and sales out of HTM, inclusion of non-SLR securities in HTM subject to fulfilment of certain conditions and symmetric recognition of gains and losses.
• These Directions are expected to enhance the quality of banks’ financial reporting, improve disclosures (disclosures of fair value of investments in HTM category, fair value hierarchy, sales out of HTM, etc.), provide a fillip to the corporate bond market, facilitate the use of derivatives for hedging, and strengthen the overall risk management framework of banks.

Bank of Baroda Unveils Festive Campaign “BOB Ke Sang Tyohaar Ki Umang”

• In a bid to enhance customer offerings and provide tailored financial solutions, Bank of Baroda (BoB) has introduced four new savings accounts. These accounts cater to a diverse range of customer needs, making banking more accessible and convenient.
• BoB introduces the BoB LITE Savings Account, offering customers the flexibility of a lifetime no minimum balance requirement. This account empowers individuals to manage their finances without the burden of maintaining a minimum balance.
• Designed with the youth in mind, BoB presents the BOB BRO Savings Account, a zero balance savings account tailored specifically for students aged 16 to 25 years. This account eases the financial journey of students by eliminating the need for a minimum balance.

Cashfree Launches ‘AutoPay On QR’ For Subscription-Based Enterprises

• Cashfree Payments, a prominent player in the payments and API banking solutions sector, has joined forces with the National Payments Corporation of India (NPCI) to unveil a groundbreaking solution called ‘AutoPay on QR.’ This innovative offering is poised to empower subscription-based businesses, boosting their customer acquisition, retention, and overall growth prospects.
• One of the standout features of Cashfree Payments’ ‘AutoPay on QR’ is its ability to simplify the process of mandate creation for subscription services. This two-click solution not only enhances user convenience but also promises to significantly improve return on investment (ROI) for businesses investing in advertising campaigns.
• Subscription-based enterprises can seamlessly integrate their subscription QR codes into various marketing channels, including online ads, newspapers, websites, TV, and product packaging. This integration enhances the effectiveness of promotional campaigns, ultimately driving more value for businesses.