Today's Current Affairs 27th March 2023

INTERNATIONAL

First Citizens Bank to Acquire Failed Silicon Valley Bank

First Citizens BancShares will acquire Silicon Valley Bank, the California lender whose collapse this month sent shock waves across the financial sector.

The Federal Deposit Insurance Corporation seized control of Silicon Valley Bank on March 10, after a run on deposits had left it insolvent. The F.D.I.C., which announced the deal late Sunday, has since been looking for a buyer for the bank, either in its entirety or in pieces.

Silicon Valley Bank was the country’s 16th-largest bank when the government took it over. Its collapse was the largest bank failure in the United States since the 2008 financial crisis.

The deal for the bank, which became Silicon Valley Bridge Bank after the F.D.I.C. seized it, included the purchase of about $72 billion in loans, at a discount of $16.5 billion, and the transfer of deposits worth $56 billion. Roughly $90 billion in Silicon Valley Bank’s securities and other assets were not included in the sale, and remained in the F.D.I.C.’s control.

NATIONAL

Shri Bhupender Yadav launches Aravalli Green Wall Project

Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav said that under Prime Minister Shri Narendra Modi India is moving to revive the Aravallis through various initiatives like single-use plastic ban, water conservation efforts and natural resources protection. Shri Yadav launched the Aravalli Green Wall Project, a major initiative to green the 5 km buffer area around the Aravalli Hill Range in four states at a function organised to celebrate the International Day of Forests at Tikli Village in Haryana. At the event, Shri Yadav unveiled the National Action Plan to Combat Desertification and Land Degradation Through Forestry Interventions and a FAQ on Agro-forestry published by Indian Council of Forestry Research and Education. The Union Minister also participated in a plantation drive

Speaking on this occasion, the Union Minister said that the Aravalli Green Wall Project will not only increase the green cover and biodiversity of the Aravalli through afforestation, reforestation and restoration of water bodies, but also improve the soil fertility, water availability and climate resilience of the region. He said that the project will benefit the local communities by providing them with employment opportunities, income generation and ecosystem services. He appreciated the efforts of the Haryana Forest Department and other stakeholders for their cooperation and support in implementing the project and reiterated the government's commitment to achieve the national goal of creating an additional 2.5 billion tonnes of carbon sink by 2030.

OBITUARY

Actor and former MP Innocent passes away at 75

Veteran Malayalam actor and former member of Parliament Innocent Vareed Thekkethala passes away at 75 in a private hospital in Kochi on Sunday. After learning about the unfortunate event, several celebrities took to their social media handles and mourned the death of the late actor.

The actor, a cancer survivor was reportedly not keeping well for some time and was admitted to the hospital on March 3 with respiratory problems.

Saddened by the death, Prithviraj Sukumaran took to Twitter and wrote, "End of an iconic chapter in cinema history! Rest in peace Legend! #Innocent." 

IMPORTANT DAYS

World Theatre Day

World Theatre Day was initiated in 1962 by the International Theatre Institute (ITI). It is celebrated annually on 27 March by ITI Centres and the international theatre community. Various national and international theatre events are organized to mark this occasion. One of the most important of these is the circulation of the World Theatre Day International Message through which at the invitation of ITI, a figure of world stature shares his or her reflections on the theme of Theatre and a Culture of Peace. The first World Theatre Day International Message was written by Jean Cocteau (France) in 1962. It was first in Helsinki, and then in Vienna at the 9th World Congress of the ITI in June 1961 that President Arvi Kivimaa proposed on behalf of the Finnish Centre of the International Theatre Institute that a World Theatre Day be instituted. The proposal, backed by the Scandinavian centres, was carried with acclamation.

SUMMIT'S & MOU's

Second meeting of Environment and Climate Sustainability Working Group to begin at Mahatma Mandir in Gandhinagar

The second meeting of the Environment and Climate Sustainability Working Group will begin at Mahatma Mandir in Gandhinagar today. Representatives from more than 30 countries and several international organizations will take part in the event. The meeting will be formally inaugurated tomorrow in the presence of Union Minister Darshana Jardosh. Representatives from more than 30 countries and several international organizations will take part in the event. The three-day meeting will focus on three priority areas such as biodiversity and land degradation, Encouraging resource efficiency in the circular economy, and promoting the sustainable and climate-resilient blue economy.

AIR correspondent reports that the G 20 representatives were accorded a traditional welcome at the Ahmedabad Airport.The three-day meet will commence today with a side event on Water Resource management during which India’s capabilities to make water accessible to all will be showcased. All the G 20 countries will also demonstrate their best practices of Water Resource Management. Later, the delegates will be taken on an excursion to the ancient stepwell Adalaj ni Vav which will demonstrate the long-standing Indian tradition of water conservation. They will also be taken to Engineering Marvels Sabarmati Siphon structure and Sabarmati Escape. During the meeting, various water management interventions of the Indian Government such as Namami Gange, Jal Jeevan Mission, Jal Shakti Abhiyan will be showcased. 

AWARDS & RECOGNITION

M T Vasudevan Nair awarded state’s highest civilian honour

The “Kerala Jyothi,”  the highest civilian honor in Kerala was awarded to the writer M T Vasudevan Nair. The second-highest award, “Kerala Prabha,” was shared by actor Mammootty, former civil service officer T Madhava Menon, and writer Omchery NN Pillai. Arif Muhammad Khan, the Governor of Kerala, has presented the inaugural edition of the “Kerala Puraskarngal” awards, which recognize individuals who have made notable contributions to various aspects of social life. The awards were presented in three categories – “Kerala Jyothi,” “Kerala Prabha,” and “Kerala Shri.” 

BANKING AND ECONOMY

ICICI Lombard becomes first to offer ‘Anywhere Cashless’ feature

In an industry-first, ICICI Lombard General Insurance launched ‘Anywhere Cashless’ feature for health insurance policyholders to avail cashless facilities at any hospital, even if not part of ICICI Lombard’s current network of hospitals.

The feature will be subject to the hospital’s acceptance of the cashless facility. Policyholders must inform the company 24 hours prior to the date of admission by giving basic information about the patient, policy details, hospital name, diagnosis and treating doctor, among others.

Initially launched as a pilot, the facility can now be availed through the ‘IL TakeCare’ application across India, wherein customers will not have to bear any out-of-pocket expenses. It provides a hassle-free experience through all aspects of the journey: from admission to discharge, and lets customers choose a nearby or recommended hospital,

Government hikes wage under MGNREGA scheme: Effective from April 1

The Central government has published a notification for the rural employment guarantee programme for the financial year 2023-24, announcing a hike in the wage rate with Haryana having the highest daily wage at ₹357 per day. While the states like Madhya Pradesh and Chhattisgarh have the lowest wage rate of ₹221.

On March 24, the Union Ministry of Rural Development announced changes to the notification issued under Section 6 (1) Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) Scheme’s wage rates. The new wage rates ranging from Rs.7 to Rs.26, will come into effect from April 1, 2023.

Up from Rs.231 in 2022–2023, Rajasthan received a Rs.255 wage rate, the highest percentage of salary growth compared to the prior year’s rates. Compared to the previous year, Bihar and Jharkhand have seen a percentage rise of about eight. In these two regions, MNREGA worker received Rs.210 per day in wages last year, now the price has been changed to Rs 228. With daily earnings at Rs.221, Chhattisgarh and Madhya Pradesh have the lowest percentage growth from the previous year, at 17. The daily wage in these two regions was Rs.204 for the year 2022–2023.