Daily Current Affairs 1st September, 2023

Daily Current Affairs 1 September for Banking/Insurance/SSC and other related exams.

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NATIONAL NEWS

Union Minister Piyush Goyal unveils statue of First Finance Minister of Independent India RK Shanmugam Chetty in Coimbatore
Union Minister of Textiles, Piyush Goyal,, unveiled the statue of the First Finance Minister of the Independent India RK Shanmugam Chetty at the South Indian Mills Association complex (SIMA) in Coimbatore.

• R K Shanmugam Chetty was a driving force behind the establishment of the South Indian Mills Association, an organization that has played a pivotal role in shaping the Textile industry in South India. It is a distinguished organization dedicated to promoting the interests of the Textile industry in the southern region of the country. Founded by RK Shanmugam Chetty, it continues to be a pivotal player in fostering growth and innovation within the sector.

Government to celebrate Sixth Rashtriya Poshan Maah 2023 in September
The Ministry of Women and Child Development is celebrating the 6th Rashtriya Poshan Maah throughout September. The first day of Rashtriya Poshan Maah 2023 witnessed close to 10 lakh activities across the country. The themes like ‘Improving Nutrition through Mission LiFE & ‘Exclusive Breastfeeding and Complimentary Feeding’ is leading the way this year.

• At the inauguration of Rashtriya Poshan Maah 2023, officials and Anganwadi workers from across the nation came together to promote diet diversity and raise awareness about nutrition-seeking behavior, pledging their commitment to this important cause.
• This month-long event will witness concentrated efforts nationwide to enhance ground-level nutritional awareness through campaigns focusing on key themes around Exclusive Breastfeeding and Complementary Feeding.

India’s largest home-built nuclear plant starts operations at full capacity: PM Modi
Prime Minister Narendra Modi announced that the 700 MW nuclear power plant, developed entirely within India, located in Kakrapar, Gujarat, has commenced its operations at maximum capacity, calling it a “milestone”.

• While the reactor at the Kakrapar Atomic Power Project (KAPP) had started commercial operations on June 30, it was operating only at 90 per cent of its capacity.
• The Nuclear Power Corporation of India Limited (NPCIL) is building two 700 MW pressurised heavy water reactors (PHWRs) at Kakrapar, which is also home to two 220 MW power plants. The NPCIL currently holds the operations of 23 commercial nuclear power reactors.

Govt constitutes 8-member high level committee to examine One nation, One election
Government has constituted an eight member high level committee to examine One nation, One election. Former President Ram Nath Kovind has been appointed as Chairman of the committee.

• Union Home Minister Amit Shah, Congress MP Adhir Ranjan Chowdhury, Former Leader of Opposition in Rajya Sabha Ghulam Nabi Azad, Former Chairman 15th Finance Commission N. K. Singh and others are appointed as the members of the committee. Law and Justice Minister Arjun Ram Meghwal will attend the meetings of the committee as special invitee. The elections to the House of the People and Legislative Assemblies of States were mostly held simultaneously from 1951-52 to 1967 after which this cycle got broken.
• The high level committee will examine and make recommendation for holding simultaneous elections of Lok Sabha, State Legislative Assemblies, Municipalities and Panchayats, keeping in view the existing framework under the Constitution and other statutory provisions.

Cabinet okays PRIP scheme to boost research and innovation
In a significant move, the Union Cabinet has given the green light to the National Policy on Research and Development and Innovation in the Pharma-MedTech Sector. This decision is accompanied by the approval of the Scheme for Promotion of Research and Innovation in Pharma-MedTech Sector (PRIP), with a substantial allocation of Rs 5,000 crore for a five-year period spanning from FY24 to FY28.

• The scheme was rolled out earlier this month by the government with the belief that the Indian pharmaceutical industry has the potential to increase its current 3.4 per cent share of the global market to 5 per cent by the year 2030.

Nagaland becomes first State in North Eastern Region to initiate Aadaar Linked Birth Registration
In a significant achievement, Nagaland has become the first State in the North Eastern Region to initiate Aadhaar Linked Birth Registration (ALBR). This pioneering initiative aims to streamline birth registration by integrating Aadhaar enrolment for children in the age group of 0 to 5 years. 

• The initiative is anticipated to enable children’s access to various social welfare schemes designed for their welfare. In an event, Commissioner of Nagaland T. Mhabemo Yanthan urged the cooperation of State government officials to ensure the successful implementation of ALBR across all districts of Nagaland.

INTERNATIONAL NEWS

Russia launches Islamic Banking Pilot Program
Russia has launched Islamic banking for the first time as part of a two-year pilot programme.The experiment, which started on September 1, is the first time the country’s legislation has officially endorsed Islamic finance.

• Russia has a Muslim population of around 25 million. It is seen as a significant step for Russia and could pave the way for the broader adoption of Islamic banking in the country.
• The pilot programme takes place in four Muslim-majority republics – Tatarstan, Bashkortostan, Chechnya and Dagestan. If the programme proves successful, the plan is to introduce the new regulation to the rest of the country.

BANKING & FINANCE

Punjab National Bank launches app to enable MSMEs access instant loans using GST invoices
State-owned Punjab National Bank (PNB) said it has launched a mobile application based on the GST Sahay scheme, an end–to-end digital product under which lending can be done using GST invoices.

• With this integration, PNB has become the first public sector bank to facilitate frictionless credit flow to MSMEs using GST invoices, the bank said in a statement.
• The initiative is also in line with the bank’s strategy to further the development of the MSME sector and digital credit ecosystem in the country.

YES Bank goes live with UPI interoperability on CBDC
YES Bank announced that it has gone live with Unified Payments Interface (UPI) Interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) app.

• With this move, users will now be able to scan any UPI QR code through the YES Bank Digital Rupee app and undertake transactions in a seamless manner, the bank said.
• This move is set to significantly expand the reach of the Digital Rupee (e₹) and underscores the bank’s commitment towards propelling digital innovations, and providing a wide range of transactional options for users across the nation.

BUSINESS & ECONOMY

Viacom 18 Secures BCCI TV and Digital Media Rights in a 5-Year Deal Worth Rs 5,963 Crore
Leading media & entertainment firm Viacom18 has secured exclusive media rights for the Board of Control for Cricket in India (BCCI) international and domestic matches for a cumulative amount of Rs 5,963 crore over the next five years. The rights were acquired through a tender process, covering 88 matches from 2023 to 2028. 

• The Reliance Industries-controlled media house, which earlier this year disrupted the market by live streaming the IPL matches through its OTT platform JioCinema, was competing with rival media houses such as Star India and Sony for the five-year rights.

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