Daily Current Affairs 10th March , 2023

Daily Current Affairs 10 March 2023 for Banking/Insurance/SSC and other related exams.

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India, US sign MoU to build resilient supply chain in semiconductor sector
India and the US inked an initial pact on increasing private sector cooperation in the area of semiconductors under which the two countries would facilitate business opportunities and develop an ecosystem with a view to reduce their dependency on China and Taiwan.

  • The Memorandum of Understanding (MoU) on establishing semiconductor supply chain and innovation partnership under the framework of IndiaUS Commercial Dialogue was signed by US Secretary of Commerce Gina Raimondo and Commerce and Industry Minister Piyush Goyal during the Commercial Dialogue.

IIT Kanpur licenses Gene Therapy to Reliance Life Sciences
Reliance Life Sciences Pvt Ltd has received a licence from the Indian Institute of Technology Kanpur for a gene therapy method that has the potential to treat a variety of genetic eye ailments.

  • Reliance Life Sciences will further develop the gene treatment technology from IIT Kanpur into a native product. The science of molecular medicine has recently seen the emergence of gene therapy employing viral vectors as a powerful tool.
  • The patented technology was created by Jayandharan Giridhara Rao and Shubham Maurya from the Department of Biological Sciences and Bioengineering (BSBE), IIT Kanpur, to treat a genetic illness by altering an organism’s gene.

Manipur’s Yaoshang festival held
The five-day-long Yaoshang festival, Manipur’s version of Holi, has begun.

  • The festival is celebrated every year on the full moon of Lamta (February-March) of the Meitei lunar calendar.
  • Yaoshang begins just after sunset followed by Yaosang Mei thaba, also known as Burning of the Straw Hut. Children visit neighbours to ask for monetary donations, called nakatheng.


India is home to the fifth highest number of female billionaires in the world
India is home to the fifth-highest number of female billionaires in the world. India has nine female billionaires, with Savitri Jindal being the richest woman in India with a net worth of $17.3 billion.

  • According to a new International Women’s Day study from City Index, which went through Forbes’ real-time billionaire tracker to find the country that is home to the most female billionaires, the US is at the top of the list.
  • According to City Index, the United States has the highest number of female billionaires in the world with 92 in total, double that of China, which stands in second place with 46. While the US already is home to some of the highest-profile male billionaires such as Jeff Bezos, Bill Gates, and Warren Buffett, four out of the five richest women in the world, including Walmart heiress Alice Walton, also hail from the US.


One Point One Solutions signs service pact with Kotak Mahindra Bank, DMI Finance
One Point One Solutions, a Business Process Management solutions provider, has expanded its collections portfolio offering in the BFSI segment with Kotak Mahindra Bank and DMI Finance, a pan India credit platform.

  • The collection process for some of the major products of Kotak Mahindra Bank would be managed by One Point One Solutions team with multilingual capabilities, such as English, Hindi, and Kannada.
  • The initial engagement with the Bank will be about 20 seats and would scale up to over 100 seats across three sites of One Point One Solutions soon, said the company in a statement.

Ujjivan Small Finance Bank launches “Unpause Initiative” to support the women rejoining the workforce after a break
Ujjivan Small Finance Bank is pleased to announce the launch of the ‘Unpause Initiative’, a programme designed to assist women who have taken a career break for any reason and are now ready to return to the workforce.

  • The initiative is part of our commitment to promoting workplace diversity and inclusion. The bank’s employees participated in a 3-kilometer walk from its registered headquarters in Koramangala, Bengaluru to support an initiative aimed at empowering women and providing them with the tools they need to move forward to the next phase of their lives.
  • As part of the ‘Unpause Initiative,’ Ujjivan SFB has also announced a special Hiring Drive and Employee referral programme for women who are resuming their careers.


Sebi imposes restrictions on share buyback via stock exchange mechanism
Capital markets regulator, Securities and Exchange Board of India (Sebi) introduced new set of guidelines to impose   restrictions on the placement of bids, price and volume for the companies undertaking share buyback through the stock exchange route.

  • As per the new restrictions imposed, a company will not be able to purchase more than 25 per cent of the average daily trading volume (in value) of its shares in the 10 trading days preceding the day in which such purchases are made, Sebi said in a circular.
  • Moreover, the company will not be allowed to place bids in the pre-open market, first 30 minutes and the last 30 minutes of the regular trading session and the firm’s purchase order price should be within the range of 1 per cent on either side from the last traded price.

Maharashtra, Gujarat lead in FDI inflows in the first three quarters
Maharashtra and Gujarat recorded a positive growth in foreign direct investment (FDI) in the current fiscal even as the overall FDI inflows into the country decelerated due to rising global interest rates, waning investor sentiment and gloomy growth outlook.

  • According to Department for Promotion of Industry and Internal Trade data, FDI inflows into Maharashtra went up by 19 per cent year-on-year to ₹85,186 crore during the April-December of the current fiscal. The State received ₹71,858 crore of FDI inflows during the same period of FY22.
  • It is to be noted that Maharashtra, Karnataka and Gujarat historically command the lion’s share of FDI inflows into the country. These three States alone accounted for 68 per cent of the FDI equity inflows (in dollar terms) into the country between October 2019 and December 2022.


Xi Jinping begins historic third term as China’s president
China’s Xi Jinping secured an unprecedented third term as the country’s president.

  • Nearly 3,000 members of China’s rubber-stamp parliament, the National People’s Congress (NPC), voted unanimously for Xi Jinping to be president.
  • There was no other candidate in the election , said a Reuters report. Xi was also elected for a third term as chairman of China’s Central Military Commission.


Navy gets first-ever made-in-India fuze for underwater anti-submarine rockets
In what is being seen as a major success for the “Make in India” initiative in defence sector, the Indian Navy has received a fully indigenised fuze for an anti-submarine warfare (ASW) underwater rocket, manufactured for the first time by a private Indian industry.

  • This would be the first time the Indian Navy has placed a supply order for underwater ammunition fuzes with an Indian private sector industry.
  • This marks the first time that the Indian Navy has procured an underwater ammunition fuze from an Indian private manufacturer. It is a major boost for the self-reliance of the Indian defence sector. The use of simulated dynamic trial facilities during the development and manufacturing process is also a noteworthy achievement.

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