Daily Current Affairs 11th May, 2023

Daily Current Affairs 11 May 2023 for Banking/Insurance/SSC and other related exams.

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NATIONAL NEWS

Govt. panel proposes ban on diesel 4-wheeler vehicles by 2027
A Report initiated by the Ministry of Petroleum and Natural Gas in India has proposed prohibiting the usage of diesel-fueled four-wheeled vehicles in cities with a population exceeding 10 lakhs by 2027, and instead, promoting electric and gas-based vehicles. 

• The panel, led by former Oil Secretary Tarun Kapoor, also recommended gradually phasing out motorcycles, scooters, and three-wheelers with internal combustion engines by 2035.
• The report suggested a ban on adding diesel city buses in urban areas in roughly a decade. The panel proposed that passenger cars and taxis, categorized as four-wheelers, should partly transition to electric and partly to ethanol-blended petrol, with an approximately 50 percent share in each category.

Uttar Pradesh becomes first state to make Digital Health Cards for children
The Urban Development Department and Lucknow Smart City, launched “School Health Program”, a State government statement said. 

• The program aims to improve the health of students and has been implemented in three schools as a part of the pilot project.
• As a part of the pilot project, three municipal schools in Lucknow – Aminabad Inter College, Kashmiri Mohalla Girls Inter College, and Kashmiri Mohalla Montessori School – have been tasked with conducting health checkups for a total of 1765 children. The team responsible for the checkups is creating digital health cards by conducting thorough examinations of each child on-line. 

BANKING & FINANCE

Max Life ties up with Capital Small Finance Bank to offer life insurance solutions
Max Life Insurance Company and Capital Small Finance Bank have announced a partnership to offer life insurance offerings to the latter’s customers. 

• Through this tie-up, Max Life and Capital SFB will offer their customers a range of savings, protection, retirement, and group life insurance plans.
• The bank has maintained a key regional focus, making banking more accessible for its rural, semi-urban customer base. This partnership is a testimony to our shared vision of delivering superior customer experience with best-in-class products, digital servicing and omni-channel approach.

AU Small Finance Bank launches RuPay credit card for self-employed customers
AU Small Finance Bank has teamed up with RuPay to introduce the Business Cashback RuPay credit card, a novel solution designed to fulfill the financial requirements of self-employed clients. The latest product is intended to provide a wide range of advantages to small enterprises.

• AU Small Finance Bank’s Business Cashback RuPay Credit Card streamlines business financial operations by providing benefits such as up to 2% cashback, 48-day interest-free credit, and immediate loans.

Mastercard replaces BharatPe as global sponsor of ICC 
Mastercard has reportedly taken over from BharatPe as the global sponsor of the International Cricket Council (ICC), a multinational financial services corporation based in the United States. 

• Over the past year, Mastercard has been actively seeking to secure lucrative sponsorship deals and has already secured the title sponsorship rights for the Board of Control for Cricket in India (BCCI) international and domestic home fixtures from Paytm. 

AIBEA to launch ‘Bank Clinic’ to help retail customers with grievance redress
The All India Bank Employees’ Association (AIBEA) plans to set up an online ‘Bank Clinic’ to assist bank customers with grievance redressal.

• The primary objective of the Bank Clinic is to assist customers with their complaints and to provide feedback to banks on areas where there are service deficiencies. This will assist banks in improving their services and customer satisfaction.

BUSINESS & ECONOMY

Fitch pares India’s GDP growth forecast for this year to 6% from 6.2%
Fitch Ratings has lowered its 2023-24 GDP growth forecast for India to 6% from 6.2%, citing headwinds from elevated inflation and interest rates along with subdued global demand, with the economy expected to rebound to 6.7% in 2024-25 as opposed to 6.9% projected earlier.

• The rating firm has also re-affirmed India’s long-term foreign-currency issuer default rating at ‘BBB-’ with a stable outlook. A ‘BBB’ issuer default rating indicates that expectations of default risk are currently low and payment capacity to meet financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

SPORTS

Andy Murray wins his first title since 2019
Andy Murray won his first ATP Challenger Tour title since 2005 as he defeated American Tennis player Tommy Paul in the match at Aix-en-Provence.

• Andy Murray overcame a slow start to triumph at the ATP Challenger Tour 175 event.
• In front of a packed stadium in southern France, the Scot found consistency from the baseline to rally to a 2-6, 6-1, 6-2 victory against Paul at the Open Aix Provence Credit Agricole.

ACQUISITIONS & MERGERS

Groww completes acquisition of Indiabulls’ mutual fund business
Fintech unicorn Groww has acquired 100 per cent stake in the mutual fund business of Indiabulls Housing Finance for ₹175.62 crore, according to Indiabulls’ stock exchange filing.

• The deal includes cash and cash equivalent of Rs 100.62 crores. The Alternate Investment Fund (AIF) and Portfolio Management Service (PMS) businesses will be demerged from the existing IBAMC structure, and remain under Indiabulls Housing Finance.

APPOINTMENTS

Parminder Chopra, first woman to lead India’s largest NBFC
Parminder Chopra has been recommended by the Public Enterprise Selection Board (PESB) to become the next Chairman and Managing Director (CMD) of Power Finance Corporation (PFC), India’s largest Non-Banking Financial Company (NBFC) by net worth. If appointed, she will be the first woman to hold the position.

• Parminder Chopra has been working with PFC since 2005 and has been serving as Director (Finance) and CFO since 2020.She is also a member of the board of directors.

AWARDS

Ramnath Kovind confers Bharat Ratna Dr Ambedkar Award on CM Yogi for creating fear-free UP
Former President of India, Ram Nath Kovind, presented the Bharat Ratna Dr. Ambedkar Award to Chief Minister Yogi Adityanath for his efforts in creating a fear-free Uttar Pradesh. 

• The award ceremony was organized at Shanmukhananda Auditorium in Mumbai where member of the UP legislative council Lalji Prasad Nirmal received the award on behalf of Yogi Adityanath.
• Popular film actors Prem Chopra, Udit Narayan and Rajpal Yadav including talents from other regions of the country were also honoured with the 13th Bharat Ratna Dr Ambedkar Award on the occasion. 

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