Daily Current Affairs 14 July 2023 for Banking/Insurance/SSC and other related exams.
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Defence Ministry, FSSAI sign MOU to promote use of millet and healthy eating practices among armed forces
The Defence Ministry and Food Safety and Standards Authority of India (FSSAI) have signed a Memorandum of Understanding (MOU) to promote the use of millets and healthy eating practices among the armed forces and ensure availability of safe and nutritious food.
- The MoU was signed in the presence of Raksha Mantri Rajnath Singh and Health Minister Dr Mansukh Mandaviya in New Delhi.
- This collaboration will ensure training of food handlers and chefs of mess, canteens of the Armed Forces and other food outlets on food safety and hygiene. It signifies a shared commitment to the health and well-being of the Armed Forces to enable them to remain strong and resilient in their service to the nation.
Cabinet approves changes to Jan Vishwas Bill to decriminalise offences in 42 laws
The Union Cabinet has reportedly approved amendments to the Jan Vishwas (Amendment of Provisions) Bill, 2023. The proposed changes aim to decriminalize minor offences by amending 183 provisions across 42 Acts administered by 19 ministries.
- It proposes to amend 183 provisions across 42 Acts administered by 19 ministries.The bill came up for discussions in the cabinet meeting, they said.
- The Jan Vishwas (Amendment of Provisions) Bill was introduced by Commerce and Industry Minister Piyush Goyal in the Lok Sabha on December 22 last year. After that, the bill was referred to a joint committee of Parliament.
Govt doubles income slab for EWS under PMAY-Urban housing in Mumbai region
The government of India has announced a significant measure to uplift the urban poor by increasing the income slab of Economically Weaker Section (EWS) category in the Pradhan Mantri Awas Yojana – Urban (PMAY-U) to Rs 6 lakhs from Rs 3 lakh for the housing schemes in Mumbai Metropolitan Region (MMR).
- The decision has been taken in response to the letter from the government of Maharashtra requesting the union government to enhance the income criterion of EWS category for affordable Housing in partnership (AHP) vertical of PMAY-U projects in the metropolitan region.
- The enhancement in income slab aims to expand the eligibility and accessibility of affordable housing for individuals belonging to the EWS category.
World’s biggest International Temples Convention and Expo to be held in Varanasi
The International Temples Convention and Expo will be held at the Rudraksha Convention Centre in Varanasi from July 22 to 24. Developed by Temple Connect (India), it is the world’s first event solely dedicated to the management of temples across the globe and will focus on nurturing and empowering the administration, management and operations of temple ecosystems.
- Conceptualised by Giresh Kulkarni, Founder of Temple Connect (platform dedicated to the documentation, digitalisation and distribution of information related to temples of Indian origin), along with Prasad Lad (Chairman, International Temples Convention & Expo 2023 and Member Of Maharashtra Legislative Council), and Show Director & Co-Curator Meghaa Ghosh, this three-day event carves a space for free-flowing exchange of ideas, learning and invaluable insight among like-minded dignitaries who are at the helm of temple management, in order to establish, enable and promote best practices for temple management teams worldwide.
- It is supported by the Ministry of Tourism, Government of India, under the “Incredible India” initiative.
UAE becomes first Arab country to get observer status at Asia-Pacific Group on Money Laundering
The United Arab Emirates (UAE) has become the first Arab country to receive observer status in the Asia/Pacific Group (APG) on Money Laundering, a regional body similar to the Financial Action Task Force (FATF).
- The UAE is participating as an observer at the plenary session of the APG, which is currently taking place in Vancouver, Canada.
- Obtaining observer status reflects the UAE’s commitment to international cooperation in combating money laundering and the financing of terrorism.
Global public debt hits record $92 trillion, UN report says
Global public debt surged to a record $92 trillion in 2022 as governments borrowed to counter crises, such as the COVID-19 pandemic, with the burden being felt acutely by developing countries, a United Nations report said.
- Domestic and external debt worldwide has increased more than five times in the last two decades, outstripping the rate of economic growth, with gross domestic product only tripling since 2002, according to the report, released in the run up to a G20 finance ministers and central bank governors’ meeting.
- Developing countries owe almost 30% of the global public debt, of which 70% is represented by China, India and Brazil. Fifty-nine developing countries face a debt-to-GDP ratio above 60% – a threshold indicating high levels of debt.
- Furthermore, the international financial architecture made access to financing for developing countries both inadequate and expensive, the UN said, pointing to net interest debt payments exceeding 10% of revenues for 50 emerging economies worldwide.
BANKING & FINANCE
RBI cancels registration of four NBFCs, 11 surrender certificates
The Reserve Bank of India (RBI) recently announced the cancellation of registration for four non-banking finance companies (NBFCs) and the surrender of licenses by 11 other entities. This move signifies the RBI’s efforts to maintain regulatory compliance and ensure the stability of the financial sector.
- Those NBFCs whose registration has been cancelled by the Reserve Bank include Kerala- based Nanma Chits and Financiers Ltd, Uttar Pradesh based Kailash Auto Finance Ltd and Chidrupi Financial Services Ltd and Goldline Financial Services Ltd from Telangana, the central bank said.
- Those NBFCs whose registration has been cancelled by the Reserve Bank include Kerala- based Nanma Chits and Financiers Ltd, Uttar Pradesh based Kailash Auto Finance Ltd and Chidrupi Financial Services Ltd and Goldline Financial Services Ltd from Telangana.
- Those NBFCs whose surrendered their registration certificates due to exit from non-banking financial institution business include Sanapala Holdings Private Limited from Andhra Pradesh, Samrudhi Finance and Investments Private Limited from Telangana, SC Dani Research Foundation Private Limited and De Lage Landen Financial Services Private Limited from Maharashtra.
- Four NBFCs surrendered their registration certificates to the apex bavk due to meeting the criteria prescribed for unregistered Core Investment Company (CIC) that do not require registration. The NBFCs include: Jamshedpur Securities Limited from Jamshedpur (Jharkhand), Azorius Holdings Private Limited, Chennai (Tamilnadu), Serendipity Investments Private Limited, Chennai (Chennai, Tamilnadu) and Higain Investments Private Limited Gurugram (Haryana).
- Three NBFCs surrendered their registration certificates to RBI as they cease to be a legal entity due to amalgamation/ merger/dissolution/ voluntary strike-off, etc. The entities include: Unistar Resources and Trades Pvt Ltd and Skyline Tracom Private Limited from Kolkata) West Bengal, from Rector Investments Private Limited from Delhi
BUSINESS & ECONOMY
Numaligarh Refinery in Assam upgraded to ‘Schedule A’ category enterprise
In a significant milestone, the Numaligarh Refinery Limited (NRL) in Assam has been upgraded from ‘Schedule B’ to ‘Schedule A’ category Central Public Sector Enterprises by the Centre.
- The upgradation to ‘Schedule A’ was notified by the Ministry of Petroleum and Natural Gas on July 4, 2023.The upgradation to Schedule A will now make NRL eligible to achieve the status of Navratna which in turn will give higher financial autonomy.
- This will allow the company to undertake larger and more complex projects, and take speedy decisions in creating joint ventures, strategic partnerships, and special-purpose vehicles for strategic growth.
ACQUISITIONS & MERGERS
CarTrade to acquire OLX India’s auto sales business for Rs 537 crore
According to a media report, CarTrade is set to acquire OLX India’s auto sales business for Rs 537 crore.
- CarTrade Tech, in a stock exchange filing, has revealed that it plans to acquire a 100% stake in Sobek Auto India Pvt. Ltd. The acquisition is expected to be completed in 21-30 days.
- The filing also mentioned that Sobek had entered into an Intellectual Property License Agreement and a Transitional Support Agreement for the use of certain brands and technology.
Jammu and Kashmir Rural Livelihoods Mission bags SKOCH Award under “State of Governance India 2047” in Gold category
The Jammu and Kashmir Rural Livelihoods Mission (JKRLM) has bagged the SKOCH Award under the theme “State of Governance India 2047” in Gold category for its outstanding efforts in creating marketing avenues for Self-Help Groups (SHGs) in the Union Territory.
- The SKOCH award marks a significant milestone for JKRLM, being the first award received since the inception of the scheme. This recognition represents a remarkable accomplishment for the organization.
- The award is a recognition for the JKRLM to the hard work and dedication of the JKRLM team, especially its Mission Director, who has been instrumental in driving the Mission’s major goal of creating marketing opportunities from district-level avenues to national-level platforms.