Daily Current Affairs 7 & 8 May 2023 for Banking/Insurance/SSC and other related exams.
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Defence Minister Rajnath Singh inaugurates 1st-of-its-kind Indian Air Force Heritage Centre at Chandigarh
Defence Minister Rajnath Singh inaugurated the first-of-its-kind Indian Air Force (IAF) Heritage Centre at Chandigarh. It was set up under a memorandum of understanding(MoU) between the Union Territory of Chandigarh and the IAF which was signed last year.
- Spread over 17,000 square feet, this is the first heritage centre of the IAF and depicts its role in 1965, 1971 and the Kargil wars and the Balakot air strike through murals and scale models.
- The heritage centre has several attractions such as aircraft models, aero engines and weapons, including Gryazev-Shipunov twin-barrelled guns. It showcases augmented reality, hologram, virtual reality, and electro-mechanical enclosures, interactive kiosks highlighting various facets of the IAF.
Union Minister Nityanad Rai inaugurates Dawki land port in Meghalaya
To promote trade and commerce between India and Bangladesh, the Dawki land port was inaugurated by Union Minister Nityanand Rai in Meghalaya’s West Jaintia Hills District.
- The port has been built keeping in mind the requirements of both the countries and will offer various facilities such as a godown, canteen, cargo for tourists, and an electric substation.
- The Dawki land port lies in West Jaintia Hills in Meghalaya, approximately 55 km away from the district headquarters, Jowai, and around 84 km from Meghalaya’s capital Shillong.
UP Government to build first Pharma Park in Lalitpur
The Uttar Pradesh government has approved the establishment of the state’s first Pharma Park in Lalitpur district of Bundelkhand.
- The project will require the transfer of 1500 hectares of land from the Animal Husbandry Department to the Industrial Development Department.
- The government has allocated a budget of Rs 1560 crore for the development and provision of necessary facilities to investors in Lalitpur Pharma Park.
Border Haat between India and Bangladesh inaugurated at Bholaganj in Sylhet
The first-ever border haat in Sylhet division along the India border was opened at Bholaganj in Companiganj upazila.
- Expatriates’ Welfare and Overseas Employment Minister Imran Ahmad and Indian High Commissioner in Sylhet Niraj Kumar Jaiswal jointly inaugurated the haat, which is located between East Khasi Hills of India’s Meghalaya and Sylhet’s Bholaganj.
- During the inauguration, Minister Imran said that the establishment of the border haat will strengthen the bilateral relationship between the countries, as Prime Minister Sheikh Hasina loves friendship. He added that more haats will be set up in border areas once the success of this haat is determined.
BANKING & FINANCE
RBI mandates all wire transfers to have complete info about originator, beneficiary
The Reserve Bank of India (RBI) has issued new instructions to all banks and financial institutions in the country to ensure that all wire transfers, whether domestic or international, contain complete information about the originator and beneficiary. The move is aimed at preventing wire transfers from being used as a channel for money laundering and financing terrorism.
- The updated instructions are part of the Master Direction on Know Your Customer (KYC) and are aligned with the recommendations of the Financial Action Task Force (FATF).
- As per the updated instructions, all cross-border wire transfers must be accompanied by accurate, complete, and meaningful originator and beneficiary information. This information must be available to appropriate law enforcement and prosecutorial authorities, as well as the Financial Intelligence Unit – India (FIU-IND) on receiving such requests with appropriate legal provisions.
Visa launches CVV-free payments for tokenised credit, debit cards
Visa, the global card transaction company, has launched a new feature in India that allows users to make online payments without the need for a CVV number. The feature applies to tokenised credit and debit cards and is only available for domestic transactions in India.
- When a user tokenises their card, it is secured with a unique code and transactions are completed using a two-factor authentication process, which does not require the 16-digit card number or any other card details. The new authentication method protects users from cyber fraud as the token cannot be used on another platform.
India’s green financing requirement estimated at 2.5% of GDP, says RBI Study
As per the Reserve Bank of India’s (RBI) report on Currency and Finance (RCF) for the year 2022-23, India would require at least 2.5% of GDP annually until 2030 for green financing.
- The report addresses various areas such as the extensive and rapid impact of climate change, implications for financial stability, and policy choices to mitigate climate-related risks.
- India has set an objective to achieve net-zero emissions by 2070. According to the report, if the Central Bank Digital Currency (CBDC) or e-rupee is developed with environmentally friendly and socially responsible goals, it could prove to be a better alternative to other cashless methods.
Praveen Chithravel breaks men’s triple jump national record at Cuba 2023 athletics meet
Indian athlete Praveen Chithravel achieved an extraordinary feat by winning the men’s triple jump event at an athletics meet in Havana, Cuba, with a record-breaking national mark of 17.37m.
- He surpassed the previous men’s triple jump national record of 17.30m, set by Renjith Maheswary at the third Indian Grand Prix in Bangalore in 2016.
Carlos Alcaraz beats Jan-Lennard Struff to retain Madrid Open Title
World number two Carlos Alcaraz continued his good work from the Barcelona Open and successfully defended his title at Madrid.
- Alcaraz beat lucky loser Jan-Lennard Struff 6-4 3-6 6-3 and win his fourth ATP Tour trophy of the year and his tenth overall.
- The 20-year-old Spaniard had an injury-plagued start to the season but came back in top form last month to win the Barcelona Open for the second consecutive year.
Pakistan’s Babar Azam becomes fastest to 5000 ODI runs
Babar Azam, the captain of the Pakistan cricket team, has set a new record by becoming the fastest player to score 5000 runs in One Day International (ODI) cricket.
- He achieved this feat in 97 innings, breaking the previous record set by South Africa’s Hashim Amla, who reached the 5000 run mark in 101 innings.
- Babar accomplished this milestone during the fourth match against New Zealand in Karachi. Prior to Babar, Amla held the record for the fastest 5000 runs in ODI cricket, but the 28-year-old batter broke it by achieving the feat in 97 innings.