07th-08th March, 2024

1. Central Government has launched two significant initiatives by the Department of Telecommunications (DoT): Digital Intelligence Platform (DIP) and Chakshu facility on the Sanchar Saathi portal.
2. Department of Posts has celebrated a milestone with the release of a Special Cover commemorating the successful journey of the Dak Karmayogi Project.
3. Union Minister for Steel and Civil Aviation, Jyotiraditya M. Scindia has inaugurated 1st Green Hydrogen Plant of India in Stainless Steel Sector located at Jindal Stainless Limited, Hisar.
4. Ministry of Earth Sciences (MoES) has hosted the 1st ‘Blue Talks’ meeting in New Delhi.
5. Union Minister Dharmendra Pradhan has launched Project Odiserv in Sambalpur, Odisha.
6. Geographical Indication Registry has awarded geographical indication (GI) tags to 10 distinct products from 8 states.
7. World Bank’s board of executive directors has approved a new program to improve connectivity for over 1.8 million people residing in rural areas of Assam, India.
8. Reserve Bank of India (RBI) has barred JM Financial Products Ltd (JMFPL) from financing against shares and debentures.
9. Enrollment of farmers under the Pradhan Mantri Fasal Bima Yojana (PMFBY) has crossed a record 40 million in 2023-24.
10. Punjab National Bank (PNB) has partnered with EaseMyTrip to launch the co-branded travel credit card “PNB EMT Credit Card”.
11. Bank of Baroda offers the bob LITE Savings Account, a Lifetime Zero Balance Savings Bank Account.
12. World Bank Group has released the “Women, Business and the Law 2024” report, analyzing challenges hindering women’s entry into the global workforce.
13. Global rating agency Moody’s has raised GDP growth projection of India for 2024 calendar year to 6.8%, up from 6.1% earlier.
14. Indian Navy has commissioned INS Jatayu at Minicoy Island in Lakshadweep, marking its 2nd base in the region after INS Dweeprakshak in Kavaratti.
15. Government has introduced an online digital platform named “e-Upaja Kisaan Nidhi” to provide farmers with access to pledge finance against harvested commodities.
16. International Day for Disarmament and Non-Proliferation Awareness 2024
17. 6th Jan Aushadhi Diwas
18. Max Verstappen of Red Bull wins the season-opening Bahrain Formula One Grand Prix.
19. REC Limited has partnered with the Unit of Science and Educational Development (UNISED).
20. NTPC Green Energy Limited has signed a joint venture agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited to develop renewable power parks and projects in Uttar Pradesh.
21. National Sample Survey Office (NSSO) under the Ministry of Statistics and Programme Implementation (MoSPI) and the National Remote Sensing Centre (NRSC) under the Indian Space Research Organization (ISRO) have signed MoU.
22. Shehbaz Sharif has been sworn in as the 24th Prime Minister of Pakistan.
23. Hungarian parliament has elected Tamás Sulyok as the new president of Hungary.

National News

1. Launch of Digital Intelligence Platform (DIP) and Chakshu Facility.
   • What ? Central Government has launched two significant initiatives by the Department of Telecommunications (DoT): Digital Intelligence Platform (DIP) and Chakshu facility on the Sanchar Saathi portal.
   • About Digital India Platform:
     • It improves coordination among stakeholders to combat cyber-crime and financial frauds.
     • It will provide a secure and integrated real-time intelligence sharing, information exchange, and coordination platform.
     • It will facilitate collaboration among Telecom Service Providers (TSPs), law enforcement agencies (LEAs), banks and financial institutions (FIs), social media platforms, and identity document issuing authorities.
   • About Chakshu Facility:
     • Chakshu is a new addition to the Sanchar Saathi portal and empowers citizens to report suspected fraud communications received via call, SMS, or WhatsApp.
     • It allows reporting of frauds such as KYC expiry or update requests for bank accounts, payment wallets, SIM cards, gas, and electricity connections.
       Source: PIB

2. 2nd Phase of Dak Karmayogi Project.
   • What ? Department of Posts has celebrated a milestone with the release of a Special Cover commemorating the successful journey of the Dak Karmayogi Project.
   • Key points:
     • A Special Cover has been unveiled to mark the occasion and celebrate the dedication and innovation that is driving the postal sector forward.
     • A felicitation ceremony honored the top postal circles and exceptional teams for their contributions to implementing Mission Karmayogi.
   • What is Dak Karmyogi?
     • Dak Karmayogi is an e-learning platform to enhance the competencies of about 4 lakh Gramin Dak Sevaks and Postal Department employees.
     • This portal has been developed ‘In-House’ under the vision of Mission Karmayogi.
       Source: PIB
     
     

3. 1st Green Hydrogen Plant in Stainless Steel Sector.
   • What ? Union Minister for Steel and Civil Aviation, Jyotiraditya M. Scindia has inaugurated 1st Green Hydrogen Plant of India in Stainless Steel Sector located at Jindal Stainless Limited, Hisar.
   • More about Green Hydrogen Plant:
     • It will be the 1st off-grid Green Hydrogen plant in the World for the stainless steel industry and the 1st Green Hydrogen plant in the World with rooftop & floating solar.
     • It aims to significantly reduce carbon emissions by around 2,700 metric tonnes per year and 54,000 tonnes of CO2 emissions over the next two decades.

4.  1st ‘Blue Talks’ meeting on Ocean Health and Governance.
   • What ? Ministry of Earth Sciences (MoES) has hosted the 1st ‘Blue Talks’ meeting in New Delhi.
   • key points:
     • The term “Blue Talks” signifies discussions on ocean-related topics.
     • The initiative is co-partnered by the Embassies of France and Costa Rica in India.
     • It brought together more than 50 participants from government, academia, and research institutes.
     • The focus was on gathering ideas for the upcoming United Nations Ocean Conference (UNOC3) and preparing for the High-Level Event on Ocean Action (HLEOA).
       Source: PIB

State News

1. Launch of Project Odiserv.
   • What ? Union Minister Dharmendra Pradhan has launched Project Odiserv in Sambalpur, Odisha.
   • Objective:
     • To prepare young graduates of Odisha for employment opportunities in the financial services sector.

   • More about Project Odiserv:
     • This is a collaboration between the National Skill Development Corporation (NSDC) under the Ministry of Skill Development and Entrepreneurship (MSDE) and Bajaj Finserv Ltd.
     • It aims to provide knowledge and skills to graduates, particularly first-generation ones, through Bajaj Finserv’s Certificate Programme for Banking, Finance, and Insurance (CPBFI).
     • This is a comprehensive 100-hour training program.
       Source: IE
     
     
2. Geographical Indication tag for 8 new products.
   • What ? Geographical Indication Registry has awarded geographical indication (GI) tags to 10 distinct products from 8 states.
   • New Products are:

Source: IE

Banking and Economy

1. World Bank approved $452m for Assam’s rural connectivity.
   • What ? World Bank’s board of executive directors has approved a new program to improve connectivity for over 1.8 million people residing in rural areas of Assam, India.
   • Objective:
     • To enhance the durability and management of roads and bridges in rural areas, especially during severe weather.
   • Key Points:
     • The program, named Assam Resilient Rural Bridges Program, has a budget of US $452 million.
     • It intends to benefit residents of 1,739 villages in Assam.
     • Its focus is on improving connectivity and infrastructure for rural communities.
     • To strengthen the resilience and management of roads and bridges in rural areas, particularly during extreme weather conditions.

2. RBI bans JM Financial Products.
   • What ? Reserve Bank of India (RBI) has barred JM Financial Products Ltd (JMFPL) from financing against shares and debentures.
   • Reason for Action:
     • The action was taken due to serious deficiencies observed in the loans sanctioned by JMFPL.
     • JMFPL is identified as a systemically important non-deposit-taking non-banking financial company (NBFC) for IPO financing and non-convertible debentures (NCD) subscriptions.
       Source: IE

   
   
3. Farmers’ enrollment under PMFBY crosses a record 40 million.
   • What ? Enrollment of farmers under the Pradhan Mantri Fasal Bima Yojana (PMFBY) has crossed a record 40 million in 2023-24.
   • Key point:
     • Enrollment has increased by 27% in comparison to the previous fiscal year.
     • Enrollment under PMFBY reached a record 40 million in 2023-24, indicating a significant increase from previous years.
     • Coverage area expanded by 21% to over 60 million hectares in 2023-24.
     • Farmers have paid ₹31,139 crore as premiums, with claims of around ₹1.56 trillion paid out.
     • Premium rates under PMFBY are fixed at 1.5% for rabi crops, 2% for kharif crops, and 5% for cash crops.
     • The claim-premium ratio declined from 99% in 2018-19 to 68.7% in 2021-22.
     • Finance Ministry allocated ₹15,000 crore for PMFBY in FY25, indicating continued support for the scheme.

4. PNB ties up with EaseMyTrip to launch travel credit card.
   • What ? Punjab National Bank (PNB) has partnered with EaseMyTrip to launch the co-branded travel credit card “PNB EMT Credit Card”.
   • Key features of PNB EMT Card:
     • The card is designed for a wide range of users, from the mass to premium segments.
     • Users can accumulate rewards in various categories, including flights, hotels, and holiday packages.
     • The card features a wallet for contactless payments, improving user convenience.
     • With an annual membership fee of Rs 2000, the card is usable in over 100 countries.
     • The card includes numerous exclusive benefits, such as a welcome gift voucher, cashback, discounts on flights and hotels, and complimentary airport lounge access.
       Source: BS
5. Bank of Baroda offers LITE Savings Account.
   • What ? Bank of Baroda offers the bob LITE Savings Account, a Lifetime Zero Balance Savings Bank Account.
   • Key features of account:
     • Account holders receive a lifetime free RuPay Platinum Debit Card, subject to maintaining a nominal Quarterly Average Balance (QAB).
     • QAB requirements vary based on branch location, with ₹3,000 for metro/urban branches, ₹2,000 for semi-urban branches, and ₹1,000 for rural branches.
     • RuPay Platinum Debit Card comes with offers and discounts on consumer brands, enhancing the overall banking experience for account holders.
     • Objective: To provide banking services to individuals across urban, semi-urban, and rural areas, with varying QAB requirements to suit different customer segments.
       Source: cnbc
     
     

Reports and Indices

1. “Women, Business and the Law 2024″ Report
   • What ? World Bank Group has released the “Women, Business and the Law 2024” report, analyzing challenges hindering women’s entry into the global workforce.
   • Indexes and Indicators:
     • Women, Business and the Law 2024 is the 10th in a series of annual studies measuring the laws that affect women’s economic opportunity in 190 economies.
     • The report assesses 10 indicators: Safety, Mobility, Workplace, Pay, Child Care, Marriage, Parenthood, Entrepreneurship, Assets, and Pension.
   • Legal Frameworks Index:
     • Among OECD high-income economies, 11 scored 90 or above, while more than 37 economies provide women with less than half of the legal rights enjoyed by men.
     • Women around the world enjoy only 64% of the legal protections that men do, lower than the previous estimate of 77%.
   • Gap Between Legal Reforms and Outcomes:
     • Despite legal reforms promoting gender equality, there is a significant gap between laws and women’s actual experiences.
     • Poor performance in areas such as women’s safety and access to childcare.
   • Poor Performances by Countries:
     • Togo stands out in Sub-Saharan Africa, enacting laws giving women 77% of the rights available to men, yet implementation remains at only 27%.
     • Nearly all countries performed poorly in access to childcare and women’s safety.
   • India’s Performance:
     • India’s rank slightly improved to 113 with a score of 74.4%.
     • Indian women have 60% of the legal rights compared to men, lower than the global average.
     • India has outperformed its South Asian counterparts.
     • Challenges remain in laws impacting women’s pay, but India scored higher than the global and South Asian averages in supportive frameworks.
       Source: WBL

GDP Forecasts

1. Moody’s raises India’s 2024 GDP forecast to 6.8% from 6.1%.
   • What ? Global rating agency Moody’s has raised GDP growth projection of India for 2024 calendar year to 6.8%, up from 6.1% earlier.
   • Reason for the raised forecast:
     • This strong growth to the government’s capital spending and vigorous manufacturing activity.
     • The increase in estimate was attributed to India’s robust economic performance in 2023 and diminishing global economic challenges.
   • GDP growth of India is estimated to be 7.6% for the year ending March 31, 2024.
     Source: ET

Defence News

1. Navy commissions INS Jatayu at Minicoy.
   • What ? Indian Navy has commissioned INS Jatayu at Minicoy Island in Lakshadweep, marking its 2nd base in the region after INS Dweeprakshak in Kavaratti.
   • Objective:
     • To strengthen India’s surveillance and security in the strategically located Lakshadweep Islands, enhancing awareness of maritime activities in key sea routes like the Nine Degree Channel.

   • Key points:
     • INS Jatayu will operate under the command of the Naval Officer in Charge (Lakshadweep), Southern Naval Command.
     • The Navy also commissioned its first MH-60R multi-role helicopter squadron, INAS 334 ‘Seahawks’, at Kochi, which bolsters its anti-submarine warfare capabilities.
       Source: The Hindu

     
     
   
   
   
   
   
   

Agriculture and Rural Development

1. Launch of an online digital platform named “e-Upaja Kisaan Nidhi”.
   • What ? Government has introduced an online digital platform named “e-Upaja Kisaan Nidhi” to provide farmers with access to pledge finance against harvested commodities.
   • Objective:
     • The aim is to empower farmers by enabling them to store their agricultural produce with the Warehousing Development and Regulatory Authority (WDRA) and obtain post-harvest loans from banks.
   • More about e-Upaja Kisaan Nidhi:
     • Collaborative Development: Portal has been jointly developed by the Department of Food and Public Distribution, the Department of Financial Services, and Nabard.
     • Storage Simplification: It allows farmers to store their harvest at any WDRA-registered warehouse for 6 months at an interest rate of 7% per annum.
     • Access to Credit: Farmers can obtain electronic negotiable warehousing receipts (e-NWRs) from nearly 5600 WDRA-registered warehouses to access bank credit for the next crop, particularly during the post-harvest season.
     • Promotion Initiative: To promote the scheme, WDRA waived the application fee for registering warehouses storing agricultural commodities for farmers until October 25, 2025.
     • Loan Facilitation: WDRA signed MoUs with Punjab & Sind Bank (PSB) and Punjab National Bank (PNB) to facilitate loans to farmers and traders, raising awareness about financing against e-NWRs with features like no additional collateral and attractive interest rates.

Source: BS

Important Days

1. March 5– International Day for Disarmament and Non-Proliferation Awareness 2024
2. March 7– 6th Jan Aushadhi Diwas

Sports

1. Bahrain Formula One Grand Prix
   • What ? Max Verstappen of Red Bull wins the season-opening Bahrain Formula One Grand Prix.
   • Rankings:

Source: formula1

Memorandum of Understanding

1. Memorandum of Agreement between REC Limited and Unit of Science and Educational Development (UNISED).
   • What ? REC Limited has partnered with the Unit of Science and Educational Development (UNISED).
   • Objective:
     • To support the education of approximately 75,500 children in Siddharthnagar district, Uttar Pradesh.

   • Key points:
     • As part of the collaboration, UNISED will implement solar energy-operated smart classes and establish joyful learning resource labs in government schools across Siddharthnagar district.
     • It aims to provide students with access to modern educational tools and resources, empowering them to excel academically and creatively.
       Source: PIB
     
     

   
   
2. NTPC Green, UP Rajya Vidyut to jointly develop renewable energy projects.
   • What ? NTPC Green Energy Limited has signed a joint venture agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited to develop renewable power parks and projects in Uttar Pradesh.
   • Key points:
     • The renewable energy power generated from the proposed joint venture company aims to fulfill the Renewable Generation Obligation (RGO) of Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL).
     • RGO is a mandate for electricity generation companies to produce a specific percentage of their total electricity output from renewable energy sources.
       Source: BS
     
     

3. MoSPI Signs MoU with ISRO on Urban Frame Survey using Bhuvan.
   • What ? National Sample Survey Office (NSSO) under the Ministry of Statistics and Programme Implementation (MoSPI) and the National Remote Sensing Centre (NRSC) under the Indian Space Research Organization (ISRO) have signed MoU.
   • Objective:
     • To facilitate the Urban Frame Survey (UFS) digitally using advanced Geo ICT tools and techniques, particularly leveraging the Bhuvan Platform.

Source: PIB

Appointments

1. Shehbaz Sharif sworn in as Pakistan’s prime minister for 2nd time.
   • What ? Shehbaz Sharif has been sworn in as the 24th Prime Minister of Pakistan.
     Source: BS
2. Tamás Sulyok is elected Hungary’s president.
   • What ? Hungarian parliament has elected Tamás Sulyok as the new president of Hungary.
   • Location of Hungary:
     Source: osw

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