09th-11th March, 2024

1. Union Minister Hardeep Singh Puri has inaugurated 201 CNG stations and the 1st Small Scale LNG Unit set up by GAIL in India.
2. 1st indigenous Fast Breeder Reactor (FBR) of India at Kalpakkam, Tamil Nadu has started placing nuclear fuel inside the reactor’s core, a crucial step in India’s nuclear program.
3. Government has adopted a graded approach in setting the limits for foreign direct investment (FDI) through the automatic route for the different segments of the space sector.
4. Chief Minister of Uttar Pradesh,Yogi Adityanath has launched the Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA) program to help young entrepreneurs in UP.
5. Reserve Bank of India (RBI) has amended the regulations governing credit and debit cards.
6. World Bank, the Bill & Melinda Gates Foundation, and UNICEF have pledged nearly $600 million towards eliminating cervical cancer.
7. Central Government has announced amendments that empower the Competition Commission of India (CCI) to impose penalties based on a company’s global turnover, not just the turnover from the product under investigation.
8. Fairfax India Holdings Corporation has committed to providing up to USD 200 million in liquidity support to IIFL Finance Limited.
9. Riken Yamamoto of Yokohama, Japan has been awarded the 2024 Pritzker Architecture Prize.
10. Renowned Indian writer and Padma Shri awardee, Amitav Ghosh has been awarded Erasmus Prize 2024.
11. Prime Minister Narendra Modi has awarded the National Creators Award 2024 at the Bharat Mandapam Convention Centre in Delhi.
12. International Women’s Day
13. RBI and Bank Indonesia signed an MoU to establish a framework promoting the use of local currencies, the Indian Rupee (INR) and the Indonesian Rupiah (IDR), for cross-border transactions.
14. Reliance Consumer Products has entered into a partnership with Sri Lanka-based beverage maker Elephant House.
15. Renowned philanthropist, engineer, and accomplished author Sudha Murty has recently been appointed to the Rajya Sabha.
16. Former President of Sri Lanka, Gotabaya Rajapaksa has authored a book titled ‘The Conspiracy to Oust Me from the Presidency’.

National News

1. Inauguration of 201 CNG stations and India’s first Small Scale LNG Unit of GAIL.
   • What ? Union Minister Hardeep Singh Puri has inaugurated 201 CNG stations and the 1st Small Scale LNG Unit set up by GAIL in India.
   • Key points:
     • 201 CNG stations have been set up by 15 City Gas Distribution (CGD) entities from the GAIL group, are spread across 52 Geographical Areas (GAs) in 17 states.
     • GAIL has built 1st small-scale LNG unit of India in Vijaipur, Madhya Pradesh.
     • By 2030, India aims to establish roughly 17,500 CNG stations and about 120 million PNG (Domestic) connections.
       Source: PIB
2. 1st indigenous Fast Breeder Reactor of India.
   • What ? 1st indigenous Fast Breeder Reactor (FBR) of India at Kalpakkam, Tamil Nadu has started placing nuclear fuel inside the reactor’s core, a crucial step in India’s nuclear program.
   • Key points:
     • India had started working on Fast Breeder Reactors (FBRs) twenty years ago to produce electricity from uranium and thorium.
     • India will be the 2nd country after Russia to have a commercial FBR.
     • India’s plan involves three stages to generate electricity using fertile and fissile materials.
     • Nuclear plan of India includes setting up different types of reactors and facilities to eventually use thorium for power.
   • What is a fast Breeder Reactor?
     • A fast breeder reactor is a nuclear reactor type that produces more fissile material than it consumes.
     • It typically uses fast neutrons to convert fertile materials, such as uranium-238 or thorium-232, into fissile materials like plutonium-239 or uranium-233.
     • This process promotes efficient nuclear fuel utilization and potentially allows the reactor to generate more power than traditional reactors.
       Source: Indian Express
3. New space Foreign Direct Investment (FDI) norms.
   • What ? Government has adopted a graded approach in setting the limits for foreign direct investment (FDI) through the automatic route for the different segments of the space sector.
   • Objectives:
     • To strike a balance between attracting investment and safeguarding security and strategic interests.
   • Key points:
     • Amended FDI Norms:
       • 100% FDI allowed for making satellite components.
       • 74% FDI allowed for satellite manufacturing and operations.
       • 49% FDI allowed for launch vehicles.
     • Government approval is required beyond the specified limit for each sub-sector.
     • Previously, 100% FDI was allowed in satellite establishment and operations only through the government route.
       Source: BS

State News

1. Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA) program.
   • What ? Chief Minister of Uttar Pradesh,Yogi Adityanath has launched the Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA) program to help young entrepreneurs in UP.
   • Objective:
     • To provide support to educated and skilled youth, help them start their own businesses.
   • More about MYUVA:
     • This initiative is projected to benefit 10 lakh units over the next decade, financing 1 lakh units each year.
     • Eligibility: Individuals who have been trained under government schemes such as Vishwakarma Shram Samman Yojana, ODOP Training, SC/ST/OBC Training Scheme, and Skill Upgradation are eligible.
     • Structure of Financing:
     • Interest-free loans of up to Rs 5 lakh are offered, with Rs 1,000 crore allocated in the budget for FY25.
     • On repayment, the individual can receive twice the initial loan amount, up to Rs 7.50 lakh.
     • Funding will be provided by nationalized, scheduled, rural banks, SIDBI, and other RBI-notified institutions, covered under CGTMSE.
       Source: TOI
     
     

Banking and Economy

1. RBI amends these debit card, and credit card rules.
   • What ? Reserve Bank of India (RBI) has amended the regulations governing credit and debit cards.
   • Key points:
     • Applicability: The new provisions apply to all credit card issuing banks and non-banking financial companies (NBFCs), while instructions relating to debit cards apply to every bank operating in India.
     • Effective Date: The provisions became effective on March 7, 2024
     • The amendments are made under Section 35A of the Banking Regulation Act, 1949, and Chapter IIIB of the Reserve Bank of India Act, 1934.
     • New Provisions:
       • Interest Calculation: Interest shall be levied only on the outstanding amount adjusted for payments, refunds, or reversed transactions.
       • Payment Modes: Card issuers must provide a list of authorized payment modes and advise cardholders to refrain from unauthorized modes.
       • Authentication Framework: Debits to the credit card account must adhere to the authentication framework prescribed by the RBI.
       • Business Credit Cards: Payment and refund adjustment timeframes for business credit cards should be as agreed between the card issuer and the principal account holder.
       • Card Suspension Procedure: Card issuers must follow an approved standard operating procedure for blocking/deactivating/suspending cards, and promptly notify cardholders of such actions through electronic means and other available modes.
         Source: ET

2. World Bank, Bill & Melinda Gates Foundation, and UNICEF pledged amount for cervical cancer.
   • What ? World Bank, the Bill & Melinda Gates Foundation, and UNICEF have pledged nearly $600 million towards eliminating cervical cancer.
   • Key points:
     • Funding will be directed towards expanding access to vaccination, screening, and treatment worldwide, to combat cervical cancer.
     • Global Cervical Cancer Elimination forum, held in Cartagena, Colombia with the objective to bring together governments and global health partners to commit to ending the disease.
     • World Bank will commit $400 million over 3 years, with additional funding from the Gates Foundation ($180 million) and UNICEF ($10 million).

3. Govt notifies provision to let CCI impose a penalty on firm’s global turnover.
   • What ? Central Government has announced amendments that empower the Competition Commission of India (CCI) to impose penalties based on a company’s global turnover, not just the turnover from the product under investigation.
   • Key points:
     • EfEffective Date: Sections 20, 35, and 40 of the Competition (Amendment) Act, 2023 were enforced on March 6, 2024.
     • The amendments are likely to impact large tech companies with various business verticals, as they now face potential penalties based on their global turnover.
     • Penalties could reach up to 30% of the relevant average turnover or income, with adjustments made according to the aggravating and mitigating factors outlined in the guidelines.
     • Purpose of these guidelines is to ensure consistency, transparency, and certainty in the CCI’s decision-making. They help prevent excessive penalties and aid stakeholders in risk assessment.
       Source: HT
     
     

4. Fairfax India Holdings Corporation commits funding to IIFL.
   • What ? Fairfax India Holdings Corporation has committed to providing up to USD 200 million in liquidity support to IIFL Finance Limited.
   • Objective:
     • To reassure investors and lenders regarding the financial health of IIFL Finance.
       Source: BS

Awards

1. 2024 Pritzker Architecture Prize.
   • What ? Riken Yamamoto of Yokohama, Japan has been awarded the 2024 Pritzker Architecture Prize.
   • Key points:
     • It is the highest global architectural honor and he will receive USD 100,000 along with a bronze medallion.
     • He is the 9th Japanese architect to win the prize.
       Source: AN
2. Amitav Ghosh Awarded Erasmus Prize 2024 for Climate Change Writings.
   • What ? Renowned Indian writer and Padma Shri awardee, Amitav Ghosh has been awarded Erasmus Prize 2024.
   • Key points:
     • Awarded by: Netherlands’ Praemium Erasmianum Foundation
     • Reason for award: Ghosh was honored for his writings on climate change under the theme “imagining the unthinkable.”
       Source: TOI
3. National Creators Award 2024.
   • What ? Prime Minister Narendra Modi has awarded National Creators Award 2024 at the Bharat Mandapam Convention Centre in Delhi.
   • Objective:
     • To empower online creators who inspire and provide positive content to people and make positive changes among creators and promote innovation and digital content creation in India.
   • Key points:
     • This was the inaugural edition of the National Creators Award, recognizing creators in various categories for the first time.
     • The program received a total of 1.5 lakh nominations across 20 categories, with 10 lakh votes cast to select the winners.
     • The initiative seeks to acknowledge the excellence and knowledge of online creators across diverse content categories.
   • List of winners under different category:

Source: AWBI

Important Days

1. March 8– International Women’s Day; Theme- Invest in women: Accelerate progress
   • The campaign theme for International Women’s Day 2024 is Inspire Inclusion.
     Source: iwd

Memorandum of Understanding

1. RBI, Bank Indonesia sign MoU for use of local currencies for bilateral transactions.
   • What ? RBI and Bank Indonesia signed an MoU to establish a framework promoting the use of local currencies, the Indian Rupee (INR) and the Indonesian Rupiah (IDR), for cross-border transactions.
   • Objective:
     • To facilitate the use of INR and IDR bilaterally in all current account transactions, permissible capital account transactions, and other agreed-upon economic and financial transactions between India and Indonesia.
   • Key points:
     • The use of local currencies will enable exporters and importers to invoice and pay in their respective domestic currencies, leading to the development of an INR-IDR foreign exchange market.
     • This move is expected to optimize costs and settlement time for transactions
       Source: The Hindu
2. Reliance signs partnership with Sri Lanka-based beverage maker Elephant House.
   • What ? Reliance Consumer Products has entered into a partnership with Sri Lanka-based beverage maker Elephant House.
   • Objective of Partnership:
     • To manufacture, market, distribute and sell beverages under the Elephant House brand across India.
       Source: ET

Appointments

1. Sudha Murty nominated to Rajya Sabha.
   • What ? Renowned philanthropist, engineer, and accomplished author Sudha Murty has recently been appointed to the Rajya Sabha.
   • More about Sudha Murty:
     • She is also a writer in English and Kannada.
     • She is known for her advocacy of social causes and has travelled extensively abroad as a prominent voice for social awareness.
   • Awards:
     • Padma Shri: 2006
     • Padma Bhushan: 2023
       Source: FE

   
   

Miscellaneous

1. Book: The Conspiracy to Oust Me from the Presidency.
   • What ? Former President of Sri Lanka, Gotabaya Rajapaksa has authored a book titled ‘The Conspiracy to Oust Me from the Presidency’.
   • Key points:
     • He has served as the 7th Executive President of Sri Lanka from 2019 to 2022.
     • Book discusses foreign intervention in Sri Lankan politics and economic weakening post the war against the LTTE.
     • It is published in English and Sinhalese language.
       Source: The Hindu

Start Quiz of 09th-11th March 2024 on Mobile

Start Quiz of 09th-11th March 2024 on Desktop