23rd March, 2024

1. Ministry of Power, Government of India has designated Grid Controller of India Limited (GRID-INDIA) as a Miniratna Category-I Central Public Sector Enterprise (CPSE).
2. Ministry of New and Renewable Energy has released the guidelines for establishing green hydrogen hubs as part of the National Green Hydrogen Mission.
3. Reserve Bank of India has finalized the ‘Omnibus Framework for recognizing Self Regulatory Organisations for Regulated Entities (REs) of RBI‘.
4. DBS Bank India Limited has announced a USD 250 million lending commitment aimed at supporting new-age startups and new economy companies.
5. SBI Card and Payment Services Ltd has partnered with Titan Company Limited to introduce the co-branded ‘Titan SBI Card’.
6. Reserve Bank of India has imposed monetary penalties on Tamilnad Mercantile Bank Limited (TMB) and DCB Bank Limited for rule violations.
7. Prabha Varma, a renowned Malayalam poet and author has been honored with the Saraswati Samman 2023 for his poetic work titled “Roudra Sathwikam.”
8. World Poetry Day 2024
9. YES Bank has partnered with the Indian Olympic Association (IOA) and has been designated as the Official Banking Partner for Team India for the Paris Olympics 2024.
10. MCX and JFX have signed a MoU to enhance collaboration in various key areas.
11. Comptroller and Auditor General (CAG) of India and the Indian Institute of Technology (IIT) Delhi have signed an MoU on Artificial Intelligence.
12. Defence Minister of Indonesia, Prabowo Subianto Djojohadikusumo has been elected as the new President of Indonesia through the General Election.
13. Palestinian President Mahmoud Abbas has appointed Mohammad Mustafa as the Prime Minister of the Palestinian Authority (PA), also known as the State of Palestine.
14. Matam Venkata Rao, Chief Executive Officer (CEO) and Managing Director (MD) of the Central Bank of India has been elected as the Chairman of the Indian Banks’ Association (IBA) for the term 2023-2024.

National News

1. GRID-INDIA has been granted Miniratna Category-I status by the Ministry of Power.
   • What ? Ministry of Power, Government of India has designated Grid Controller of India Limited (GRID-INDIA) as a Miniratna Category-I Central Public Sector Enterprise (CPSE).
   • Key points:
     • It manages the All India synchronous grid through 5 Regional Load Despatch Centres (RLDCs) and the National Load Despatch Centre (NLDC).
     • It facilitates efficient power transfer within and across regions, enabling transnational power exchanges with a focus on reliability, economy, and sustainability.
   • Criteria for Miniratna Category-I Status:
     • Must have made a profit in the last 3 years continuously.
     • Pre-tax profit of Rs. 30 crores or more in at least one of the three years and a positive net worth.
       Source: PIB
2. MNRE issues guidelines to set up green hydrogen hubs in India.
   • What ? Ministry of New and Renewable Energy has released the guidelines for establishing green hydrogen hubs as part of the National Green Hydrogen Mission.
   • Objectives:
     • To improve the development of regions with significant potential for large-scale hydrogen production at designated hubs.
     • To maximize the production of green hydrogen and its by-products within the allocated financial framework.
   • More about green hydrogen hubs:
     • A hydrogen hub is characterized by a network of producers and end-users with essential infrastructure for storage, processing, and transportation.
     • Hub locations may be inland or near ports to facilitate exports, with preference given to regions with clusters of refineries and nearby end-use industries.
     • Green hydrogen hubs must have a planned capacity of at least 100,000 Million Tonnes Per Annum (MTPA).
     • The scheme encourages leveraging existing infrastructure for hydrogen production, transportation, storage, and utilization.
     • Projects will be evaluated based on planned production capacity (50% weightage), technology, applications, and end-use (20%), and financial commitment (30%).
   • Budget and Timeline:
     • The budget allocation for the scheme until the fiscal year 2025-2026 is Rs 2 billion.
     • The mission aims to establish a minimum of 2 green hydrogen hubs by fiscal year 2026.

Source: RW

Banking and Economy

1. Omnibus Framework for Recognising Self-Regulatory Organisations for Regulated Entities.
   • What ? Reserve Bank of India has finalized the ‘Omnibus Framework for recognizing Self Regulatory Organisations for Regulated Entities (REs) of RBI‘.
   • Key points of SRO:
     • SROs must submit an annual report to the RBI within 3 months of the completion of the accounting year.
     • SROs will be structured as not-for-profit companies registered under Section 8 of the Companies Act, 2013.
     • SROs must submit periodic or ad hoc returns as prescribed by the RBI.
     • RBI reserves the right to inspect the books of the SRO or arrange for an audit firm to do so if necessary.
     • RBI holds the authority to revoke the recognition granted to an SRO if its functioning is deemed detrimental to the public interest or any other stakeholder.
     • SROs must operate transparently, professionally, and independently to inspire sector confidence.
     • Directors must continuously meet ‘fit and proper‘ criteria and possess relevant expertise and integrity.
     • At least one-third of the Board, including the chairperson, must consist of independent directors, with prompt reporting of any changes or adverse information about directors to the RBI.
     • SROs must maintain skilled human resources and robust technical capabilities to ensure transparent governance processes.

2. DBS Bank India Limited has committed USD 250 million to lending for new-age startups and new economy companies.
   • What ? DBS Bank India Limited has announced a USD 250 million lending commitment aimed at supporting new-age startups and new economy companies.
   • Key points:
     • The focus is on enterprises that are redefining industry standards through emerging technologies and innovative solutions.
     • DBS Bank India offers holistic support through advanced digital expertise, Asian connectivity, and ecosystem partnerships.
     • Its offer extends beyond banking to streamline operations, manage logistics, and access larger business networks.
     • DBS aims to become a trusted partner supporting startups across sectors throughout their business lifecycle.
     • DBS Businessclass FoundED is an initiative that interacts with Indian incubators and startups.
   • Advanced Risk Assessment Framework:
     • The bank utilizes a sophisticated risk assessment framework that combines traditional metrics with modern analytical tools.
     • This ensures tailored banking solutions aligned with the dynamic needs of startups.

3. ‘Titan SBI Card’ by SBI Card and Payment Services Ltd in collaboration with Titan Company Limited.
   • What ? SBI Card and Payment Services Ltd has partnered with Titan Company Limited to introduce the co-branded ‘Titan SBI Card’.
   • Objective:
     • To provide customers with enhanced value and benefits through the ‘Titan SBI Card‘, combining the strengths and offerings of both SBI Card and Titan Company Limited.

   • More about ‘Titan SBI Card’:
     • ‘Titan SBI Card‘ offers exclusive benefits such as cashbacks, Titan gift vouchers, and Reward Points, totaling over Rs 2 lakh per annum.
     • Cardholders can enjoy a 5% cashback on purchases from Mia, Caratlane, and Zoya, brands under Titan Company Limited.
       Source: HBL

4. RBI imposed monetary penalties on Tamilnad Mercantile Bank Limited and DCB Bank Limited.
   • What ? Reserve Bank of India has imposed monetary penalties on Tamilnad Mercantile Bank Limited (TMB) and DCB Bank Limited for rule violations.
   • Key points:
     • Reserve Bank of India (RBI) has imposed a penalty of Rs 1,31,80,000 on Tamilnad Mercantile Bank Limited (TMB) due to non-compliance with RBI directions on ‘Interest Rate on Advances‘ and ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting‘.
     • Similarly, a penalty of Rs 63,60,000 has been enforced on DCB Bank Limited for non-compliance with RBI directions on ‘Interest Rate on Advances‘.
     • The penalties were a result of non-compliance with certain RBI-issued directions.
     • These penalties were enforced under the provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949.

Source: ET

Awards

1. Saraswati Samman 2023.
   • What ? Prabha Varma, a renowned Malayalam poet and author has been honored with the Saraswati Samman 2023 for his poetic work titled “Roudra Sathwikam.”
   • Key points:
     • Prabha Varma is the 33rd recipient of the Saraswati Samman.
     • About Roudra Sathwikam:
       • It was published in 2022 by DC Books (DCB) as a novel in poetic verse.
       • It delves into the perennial conflict between power and politics, individual and state, and art and power.
     • About Saraswati Samman:
       • Saraswati Samman is an annual award presented by the K.K. Birla Foundation.
       • It recognizes outstanding literary works in Indian languages listed in Schedule 8 of the Constitution, published within the last 10 years.
       • The award carries a cash prize of Rs. 15 lakh, along with a citation and plaque.
         Source: TS

Important Days

1. March 21: World Poetry Day 2024; Theme: Standing on the Shoulders of Giants
   Source: unesco
2. March 21: World Down Syndrome Day 2024; Theme: End The Stereotypes
   • Ribbon: The Blue & Yellow Awareness Ribbon represents Down Syndrome.

Source: un

Sports

1. Official banking partner for team India for the Paris Olympics 2024.
   • What ? YES Bank has partnered with the Indian Olympic Association (IOA) and has been designated as the Official Banking Partner for Team India for the Paris Olympics 2024.
   • Key points:
     • YES Bank initiated the campaign ‘Milkar Jitayengey‘ (“Together We Win“) for the Indian Olympic team, emphasizing the collective effort behind every victory.
     • Special Savings Account:
       • YES Bank introduced a special savings account named ‘YES Glory‘ tailored for Olympic athletes of India.
       • This account offers exclusive benefits not only to the athletes but also to their immediate families.
       • The benefits of the ‘YES Glory’ savings account include complimentary Orthopaedic consultations and other perks.

Source: ET

Memorandum of Understanding

1. Memorandum of Understanding (MoU) between the Multi Commodity Exchange of India Limited (MCX) and the Jakarta Futures Exchange (JFX).
   • What ? MCX and JFX have signed a MoU to enhance collaboration in various key areas.
   • Objective:
     • To improve collaboration in key areas including knowledge sharing, research, education, training, awareness creation, and market development initiatives.

2. MoU signed between CAG of India and IIT Delhi on Artificial Intelligence (AI).
   • What ? Comptroller and Auditor General (CAG) of India and the Indian Institute of Technology (IIT) Delhi have signed an MoU on Artificial Intelligence.
   • More about MoU:
     • CAG and IIT Delhi will collaborate in four key areas related to AI namely:
       • Utilization of AI in audits
       • Audits of AI systems
       • Capacity building
       • Knowledge sharing
     • Auditors will utilize AI technology to analyze large volumes of data quickly and accurately.
     • AI will enable auditors to identify trends, abnormalities, and potential risks with enhanced precision.
       Source: The Hindu

Appointments

1. New President of Indonesia.
   • What ? Defence Minister of Indonesia, Prabowo Subianto Djojohadikusumo has been elected as the new President of Indonesia through the General Election.
   • Location of Indonesia:
     Source: Al Jazeera
2. New Prime Minister of the Palestinian Authority.
   • What ? Palestinian President Mahmoud Abbas has appointed Mohammad Mustafa as the Prime Minister of the Palestinian Authority (PA), also known as the State of Palestine.
   • Location of Palestine:

3. M V Rao Elected as Chairman of IBA for 2023-24.
   • What ? Matam Venkata Rao, Chief Executive Officer (CEO) and Managing Director (MD) of the Central Bank of India has been elected as the Chairman of the Indian Banks’ Association (IBA) for the term 2023-2024.
   • Key points:
     • He succeeds Atul Kumar Goel, the MD & CEO of Punjab National Bank, who served as the chairman of the IBA for the term 2022-2023.
     • Appointments of 3 Deputy Chairman:
       • Dinesh Kumar Khara, Chairman of the State Bank of India (SBI), has been re-elected as Deputy Chairman of IBA.
       • Shanti Lal Jain, MD & CEO of Indian Bank, and N Kamakodi, MD & CEO of City Union Bank (CUB), have been elected as the other two Deputy Chairmen of IBA.
     • Honorary Secretary:
       • Madhav Nair, Country Head & CEO of the Bank of Bahrain and Kuwait, will serve as the honorary secretary of IBA.

     
     
   
   

Source: ET

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