28th March, 2024

1. TRAI has issued recommendations on the usage of Embedded Subscriber Identity Module (SIM) for Machine-to-Machine (M2M) Communications.
2. Election Commission of India (ECI) has launched a new app called ‘Saksham’ to facilitate easier voting for Persons with Disabilities (PwDs).
3. Axis Bank has introduced the digital opening of US dollar Fixed Deposits for NRI customers at its IBU in GIFT City, Gandhinagar, Gujarat.
4. NTPC Limited has signed a pact with Japan Bank for International Cooperation (JBIC) for sourcing foreign currency loans of USD 200 million (around Rs 1,650 crore).
5. PayU has unveiled an industry-first, fully managed, no-code down payment EMI solution for online retail.
6. Star Housing Finance Limited (Star HFL) and Tata Capital Housing Finance Limited (TCHFL) have partnered for co-lending.
7. Reserve Bank of India (RBI) has issued a circular regarding investments in alternative investment funds (AIFs), providing clarifications and instructions for lenders.
8. Stock exchanges are launching the beta version of the same-day transaction settlement, known as “T+0,” for select cash segment stocks.
9. International Labour Organization (ILO) and the Institute of Human Development (IHD) have jointly published ‘India Employment Report 2024: Youth education, employment and skills‘.
10. Dun & Bradstreet has introduced ‘ESG Champions of India 2024,’ a significant publication that showcases the dedication and efforts of Indian corporations towards Environmental, Social, and Governance (ESG) practices.
11. Earth Hour 2024
12. World Theatre Day
13. Australian Grand Prix 2024 has took place from March 22nd to March 24th, 2024, at the Albert Park Circuit in Melbourne, Australia.
14. Appointments Committee of the Cabinet has approved the appointment of Director Generals of National Investigation Agency (NIA), National Disaster Response Force (NDRF), and Bureau of Police Research and Development (BPR&D).
15. Supreme Court (SC) bench led by Chief Justice of India, DY Chandrachud has appointed an expert committee for preserving the Great Indian Bustard.
16. Animal Husbandry Minister J. Chinchurani unveiled the book “A Compendium on Non-Native Organisms of India” at an event held at T.K. Madhava Memorial College, Nangiarkulangara, Kerala.

National News

1. TRAI Release Recommendations on ‘Usage of Embedded SIM for M2M Communications’.
   • What ? TRAI has issued recommendations on the usage of Embedded Subscriber Identity Module (SIM) for Machine-to-Machine (M2M) Communications.
   • Objective:
     • To streamline the regulatory framework for M2M embedded SIM (eSIM) in India.
   • Key points:
     • The introduction of 5G services in India broadens opportunities for the Machine-to-Machine (M2M) ecosystem, enabling applications in sectors such as agriculture, transportation, healthcare, and industrial automation.
     • Telecom Regulatory Authority of India (TRAI) has highlighted the need for suitable Know Your Customer (KYC) procedures to improve network security, reduce fraud risks, and maintain the integrity of the M2M eSIM ecosystem.
     • TRAI has proposed a framework for eSIM profile switching and Subscription Manager-Secure Routing (SM-SR) changes to promote healthy competition and offer consumers more options.
     • The Government’s implementation of these recommendations is expected to improve growth in India’s telecom sector’s M2M eSIM segment.
     • These recommendations are set to catalyze the evolution of the M2M eSIM ecosystem in India, aiding the expansion of modern M2M communications.

2. Election Commission of India (ECI) has launched a new app called ‘Saksham’.
   • What ? Election Commission of India (ECI) has launched a new app called ‘Saksham’ to facilitate easier voting for Persons with Disabilities (PwDs).
   • More about ‘Saksham’:
     • It offers customized services for easing voter identification and registration processes.
     • It provides features such as voice assistance for the visually impaired and text-to-speech for the hearing impaired.
     • It is available on both Android and iOS platforms.

   • About Vote from Home Option:
     • ECI has announced a “Vote From Home” option for senior citizens and PwDs.
     • Citizens above the age of 85 and PwDs with 40% benchmark disability can avail of this option.
     • It marks the 1st time ECI is providing a “vote-from-home” option.
     • ECI will arrange transport facilities for PwDs and the elderly to ensure their participation in the electoral process.

Source: AIR

Banking and Economy

1. Axis Bank introduced the digital opening of US dollar Fixed Deposits for NRI customers in GIFT City.
   • What ? Axis Bank has introduced the digital opening of US dollar Fixed Deposits for NRI customers at its IBU in GIFT City, Gandhinagar, Gujarat.
   • Key points:
     • Axis Bank has become the 1st bank to offer digitization of GIFT City Deposits.
     • NRI customers can now open US dollar fixed deposits at GIFT City through ‘Open by Axis Bank‘, the bank’s mobile banking application.
     • This digital offering simplifies the process, providing an end-to-end digital solution and eliminating physical documentation.
     • Partial or full premature closure of the FD can also be requested through the Axis Bank mobile application.
     • Customers can conveniently manage their FD digitally and enjoy flexible investment tenures from 7 days to 10 years.

   
   

2. NTPC signs pact with Japanese agency for USD 200 million loan.
   • What ? NTPC Limited has signed a pact with Japan Bank for International Cooperation (JBIC) for sourcing foreign currency loans of USD 200 million (around Rs 1,650 crore).
   • Key points:
     • JBIC will provide 60% of the facility amount, which amounts to JPY 9 billion each for NTPC Ltd and NTPC Renewables Energy Ltd (NREL).
     • Other commercial banks will provide the remaining balance under JBIC guarantee.
     • Sumitomo Mitsui Banking Corporation and the Bank of Yokohama Ltd co-financed the loan.
     • loans are extended under JBIC’s ‘Global action for Reconciling Economic growth and Environment preservation‘ (GREEN) initiative, which supports environment-friendly projects.
     • NTPC will utilize Flue Gas Desulphurization (FGD) funds to reduce Sulphur oxide (SOx) emissions, thereby promoting environmental sustainability.
     • This marks the 2nd loan for NTPC under JBIC’s GREEN operations in India, reflecting a continued partnership in advancing environmental initiatives.
3. PayU has launched the industry’s first Downpayment EMI solution for online retail.
   • What ? PayU has unveiled an industry-first, fully managed, no-code down payment EMI solution for online retail.
   • Key points:
     • It is a 1st-of-its-kind Downpayment EMI (Equated Monthly Instalment) solution for online retail.
     • It provides the flexibility and convenience of downpayment options available in offline EMIs.
     • Users can make a partial payment upfront, and the remaining amount can be converted into easy EMIs.
     • This solution offers No-cost EMI with a pre-decided downpayment, simplifying the process for both merchants and customers.
       Source: The Print
4. Co-lending partnership between Star Housing Finance Limited (Star HFL) and Tata Capital Housing Finance Limited (TCHFL).
   • What ? Star Housing Finance Limited (Star HFL) and Tata Capital Housing Finance Limited (TCHFL) have partnered for co-lending.
   • Objective:
     • To provide loans to economically weaker sections (EWS) and low-income groups (LIG) at more affordable rates.
       Source: ET
     
     

   
   
5. RBI relaxes rules on lenders’ investment in AIFs.
   • What ? Reserve Bank of India (RBI) has issued a circular regarding investments in alternative investment funds (AIFs), providing clarifications and instructions for lenders.
   • Key points:
     • Lenders are instructed to provision only to the extent of their investment in the AIF scheme, specifically for the amount invested by the AIF in the debtor company.
     • Circular excludes investments in equity shares of the debtor company from the provisioning requirement but includes all other investments, including hybrid instruments.
     • RBI had earlier prohibited regulated entities from investing in AIFs with downstream investments in debtor companies of the entities.
     • The term ‘debtor company’ includes any company with which the entity has had loan or investment exposure in the past 12 months.

6. BSE and NSE start the T+0 settlement cycle.
   • What ? Stock exchanges are launching the beta version of the same-day transaction settlement, known as “T+0,” for select cash segment stocks.
   • Key points:
     • T+0 settlement will operate concurrently with the existing T+1 settlement cycle.
     • This move comes as the market considers transitioning to same-day settlement within a year after adopting the T+1 cycle fully.
     • Under this, sellers will receive instant access to 100% of their cash on the day of the transaction, eliminating the need to wait for the next day to receive the remaining 20%.
     • It will improve the liquidity and efficiency in the market by reducing settlement time.
       Source: livemint

Reports and Indices

1. India Employment Report 2024.
   • What ? International Labour Organization (ILO) and the Institute of Human Development (IHD) have jointly published ‘India Employment Report 2024: Youth education, employment and skills‘.
   • Key findings:
     • The percentage of educated youth among the unemployed doubled from 35.2% in 2000 to 65.7% in 2022.
     • The labor force participation rate, worker population ratio, and unemployment rate declined consistently from 2000 to 2018 but improved after 2019, coinciding with periods of economic distress.

   • Changes in Employment Patterns:
     • After 2019, there was an increase in agricultural employment and a decrease in non-farm employment, particularly in manufacturing.
     • Construction and services sectors absorbed the increase in non-farm employment.

   • Challenges in Education:
     • Factors contributing to youth unemployment include high dropout rates after secondary education and lack of quality education in secondary and higher education.

   • Informal Employment:
     • Nearly 82% of the workforce engages in the informal sector, with informal employment comprising about 90% of workers.
     • Regular employment declined after 2018.

   • Skills Gap:
     • Many youth need to gain essential skills such as sending emails with attachments, using spreadsheets, and copying and pasting files.
   • Urbanization and Migration:
     • Urbanization and migration rates are projected to increase substantially, with an estimated migration rate of around 40% by 2030.
       Source: ilo

Awards

1. ‘ESG Champions of India 2024’ by Dun & Bradstreet.
   • What ? Dun & Bradstreet has introduced ‘ESG Champions of India 2024,’ a significant publication that showcases the dedication and efforts of Indian corporations towards Environmental, Social, and Governance (ESG) practices.
   • More about ESG Champions of India 2024:
     • This document provides insights into the current landscape of ESG in India, showcasing the leading ESG initiatives undertaken by corporates across different sectors.
     • It includes a list of the top 1,000 ESG entities in India, acknowledging companies that have excellently integrated ESG principles into their business operations.
     • The ESG Champions of India section emphasizes top performers across 24 sectors.
   • List of winners in all 24 categories:

Source: livemint

Important Days

1. March 23– Earth Hour 2024
   • Earth Hour is annually observed across the world on the last Saturday of March by turning off the lights for 60 minutes as a global symbol of unity and commitment towards protecting the planet and preserving the environment.
     Source: eh

2. March 27- World Theatre Day
   • It is annually observed to promote theatre in all its forms across the world.
   • Norwegian novelist and playwright, Jon Fosse has authored the World Theatre Day Message 2024, titled “Art is Peace“.
     Source: wtd

   
   

Sports

1. Carlos Sainz Jr. from Ferrari has won Formula 1 Australian Grand Prix 2024.
   • What ? Australian Grand Prix 2024 has took place from March 22nd to March 24th, 2024, at the Albert Park Circuit in Melbourne, Australia.
   • Ranking:

   
   

Source: F1

Appointments

1. Key appointments approved by the Appointments Committee of the Cabinet (ACC).
   • What ? Appointments Committee of the Cabinet has approved the appointment of Director Generals of National Investigation Agency (NIA), National Disaster Response Force (NDRF), and Bureau of Police Research and Development (BPR&D).
   • Key appointment:
     • Sadanand Vasant Date has been appointed Director General (DG) of the National Investigation Agency (NIA).
     • Piyush Anand has been appointed as the DG of the National Disaster Response Force (NDRF).
     • Rajeev Kumar has been appointed as the DG of the Bureau of Police Research and Development (BPR&D).

   
   

2. Supreme Court appoints expert committee for Great Indian Bustard Preservation.
   • What ? Supreme Court (SC) bench led by Chief Justice of India, DY Chandrachud has appointed an expert committee for preserving the Great Indian Bustard.
   • Objective:
     • To protect the GIB population from extinction caused by collisions with power cables in Gujarat and Rajasthan.
   • More about the committee:
     • The committee is assigned to submit a report by July 2024, and the matter is scheduled for the second week of August 2024.
     • The committee’s task is to determine the scope, extent, and feasibility of underground and overhead electric lines in priority areas identified for GIB in Rajasthan and Gujarat.
     • The committee will examine alternatives to balance Sustainable Development Goals (SDGs) with GIB conservation.
     • It will also suggest additional measures to pinpoint priority areas for conservation.
     • The Director of the Wildlife Institute of India and wildlife and forest conservation experts have been appointed to the committee by the court.
   • List of 17 Sustainable Goals:

Source: The Hindu

Miscellaneous

1. Book titled “A Compendium on Non-Native Organisms of India” has been launched.
   • What ? Animal Husbandry Minister J. Chinchurani unveiled the book “A Compendium on Non-Native Organisms of India” at an event held at T.K. Madhava Memorial College, Nangiarkulangara, Kerala.
   • More about book:
     • The book provides information about invasive species discovered in various parts of Alappuzha, Kerala.
     • It addresses the issues posed by these invasive species and offers strategies to prevent their spread.
       Source: The Hindu

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