Daily Current Affairs February 21 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Investor Education and Protection Fund Authority Collaborates with DBS Bank to Promote Investment Awareness and Combat Fraudulent Schemes

• A Memorandum of Understanding (MoU) was signed between the Investor Education and Protection Fund Authority (IEPFA) under the aegis of the Ministry of Corporate Affairs (MCA), and DBS Bank, a prominent financial institution with a strong presence in Asia and Southeast Asia in New Delhi.
• According to the MoU, DBS Bank aims to support IEPFA’s investor awareness activities by disseminating safety messages via its various digital platforms.
• During the ceremony, Anita Shah Akella, Joint Secretary, MCA, and CEO of the IEPFA, underscored the objectives behind the signing of the MoU and emphasised the proactive approach adopted by the IEPFA to engage with users through various channels, aiming to enhance responsiveness regarding the authority’s mandate through its awareness initiatives.
• DBS Bank will utilise multiple digital platforms to ensure increased visibility and engagement to impart investor awareness activities of IEPFA, such as:
• Display of safety messages on ATM screens to reach customers during banking transactions
• Featuring safety messages prominently on the bank’s website
• Ensuring visibility to online visitors
• Sending safety messages through WhatsApp and other messaging platforms to engage with a broader audience
• Showcasing safety messages on digital screens within DBS Bank branches
• Maximising exposure to customers,
• Posting safety messages across DBS Bank’s social media accounts.
• The MoU, formalising collaboration between the IEPF Authority and DBS Bank, was carried under the leadership of Col. Tushar Anand, General Manager of the IEPF Authority, and Shri Rajiv Bagga, Executive Director, and India Head of Government Business at DBS Bank.
• Previously, IEPFA has also signed MoUs with the Bank of Baroda and ICICI Bank for similar activities.
• Since its inception, the IEPFA has conducted several Investor Awareness Programmes aimed at increasing financial literacy and empowering investors to protect themselves from financial fraud.

About IEPFA :

• The IEPFA was set up on September 7, 2016, under the aegis of the Ministry of Corporate Affairs, Government of India, for administering the Investor Education and Protection Fund for making refunds of shares, unclaimed dividends, and matured deposits/debentures, among other things, to investors.

IREDA Partners with Punjab National Bank to Co-Finance Renewable Energy Projects

• Indian Renewable Energy Development Agency Limited. (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) aimed at advancing renewable energy initiatives across the nation.
• The MoU was signed at IREDA’s registered office in New Delhi.
• Aim : To facilitate joint efforts in co-lending and loan syndication for a diverse range of renewable energy projects across the nation.
• Signatories : Dr. R. C. Sharma, General Manager of IREDA, and Shri Rajeeva, Chief General Manager of PNB, signed the MoU.
• The signing ceremony was attended by Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, Shri Atul Kumar Goel, MD & CEO of PNB, Dr. Bijay Kumar Mohanty, Director (Finance) of IREDA, and other senior officials from both organizations.
• Key Provisions of the MoU : The MoU includes provisions for joint lending, loan syndication, underwriting, management of Trust and Retention Account (TRA) for IREDA borrowers, and working towards competitive terms of sanction, including pricing on IREDA borrowings.
• IREDA and PNB can also invest in bonds issued by either organization through this collaboration.
• IREDA’s Commitment to Renewable Energy : Through the MoU and prior agreements with other leading financial institutions, IREDA is well-positioned to fund large-scale renewable energy projects, aligning with the Hon’ble Prime Minister’s COP26 announcement to achieve a 500 GW Non-Fossil-based electricity generation capacity by 2030.”
• Previous Partnerships : This collaboration strengthens IREDA’s successful partnerships with other prominent financial institutions, including Bank of Baroda, Union Bank of India, Bank of India, India Infrastructure Finance Company Limited, Bank of Maharashtra, and Indian Overseas Bank.
• These MoUs similarly focus on co-lending and loan syndication for a wide range of Renewable Energy projects across the country.

About IREDA :

• Founded : 1987
• Headquarters : New Delhi, Delhi
• Chairman & MD : Pradip Kumar Das
• IREDA is an Indian public sector enterprise which provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation.

About PNB :

• Founded : 19 May 1894
• Headquarters : Dwarka, Delhi, India
• MD & CEO : Atul Kumar Goel
• Tagline : You Can Bank Upon

Unauthorised Business Payment Solution Providers Operations Limited to a Single Card Network                           

• The Reserve Bank of India (RBI) has disclosed that only one card network has unauthorized Business Payment Solution Providers (BPSP) operations.
• The RBI has refrained from explicitly naming the card network involved in these unauthorized operations.

Key Highlights :

• Unauthorized Payments Arrangement : According to the RBI, the identified card network has arrangements enabling unauthorized payments through business cards via intermediaries.
• Description of the Arrangement : This card network has facilitated a system allowing businesses to make payments with cards to entities that typically do not accept credit cards, using specific intermediaries.
• Number of Card Networks in India : India currently has five card networks: Diner’s Club, American Express, Visa, Mastercard, and RuPay.
• BPSP Operations Overview : Under the BPSP arrangement, an intermediary receives payments from corporates via commercial cards and subsequently transfers the funds to receivers who do not accept cards, utilizing IMPS, RTGS, or NEFT.
• Lack of Authorization : Such payment systems are required to obtain authorization under Section 4 of the Payment and Settlement Systems (PSS) Act, 2007, which the identified card network has not secured.
• RBI’s Action and Concerns : Due to concerns regarding the accuracy and adequacy of merchant KYC (Know Your Customer) and apprehensions about the ultimate utilization of funds, the RBI has instructed certain card networks to suspend BPSP payments.
• Fintech Intermediaries : Fintech companies such as Enkash, Kodo, and Happay Card are among the intermediaries providing or having provided BPSP services.

Insolvency and Bankruptcy Board of India Expert Panel Advocates Specialized Insolvency Mediation in Insolvency and Bankruptcy Code

• An expert panel convened by the Insolvency and Bankruptcy Board of India (IBBI) has recommended specialized insolvency mediation within the framework of the Insolvency and Bankruptcy Code (IBC).
• The panel proposed the gradual introduction of voluntary mediation as an additional dispute resolution method under the IBC.
• Currently, the Insolvency and Bankruptcy Code (IBC) lacks legal provisions pertaining to mediation.

Key Highlights :

• Expert Committee Head and Report Submission : TK Viswanathan, a former Law Secretary, chaired the expert committee appointed by the IBBI.
• The committee submitted its report to IBBI Chairman Ravi Mital at the Insolvency and Bankruptcy Board of India (IBBI) office in Delhi on January 31.
• Definition of Mediation : Mediation is described as the involvement of an impartial third party to facilitate the settlement of disputes between two or more parties.
• Inclusion of Voluntary Mediation Mechanism : The expert committee suggested incorporating a “voluntary” mediation mechanism into the Insolvency and Bankruptcy Code, aligning with the provisions of the Mediation Act, 2023.
• Purpose of the Expert Group : The formation of the expert group aimed to examine the applicability of the Insolvency and Bankruptcy Code to mediation and provide recommendations for an effective implementation structure.

About IBBI :

• Headquarters : New Delhi, Delhi
• Chairman : Ravi Mittal
• IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
• It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.

Banks Seek Alternatives to Current Account Deposits Due to Government’s Cash Management Strain                  

• All scheduled commercial banks witnessed a decrease in current account deposits, which dropped from 10.43 percent of total deposits in 2022 to 10.13 percent in 2023.
• This information is sourced from the Reserve Bank of India’s (RBI) report on the development and trend of Indian banking.

Key Highlights :

• Impact on Net Interest Margins : Lower current account balances have led to a strain on banks’ net interest margins.
• Implementation of JIT Concept : The Center has adopted the just-in-time (JIT) concept for the release of money for all payments, including those funded centrally.
• Consequently, the available float in current accounts has decreased.
• SBI’s Diversification Strategy : State Bank of India (SBI) has diversified its alternatives to bolster current account deposits, mitigating potential risks.
• It has shifted focus towards industry, trade, and commerce sectors to enhance current account holdings.
• Government Excess Cash Holdings : Following the December 2023 monetary policy, the government’s average excess cash holding stands at ₹3.9 lakh crore.

Kotak Life Unveils Digital-First Campaign for Guaranteed Wealth Builder Plans                   

• Kotak Mahindra Life Insurance Company (Kotak Life) unveiled its digital-centric campaign for the Guaranteed Wealth Builder Plans (GWBP) by Kotak Life.
• The campaign showcases a range of reliable investment options provided by Kotak Life.
• Its goal is to tackle consumers’ primary concerns regarding investments, specifically addressing uncertainties surrounding returns and emphasizing the importance of investing in tax-efficient instruments.
• The campaign features Bollywood actor Rajkummar Rao.
• The campaign displays a bouquet of stable investment offerings from Kotak Life.

Notable attributes of Kotak Life’s Guaranteed Wealth Builder Plans encompass:

• Fixed and predictable returns: These plans offer predictable returns, allowing investors to plan and budget their finances with more certainty.
• Long-term financial planning: Knowing the expected returns can benefit long-term financial planning and goal setting.
• Protection from market fluctuations: Investors in guaranteed wealth builder plans are shielded from the fluctuations and uncertainties of the financial markets, making them a suitable option for those seeking stability.
• Encouraging financial discipline: Investing in plans with a fixed return can encourage financial discipline and regular contributions, fostering a savings habit.
• Designed for long-term investment: Guaranteed wealth plans are often designed for long-term investment, making them suitable for individuals with a long-term financial horizon, such as retirement planning, a child’s education, etc.
• Tax exemption: These plans offer exemptions on the premium one pays and tax-free returns for premiums up to ₹5 lakh.

About Kotak Mahindra Life Insurance Company :

• Established : 2001
• Headquarters : Mumbai, Maharashtra
• Chairman : Uday Kotak
• MD : Mahesh Balasubramanian

CURRENT AFFAIRS: NATIONAL NEWS

The ninth iteration of the RAISINA Dialogue will be launched in Delhi by Prime Minister

• Prime Minister Narendra Modi will inaugurate the 9th edition of Raisina Dialogue in Delh
• Prime Minister of Greece, Kyriakos Mitsotakis, will join the inaugural session as the Chief Guest, and deliver the keynote address.
• The three-day Raisina Dialogue will witness participation of representatives from over 100 countries including Ministers, former Heads of State and Heads of Government, Military Commanders, Captains of Industry, Technology Leaders, Academics, Journalists, and Scholars on Strategic Affairs.
• Foreign Ministers from participating nations have started arriving in New Delhi for the Dialogue.
• They include Bhutan Foreign Minister Lyonpo D N Dhungyel, Lithuanian Foreign Minister Gabrielius Landsbergis, and Foreign Minister of Estonia Margus Tsahkna.
• The Raisina Dialogue is India’s flagship conference on geopolitics and geo-economics.
• It is committed to addressing the most challenging issues facing the international community.
• The theme of this edition is “Chaturanga: Conflict, Contest, Cooperate, Create”.
• Over the course of three days, decision makers and thought leaders of the world will engage each other across conversations in various formats, over six thematic pillars. These include Tech Frontiers:
• Regulations and Realities, Peace with the Planet: Invest and Innovate and War and Peace: Armouries and Asymmetries.
• Over two thousand 500 participants from about 115 countries will be joining the Dialogue in-person, and millions across the world will view the proceedings on various digital platforms.

India donates one million US dollars to the Poverty and Hunger Alleviation Fund.

• India has contributed 1 million US Dollars to the Poverty and Hunger Alleviation Fund established by India, Brazil, and South Africa, IBSA.
• The fund is aimed at alleviating poverty and hunger. India’s Permanent Representative to the UN, Ambassador Ruchira Kamboj handed over the cheque to the Director of the UN Office for South-South Cooperation (UNOSSC) Dima Al-Khatib.

Key Highlights

• India is committed to supporting the IBSA Fund as it has made a positive impact on the lives of millions across the Global South and has strengthened the spirit of South-South cooperation.
• The focus of India’s G20 Presidency was the development of the people, by the people, and for the people.
• The IBSA Facility for Poverty and Hunger Alleviation (IBSA Fund) was established jointly by grouping in March 2004 and it became operational in 2006.
• The purpose of the fund is to identify replicable and scalable projects that can be disseminated to developing countries on a demand-driven basis.
• IBSA Fund-supported projects help partner countries in the Global South to achieve their national priorities, as well as all other internationally agreed development goals.

Indian Prime Minister inaugurates and places the cornerstone for many development projects in Jammu & Kashmir valued at over Rs 32,000 crore.

• The Prime Minister, Shri Narendra Modi inaugurated, dedicated to the nation and laid the foundation stone of multiple development projects worth over Rs 32,000 crores in Jammu.
• The projects relate to several sectors including health, education, rail, road, aviation, petroleum, and civic infrastructure among others.
• The Prime Minister also distributed appointment orders to about 1500 new Government recruits of Jammu and Kashmir.

Major boost to the Education sector

• In a significant step towards upgrading and developing education and skilling infrastructure across the country, the Prime Minister inaugurated, dedicated to the nation and laid the foundation stone of several projects worth about Rs 13,375 crores.

AIIMS Jammu

• In a step that will provide comprehensive, quality and holistic tertiary care health services to the people of Jammu and Kashmir, the Prime Minister inaugurated All India Institute of Medical Sciences (AIIMS), Vijaypur (Samba), Jammu. The institute, whose foundational stone was also laid by the Prime Minister in February 2019, is being established under the Central sector scheme Pradhan Mantri Swasthya Suraksha Yojana.

New Terminal Building, Jammu Airport

• The Prime Minister laid the foundation stone for a new terminal building at Jammu Airport. To be spread over a 40,000 sqm area, the new terminal building will be equipped with modern facilities catering to about 2000 passengers during peak hours. The new terminal building will be environment friendly and will be built such that it showcases the local culture of the region. It will strengthen air connectivity, boost tourism and trade and accelerate economic growth of the region.

Rail Projects

• The Prime Minister dedicated to the nation various rail projects in Jammu & Kashmir including the new rail line between Banihal-Khari-Sumber-Sangaldan (48 Km) and the newly electrified Baramulla-Srinagar-Banihal-Sangaldan section (185.66 Km). The Prime Minister also flagged off the first Electric Train in the valley and also train service between Sangaldan station & Baramulla station.

Road Projects

• During the programme, the Prime Minister laid the foundation stone of important road projects including two packages (44.22 KM) of Delhi-Amritsar-Katra Expressway connecting Jammu to Katra; Phase two for four-laning of Srinagar Ring Road; five packages for upgrading the 161 km long Srinagar-Baramulla-Uri stretch of NH-01; and the construction of Kulgam Bypass & Pulwama bypass on NH-444.

CUF Petroleum depot

• The Prime Minister also laid the foundation stone for a project to develop CUF (Common User Facility) Petroleum depot at Jammu. The state-of-the-art fully automated depot which will be developed at a cost of about Rs 677 crore, will have a storage capacity of about 100000 KL for storing Motor Spirit (MS), High Speed Diesel (HSD), Superior Kerosene Oil (SKO), Aviation Turbine fuel (ATF), Ethanol, Biodiesel and winter grade HSD.

Centre constitutes Committee to draft guidelines to address pesky, unsolicited commercial calls issues

• The Central government has set up a committee to formulate guidelines to address the issue of pesky, promotional or unsolicited commercial calls received by consumers.
• The Department of Consumer Affairs (DoCA) has constituted a committee in this regard.
• Under the Chairmanship of Shri Rohit Kumar Singh, Secretary, DoCA, the Department convened a meeting to discuss the issues related to pesky/promotional/unsolicited commercial calls.

Key Highlights

• The committee will comprise of officials from Department of Telecommunication, Department of Financial Services, Ministry of Housing and Urban Affairs, Reserve Bank of India, Telecom Regulatory Authority of India and Insurance Regulatory and Development Authority. Representatives from Cellular Operations Association of India (COAI), telemarketing companies and voluntary consumer organisations will also be part of this committee.
• TRAI has also released new guidelines for the Bulk SMS Service Industry by introducing DLT, a block-chain based registration system, that will maintain the record of all transactions made by business entities.

CURRENT AFFAIRS : STATE NEWS

Odisha Government Introduces ‘Swayam’ Scheme, Offering Interest-Free Loans to Youth                         

• Odisha Agriculture Minister Shri Ranendra Pratap Swain announced the implementation of the ‘Swayam’ scheme during a recent cabinet meeting.
• Aim of the Scheme : To promote self-employment among youth in Odisha by offering interest-free loans of up to Rs 1 lakh to eligible individuals in both rural and urban areas.

About Swayam Yojana Odisha 2024 :

• Beneficiaries : The scheme targets 1 lakh eligible rural and urban youth aged between 18-35 years.
• Eligible individuals can utilise the interest-free loans for initiating new businesses or expanding existing ones.
• Financial Allocation : The state government has allocated approximately Rs 448 crore to support the ‘Swayam’ scheme for a duration of two years.
• This allocation will facilitate the disbursement of interest-free loans to the eligible youth for entrepreneurial endeavours.
• Loan Conditions : Rural unemployed youth aged 18-35 years, without outstanding loans for the same purpose from any central or state government-supported schemes, are eligible for interest-free bank loans of up to Rs 1 lakh.
• A special category of individuals aged 18-40 years also qualifies for the scheme.
• Additional Benefits : In addition to the interest-free loans, the government will provide two jute bags (20 kg and 10 kg capacity) to each Public Distribution System (PDS) family for daily use, free of cost.
• The scheme also includes one-time livelihood assistance of Rs 1,000 per family, requiring an additional budget allocation of Rs 959.05 crore, funded through the state budget.
• Further, under this scheme, all rural unemployed youth or those with no outstanding loan for the same purpose from any central or state government-supported schemes in the age group of 18-35 years (18-40 years for a special category) desirous of starting a new business or expanding their existing business will be provided an interest-free bank loan for project costs up to Rs 1 lakh.
• The government has also decided to provide two jute bags of 20 kg and 10 kg capacity to each of the PDS families for their daily use, free of cost.
• Similarly, for providing one-time livelihood assistance of Rs 1,000 per family, another Rs 959.05 crore will be required. A total of Rs 1,237.74 crore will be borne out of the state budget.
• The state cabinet also approved the umbrella scheme Mukhyamantri Maschyajibi Kalyan Yojana (MMKY), which will be implemented during the 2023-24 fiscal year.

About Odisha :

• Governor : Ganeshi Lal
• Chief Minister : Naveen Patnaik
• Capital : Bhubaneswar

CURRENT AFFAIRS: BUSINESS NEWS

India’s exports rise 3.12% in Jan despite Red Sea crisis, global slowdown

• Despite the global slowdown and the Red Sea situation, exports have increased. India’s goods exports have increased to $36.92 billion, a 3.12% year-over-year increase.
• Several industries, including electronics, medicines, and engineering items, have supported the export of goods.
• In January 2024, imports increased by 2.99 percent to $54.41 billion.

Key Highlights

• Shipments of gold, coal, electronics, and crude oil all made a substantial contribution to the increase.
• The January 2024 trade deficit of $17.49 billion was greater than the January 2023 deficit of $17.03 billion.
• Despite the recession in the Western economy, the Red Sea situation, and declining commodity prices, exports have grown significantly and not marginally.
• Exports fell 4.89 percent to $353.92 billion between April and Jan uary of 2023–2024.
• Merchandise imports for the period April-January 2023-24 were USD 561.12 Billion
• Trade deficit in April-January 2023-24 declined to $207.20 billion.
• During January, 18 of the 30 key sectors exhibited positive growth including iron ore, spices, oil meals, oil seeds, carpet, electronic goods, tea, pharmaceuticals, petroleum products, coffee, engineering goods and chemicals.
• The ministry also informed that India’s share in global exports has increased to 10.35 per cent (USD 261.09 billion) in 2022 from 8 per cent (USD 194.96 billion) in 2014.
• During the April-January 2023-24 period, India’s top export destinations were Australia, Singapore, United Kingdom, China, UAE, Netherlands, and Saudi Arab.
• Among the import destinations, Russia stood at the top with a 44.76% share in India’s import basket, followed by Switzerland, China, Korea, Singapore, UAE, etc.

India emerges as top buyer of Venezuelan crude oil in December 2023, January 2024

• After a gap of over three years, India emerged as the top buyer of Venezuelan crude for two consecutive months of December 2023 and January 2024, as per shipping fixtures and ship tracking data.
• Indian refiners had stopped oil imports from the Latin American country in 2020 after the United States (US) imposed sanctions on Caracas.
• Crude oil dispatches from Venezuela to India in December were almost 191,600 barrels per day (bpd), while in January, the loadings rose to over 254,000 bpd — nearly half of the Latin American nation’s total oil exports of almost 557,000 bpd for the month.
• India — specifically private sector refiners RIL and Nayara Energy (NEL) — was a regular buyer of Venezuelan crude prior to imposition of US sanctions in 2019.
• India is the world’s third-largest consumer of crude oil and depends on imports to meet over 85 per cent of its requirement.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

IIT Jammu Professor Creates Sound-Based Anti-Drone System Costing Rs. 4 Lakhs

• In Jammu and Kashmir, a professor in the Electrical Engineering Department of IIT Jammu, Karan Nathwani has developed an anti-drone system that works mainly on sound technology.
• The developed anti-drone system is both cost-effective and user-friendly, making it accessible for security forces and other users.

Key Highlights :

• It is the first of its kind system that is developed based on an entirely new technology called ‘sound-based detection’.
• This system detects the sound emitted by drones and produces a unique signature that helps in identifying drones.
• It could easily detect drones, aircraft, multiple drones or birds flying up to 300 metres by their sound.
• The signature is compared with the system’s database, and if a match is found, the drone is detected.
• The cost of this system is about 4 lakh rupees.
• It will help in detecting drones and birds coming from Pakistan.
• With the increasing use of drones for illicit activities such as smuggling arms, ammunition, cash, and drugs, various technologies are being developed to aid security forces in tackling this threat.

ChatGPT maker OpenAI unveils ‘Sora’ that makes instant videos from written texts

• OpenAI, the creator of the ChatGPT, has unveiled a new generative artificial intelligence (GenAI) model that can convert a text prompt into video.
• The model, called Sora, can generate videos up to a minute long while maintaining visual quality and adherence to the user’s prompt.

About Sora :

• Sora is capable of creating “complex scenes with multiple characters, specific types of motion, and accurate details of the subject and background.
• Sora in Japanese means sky, an imagery that evokes ‘limitless creative potential’.
• Sora is an AI model developed by OpenAI – built on past research in DALL·E and GPT models and can generate videos based on text instructions.
• DALL-E is a text-to-image model developed by OpenAI (introduced in January 2021) that creates digital images from natural language descriptions.
• DALL·E can generate imagery in multiple styles, including photorealistic imagery, paintings, and emoji.
• OpenAI says that the current model of Sora has weaknesses.
• It may struggle with accurately simulating the physics of a complex scene, and may not understand specific instances of cause and effect.

About OpenAI :

• Founded : December 11, 2015
• Headquarters : San Francisco, California, United States
• Chairman : Bret Taylor
• CEO : Sam Altman

CURRENT AFFAIRS: SPORTS NEWS

India sets two national records, one silver, and three gold in the Asian Indoor Athletics Championships.

• India has concluded the Asian Indoor Athletics Championships in Tehran with three gold, one silver and two national records.
• Youth Affairs and Sports Minister Anurag Singh Thakur congratulated the team for showcasing their outstanding performance at the Championships.
• Tajinder Singh Toor breaking the nineteen-year-old national record and clinching gold with a throw of 19.7 metres in men’s shotput.
• Harmilan Bains secured gold in the women’s 1500 metres and Ankita Dhyani on clinching silver in the women’s 3000 metres event.
• A total of 13 Indian athletes six women and seven men competed at the eleventh edition of the Asian Indoor Athletics Championships 2024 held in Irani’s Tehran from February 17 to 19.

CURRENT AFFAIRS: IMPORTANT DAYS

International Mother Language Day 2024: February 21

• Every year February 21 is celebrated as International Mother Language Day 2024 all over the world.
• It is a worldwide annual observance to bring awareness among people about linguistic and cultural diversities.

International Mother Language Day History

• UNESCO declared February 21st as International Mother Language Day in the year 1999 and has been witnessed all throughout the world since 2000.
• This declaration of Mother Language Day came into existence as a tribute to the language movement in Bangladesh. When Pakistan was separated in 1947 it had two partitions: East Pakistan and West Pakistan.
• The two parts were extremely different from each other in the sense of culture and languages. In 1948, the Pakistani government declared Urdu as the national language of both East and West Pakistan. But the majority of the people in both east and west Pakistan had Bengali or Bangla.
• The East Pakistan people started a protest as they have Bengali as their mother tongue. They demanded Bengali be at least one of the national languages in addition to Urdu.
• This was raised first by Dhirendranath Datta on February 23, 1948. To demolish the protest, the government of Pakistan outlawed public meetings and rallies.
• The students of the University of Dhaka, with the support of the general public, arranged massive rallies and meetings. On 21 February 1952, police opened fire on rallies. Three people died, with hundreds of others injured. This was a rare incident in history, where people sacrificed their lives for their mother tongue.
• Since then, Bangladeshis have celebrated International Mother Language Day as one of their tragic days. They visit the Shaheed Minar, a monument built in memory of the martyrs and its replicas to express their deep sorrow, respect, and gratitude to them. International Mother Language Day is a national holiday in Bangladesh.
• The resolution was suggested by Rafiqul Islam and Abdus Salam, Bengalis living in Vancouver, Canada. They wrote a letter to Kofi Annan on 9 January 1998 asking him to take a step toward saving the world’s languages from extinction by declaring an International Mother Language Day.
• Rafiq proposed the date as 21 February to commemorate the 1952 killings in Dhaka during the Language Movement. Rafiqul Islam’s proposal was introduced in the Bangladesh Parliament and in due course (at the behest of the Prime Minister) a formal proposal was submitted to UNESCO by the government of Bangladesh.
• The process of shepherding the proposal through UNESCO’s regulatory system was undertaken by Syed Muazzem Ali, then Bangladesh ambassador to France and Permanent Representative to UNESCO, and Tozammel Tony Huq, his predecessor, who was then a Special Adviser to UNESCO Secretary-General.
• Finally, on 17 November 1999, the 30th General Assembly of UNESCO unanimously resolved that “21st February be proclaimed International Mother Language Day throughout the world to commemorate the martyrs who sacrificed their lives on this very day in 1952.

Daily CA One- Liner: February 21

• Prime Minister Narendra Modi will inaugurate the 9th edition of Raisina Dialogue in Delh
• India has contributed 1 million US Dollars to the Poverty and Hunger Alleviation Fund established by India, Brazil, and South Africa, IBSA.
• The Prime Minister, Shri Narendra Modi inaugurated, dedicated to the nation and laid the foundation stone of multiple development projects worth over Rs 32,000 crores in Jammu
• The Central government has set up a committee to formulate guidelines to address the issue of pesky, promotional or unsolicited commercial calls received by consumers.
• Despite the global slowdown and the Red Sea situation, exports have increased. India’s goods exports have increased to $36.92 billion, a 3.12% year-over-year increase.
• After a gap of over three years, India emerged as the top buyer of Venezuelan crude for two consecutive months of December 2023 and January 2024, as per shipping fixtures and ship tracking data
• India has concluded the Asian Indoor Athletics Championships in Tehran with three gold, one silver and two national records.
• Every year February 21 is celebrated as International Mother Language Day 2024 all over the world.
• A Memorandum of Understanding (MoU) was signed between the Investor Education and Protection Fund Authority (IEPFA) under the aegis of the Ministry of Corporate Affairs (MCA), and DBS Bank, a prominent financial institution with a strong presence in Asia and Southeast Asia in New Delhi.
• Indian Renewable Energy Development Agency Limited. (IREDA) and Punjab National Bank (PNB) have signed a Memorandum of Understanding (MoU) aimed at advancing renewable energy initiatives across the nation.
• The Reserve Bank of India (RBI) has disclosed that only one card network has unauthorized Business Payment Solution Providers (BPSP) operations.
• An expert panel convened by the Insolvency and Bankruptcy Board of India (IBBI) has recommended specialized insolvency mediation within the framework of the Insolvency and Bankruptcy Code (IBC).
• All scheduled commercial banks witnessed a decrease in current account deposits, which dropped from 10.43 percent of total deposits in 2022 to 10.13 percent in 2023.
• Kotak Mahindra Life Insurance Company (Kotak Life) unveiled its digital-centric campaign for the Guaranteed Wealth Builder Plans (GWBP) by Kotak Life.
• Odisha Agriculture Minister Shri Ranendra Pratap Swain announced the implementation of the ‘Swayam’ scheme during a recent cabinet meeting.
• In Jammu and Kashmir, a professor in the Electrical Engineering Department of IIT Jammu, Karan Nathwani has developed an anti-drone system that works mainly on sound technology.
• OpenAI, the creator of the ChatGPT, has unveiled a new generative artificial intelligence (GenAI) model that can convert a text prompt into video.