Daily Current Affairs March 02 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Issues Master Direction for Bharat Bill Payment System, 2024

• In exercise of the powers conferred under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 (PSS Act),the Reserve Bank of India (RBI) has introduced a revised regulatory framework for the Bharat Bill Payment Systems (BBPS), effective April 1, 2024.

Key Highlights :

• Applicability :NPCI Bharat Bill Pay Limited (NBBL – a wholly owned subsidiary of National Payments Corporation of India); and
• All Bharat Bill Payment Operating Units (BBPOUs).
• Authorisation Requirement: NBBL is designated as the Payment System Provider for the Bharat Bill Payment System (BBPS). Any entity operating a bill payment system outside the scope of BBPS needs authorization as per Chapter III of the PSS Act, 2007.
• Key Definitions
• Bharat Bill Pay Central Unit (BBPCU): BBPCU is the entity which operates BBPS; sets operational, technical and business standards, and also undertakes clearing and settlement functions.
• NPCI Bharat BillPay Ltd. (NBBL) is the authorised BBPCU.
• Bharat Bill Payment Operating Unit (BBPOUs):BBPOUs are the System Participants in BBPS. A BBPOU may function either as a Biller Operating Unit or a Customer Operating Unit or both.
• Biller Operating Unit (BOU)is an entity which onboards biller(s), either directly or through biller aggregator(s), on to the BBPS platform for collection of its bills.
• Customer Operating Unit (COU)is an entity which provides its customers with an interface (physical / digital) to pay bills, either directly or through agent institution(s).
• Bharat Bill Payment System (BBPS): BBPS is an integrated bill payment platform which enables payment / collection of bills through multiple channels (Mobile Apps, Mobile Banking, Physical Agents, Bank branches, etc.) using various payment modes (UPI, Internet Banking, Cards, Cash, Prepaid Payment Instruments, etc.).
• Escrow Account Operations : A non-bank BBPOU shall open an escrow account with a Scheduled Commercial Bank exclusively for BBPS transactions.
• Non-bank BBPOU operates as Payment Aggregator (PA) when it collects funds from its customers or settles funds with the billers onboarded by it.
• For the purpose of maintenance of escrow accounts, the payment system operated by BBPOU shall be deemed to be ‘designated payment system’ under Section 23A of the PSS Act, 2007 (as amended from time to time).
• An escrow account is a temporary pass through account held by a third party during the process of a transaction between two parties.

Finance Minister Nirmala Sitharaman Leads Review Meeting on National Bank for Financing Infrastructure and Development (NaBFID) Performance in New Delhi                                      

• Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired the meeting to review the performance of the National Bank for Financing Infrastructure and Development (NaBFID)in New Delhi.

The main highlights of the discussion are as follows:

• NaBFID started its operations with a small team of deputed officials from 12 institutions, both public and private sector
• It got operationalised with the disbursement of its first loan in December 2022.
• To date, NaBFID has made total sanctions of more than ₹86,804 crore, with projects spread across the country and in diversified sub-sectors of infrastructure, such as Roads, Renewable Power, Ports, Railways, Water and Sanitation, City Gas Distribution, etc.
• Out of the ₹86,804 crore, 50% has been sanctioned with long tenure for 50 to 20 years.
• NaBFID will sanction over ₹3 lakh crore by March 2026.
• NaBFID has collaborated with the International Finance Corporation (IFC)to offer Transaction Advisory Services for developing a robust pipeline of investment-ready PPP projects in the infrastructure sector across India.

About NaBFID :

• The Government of India (GoI) set up NaBFID in April 2021as India’s fifth All India Financial Institution in the country to support the development of long-term non-recourse infrastructure financing in India.
• NaBFID is a specialised development finance institution in Indiawhich supports the country’s infrastructure sector by bridging the financing gap in the infrastructure sector, enabling credit flow through innovative instruments such as longer tenor loans, blended finance, partial credit enhancement, takeout financing, and facilitate crowding-in of infrastructure finance.
• The authorised share capital of the Institution is ₹ 1 lakh crore, and GOI has already infused an initial capital of ₹ 20,000 crore along with a grant of ₹ 5,000 crore.

Jana Small Finance Bank Collaborates with Dvara Money for Digital Banking Services                                         

• Jana Small Finance Bank (Jana SFB)entered into a partnership with Dvara Money (DM) to combine DM’s innovative Spark Money platform with the technological capabilities of Jana SFB.
• A significant element of this partnership is the Third Party Application Providers (TPAP) capabilities.
• TPAP will enable the integration of a full-stack UPI solution into the Spark Money platform.
• This integration will allow customers to connect their savings accounts for payments, facilitating seamless digital transactions.
• The solution will also enable UPI functionalities like Aadhar OTP-based onboarding and credit on UPI to Dvara’s existing offerings.

About Jana Small Finance Bank :

• Headquarters : Bangalore, Karnataka, India
• CEO : Ajay Kanwal
• Jana Small Finance Bank, a scheduled commercial bank, is the 4th largest Small Finance Bank in India was launched in March 2018.

RBI Enhances Framework for Fintech Sandbox, Extends Timelines for Specific Processes   

• The Reserve Bank of India (RBI) has revised its ‘Enabling Framework for Regulatory Sandbox’, extending the timelines for various stages of the sandbox process and permitting applicants to establish in-principle partnerships before applying for the sandbox.
• Reasons for Updates: The revisions stem from insights gathered over the past four and a half years from running four cohorts and feedback received from fintechs, banking partners, and other stakeholders.

Key Highlights :

• Cohorts Focus:The Regulatory Sandbox (RS) operates through different cohorts, each concentrating on areas such as financial inclusion, payments, lending, and digital Know Your Customer (KYC).
• Compliance Requirement:The updated framework mandates sandbox entities to adhere to the provisions outlined in the Digital Personal Data Protection Act of 2023.
• Timeline Extensions:RBI has elongated the timelines for various stages of the sandbox process to nine months from the previous seven months.
• Additionally, entities are now permitted to establish in-principle partnership arrangements with stakeholders during the sandbox application phase.
• Product Viability Testing:Participants in the RS can evaluate the viability of their products without necessitating a broader and costlier roll-out, especially if the product shows potential for success.
• Criteria for Eligibility:The framework stipulates that if a proposed product/service mirrors one previously tested in the Regulatory Sandbox and no new innovation is envisioned, RBI may opt not to consider it eligible for sandbox testing.

About Regulatory Sandbox :

• Original Framework Issued in 2019: The original framework for the Regulatory Sandbox was issued in August 2019 and has undergone two prior updates to encourage responsible innovation in financial services.
• Eligibility Criteria: Participants in the RS should be a company incorporated and registered in India, banks licensed to operate in India, Limited Liability Partnership (LLP), or Partnership firm registered in India. Financial institutions constituted under a statute in India are also eligible.
• Minimum Net Worth: The entity applying for the sandbox should have a minimum net worth of 10 lakh as per its latest audited balance sheet.
• Exclusion Categories for Testing:Certain services such as credit registry, credit information, cryptocurrency/crypto assets services, trading/investing/settling in crypto assets, may not be accepted for testing.
• Inclusion Categories for Testing:Retail payments, money transfer services, marketplace lending, digital KYC and digital identification services, RegTech and SupTech, and Application Program Interface (APIs) services could be considered for testing under RS.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

State Bank of India Discusses Relaxation of Cash Reserve Ratio Requirement with Reserve Bank of India to Encourage Green Deposits         

• The State Bank of India (SBI)has requested the Reserve Bank of India (RBI) for a lower cash reserve ratio (CRR) on green deposits raised from customers.
• CRR Definition:Cash Reserve Ratio (CRR) is the percentage of cash that banks are required to maintain with the Reserve Bank of India (RBI) against their total deposits.

Key Highlights :

• Current CRR Requirement: Currently, banks must maintain a CRR of 4.5%on their total deposits, with no special treatment for green deposits.
• SBI’s Proposals: SBI has proposed two options: reducing CRR on green deposits and integrating this relaxation into the overall policy for all banks.
• Green Deposit Scheme: In January, SBI introduced a green rupee term deposit scheme to finance eco-friendly projects.
• Besides approaching retail customers, it is tapping family offices, entities that manage money for high net worth (HNI) individuals, for garnering green money.
• Deposit Maturity Buckets :These would be medium and long-term deposits with three maturity buckets — 1,111 days, 1,777 days, and 2,222 days.
• These deposits are available at 10 basis points (bps) below the card rate for retail deposits.
• Consequences of CRR: Banks cannot utilize the CRR funds for lending or investment purposes, nor do they earn any interest on these reserves kept with the RBI.
• Applicability: CRR applies to scheduled commercial banks but not to regional rural banks (RRBs) or non-banking financial companies (NBFCs).
• Calculation Basis:There’s no fixed formula for CRR calculation. It’s typically determined as a percentage of Net Demand and Time Liabilities (NDTL), which includes savings, current, and fixed deposit balances held by a bank.
• Penalties for Non-compliance: Banks failing to maintain the required CRR are subject to fines imposed by the RBI for the shortfall.
• Maintenance Period:Scheduled Commercial Banks must maintain the prescribed CRR based on their NDTL as of the last Friday of the second preceding fortnight.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

Goldman Sachs Issues Double Downgrades for SBI and ICICI Bank             

• The global investment banking firm, Goldman Sachs,has downgraded State Bank of India (SBI) and ICICI Bank, signalling the end of the “Goldilocks period” for banks.

Key Highlights :

• Earnings Estimate Cut: The report highlights a5% to 2% reduction in earnings estimates across the coverage universe for FY25E/26E, with the aggregate Profit After Tax (PAT) falling below consensus by 2%/1% for FY25/26.
• Challenging Outlook: Goldman Sachs notes a challenging near-term outlook for the financial sector, indicating the conclusion of the Goldilocks period characterized by strong growth and visible profitability.
• Downgrade Details:SBI has been downgraded to Neutral from Buy, with a projected 4% downside, while ICICI Bank sees a 3% upside with a downgrade to Neutral.
• Further Downgrades: Yes Bank faces a significant downgrade, transitioning to Sell from Neutral, with an anticipated 37% downside.
• Other Bank Recommendations: Bajaj Finance receives an upgrade to Neutral from Sell, with a modest 2% upside, while HDFC Bank retains a Buy recommendation with a potential 33% upside.
• Nuanced Analysis:The report provides a nuanced analysis of State-Owned Enterprises (SOE) banks, private banks, and non-banking financial companies (NBFCs), offering recommendations based on their specific market positions.

What is meant by the Goldilocks Economy?

• A Goldilocks economy describes an ideal state for an economy whereby the economy is not expanding or contracting by too much.
• A Goldilocks economy has steady economic growth, preventing a recession, but not so much growth that inflation rises by too much.

CURRENT AFFAIRS: NATIONAL NEWS

Prime Minister Modi unveils 35,700 crore rupee development projects in Jharkhand.

• Prime Minister Narendra Modiinaugurated and laid the foundation stone for multiple development projects worth 35,700 crore rupees in Jharkhand from Sindri in Dhanbad district.
• These projects are related to fertiliser, rail, power, and coal sectors.
• Modi dedicated to the nation the Hindustan Urvarak & Rasayan Ltd’s(HURL) Sindri fertiliser plant, to attain self-sufficiency in the urea sector.
• The plant has been developed at a cost of over 8,900 crore rupees.
• Prime Minister also inaugurated and laid the foundation stones for several rail projects worth over 17,600 crore rupees in the state.
• These projects include third and fourth lines connecting Sone Nagar and Andal, Tori-Shivpur first and second, and Biratoli-Shivpur third line, Mohanpur-Hansdiha new rail line and Dhanbad-Chandrapura rail line.
• These projects will expand the rail services in the state and lead to the socio-economic development of the region.
• Prime Minister also dedicated to the nation’s important power projects in Jharkhand, including Unit 1 of North Karanpura Super Thermal Power Project (STPP) at Chatra.
• Developed at a cost of over 7,500 crore rupees, the project is expected to improve power supply in the region.
• Modi also inaugurated the North Urimari coal handling plant of Central Coalfields Ltd (CCL), a subsidiary of Coal India Ltd (CIL),in the Ramgarh district.
• Prime Minister will participate in a public programme where he will inaugurate, dedicate, and lay the foundation stone of multiple development projects worth more than 7,200 crore rupees in Arambagh, Hooghly, West Bengal.

Two National Highway projects valued at Rs. 1750 crore are inaugurated at Mirzapur, Uttar Pradesh, by Shri Nitin Gadkari.

• Union Minister of Road Transport & Highways, Shri Nitin Gadkari laid the foundation stone of 2 National Highway projects worth Rs 1750 crore in Mirzapurin the presence of state ministers and MPs, MLAs and officials.
• Mirzapur district, situated under the shadow of Mother Vindhyavasini, is religiously and naturally important.
• To develop this entire region, the foundation stone of 2 ambitious National Highway projects costing more than Rs 1750 crore has been laid.
• Among these, a 4-lane Mirzapur bypass including a 6-lane bridge on the Ganga river will be constructed on National Highway 135A, 15 km long.
• Besides, repair work will be done on a 59 km long road from Mirzapur to Prayagraj and from Prayagraj to Pratapgarh on National Highways 35 and 330.
• With the completion of both these projects, it will be easier for the devotees to reach the religious places in the Mirzapur district, which will boost tourism. Economic development will get a new impetus in many districts of Prayagraj and Purvanchal including Mirzapur.
• The construction of a 4-lane Mirzapur bypass on river Ganga will provide relief from traffic jams and improve connectivity between Mirzapur-Ayodhya, which will increase trade.

Shri Nitin Gadkari authorizes Rs 6728.33 crore to build 8 sections of National Highway-913 in Arunachal Pradesh totaling 305.50 km.

• Union Minister for Road Transport and Highways, Shri Nitin Gadkari in a post said in Arunachal Pradesh, an allocation of Rs. 6728.33 crorehas been granted for constructing 8 stretches on NH-913 (Frontier Highway) as Intermediate Lane Road, spanning 305.50 Km on EPC mode.
• This development aims to enhance connectivity to border areas, fostering socio-economic progress.
• The Frontier Highway construction is anticipated to curb migration, encouraging reverse habitation towards Arunachal Pradesh’s border regions.
• Furthermore, these frontier highway stretches will establish crucial road infrastructure linking significant river basins, facilitating the development of numerous hydropower projects in the state.
• This predominantly greenfield road will connect sparsely populated Upper Arunachal areas, ideal for tourism, projecting increased traffic due to burgeoning tourism in the future.

Shri Nitin Gadkari authorizes Rs. 3549.48 crore for Madhya Pradesh’s National Highways projects, including their building and strengthening.

• Union Minister for Road Transport and Highways, Shri Nitin Gadkari has approved Rs. 3549.48 crore for the construction and strengthening of various National Highways projects in Madhya Pradesh.
• An allocation of Rs. 776.19 crorehas been approved for 4-laning of 41 km length section of National Highway-146 B (Shahganj Bypass end to Badi Package-IV) in Sehore and Raisen districts of Madhya Pradesh under Hybrid Annuity Mode.
• An allocation of Rs. 1238.59 crorehas been approved for making 6-lane service road on both sides of Ayodhya bypass from Asharam Tiraha on National Highway-46 to Ratnagiri Tiraha on National Highway-146 in Bhopal, Madhya Pradesh under hybrid amputee mode.
• Making this route 6-lane will help in reducing congestion in Ayodhya Bypass/Bhopal city.
• This route will facilitate traffic movement on National Highways and reduce accidents by avoiding mixing of local and commercial traffic in the city.
• An approval has been given for the construction of 34 km long Chasale 6 lane Indore Western Bypass under Hybrid Annuity Mode under Package-1 at a cost of Rs 1534.70 crore.

Prime Minister will present and lay the groundwork for MoPSW projects in West Bengal valued at over Rs. 900 crore.

• Prime Minister, Shri Narendra Modi will launch multiple transformative projects of the Ministry of Ports, Shipping and Waterways at Arambagh, Hooghly in Kolkata.
• These initiatives, collectively valued at more than Rs. 900 crore, signify a significant milestone in the government’s commitment towards development across the region.
• Prime Minister will inaugurate two projects namely the Augmentation of Fire Fighting System with a cost of Rs. 108 crore to comply with the stringent guidelines outlined in OISD-156 for handling hazardous materials like Propane, Butane, POL, and LPG products.
• This includes upgrading fire-fighting facilities at various key locations such as HOJ-I, II, Barge Jetty-I & II, and OT-II.
• The installation of a state-of-the-art, fully automated system equipped with cutting-edge gas and flame sensors ensures immediate detection of potential hazards.
• Moreover, the system’s remote-operated firefighting capabilities promise efficient and safe operations in case of emergencies.
• Secondly, 3rdRMQC will also be inaugurated.
• The total cost of this project is Rs. 53 crorewhich will be deployed at Berth No. 11.
• This crane boasts a lifting capacity of 40 tonnes and an outreach of 40 meters.
• The addition of this crane will significantly enhance cargo evacuation efficiency, facilitating faster operations at the port.

PM KISAN benefits worth over Rs 3 lakh crore transferred to farmers so far

• One of the largest Direct Benefit Transfer programmes in the world, PM KISANhas crossed a new milestone.
• With Prime Minister Shri Narendra Modi releasing the 16th instalment from Yavatmal in Maharashtra the scheme has benefitted more than 11 crore eligible farmer families with Rs 3 lakh crores disbursed till date.
• Of this, Rs 1.75 lakh Crores was transferred to eligible farmers during the COVID period alone, when they needed direct cash benefits the most.
• Government of India launched an ambitious scheme for farmers’ welfare – the Pradhan Mantri Kisan Samman Nidhi(PM-KISAN) on 2nd February 2019.
• Under the scheme, the eligible farmer families are provided a benefit of Rs. 6000/- per year in three equal instalments of Rs. 2000/-each, every four months.
• The benefit is transferred directly to the bank accounts of eligible beneficiaries through Direct Benefit Transfer mode, using modern digital technology.
• Recently, as part of the Viksit Bharat Sankalp Yatra, undertaken to ensure saturation of Government’s welfare schemes across more than 2.60 lakh Gram Panchayats, 90 lakh eligible farmers were added to the PM KISAN Scheme.
• A study conducted by the International Food Policy Research Institute (IFPRI) on farmers of Uttar Pradesh indicates that the benefits under the PM-Kisan reached the majority of farmers, and they received the full amount without any leakages.

Key Highlights

• The PM-KISAN portal has been integrated with the portals of UIDAI, PFMS, NPCI, and the Income Tax department.
• Government of India has also developed ‘Kisan e-Mitra’ (a voice-based AI Chatbot), which enables farmers to raise queries and get them resolved in their own language in real-time.
• The Kisan-eMitra is now available in 10 languages i.e., English, Hindi, Odia, Tamil, Bangla, Malayalam, Gujarati, Punjabi, Telugu and Marathi.
• The scheme is a shining example of cooperative federalism as the States register and verify the eligibility of farmers while the Government of India provides 100% funding for the scheme.
• The inclusive nature of the scheme is reflected in the fact that at least one out of four beneficiaries is a woman farmer, besides more than 85% of small and marginal farmers being the beneficiaries under the scheme.
• It is being implemented by the Ministry of Agriculture and Farmers Welfare.
• Small and marginal farmers with landholding up to 2 hectares are eligible to apply for PM Kisan Yojana.

CURRENT AFFAIRS: INTERNATIONAL NEWS

Mauritius Cabinet Approves Amendment to India-Mauritius Double Taxation Avoidance Agreement to Comply with Base Erosion and Profit Shifting Minimum Standards              

• The Mauritius Government has decided to amend the Double Taxation Avoidance Agreement (DTAA)with India in order to go with Organisation for Economic Co-operation and Development (OECD)’s proposal on Base Erosion and Profit Shifting.
• Objective of Amendment : To prevent tax avoidance or minimization through exploitative tactics, thus creating more stringent norms for multinationals investing in India.

About DTAA :

• Definition : The Double Tax Avoidance Agreement (DTAA) is a treaty signed between two countries so that non-residents will be able to avoid paying double taxes.
• Purpose of DTAA :India has signed DTAA with 85 nations  to safeguard non-resident Indians from double taxation.
• This agreement ensures that countries involved have agreed upon tax rates on income arising from their country.
• India-Mauritius DTAA :The Government of India and the Government of Mauritius signed the treaty in 1983 regarding the avoidance of double taxation.
• OECD’s BEPS Guidelines:The Organisation for Economic Cooperation and Development (OECD) introduced new guidelines known as Base Erosion and Profit Shifting (BEPS).
• BEPS Objectives:BEPS aims to prevent companies from avoiding taxes by creating complex structures.
• It achieves this goal by standardizing anti-abuse rules across all global tax agreements.

About Mauritius :

• President : Prithvirajsing Roopun
• Prime Minister : Pravind Jugnauth
• Capital : Port Louis
• Currency : Mauritian rupee

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Indian-Origin Samir Shah Appointed as BBC’s New Chairman                        

• Samir Shah, an India-born media executive, has been confirmed as the new BBC chairman after his selection underwent scrutiny and was approved by King Charles III.
• Responsibilities as Chair: In his role, Shah will be tasked with upholding and protecting the independence of the BBC’s board and ensuring that its decisions are made in the public interest.

About Dr Samir Shah :

• Born in Aurangabad, India, Shah moved to England in 1960.
• He has extensive experience in UK broadcasting, previously serving as the head of current affairs and political programmes at the BBC.
• Shah, who has worked in UK broadcasting for over 40 years, was picked as the government’s preferred candidate in December, 2023 and went on to be quizzed by cross-party MPs of the House of Commons Media Culture, Media and Sport Select Committee for his pre-appointment scrutiny.
• The 72-year-old has now been confirmed in the 160,000 pounds per year and four-year term role to take charge as the public broadcaster’s first Indian-origin Chair from March 4 and running until March 2028.
• Shah, who was honoured with a CBE (Commander of the Order of the British Empire)by Queen Elizabeth II in 2019 for services to television and heritage, will replace Richard Sharp who had been forced to resign after a communication with former prime minister Boris Johnson came under scrutiny.
• Before taking up the role as Chair of the BBC, he was the CEO of Juniper – an independent television and radio production company, since 1998.
• He was elected a Fellow of the Royal Television Societyin 2002 and appointed Visiting Professor of Creative Media at Oxford University in 2019 and the University of Nottingham appointed him to a Special Professorship in the Department of Post-Conflict Studies.

CURRENT AFFAIRS : DEFENCE NEWS

Government Signs Rs 39,000-Crore Defence Acquisition Deals to Enhance Self-Reliance   

• As part of ‘Aatmanirbharta in Defence’and to further boost Make-in-India initiative, the Ministry of Defence (MoD) signed 5 major capital acquisition contracts worth Rs 39,125.39 crore in New Delhi.

Contract Details:

• One contract was signed with M/s Hindustan Aeronautics Limited for the procurement of Aero-engines for MiG-29 aircraft.
• Two contracts were signed withM/s Larsen & Toubro Limited for the procurement of Close-in Weapon System (CIWS) and High-Power Radar (HPR).
• Two contracts were signed with M/s BrahMos Aerospace Private Limited (BAPL)for the procurement of BrahMos missiles and Ship-borne BrahMos system for the Indian Defence Forces.
• Aim of the deal :To strengthen indigenous capabilities, promote self-reliance, save foreign exchange, and reduce dependency on foreign-origin equipment manufacturers in the future.

Key Highlights :

RD-33 Aero Engines Contract:

• Signed with Hindustan Aeronautics Limited (HAL) for the MiG-29 fleet.
• Cost: Rs 5,249.72 crore.
• Production by HAL’s Koraput Division.
• Aimed at sustaining operational capability of MiG-29 fleet.
• Involves Transfer of Technology (TOT) from Russian OEM.
• Focus on indigenization for future Repair and Overhaul (ROH) tasks.

CIWS Procurement Contract:

• Contract awarded to Larsen & Toubro Limited.
• Cost: Rs 7,668.82 crore.
• CIWS provides terminal Air Defence for select locations.
• Intended to boost Indian aerospace, defense, and associated industries.
• Expected to generate approximately 2,400 direct and indirect employment opportunities annually over five years.

HPR Procurement Contract:

• Contract awarded to Larsen & Toubro Limited.
• Cost: Rs 5,700.13 crore.
• Involves replacing existing long-range radars of IAF with modern Active Aperture Phased Array based HPR.
• Enhances terrestrial Air Defence capabilities with advanced surveillance features.
• Boosts indigenous radar manufacturing technology through private sector involvement.
• Expected to generate approximately 1,000 direct and indirect employment opportunities annually over five years.

BrahMos Missiles Procurement Contract:

• Contract awarded to BrahMos Aerospace Private Limited (BAPL).
• Cost: Rs 19,518.65 crore.
• Intended for meeting combat outfit and training requirements of Indian Navy.
• Projected to generate nine lakh man-days of employment in the Joint Venture entity and around 135 lakh man-days in ancillary industries, including MSMEs.
• Significantly enhances naval combat capabilities with BrahMos missiles.

Ship-borne BrahMos System Procurement Contract:

• Contract awarded to BrahMos Aerospace Private Limited (BAPL).
• Cost: Rs 988.07 crore.
• System serves as the Indian Navy’s primary weapon for maritime strike operations.
• Fitted onboard frontline warships.
• Capable of hitting land or sea targets with pinpoint accuracy at supersonic speeds.
• Expected to generate approximately 60,000 man-days of employment over a period of 7-8 years.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ministry of Defence
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Google DeepMind Unveils Genie: AI Model Generates Interactive Video Games from Text or Image Prompts                             

• Google DeepMind has unveiled Genie, a new Artificial Intelligence (AI) model capable of generating interactive video games solely from a text or image prompt.
• Genie serves as a foundation world model trained on videos sourced from the Internet.

About Genie AI Model :

• The model can “generate an endless variety of playable (action-controllable) worldsfrom synthetic images, photographs, and even sketches.”
• It is thefirst generative interactive environment that has been trained in an unsupervised manner from unlabelled internet videos.
• Genie is currently limited to creating games only at the rate of1 FPS (frame per second), which means the video will change an image per second, giving a slow playback.
• Specifications : When it comes to size, Genie stands at 11B parameters and consists of a spatiotemporal video tokenizer, an autoregressive dynamics model, and a simple and scalable latent action model.
• These technical specifications let Genie act in generated environments on a frame-by-frame basis even in the absence of training, labels, or any other domain-specific requirements.
• Genie can be prompted to generate a diverse set of interactive and controllable environments although it is trained on video-only data.
• It makes playable environments from a single image prompt.

Recent News :

• In Feb 2024, Google introduced Gemma, a family of open AI models aimed at empowering individuals and businesses to develop their own Artificial Intelligence (AI) software responsibly.

About Google :    

• Founded : September 4, 1998
• Headquarters : California, United States
• CEO : Sundar Pichai

CURRENT AFFAIRS: MOUS AND AGREEMENT

C-DOT and Qualcomm ink Memorandum of Understanding to further the Make in India and Atmanirbhar Bharat initiatives.

• Centre for Development of Telematics(C-DOT), a public funded research institution focused on telecom technology by the Government of India, at just concluded Mobile World  Congress 2024 at Barcelona in Spain, announced plans to collaborate with Qualcomm Technologies Inc, a subsidiary of Qualcomm Incorporated, to establish a strategic partnership that will foster innovation in India and support India based developers and start-ups working on innovative products and use cases.
• Qualcomm Technologies will support C-DOT  with expertise and best practices, state-of-the-art technology, intellectual property training and tools, for enabling Indian startups, academia, and OEMs, and fast-tracking the development and commercialisation of indigenous telecom products utilising Qualcomm wireless solutions and technologies.
• Through this collaboration, C-DOT and Qualcomm Technologieswill work towards the following broad objectives:
• Facilitate access for the  startups, OEMs and academia with foundational chip technologies and domain experts that will stimulate innovation and help them scale up their R&D efforts
• Accelerate the pace of commercialization and business development of Indian startups engaged in building indigenous telecom products and solutions

About C-DOT

• Centre for Development of Telematics, C-DOT, an R&D center of the Department of Telecommunications, Ministry of Communications, Govt. of India has been widely known for its monumental role in ushering in the indigenous Telecom revolution in the nation. Hailed as the progenitor of the Indigenous Telecom Revolution in the nation, C-DOT, with more than three decades of its relentless R&D efforts in the indigenous design, development and production of telecom technologies especially suited to the Indian landscape, has been in the technology forefront and has significantly contributed to the Indian Telecom Network’s Digitization.

About Qualcomm

• Qualcomm is enabling a world where everyone and everything can be intelligently connected. Qualcomm’s technology roadmap allows to efficiently scale the technologies including advanced connectivity, high-performance, low-power compute, on-device intelligence and more – to the next generation of connected smart devices across industries. Innovations from Qualcomm and its family of chip platforms will help enable cloud-edge convergence, enable products, transform industries and accelerate the digital economy

MoSPI and ISRO Sign an MoU on Bhuvan-Powered Urban Frame Survey

• The NSSO (FOD) under the Ministry of Statistics and Programme Implementation(MoSPI) has entered into a Memorandum of Understanding (MoU) with the National Remote Sensing Centre (NRSC) under the Indian Space Research Organization (ISRO) to facilitate Urban Frame Survey (UFS) in a digital mode using the state-of-the-art Geo ICT tools and techniques using Bhuvan Platform.
• The MoU was signed by Shri Subash Chandra Malik, Additional Director General, NSSO, MoSPI and Dr. Srinivasa Rao S, Deputy Director, BGWSA, NRSC in the presence of Dr. Prakash Chauhan,  Director NRSC, Dr K Vinod Kumar, Associate Director, NRSC and Shri Raushan Kumar Choudhary,  Deputy Director General (UFS).

Key Highlights

• UFS is conducted in five-year phases to prepare and maintain a frame of compact urban geographical units, which serve as sampling frame in urban sector, mainly for NSSO large-scale Socio-Economic Surveys.
• The UFS in digital form was carried out for the first time during Phase 2017-22 using the Bhuvan platform covering more than 5300 towns.
• In the current phase (2022 – 2027), survey works of around 8134 towns are planned with improved and robust versions of Mobile, Desktop and Web-Based GIS solutions built on the Bhuvan Platform.
• The MoU Covers the development/improvement of a mobile application for Geo-tagging of NSSO Urban Frame Survey data, a Web portal for visualization, system-generated scrutiny, editing, etc. of data submitted through mobile application, QGIS plug-in for accessing the polygons captured through the mobile application and fine-tuning of Block, IV-unit, Ward and Town boundaries of UFS using High Resolution Satellite Imagery; and Capacity building of NSSO officials by NRSC.

Daily CA One- Liner: March 2

• Prime Minister Narendra Modiinaugurated and laid the foundation stone for multiple development projects worth 35,700 crore rupees in Jharkhand from Sindri in Dhanbad district.
• Union Minister of Road Transport & Highways, Shri Nitin Gadkari laid the foundation stone of 2 National Highway projects worth Rs 1750 crore in Mirzapurin the presence of state ministers and MPs, MLAs and officials.
• Union Minister for Road Transport and Highways, Shri Nitin Gadkari in a post said in Arunachal Pradesh, an allocation of Rs. 6728.33 crorehas been granted for constructing 8 stretches on NH-913 (Frontier Highway) as Intermediate Lane Road, spanning 305.50 Km on EPC mode.
• Union Minister for Road Transport and Highways, Shri Nitin Gadkari has approved Rs. 3549.48 crore for the construction and strengthening of various National Highways projects in Madhya Pradesh
• The Prime Minister, Shri Narendra Modi will launch multiple transformative projects of the Ministry of Ports, Shipping and Waterways at Arambagh, Hooghly in Kolkata
• One of the largest Direct Benefit Transfer programmes in the world, PM KISANhas crossed a new milestone.
• Centre for Development of Telematics(C-DOT), a public funded research institution focused on telecom technology by the Government of India, at just concluded Mobile World  Congress 2024 at Barcelona in Spain, announced plans to collaborate with Qualcomm Technologies Inc, a subsidiary of Qualcomm Incorporated, to establish a strategic partnership that will foster innovation in India and support India based developers and start-ups working on innovative products and use cases.
• The NSSO (FOD) under the Ministry of Statistics and Programme Implementation(MoSPI) has entered into a Memorandum of Understanding (MoU) with the National Remote Sensing Centre (NRSC) under the Indian Space Research Organization (ISRO) to facilitate Urban Frame Survey (UFS) in a digital mode using the state-of-the-art Geo ICT tools and techniques using Bhuvan Platform.
• In exercise of the powers conferred under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 (PSS Act),the Reserve Bank of India (RBI) has introduced a revised regulatory framework for the Bharat Bill Payment Systems (BBPS), effective April 1, 2024.
• Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired the meeting to review the performance of the National Bank for Financing Infrastructure and Development (NaBFID)in New Delhi.
• Jana Small Finance Bank (Jana SFB)entered into partnership with Dvara Money (DM) to combine DM’s innovative Spark Money platform with the technological capabilities of Jana SFB.
• The Reserve Bank of India (RBI) has revised its ‘Enabling Framework for Regulatory Sandbox’, extending the timelines for various stages of the sandbox process and permitting applicants to establish in-principle partnerships before applying for the sandbox.
• The State Bank of India (SBI)has requested the Reserve Bank of India (RBI) for a lower cash reserve ratio (CRR) on green deposits raised from customers.
• The global investment banking firm, Goldman Sachs,has downgraded State Bank of India (SBI) and ICICI Bank, signalling the end of the “Goldilocks period” for banks.
• The Mauritius Government has decided to amend the Double Taxation Avoidance Agreement (DTAA)with India in order to go with Organisation for Economic Co-operation and Development (OECD)’s proposal on Base Erosion and Profit Shifting.
• Samir Shah, an India-born media executive, has been confirmed as the new BBC chairman after his selection underwent scrutiny and was approved by King Charles III.
• As a part of ‘Aatmanirbharta in Defence’and to further boost Make-in-India initiative, the Ministry of Defence (MoD) signed 5 major capital acquisition contracts worth Rs 39,125.39 crore in New Delhi.
• Google DeepMind has unveiled Genie, a new Artificial Intelligence (AI) model capable of generating interactive video games solely from a text or image prompt.