Daily Current Affairs March 07 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Prohibits JM Financial from Offering Financing Secured by Shares and Debentures

• Under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, the Reserve Bank of India has directed regulated entity JM Financial Products Limited. (JMFPL) to cease and desist, with immediate effect, from doing any form of financing against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares as well as against subscription to debentures as the entity has been found violating regulatory guidelines.
• The action taken by the RBI is based on information provided by the Securities & Exchange Board of India (SEBI), the market regulator, indicating that JMFPL has contravened regulatory norms.

Key Highlights :

• Serious Deficiencies Identified: The RBI has cited “serious deficiencies” in the loans sanctioned by JMFPL for IPO financing and subscriptions to Non-Convertible Debentures (NCDs) as the reason for this directive.
• Limited Review by RBI: The RBI conducted a limited review of JMFPL’s books based on the information shared by SEBI, suggesting a systematic evaluation process by regulatory authorities.
• Continued Service for Existing Accounts: While new financing activities have been halted, JMFPL is allowed to continue servicing its existing loan accounts through standard collection and recovery procedures, ensuring minimal disruption for current clients.

What is meant by an Initial Public Offer?

• An Initial Public Offer (IPO) is the selling of securities to the public in the primary market.
• It is the largest source of funds with long or indefinite maturity for the company.
• An IPO is an important step in the growth of a business.

About JMFPL :

• JMFPL is a subsidiary of JM Financial with assets under management (AUM) of Rs 7,197 crore.
• The company is focused on offering a broad suite of loan products, which are customised to suit the needs of corporates, institutions, SMEs and individuals.
• JM Financial holds 99.71% equity stake in JMFPL.

Paytm’s Unified Payment Interface Transactions Decline by 7.6% in February 2024 – National Payments Corporation of India Data  

• The National Payments Corporation of India (NPCI) data reveals a decline in Paytm’s Unified Payments Interface (UPI) transactions, dropping to approximately 1.33 billion transactions in February 2024 from 1.44 billion transactions in January 2024, marking a 7.6% decrease.

Key Highlights :

• Market Share Reduction: Paytm’s share of UPI payments decreased to less than 11% in February, down from around 11.8% in the previous month.
• This reflects a broader decline in Paytm’s market share, which was at 12.8% in August, 2023.
• Overall UPI Volume: Despite February being a shorter month, overall UPI volumes witnessed a marginal dip to 12.1 billion transactions compared to 12.2 billion transactions in January.
• Competitor Performance: In contrast to Paytm’s decline, competitors PhonePe and Google Pay experienced significant increases in transactions. PhonePe reported 6.1 billion transactions in February, while Google Pay recorded 4.7 billion UPI payments, marking respective jumps of 7.7% and 7.9%.
• Impact of Regulatory Actions: Regulatory actions initiated by the Reserve Bank of India (RBI) against Paytm Payments Bank on January 31 had a notable impact on Paytm’s UPI payments business in February.
• RBI Directives: As a result of RBI’s directives, Paytm Payments Bank was directed to cease accepting deposits and credit transactions after February 29, 2024 with a deadline later extended to March 15, 2024 which may have contributed to the decline in Paytm’s UPI transactions.

Recent News :

• In Feb 2024, The Financial Intelligence Unit-India (FIU) imposed a penalty of Rs 5.49 crore on Paytm Payments Bank for alleged violations under the Prevention of Money Laundering Act (PMLA), prompting Paytm to enhance its monitoring systems and reporting mechanisms to comply with regulations.

About Paytm :

• Founded : August 2010
• Headquarters : Noida, Uttar Pradesh, India

Submission of Statement on Centralised Information Management System Required for Money Transfer Service Scheme  

• All Authorised Persons who are Indian Agents under the Money Transfer Service Scheme (MTSS) were required to submit a quarterly statement (within 15 days from the close of the quarter to which it relates) on the quantum of remittances received through MTSS using the eXtensible Business Reporting Language (XBRL) platform.
• With the launch of the Reserve Bank’s next-generation data warehouse viz., the Centralised Information Management System (CIMS), it has been decided that the reporting of the aforesaid statement will be done on CIMS portal (URL: https://sankalan.rbi.org.in/) with effect from the quarter ending March 2024.

Key Highlights :

• Return Code on CIMS: The statement submission on the CIMS portal is identified by return code ‘R130’.
• Even if no remittance was received during a particular quarter, a ‘NIL’ report must still be submitted.
• Legal Basis:The directions contained in this circular have been issued under section 10(4), 11(1), and 11(2) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

About MTSS :

• Money Transfer Service Scheme (MTSS) is a way of transferring personal remittances from abroad to beneficiaries in India.
• Only inward personal remittances into India such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible.
• Under the scheme there is a tie-up between reputed money transfer companies abroad known as Overseas Principals and agents in India known as Indian Agents who would disburse funds to beneficiaries in India at ongoing exchange rates.
• A cap of USD 2,500 has been placed on individual remittances under the scheme. In addition, thirty remittances can be received by a single individual beneficiary under the scheme during a calendar year.
• In addition, thirty remittances can be received by a single individual beneficiary under the scheme during a calendar year.

CURRENT AFFAIRS: NATIONAL NEWS

India’s First Underwater Metro to Be Opened in Kolkata by Prime Minister:

• Prime Minister Narendra Modi will inaugurate India’s first underwater metro rail service in Kolkata.
• The new metro line, called the Howrah Maidan-Esplanade section, will be the country’s first transportation tunnel beneath a major river.
• It passes beneath the River Hooghly, which separates Kolkata and Howrah cities on its east and west banks.
• The Howrah metro station, part of this new line, will hold the distinction of being India’s deepest metro station.
• The Howrah Maidan-Esplanade stretch covers 4.8 kilometers and constitutes the second section of the East-West Metro corridor, connecting Howrah Maidan to the IT hub Salt Lake Sector -5.
• Of the total 16.6 kilometres of the East-West Metro, 10.8 kilometers consist of an underground corridor between Howrah Maidan and Phoolbagan, including the tunnel beneath the Hooghly River, while the remaining stretch is elevated.
• The project has been dubbed a marvel, with trains travelling approximately 16 meters below the river’s surface.
• The metro authorities anticipate a daily ridership of seven lakh people.

PM inaugurates and places the cornerstone for many connectivity projects in Kolkata, West Bengal, totalling Rs 15,400 crores.

• The Prime Minister, Shri Narendra Modi inaugurated and laid the foundation stone for multiple connectivity projects worth Rs 15,400 crores in Kolkata.
• The development projects catering to the urban mobility sector include Metro Rail and Regional Rapid Transit System (RRTS).
• The Prime Minister took an overview of all metro projects and took a metro ride on the Esplanade – Howrah Maidan metro route, India’s first Underwater Metro in Kolkata.

Background

• With a focus on enhancing avenues for ensuring ease of urban mobility, the Prime Minister inaugurated Kolkata Metro’s Howrah Maidan – Esplanade Metro section, Kavi Subhash – Hemanta Mukhopadhyay Metro section, Taratala – Majerhat Metro section (part of Joka- Esplanade line); Pune Metro from Ruby Hall Clinic to Ramwadi stretch; Kochi Metro Rail Phase I Extension project (Phase IB) from SN Junction Metro station to Tripunithura Metro station; Agra Metro’s stretch from Taj East Gate to Mankameshwar; and Duhai-Modinagar (North) section of Delhi-Meerut RRTS Corridor.
• He flagged off train services on these sections.
• The Prime Minister also laid the foundation stone for extending the Pune Metro Rail project Phase 1 between Pimpri Chinchwad Metro-Nigdi.

The 4-laning of National Highway -748A in Karnataka has been sanctioned by Shri Nitin Gadkari for a sum of Rs. 2675.31 crore.

• Union Minister for Road Transport & Highways, Shri Nitin Gadkari in a post saidin Karnataka,a substantial sum of Rs. 2675.31 crore has been sanctioned for the 4-Laning of the Belgaum-Hungund-Raichur Section of National Highway-748A in Bagalkot &Belgavi districts, employing the Hybrid Annuity Mode.
• This initiative spans a total length of 92.40 Km.
• An integral part of the Panaji-Hyderabad EC10 corridor.
• EC10 connects pivotal industrial hubs including Panaji, celebrated for fishing, tourism, agriculture, and pharmaceutical industries; Belgavi renowned for food grains, sugarcane, cotton, tobacco, oilseed, and milk products; Raichur, recognized for rice, cotton, groundnut, and pulses; and Hyderabad, distinguished for IT, Pharm, Healthcare, and as a hub for various startups situated in Goa, Karnataka, and Telangana states, respectively.

Below 3% of India’s population under `extreme poverty’: World Poverty Clock

• India has managed to bring down ‘extreme poverty’ below 3 per cent of its population, the latest data on the World Poverty Clock showed.
• This could mean achieving significant milestones in the direction of the first of 17 Sustainable Development Goals (SDG), as prescribed by the United Nations with a timeline of 2030.
• Extreme Poverty is now eliminated in India.
• The World Poverty Clock updates: shows India’s extreme poverty at less than 3 per cent.
• The World Poverty Clock provides real-time poverty estimates through 2030 for nearly every country in the world.
• It monitors progress against Ending Extreme Poverty, which is the UN’s first SDG.
• The escape rate calculates the current rate of poverty reduction in the world.
• Funded by the International Fund for Agricultural Development (IFAD) and the Federal Ministry for Economic Cooperation and Development of Germany, the Clock shows the number of people living in extreme poverty worldwide, disaggregated by age, gender and rural/urban location.
• The clock has taken $2.15 a day income to present the finding.
• Accordingly, nearly 3.44 crore people will be living in extreme population in 2024 against 4.69 crore in 2022.
• As a share of total population, number of people living in extreme poverty has come down to 2.4 per cent from 3.3 per cent in 2022. This is the second big indication of the fight against poverty.
• A recent discussion paper by NITI Aayog, titled ‘Multidimensional Poverty in India since the year 2005-06,’ said that multidimensional poverty has declined sharply from 29.17 per cent in 2013-14 to 11.28 per cent in 2022-23, resulting in 24.82 crore individuals escaping multidimensional poverty during the 9 years.
• The $2.15 a day poverty line, which reflects the value of national poverty lines in some of the poorest countries, is often referred to as the extreme poverty line.
• For added perspective, the World Bank also tracks poverty at $3.65 a day, the typical line for lower-middle-income countries, and $6.85 a day, typical for upper-middle-income countries.
• SDG target 1.1 is even more ambitious — by 2030, it wants all countries, regions, and groups within countries to achieve zero poverty at the same international poverty line.

Smt. Nirmala Sitharaman virtually launches seven infra projects worth ₹1,000 crores

• Finance Minister Nirmala Sitharaman virtually launched seven infrastructure projects worth over ₹1,000 crore.
• The inaugurated projects include unveiling the plaque for the construction of residential quarters of Income Tax Department officers at Faridabad and Gurugram.
• She inaugurated the State Bank of India’s new local head office building and the Life Insurance Corporation of India’s International Business Centre building.
• She also inaugurated Canara Bank’s IFSC Banking Unit at GIFT City, Gandhinagar, Gujarat.
• She inaugurated the new head office building of United India Insurance Company Limited in Chennai.
• FM Sitharaman also inaugurated a conference of GST enforcement chiefs in New Delhi on 04 March 2024 to tackle tax evasion and fake invoicing.
• The one-day national conference was organised to strengthen the enforcement mechanism in GST.
• The conference was aimed at examining current challenges and delving into successful methodologies used by both state and central enforcement authorities.

The Government Launches Digital Intelligence Platform for Telecom Fraud

• Minister of Communications, Railway, and Electronics & Information Technology Mr Ashwini Vaishnaw in the presence of Minister of State for Communications, Mr. Devusinh Chauhan launched the Department of Telecommunications (DoT)’s ‘Digital Intelligence Platform (DIP)’ for coordination among the stakeholders to curb misuse of telecom resources in cyber-crime and financial frauds, and ‘Chakshu (चक्षु)’ facility on Sanchar Saathi portal (https://sancharsaathi.gov.in), a pioneering initiative empowering citizens to proactively report suspected fraud communication.
• Government has been persistently making efforts to check cyber-frauds under the Secure India project, at three levels- National, Organisational and Individual.
• The Minister pointed out that together with two portals- DIP and Chakshu, these tools will further appreciably enhance the capacity and ability to check any kind of cyber security threat.
• Digital Intelligence Platform (DIP) developed by the Department of Telecommunications is a secure and integrated platform for real-time intelligence sharing, information exchange and coordination among the stakeholders.
• Chakshu (चक्षु) is the latest addition to the citizen-centric facilities already available on the Sanchar Saathi portal of DoT.
• Chakshu’ facilitates citizens to report suspected fraud communication received over call, SMS or WhatsApp to defraud like KYC expiry or update of bank account / payment wallet / SIM / gas connection / electricity connection etc..

Prime Minister watches core loading of first indigenous fast breeder reactor

• Prime Minister Narendra Modi witnessed the commencement of “core loading” at India’s first indigenous Fast Breeder Reactor (500 MWe) at Kalpakkam.
• India has developed comprehensive capabilities spanning the entire spectrum of the nuclear fuel cycle.
• The government had approved 2003, the creation of Bhar tiya Nabhikiya Vidyut Nigam Ltd., (BHAVINI) to construct and operate India’s most advanced nuclear reactor-Prototype Fast Breeder Reactor (PFBR).
• The PFBR has been fully designed and constructed indigenously by BHAVINI with significant contributions from more than 200 Indian industries including MSMEs. Once commissioned, India will only be the second country after Russia to have a commercially operating Fast Breeder Reactor.
• In terms of safety, the PFBR is an advanced third-generation reactor with inherent passive safety features ensuring prompt and safe shutdown of the plant in the event of an emergency.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Lubrizol Appoints Bhavana Bindra as Managing Director for India, Middle East, and Africa

• Bhavana Bindra has been appointed as the Managing Director for India, Middle East & Africa (IMEA) Region by Lubrizol, a major player in the speciality chemicals industry.

Roles & Responsibility :

• She will be responsible for leading the company’s IMEA team to deliver regional growth for Lubrizol and its customers based on a local-for-local approach.
• She will work closely with Lubrizol leaders across the company to support localised market opportunities and strengthen relationships with in-region customers, suppliers and stakeholders.
• She also will provide oversight of a new Global Capability Center in Pune, India, which will serve as a regional hub that enhances Lubrizol’s capabilities for regional growth.
• Industry Experience : With over two decades of experience in the manufacturing industry and working with renowned companies in this space like REHAU and Cummins India, Bhavana will apply her leadership and industry expertise to drive Lubrizol’s growth in the region.
• This appointment continues Lubrizol’s commitment to the region, including a commitment of $150 Million investment in India to accelerate growth, most notably including a new state-of-the-art CPVC resin plant in Vilayat, India, which will be the world’s largest CPVC resin plant when operational in 2025.

About Lubrizol :

• Founded : 1928
• Headquarters : Wickliffe, Ohio, United States
• President & CEO : Rebecca Liebert
• The Lubrizol Corporation is an American provider of specialty chemicals for the transportation, industrial and consumer markets.

Former Life Insurance Corporation Chief MR Kumar Appointed as Non-Executive Chairman of Bank of India

• Bank of India (BoI) has announced the appointment of MR Kumar, former chairman of Life Insurance Corporation (LIC), as its non-executive chairman.
• Alongside MR Kumar’s appointment, Bank of India also announced the appointment of Rajiv Mishra as an executive director.

About MR Kumar :

• Apart from serving as the chairman of LIC, he also served as a director on the boards of Kenindia Assurance, Kenya, and ACC India.
• He has held leadership roles such as chairmanship of the governing board of National Insurance Academy and presidency of the Insurance Institute of India.
• Additionally, he served as the chairman of the Council of Insurance Ombudsman.
• MR Kumar served as the chairman of LIC from 2019 to March 2023 before joining BoI.

About Bank of India :

• Founded : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajneesh Karnatak
• Tagline : Relationship Beyond Banking

Future Generali India Life Insurance Names Alok Rungta as Managing Director and Chief Executive Officer

• Future Generali India Life Insurance announced the appointment of Alok Rungta to the position of Managing Director (MD) & Chief Executive Officer (CEO) effective 1st April 2024 subject to receipt of necessary regulatory approvals.
• He takes the reins from Bruce De Broize, who is the MD & CEO until 31st Mar 2024.
• Alok, currently serving as the Deputy CEO and Chief Financial Officer (CFO), brings a wealth of experience and expertise to his new role.
• Before this, he held executive positions at prominent insurance companies in the Philippines, Hong Kong and India, highlighting a dedicated career towards leadership.

About Future Generali India Life Insurance :

• Founded : 2007
• Headquarters : Mumbai, Maharashtra, India
• Future Generali India Life Insurance was established as a joint venture between Future Group (74% owner) and Generali Group (26% owner).

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

RBI Sanctions Amalgamation of Fincare Small Finance Bank Limited with AU Small Finance Bank Limited

• The Reserve Bank of India (RBI) has sanctioned the Scheme of Amalgamation of Bangalore, Karnataka-based Fincare Small Finance Bank Limited. (Transferor Bank) with Jaipur, Rajasthan headquartered AU Small Finance Bank Ltd. (Transferee Bank).
• The Scheme has been sanctioned in exercise of the powers contained in sub-section (4) of Section 44A of the Banking Regulation Act, 1949.
• The effective date of the amalgamation shall be April 01, 2024.

Key Highlights :

• All the branches of Fincare Small Finance Bank Ltd. will function as branches of AU Small Finance Bank Ltd. with effect from April 01, 2024.
• As per the agreement between the two, shareholders of Fincare Small Finance Bank will receive 579 equity shares of AU Small Finance Bank for every 2,000 shares held.
• While 49% of Fincare’s branches are based in south India, AU had merely 2%.
• The merged merged will have 2334 branches.

Recent News :

• In Oct 2023, The Reserve Bank of India (RBI) granted in-principle authorization to Zaakpay, the secure payment gateway arm of MobiKwik to operate as a payment aggregator (PA).

Singapore Competition Authority Grants Conditional Approval for Air India-Vistara Merger

• The Competition and Consumer Commission of Singapore (CCCS) has granted conditional approval for the proposed merger between Air India and Vistara.
• This approval was a crucial step in the merger process.

Key Highlights :

• Timing of Approval: The approval comes more than a year after the initial announcement of the merger deal, highlighting the duration and complexity of the regulatory process involved in such transactions.
• Deal Structure: Under the terms of the deal, Singapore Airlines will acquire a 25.1% stake in Air India as part of the merger with Vistara.
• Announcement Date: The merger agreement between Air India and Vistara, along with Singapore Airlines’ stake acquisition, was announced in November 2022, providing context for the timeline of the merger process.
• Capacity Maintenance Commitments: The approval was granted following commitments from all three airlines that the merged entity will “maintain” capacity, or passenger seats, at pre Covid-19 level (calendar year 2019) for flights between Singapore and Mumbai, Delhi, Chennai and
• Competition Concerns Addressed : This followed competition concerns identified by CCCS as the 3 entities hold majority of the market shares among various airlines offering direct flights on the aforementioned four routes.
• Revised Timeline for Merger Conclusion : Though the AI-Vistara merger was expected to conclude by March 2024, it is now expected to conclude only in the first half of 2025, according to Vistara’s CEO Vinod Kannan.
• Indian Regulatory Approval : The Competition Commission of India had given its approval for the merger in September 2023.

About Vistara :

• Founded : 2013 (Commenced Operations : 9 January 2015)
• Headquarters : Gurgaon, Haryana, India
• CEO : Vinod Kannan
• Vistara is a joint venture between Singapore Airlines and Tata Group and is set to merge with Air India under this agreement.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Minister Rajnath Singh Unveils ADITI Scheme at DefConnect 2024 to Foster Innovations in Critical and Strategic Defence Technologies  

• Raksha Mantri Shri Rajnath Singh inaugurated the Acing Development of Innovative Technologies with iDEX (ADITI) scheme during DefConnect 2024 in New Delhi.
• Objective of the Scheme: To promote innovations in critical and strategic defence technologies, with a particular focus on supporting start-ups.

Key Highlights :

• Financial Assistance for Start-ups: Under the scheme, start-ups can receive a grant-in-aid of up to Rs 25 crore to support their research, development, and innovation efforts in defence technology.
• Nurturing Youth Innovation: ADITI is designed to nurture the innovation of youth and propel the country forward in the technology domain, particularly in the defence sector.
• Budget Allocation and Timeline : The ADITI scheme worth Rs 750 crore for the period 2023-24 to 2025-26 falls under the iDEX (Innovations for Defence Excellence) framework of Department of Defence Production (DDP), Ministry of Defence.
• Technology Development Goals: The scheme aims to develop approximately 30 deep-tech critical and strategic technologies within the proposed timeframe, contributing to the advancement of defence capabilities.
• Creation of Technology Watch Tool: ADITI also includes plans for the creation of a ‘Technology Watch Tool’ aimed at bridging the gap between the modern Armed Forces’ expectations and requirements and the capabilities of the defence innovation ecosystem.
• In the first edition of ADITI, 17 challenges – Indian Army (3), Indian Navy (5), Indian Air Force (5) and Defence Space Agency (4) – have been launched.
• iDEX was expanded to iDEX Prime, with the assistance increasing from Rs 1.5 crore to Rs 10 crore.
• Defence India Start-up Challenge (DISC) 11 Launch : The event also witnessed the launch of the 11th edition of Defence India Start-up Challenge (DISC), heralding a new chapter in the collaboration between the defence establishment and the start-up ecosystem.
• DISC 11 Problem Statements : The DISC 11 introduces 22 problem statements – Indian Army (4), Indian Navy (5), Indian Air Force (5), Armoured Vehicles Nigam Limited (7) and Hindustan Shipyard Limited (1) – aimed at addressing critical defence challenges, inviting innovators to propose innovative solutions that can enhance the country’s defence capabilities and contribute to national security.
• Technology Showcase by iDEX-DIO: As part of DefConnect 2024, iDEX-Defence Innovation Organisation (DIO) organized a technology showcase.
• This featured a diverse range of technology start-ups leading innovation in the defence sector.
• Key areas covered by these start-ups include Artificial Intelligence and Robotics, Undersea Detection and Communication, Unmanned Aerial Vehicles, Wearable Technology, Blast & Ballistics Proof Structures and Equipment, smart textiles, and cybersecurity.
• Furthermore, as part of its ongoing efforts to foster investment in defence start-ups, iDEX announced Memoranda of Understanding (MoUs) with new investors under the iDEX Investors Hub (IIH).
• These strategic partnerships have now taken the pledge to funds, from Rs 200 crore to more than Rs 500 crore.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

Saab Commences Construction of New Carl-Gustaf M4 Weapon Manufacturing Facility in Haryana

• Swedish defence company Saab has initiated construction on a new manufacturing facility in India for its renowned Carl-Gustaf M4 weapons.
• The groundbreaking ceremony marked the formal commencement of the project.
• The facility is situated in the state of Haryana, specifically at MET City in Jhajjar.
• Haryana was chosen due to its robust industrial base, potential partnerships, and availability of skilled labour.

Key Highlights :

• Foreign Direct Investment (FDI) Approval: Saab has received approval for 100% foreign direct investment, leading to the establishment of a new company named Saab FFVO India Pvt Ltd.
• This entity will own and operate the manufacturing facility exclusively for producing the Carl-Gustaf M4 weapon.
• Partnership with Indian Suppliers: Saab intends to collaborate with Indian suppliers to fulfill the “Make in India” initiative requirements for the systems manufactured in the facility.
• This demonstrates a commitment to local partnerships and leveraging Indian manufacturing capabilities.
• Weapon Capabilities: The Carl-Gustaf M4 boasts a range of ammunition options with varying distances, including a maximum range of up to 1500 meters.
• Notably, the anti-tank ammunition has a range of 500 meters, highlighting the weapon’s versatility and effectiveness.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Institute of Technology Madras and Translational Health Science and Technology Institute Collaborate to Develop AI-Powered Model for Determining Foetal Age in Pregnant Indian Women, Enhancing Pregnancy Care                       

• The Indian Institute of Technology (IIT) Madras and Translational Health Science and Technology Institute (THSTI), Faridabad have collaborated to develop the first India-specific Artificial Intelligence (AI) model named Garbhini-GA2 to determine the age of a foetus in a pregnant woman in the second and third trimesters precisely.
• This model is notable for being the first late-trimester Gestational Age (GA) estimation model validated with data from the Indian population, specifically the GARBH-Ini dataset.
• This study was conducted in partnership with Gurugram Civil Hospital, Gurugram, Safdarjung Hospital, New Delhi, Christian Medical College Vellore and Pondicherry Institute of Medical Sciences, Puducherry.

About Garbhini-GA2 :

• Garbhini-GA2 which uses three routinely measured foetal ultrasound parameters, was developed using GARBH-Ini cohort data documented at Gurugram Civil Hospital, Haryana, and was initially validated in an independent cohort in South India.
• The GARBH-Ini program is a flagship programme supported by the Department of Biotechnology (DBT), Govt of India.
• The data science research was funded by the Grand Challenges India program of the Biotechnology Industry Research Assistance Council (BIRAC), DBT, Govt. of India.

Benefits of the Garbhini-GA2:

• Improved Accuracy in Foetal Age Estimation: Garbhini-GA2 enhances the accuracy of foetal age estimation, reducing errors by nearly three times compared to current methods.
• Enhanced Healthcare Delivery: By providing more precise foetal age estimations, Garbhini-GA2 aids obstetricians and neonatologists in delivering improved care to pregnant women and infants.
• Impact on Maternal and Infant Mortality Rates: The implementation of Garbhini-GA2 has the potential to reduce maternal and infant mortality rates in India by enabling healthcare providers to better anticipate and address the needs of pregnant women and newborns.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Gujarat Urja Vikas Nigam Limited (GUVNL) and NLC India Green Energy Limited (NIGEL) sign a power purchase agreement for a 600 MW solar power project.

• NLC India Limited (NLCIL) has incorporated a wholly owned subsidiary NLC India Green Energy Limited (NIGEL) to carry out future Renewable Energy Projects.
• The subsidiary will focus specifically on Renewable Energy projects and thus leveraging the expertise to its benefits.
• The Power Purchase Agreement was signed by the Chief Executive Officer of NIGEL in the presence of Chairman, NIGEL Director and CFO, NIGEL with GM (Renewables), GUNVL at Vadodara.
• NLCIL has won 600 MW Solar Power Project tender in the GSECL Khavda Solar Park, floated by GUVNL through competitive bidding process.
• In line with the policy of developing RE projects under the green energy wholly owned subsidiary (WoS), the project development has been vested with NIGEL.
• As a first initiative, NIGEL has signed the Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) for the proposed 600 MW Solar Power Project at Khavda Solar Park, Bhuj District, Gujarat.
• The entire power from the project will be procured by GUVNL with the PPA tariff for the electricity from the project at Rs. 2.705/kWhr.
• The annual generation of electricity is set at 1,577.88 MU (Million Unit), with a cumulative electricity generation of 39.447 BU (Billion Unit) in its lifetime.
• The project is set to offset approximately 35.5 Million Metric Tons of Carbon dioxide emissions during its entire life.

Ministry of Jal Shakti Signs Agreement with Indian Institute of Science, Bangalore for Establishment of International Centre of Excellence for Dams (ICED)

• As part of the holistic effort of Government of India to equip national institutions of eminence to develop capability and expertise at par with global institutions and empower ‘Make in India’ in dam safety, Central Water Commission (CWC), Department of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti has signed a Memorandum of Agreement (MoA) with Indian Institute of Science (IISc) Bangalore for Establishment of an International Centre of Excellence for Dams (ICED) under externally supported Dam Rehabilitation and Improvement Project (DRIP) Phase II and III.
• This MoA will remain valid for ten years or till the duration of the DRIP Phase-II and III Scheme, whichever is earlier, from the date of signing this MoA
• ICED will act as a technological arm of the Ministry of Jal Shakti (MoJS) to provide specialized technical support in investigations, modelling, research and innovations, and technical support services for the Indian and overseas dam owners.

CURRENT AFFAIRS: SPORTS NEWS

Indian Paralympic Committee’s ban is immediately lifted by the Sports Ministry.

• The Sports Ministry has revoked the suspension of the Paralympic Committee of India (PCI) with immediate effect.
• The Paralympic Committee of India that the main ground for suspension is being addressed and PCI will be hosting the 2024 World Shooting Para Sport World Cup from 6th March to 15 March 2024 at New Delhi.
• The Ministry in February this year, had suspended the government recognition of PCI due to delay in holding the election after the expiry of the term of the executive committee of PCI and non-compliance with its guidelines.

Khelo India athletes now eligible for government jobs

• The Khelo India athletes will now be eligible for government jobs.
• In this regard, the Department of Personnel and Training and Sports Ministry have made progressive revisions to the eligibility criteria for sportspersons seeking government jobs
• Union Sports Minister Anurag Singh Thakur, groundbreaking step now extends eligibility to medal winners from Youth, University, Para and Winters Games of Khelo India Games to be eligible for government jobs.
• Through the changes in rules the games and events have also been clearly defined to ensure inclusivity across various sports.
• The revised rules mark a significant stride in supporting athletes in making India a sporting superpower.

Daily CA One- Liner: March 7

• Prime Minister Narendra Modi will inaugurate India’s first underwater metro rail service in Kolkata.
• The Prime Minister, Shri Narendra Modi inaugurated and laid the foundation stone for multiple connectivity projects worth Rs 15,400 crores in Kolkata
• Union Minister for Road Transport & Highways, Shri Nitin Gadkari in a post saidin Karnataka,a substantial sum of Rs. 2675.31 crore has been sanctioned for the 4-Laning of the Belgaum-Hungund-Raichur Section of National Highway-748A in Bagalkot &Belgavi districts, employing the Hybrid Annuity Mode
• India has managed to bring down ‘extreme poverty’ below 3 per cent of its population, latest data on the World Poverty Clock showed.
• Finance Minister Nirmala Sitharaman virtually launched seven infrastructure projects worth over ₹1,000 crore.
• Mr Ashwini Vaishnaw launched the Department of Telecommunications (DoT)’s ‘Digital Intelligence Platform (DIP)’ for coordination among the stakeholders to curb misuse of telecom resources in cyber-crime and financial frauds, and ‘Chakshu (चक्षु)’ facility on Sanchar Saathi portal (https://sancharsaathi.gov.in), a pioneering initiative empowering citizens to proactively report suspected fraud communication.
• Prime Minister Narendra Modi witnessed commencement of “core loading” at India’s first indigenous Fast Breeder Reactor (500 MWe) at Kalpakkam.
• NLC India Limited (NLCIL) has incorporated a wholly owned subsidiary NLC India Green Energy Limited (NIGEL) to carry out future Renewable Energy Projects
• Central Water Commission (CWC), Department of Water Resources, River Development & Ganga Rejuvenation, Ministry of Jal Shakti has signed a Memorandum of Agreement (MoA) with Indian Institute of Science (IISc) Bangalore for Establishment of an International Centre of Excellence for Dams (ICED) under externally supported Dam Rehabilitation and Improvement Project (DRIP) Phase II and III.
• The Sports Ministry has revoked the suspension of the Paralympic Committee of India (PCI) with immediate effect
• The Khelo India athletes will now be eligible for government jobs.
• Under the Section 45L(1)(b) of the Reserve Bank of India Act, 1934, the Reserve Bank of India has directed regulated entity JM Financial Products Limited. (JMFPL) to cease and desist, with immediate effect, from doing any form of financing against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares as well as against subscription to debentures as the entity has been found violating regulatory guidelines.
• National Payments Corporation of India (NPCI) data reveals a decline in Paytm’s Unified Payments Interface (UPI) transactions, dropping to approximately 1.33 billion transactions in February from 1.44 billion transactions in January, marking a 7.6% decrease.
• All Authorised Persons who are Indian Agents under the Money Transfer Service Scheme (MTSS) were required to submit a quarterly statement (within 15 days from the close of the quarter to which it relates) on the quantum of remittances received through MTSS using the eXtensible Business Reporting Language (XBRL) platform.
• Bhavana Bindra has been appointed as the Managing Director for India, Middle East & Africa (IMEA) Region by Lubrizol, a major player in the specialty chemicals industry.
• Bank of India (BoI) has announced the appointment of MR Kumar, former chairman of Life Insurance Corporation (LIC), as its non-executive chairman.
• Future Generali India Life Insurance announced the appointment of Alok Rungta to the position of Managing Director (MD) & Chief Executive Officer (CEO) effective 1st April,2024 subject to receipt of necessary regulatory approvals.
• The Reserve Bank of India (RBI) has sanctioned the Scheme of Amalgamation of Bangalore, Karnataka based Fincare Small Finance Bank Limited. (Transferor Bank) with Jaipur, Rajasthan headquartered AU Small Finance Bank Ltd. (Transferee Bank).
• The Competition and Consumer Commission of Singapore (CCCS) has granted conditional approval for the proposed merger between Air India and Vistara.
• Raksha Mantri Shri Rajnath Singh inaugurated the Acing Development of Innovative Technologies with iDEX (ADITI) scheme during DefConnect 2024 in New Delhi.
• Swedish defense company Saab has initiated construction on a new manufacturing facility in India for its renowned Carl-Gustaf M4 weapons.
• The Indian Institute of Technology (IIT) Madras and Translational Health Science and Technology Institute (THSTI), Faridabad have collaborated to develop the first India-specific Artificial Intelligence (AI) model named Garbhini-GA2 to determine the age of a foetus in a pregnant woman in the second and third trimesters precisely.