Daily Current Affairs May 23 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

RBI cancels certificate of registration of 7 NBFCS & 14 surrender permits

• The Reserve Bank of India (RBI), in the exercise of powers conferred on it under Section 45-IA (6) of the RBI Act, 1934, has cancelled the Certificate of Registration of 7 Non-Banking Finance Companies (NBFCs).

List of 7 NBFCs :

1. Coorg Tea Company, Bangalore,Karnataka
2. Trimurthi Finvest, Bilaspur, Chattisgarh
3. East West Finvest India, Bilaspur, Chattisgarh
4. J.V.Modi Securities, Indore, Madhya Pradesh (MP)
5. K K Patel Finance, Gwalior, MP
6. Purvi Finvest, Bilaspur, Chattisgarh
7. Genfin Capital Pvt Ltd, Bangalore,Karnataka

• These companies will not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.
• Also the 14 NBFCs surrendered their CoR due to the exit from the business, non-requirement of registration, or due to the loss of their legal status.
• Out of the 14 NBFCs, 7 surrendered their licence due to the exit from the business while 2 surrendered because they did not require registration under criteria prescribed for unregistered Core Investment Company (CIC).

List of 7 NBFCs surrendered their licence due to the exit from the business :

1. Lunia Trading & Investment Private Limited, West Bengal
2. Swastik Goods and Suppliers Pvt Ltd, West Bengal
3. Icseva Finance Private Limited, Bihar
4. Gipsy Management Pvt Ltd, West Bengal
5. Shiba Fabspin Pvt Ltd, West Bengal
6. Esar Entrade Ltd, Assam
7. Maba Corporate Services Private Limited, Karnataka.

List of 2 two entities who do not require registration under criteria prescribed for unregistered CIC :

1. L&T Infrastructure Development Projects Limited, Tamil Nadu
2. Josan Deposits and Advances Limited, West Bengal.

List of 5 entities surrendered their icenses due to the loss of their legal status :

1. Melinex Investment and Finance Private Limited, Punjab
2. Casablanca Broking & Agency Pvt Ltd, West Bengal
3. Janpragati Syntex Pvt Ltd, West Bengal
4. Nalimbur Mercantile Pvt Ltd, West Bengal
5. Wondermax Mercantile Pvt Ltd, West Bengal

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

Geojit Financial Services launches new mobile trading platform FLIP   

• Leading broking firm Geojit Financial Services Limited has introduced FLIP, its newest mobile trading platform in an aim to replace the current platform SELFIE and provide traders and investors a flexible and all-encompassing trading experience supported by a number of cutting-edge features.

Key Highlights :

• One Cancel Other Order, Bracket Orders, Basket Orders, Option Chain, Option Greeks, Single Click Multi-Leg Orders, and Exit All Positions in Just One Click are just a few of the broad order features that FLIP offers.
• Additionally, it has a dashboard that lists transactions and investments, Portfolio Insights, Technical and Fundamental Research, Stock Analysis Page, and Advanced Charting (TradingView).
• FLIP users will benefit from additional features set to be introduced over the next 3 months, including Split Order for Options, Roll Over for Futures, and Conditional Orders, Trading from Charts, Events Calendar, Market Overview, and Apply for IPO.
• Clients can download FLIP, and all existing SELFIE users can upgrade to FLIP from Apple AppStore and Google Play Store.

About Geojit Financial Services Ltd :

• Founded : 1987
• Headquarters : Kochi, Kerala
• MD & CEO : C J George
• Geojit Financial Services Ltd. is an investment services company in India.

SBI profit surges 83% to ₹16,695 crore in Q4

• The country’s largest bank State Bank of India (SBI) reported an 83% year-on-year (yoy) jump in net profit at ₹16,694.51 crore for the fourth quarter of 2022-23 fiscal on higher interest income and low provisioning.
• In the January-March quarter of 2021-22 financial year, SBI’s net profit on standalone basis was ₹9,113.53 crore.
• This is the bank’s highest quarterly net profit even as its asset quality improved further.
• The bank had logged ₹14,205 crore net profit in the preceding quarter.
• Broking firms were expecting the net profit of India’s largest bank to rise by about 66%.
• The bank’s board declared a dividend of ₹11.30 per equity share (1130%) for the financial year ended March 31, 2023.
• For the full year net profit has crossed the landmark number of ₹50,000 crore (up 58.58% yoy at ₹50,232 crore), which is the highest ever by any bank in India.
• The bank’s gross NPA position improved to 2.78% of gross advances against 3.14% in the preceding quarter.
• This is the lowest level in more than 10 years.

About SBI :

• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara

CURRENT AFFAIRS: NATIONAL NEWS

CCI notifies setting up of three regional offices

• Competition Commission of India has formally notified the establishment of its regional offices in three cities.
• These regional offices are located in Chennai, Kolkata and Mumbai.
• Stakeholders will now be able to approach the regional offices without coming to Delhi for their competition law-related work.
• Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu and the Union Territories of Lakshadweep and Puducherry are included in the jurisdiction of the Southern Regional Office in Chennai.
• The jurisdiction of the Eastern Regional Office in Kolkata include Bihar, Jharkhand, Odisha, West Bengal, Chhattisgarh, Arunachal Pradesh, Assam, Manipur, Mizoram, Meghalaya, Nagaland, Sikkim, Tripura and Union Territory of Andaman and Nicobar
• Gujarat, Maharashtra, Goa, Union Territories of Dadra and Nagar Haveli and Daman and Diu come under the jurisdiction of the Western Regional Office in Mumbai.
• According to the CCI notification, the Chennai regional office was set up on February 26, 2021.
• Kolkata regional office’s effective date is May 20, 2022.
• In the case of Mumbai Regional Office, office’s effective date is October 6, 2022.

First Inter-Ministerial Committee Meeting held on World Food India 2023

• First Inter-Ministerial Committee Meeting held in New Delhi.
• The meeting was held to apprise the officials of the preparation made so far for World Food India 2023.
• World Food India 2023 will be organized between the 3rd and 5th November 2023 in New Delhi.
• It will be organized by the Ministry of Food Processing Industries.
• The next meeting of the Inter-Ministerial Committee will be held in June 2023.
• This will be held to firm up concrete partnership/participation of different stakeholders.
• The Investment Facilitation Cell (Invest India) and the event partner (FICCI) were directed to coordinate with the ministries and departments.

Union Minister Parshottam Rupala launches Sagar Parikrama Yatra Phase-V

• Union Minister Parshottam Rupala launched the Sagar Parikrama Yatra Phase-V at Karanja (Raigad Dist)
• More than 6000 fishermen, fish farmers and other dignitaries participated in the program at Karanja (Raigad Dist.).
• The fifth Phase of the Sagar Parikrama begins to resolve the challenges faced by fishermen and stakeholders.
• The Sagar Parikrama fifth phase will be organized at Raigad, Ratnagiri, and Sindhudurg Districts in Maharashtra and Vasco, Mormugao, and Canacona in Goa.
• The main aim of the Sagar Parikrama is to facilitate the economic upliftment of fishermen and stakeholders through various schemes and programs.
• Maharashtra has 720 km of coastline and it contributes 82 percent to the state’s fish production.
• The coast of Goa is 104 km long and 90 percent of the population are dependent on fish for their diet.
• Certificates/sanctions related to Pradhan Mantri Matsya Sampada Yojana (PMMSY), Kisan Credit Card and state schemes will be awarded to fishermen during the journey.
• The first phase of the “Sagar Parikrama” was started on 5th March 2022 from Mandvi and ended on 6th March 2022 in Porbandar.

Kalari will be served at G20 Summit in Srinagar as a special Dogra culinary item

• Kalari is a special Dogra culinary item, which will be served at the upcoming G20 Summit in Srinagar.
• The Government of India and the Jammu and Kashmir government have taken this initiative.
• It will promote Kalari at the global level.
• Kalari is being produced by women in the Udhampur district of Jammu and Kashmir for decades.
• Women use to sell it for their living.
• Jammu and Kashmir Rural Livelihood Mission (UMEED) is promoting Kalari.
• Now, women make money from their produce after joining the organization.
• UMEED is sponsoring self-help groups in the Dheeran village.
• The women of this area are members of these self-help groups.
• Kalari Kulcha is a famous street food of Udhampur District.

Tea Board forms panel on improving quality of green leaf

• Tea Board announced the formation of a 11-member committee to study the reasons behind the deteriorating quality of green tea leaves and to suggest remedial measures to reverse that.
• Headed by the executive director of the Tea Board’s o ffice at Guwahati, the panel will comprise representatives of bought-leaf factories, estate factories and small tea growers.
• Tea Board also said that the panel will conduct a threadbare examination of the causes of falling green leaf quality across the country and will submit its report within three months.

About Tea Board of India

• The Tea Board of India is a state agency of the Government of India under the control of the Ministry of Commerce and Industry, established to promote the cultivation, processing, and domestic trade as well as export of tea from India.
• Headquarters: Kolkata,
• Founded: 1 April 1954.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Germany Unveils 2.7 billion euro military package to Ukraine

• Germany announced 2.7 billion euro ($3.0 billion) of military aid to Ukraine, its biggest such package yet since Russia’s invasion, and pledged further support for Kyiv for as long as necessary.
• The package will include 30 Leopard 1 tank, 15 Gepard anti-aircraft tanks, over 200 reconnaissance drones and 4 Iris-T anti-aircraft systems.
• Germany was initially reluctant to provide heavy arms to Ukraine to help it counter Russia’s invasion, fearing it might escalate the fight.
• But in January, 2023 Berlin agreed to send Leopard tanks and would work with allies to send more.

About Germany :

• President : Frank-Walter Steinmeier
• Capital: Berlin
• Currency- Euro.

About Ukraine :

• President : Volodymyr Zelenskyy
• Prime Minister : Denys Shmyhal
• Capital : Kyiv
• Currency : Hryvnia

CURRENT AFFAIRS : STATE NEWS

Odisha Chief Minister Naveen Patnaik launches State dashboard & CM dashboard                 

• Odisha Chief Minister (CM) Shri Naveen Patnaik launched the State Dashboard, a data and analytics-powered platform which will streamline performance monitoring of government schemes, aiding data-driven decision-making.

Key Highlights : 

• The launch of the integrated Dashboard will carry forward the 5T (teamwork, transparency, technology, timely completion leading to transformation) governance model.
• It will facilitate seamless data-driven decision-making to ensure time-bound outcomes aligned with our 5T governance model
• The State Dashboard consists of 3 critical components – CM Dashboard, Department Dashboard and Administrative Action Monitoring Portal.
• The application appraises the performance of various Administrative Departments on 5T parametres.
• The dashboard will enable citizens to access public information with ease on policies, budget allocations and public expenditures.”
• It will also provide the citizens with frictionless access to government services and resources.
• The dashboard is expected to foster a collaborative approach to decision-making and usher in a new era of data-driven governance.

About Odisha :

• Governor : Ganeshi Lal
• Chief Minister : Naveen Patnaik
• Capital : Bhubaneswar
• National Park : Simlipal National Park, Bhitarkanika National Park
• Wildlife Sanctuary : Ushakothi Wildlife Sanctuary, Tikarpada Wildlife Sanctuary

UP Govt asks National Dairy Development Board subsidiary to partner with 1.50 lakh women dairy farmers

• The Uttar Pradesh (UP) government has roped in NDDB Dairy Services, a wholly-owned subsidiary of National Dairy Development Board (NDDB), for providing technical support for managing three women-owned milk producer companies — Saamarthya Milk Producer Company (Raebareli), Shri Baba Gorakhnath Kripaa Milk Producer Company (Gorakhpur) and Srijanee Milk Producer Company (Bareilly) set up in UP.
• A milk producer company is a farmer producer organisation (FPO) which embodies principles that are similar to cooperative societies.
• These FPOs will together procure milk from over 2,800 villages of 17 districts enrolling 1.50 lakh women dairy farmers.
• NDS stated that The daily procurement will reach seven lakh litres by the fifth year of operations.
• UP State Rural Livelihood Mission (UPSRLM) is the implementing agency for this dairy farmers project.
• Under the State’s ₹200-crore Mahila Samarthya Yojana (MSY), launched in 2021-22, enterprises exclusively owned by women are being promoted.
• The MSY scheme was launched after the success of Balinee Milk Producer Company of Jhansi and Kashee Milk Producer Company of
• By using the expertise of NDS, the aim is not only to promote women entrepreneurship in rural UP substantially, but also bring about a fundamental change in the lives of these women and their families.
• Uttar Pradesh (UP) is the second largest milk producing State in India (Rajasthan -First).

About NDDB :

• Founded : July 1965
• Headquarters : Anand, Gujarat, India
• Chairman : Meenesh Shah
• The NDDB is a statutory body set up by an Act of the Parliament of India.
• It is under the ownership of the Ministry of Fisheries, Animal Husbandry and Dairying of the Government of India.

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National Park
• Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Supreme Court collegium recommends Andhra Pradesh Chief Justice Mishra & senior advocate KV Viswanathan for elevation as apex court judges

• The Supreme Court collegium headed by Chief Justice of India (CJI) DY Chandrachud recommended to the Centre the names of Andhra Pradesh High Court Chief Justice Prashant Kumar Mishra and senior advocate KV Viswanathan as judges of the apex court.
• The working strength of the Supreme Court is now equal to its sanctioned judge strength of 34.
• After the retirement of Justices Dinesh Maheshwari and M R Shah, the Supreme Court was working with 32 judges.
• KV Viswanathan is the 10th lawyer who has directly been appointed from the Bar to the Supreme Court bench.
• Justice Prashant Kumar Mishra was serving as the Chief Justice of the Andhra Pradesh High Court.
• The Chief Justice of India and the Judges of the Supreme Court are appointed by the President under clause (2) of Article 124 of the Constitution.

Eligibility Criteria for Supreme Court Judge :

• A person must be a citizen of India.
• He/ She must have been a Judge of a High Court for at least 5 years.
• He should have been an advocate of a High Court for at least 10 years.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

RBI gives approval to SBIFML to acquire 9.99% stake in HDFC Bank

• SBI Funds Management Limited (SBIFML) has received Reserve Bank of India (RBI) approval to increase stake in HDFC Bank to 9.99% in 6 months i.e. by November 15, 2023.
• The investment will be made as part of the mutual fund schemes managed by SBI Funds Management.
• The approval was granted on an application made by SBI Funds Management to RBI.

Key Highlights :

• SBIFML has to ensure that the aggregate holding in the bank remains below 10% of the paid-up share capital or voting rights of the HDFC Bank at all times.
• HDFC Bank reported a 21% jump in March quarter consolidated net profit to ₹12,594 crore on 30% increase in income at ₹57,159 crore.
• SBI Funds Management is the largest in the country with assets under management of ₹7.17-lakh crore as of March-end 2023.

About SBIFML :

• Founded : 1987
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Mr. Shamsher Singh
• SBIFMPL is a joint venture (JV) between the State Bank of India (SBI), an Indian public sector bank, and Amundi, a European asset management company.

About HDFC Bank Ltd :

• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

CURRENT AFFAIRS: AWARDS AND HONOURS

Eurovision 2023: Sweden’s Loreen wins for a second time

• Sweden’s Loreen won Eurovision 2023 with the song “Tattoo” in Liverpool, northern England, becoming the first woman to triumph for a second time in the contest.
• Finland’s Käärijä, a green-bolero-sleeved rapper, came second.
• He won the viewer vote, but it was not enough to overtake Loreen’s lead after the result from the juries in the 37 participating countries.
• Loreen is the only person after Ireland’s Johnny Logan to win the contest twice, and her victory puts Sweden level with Ireland as the most successful Eurovision countries.
• The 67th edition of the musical festival was held in the “City of Pop” on behalf of Ukraine, last year’s winner, which was unable to host this year because of Russia’s invasion.
• The Eurovision Song Contest, often known simply as Eurovision or by its initialism ESC, is an international song competition organised annually by the European Broadcasting Union.

CURRENT AFFAIRS: BUSINESS NEWS

Real-Money Gaming Led in Violation Of Advertising Guidelines In FY23: ASCI

• Real money gaming has become the top violative sector in terms of advertisement.
• This sector was followed by education and healthcare, as per the annual complaints report for FY23 released recently by the Advertising Standards Council of India (ASCI).
• As per the report, there has been a sharp increase in the number misleading ads featuring celebrities.
• 75% of violative ads were found on digital media.
• ASCI examined 7,928 ads across print, digital, and television in FY23.
• This was an increase of about two-folds over the last two years.
• TV and print advertisers were highly compliant, digital ads emerged as least compliant.
• According to the report, real-money gaming industry overtook the education sector for the first time to become the most violative sector, moving from fifth to first place.
• Real-money gaming sector also emerged as the least compliant with only 50% of ads being modified voluntarily.
• Ads by Ticktok Skill Games Pvt Ltd featuring MS Dhoni and Bhuvan Bam were found to be non-compliant.
• Ads by Galactus Funware Technology featuring Virat Kohli and Jim Shrabh were also found to be non-compliant.

About ASCI

• Advertising Standards Council of India (ASCI) was formed in 1985.
• It is a self-regulatory and non-governmental organization.
• It is headquartered in Mumbai.
• Its chairman is N S Rajan.

Google Invests $1 Million in IIT Madras for Responsible AI Research

• The Indian Institute of Technology Madras (IIT Madras) has partnered with Google to establish the Centre for Responsible Artificial Intelligence (CeRAI), focusing on responsible AI research and development.
• As the inaugural platinum consortium member, Google has invested $1 million in this initiative.
• CeRAI aims to become a premier research centre at both the national and international levels, dedicated to fundamental and applied research in Responsible AI.
• The center will prioritize the deployment of AI systems within the Indian ecosystem, emphasizing immediate impact.
• CeRAI was formally inaugurated on April 27, with the ceremony presided over by Rajeev Chandrasekhar, the Union Minister of State for Electronics and Information Technology.
• The startup mentorship and incubation organization, The Indus Entrepreneurs (TIE), will also be associated with CeRAI.

About Google

• Headquarters: Mountain View, California, United States
• Founded: 4 September 1998
• CEO: Sundar Pichai
• CMO: Lorraine Twohill

CURRENT AFFAIRS: SPORTS NEWS

McDonald’s delivers FIFA sponsorship renewal to 2026

• McDonald’s, the fast food chain, has signed a new contract with FIFA to remain as a World Cup sponsor until the 2026 edition in the United States, Canada and Mexico.
• The renewal gives McDonald’s the title of ‘Official Restaurant’ sponsor of this year’s Women’s World Cup in Australia and New Zealand and the men’s edition three years later.
• McDonald’s and FIFA have a shared passion for bringing people together through the power of football.
• McDonald’s is a proud supporter of football and has sponsored FIFA tournaments since 1994.

About FIFA:

• The Fédération internationale de football association is the international governing body of association football, beach soccer, and futsal.
• President: Gianni Infantino,
• Headquarters: Zürich, Switzerland,
• Founded: 21 May 1904.

CURRENT AFFAIRS : OBITUARIES

Indian-born British billionaire & Hinduja Group chairman SP Hinduja passed away

• The eldest of four Hinduja brothers, Hinduja Group chairman and founder of IndusInd Bank Srichand Parmanand Hinduja (S.P., Hinduja) passed away at the age of 87 in London, United Kingdom (UK).

About Srichand Parmanand Hinduja :

• Hinduja was born on November 28, 1935, in British India’s Sindh province, now part of Pakistan.
• He is an Indian-born British billionaire businessman, investor, and philanthropist.
• He founded the only Indian-owned Swiss bank, S P Hinduja Banquee Privee, which has its headquarters in Geneva, Switzerland.
• In 1993, SP Hinduja ventured into banking, with IndusInd Bank, the first of the new generation private banks in India.
• He was the primary shareholder and chairman of Hinduja Group of companies.
• In 2022, Hinduja topped the Sunday Times Rich List with an estimated wealth of £28.472 billion sterling.

Daily CA One- Liner: May 23

• The Reserve Bank of India (RBI), in exercise of powers conferred on it under Section 45-IA (6) of the RBI Act, 1934, has cancelled the Certificate of Registration of 7 Non Banking Finance Companies (NBFCs).
• Leading broking firm Geojit Financial Services Limited has introduced FLIP, its newest mobile trading platform in an aim to replace the current platform SELFIE and provide traders and investors a flexible and all-encompassing trading experience supported by a number of cutting-edge features.
• The country’s largest bank State Bank of India (SBI) reported an 83% year-on-year (yoy) jump in net profit at ₹16,694.51 crore for the fourth quarter of 2022-23 fiscal on higher interest income and low provisioning.
• Germany announced 7 billion euro ($3.0 billion) of military aid to Ukraine, its biggest such package yet since Russia’s invasion, and pledged further support for Kyiv for as long as necessary.
• Odisha Chief Minister (CM) Shri Naveen Patnaik launched the State Dashboard, a data and analytics-powered platform which will streamline performance monitoring of government schemes, aiding data-driven decision-making.
• The Uttar Pradesh (UP) government has roped in NDDB Dairy Services, a wholly-owned subsidiary of National Dairy Development Board (NDDB), for providing technical support for managing three women-owned milk producer companies — Saamarthya Milk Producer Company (Raebareli), Shri Baba Gorakhnath Kripaa Milk Producer Company (Gorakhpur) and Srijanee Milk Producer Company (Bareilly) set up in UP.
• The Supreme Court collegium headed by Chief Justice of India (CJI) DY Chandrachud recommended to the Centre the names of Andhra Pradesh High Court Chief Justice Prashant Kumar Mishra and senior advocate KV Viswanathan as judges of the apex court.
• SBI Funds Management Limited (SBIFML) has received Reserve Bank of India (RBI) approval to increase stake in HDFC Bank to 9.99% in 6 months i.e. by November 15, 2023.
• Competition Commission of India has formally notified establishment of its regional offices in three cities
• First Inter-Ministerial Committee Meeting held in New Delhi.
• Union Minister Parshottam Rupala launched the Sagar Parikrama Yatra Phase-V at Karanja
• Kalari is a special Dogra culinary item, which will be served at the upcoming G20 Summit in Srinagar
• Tea Board announced formation of an 11-member committee to study the reasons behind the deteriorating quality of green tea leaves and to suggest remedial measures to reverse.
• Sweden’s Loreen won Eurovision 2023 with the song “Tattoo” in Liverpool, northern England, becoming the first woman to triumph for a second time in the contest
• Real money gaming has become the top violative sector in terms of advertisement
• The Indian Institute of Technology Madras (IIT Madras) has partnered with Google to establish the Centre for Responsible Artificial Intelligence (CeRAI), focusing on responsible AI research and development
• McDonald’s, the fast food chain, has signed a new contract with Fifa to remain as a World Cup sponsor until the 2026 edition in the United States, Canada and Mexico
• The eldest of four Hinduja brothers, Hinduja Group chairman and founder of IndusInd Bank Srichand Parmanand Hinduja (S.P., Hinduja) passed away at the age of 87 in London, United Kingdom (UK).