Daily Current Affairs September 22 2023 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING AND FINANCE

ACKO launches campaign ‘Health Insurance ki Subah ho Gayi Mamu’ for its newly introduced ACKO Platinum Health Plan

• ACKO has launched its health insurance product – ACKO Platinum Health Plan.
• As per the company, the plan has features including 100% bill payment, no room rent capping, and zero waiting period, among others.
• The company claims that the series of ad films focuses on educating the audience on zero waiting period, 100% bill payment, benefits of providing full disclosures of ailments for a stress-free claim process, and ease of filing claims.
• The campaign’s series of commercials aims to inform viewers about a number of important features of the ACKO Platinum Health Plan, including:
• Zero Waiting Periods: The campaign emphasizes the plan’s special feature of zero waiting periods, which guarantees policyholders rapid coverage.
• 100% Bill Payment: ACKO highlights its dedication to paying 100% of medical expenses in order to lessen financial strains during medical emergencies.
• Full Disclosures for Stress-Free Claims: The advertising campaign implores policyholders to divulge all of their medical conditions. This transparency makes the claims process easier and less stressful.
• Ease of Filing Claims: ACKO places a strong emphasis on the simplicity of filing claims, making it a painless procedure for clients.

CURRENT AFFAIRS: NATIONAL NEWS

India wins bid to host 17th International Congress on the Chemistry of Cement

• India has won the bid to host the prestigious International Congress on the Chemistry of Cement (ICCC) in New Delhi in 2027.
• India’s leading research and academic institutes, the National Council for Cement and Building Materials (NCCBM), and IIT Delhi successfully presented India’s bid before the Steering Committee members of the Conference during the ongoing 16th ICCC at Bangkok, Thailand.
• Besides India, other bidders were from Switzerland and the UAE.
• The decision was announced on 20 September 2023 in Bangkok, Thailand during the 16th ICCC.
• The Indian bid was presented by Dr L P Singh, Director General, NCCBM, Dr S. K. Chaturvedi, Joint Director, NCCBM and Dr Shashank Bishnoi, Professor (Civil Engg.), IIT Delhi.
• The International Congress on the Chemistry of Cement is the largest and most prestigious event of its kind which reviews the progress of research in the area of Cement and Concrete.
• The congresses have been held generally at intervals of four to six years since 1918, providing a strong and fruitful link between the academic world and the cement industry.
• The 9th Congress was organized in New Delhi in 1992 by NCCBM and the present 16th ICCC is being held in Bangkok, Thailand from 18-22 September 2023.

PM Narendra Modi to inaugurate 16 Atal Awasiya Vidyalayas built across UP

• Prime Minister Narendra Modi will visit Varanasi to inaugurate 16 Atal Awasiya Vidyalayas built across Uttar Pradesh.
• These are built at a cost of over 11 hundred crore rupees to further enhance access to quality education for children of labourers, construction workers and orphans due to COVID-19 pandemic.
• Each school is constructed on an area of 10 to 15 acres with classrooms, sports ground, recreational areas, a mini auditorium, a hostel complex, mess and residential flats for staff.
• These residential schools intend to eventually accommodate 1000 students each.
• Prime Minister Modi will also lay the foundation stone of the International Cricket Stadium in Varanasi.
• The cricket stadium, to be built in Ganjari, Rajatalab, Varanasi will be developed in a more than 30-acre area, at a cost of about 450 crore rupees.
• The stadium will have a capacity of 30,000 spectators.
• The Prime Minister will attend the closing ceremony of Kashi Sansad Sanskritik Mahotsav 2023.
• The Mahotsav witnessed the participation of more than 37 thousand persons across 17 disciplines, who displayed their skills in singing, instrumental playing, nukkad natak and dancing.

CURRENT AFFAIRS: BUSINESS NEWS

EPFO records the highest payroll addition with 18.75 lakh net members during the month of July, 2023

• EPFO’s provisional payroll data released highlights that EPFO has added 18.75 lakh net members in the month of July 2023.
• The addition during the month is the highest since the first publishing of EPFO payroll data from April 2018 covering the period of September 2017 onwards.
• A growing trend has continued since the last three months with an increase of around 85,932 net members over the previous month of June, 2023.
• The data indicates that around 10.27 lakh new members have enrolled during July, 2023 which is the highest since July, 2022.
• Majority of new members joining EPFO are in the age-group of 18-25 years constituting roughly 58.45% of total new members addition during the month.
• This shows an increasing trend in youth enrollment, who are mostly first-time job seekers joining the organized sector workforce of the country.
• Payroll data demonstrates that approximately 12.72 lakh members exited but rejoined EPFO, which is the highest in the last 12 months.
• These members switched their jobs and re-joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement thus, extending their social security protection.

CURRENT AFFAIRS: MOUS AND AGREEMENT

NHAI Collaborates with DMRC to Strengthen Design & Construction of Bridges and Other Structures

• National Highways network, NHAI has signed a Memorandum of Understanding with Delhi Metro Rail Corporation (DMRC) for review of designs of various bridges/ structures, safety aspects of NHAI projects and capacity building of NHAI officials.
• The MoU was signed in the presence of NHAI Chairman Shri Santosh Kumar Yadav and Vikas Kumar, Managing Director, DMRC along with other senior officials from NHAI and DMRC.
• This initiative will strengthen NHAI’s ‘Design Division’ that reviews planning, designing, construction and maintenance of bridges, structures, tunnels and RE walls on National Highways across the country.
• Under this agreement, DMRC will provide services to NHAI for review of designs of all bridges/ structures in ongoing projects.
• The agreement also includes a review of designs of randomly selected bridges, structures, tunnels, RE walls and other specialized structures.
• DMRC will also support NHAI in reviewing stand-alone bridges and special structures at the Detailed Project Report (DPR) stage.
• DMRC will also help NHAI in reviewing construction methodologies, temporary structures, lifting and launching methods, and pre-stressing methods of select bridges and structures and special structures on a random basis.
• In addition to this, DMRC will organize customized training programs for capacity building of NHAI officials.
• This will include design, construction, supervision, maintenance and safety aspects in elevated structures and bridges.
• This agreement will remain in effect for a period of two years.
• This initiative highlights collaboration between two Government Organizations to share best practices and work together to enhance the transport infrastructure network contributing towards the goal of nation-building.

C-DOT and CSIR-National Physical Laboratory sign agreement for ‘Development of NavIC based IST traceable Primary Reference Time Clock for Telecom Sector:

• Centre for Development of Telematics (C-DOT), the premier Telecom R&D Centre of the Department of Telecommunications (DoT) and CSIR-National Physical Laboratory (NPL) signed an agreement for the ‘Development of NavIC-based IST traceable Primary Reference Time Clock (PRTC) for Telecom Sector’.
• The agreement is signed under the Telecom Technology Development Fund (TTDF) scheme of the DoT for providing funding support to domestic companies and institutions involved in technology design, development, and commercialization of telecommunication products and solutions to enable affordable broadband and mobile services in rural and remote areas.
• The project focuses on the development of a device which shall provide direct Indian Standard Time (IST) traceability to all the Telecom Service Providers (TSPs) and Internet Service Providers (ISPs) within ± 20 ns.
• This shall benefit India in multiple ways starting from reducing the dependency on GPS, shifting to IRNSS/NavIC, digital forensic analysis of transactions, cyber secure networks, reduce call drops & further synchronise all the telecom services with one reference time source IST, developed by CSIR-NPL.
• Time synchronization of the telecom networks will be the foundation for a strong cyber-secured nation, as every bank transaction, stock market transaction and exchange of information is through the TSPs and ISPs.
• Development of NavIC-based IST traceable Primary Reference Time Clock (PRTC) is an initiative which aims towards achieving the objective of “One nation One time”.

India Global Forum and World Governments Summit signed an MoU to develop the Emerging Economies Programme

• India Global Forum and World Governments Summit have signed a Memorandum of Understanding (MoU) to develop an Emerging Economies Programme.
• The programme will convene key stakeholders, including government officials, business leaders, economists, and experts to foster high-level discussions on sustainable economic growth, geo-economic perspectives, and innovative solutions.
• The partnership will also focus on cultivating and fostering thought leadership, producing research on emerging trends, challenges, and opportunities that pertain to the Global South.
• The programme will also progressively enhance the data on the region for future governments.
• The MoU was signed by Manoj Ladwa, Founder and Chairman of India Global Forum and Mohamed al Sharhan, Managing Director, of World Governments Summit, in the presence of Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence and Digital Economy and Remote Work Applications, Vice-Chair of the World Governments Summit Organization.
• The World Governments Summit Organization is a global, neutral, non-profit organization dedicated to shaping the future of governments.
• The Summit, in its various activities, explores the agenda of the next generation of governments, focusing on harnessing innovation and technology to solve universal challenges facing humanity.

CURRENT AFFAIRS: DEFENCE NEWS

Singapore – India annual Naval Maritime Bilateral Exercise between Indian Navy & Republic of Singapore Navy starts

• The Singapore – India annual Naval Maritime Bilateral Exercise between the Indian Navy and the Republic of Singapore Navy is being held till 24 of this month.
• The SIMBEX enhances interoperability and mutual understanding between two navies.
• The Exercise is conducted in two phases.
• The Harbour Phase includes a wide range of professional interactions, cross-deck visits, Subject Matter Expert Exchanges and sports fixtures.
• The Sea phase of SIMBEX includes exercises of air- defence, gunnery firing, anti-submarine and other maritime operations.
• Ranvijay, Kavaratti, and Sindhukesari, Long-Range Maritime Patrol Aircraft P81 participated in the exercise.
• SIMBEX is the longest naval exercise that the Indian Navy has with any other country. Units of both the navies will hone their war-fighting skills with multi-discipline operations jointly in the Maritime domain.

CURRENT AFFAIRS: ACQUISITION AND MERGERS

CCI approves the acquisition of approximately 24.16% of total equity shareholding in Quality Care India Limited by Centella Mauritius Holdings Limited

• The Competition Commission of India (CCI) has approved the acquisition of approximately 24.16% of the total equity shareholding in Quality Care India Limited by Centella Mauritius Holdings Limited.
• The proposed combination relates to the acquisition of approximately 24.16% of the total equity shareholding in Quality Care India Limited (QCIL) by Centella Mauritius Holdings Limited.

Acquirer

• Centella Mauritius Holdings Limited is a newly incorporated special purpose investment vehicle incorporated in Mauritius and currently has no operations in India. The Acquirer is majorly owned and controlled by an entity, which is advised by the affiliates of TPG Inc. (TPG), the ultimate holding company of the TPG group. TPG including its subsidiaries and affiliates, are together referred to as ‘TPG Group’.
• The TPG Group operates in India through its various investments with a primary focus on sectors such as financial services, technology, consumer, travel, media, real estate and healthcare.

Target

• QCIL is an unlisted public limited company with its registered office in Hyderabad. QCIL is a multispecialty healthcare provider in India. It operates a network of multi-speciality hospitals under the brand name CARE Hospitals across various cities in India. CARE Hospitals has 17 healthcare facilities (16 hospitals and 1 clinic) serving 7 cities across 6 states in India.

CCI approves acquisition of 72.49% stake (approx.) in Quality Care India by BCP Asia II

• The Competition Commission of India (CCI) has approved the acquisition of approximately 72.49% stake in Quality Care India by BCP Asia II.
• The Proposed Combination envisages the acquisition of ~72.49% of the total equity shareholding of Quality Care India Limited (Target), on a fully diluted basis, by BCP Asia II Topco IV Pte. Ltd (BCP Asia II/Acquirer) from Touch Healthcare Private Limited.
• The Acquirer is controlled by funds advised and/or managed by affiliates of Blackstone Inc.
• The Target is a multi-speciality healthcare provider established in 1997.
• It operates a network of multi-speciality hospitals under the brand name ‘CARE Hospitals’ in various cities in India.
• Target, directly and through its downstream affiliates, has 17 healthcare facilities (16 hospitals and 1 clinic) serving 7 cities in 6 states in India, with ~2,400 beds.

CCI approves the acquisition of an additional unit holding in Highways Infrastructure Trust by 2452991 Ontario Limited and acquisition of an equity stake in Highway Concessions One Private Limited by 2743298 Ontario Limited

• The Competition Commission of India (CCI) has approved the proposed acquisition of an additional unit holding in Highways Infrastructure Trust by 2452991 Ontario Limited and the acquisition of an equity stake in Highway Concessions One Private Limited by 2743298 Ontario Limited.
• 2452991 Ontario Limited (OTPP 1) and 2743298 Ontario Limited (OTPP 2) are solely controlled by the Ontario Teachers’ Pension Plan Board (OTPPB).
• OTPPB administrates pension benefits and the investment of pension plan assets of active and retired teachers in the Canadian province of Ontario worldwide.
• Highways Infrastructure Trust (Target Trust) is an infrastructure investment trust registered with the Securities Exchange Board of India (SEBI) under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations).
• The Target Trust currently owns six (6) road assets in India, engaged in the business of operating roads and highways in India.
• Highway Concessions One Private Limited (HC One) is a company incorporated in India with the objective of managing and operating road assets in India.
• HC One is the investment manager of the Target Trust under the InvIT Regulations and undertakes activities in accordance with Regulation 10 of the InvIT Regulations, including making investment decisions with respect to the underlying assets/projects of the Target Trust and overseeing the activities of the project manager of the Target Trust with respect to compliance with the InvIT Regulations and the project management agreement entered into by it.
• The proposed combination relates to the acquisition of additional unitholding in the Target Trust by OTPP 1 and separate acquisition of equity stake in HC One by OTPP 2 (Proposed Combination).

CCI approves certain shareholding in TVS Credit Services Limited by PI Opportunities Fund-I Scheme-II along with certain Individuals

• The Competition Commission of India (CCI) has approved the proposed acquisition of certain shareholding in TVS Credit Services Limited by PI Opportunities Fund-I Scheme-II along with certain Individuals.
• The PI Opportunities Fund-I Scheme-II, is a trust established under the laws of India and registered as a Category II Alternative Investment Fund (AIF) with the Securities and Exchange Board of India (SEBI).
• The investment objective of the PI Opportunities Fund-I Scheme-II is to invest in growth and development stage investments in companies.
• PI Opportunities Fund-I Scheme-II is managed by PI Investment Advisory LLP, as a delegate of the trustee, namely Hasham Premji Private Limited.
• The PI Opportunities Fund-I Scheme-II is owned and controlled by Premji Invest Limited (Premji Invest).
• The PI Opportunities Fund-I Scheme-II is an affiliate of Premji Invest which is the private equity and venture capital investment arm of the Premji Foundation.
• The Premji Foundation was set up to advance the philanthropic initiatives of Premji Invest and is ultimately controlled by Mr. Azim Premji.
• The Individual Acquirers are senior-level management employees, partners and consultants of Premji Invest and its affiliates and trustees and the investment made by the Individual Acquirers is a separate investment.
• The TVS Credit Services Limited is a non-deposit taking Systemically Important NBFC (NBFC-NDSI) incorporated in India. It commenced business in 2010 as a retail-focused NBFC.
• The TVS Credit Services Limited is primarily engaged in providing two-wheeler loans, used car loans, new and used tractor loans, used commercial vehicle loans, MSME loans, consumer durable loans and personal loans in India. TVS Credit does not have any business operations outside India.
• The proposed combination relates to the proposed acquisition of 10.98% stake (on a fully diluted basis) of Target by the Acquirers.
• PIOF-II shall be acquiring about 10.79% of shareholding in Target, whereas the Individual Acquirers shall collectively be acquiring 0.19% shareholding in Target.

CURRENT AFFAIRS: SPORTS NEWS

Indian pacer Mohammed Siraj grabs top spot in ICC bowler’s rankings

• Indian pacer Mohammed Siraj has grabbed the top spot in the latest ICC bowler’s rankings.
• His latest match-winning performance against Sri Lanka in the Asia Cup final provided eight spot leaps to take him to the top.
• Kuldeep Yadav is another Indian bowler who made it into the top ten.
• Jasprit Bumrah, who has come back after a long injury break, climbed up two places to the 27th position.
• Hardik Pandya rose eight spots to the 50th rank.
• Among batters, opener Shubman Gill retained his second spot after Babar Azam of Pakistan.
• Rohit Sharma also kept his 10th spot intact while star batter Virat Kohli moved up a rung to the eighth.

Harmanpreet, Lovlina To Be Flag-Bearers At Asian Games Opening Ceremony

• The Indian men’s hockey team skipper and the Tokyo Olympic bronze medallist will lead the contingent at the opening ceremony.
• Men’s hockey team captain Harmanpreet Singh and Tokyo Olympics bronze medallist boxer Lovlina Borgohain will be India’s flag-bearers at the opening ceremony of the 19th Asian Games that kicks off.
• This is the first time that the Asian Games will have two flag-bearers in the push for gender parity, on the lines of the Olympics and Commonwealth Games.
• Among the squads that have already reached Hangzhou, boxing, hockey and table tennis are the most significant disciplines, so we picked the best from hockey and boxing.
• At the 2018 Asian Games in Jakarta and Palembang, the Indian contingent was led by Neeraj Chopra at the opening ceremony.
• An Olympic and world champion since then, the javelin ace would have been an automatic choice but he arrives only a week after the Games open.
• Athletics starts only on September 29.

BCCI announces SBI Life as Official Partner for domestic & international season 2023-26

• SBI Life has joined hands with the Board of Control for Cricket in India (BCCI) as one of the official partners for the BCCI Domestic and International Season 2023-2026.
• SBI Life has signed a 3-year deal with the BCCI and their partnership will begin with the upcoming three-match ODI series against Australia, starting September 22, 2023.
• The BCCI and SBI Life have a substantial partnership in this.
• SBI Life is a top-tier life insurance provider in India, and the BCCI is one of the most potent and significant sporting organizations in the world.
• This alliance will support and promote cricket in India at all levels.
• The BCCI’s vision for cricket and SBI Life’s commitment to excellence are ideally compatible.
• This partnership demonstrates our dedication to advancing and assisting cricket at all levels.
• SBI Life’s affiliation as the official partner of BCCI, with its undeniable reach and perfect credibility, is a marketer’s dream as a brand determined to forge a real connection with the consumer.

About SBI Life:

• One of the top life insurance providers in India is SBI Life Insurance Company Limited, also known as SBI Life.
• It is a joint venture between the French-based BNP Paribas Cardif and the State Bank of India (SBI), one of the biggest and most reputable banks in India.
• The main ownership in this partnership is held by SBI.

CURRENT AFFAIRS: IMPORTANT DAYS

World Rose Day 2023: September 22

• World Rose Day is observed on 22nd September of every year.
• Giving Someone hope for their life is the greatest thing of our life.
• This day is observed in order to remember a 12-year-old girl, Melinda Rose.
• She is from Canada and was diagnosed with Askin’s Tumour which is a rare form of blood cancer in 1994.
• After the diagnosis of Cancer, the doctors said that she could live only for a week, but due to her willpower, she could live for six months.
• Being 12 years old her courage and willpower set an example for other cancer patients. She wrote little notes, and poetry for other cancer patients and gave them hope.
• Rose is a symbol of love and care. So at least on this day we can spend our time and give some hope to cancer patients.

Daily CA One- Liner: September 22

• ACKO has launched its health insurance product – ACKO Platinum Health Plan
• India has won the bid to host the prestigious International Congress on the Chemistry of Cement (ICCC) in New Delhi in 2027
• Prime Minister Narendra Modi will visit Varanasi to inaugurate 16 Atal Awasiya Vidyalayas built across Uttar Pradesh.
• EPFO’s provisional payroll data released highlights that EPFO has added 18.75 lakh net members in the month of July, 2023.
• National Highways network, NHAI has signed a Memorandum of Understanding with Delhi Metro Rail Corporation (DMRC) for review of designs of various bridges/ structures, safety aspects of NHAI projects and capacity building of NHAI officials.
• Centre for Development of Telematics (C-DOT), the premier Telecom R&D Centre of the Department of Telecommunications (DoT) and CSIR-National Physical Laboratory (NPL) signed an agreement for the ‘Development of NavIC-based IST traceable Primary Reference Time Clock (PRTC) for Telecom Sector’.
• India Global Forum and World Governments Summit have signed a Memorandum of Understanding (MoU) to develop an Emerging Economies Programme.
• The Singapore – India annual Naval Maritime Bilateral Exercise between the Indian Navy and the Republic of Singapore Navy is being held till 24 of this month.
• The Competition Commission of India (CCI) has approved the acquisition of approximately 16% of the total equity shareholding in Quality Care India Limited by Centella Mauritius Holdings Limited.
• The Competition Commission of India (CCI) has approved the acquisition of approximately 72.49% stake in Quality Care India by BCP Asia II.
• The Competition Commission of India (CCI) has approved the proposed acquisition of an additional unit holding in Highways Infrastructure Trust by 2452991 Ontario Limited and the acquisition of an equity stake in Highway Concessions One Private Limited by 2743298 Ontario Limited.
• The Competition Commission of India (CCI) has approved the proposed acquisition of certain shareholding in TVS Credit Services Limited by PI Opportunities Fund-I Scheme-II along with certain Individuals.
• Indian pacer Mohammed Siraj has grabbed the top spot in the latest ICC bowler’s rankings.
• The Indian men’s hockey team skipper and the Tokyo Olympic bronze medallist will lead the contingent at the opening ceremony.
• SBI Life has joined hands with the Board of Control for Cricket in India (BCCI) as one of the official partners for the BCCI Domestic and International Season 2023-2026.
• World Rose Day is observed on 22nd September of every year.