Banking Awareness of 23, 24 and 25 November 2023

Topic: Banking/Financial/Govt Schemes

1. President Droupadi Murmu launched the National Education Campaign titled “New Education for New India”.

• President Droupadi Murmu launched the “New Education for New India” campaign organized by Brahma Kumaris at Sambalpur.
• The main aim of the campaign is to inculcate values and uplift the consciousness of students for a better society.
• President Droupadi Murmu launched this campaign on the concluding day of her three-day visit to Odisha.
• She said that moral education helps in building life and brings positive changes in society.
• She inaugurated the L&T Skill Training Hub in Mayurbhanj, Odisha. It has a multipurpose hall, e-learning hall, digital training room, and separate hostel facilities for boys and girls.
• She also addressed the 36th Annual Conference and Literary Festival of All India Santali Writers' Association at Baripada, Odisha.

Topic: Miscellaneous

2. ASEAN-India Millet Festival hosted by the Indian Mission to ASEAN in Jakarta.

• The Indian Mission to ASEAN along with the Ministry of Agriculture & Farmers Welfare hosted the ASEAN-India Millet Festival in Jakarta from November 22-26, 2023
• This festival has been celebrated as part of the 'International Year of Millets 2023'.
• The food festival started by showcasing culinary skills through innovative millet dishes and featuring participation from Millet-based Food Producer Organisations, and start-ups.
• The five-day festival is being organized in line with the ASEAN-India Joint Leaders’ Statement adopted at the 20th ASEAN-India Summit.
• Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam are the 10 members of the Association of South East Asian Nations (ASEAN).
• ASEAN was established in 8 August 1967. Its headquarters are in Jakarta, Indonesia.

Topic: Appointments

3. Lakshmi Ramakrishna Srinivas has been appointed as Additional Director of the South Indian Bank.

• Lakshmi Ramakrishna Srinivas assumed the charge of Additional Director at South Indian Bank.
• She will be the non-executive independent director for three years from 20 November 2023.
• During her career, she has served in various high-ranking positions including the Directorship of State Bank Staff College.
• Shas 38 years of experience in the banking sector.
• Earlier, she was the Chief General Manager of the State Bank of India.
• South Indian Bank is a private-sector bank. It is headquartered in Thrissur, Kerala.
• South Indian Bank commenced its operation on 29 January 1929.

Topic: Corporates/Companies

4. A fine of Rs 10 lakh on Air India was imposed by the Directorate General of Civil Aviation for failing to follow the rules.

• On 22 November, DGCA fined Air India for the second time for not following compensation rules.
• In May and September 2023, DGCA had inspected domestic flight operators at Delhi, Kochi, and Bangalore airports.
• Its objective was to find out whether the airlines were following DGCA regulations related to passenger amenities or not.
• During inspection, it was found that Air India Airlines was not following the provisions given in the rules of DGCA.
• A show cause notice was issued to Air India in this regard but the company did not give a satisfactory reply.

Topic: Infrastructure and Energy

5. World's largest single-site solar power plant inaugurated by the United Arab Emirates.

• The world's largest single-site solar power plant has been inaugurated ahead of the upcoming United Nations Climate Change Conference (COP28).
• The two-gigawatt capacity Al Dhafra solar photovoltaic power project is 35 kilometers from Abu Dhabi and will generate electricity for approximately two lakh homes.
• The plant is expected to emit 2.4 million tonnes of carbon emissions annually.
• Sheikh Hazza bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi inaugurated the project.
• The project was developed by Abu Dhabi Future Energy Company (Masdar) and its partners Abu Dhabi National Energy Company (TAQA), EDF Renewables, and JinkoPower.
• Emirates Water and Electricity Company (EWEC) has procured this project.
• The project broke records in terms of cost for utility-scale solar projects.
• The project is in line with the UAE's Net Zero 2050 target, strengthening its leadership in solar energy production on a per capita basis.
• The project is also a testament to the UAE's commitment to hosting a successful COP28.
• From November 30 to December 12, 2023, the country will host the United Nations Climate Change Conference.

Topic: Appointments

6. Girish Chandra Murmu has been elected as Vice-Chair of the UN Panel of Auditors for 2024.

• CAG Girish Chandra Murmu participated in the sixty-third session of the Panel of External Auditors.
• It was held in New York on 20-21 November 2023.
• The Panel of external auditors comprises heads of 12 Supreme Audit Institutions (SAIs) of the world.
• It sees the external audit of the UN Secretariat, funds and programmes, and specialised agencies.
• Various issues including follow-up actions on the Secretary-General's response to the Panel Letter, and addressing critical concerns related to financial and management, climate change, and digital matters were discussed at the meeting.

Topic: Reports and Indices/Rankings

7. State Educational Achievement Survey 2023 by ‘PARAKH’ has been successfully conducted.

• The State Educational Achievement Survey by PARAKH was successfully completed on 3 November 2023.
• It shows the assessment of educational competencies among students at the block level in India at grades 3, 6, and 9.
• This survey covered 80 lakh students from 3 lakh schools at 5917 blocks across the nation.
• The main objective of this survey was to assess the learning competencies of students at the foundational, preparatory, and middle stages with the main focus on Language and Mathematics.
• Except Chhattisgarh, Delhi, Odisha, Punjab, Rajasthan and West Bengal all other States and UTs participated in the survey.
• The tools with scientific procedures were used in the survey to assess students’ competencies.
• The main feature of the State Educational Achievement Survey (SEAS) was to expand the sample size to understand the learning gaps at the block level, a strategic shift from the district.
• This change was driven by the objective of meeting the needs of a larger number of students and effectively understanding performance at a deeper level.
• In addition, this approach also includes professional development programs for teachers at the block level.

Topic: Banking/Financial/Govt Schemes

8. Investor Risk Reduction Access platform unveiled by SEBI.

• The Investor Risk Reduction Access (IRRA) platform has been officially launched by the Securities and Exchange Board of India (SEBI) at the Bombay Stock Exchange (BSE).
• This innovative platform is conceptualized and implemented by Market Infrastructure Institutions (MIIs).
• The platform is set to revolutionize the investor experience by addressing potential risks arising from technical glitches at the trading member level.
• Mitigating risk in the financial markets is an ongoing effort, and the IRRA platform has emerged as a proactive measure by SEBI to protect investors in the event of technical disruptions.
• The soft launch of IRRA took place on October 3, 2023, and on 20 November, it was officially launched.
• The platform is specifically designed to cater to investors using Internet-based trading and security trading via wireless technology, excluding algo trading and institutional clients.        
• However, the IRRA is intended to give an additional layer of protection for investors who engage in Internet-based and wireless technology-driven trading.

Topic: Miscellaneous

9. The chairmanship of the global sugar industry body ISO will be assumed by India for 2024.

• On November 24, the government announced that India will assume the chairmanship of the International Sugar Organization (ISO), the apex body for sugar and related products, for 2024.
• India is the largest consumer and second largest producer of sugar in the world.
• London-headquartered ISO has announced the appointment of India as the chair of the organization for 2024 in its 63rd Council meeting.
• Leading the global sugar sector is a major achievement for the country and a reflection of the country's growing stature in the region.
• The main goal will be to bring together all member countries to adopt more sustainable practices in sugarcane cultivation, sugar, and ethanol production, and better utilization of by-products.
• Indian sugar trends deeply influence global markets with about 15% share in global sugar consumption and about 20% of sugar production.
• Now, India is the world's third largest country in ethanol production after the United States and Brazil.

Topic: Awards and Prizes

10. REC Limited received the ‘Best Employer in Diversity & Inclusion’ Award by Assocham.

• REC Limited has been awarded the “Best Employer for Policies in Diversity & Inclusion” Award at the 4th Diversity & Inclusion Excellence Awards and Conclave organized by Assocham.
• The ‘Best Employer for Policies in Diversity & Inclusion’ award shows the commitment of REC to create a workplace that promotes innovation and promotes equal opportunities for all employees.
• It has also received the 'Best Central PSU' Award in the Financial Services category at the Dun & Bradstreet PSU Awards 2023.
• REC Limited:
  • It was established in 1969 and is responsible for Power Sector Financing and Development across India.
  • It provides financial assistance to state electricity boards, state governments, and central and state power utilities.
  • It is involved in projects related to Generation, Transmission, Distribution and Renewable Energy.

Topic: MoUs /Agreements

11. India and the EU signed an MoU to build a robust supply chain of semiconductors.

• India and the European Union signed a pact to build a robust supply chain and support innovation in semiconductors.
• The MoU has been signed at the meeting of the EU-India Trade and Technology Council (TTC).
• Under this MoU, India and the EU will share experiences, best practices and information related to semiconductor ecosystems.
• Both sides will identify areas of collaboration in research, development and innovation among universities, research organizations and businesses.
• Semiconductors have emerged as a strategic commodity after the COVID period.
• This agreement will help India align more with the EU and the US on the future semiconductor industry.
• The Trade and Technology Council will meet in India in early 2024.

Topic: National Appointments

12. Anish Shah became the next President of FICCI.

• He will assume the charge in December 2023.
• Anish Shah is currently the senior Vice-President of FICCI. He will take place Subhrakant Panda as the President after the 96th Annual General Meeting.
• Anish Shah is the Group CEO of Mahindra Group and the Managing Director of Mahindra & Mahindra.
• Earlier, he was the President and CEO of GE Capital India from 2009-14.
• Federation of Indian Chambers of Commerce & Industry (FICCI):
  • It is the largest, oldest and apex business non-governmental trade association in India.
  • It was established in 1927.
  • It is headquartered in New Delhi.

Topic: Miscellaneous

13. Bundelkhand Expressway is set to become the first solar expressway in Uttar Pradesh.

• The Uttar Pradesh government is planning to set up solar plants on 1700 hectares of land along the Bundelkhand Expressway.
• These solar plants along the Bundelkhand Expressway will generate 550 MW of solar power.
• This project will be implemented by the Uttar Pradesh Expressway Industrial Development Authority (UPEIDA).
• The Due Diligence Study related to the project has been completed and the Expression of Interest (EOI) phase was completed in August 2023.
• The lifespan of this project will be 25 years and will supply electricity to more than 1 Lakh houses along the expressway.
• Bundelkhand Expressway passes through seven districts, Chitrakoot, Banda, Mahoba, Hamirpur, Jalaun, Auraiya and Etawah.
• It is a 296 km long four-lane expressway, which has been built at a cost of around Rs 14,850 crores.