Current Affairs 15 September 2023

We are here for you to provide the important Recent and Latest Current Affairs 15 September 2023, which have unique updates of Latest Current Affairs 2023 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Cabinet Approval on September 13, 2023The Union cabinet chaired by Prime Minister(PM) Narendra Modi has approved the following proposals on 13th September 2023.
i.Resolution on the success of the New Delhi Group20 (G20) Summit
ii.The Union Cabinet approved the extension of Pradhan Mantri Ujjwala Yojana (PMUY) 2.0 for release of 75 lakh LPG (Liquefied Petroleum Gas) connections over 3 years from Financial Year 2023-24 to 2025-26.
iii.Approved the eCourts Project Phase III as a Central Sector Scheme spanning 4 years (starting from 2023 onwards) with financial outlay of Rs.7210 crore.
iv.Approval of MoUs between India and 3 other Countries

• MoU between India and Armenia, India and Antigua & Barbuda,  India and Sierra Leone

v.Approval of M/s Berhyanda Limited of Cyprus acquisition of 76.1% equity shares from Suven Pharmaceuticals Limited for about Rs.9589 crores.
About Armenia:
President – Vahagn Khachaturyan
Capital – Yerevan
Currency – Armenian Dram
About Antigua & Barbuda
Prime Minister  – Gaston Browne
Capital – Saint John’s
Currency – East Caribbean Dollar
About Sierra Leone
President – Julius Maada Bio
Capital – Freetown
Currency –  Sierra Leonean Leone
>> Read Full News

NITI Aayog Completes Special Campaign 2.0 for Disposal of Pending Matters and Swachhta
The National Institution for Transforming India (NITI Aayog) has successfully completed its Special Campaign 2.0, which aims to resolve pending matters and promote cleanliness (Swachhta) within government offices.

• The Special Campaign 2.0, initiated by the Department of Administrative Reforms and Public Grievances (DARPG), under the Ministry of Personnel, Public Grievances and Pensions, was undertaken from November 2022 to August 2023.
• About 95% of public grievances and appeals were successfully addressed during the campaign period.
• Special Campaign 2.0 is a step towards transparent, efficient governance and cleanliness in government institutions.

The main goal of Special Campaign 2.0 was to quickly and effectively resolve public complaints, as well as  references from Members of Parliament, State Governments, and other government agencies.
Note: As a tribute to Mahatma Gandhi’s vision of  “A Clean India” DARPG initially launched campaign for disposal of pending matters from 2nd to 31st October 2021. With the success of the campaign, DARPG decided to continue the campaign in 2022 and further in 2023.

BANKING & FINANCE

IIT Kanpur Partners with ICICI Bank to Foster Startup Ecosystem

The Indian Institute of Technology (IIT), Kanpur in Uttar Pradesh(UP) has signed a Memorandum of Understanding (MoU) with the ICICI Bank Limited to support the startup ecosystem and provide resources for the Startup Incubation and Innovation Centre (SIIC) at IIT Kanpur.

Features of the MoU:
i.Under this MoU, IIT Kanpur and ICICI Bank will facilitate joint efforts to equip startups and innovators at the SIIC with essential tools and knowledge.
ii.The MoU will focus on improving the understanding of foreign trade policies among incubates and conducting workshops and seminars to help them engage in international markets.
iii.As a part of the partnership, IIT Kanpur and ICICI bank will jointly host events for startups, to cultivate a broader environment of innovation and entrepreneurship that extends beyond financial services.
Role of ICICI bank:
i.ICICI Bank helps innovators, incubates, and students at IIT Kanpur with pre- and post-transaction compliance while engaging with Private Equity (PE) and Venture Capital (VC) support.This includes verifying and submitting regulatory documents through digital means.
ii.This simplifies the process and enhances accessibility to financial resources for emerging entrepreneurs.
ICICI Bank Got RBI Approval to make I-Process as its Wholly-Owned Subsidiary
The Reserve Bank of India (RBI) has approved ICICI Bank Limited to convert I-Process Services (India) Private Limited (I-Process) into a wholly-owned subsidiary, subject to specific conditions.

• ICICI Bank’s Board members already approved the proposal in February 2023.
• The estimate cost of conversion is Rs 15.40 crores (subjected to finalisation)
• ICICI Bank currently holds 19%  stake in I-Process.

About I-Process Services (India) Private Limited (I-Process):
I-Process Services (India) Private Ltd. is a leading company in financial service recruitment.It provides staffing solutions services for some of India’s top financial institutions.
Chief Executive Officer (CEO) – Prashant Mohta
Headquarters – Gurugram, Haryana
Established in – 2005
About ICICI Bank Limited:
Managing Director(MD) and Chief Executive Officer (CEO) – Sandeep Bakhshi
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – Hum Hai Na Khayal Apka

Max Life Launched Life Insurance & Health Combined Insurance Policy Named ‘SEWA’ Max Life Insurance Company Limited has launched a new insurance plan “Max Life Secure Earnings & Wellness Advantage (SEWA) Plan” that combines the benefits of health and life insurance under a single plan.
It allows the insured to fulfill the healthcare needs of their family while simultaneously ensuring a financial backup for future expenses.

• It integrates health, protection, savings, and wellness benefits for the insured and offers a comprehensive plan that covers hospitalisation, Intensive Care Unit (ICU) charges, etc. along with life cover.
• SEWA Plan is available in 2 variants namely: Elite Variant and Lite Variant. 

Some Features of SEWA Plan:
i.The SEWA plan offers guaranteed returns on premiums. There is also partial withdrawal allowed through a traditional guaranteed plan. The guaranteed returns are payable as a lump sum at maturity.
ii.The policy also offers an in-built health coverage over and above the existing health insurance plan.
iii.It provides an option to take loans against policy to help customers in case of financial emergencies, but only when the policy has acquired a surrender value, which can be a maximum of 75% of the surrender value.
iv.The policy also provides a discount of 5% on first-year premiums to female and transgender customers.
Some Benefits of SEWA:
i.The policy offers a death benefit to the nominee in case of death of the insured.
ii.The customers are entitled to loyalty boosters on each premium payment during the premium paying term.
iii.A savings booster benefit is added to the accrued policy benefit at the end of each month post-completion of the premium paying term.

• This benefit applies only to the Elite variant of the plan.

Wellness App:
i.Max Life Insurance also offers customers with an interactive holistic wellness app named ‘Max Fit‘.
ii.The Max Fit app offers personalised health and wellness solutions promoting physical, mental, and emotional well-being through 24*7 live support for addressing all health concerns.
iii.The app encourages the customers to lead a disciplined and healthier lifestyle, by providing enhanced maturity benefits.
About Max Life Insurance Company Limited:
Managing Director & Chief Executive Officer– Prashant Tripathy
Headquarters– Gurugram, Haryana
Established in– 2000
Commenced Operations– 2001

RBI Issues Guidelines on Responsible Lending Conduct; Revises Banks’ Investment Portfolio Norms, w.e.f April 1, 2024i.On September 13, 2023, the Reserve Bank of India (RBI) issued guidelines on Responsible Lending Conduct which directs Regulated Entities (REs) to release all original movable or immovable property documents, and remove charges registered with any registry within 30 days of full repayment or settlement of personal loans by borrowers.
ii.If REs delay property document release or fail to file charge satisfaction forms after 30 days post-loan settlement, they must explain the reasons to the borrower. If the delay is REs’ fault, they must compensate the borrower at Rs 5,000/day.
iii.RBI also revised its guidelines on categorizing the investments by banks, to align them with global standards by issuing RBI (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks) Directions, 2023 which will be effective from April 1, 2024.
iv.RBI introduced a new category of investment, Fair Value Through Profit and Loss (FVTPL) account.
v.As per the revised norms, banks will have to classify their entire investment portfolio under three categories viz. Held-to-Maturity (HTM), Available for Sale (AFS) and FVTPL.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
>> Read Full News

SIDBI partners with Tata Power to Finance Solar Rooftop Initiatives for MSMEsA Memorandum of Understanding (MoU) was signed between the Tata Power Solar Systems Limited (TPSSL), and Small Industries Development Bank of India (SIDBI) to offer an easy financing option for Micro, Small & Medium Enterprises (MSMEs).

• TPSSL is the wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL) while TPREL is a subsidiary of Tata Power.

Signatories:
Dr. Praveer Sinha, Chief Executive Officer (CEO) & Managing Director (MD), Tata Power; and Sivasubramanian Ramann, Chairman & Managing Director (CMD), SIDBI signed in the presence of Minister of State (MoS) of Finance, Dr. Bhagwat Karad,  at the Global SME Finance Forum 2023 in Mumbai, Maharashtra.
Key Points:
i.TPSSL and SIDBI will encourage solar energy adoption among MSMEs by offering customized financing solutions through SIDBI’s 4E (End to End Energy Efficiency) Scheme.

• The initiative aims to reduce CO2 footprints and contribute to India’s clean energy goals.

ii.MSMEs that are willing to opt for Rooftop Solar PV Plant or associated services from Tata Power or its authorised Channel Partners across India will be financially supported by SIDBI .

• Notably, SIDBI has set up a mission solar to provide financing to 2,000 MSMEs for solar rooftops.

iii.During the forum, TPSSL and SIDBI launched ‘The Big Solar Fest’ offering zero processing fees during the festival season to promote solar adoption among MSMEs, enhancing sustainability.
Background:
The MoU signed was the outcome of  success and positive feedback received from the collateral-free solar financing initiative introduced by TPSSL and SIDBI in 2021.

AWARDS & RECOGNITIONS

Indian Fashion Designer honoured with France’s Chevalier dans l’Ordre des Arts et des LettresThe Government of France has awarded the “Chevalier de l’Ordre des Arts et des Lettres” (Knight of the Order of Arts and Letters) to the Indian Fashion Designer Rahul Mishra.  The award recognises his achievements in the field of arts as a designer, and his commitment to promote Indian crafts and know-how internationally.

• The award also honours his contribution to the cultural relationship and cooperation between France and India.
• On 12th September 2023, Emmanuel Lenain, Ambassador of France to India, presented the insignia of the award to Rahul Mishra at a special ceremony at the Residence of France, New Delhi, Delhi.

About Rahul Mishra:
i.Rahul Mishra, hailing from Uttara Pradesh(UP), is known for combining  slow fashion with traditional Indian crafts.
ii.He made his debut in 2006 at the Lakme Fashion Week with a collection using cotton handloom from Kerala. Later in 2014, he made his global debut with his prêt-à-porter collection at Paris Fashion Week in 2014.
iii.In 2009, He became the first non-European designer to win the prestigious scholarship at the Istituto Marangoni, Milan, Italy.
Awards & Achievements:
i.He was won the International Woolmark Prize 2013/14 for his “Lotus Effect” collection. He was the first Indian to win the award.

• His work from this collection was featured in the Victoria & Albert Museum from 2015 to 2016.

ii.In 2020, he became the first Indian to showcase his work at the Paris Haute Couture Week. He was invited as a guest by the Fédération de la Haute Couture et de la Mode.
iii.He was the first Indian designer to feature on online rental boutique, Rent the Runway.  
Ordre des Arts et des Lettres:
i.It is an Order of France established by the Minister of Culture in 1957 and confirmed as part of L’ordre National du Mérite by president Charles de Gaulle in 1963.
ii.It is the most significant arts-specific honour conferred by the Government of France that honours personalities who have made significant contribution to the music field, arts, literature and the cultural and artistic legacy of Indo-France relations.
iii.The award is given at three levels: Commandeur (Commander), Officier(Officer), Chevalier (Knight).

ACQUISITIONS & MERGERS

KKR Set to Invest Rs 2069.50 Crore in Reliance Retail
The global investment firm KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is set to invest Rs 2,069.50 crore into Reliance Retail Ventures Limited (RRVL) to raise its total equity stake to 1.42% from 1.17% on a fully diluted basis.
This investment will translate into an additional equity stake of 0.25% in RRVL on a fully diluted basis.

• The investment is at a pre-money equity value of Rs 8.361 lakh crore (around USD 100 billion).
• The deal makes RRVL one of the top four companies by equity value in India.

RRVL is the retail arm and a subsidiary of Reliance Industries Limited(RIL). KKR had earlier invested Rs 5,550 crore in RRVL in 2020.

• In September 2023, RIL received Rs 8278 crore from Qatar Investment Authority (QIA) for around 1% stake in RRVL.

SCIENCE & TECHNOLOGY

WHO Launches 2 New Resources Designed to Strengthen Suicide Prevention EffortsOn 12th September 2023, the World Health Organization (WHO) launched 2 resources designed to strengthen suicide prevention efforts. The 2 resources are

• 4th version of Preventing Suicide: a resource for media professionals (2023 update).
• Policy brief on the health aspects of decriminalization of suicide and suicide attempts.

The resources provide important guidance on two areas that are critical to suicide prevention efforts namely Responsible reporting of suicide by the media and Decriminalization of suicide and suicide attempts.
About World Health Organisation (WHO)
Director General– Dr Tedros Adhanom Ghebreyesus
Headquarters– Geneva, Switzerland
Established on– 7 April 1948
>> Read Full News

AWS Signed MoU with ISRO & IN-SPACe to Support Space-tech Innovations through Cloud ComputingAmazon Web Services (AWS) India Private Limited has signed a Memorandum of Understanding (MoU) with the Indian Space Research Organization (ISRO) and Indian National Space Promotion and Authorization Centre (IN-SPACe) to support space-tech innovations through cloud computing.

• Cloud computing provides speedy handling of enormous numbers of raw space data as well as the execution of Artificial intelligence (AI), Machine learning (ML) and analytics workloads to achieve meaningful results at a low cost.

About the Partnership:
i.The partnership will support space startups, research institutes, and students access to cutting edge cloud technologies that accelerate the development of new solutions in the space sector.
ii.They will also work together on a new initiative to utilise AWS education programmes to train students and educators in cloud computing, AI, ML, analytics, and security.
iii.This partnership follows the Government of India’s Indian Space Policy 2023.

• The policy provides a strategic roadmap for the growth and development of India’s space program and ambitions.

A Startup Support Initiative:
i.Through the AWS Activate program, AWS will provide eligible space startups tools, resources, and expert technical support at no cost.

• This will enable startups to build innovative solutions and commercialise them faster.

ii.Startups will also benefit from access to AWS and its global experience of building aerospace and satellite solutions through the AWS Space Accelerator program.
About the Indian National Space Promotion and Authorization Centre (IN-SPACe):
IN-SPACe was established under the Department of Space (DOS) as a single window agency for all space sector activities of private entities.
Chairman – Dr. Pawan Kumar Goenka
Headquarters – Ahmedabad, Gujarat
Established – 2020

SPORTS

SAFF U16 Championship 2023: India Won the Title Defeating Bangladesh
Indian Under 16 (U-16) men’s football team won the South Asian Football Federation (SAFF) U-16 Championship 2023 title defeating Bangladesh (2-0) in the finals. The 2023 SAFF U16 Championship was held from 2nd to 10th September 2023 in Changlimithang Stadium in Thimphu, Bhutan.

• 2023 SAFF U16 Championship is the 8th edition of the SAFF U-15/U-16/U-17 Championship, the annual international football competition contested by the national teams of SAFF members(India, Nepal, Bangladesh, Bhutan, Maldives, Pakistan).

i.This marks the 5th title of India in the SAFF U-15/U-16/U-17 Championship.

• With this India became the most sussessful team of the tournament with 5 titles (U15 title in 2017 & 2019; U16 title in 2013 and 2023 and U-17 title in 2022).

ii.Bharat Lairenjam scored a goal in the first half in the 8th minute, while Levis Zangminlun secured the winning goal for Indi in the second half in the 74th minute, leading to a victory for India.
iii.Suraj Singh won the Best Goalkeeper award and Mohammed Arbash(MD Arbash) won Most Valuable Player (MVP) and also bagged the Highest Goal Scorer award with 3 goals.
Note: SAFF formed in 1997, is an organization working to develop and make football more accessible for everyone within the South Asian football-playing countries. SAFF’s motto is ‘Unity in Strength’

OBITUARY

N S Srinivasan, Traffic Expert & Founder Director of NATPAC, Passed Away
Dr. NS. Srinivasan, a renowned highway and traffic expert, and Founder Director of the National Transportation Planning and Research Centre (NATPAC), passed away at the age of 89 at his residence in Chennai, Tamil Nadu(TN). He was born in Nallur, TN

• He served as Head of the Traffic and Transportation Division of the Central Road Research Institute, New Delhi, Delhi for 13 years from 1963 to 1976.
• From 1976 to 1988, he served as the executive director of NATPAC. He also served as an Advisor to the Kerala Road Fund Board (KRFB).
• He served as a World Bank advisor to prepare a highway network plan for Yemen. He has prepared transportation plans for Delhi, Bengaluru (Karnataka), and other cities including the 9th Asian Games of Delhi & 8th World Tamil Conference at Thanjavur (TN).
• He also served at Anna University (Chennai) as a visiting professor in Transportation Engineering from 1990 to 2002. After retirement, he started the Transport Advisory Forum (TAF).
• He has been acknowledged as “the man who brought order to Delhi’s roads”, “Roving Organizer”, “Pioneer in Traffic Planning”, and “the Father of Traffic Engineering in India”.

Awards: He was honoured with several awards including the President of India’s Prize of the Institution of Engineers (India) for the year 1973-74.
Note: NATPAC is an institution under the Kerala State Council for Science, Technology and Environment (KSCSTE) in Thiruvananthapuram (Kerala)

IMPORTANT DAYS

Hindi Diwas 2023 – September 14
Hindi Diwas (Hindi Day) is annually observed across India on 14th September to commemorate the adoption or declaration of Hindi, written in the Devanagari script as one of the official languages of India.

• This day is observed to celebrate and recognise the linguistic diversity of India, with a focus on the Hindi language’s significance in India’s identity.

Background:
Pandit Jawaharlal Nehru, the first Prime Minister(PM) of Independent India proclaimed the 14th September of every year as the Hindi Diwas to commemorate the adoption of Hindi as official langaugae of India on 14th September 1949.

• The first ever Hindi Diwas was observed on 14th September 1953.

About Ministry of Home Affairs(MHA):
The Department of Official Language was set up in June 1975 as an independent Department of the MHA.
Union Minister– Amit Shah (Constituency- Gandhi Nagar, Gujarat)
Ministers of State– Nityanand Rai; Ajay Kumar Mishra; Nisith Pramanik
>> Read Full News

STATE NEWS

Odisha Govt Signed MoU with 6 Public Sector Banks to Provide Banking Services in Gram PanchayatsOn 13th September 2023, the Government of Odisha signed a Memorandum of Understanding (MoU) with 6 Public Sector Banks(PSBs), to provide banking services in all unbanked Gram Panchayats (GPs) of Odisha through Customer Service Point-plus (CSP plus) banking outlets.

• The 6 PSBs are: State Bank of India (SBI), Punjab National Bank (PNB), Union Bank of India (UBI), UCO Bank of India, Bank of India (BoI), and Bank of Baroda (BoB).
• Odisha is the first state in India to adopt such an exemplary model for providing banking services to all GPs.

Key People:
The MoU was signed in the presence of Anu Garg, Development Commissioner Cum Additional Chief Secretary Water Resources, Government of Odisha; Vishal Kumar Dev, Principal Secretary of Finance department, Government of Odisha.
Banking Penetration in Odisha:
i.Financial inclusion is a high-priority agenda of the Government. It continues to be a critical challenge since banking penetration in Odisha is quite low and not uniform across the districts.

• Out of 6798 GPs, around 65% of GPs (4373 GPs) do not have brick-and-mortar branches.

ii.For increasing banking penetration and financial inclusion, brick-and-mortar branches are an integral component.
iii.Since banking is an essential service for financial inclusion, every GP of Odisha needs to be provided with a brick-and-mortar branch for easy access to banking services and to strengthen the Direct Benefit Transfer (DBT) system.
Scheme for providing banking services to GPs:
i.In August 2023, the Odisha cabinet approved a scheme under which brick-and-mortar infrastructure will be offered to banks to roll out their services in all 4,373 unbanked GPs through CSP-plus outlets with a budgetary support of Rs. 500 crore.
ii.The scheme will be implemented in a phased manner to cover all unbanked GPs of Odisha within the current financial year 2023-24.
iii.Odisha Govt will provide rent-free banking space for 5 years and bear one-time expenses for Fixed Costs and Recurring expenses for 3 years.
About Odisha:
Chief Minister– Naveen Patnaik
Governor– Ganeshi Lal
Dance Forms– Ghumura Dance (Folk), Odissi (Classical)

Assam Governor Gulab Chand Kataria Launches “Sarpanch Samvad” Mobile App of QCI
Assam Governor Gulab Chand Kataria launched the ‘Sarpanch Samvad’, a mobile app developed by the Quality Council of India (QCI) in Raj Bhavan, Guwahati, Assam.

• The objective of this initiative is to provide comprehensive support to sarpanchs across India and encourage their development as leaders.

Features of the ‘Sarpanch Samvad’ app:
i.The app is set to connect approximately 2.5 lakh sarpanchs across India.
ii.It also serves as a platform for networking, knowledge dissemination, and collaboration for grassroots leaders.
iii.Sarpanchs can use this app to highlight development activities in local villages, learn about best practices, and establish connections across India.
Key points:
i.Sarpanch or president is the head of the village panchayat.
ii.The app was launched as part of the QCI’s initiative of bringing together Sarpanchs from different parts of the country for Samvaad (discussions) to share their best practices and ways to elevate villages to quality villages.
About the Quality Council of India (QCI):
i.The Quality Council of India was established in 1997 by the Government of India as an apex organisation responsible for establishing and operating the third-party national accreditation system.
ii.It is also responsible for improving quality across sectors and advising the government and other stakeholders on matters concerning quality.
iii.It has established constituent Boards that offer accreditation in respective areas including

• National Accreditation Board for Testing and Calibration Laboratories (NABL) for labs.
• National Accreditation Board for Hospitals & Healthcare Providers (NABH) for hospitals.
• National Accreditation Board for Certification Bodies (NABCB) for certification and inspection bodies.
• National Accreditation Board for Education and Training (NABET) for education and training.

About Assam:
Chief Minister – Himanta Biswa Sarma
Governor – Gulab Chand Kataria
Dance – Bihu, Jhumur Dance, Bagurumba

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