Current Affairs 16 March 2024

We are here for you to provide the important Recent and Latest Current Affairs 16 March 2024, which have unique updates of Latest Current Affairs 2024 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 Approvals on 13th March 2024The Union Cabinet chaired by Prime Minister (PM) Narendra Modi approved the following proposals on 13th March 2024,
i.Two corridors of Delhi Metro Phase-IV projects namely

• Lajpat Nagar to Saket G-Block
• Inderlok to Indraprastha

ii.Inter-Governmental Framework Agreement between India and UAE on cooperation for the empowerment and operation of the India-Middle East Europe Economic Corridor.
iii.Signing of an MoU between India and Bhutan on cooperation in the field of Energy Efficiency and Energy Conservation Measures.
iv.Signing of an Agreement between India and Bhutan in the area of Food Safety.
v.Signing of MoU between India and Bhutan on General Supply of Petroleum, Oil, Lubricants (POL) and related products from India to Bhutan.
About Bhutan
Prime Minister– Tshering Tobgay
Capital- Thimphu
Currency- Bhutanese ngultrum
>> Read Full News

PM Narendra Modi Launches PM-SURAJ National Portal; Sanctioned Credit Support to Disadvantaged SectionsOn 13th March 2024, Prime Minister (PM) Narendra Modi virtually launched the ‘Pradhan Mantri Samajik Utthan evam Rozgar Adharit Jankalyan’ (PM-SURAJ) national portal, aimed at uplifting the most marginalised sections of society, and sanctioned credit assistance for 1 lakh entrepreneurs from socially disadvantaged sections.

• The portal was launched during a nationwide outreach program for credit support to disadvantaged communities by the Ministry of Social Justice and Empowerment (MoSJE) in New Delhi, Delhi.

About PM-SURAJ portal:
i.The national portal is in line with PM Modi’s commitment to prioritise the underprivileged and aims to uplift the most marginalised segments of society.
ii.This will be a one-stop platform for disadvantaged individuals to apply for and monitor loan and credit schemes available to them.
iii.The portal will be implemented by the MoSJE and its departments.
iv.The credit support will be provided to the eligible persons across India, facilitated through banks, Non-Banking Financial Company (NBFC) Micro Finance Institution(MFI) and other organisations.
Key Points:
i.During the event, PM Modi disbursed approximately Rs 720 crore worth of credit to 1 lakh beneficiaries from marginalised communities across 500+ districts.
ii.Beneficiaries include Scheduled Caste (SC), Denotified, Nomadic, and Semi-Nomadic Tribes, Other Backward Classes (BCs), and Safai Karamcharis.
Distribution of Ayushman Health Cards & PPE Kits:
i.Ayushman health cards and Personal Protective Equipment (PPE) kits were distributed by the MoSJE to sewer and septic tank workers (Safai Mitras) under the National Action for Mechanized Sanitation Ecosystem (NAMASTE) scheme.

• NAMASTE scheme, formerly being run as a rehabilitation scheme for manual scavengers.

ii.The Card provides cashless healthcare services under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), a government-sponsored health insurance scheme, that ensures access to essential medical services.
iii.PPE kits are essential for safeguarding frontline workers from health hazards, including masks, gloves, goggles, gowns, etc.

USOF, Prasar Bharati & ONDC Partnered to Offer Digital Services across Rural IndiaUniversal Service Obligation Fund (USOF) has signed a tripartite Memorandum of Understanding (MoU) with Prasar Bharati and Open Network for Digital Commerce (ONDC) to proliferate affordable and accessible digital services across India.

Union Minister Anurag Singh Thakur, Ministry of Information & Broadcasting(MIB), has launched Prasar Bharti – Shared Audio Visuals for Broadcast and Dissemination (PB-SHABD), a news sharing service from Prasar Bharati, during an event held in National Media Centre, New Delhi, Delhi.

• He also launched the websites of Doordarshan (DD) News and Akashvani News; and the updated News on Air mobile application.

About Prasar Bharati:
Prasar Bharati is a statutory autonomous body established under the Prasar Bharati Act and came into existence in 1997.
Chief Executive Officer –  Gaurav Dwivedi
Headquarters – New Delhi, Delhi
>> Read Full News

Union Minister Jitendra Singh Inaugurates National Speed Breeding Crop Facility in NABI, MohaliDr. Jitendra Singh, Union Minister of State (MoS) (Independent Charge) for Science and Technology, inaugurated the first-of-its-kind “National Speed Breeding Crop Facility”, at the National Agri-Food Biotechnology Institute (NABI) Mohali, Punjab.

• This facility is aligned with the Government of India’s (GoI) vision to double farmers’ income, ensure economic empowerment, and foster Agri-StartUps.
• This will enable the farmers to enhance both the quality and quantity of their crops through this facility.

About the National Speed Breeding Crop Facility:
i.The Speedy Seeds facility will support all states of India, particularly benefits states like Punjab, Himachal Pradesh, Haryana, and the Union Territory (UT) of Jammu & Kashmir (J&K).
ii.The facility will boost the transformational changes in crop improvement programmes by accelerating the development of advanced crop varieties resilient to climate change, meeting the nutritional demands of the population.
iii.The innovative technology of ‘Climate resistant crops’ developed by the DBT Institute of NABI, enables the cultivation of climate-resistant crops, providing farmers the flexibility to farm regardless of climatic conditions.
iv.Benefit: The facility will be used to develop new crop varieties such as wheat, rice, soybean, pea, tomato, etc, using a precisely controlled environment (light, humidity, temperature) to achieve over 4 generations of a crop per year.
Additional info: NABI is one of the 14 Autonomous Institutions (AIs) under Department of Biotechnology (DBT), Ministry of Science and Technology(MoST), subsumed to form Apex Autonomous Society viz. Biotechnology Research and Innovation Council (BRIC).

GoI Designates September 17 as ‘Hyderabad Liberation Day’On 12th March 2024, the Ministry of Home Affairs (MoHA), Government of India (GoI), issued a gazette notification, officially designating September 17 of every year as Hyderabad Liberation Day.

• The Day marks the integration of the erstwhile princely State of Hyderabad into the Indian Union in 1948.

Note: Hyderabad remained under the rule of Mir Osman Ali Khan, Nizam of Hyderabad, for 13 months post-independence on 15th August 1947.
Objective:
i.The day aims to honour and remember the martyrs, who played a major role in the liberation of Hyderabad.
ii.The day also promotes patriotism amongst the youth, preserving the legacy of freedom fighters.
Significance of September 17:
i.Hyderabad was liberated from Nizam’s Rule on 17th September 1948, after a police action namely ‘Operation Polo.’

• On 17th September 1948, Hyderabad Nizam announced a ceasefire and Major general (Maj Gen) Syed Ahmed El-Edroos, chief of the Hyderabad state forces, surrendered to Maj Gen Jayanto Nath Chaudhuri, who led the primary strike against Hyderabad state forces on 18th September 1948.

ii.The day symbolises the end of Nizam’s rule and the integration of Hyderabad into the Indian Union.
iii.The Police Action was initiated by Sardar Vallabhbhai Patel, who served as the 1st Deputy Prime Minister and 1st Home Minister of Independent India from 1947 to 1950.

MoRD & IIT Delhi Partners for Using Geospatial Technology to Monitor MGNREGA Assets
Ministry of Rural Development (MoRD) has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Delhi (IIT – Delhi), New Delhi, Delhi for leveraging the use of geospatial technology and Artificial Intelligence (AI) to monitor assets under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).

• The partnership aims to utilise the power of technology for the betterment of rural development processes.
• The project aims to modernize the way rural development projects are planned, monitored, and executed, ensuring accountability, and optimizing resource allocation.

Project BhuPRAHARI:
i.The MoU centers around the project “BhuPRAHARI,” an ambitious initiative, commence with immediate effect, aimed at leveraging ground and space-based geospatial technologies.
ii.The project is to be executed by the HydroSense lab led by Prof. Manabendra Saharia, IIT – Delhi.

Union Minister Jyotiraditya Scindia inaugurated Fly91 & flagged its First Flight
Union Minister Jyotiraditya Scindia, Ministry of Civil Aviation (MoCA) has inaugurated Just Udo Aviation Private Limited (Fly91), Ribandar (Goa) based regional airline and flagged off its maiden flight between Manohar International Airport (MOPA), Goa and Agatti Islands, Lakshadweep.

• FLY91 is a regional carrier that strives to enhance air connectivity from tier 2 and tier 3 towns across India.
• The Schedule flights will be flying between Goa and Bengaluru (Karnataka), Hyderabad (Telangana), Jalgaon (Maharashtra), Agatti, Pune (Maharashtra), Nanded (Maharashtra) and from Bengaluru, Hyderabad, and Pune to Sindhudurg (Maharashtra), Jalgaon, Nanded and Goa, in a phased manner.
• The Airline Commences Scheduled Flights from March 18, 2024.
• The inaugural event was attended by Harsha Raghavan, Chairman, Fly91; Pramod Sawant, Chief Minister (CM) of Goa and Asangba Chuba Ao, Joint Secretary, MoCA.

INTERNATIONAL AFFAIRS

NIELIT & Egypt’s ITI Collaborated for IECT domain
India’s National Institute of Electronics and Information Technology (NIELIT) and Egypt’s Information Technology Institute (ITI) signed a Memorandum of Understanding (MoU) to promote cooperation and collaboration in Information Electronics and Communication Technology (IECT) domain.
Key People: The MoU was signed in Cairo, Egypt by M. M. Tripathi, Director General, NIELIT and Heba Saleh, Chairwoman, ITI, Egypt in the presence of Ajit Gupte, Ambassador of India, Arab Republic of Egypt.
Key Points:
i.As per the MoU, both institutes will collaborate in areas such as Curriculum and Training Materials Development, Exchange of Trainers and Experts, Mutual Recognition of Certification, Sharing of Virtual Labs Facility, Offering of Post Graduate (PG) Diplomas/ Technical Certificates to interns nominated by ITI Egypt.
ii.The MoU also aims to offering of Bachelor of Technology/ Master of Technology Programs to Egyptian students, Free Digital Literacy flagship course to Egyptian students through NIELIT Virtual Academy etc.
Note: NIELIT is an autonomous scientific society under the Ministry of Electronics and Information Technology (MeiTY)

BANKING & FINANCE

L&T Finance signs Financing Pact with JICA for USD 125 millionOn March 12, 2024, a loan agreement ceremony was held between the L&T Finance Holdings Ltd. (LTFH) and Japan International Cooperation Agency (JICA) in Mumbai, Maharashtra. This follows the signing of loan agreement in December 2023 by LTFH with JICA for up to USD 125 million to improve financial access in the India’s lagging states.

• The project was arranged by the Asian Development Bank (ADB) who co-financed the funding amount.
• The lagging states include 10 states with poverty rates above 10% viz. Assam, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Tripura, Uttar Pradesh (UP) and West Bengal (WB).

Key Points:
i.The project was signed as a part of the Facility for Accelerating Financial Inclusion (FAFI), established in May 2023.

• It is a Japanese initiative aimed at fostering sustainable development in partner countries through both public and private infrastructure investments.

ii.Rural India, home to 65% of the population, sustains 46% of the Gross Domestic Product (GDP) but hosts 90% of the impoverished.

• Post-COVID-19, income growth has declined, which intensified the urgency of poverty reduction.

How will this funding be useful?
i.This project by LTFH aims to address rural disparities and promote economic development by lending to women-owned businesses, farmers, Micro, Small and Medium Enterprises (MSMEs), etc., particularly in lagging states.
ii.It contributes to Sustainable Development Goals (SDGs) viz. 1 (No poverty), 5 (Gender equality), 8 (Decent work and economic growth) and 17 (Partnerships for the goal).
iii.It also aligns with the “2X Challenge: Financing for Women” initiative, ensuring that at least 40% of the loan amount supports women-owned businesses.

• The remaining funds will support loans for farmers, MSMEs, and two-wheeler loans.

iv.It also aligns with the goals of India’s Ministry of Rural Development by concentrating on lending in rural and peri-urban areas of lagging states.
About L&T Finance Holdings Ltd. (LTFH):
It is a Non-Banking Financial Companies (NBFC).
MD & CEO– Sudipta Roy
Headquarters– Mumbai, Maharashtra
Established – 2007
About Japan International Cooperation Agency (JICA):
It is an implementing agency of Japanese official development aid (ODA) that supports the socioeconomic development, recovery, or economic stability of developing regions.
President– Tanaka Akihiko
Headquarters– Tokyo, Japan
Establishment– 1974

Karnataka Vikas Grameena Bank launches New Loan Scheme ‘Vikas Spoorty’Karnataka Vikas Grameena Bank (KVGB) has launched a new loan scheme called ‘Vikas Spoorty’ to strengthen the rural credit delivery system and to motivate the common man to take up income-generating activities on a smaller scale.

• The scheme was launched by Shreekanth M Bhandiwad, Chairman of KVGB in an event held in Dharwad, Karnataka.

Features of Vikas Spoorty:
i.Vikas Spoorty scheme offers hassle-free loan to small entrepreneurs without collateral security and surety.
ii.Under this scheme, people may avail loan ranging from a minimum of Rs 50,000 to a maximum of Rs 2 lakh.
iii.The scheme targets individuals involved in various income-generating activities such as manufacturing, retail trade, small business, artisan activity, handicrafts, and farm activities like small dairy, poultry, sheep, and goat units.
iv.To avail the loan facility under the scheme, the customer should open a ‘Daily Deposit’ (pigmy) account and contribute regularly to it at their doorsteps.
v.This pigmy account will be utilised to service the repayment of instalment and interest for the loan thereby reducing the problem like loan overdue.
About Karnataka Vikas Grameena Bank (KVGB):
i.KVGB came into existence with effect from 12th September 2005 by merging 4 Regional Rural Banks (RRBs) namely Malaprabha, Bijapur, Varada and Netravati Grameena Banks.
ii.It is a Scheduled Regional Rural Bank with share capital contributed in the ratio of 50:15:35 by the Central Government, the Government of Karnataka and the Canara Bank respectively.
Chairman – Shreekant M Bhandiwad
Headquarters – Dharwad, Karnataka

RBI bars Federal, South Indian Bank from issuing co-branded Credit Cards; Imposes penalty on BOI, BDNOn March 12, 2024, the Reserve Bank of India (RBI) barred Federal Bank and South Indian Bank from issuing co-branded credit cards to new customers on account of regulatory deficiencies
i.Now, South Indian Bank won’t enroll new customers on their co-branded credit cards until fully compliant with RBI’s Master Direction on Card Issuance.

• Existing cardholders will still be serviced. Its co-branded card with State Bank of India (SBI) comes in two variants: SimplySAVE and Platinum.

ii.Similarly, Federal Bank  will continue to service the existing customers.

• It has three co-branded credit cards viz. Federal Onecard, Federal Scapia, Federal FI.

Reason:
On March 7, 2024, RBI issued an amendment to the Master Direction on Credit Card and Debit Card Issuance. It requires co-branded cards to clearly indicate the card issuer and prohibits co-branding partners from marketing the card as their own product. The above barring is on the lines of this amendment.
RBI imposes penalty on Bank of India, Bandhan Bank
RBI in exercise of its powers conferred under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and 51(1) of the Banking Regulation (BR) Act, 1949 and section 25(1)(iii) read with section 23(4) of the Credit Information Companies/CIC (Regulation) Act, 2005 has imposed a monetary penalty of Rs 1.4 crore on Bank of India (BOI).

• The reason behind this penalty is non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’, ‘Customer Service in Banks’, ‘Interest Rate on Advances’, ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’, and ‘Membership of CICs’ and contravention of provisions of CICRules, 2006.
• This penalty will not affect any transactions or agreement entered into by the bank with its customers.

RBI  in exercise of powers vested in RBI conferred under the provisions of section 47A(1)(c) read with section 46(4)(i) of the BR Act, 1949 also imposed penalty of Rs 29.55 lakh on Bandhan Bank Ltd (BDN).

• The reason behind this is non-compliance with certain directions on ‘RBI (Interest Rate on Deposits) Directions, 2016’.
• This penalty will not affect any transactions or agreement entered into by the bank with its customers.

NPCI signed MoU with IISc Bangalore for Joint Research on Blockchain and AI TechnologyThe National Payments Corporation of India (NPCI) has signed a multi-year Memorandum of Understanding (MoU) with the Indian Institute of Science (IISc), Banglore(Bengaluru, Karnataka), to conduct joint research on Blockchain and Artificial Intelligence (AI) technology.

• Under this partnership, NPCI–IISc Centre of Excellence (CoE) for Deep Tech Research & Development will be established to foster innovation in these fields.

Key Points:
i.The partnership aims to address practical challenges in scalable blockchain platforms and multi-modal analytics over fintech data.
ii.Faculty members from five departments at IISc will collaborate with NPCI researchers on various technological challenges.
iii.The focus areas include scalability, privacy-preserving designs, neural networks, Graph AI, and Large Language Models (LLM), among others.
iv.This collaboration utilize the expertise of IISc to solve complex engineering problems in the fintech domain.
Tech Fini Join hands with NPCI to provide credit line on UPI
Tech Fini, a Mumbai-based Fintech firm specializing in payment infrastructure solutions, has partnered with NPCI to offer Unified Payments Interface (UPI) 2.0 Acquiring and Issuing Switch Solutions to its merchants.
Key Points:
i.Tech Fini received UPI 2.0 Issuer & Acquirer, Payment Card Industry Data Security Standard (PCI DSS), and ISO(International Organization for Standardization)/International Electrotechnical Commission (IEC) certifications from NPCI, highlighting its commitment to security and data protection.
ii.Under this collaboration NPCI allows Tech Fini to introduce ‘Credit Lines on UPI,’ providing clients with financial flexibility and security.

AWARDS & RECOGNITIONS

Krystyna Pyszkova of Czech Republic Wins Miss World 2024Krystyna Pyszkova from the Czech Republic won the Miss World 2024 title at the 71st Miss World Pageant held in Jio World Convention Centre in Mumbai, Maharashtra. Yasmina Zaytoun of Lebanon secured the 1st runner up position. 

• Krystyna Pyszkova was crowned by Poland’s Karolina Bielawska, Miss world 2022.
• She is the second Miss World from the Czech Republic after Tatana Kucharova, Miss World 2006.

Points to note:
i.The 71st edition of Miss Word Pageant was hosted by India for the first time after 28 years. Previously India hosted the event in 1996.
ii.The event was hosted by Bollywood filmmaker Karan Johar and Miss World 2013 Megan Young from the Philippines.
iii.The event witnessed participation of contestants from 112 countries.
About Krystyna Pyszkova:
i.Pyszkova is a Czech model, pursuing separate degrees in law and business administration.
ii.Pyszkova is also the founder of the Krystyna Pyszko Foundation and is an advocate for sustainable development through education.
iii.She is fluent in English, Polish, Slovak, and German languages.
Continental Winners of Miss World 2024:

India At 71st Miss World Pageant: 
Sini Sadanand Shetty hailing from Karnataka represented India the 71st Miss World Pageant. Previously, she won the Femina Miss India 2022 representing Karnataka.

• Sini Shetty became one of the top eight contestants of the 71st Miss World Pageant .

Reliance Foundation chairperson Nita Ambani honoured with ‘Beauty With A Purpose Humanitarian Award’
Reliance Foundation Chairperson Nita Ambani was honored with the ‘Beauty with a Purpose Humanitarian Award’ as recognition for her commitment to philanthropy and social work.
i.The award recognises Nita Ambani’s work with Indian women and girl children in the fields of education, healthcare, art and culture, sports, and philanthropy, among others.
ii.Notable past recipients of the award include the former South African President Nelson Mandela and Ina Perlman, the founder of Operation Hunger.
Indian Winners at Miss World:
India has won the Miss World title six times: Reita Faria (1966), Aishwarya Rai (1994), Diana Hayden (1997), Yukta Mookhey (1999), Priyanka Chopra (2000), and Manushi Chillar (2017).
About Miss World:
i.The Miss World Organization owns and manages the annual Miss World Finals.
ii.The first edition of Miss World was held in 1951.

IMPORTANT DAYS

World Sleep Day 2024 – March 15 World Sleep Day (WSD) is annually observed across the globe on the Friday before Spring Vernal Equinox to raise awareness about the significance of sleep and promote the management and prevention of sleep disorders.
i.WSD 2024, the 17th annual World Sleep Day, was observed on 15th March 2024.
ii.The theme and slogan for the 2024 World Sleep Day is, “Sleep Equity for Global Health“.
iii.WSD is annually organised by the World Sleep Day Committee of the World Sleep Society (WSS).
Background:
i.WSD is an awareness activity of WSS, an international organisation founded by the World Association of Sleep Medicine (WASM) and the World Sleep Federation (WSF).
ii.The 1st WSD was held on 14 March 2008 under the slogan “Sleep Well, Live Fully Awake.”
>> Read Full News

International Day to Combat Islamophobia 2024 – March 15The United Nations (UN) International Day to Combat Islamophobia is annually observed across the globe on 15 March to raise awareness and combat hate crimes, and other forms of intolerance against Muslims.

• 15 March 2024 marks the observance of the 2nd International Day to Combat Islamophobia.

Background:
i.On 15 March 2022, the UN General Assembly (UNGA) adopted a resolution A/RES/76/254 and proclaimed the 15th March of every year as International Day to Combat Islamophobia.
ii.Pakistan’s UN envoy Munir Akram introduced the resolution on behalf of the Organization of Islamic Cooperation (OIC) under the Agenda item “Culture of peace”.
iii.The first-ever International Day to Combat Islamophobia was observed on 15 March 2023.
>> Read Full News

STATE NEWS

GoI approved ‘TG’ Prefix on Vehicle Registration Plates in Telangana
On 12th March 2024, the Government of India(GoI) approved the ‘TG’ prefix on vehicle registration number plates in Telangana by replacing the ‘TS’ prefix.

• The Ministry of Road Transport and Highways (MoRTH) also issued a gazette notification effective immediately.
• The approval was granted in the exercise of the powers conferred by sub-section (6) of section 41 of the Motor Vehicles Act, 1988 (59 of 1988).
• The change will be applied to new vehicles and the vehicles with TS number plates will continue.
• The decision to replace the prefix code of vehicle registration from TS to TG was made by Chief Minister (CM) of Telangana, Anumula Revanth Reddy in his 1st cabinet meeting held in February 2024.

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