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Union Cabinet Approvals: February 15, 2023The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to the following proposals which were detailed by Union Minister Anurag Singh Thakur, Ministry of Information & Broadcasting (I&B):
i.The Union Cabinet has approved the signing of Memorandum of Understanding (MoU) between the New Delhi (Delhi) headquartered Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW) in London, United Kingdom (UK).
ii.The Union Cabinet has approved the signing of MoU between India and South Africa for cooperation in the Disability Sector which will benefit Persons with Disabilities (PwDs) at large and ageing population in both countries.
iii.The Cabinet has also approved the signing of MoU between GoI and Chile for cooperation in the field of Agriculture and Allied sectors.
iv.The Union Cabinet has approved the Centrally Sponsored Scheme (CSS)- Vibrant Villages Programme (VVP) for FY 2022-23 to 2025-26, the action plan for which i.e. Vibrant Village Action Plans, will be created by the district administration with the help of Gram Panchayats.
v.Ministry of Cooperation (MoC) has formulated a plan to establish 2 lakh Primary Agriculture Credit Societies (PACS) over the next 5 years.
vi.The Cabinet Committee on Security (CCS) approved the raising of seven new battalions of the Indo-Tibetan Border Police (ITBP) force by 2025-26.
>> Read Full News
MoYAS, NIPER Hyderabad and FSSAI Signed Tripartite MoU to Address Doping Problem in SportsOn 15th February 2023, the Ministry of Youth Affairs & Sports(MoYAS), Government of India, Food Safety and Standards Authority of India (FSSAI) and National Institute of Pharmaceutical Education & Research, Hyderabad (NIPER Hyderabad) signed a tripartite Memorandum of Understanding (MoU) to create nutritional supplement testing capacity in India.
- This MoU is a part of the efforts to address the doping problems in sports and to create awareness about the risks associated with the use of nutritional supplements.
- The MoU also aims to increase research opportunities in the clean sport and anti-doping domain and to provide options for safe and dope-free nutritional supplements for sports persons.
The MoU was signed at the Office of the Department of Pharmaceuticals, Shastri Bhawan, New Delhi, Delhi in the presence of S. Aparna, Secretary, Department of Pharmaceuticals; Sujata Chaturvedi, Secretary (Sports); Ritu Sain, Director General & CEO, National Anti Doping Agency (NADA) and other officials.
i.This tripartite MoU is a form of mutual commitment in compliance with the mandate towards strengthening the field of “Food for Special Dietary Use for Sportspersons”.
ii.Under this partnership, tools for the dissemination of data and information generated by the testing laboratory at NIPER Hyderabad for the benefit of the sports ecosystem and the public in India will be developed.
iii.This will also promote the best practices in the marketing and distribution of supplements in India and educate the athletes about the harmful components in the nutritional supplements which affect their long-term performance.
i.In 2022, the MoYAS, FSSAI and National Forensic Sciences University (NFSU) signed a tripartite MoU to create nutritional supplements testing capacity and research in India.
ii.MoYAS and NADA are committed to protecting athletes against inadvertent cases of doping.
About Food Safety and Standards Authority of India(FSSAI):
Chairperson– Rajesh Bhushan,
Headquarters– New Delhi, Delhi
IIT Roorkee & CWC sign MoA for establishing ICEDOn 14th February 2023, the Indian Institute of Technology Roorkee (IIT Roorkee) and Central Water Commission (CWC) signed a Memorandum of Agreement (MoA) for establishing the International Centre of Excellence for Dams (ICED) at IIT Roorkee in Shram Shakti Bhawan, Ministry of Jal Shakti, New Delhi, Delhi.
- The MoA signing event was chaired by Pankaj Kumar, Secretary of the Department of Water Resources, River Development & Ganga Rejuvenation (DoWR, RD&GR), Ministry of Jal Shakti.
According to the MoA, IIT Roorkee has received a grant of Rs 108.99 crore from the Ministry of Jal Shakti for the establishment of the ICED.
- Vijay Saran, Chief Engineer of Dam Safety Organisation (DSO) in CWC and Project Director, Dam Rehabilitation and Improvement Project (DRIP) Phase II and III.
- Prof Akshay Dvivedi, Dean of Sponsored Research & Industrial Consultancy in IIT Roorkee.
i. The ICED will focus on different safety and rehabilitation aspects of Dams, like Hydrological, Hydraulic, Structural, Geotechnical, seismic safety evaluation, and reservoir sedimentation & silt control, etc.
ii. ICED is being developed to create manpower with sufficient training and experience in dam safety. It also will be developed to deal with the complete life cycle of the dam in the longer run.
iii. The Indian and overseas dam owners will receive specialised technical help from ICED and Roorkee in the areas of investigations, modelling, research and development, and technical support services.
iv. ICED will conduct applied research, instruction, and technology transfer in dam safety management at the local, regional, national, and international levels,
v. The ICED is envisioned as a world-class, cutting-edge facility that will be the first of its kind to offer leadership, best practices, research, assistance, and training in dam engineering.
- It will also assist in integrating technological advancements made in other parts of the world and developing solutions that are appropriate for Indian conditions.
vi. The formation of the ICED will empower ‘Make in India’ in dam safety, plus augment advanced research and developing technologies and application products.
About the Central Water Commission (CWC):
CWC is an attached office of the Dept. of Water Resources, RD&GR, Ministry of Jal Shakti,
CWC was formerly known as Central Waterways, Irrigation and Navigation Commission (CWINC).
Chairman- Kushvinder Vohra
Headquarters- New Delhi, Delhi
UIDAI launches new AI/ML Chatbot “Aadhaar Mitra” to Address Aadhaar-Related Queries
The Unique Identification Authority of India (UIDAI) has launched an AI/ML (Artificial intelligence and machine learning)-based new Chatbot called “Aadhaar Mitra” to help people get answers to their queries related to the Aadhaar card.
The chatbot solves the queries like tracking Aadhaar polyvinyl chloride (PVC) status, registering and tracking grievances, and information on enrollment centre location.
- Consumers can connect to the Aadhaar Mitra chatbot by scanning a unique QR code that has been provided by UIDAI.
‘Nari Shakti’: Indian Navy’s all-women car expedition sets off from NWM to cover 2,300 km over 12 Days
On 14th February 2023, the Indian Navy in association with the Navy Wives Welfare Association (NWWA) is collaborating with M/s Jeep India for the conduct of an All Women Motor Expedition as a tribute to the brave women of India and of the Indian Navy. the rally aims to motivate women to join the Naval Force.
- The all-women car rally with the slogan ‘She’s Unstoppable’ and tagline ‘Soar High’ started from the National War Memorial in New Delhi and travel to the Longewala War Memorial, Rajasthan and back over 12 days, spanning February 14-25, 2023.
The rally would traverse through Jaipur, Bikaner, Jaisalmer, Longewala, Jodhpur, and Udaipur prior to returning to Delhi covering a distance of 2300 km.
WEO Update: IMF Projects India’s Growth in 2023 at 6.1%; Global growth in 2023 at 2.9%As per the International Monetary Fund’s (IMF) World Economic Outlook (WEO) update, January 2023, growth in India is projected to decline from 6.8% in 2022 to 6.1% in 2023 before rising to 6.8% in 2024.
i.Global growth: It is projected to reduce from an estimated 3.4% in 2022 to 2.9% in 2023, then rise to 3.1% in 2024.
- The growth forecast for 2023 is 0.2 percentage points higher than predicted in the October 2022 WEO.
- Global growth projected for 2023 and 2024 is below the historical (2000–19) annual average of 3.8%.
ii.Global Inflation: As per the IMF WEO, global inflation is expected to reduce from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024 but between 2017 and 2019 (pre-pandemic period), inflation averaged about 3.5%.
- Global inflation is predicted to be reduced in 2023 amid average-level economic growth.
iii.WEO Projections year-on-year:
iv.The Russia-Ukraine war and the rise of central bank rates were highlighted as factors constraining economic activity.
v.Global inflation still remains high in the Americas and Europe, whereas it is lower in many parts of Asia.
About International Monetary Fund (IMF)
Headquarters – Washington, D.C, USA
Establishment – 1944
Managing Director – Kristalina Georgieva
BANKING & FINANCE
RBI Granted in-principle Approval to 32 Existing PAs, 19 New PAs to Operate as Online PAOn 15 February 2023, the Reserve Bank of India (RBI) granted in-principle approval to 32 existing online non-bank Payment Aggregators (PAs) and 19 new PAs to operate as online PAs.
- Objective: To bring entities that are undertaking online payment aggregation business within the regulatory fold.
On March 17, 2020, and March 31, 2021, RBI issued “Guidelines on Regulation of Payment Aggregators and Payment Gateways” and instructed the existing online non-bank PAs to apply to RBI for seeking authorisation to act as online PAs under the Payment and Settlement Systems Act, 2007 (PSS Act) by September 30, 2021.
Further, the timeline was extended for all PAs by September 30, 2022.
i.Now RBI has granted in-principle approval to the shortlisted applications to act as online PAs.
ii.Existing PAs: Approved firms under the category of existing PAs include Amazon (Pay) India Private Limited, Google India Digital Services Private Limited, Pine Labs Private Limited, Razorpay Software Private Limited, Reliance Payment Solutions Limited, Zomato Payments Private Limited among others.
iii.New PAs: Approved firms under the category of new PAs include Hitachi Payment Services Private Limited, Juspay Technologies Private Limited, Payment Gateway Solutions Private Limited, Tata Payments Limited, Zoho Payment Technologies Private Limited among others.
iv.The applications of 4 aggregators including Axis Bank-led Freecharge Payment Technologies Private Limited, PayTM Payments Services Limited, PayU Payments Private Limited , and Tapits Technologies Private Limited were returned by RBI.
Click here to know the full list
i.Entities whose applications have been returned are allowed to apply to the RBI within 120 days from the date of return.
ii.The existing PAs are allowed to continue business unless advised otherwise by the RBI.
iii.The new PAs that received in-principle approval are not allowed to commence operations until they are granted ‘authorisation’ under Section 7 of the Payment and Settlement Systems Act, 2007.
- To get ‘authorisation’, the entity needs to submit to RBI a System Audit Report (SAR) along with a certificate from a Chartered Accountant regarding compliance with the net worth requirement.
SEBI Introduces Issue Summary Document for filing IPO papers in XBRL formatOn 15 February 2023, the Securities and Exchange Board of India (SEBI) introduced the Issue Summary Document (ISD) for filing papers pertaining to IPO (Initial Public Offer) and for further issue of securities in XBRL (eXtensible Business Reporting Language) format to make available relevant information at the stock exchanges and depositories in a structured manner.
- SEBI plans to roll out the ISD in a phased manner starting March 1, 2023.
i.XBRL: It is a language for the electronic communication of business and financial data which is used worldwide for business reporting. It is useful in the preparation, analysis and communication of business information.
ii.2 Stages of ISD filing: SEBI has stated 2 stages for ISD filing i.e. in the first stage, the ISD will be filed with pre-issue fields and in the 2nd stage, the ISD will be filed with post-issue fields after allotment is completed.
iii. Prescribed formats were provided by SEBI with a timeline for submission of the details.
iv.SEBI decided to introduce the ISD in XBRL format for Initial Public Offer (IPO), Further Public Offer, further issues — preferential issue, qualified Institutions Placement (QIP), rights issue, issue of American Depository Receipts (ADRs), Global Depository Receipts (GDRs) and Foreign Currency Convertible Bonds (FCCBs), among others.
v.SEBI has directed the Stock exchanges to develop a utility to support the filing of the ISD by submitting entities.
vi.3 phases of introducing ISD:
- 1st phase – ISD will be rolled out for public issues of specified securities, for offer documents filed on or after March 1, 2023.
- 2nd phase – ISD for further issues will be implemented from April 3, 2023.
- 3rd phase – ISD for open offer, buy-back and voluntary delisting will be implemented from May 2, 2023.
About Securities Exchange Board of India(SEBI):
Headquarters – Mumbai, Maharastra
Establishment – 12 April 1992
Chairperson -Madhabi Puri Buch
Indian Overseas Bank Launched e-BG Facility in Association with NeSLIn February 2023, the Indian Overseas Bank launched e-BG (Electronic Bank Guarantee i.e. BG in a digital mode) scheme in collaboration with the National E-Governance Services Limited (NeSL).
What is e-BG?
The e-BG is an instrument issued by the city-headquartered bank to eliminate the possibility of fraud and manipulation, in which, the bank undertakes to guarantee a specific amount against the non-fulfilment of some action/performance of the applicant.
(In simple terms, it is a promise made by a bank that if a borrower fails to pay a loan, then the bank will take care of the losses.)
Features of e-BG:
i.They are issued instantly in a completely paperless mode with digital stamping and digital signature i.e. replacing the existing issuance of Paper-based bank guarantees through physical stamping and wet signatures which would take 3-5 days.
- NeSL’s Digital Document Execution (DDE) platform, provides e-Stamp and e-Sign functions.
ii.Thus the real-time issuance of e-BG would enhance transparency and reduce turnaround time from days to minutes. The applicant and beneficiary can instantly view an e-BG on NeSL’s platform.
- In September 2022, HDFC Bank, as the first bank in India, issued an e-BG in partnership with NeSL.
- In January 2023, the State Bank of India (SBI) also launched e-BG in association with NeSL.
About National E-Governance Services Limited (NeSL):
NeSL is India’s first Information Utility and is registered with the Insolvency and Bankruptcy Board of India (IBBI) under the aegis of the Insolvency and Bankruptcy Code, 2016 (IBC).
Headquarters – Mumbai, Maharashtra
Managing Director & CEO – S. Ramann
ECONOMY & BUSINESS
NSE & CME Group inks pact for Rupee-Denominated WTI Crude Oil and Natural Gas Contracts
National Stock Exchange (NSE) has signed a data licensing agreement with CME Group, the world’s leading derivatives marketplace, for West Texas Intermediate (WTI) crude oil and natural gas contracts.
The agreement will allow the NSE to list, trade and settle rupee-denominated Nymex WTI crude oil and natural gas derivatives contracts for Indian market participants.
- The addition of the contracts will expand the NSE product offering and its overall commodity segment.
- NSE has applied to the Securities and Exchange Board of India (SEBI) seeking approval to launch the additional futures contracts.
- The Nymex WTI Crude Oil and Natural Gas (Henry Hub) contracts are among the world’s most traded commodity derivatives contracts generating interest from across the globe.
AWARDS & RECOGNITIONS
2nd Annual Anthem Awards: UNDP’s “Don’t Choose Extinction” Campaign wins 2 Anthem AwardsOn 15th February 2023, The ‘Don’t Choose Extinction’ campaign of the United Nations Development Programme(UNDP) to raise awareness about the climate emergency, has won Gold and Silver in two different categories at the 2nd Annual Anthem Awards.
- Gold winner: under Sustainability, Environment & Climate – Non-Profit Campaign category
- Silver Winner: under Sustainability, Environment & Climate – Global Awareness Campaign category
2nd annual Anthem Awards:
The winners of the 2nd annual Anthem Awards were announced by the International Academy of Digital Arts & Science (IADAS).
- During the event, the Special Achievement Awards were also presented to individuals who have dedicated their lives, platform or work to bring attention to some of the most important issues of our time.
About Anthem Awards:
The Anthem Awards celebrates and champions work across seven core causes: Diversity, Equity & Inclusion; Education, Art & Culture; Health; Human & Civil Rights; Humanitarian Action & Services; Responsible Technology; and Sustainability, Environment & Climate.
Click here to view all the winners of 2nd annual Anthem Awards and Special Achievement Awards
The 2nd annual Anthem award winners were selected from 2,000 submissions from over 43 countries around the world.
About UNDP’s ‘Don’t Choose Extinction’ Campaign:
i.The ‘Don’t Choose Extinction’ campaign was launched in October 2021 by UNDP. The film highlights the negative impact of fossil fuel subsidies on the planet.
ii.The Don’t Choose Extinction’ film features “Frankie the Dino”, a computer-generated Utharaptor dinosaur that urges the members of the UN to avoid the fate of extension by tackling climate change.
iii.The original short film was voiced in 39 languages and features famous actors from around the world and It has been translated into more than 60 languages.
iv.The film has reached an audience of over 2 billion and garnered more than 4,000 media mentions across the globe.
Note: According to new UNDP research, For every dollar pledged to tackle the climate crisis for world’s poor, 4 dollars are spent on fossil fuel subsidies which contribute to the climate crisis.
APPOINTMENTS & RESIGNATIONS
Scotland’s First Minister Nicola Sturgeon resignsOn 15th February 2023, Nicola Ferguson Sturgeon announced her resignation as First Minister of Scotland and leader of the Scottish National Party (SNP) at a press conference in Edinburgh, Scotland.
- Nicola Sturgeon will remain in office until her successor was elected and will remain a member of the Scottish Parliament.
- She was the first female First Minister of Scotland and the first woman to lead any of the devolved United Kingdom (UK) administrations.
- Nicola Sturgeon, who has been serving as the first Minister of Scotland since 2014, is the longest-serving First Minister of Scotland.
About Nicola Ferguson Sturgeon:
i. Nicola Ferguson Sturgeon was born on 19th July 1970 in Irvine, United Kingdom (UK).
ii. She was a solicitor at the Drumchapel Law and Money Advice Centre in Glasgow, Scotland, and entered the Scottish Parliament as a regional Member of the Scottish Parliament (MSP) for Glasgow in 1999.
iii. She served as the MSP for Govan between 2007 and 2011.
iv. She held the position of Cabinet Secretary for Health and Wellbeing in the government from 2007 to 2012.
v. From 2014 to 2015, she held the position of Cabinet Secretary for Infrastructure, Investment, and Cities, which included responsibility for government strategy and the constitution. She also served as Deputy First Minister of Scotland throughout this period.
vi. In 2014, she became the leader of the SNP and was sworn in as First Minister. She had led the government for eight years now.
Scotland is a member nation of the United Kingdom. Following devolution in 1999, powers held by the UK Government transferred to the Scottish Parliament and to Scottish Ministers.
First Minister- Nicola Ferguson Sturgeon
Currency- Pound sterling
David Malpass to step down as World Bank President
World Bank President David Malpass (66) announced that he will step down from his position by the end of the Bank Group’s fiscal year on June 30, 2023 after serving more than 4 years. He was appointed by then United States (US) President Donald Trump in April 2019. His five-year term was due to end in April 2024.
- His tenure faced global crises such as the Covid pandemic and the Russian invasion of Ukraine, and international economic slowdown but has responded quickly to face these challenges.
ACQUISITIONS & MERGERS
CCI Clears Acquisition of Certain Assets of Jaiprakash Associates by Dalmia CementOn 15th February 2023, the Competition Commission of India (CCI) approved the acquisition of certain assets of Jaiprakash Associates Limited and its associates by Dalmia Cement (Bharat) Limited.
Acquirer: Dalmia Cement (Bharat) Limited
Target Assets (Sellers): Jaiprakash Associates Limited and its associate
i. The proposed combination relates to the acquisition of clinker, cement and power plants belonging to Jaiprakash Associates Ltd and its associates by Dalmia Cement (Bharat) Ltd.
ii. It constitutes an acquisition under the terms of Section 5(a)(i) (A) of the Competition Act, 2002.
i. Dalmia Cement Ltd. intends to produce cement for an entire India with a targeted capacity of 70 to 75 Million Tonnes Per Annum (MTPA) by the Financial Year (FY) 2026-2027 and 110 to 130 MTPA by FY 2030-2031.
ii. The Proposed Combination incorporates the Target Assets with the intention of lowering total debt.
- Furthermore, the Acquirer’s acquisition of the Target Assets will enable sustainable operations and serve the interests of all stakeholders involved.
About Dalmia Cement (Bharat) Ltd:
i. Dalmia Cement (Bharat) Ltd is a wholly-owned subsidiary of Dalmia Bharat Ltd (DBL), which has been in the business of the manufacture and sale of cement for over 80 years.
ii. DBL, the ultimate parent entity of the Dalmia Bharat Group, engages in the business of the manufacture and sale of cement, the manufacture and sale of sugar, and the provision of refractory services.
About Jaiprakash Associates Limited and its Associates:
i. Jaiprakash Associates Limited and its associates are engaged in the manufacture and sale of clinker, grey cement and thermal power generation in the states of Madhya Pradesh, Uttar Pradesh and Chhattisgarh.
Note: Deals that exceed a certain threshold must be approved by CCI, which monitors unfair business practices and promotes fair competition in the marketplace.
Scientists discovered a New Beetle Species ‘Omorgus Khandesh’ in IndiaScientist Aparna Sureshchandra Kalawate, working with Zoological Survey of India(ZSI), Western Regional Centre (WRC), Pune, Maharashtra, has discovered a new beetle species of Trogidae family named “Omorgus Khandesh” in India.
- The beetle was found in the collections of WRC, Pune, Maharashtra.
- The paper, co-authored by Werner P Strümpher of the Ditsong National Museum of Natural History, Pretoria, South Africa was published in New Zealand-based journal Zootaxa.
About Omorgus Khandesh:
i.Omorgus Khandesh, a necrophagous(feeds on dead or decaying animal flesh), is also called a keratin beetle.
ii.With the addition of this new species, now there are a total of 14 extant species of Trogidae family in India.
iii.These beetles are also called hide beetles since they cover their body under soil and hide.
iv.They have a bumpy appearance with short, dense setae all over its body.
Significance in forensic science:
i.Omorgus Khandesh is important for forensic science as it helps detect the time of death of an animal or human.
ii.During the decomposition of a body, the blowflies arrive first in the early stages and the arrival of the keratin feeders indicates the final stage.
i.Omorgus Khandesh is mainly associated with bird and mammal nests or burrows.
ii.When disturbed, these beetles feign death and become motionless.
iii.The new species is morphologically most similar to Omorgus rimulosus.
Arjuna Awardee & Legendary Indian Footballer Tulsidas Balaram Passed Away
On 16th February 2023, Legendary Indian football player and two-time Olympian Tulsidas Balaram (Tulsidas Balaraman), an Arjuna Awardee, passed away in Kolkata, West Bengal, at the age of 87. He was born on 4th October 1936 in Ammuguda village near Secunderabad, state of Hyderabad, British India (Secunderabad, Telangana).
About Tulsidas Balaram:
i. Tulsidas Balaram was considered one of the three pillars who ushered in the Indian football team’s golden era in the 1950s and 60s alongside Chuni Goswami and PK Banerjee.
ii. He made his international debut representing India at the 1956 Melbourne Olympics in Australia. He also competed at the 1960 Olympics in Rome, Italy, and scored India’s first goal of the tournament against Hungary.
iii. He was a part of the Indian Football team that won the gold in the 1962 Asian Games in Jakarta, Indonesia.
iv. Tulsidas Balaram represented the national team 27 times from 1957 to 1963 and scored 10 goals. He retired from his football career in 1963 at the age of 27 and took up coaching and selection.
Awards and Honours:
i. As a captain in 1961, Tulsidas Balaram had the distinction of winning both the Canadian Football League (CFL) and the Indian Football Association (IFA) Shield, when he also won the CFL Golden Boot.
ii. He had also played for Bengal Nagpur Railway (BNR) Football Club, where he won the IFA Shield (1963), and Rovers Cup (1964). Also won 3 Santosh Trophy titles in 1959, 1960 and 1962.
iii. He was awarded the Arjuna Award in 1962 for his contribution to Indian Football.
WB Finance Minister Presents Rs. 3,39,162 Crore Budget for 2023-2024On 15th February 2023, Chandrima Bhattacharya, Finance Minister of West Bengal, presented the Rs. 3,39,162 crore Budget of West Bengal(WB) for the Financial Year 2023-24. The budget focused on farmers, the tea sector, and the potential of WB as a logistics hub and entrepreneurs.
Highlights of WB’s Budget for 2023-2024:
i.The West Bengal economy is expected to grow at a rate of 8.41% in 2022-2023, which is higher than the expected growth rate of the Indian economy (6.95%). The all-India Index of Industrial Production (Manufacturing) growth during 2022-23 (April to November) is 5.0%, and West Bengal’s growth has been 7.8%.
ii.An additional dearness allowance of 3% for employees of the WB government, including teachers and pensioners.
About West Bengal:
Chief Minister– Mamata Banerjee
Governor– C. V. Ananda Bose
National Park– Singalila National Park; Neora Valley National Park
Wildlife Sanctuary– Jorpokhri Wildlife Sanctuary; Senchal Wildlife Sanctuary
>> Read Full News
Indore’s Solar Plant Project funded by Rs 720 crore through Green Bonds
Indore Municipal Corporation (IMC) has successfully managed to raise about Rs 720 crores through their green bonds which will be utilized for developing a 60-megawatt solar plant.
The green bonds floated by the Indore Municipal Corporation (IMC) as a public issue for setting up solar power plants have received an overwhelming response from investors and attracted a subscription of around Rs 721 crore.
- IMC floated the green bonds to raise a total of Rs 244 crore for setting up a 60 MW solar power plant, the first of its kind offering by any civic body in the country in the capital market.
- The bond attracted a subscription of Rs 661.52 crore on February 10, the first day of its opening, and reached Rs 720.75 crore by the time it closed on 14th February 2023. This is almost six times more than the base price of the issue of Rs 122 crore.
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Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 17 February 2023|
|1||Union Cabinet Approvals: February 15, 2023|
|2||MoYAS, NIPER Hyderabad and FSSAI Signed Tripartite MoU to Address Doping Problem in Sports|
|3||IIT Roorkee & CWC sign MoA for establishing ICED|
|4||UDIAI launches new AI/ML Chatbot “Aadhaar Mitra” to Address Aadhaar-Related Queries|
|5||‘Nari Shakti’: Indian Navy’s all-women car expedition sets off from NWM to cover 2,300 km over 12 Days|
|6||WEO Update: IMF Projects India’s Growth in 2023 at 6.1%; Global growth in 2023 at 2.9%|
|7||RBI Granted in-principle Approval to 32 Existing PAs, 19 New PAs to Operate as Online PA|
|8||SEBI Introduces IOD for filing IPO papers in XBRL format|
|9||Indian Overseas Bank Launched e-BG Facility in Association with NeSL|
|10||NSE & CME Group inks pact for Rupee-Denominated WTI Crude Oil and Natural Gas Contracts|
|11||2nd Annual Anthem Awards: UNDP’s “Don’t Choose Extinction” Campaign wins 2 Anthem Awards|
|12||Scotland’s First Minister Nicola Sturgeon resigns|
|13||David Malpass to step down as World Bank President|
|14||CCI Clears Acquisition of Certain Assets of Jaiprakash Associates by Dalmia Cement|
|15||Scientists discovered a New Beetle Species ‘Omorgus Khandesh’ in India|
|16||Arjuna Awardee & Legendary Indian Footballer Tulsidas Balaram Passed Away|
|17||WB Finance Minister Presents Rs. 3,39,162 Crore Budget for 2023-2024|
|18||Indore’s Solar Plant Project funded by Rs 720 crore through Green Bonds|