Current Affairs 23 March 2024

We are here for you to provide the important Recent and Latest Current Affairs 23 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

GRID-INDIA granted Miniratna Category-I status by Ministry of PowerGrid Controller of India Limited (GRID-INDIA) has designated as a Miniratna Category-I Central Public Sector Enterprise (CPSE) by the Ministry of Power, Government of India, highlighting its crucial role in India’s power landscape.

• GRID-INDIA, formerly known as Power System Operation Corporation Limited (POSOCO).

Key Points:
i.Established in 2009, GRID-INDIA oversees the seamless operation of the Indian Power System.
ii.It manages the All India synchronous grid, one of the world’s largest and most complex power systems, through five Regional Load Despatch Centres (RLDCs) and the National Load Despatch Centre (NLDC).
iii.It facilitates efficient power transfer within and across regions, enabling trans-national power exchanges with a focus on reliability, economy, and sustainability, while also managing competitive wholesale electricity markets and settlement systems.
Criteria for Maharatna Status:

• Must hold Navratna status.
• Listed on an Indian stock exchange with the minimum prescribed public shareholding under SEBI regulations.
• Average annual turnover of more than Rs. 25,000 crore during the last 3 years.
• Average annual net worth of more than Rs. 15,000 crore during the last 3 years.
• Average annual net profit after tax of more than Rs. 5,000 crore during the last 3 years.
• Significant global presence/international operations.

Criteria for grant of Navratna status :-
The Miniratna Category – I and Schedule ‘A’ CPSEs, which have obtained ‘excellent’ or ‘very good’ rating under the Memorandum of Understanding (MoU) system in 3 of the last 5 years, and have composite score of 60 or above in the six selected performance parameters, namely,

• Net profit to net worth (25)
• Manpower cost to total cost of production/services (15)
• Profit before depreciation, interest and taxes to capital employed (15)
• Profit before interest and taxes to turnover (15)
• Earning per share (10)

and

• Inter-sectoral performance (20)

The maximum weight (score) is 100.

Criteria for Miniratna Status:

Miniratna Category-I:

• Must have made profit in the last three years continuously.
• Pre-tax profit of Rs. 30 crores or more in at least one of the three years.
• Positive net worth.

Miniratna Category-II:

• Must have made profit for the last three years continuously.
• Positive net worth.
• No defaults in repayment of loans or interest payment to the Government.
• Should not depend on budgetary support or Government guarantees.

MNRE Issues Guidelines to Set Up Green Hydrogen Hubs in IndiaThe Ministry of New and Renewable Energy (MNRE) has notified the scheme guidelines for establishing hydrogen hubs in India under the National Green Hydrogen Mission(NGHM).
About the Scheme:
The scheme will offer support to develop core infrastructure at hydrogen hubs for common services.

• The core infrastructure includes Storage and transportation facilities for green hydrogen and its derivatives; Development or upgradation of pipeline infrastructure; Green hydrogen-powered vehicles re-fuelling facility etc,.

Budgetary outlay: Rs 200 crore till the financial year 2025-2026(FY26).

• The budget provisions under the NGHM head will be used for the expenditure of the scheme.

Implementing Agency: MNRE and its nominated Scheme Implementing Agency (SIA).
Funding: Under the scheme, at least 2 green hydrogen hubs will be established with Central Financial Assistance (CFA) of up to Rs 100 crore each to support the core infrastructure.

• The CFA will be disbursed to the winning projects as follows: 20% on the date of issue of administrative approval, 70% based on milestones achieved, and 10% on the completion of construction and commissioning.

Salient features of the scheme: 
The hydrogen hub should have a planned capacity of at least 100,000 Million Tonnes Per Annum (MTPA).
The scheme will encourage leveraging existing infrastructure for hydrogen production, transportation, storage, and utilisation.
Evaluation: 
The projects will be evaluated based on the planned production capacity (weightage 50%), technology, applications and end use (20%), and financial commitment (30%).
Click here to know more about the scheme
About National Green Hydrogen Mission(NGHM):
i.NGHM, launched in January 2023, aims to make India a global hub for the production, usage, and export of green hydrogen and its derivatives.
ii.The total budget of NGHM is Rs 19,744 crore up to FY 2029-30.
iii.The Mission Secretariat, headquartered in MNRE, undertakes the programme implementation.
About Ministry of New and Renewable Energy (MNRE):
Union Minister– Raj Kumar Singh(Constituency- Arrah, Bihar)
Minister of State(MoS)– Bhagwanth Khuba(Constituency- Bidar, Karnataka)

CAG Signs MoU with IIT Delhi on Artificial Intelligence
The Comptroller and Auditor General (CAG) of India has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Delhi in New Delhi on Artificial Intelligence(AI).

• The MoU was signed in the presence of the CAG Girish Chandra Murmu.
• Under this MoU, CAG and IIT-Delhi would partner in four key areas, such as the use of AI in audits, audits of AI systems, capacity building, and knowledge sharing.
• Auditors use AI to analyze massive amounts of data with unprecedented speed and precision, allowing them to more accurately identify trends, abnormalities, and possible risks.

BANKING & FINANCE

RBI Issues Omnibus Framework for Recognizing SROs for Regulated Entitiesi.On March 21, 2024, the Reserve Bank of India (RBI) finalized the ‘Omnibus Framework for recognising Self-Regulatory Organisations (SRO) for Regulated Entities (REs) of RBI’. The framework sets general standards like objectives, responsibilities, eligibility, governance, and application procedures for all recognized SROs by RBI.
ii.Specific guidelines related to number of SROs and membership will be provided separately by relevant Reserve Bank departments for each sectoral SRO.
iii.In response to a request from the Government of India (GoI), the RBI will keep all branches of banks handling government transactions open on March 31, 2024 (Sunday) to ensure all transactions for the fiscal year 2023-2024 (FY24) are accounted for.
iv.The RBI announced a Financial Literacy Ideathon for postgraduate students on February 26, 2024, originally with a submission deadline of March 20, 2024. Responding to extension requests, the RBI extends the submission deadline to April 15, 2024.
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

DBS Bank India Announced USD 250 Million Lending Support for Startups & New Economy CompaniesDBS Bank India Limited announced a USD 250 million lending commitment for new-age startups and new economy companies, focusing on enterprises redefining industry standards through emerging technologies and innovative solutions.

• This initiative aligns with the bank’s vision of fostering innovation and entrepreneurship in India.

Holistic Support and Exclusive Benefits:
i.DBS Bank India offers holistic support through advanced digital expertise, Asian connectivity, and ecosystem partnerships.
ii.Offerings extend beyond banking to streamline operations, manage logistics, and access larger business networks.
iii.DBS aims to become a trusted partner supporting start-ups across sectors throughout their business lifecycle.
iv.Recognising the unique challenges faced by startups in the digital economy, DBS Bank India provides exclusive benefits curated from across partners to enhance agility and foster growth.
Note –
DBS Businessclass FoundED is an initiative that interacts with Indian incubators and start-ups.
Advanced Risk Assessment Framework:
i.The bank utilises a sophisticated risk assessment framework combining traditional metrics with modern analytical tools.
ii.Ensures tailored banking solutions aligned with the dynamic needs of start-ups.
About DBS Bank India Limited:
Managing Director (MD) and Chief Executive Officer (CEO)- Surojit Shome
Headquarters– Mumbai, Maharashtra
Established in– 1994
Tagline – Live more, Bank Less
Note:

• In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited.
• DBS was named the Best Bank for Sustainable Finance – India by Global Finance in 2024.

SBI Card and Titan launch ‘Titan SBI Card’
SBI Card and Payment Services Ltd has collaborated with Titan Company Limited to introduce co-branded ‘Titan SBI Card’ offering exclusive benefits such as cashbacks, Titan gift vouchers, and Reward Points, totaling over Rs 2 lakh per annum. Cardholders enjoy 5% cashback on purchases from Mia, Caratlane, and Zoya, and receive Titan gift vouchers worth 3% of spend at Tanishq stores.
Click Here for Official Information

RBI Imposes Monetary Penalty on TMB & DCB Bank, for Rule Violations
The Reserve Bank of India (RBI) has imposed monetary penalty on Tamilnad Mercantile Bank Limited(TMB) and DCB Bank Limited for non-compliance with certain directions issued by RBI.

• RBI has imposed a penalty of Rs 1,31,80,000 on TMB for non-compliance with RBI directions on  ‘Interest Rate on Advances’ and ‘Central Repository of Information on Large Credits (CRILC) – Revision in Reporting’.
• RBI has imposed a penalty of Rs 63,60,000 on DCB Bank for non-compliance with RBI directions on ‘Interest Rate on Advances’.

Note:

i.The Statutory Inspection for Supervisory Evaluation (ISE 2022) of TMB and DCB were conducted by RBI with reference to its financial position as on 31st March 2022.
ii.These penalty were imposed in exercise of provisions of section 47 A (1) (c) read with section 46 (4) (i) of the Banking Regulation Act, 1949.

ECONOMY & BUSINESS

MCX & JFX Inked an MoU for Knowledge Sharing and Regional DevelopmentThe Multi Commodity Exchange of India Limited (MCX), and Jakarta Futures Exchange (JFX) entered into a Memorandum of Understanding (MoU) to bolster collaboration in key areas such as knowledge sharing, research, education, training, awareness creation, and market development initiatives.

• The MoU will contribute to the advancement of both marketplaces through the key areas and facilitate market development in their respective regions.
• MCX and JFX formalised the MoU on 26 February 2024, at MCX headquarters in Mumbai, Maharashtra.

Note:
i.MCX is India’s 1st listed, national-level electronic exchange and the leading Exchange in the Commodity Derivatives Market segment.
ii.JFX (i.e. PT. Bursa Berjangka Jakarta) is the first futures exchange in Indonesia.
Signatories:
The MoU was signed by P. S. Reddy, Managing Director (MD) and Chief Executive Officer (CEO) of MCX; and Stephanus Paulus Lumintang, President Director of JFX.
Significance of the Partnership:
i.MCX and JFX anticipate mutual benefits, fostering cooperation and collaboration.
ii.This collaboration signifies a milestone in enhancing opportunities for traders in both countries’ derivatives markets.
iii.The partnership aims to leverage strengths, resources, and expertise to create opportunities and achieve shared objectives.

AWARDS & RECOGNITIONS

Noted Poet and Author Prabha Varma Selected for Saraswati Samman  2023The renowned Malayalam poet and author Prabha Varma has been named the recipient of Saraswati Samman 2023 for his poetic work titled “Roudra Sathwikam”. 

• He is the 33rd recipient of Saraswati Samman which is annually presented by the K.K Birla Foundation.
• This becomes the first Malayalam work to win the award after 12 years. Malayalam poetess Sugathakumari won the award in 2012 for her poetry collection ‘ Manalezhuthu ‘.

About Roudra Sathwikam: 
Roudra Sathwikam was published in 2022 by DC Books(DCB) as a novel in poetic verse. The book deals with the perennial conflict that exists between power and politics, individual and state, art and power.
About Prabha Varma:
i.Prabha Varma hailing from Kerala is currently serving as a media advisor to the Kerala Chief Minister(CM) Pinarayi Vijayan.
ii.He is a prolific writer in both English and Malayalam and published over 30 books which includes several poems, 3 novels in verse, 8 books on contemporary socio-political and literature and 7 collections of essays in criticism.
iii.Noted works: Souparnika (1990), Arkkapoornima (1995), Kanal Chilambu(2019), etc.
Awards: 
i.He received the Kendra Sahitya Akademi (2016) and 37th Vayalar Rama Varma Memorial Literary Award for 2013 for his work “Shyama Madhavam”, a collection of poems.
iii.He received the Kerala State Film Award for best lyricist three times in 2006, 2012, and 2013.
iv.He received the National Film Award for best lyricist in 2019 for the Malayalam film Kolaambi.
About Saraswati Samman:
i.Saraswati Samman, instituted in 1991, recognises outstanding literary works in Indian languages, mentioned in Schedule 8 of the constitution, published in the last 10 years.
ii.The award carries a cash prize of Rs 15 lakh, a citation and plaque.
iii.The inaugural award was presented to Harivansh Rai Bachchan in 1991 for his four-volume autobiography Kya Bhooloon, Kya Yaad Karoon, Need Ka Nirman Phir, Basere Se Door, Dashdwar Se Sopan Talk.
Additional info: Besides the Sarawati Samman, the Vyas Samman and Bihari Puraskar are other awards instituted by the foundation.

APPOINTMENTS & RESIGNATIONS

Matam Venkata Rao Elected as Chairman of IBA for 2023-24On 21st March 2024, Matam Venkata Rao (MV Rao), Chief Executive Officer (CEO) and Managing Director (MD) of the Central Bank of India, was elected as the Chairman of the Indian Banks’ Association (IBA) for the term 2023-2024.

• He succeeds Atul Kumar Goel(AK Goel), MD & CEO of Punjab National Bank(PNB) who served as chairman of IBA (2022-23).

Other Appointments: 
i.Dinesh Kumar Khara, Chairman of the State Bank of India(SBI), has been re-elected as one of the three deputy Chairmen of IBA.
ii.Shanti Lal Jain(SL Jain), MD & CEO of  Indian Bank, and N Kamakodi, MD & CEO of City Union Bank (CUB) have been elected as the other two Deputy Chairmen of IBA.
iii.Madhav Nair, Country Head & CEO of the Bank of Bahrain and Kuwait, will serve as the honorary secretary of IBA. He served as the Deputy Chairman of IBA for 2022-2023.
About MV Rao:
i.MV Rao began his career with erstwhile Allahabad Bank (Indian Bank) in 1988, and has over three decades of professional banking experience in leadership roles.
ii.He has been serving as the MD & CEO of Central Bank of India since March 2021.
iii.He has also served as the Executive Director of Canara Bank.
iv.He is also a member of different committees formed by the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India(IRDAI) and the Indian Bank Association.
About Indian Bank Association (IBA):
IBA is a premier service organisation of the banking industry in India.
Chairman– Matam Venkata Rao
Headquarters– Mumbai, Maharashtra
Established in 1946

Kiren Rijiju took additional charge as Union Minister of Food Processing IndustriesOn 20th March 2024, Union Minister Kiren Rijiju, Ministry of Earth Sciences, was given additional charge of the Ministry of Food Processing Industries (MoFPI) following the resignation of Pashupati Kumar Paras.
About Kiren Rijiju:
i.He is representing Arunachal West Constituency (Arunachal Pradesh) in the current 17th Lok Sabha.
ii.He was the Union Minister of State (Independent Charge) of Youth Affairs and Sports; and Minister of State (MoS) of Minority Affairs, from May 2019 to July 2021.
iii.He was also the Union Minister of Law and Justice from July 2021 to May 2023.
iv.He served as the MoS for Home Affairs from 2014 to 2019
v.He was previously elected to the Lok Sabha in 2004 and 2014.
Pashupati Kumar Paras:
i.Pashupati Kumar Paras of Rashtriya Lok Janshakti Party (RLJP)was elected to the Hajipur Lok Sabha constituency in Bihar in 2019.
ii.He served as the Union Minister of Food Processing Industries from 7th July 2021- 20th March 2024.
iii.He served as a Member of the Bihar Legislative Council from 2017 to 2019.
iv.He represented two terms as a member of the Bihar Legislative Assembly.
Note:
Under Article 75 of the Indian Constitution, the president has the power to appoint ministers on the advice of the Prime Minister.
About Ministry of Food Processing Industries (MoFPI):
Union Minister – Kiren Rijiju (Constituency – Arunachal West, Arunachal Pradesh)
Minister of State (MoS) – Sushri Shobha Karandlaje(Constituency – Udupi Chikmagalur, Karnataka)

Mohammad Mustafa Named as the Prime Minister of Palestinian Authority Palestinian President Mahmoud Abbas has appointed Mohammad Mustafa as the Prime Minister (PM) of the Palestinian Authority (PA), formerly the Palestinian National Authority, officially known as the State of Palestine.

• He succeeds Mohammad Shtayyeh, who resigned from the post in February 2024 due to developments related to the Israeli conflict in Gaza.
• Mustafa has been serving as a senior economic affairs adviser to President Abbas since 2005.

Note: The PA was formed in 1994 as part of the Oslo Accords peace process between Israel and the Palestinian territories.
About Mohammad Mustafa:
i.Mohammad Mustafa has been Chairman of the Board of Directors of the Palestine Investment Fund (PIF) since 2015.
ii.He has previously served as Deputy PM and Minister of National Economy for the State of Palestine from 2013-2014.
iii.He has also held various senior positions at the World Bank in Washington, D.C.,United States of America(USA), for 15 years.
iv.He has also served as the Founding Chief Executive Officer(CEO) of the Palestine Telecoms Company (PalTel).
v.He founded Wataniya Mobile, and Massader for Natural Resources and Infrastructure, as well as investment funds, such as the Rasmala Palestine Equity Fund and the Sharakat Fund for Small and Medium-sized Enterprises(SMEs).
About Palestine:
Palestine has no specific currency form, and it mainly uses three currencies: Israeli shekels (ILS), United States dollars (USD), and Jordanian dinars (JOD).
President– Mahmoud Abbas
Prime Minister– Mohammad Mustafa
Capital – Jerusalem

Prabowo Subianto Elected as New President of Indonesia Indonesian Defence Minister Prabowo Subianto Djojohadikusumo has been elected as the new President of Indonesia through General Election.

• He is scheduled to become the eighth president of Indonesia in October 2024 and will replace Joko Widodo.
• After running for president three times, he was victorious in the February 2024 presidential election with 58.6% of the total vote.

About Prabowo Subianto
i.Prabowo Subianto was born in Jakarta on 17 October 1951.
ii.He is an Indonesian Politician, former Lieutenant General in the Indonesian Armed Forces.
iii.He has been described as a right-wing nationalist (Gerindra Party).
Awards and honors
i.He was awarded the honorary Four-star general rank in February 2024.
ii.Also he won the ‘Darjah Utama Bakti Cemerlang (Tentera)’ Distinguished Service Order (Military), the highest military award of Singapore.
About Indonesia
President  – Joko Widodo (Prabowo Subianto will take over the presidentship  from October 2024)
Capital – Jakarta
Currency –  Indonesian Rupiah

ACQUISITIONS & MERGERS

HDFC Bank closes USD1.15bn Stake Sale in Education Finance Arm HDFC Credila
HDFC Bank sold its stake in HDFC Credila, its education finance arm, for Rs 9553 crore (USD 1.15 billion) to private equity firms BPEA EQT and ChrysCapital. This sale, announced in June 2023, was a regulatory requirement before the merger of Housing Development Finance Corp with HDFC Bank.
About HDFC Bank:
CEO– Sashidhar Jagdishan
Headquarters– Mumbai, Maharashtra
Tagline– We Understand Your World
Establishment– 1994

SCIENCE & TECHNOLOGY

CSIR-NIIST Signs MoU with VSSC to Scale up Advanced Materials for Space Missions
The Council of Scientific & Industrial Research -National Institute for Interdisciplinary Science and Technology (CSIR-NIIST) has signed a memorandum of understanding (MoU) with the Vikram Sarabhai Space Centre (VSSC) to scale up research and delivery of strategically-advanced materials for India’s space programme.

• NIIST Director C. Anandharamakrishnan and VSSC Director S. Unnikrishnan Nair exchanged the MoU in the presence of Indian Space Research Organisation (ISRO) Chairman S. Somanath.
• Under the agreement, the VSSC and the NIIST will work together for the delivery of advanced materials such as engineered alloys, coatings, and functional materials that hold applications in ISRO missions.
• The research areas will be covered under the agreement include near-net shaping and advanced manufacturing, smart coating, hydrogen gas storage, and materials for electronic and magnetic applications.

SPORTS

YES Bank Partners with IOA for Paris Olympics 2024; named Official Banking Partner for Team India
YES BANK partnered with the Indian Olympic Association (IOA) and has been named the Official Banking Partner for Team India for the upcoming Paris Olympics 2024, which is scheduled to take place from 26th July to 11th August 2024 in Paris, France.
The collaboration was announced during an event at YES Bank’s headquarters in Mumbai, Maharashtra.

• As part of the partnership, YES Bank launched the campaign ‘Milkar Jitayengey,’ (“Together We Win”) for the Indian Olympic team, highlighting the shared effort behind every victory.
• The Bank also launched a special savings account ‘YES Glory‘ specially designed for India’s Olympic athletes, which offers exclusive benefits to both the athletes and their immediate families.
• The benefits include complimentary Orthopaedic consultations, etc, and a limited edition ‘YES Glory Debit Card,’ exclusively designed for Indian players.

IMPORTANT DAYS

World Poetry Day 2024 – March 21 The United Nations (UN) World Poetry Day is annually observed across the globe on 21 March to support linguistic diversity through poetic expression across cultures and languages.

• The Day aims to renew the art of poetry and promote the practice of reading, writing, publishing, and teaching poetry.

21 March 2024 marks the 25th Edition of World Poetry Day.

• The 2024 theme of World Poetry Day is, “Standing on the Shoulders of Giants.”

Background:
i.In 1999, the United Nations Educational, Scientific and Cultural Organization (UNESCO) first adopted 21 March as World Poetry Day during its 30th General Conference in Paris, France.

• The adoption was to recognise the unique ability of poetry to capture the creative spirit of human minds, promote cultural diversity, and encourage dialogue and peace.

ii.The 1st ever World Poetry Day was observed on 21 March 2000.
About United Nations Educational, Scientific and Cultural Organisation (UNESCO):
Director-General – Audrey Azoulay
Headquarters– Paris, France
Founded in– 1945
>> Read Full News

World Down Syndrome Day 2024 – March 21 The United Nations (UN)’s World Down Syndrome Day (WDSD) is annually observed across the globe on 21 March to raise public awareness of Down syndrome and advocate for the rights, inclusion, and well-being of people with Down syndrome.

• 21 March 2024 marks the observance of the 13th WDSD.
• The 2024 theme of WDSD is “End The Stereotypes”.

Ribbon: The Blue & Yellow Awareness Ribbon represents Down Syndrome.
Background:
i.The global awareness campaign was first observed in 2006, when the Down Syndrome Association Singapore launched and hosted the WDSD website from 2006-2010, on behalf of DSi (Down Syndrome International).
ii.On 19 December 2011, the UN General Assembly (UNGA) adopted the resolution A/RES/66/149 and proclaimed the 21 March of every year as WDSD.
iii.The 1st ever UN-recognised WDSD was observed on 21 March 2012.
>> Read Full News

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