Current Affairs 25 & 26 February 2024

We are here for you to provide the important Recent and Latest Current Affairs 25 & 26 February 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

Union Minister Anurag Thakur Launches 4 Portals to Modernise Media IndustryUnion Minister Anurag Thakur, Ministry of Information and Broadcasting (MIB), launched 4 transformative portals as part of MIB’s digital initiatives, to modernise India’s media industry in New Delhi, Delhi. The 4 portals are,
i.Press Sewa Portal is developed under the Press and Registration of Periodicals Act of 2023 (PRP Act, 2023) by the Press Registrar General of India (PRGI), erstwhile Registrar of Newspapers for India (RNI).
ii.Transparent, Empanelment, Media Planning, and eBilling System(TEMPEST) was introduced for Central Bureau of Communication (CBC), which provides comprehensive 360-degree media and communication solutions to Ministries, Departments, etc.
iii.NaViGate(National Video Gateway) Bharat portal developed by the New Media Wing of MIB.
iv.National Register for Local Cable Operators (LCOs), a web form for collecting information for LCOs for the National Register.
About Ministry of Information and Broadcasting (MIB):
Union Minister– Anurag Singh Thakur (Constituency: Hamirpur, Himachal Pradesh)
Minister of State– L. Murugan (Rajya Sabha – Madhya Pradesh)
>> Read Full News

Microsoft, iCreate & MeitY Jointly Launch iMPEL-AI ProgrammeMicrosoft and the International Centre for Entrepreneurship and Technology (iCreate) have signed a Memorandum of Understanding (MoU) facilitated by the Ministry of Electronics and Information Technology (MeitY) to launch iMPEL-AI (iCreate-Microsoft Programme for Emerging Leaders in Artificial Intelligence (AI)) programme to empower Indian AI startups.
Key People:
The MoU was exchanged between Microsoft and iCreate in the presence of Union Minister of State(MoS) Rajeev Chandrasekhar,MeitY, Jean-Philippe Courtois, Executive Vice President(EVP) and President, National Transformation Partnerships, Microsoft, and Avinash Punekar, chief executive officer (CEO) of iCreate.
About iMPEL-AI:
i.The programme is set to be implemented in two stages, and it will encourage AI innovation and product development among Indian startups by providing access to mentorship and technology infrastructure.
ii.First Stage:The iMPEL-AI programme will screen 1100 AI innovators across India to become AI Most Valuable Players (MVPs).

• The AI innovations will focus on priority themes of Healthcare, Financial Inclusion, Sustainability, Education, Agriculture, and Smart Cities.

iii.Second stage:It will select and scale 100 startups across India to build with Microsoft’s Azure OpenAI which offers coding and language AI models.
iv.The top 25 will receive go-to- market support from Microsoft’s Global Network to develop advanced, globally competitive products.
Skilling in AI:
i.Microsoft and iCreate will also provide AI skilling opportunities to 11,000 innovators, startups, and young Indians from across the country through Microsoft’s Learning Management System.
ii.Participants will receive globally recognised Microsoft certifications, increasing their employability and career advancement.
About iCreate:
iCreate is India’s only non-academic institution dedicated to fostering startups based on tech innovation into successful businesses.
It is supported by the Government of Gujarat and Government of India to facilitate ‘Next Generation Entrepreneurship’.
Chief Executive Officer (CEO)– Avinash Punekar
Founded – 2012
Headquarters– Ahmedabad, Gujarat

Interest Equalization Scheme Extended till June 2024 with an Additional Capital of Rs. 2500 CrThe Reserve Bank of India (RBI) announced that the Interest Equalization Scheme (IES) for Pre and Post-Shipment Rupee Export Credit was extended by the Government of India (GoI) till 30th June 2024 with an additional allocation of Rs. 2500 crores.
Key Points:
The Rate of Interest Equalization:
i.For the Manufacturers and Merchant Exporters exporting under 410 Harmonized System (HS) lines, the interest equalization rate will be at 2%.
ii.For Micro, Small & Medium Enterprises (MSME) manufacturers, exporting under any HS line, the interest equalization rate will be at 3%.
Average interest rate:
i.With effect from the financial year 2023-24 (FY24),  banks charging loans under the scheme at an interest rate exceeding the Repo rate + 4% on average might face restrictions.
ii.Director General of Foreign Trade (DGFT) functioning under the Ministry of Commerce and Industry (MoCI) will identify the banks which violate the above provisions.
Cap on Subvention Amount:
The annual net subvention amount is already limited to Rs.10 Crores per Importer-Exporter Code (IEC) in a given financial year with effect from 01st April 2023.
IES:
i.The IES on pre and Post-shipping rupee Export Credit to eligible exporters started in 2015 for 5 years (up to 2020).

• It has been extended several times including a 1 year extension during COVID-19.
• IES was earlier called an interest subvention scheme.

ii.The scheme is implemented by the RBI through various Public and non-Public Sector banks that provide pre and post-shipment credit to the exporters.
iii.The Scheme is jointly monitored by the DGFT and RBI.
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Headquarters– Mumbai, Maharashtra
Established in– 1935

NGEL Signs Agreement with APIIC to Develop Integrated Green Hydrogen Hub in APNTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Ltd signed a land lease agreement with Andhra Pradesh Industrial Infrastructure Corporation (APIIC) to develop an “Integrated Green Hydrogen Hub” on 1,200 acres of land near Pudimadaka village (Atchutapuram Mandal) in Visakhapatnam, Andhra Pradesh (AP).

• The signing ceremony was held in the AP Secretariat, Amaravati, AP.

Note: NTPC Ltd (Formerly National Thermal Power Corporation Ltd) is a Maharatna Central Public Sector Enterprises (CPSEs) owned by the Ministry of Power, Government of India.
Objective:
The Pudimadaka green hydrogen hub aims to create a cutting-edge ecosystem for technologies in the new energy model.

• Encompassing electrolyser and fuel cell manufacturing, related ancillary industries, incubation, testing facilities, and production and export of green hydrogen and its derivatives (green ammonia, green methanol, etc).

Production Facility:
i.The project includes the construction of India’s largest green hydrogen production facility, capable of producing 1,200 tons per day.
ii.The hub will also enable conversion of green hydrogen to derivatives such as green ammonia and green methanol, primarily targeting export markets.
National Green Hydrogen Mission:
The Ministry of New and Renewable Energy (MNRE) is actively implementing the National Green Hydrogen Mission with the aim to position India as a global hub for the production, usage, and export of green hydrogen and its derivatives.
NTPC’s Green Energy Initiatives:
i.NTPC is India’s largest integrated power utility, with a total installed capacity of 74 gigawatts (GW), providing a quarter of India’s total electricity.
ii.By 2032, it aims to increase its non-fossil fuel capacity to 45-50% including 60 GW of renewable energy with a total portfolio of 130 GW.
About NTPC Limited:
Chairman & Managing Director– Gurdeep Singh
Headquarters– New Delhi, Delhi
Established in– 1975

Union Minister Arjun Munda launched an Initiative to Increase the Awareness of Medicinal Plant 
Union Minister Arjun Munda, Ministry of Tribal Affairs (MoTA) has launched “Joint National Level Project of Health Screening and Management through Ayurvedic Interventions”   to cater to the healthcare requirements of students residing in Eklavya Model Residential Schools (EMRS) across tribal areas in India.

• The initiative was launched in the presence of Union Minister Sarbananda Sonowal, Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH).
• It is a joint initiative of MoTA, Indian Council of Medical Research (ICMR)-National Institute of Research in Tribal Health (NIRTH), Jabalpur (Madhya Pradesh) and Central Council for Research in Ayurvedic Sciences (CCRAS) functioning under the Ministry of AYUSH.
• This project is set to benefit over 20,000 tribal students.
• The initiative aligns with the Memorandum of Understanding (MoU) signed by MoTA & Ministry of Ayush in October 2023.

INTERNATIONAL AFFAIRS

Coast Guards of India, Sri Lanka, & Maldives Conducts the 16th Trilateral Coast Guard Exercise “Dosti 16”The Indian Coast Guard (ICG), the Sri Lankan Navy (SLN), and the Maldives National Defence Force (MNDF) are jointly conducting the 16th edition of the biennial trilateral Coast Guard exercise named ‘Dosti-16’ from February 22–25, 2024 in the Male, Maldives.

• Observers from Bangladesh also joined in the Trilateral Joint Exercise.

Objectives:
i.The exercise aims to enhance military collaboration between the 3 nations and address incidents unfolding at sea.
ii.It ensures the safety and security of Indian Ocean territories and increases maritime security and interoperability by boosting regional synergy.
Participants:
India: ICG Ship (ICGS) Samarth with its integral helicopter; ICGS Abhinav, and ICG Dornier aircraft
Sri Lanka: Sri Lankan Naval Ship (SLNS) Samudra.
Strategic Significance of the Maldives:
i.The Maldives is a key maritime neighbour, and holds strategic importance in the Indian Ocean Region (IOR).
ii.It plays a crucial role in India’s maritime initiatives like ‘SAGAR’ (Security and Growth for All in the Region) and the ‘Neighbourhood First Policy.’
About Dosti Exercise:
i.DOSTI exercise was initiated between the coast guards of Maldives and India in 1991 and included Sri Lanka since 2012.
ii.The 15th edition of the exercise was held in 2021 in Maldives.

ICA’s World Cooperative Monitor 2023: IFFCO tops among Top 300 Cooperatives in world According to the International Cooperative Alliance (ICA)’s 2023 edition of the World Cooperative Monitor (WCM) report, India’s Indian Farmers Fertiliser Cooperative (IFFCO) Limited has topped the Top 300 Cooperatives ranking based on the ratio of turnover over GDP(gross domestic product) per capita under the Agriculture and Food Industries section.

• India’s Gujarat Cooperative Milk Marketing Federation Limited(AMUL) has been ranked 2nd followed by France’s Groupe Crédit Agricole at 3rd. 
• IFFCO has been ranked 72nd in ranking of Top 300 Largest Cooperative and Mutual Organisations based on Turnover. IFFCO was ranked 97th in the 2022 report.

About WCM 2023:
WCM 2023 is the 12th edition of the annual report published by ICA with scientific and technical support from the European Research Institute on Cooperative and Social Enterprises (Euricse).

• The 2023 WCM is prepared based on the data from the fiscal year 2021.

The report provides the ranking of Top 300 largest cooperative and mutual enterprises and the rankings by 7 sector.

• The 7 sectors are: Agriculture and food industries (including fishing); Insurance; Wholesale and retail trade; Financial service; Industry and Utilities; Education, health and social work; and Other services (including housing)

Top 5 Cooperatives by Turnover/GDP per Capita: (Agriculture and Food Industries section )

Top 3 Organisation by Turnover (Agriculture and Food Industries section):

Points to note:
i.The total turnover of the Top 300 cooperatives and mutuals on the report is more than 2 trillion USD, based on 2021 financial data.
ii.The organizations on the list operate in economic sectors like Agriculture (105 enterprises) and Insurance (96 enterprises) leading the list. Wholesale and Retail Trade represent the third biggest economic sector (57 enterprises) in the ranking.
About Indian Farmers Fertiliser Cooperative Limited (IFFCO):
IFFCO is wholly owned by 35,565 cooperative societies of India.
Managing Director (MD) & Chief Executive Officer (CEO) – Udai Shanker Awasthi
Headquarters – New Delhi, Delhi
Established in – 1967

BANKING & FINANCE

RBI allows banks, non-banks to issue PPIs to commuters for Public TransportOn February 23, 2024, the Reserve Bank of India (RBI) amended the Master Direction on Prepaid Payment Instruments (PPI) to permit authorised bank and non-bank PPI issuers to issue PPIs for making payments across various public transport systems.

• This instruction by RBI is issued under Section 18 read with Section 10 (2) of Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

Note: Master Direction on PPIs prescribes the various types of PPIs that can be issued by the banks and non-banks after obtaining necessary approval or authorisation from RBI.
Key Points:
This aims to offer convenience, speed, affordability, and safety of digital modes of payment to commuters using the public transport systems like metro, buses, rail, waterways, tolls, and parking.
PPIs:
PPIs are instruments that facilitate purchase of goods and services, conduct of financial services, enable remittance facilities, etc., against the value stored therein. It can be issued by banks and non-banks.

• The cash loading of PPIs is limited to Rs 50,000/- per month subject to overall limit of the PPI

Types of PPIs:
i.Small PPIs: Issued with minimum details, usable at specific merchant locations, no funds transfer or cash withdrawal. Small PPIs are of two types:

• PPIs upto Rs 10,000/- (with cash loading facility). These PPIs can be converted into full-KYC PPIs within 24 months.
• PPIs upto Rs 10,000/- (with no cash loading facility).

ii.Full-KYC PPIs: Issued after completing Know Your Customer (KYC) of PPI holder, usable for purchase, funds transfer, and cash withdrawal.
Click For Official Information about PPIs
RBI allows Paytm to migrate UPI payment business to other banks
RBI notified that Paytm Payments Bank can transfer its Unified Payments Interface (UPI)-based payments business from Paytm Payments Bank to four to five other banks including Axis Bank.

• Paytm has stopped onboarding new users until it completes the migration of its existing accounts to these banks.
• RBI has directed National Payments Corporation of India (NPCI), the operator of the UPI platform, to examine One 97 Communications’ request to become a third-party application provider (TPAP) for the UPI channel.

Background:
In March 2022, RBI has imposed business restrictions on Paytm Payments Bank, for the benefit of customers, wallet holders and merchants availing services from Paytm.
Following this, Paytm cannot accept further credits into its customer accounts and wallets after March 15, 2024.

CEIB Launched Automated Search Portal for Antecedent Verification of Prospective BorrowersThe Central Economic Intelligence Bureau (CEIB) in collaboration with the State Bank of India (SBI) launched an Automated Search Portal dedicated for antecedent verification of potential borrowers and Non-Performing Assets (NPAs), to help Public Sector Banks (PSBs).

• The portal was launched by Amit Mohan Govil, Director General of CEIB; and Dinesh Khara, Chairman of SBI, during a meeting with all PSBs in Mumbai, Maharashtra.

Note: CEIB is the nodal agency on economic intelligence established for coordinating and strengthening the economic intelligence and enforcement activities under the Ministry of Finance.
Points to note:
i.CEIB and SBI, have jointly developed a digital platform to assist PSBs in obtaining mandatory intelligence clearance process for PSBs promptly, which will ensure timely disbursement of funds.
ii.It also ensures that PSBs receive timely antecedent verification reports, expediting due diligence processes and mitigating risks associated with fraudulent activities.
Risk Assessment and Mitigation:
i.The antecedent verification reports provide robust safeguards in risk assessment and mitigation.
ii.Before generating any such report, CEIB performs a data check of economic offenders.
iii.Entities classified as NPAs face scrutiny, enhancing risk mitigation efforts.
Antecedent Verification Report:
i.This report, essential for high-value loan approvals, undergoes a thorough data check of economic offenders.
ii.It utilises a comprehensive economic offenses database maintained by CEIB.
Mandate for Large Value Bank Frauds:
The guidelines for timely detection, reporting, and investigation of large-value bank frauds (May 13, 2015, and November 6, 2019) issued by the Department of Financial Services mandated all PSBs to obtain a report from CEIB before approving loans exceeding Rs. 50 crore for new borrowers or in the case of existing borrowers’ accounts turning into NPAs.
Key Points:
i.In August 2022, at the request of the Indian Banks’ Association (IBA), CEIB devised a uniform format for obtaining reports.
ii.It also advised all PSBs to appoint nodal officers as a designated Single Point of Contact (SPOC) to communicate with banks.
Submission Process:
PSBs will now submit intelligence clearance requests to CEIB through dedicated emails in a specified format, eliminating the previous manual processing delays.

Akshayakalpa signs MoU with BII, Samunnati to Finance 1,500 Small Dairy Farmers in Karnataka, TN &Telangana
Tiptur (Karnataka)-based Akshayakalpa Farms And Foods Pvt. Ltd. signed a Memorandum of Understanding with British International Investment (BII), and Samunnati Financial Intermediation and Services Private Limited to finance up to 1,500 smallholder dairy farmers in Karnataka, Tamil Nadu(TN) and Telangana.

• This commitment is made through BII’s GBP 200-million Climate Innovation Facility which finances climate-related projects in developing countries.
• The MoU aims to increase milk production per cow and increase crop productivity per acre while obtaining organic certification.

Note: BII is a development finance institution of the United Kingdom(UK) government.
Samunnati Financial is a Chennai(TN) based Agri value chain solutions provider.
Akshayakalpa is the India’s first certified organic dairy company.

ECONOMY & BUSINESS

Uber Partners with ONDC to Expand Mobility Offerings in the Uber Mobile App
Mumbai (Maharashtra) based Uber India Systems Private Limited (Uber) has signed a Memorandum of Understanding (MoU) with Open Network for Digital Commerce (ONDC) to explore an integration with the network to expand the range of mobility offerings on the Uber mobile application.

• The MoU aims to provide safe, affordable and reliable rides to all Indians.
• The MoU was signed in an event held in Bengaluru (Karnataka), which was attended by Dara Khosrowshahi, Global Chief executive officer (CEO) of Uber and Nandan Nilekani, Chairman of Infosys Technologies Private Limited.

Note: 
i.ONDC is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry (MoCI)
ii.Uber India Systems Private Limited is a subsidiary of California, the United States of America (USA) based Uber Technologies, Inc.

ACQUISITIONS & MERGERS

CCI Approves Acquisition of up to 8.79% of share capital of Pricol by Minda
The Competition Commission of India (CCI) has approved the acquisition of up to ~8.79% of equity share capital of Coimbatore (Tamil Nadu) based Pricol Limited(Pricol) by Noida (Uttar Pradesh) based Minda Corporation Limited(Minda).

• Minda manufactures auto-component parts and caters to Original Equipment Manufacturers (OEMs) and Tier-1 (a company that is a direct supplier for an OEM) in various segments across India.
• Pricol manufactures automobile components for OEMs, Tier-1 and replacement markets across the globe (including India).

OBITUARY

Former Maharashtra CM & Ex-Lok Sabha Speaker Manohar Joshi Passed AwayManohar Joshi, a former Chief Minister (CM) of Maharashtra & former Speaker of Lok Sabha, passed away at the age of 86 in Mumbai, Maharashtra. He was born on 2 December 1937 in Nandavi in Raigad, Maharashtra.

• He was a senior leader of the Shiv Sena, a Marathi regionalist, and nationalist political party

About Manohar Joshi:
i.He entered into politics in 1967 and was associated with the Shiv Sena for over 4 decades.
ii.He served as Mayor of the Municipal Corporation of Mumbai from 1976-77.
iii.He was first elected to the Maharashtra Legislative Council in 1972 and served 3 terms till 1989.
iv.In 1990 he was elected to the Maharashtra Legislative Assembly and served as the Leader of the Opposition from 1990-91.
v.He served as CM of Maharashtra from 1995 to 1999. He was the first leader from the undivided Shiv Sena to occupy the CM post in Maharashtra.
vi.He was elected as the Member of Parliament(MP) (Lok Sabha) in 1999. He served as Union Cabinet Minister, Heavy Industries and Public Enterprises from 1999 to 2002.
vii.He was elected unanimously as the Speaker of Lok Sabha in 2002 and held the post till 2004.
viii.He served as MP (Rajya Sabha – Maharashtra) from 2006 to 2012.

IMPORTANT DAYS

Central Excise Day 2024- February 24 The Central Excise Day is annually observed across India on 24 February to recognise and highlight the contributions of the Central Board of Indirect Taxes and Customs (CBIC), which is responsible for administering indirect taxes in India.

• The day also commemorates the anniversary of the enactment of the Central Excise and Salt Act, 1944 on 24 February 1944.

Objective: To encourage the employees of the excise department to effectively perform their duties throughout India with an aim to prevent corruption in the goods manufacturing business.
About Central Board of Indirect Taxes & Customs (CBIC):
It is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise and Central Goods and Service Tax (GST) Commissionerates, and the Central Revenues Control Laboratory.
Chairman– Sanjay Kumar Agarwal
Headquarters– New Delhi, Delhi
Motto– “Desh Sevarth Kar Sanchay” Tax collection in Service of the Nation
>> Read Full News

STATE NEWS

Odisha Finance Minister Presents Rs 2.55 Lakh Crore Budget for 2024-25i.The Finance Minister of Odisha Bikram Keshari Arukha presented a growth-oriented Annual Budget (Vote-on-Account) for the Financial Year 2024‐25 (FY25) in the Legislative Assembly, with an outlay Rs 2,55,000 crore, a 11% increase from Annual Budget, FY24. No new schemes were introduced.
ii.An interim budget of Rs 1.18 lakh crore was also presented for the first four months of FY25.
iii.The highest resource allocation of Rs 33,865 crore has been proposed for the school and mass education department.
iv.The allocation towards Programme Budget is Rs 58,575 crore for identified Schemes.
Allocation of Rs 10,718 crore to transform Urban Odisha.
About Odisha:
Chief Minister– Naveen Patnaik
Governor– Raghubar Das
Wildlife Sanctuaries– Gahirmatha sanctuary, Chilka Lake Bird Sanctuary
Airports– Biju Patnaik International Airport, Jharsuguda Airport
>> Read Full News

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