We are here for you to provide the important Recent and Latest Current Affairs 7 September 2023, which have unique updates of Latest Current Affairs 2023 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.
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IREDA Signs MoU with UBI and BoB to Co-Finance Renewable Energy ProjectsOn 5th September 2023, The Indian Renewable Energy Development Agency Limited (IREDA) signed Memorandums of Understanding (MoUs) with Union Bank of India (UBI) and Bank of Baroda (BoB).
- These agreements will enable IREDA to work with UBI and BoB in loan syndication and co-lending for a variety of renewable energy projects involving both established and cutting-edge renewable energy technology.
IREDA is a Mini Ratna (Category- I) Central Public Sector Enterprises (CPSE) under the administrative control of the Ministry of New & Renewable Energy (MNRE)
i.The MoU with UBI was signed by Bharat Singh Rajput, General Manager(GM) (Technical Services) of IREDA and Dhirendra Jain, GM (Large Corporate Vertical) of UBI.
ii.The MoU with BoB was signed by Bharat Singh Rajput, GM (Technical Services) of IREDA and Dhiren Lalai, GM of BoB.
Pradip Kumar Das, Chairman and Managing Director(CMD) of IREDA; A. Manimekhalai, Managing Director & CEO of UBI; and Debadatta Chand, CEO of BoB were present at the event.
About the MoUs:
i.This was part of IREDA’s plans to support the government of India’s target of achieving 50 percent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
ii.This collaboration aims to extend IREDA’s reach, particularly in tier-2 & tier-3 cities and rural areas, to provide unique and innovative financial support to existing and new customers.
About Union Bank of India (UBI):
Managing Director– A. Manimekhalai
Headquarters– Mumbai, Maharashtra
Tagline– Good People to Bank With
Established in – 1919
About Bank of Baroda (BoB):
MD & CEO– Debadatta Chand
Headquarters– Vadodara, Gujarat
Tagline– India’s International Bank
Established – 1908
Education Minister Dharmendra Pradhan launches Malaviya Mission by UGC; MoE signs MoU with Adobe to help children learn AI i.On September 5, 2023, i.e. on the occasion of National Teachers’ Day 2023, Union Minister Dharmendra Pradhan, Ministry of Education (MoE) launched the Malaviya Mission – Teachers Training Programme by the University Grants Commission (UGC) at Kaushal Bhawan, New Delhi, Delhi.
ii.He also inaugurated the Portal of the Programme (https://mmc.ugc.ac.in/) and released its information brochure.
iii.The MoE also inked a Memorandum of Understanding (MoU) with Adobe, an American multinational computer software company to help children learn Artificial Intelligence (AI) by developing creative expression in classrooms using the application Adobe Express.
iv.Adobe Express is an application that will help students develop their creativity in a digital environment and foster new collaboration, communication and creative skills within the classroom.
About Ministry of Education (MoE):
Union Minister– Dharmendra Pradhan (Constituency- Rajya Sabha, Madhya Pradesh)
Ministers of State– Annpurna Devi (Constituency- Kodarma, Jharkhand); Dr. Rajkumar Ranjan Singh (Constituency-, Inner Manipur, Manipur); Dr. Subhas Sarkar (Constituency Bankura, West Bengal)
>> Read Full News
Ministry of Tourism in collaboration with UNWTO unveils the G20 Tourism and SDG DashboardOn September 5, 2023, Ministry of Tourism, in collaboration with the United Nations World Tourism Organization (UNWTO), unveiled the G20 (Group of Twenty) Tourism and SDG (Sustainable Development Goal) Dashboard.
- The dashboard was launched by the Union Minister Gangapuram Kishan Reddy, Ministry of Tourism in a virtual ceremony.
- G20 Tourism and SDGs Dashboard is an outcome of the G20 Tourism Working Group.
i.The dashboard is developed under the leadership of India’s G20 Presidency and with the expert knowledge partnership of UNWTO.
ii.The G20 Tourism and SDG Dashboard is an comprehensive online public platform that gathers information from the G20 Tourism Working Group, including the GOA Roadmap, survey data, case studies, and best practices from G30 Countries.
- It offers insights into sustainable tourism and facilitates knowledge exchange and collaboration among G20 countries.
iii.The G20 Tourism and SDG Dashboard launch signifies a major step toward achieving the SDGs and demonstrates the global community’s commitment during India’s G20 Presidency.
iv.The virtual launch witnessed participation from G20 Member countries, invited countries, international organizations, Indian States & Union Territories (UTs), and industry stakeholders.
About Ministry of Tourism:
Union Minister– G. Kishan Reddy (Constituency- Secunderabad, Telangana)
Ministers of State (MoS)– Ajay Bhatt (Constituency- Nainital-Udhamsingh Nagar, Uttarakhand); Shripad Yesso Naik (Constituency- North Goa, Goa)
India’s First Solar City Inaugurated in Sanchi of Madhya PradeshMadhya Pradesh(MP) Chief Minister(CM) Shivraj Singh Chouhan inaugurated the city of Sanchi in Raisen district in MP as India’s first Solar City.
- This is in line with Prime Minister(PM) Narendra Modi’s vision of developing a solar city in every state by 2070.
About the Sanchi Solar City:
i.The solar plants of 3 MW and 5 MW solar plants in Nagauri and Gulgaon of sanchi respectively cater to the city’s electrical and agricultural needs.
- In addition to this, an 8 MW grid-connected solar plant is under construction within the Sanchi city.
- Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL) acted as the nodal agency of the solar city project.
- MPUVNL campaigned for ‘Urja Saksharta Abhiyan’ to educate the people of Sanchi about energy saving.
ii.Sanchi Solar City will reduce annually about 13,747 tonnes of carbon dioxide emissions, which is equivalent to having more than 2 lakh adult trees.
iii.This project will save more than 7 crore rupees annually in the energy related expenditure of the government and the citizens.
iv.The initiatives made under this project including
- Electric vehicle (EV) charging stations are set up across the city to promote the adoption of e-vehicles.
- Public establishments equipped with rooftop solar systems on their premises.
- Individual rooftop owners established rooftop solar systems on their premises to reduce their dependence on Grid Power.
India has set a target of generating 40% of its total installed power generation capacity from renewable sources by 2030.
i.Sanchi is famous for its Buddhist stupa which is regonised as the United Nations Educational, Scientific and Cultural Organization’s (UNESCO) World Heritage Site.
- The Great Stupa at Sanchi was built by Emperor Ashoka in the 3rd century BC.
Additional info: In October 2022, PM Narendra Modi declared Modhera village in Gujarat as India’s first 24×7 solar-powered village.
About Madhya Pradesh (MP):
Chief Minister (CM)– Shivraj Singh Chouhan
Governor– Mangubhai C. Patel
Dance – Lehangi, Akiri Dance, Gaur
2nd Edition of Kathmandu Kalinga Literary Festival Held in Nepal
The 2nd edition of Surya Nepal Kathmandu Kalinga Literary Festival (KLF) was held from 1st to 3rd September 2023 in Kathmandu, Nepal. The event was inaugurated by Minister for Foreign Affairs NP Saud of Nepal on 1st September 2023 and it was successfully concluded on 3rd September 2023 in Lalitpur, Nepal.
- Central theme of the festival is Shakti, Bhakti, Civilizational connection: Nepal as centre of Global Thought
- This festival is held to exchange South Asian culture through promoting literary and cultural activities.
- Artists and writers from India, Nepal, Bhutan, Bangladesh, and Sri Lanka displayed their work in literature, music, dance, poetry, and other mediums.
i.’Yashaswi Sahitya Samman’ award were given to Professor Avadhesh Pradhan, actress and writer Divya Dutta, Prof Madhav Prasad Pokharel and actress Manisha Koirala.
ii.The inaugural ‘Yashaswi Book Prize‘ recipients:
- Bibek Ojha – For his fiction book ‘Aithan’
- Dr Nawaraj KC – For his non-fiction book ‘Sanesh’
- Dr Mahendra Malla – For the anthology of poems entitled ‘Bhasako Bakpatra’
- Govinda Giri Prerana – for the biography ‘Sushree Parijaat’
- Anuradha – children’s literature book ‘Chhamchhako Chhamchhami’
- Rima KC – translation of ‘Selected Poems by Amrita Preetam’
- Narayan Ghimire – For his food and medicine book ‘Raithane Khanpan Ra Chadparva’
- Lakpa Dendi Sherpa – For autobiography his ‘Himalayan Maverick’
- Sushant Thapa – For his anthology of English poetry, ‘Means of Merit’
BANKING & FINANCE
Bajaj Allianz Life Insurance Launched a New Savings Plan ‘Bajaj Allianz Life ACE’Bajaj Allianz Life Insurance Company Limited introduced Bajaj Allianz Life ACE is a non-linked, participating, Individual Life Insurance Savings Plan. The plan offers more flexibility to customers in designing cash flows according to their individual financial needs.
- In contrast to traditional savings products, this plan provides the customers with the power of choice to design their income flow.
Minimum & MaximumAge at Entry – 18 to 55 years (With Goal Protection Benefit (GPB)) & 0 to 60 years (Without GPB)
Maturity Age – Upto Age 85 years (With GPB) & Upto age 100 years (Without GPB)
Premium Payment Frequency – Yearly, Half yearly, Quarterly and Monthly
i.Deferred Income: Insurer will receive income in arrears; It starts after the Premium Payment Term and Deferment period and is payable till the end of policy term.
ii.Early Income: Insurer will receive income in the form of Cash
bonuses from the end of 1 month/ 1 year after the Deferment period of the Policy.
iii.Increasing Income: The income is paid in arrears after the
end of the Premium Payment Term and Deferment period and is payable till the end of policy term.
iv.Wealth: On maturity, the insurer will receive a lump sum.
i.Tailored Income: Freedom to choose the amount of income when it starts, how long it continues, and can even adjust the final benefits.
ii.Payment Timing Flexibility: The policyholder can opt to receive income right away or can delay it for up to 5 years
iii.Flexible Income Duration: The policyholder can choose the time frame for receiving income (from a minimum of 10 years up to 100 years of age).
iv.Goal Protection Benefit (GPB): This option ensures that even if something unfortunate happens to the policyholder, their family will still receive the planned income.
v.Extra Benefits for Women: The plan offers additional income benefits to women, empowering them with enhanced financial security and flexibility to pursue their life goals.
Bajaj Allianz Life Insurance Company Limited:
Bajaj Allianz Life Insurance Company Limited is a joint venture between Bajaj Finserv Limited and Allianz SE.
Managing Director(MD) and Chief Executive Officer(CEO) – Tarun Chugh
Headquarters – Pune, Maharashtra
Established in – 2001
SBI Announces Introduction of UPI Interoperability on CBDCIndia’s largest public sector bank, State Bank of India (SBI) has introduced Unified Payments Interface (UPI) interoperability for its Digital Rupee(eRupee), also called as Central Bank Digital Currency (CBDC), enhancing accessibility and convenience for customers. Through the ‘eRupee by SBI’ application, CBDC users can now seamlessly scan merchant UPI Quick Response (QR) codes, facilitating swift and secure transactions.
- SBI has been actively participating in the Reserve Bank of India’s (RBI) retail digital e-rupee project since December 2022, making this integration a significant advancement.
- This development aligns with India’s ongoing shift towards a cashless economy, bridging the gap between CBDC and the widely utilized UPI platform.
- SBI’s move to introduce UPI interoperability holds promise for the future of CBDC integration, with potential game-changing implications for digital payments in India.
SBI Card unveils additional features on its super-premium card ‘AURUM’
SBI Card, India’s leading credit card issuer, has unveiled the latest features of its super-premium card ‘AURUM’ for C-suite executives and high-net-worth individuals. AURUM is an exclusive, by-invitation-only credit card adorned with handpicked features designed to provide cardholders with unique privileges.
Note– Aurum” in the context of “SBI Card Aurum” is a Latin word that means “gold.
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
Establishment – 1955
Tagline–The banker to Every Indian
>> Read Full News
Hitachi Payment Services Launched India’s 1st White Label UPI-ATM with NPCI Hitachi Payment Services Private Ltd, a 100% subsidiary of Hitachi Ltd., and an integrated payment solutions provider, launched India’s first-ever Unified Payments Interface (UPI)-Automated Teller Machine (ATM) as a White Label ATM (WLA), in association with the National Payments Corporation of India (NPCI), offering secure cardless cash withdrawals.
- The UPI-only white-label ATM will improve customer security by eliminating the need for physical cards.
- The launch of the ‘UPI ATM’ seamlessly merges the convenience and security of UPI with traditional ATMs.
- At Present, Hitachi payment is the only WLA operator to offer cash deposit facility.
White Label ATM (WLA):
i.ATMs set up, owned and operated by non-banks are called WLAs.
ii.Non-bank ATM operators are authorised under the Payment & Settlement Systems Act, 2007 by the Reserve Bank of India (RBI).
Hitachi Money Spot UPI ATM:
i.The Hitachi Money Spot UPI ATM delivers a seamless digital experience for customers, by supporting advanced and innovative technology.
ii.This service can be accessed at more than 3,000 ATM locations, and this offering empowers any bank customer to experience the convenience of Quick Response (QR)-based UPI cash withdrawals.
iii.It is a testament to Hitachi Payment Services’ technological capabilities and commitment to making innovative banking services accessible to citizens across India.
iv.It is built on Android Operating System (OS) and brings in significant possibilities of transitioning from the legacy architecture of transaction processing and ATM management to offering solutions in line with evolving technology.
i.Customers would benefit from a unified and secure user experience as well as the convenience of card-less cash withdrawals with the Hitachi Money Spot UPI ATM.
ii.It will promote financial inclusion by making banking services more accessible in remote areas of India and card penetration.
About Hitachi Payment Services Private Ltd:
Hitachi Payment Services was founded in 2008 as Prizm Payment Services.
It was acquired by Hitachi in 2014 and renamed as Hitachi Payment Service in 2015.
Managing Director & Chief Executive Officer– Sumil Vikamsey (Cash Business)
Headquarters– Mumbai, Maharashtra
PNB Launches CBDC-UPI Interoperability Through PNB Digital Rupee App
Punjab National Bank(PNB) launched Central Bank Digital Currency(CBDC) and Unified Payments Interface (UPI) interoperability in its PNB Digital Rupee App.
- PNB Digital Rupee app users can use their CBDC Wallets to make purchases on the UPI QR of these merchants even if they don’t have a CBDC Wallet.
- Interoperability is the technical compatibility that allows a payment system to work with other payment systems.
i.The CBDC Wallet has digital rupees(e Rupee) issued by the RBI and is a tokenised digital version of the rupee. The digital rupee functions exactly like a sovereign currency and is interchangeable 1:1 with paper money.
ii.UPI is a mobile-based payment system that was launched by the National Payments Corporation of India (NPCI) in 2016.
Banks including State Bank of India(SBI), Bank of Baroda, Kotak Mahindra Bank, Yes Bank, Axis Bank, HDFC Bank, and IDFC First Bank have introduced UPI interoperability on their digital rupee application.
ECONOMY & BUSINESS
India Post, Bigfoot Retail Solution join hands to Strengthen E-Commerce Export EcosystemOn September 5, 2023, the Department of Posts under the Ministry of Communications has partnered with Bigfoot Retail Solution, which operates as the Shiprocket brand, to boost the e-commerce export by utilizing India Post’s extensive presence and shipping solutions.
- It was signed in the presence of Alok Sharma, Director General Postal Services, Manju Kumar, Chief Postmaster General Delhi and Saahil Goel, CEO, Shiprocket.
i.The agreement enables technical integration between Dak Ghar Niryat Kendras (DNKs) and Shiprocket.
ii.India-based sellers using Shiprocket can generate e-PBE (Postal Bill of Export) and shipping labels directly from the Shiprocket platform.
iii.Exporters can access services like packaging, label printing, pickup, and shipment induction at the nearest DNK in India.
iv.India Post has undertaken various initiatives, including expanding Foreign Post Offices, introducing the Postal Bill of Export, launching competitive international services, and establishing DNKs in India.
About Department of Posts:
Director General Postal Services– Alok Sharma
Headquarters– New Delhi, Delhi
Established – 1854
BEL and IAI Signs MoU to Enhance Short Range Air Defence Systems of India
Bharat Electronics Limited (BEL) and Israel Aerospace Industries Ltd (IAI), Israel’s leading aerospace and defence company, signed a Memorandum of Understanding (MoU) for cooperation in addressing India’s growing needs in the field of Short Range Air Defence Systems.
The MoU was signed by K V Suresh Kumar, Director (Marketing), BEL, and Avi Elisha, Vice President and General Manager, Missile Systems Division, IAI, in the presence of Bhanu Prakash Srivastava, Chairman & Managing Director (CMD), BEL, in Bengaluru, Karnataka.
- The MoU aims at strengthening IAI and BEL’s capabilities and is in line with the ‘Atmanirbhar Bharat’ (Self-reliant India) and ‘Make in India’ policies of the Government of India (GoI).
- This MoU will empower the Indian industry to make significant contributions towards equipping the Indian Armed forces with state-of-the-art short-range air defense systems
- The primary goal of this partnership is to provide the Indian Armed Forces with high-end Air Defense solutions that meet their high-end operational requirements on one hand and ‘Make in India’ requirements on the other.
About Bharat Electronics Limited (BEL):
BEL is a Navratna Public Sector Undertaking (PSU) under the Ministry of Defence, Government of India.
Chairman and Managing Director (CMD)- Bhanu Prakash Srivastava
Headquarters– Bengaluru, Karnataka
Established in– 1954
AWARDS & RECOGNITIONS
Vijayawada Railway Station gets ‘Green Railway Station Certification’ with Highest Platinum RatingThe Vijayawada Railway Station in Andhra Pradesh(AP) has been certified as “Green Railway Station” with the highest rating of Platinum by IGBC (Indian Green Building Council)-Confederation of Indian Industry (CII). The rating was presented under the IGBC Green Railway Stations Rating System.
- This becomes the 2nd railway station under the South Central Railway (SCR) Zone to bag a Platinum rating after Secunderabad railway division(Telangana), which bagged the rating in 2018.
- Earlier in 2019, Vijayawada Railway Station was holding the Gold Standard Rating from IGBC – CII, which is valid for 3 years.
i.In the re-certification process of 2023, Vijayawada station showed improvement in almost all aspects compared to 2019.
ii.This recognition stands as a testament to the relentless efforts and determination of the station’s staff to enhance environmental standards while providing eco-friendly services to passengers.
Green Railway Stations Rating System:
i.CII-IGBC, with the support of the Environment Directorate of Indian Railways, has developed the Green Railway Stations Rating system, aiming to facilitate the adoption of Green Concepts.
ii.This initiative thereby reduces the adverse environmental impacts due to station operation & maintenance and enhances the overall commuter experience.
iii.The rating system helps to address National priorities like water conservation, waste management, energy efficiency, reduced use of fossil fuel, lesser dependency on usage of virgin materials, and health & well-being of station occupants.
iv.The rating system will help the station management to understand their present position with respect to the ‘green performance‘ of the station and the measures that need to be taken to enhance the performance on a continual basis.
The Vijayawada Railway Station was evaluated under six modules: Sustainable station facility; Health hygiene and sanitation; Energy efficiency; Water efficiency; Smart and green initiative; Innovation & development.
Few Features of the IGBC Platinum Certified Vijayawada Railway Station:
i.Health and Hygiene standards: Safe Drinking water, No smoking, Tobacco smoke control, Fresh air ventilation, Solid waste management plan, a Plastic-free environment, Daylighting, etc.
ii.Energy efficient measures: 5 star rating electrical equipments, LED(light-emitting diode) fixtures, BLDC(Brushless Direct Current Motor) fans, day light sensors, energy monitoring, solar water heaters.
iii.Smart and Green Initiatives: Wi-Fi facilities, Smart Card ticketing, Food courts, Pharmacy, Innovative measures like the Centre for Advanced Maintenance Technology (CAMTECH) design coach watering, etc.
Additional info: In June 2023, Vijayawada Station became the 1st station in India to equip platforms with a Building Integrated Photovoltaic (BIPV) solar roof, installing a total capacity of 130 kilowatts ‘peak’ (kWp) of solar power.
About Indian Green Building Council (IGBC):
IGBC is India’s Premier certification body and is the founding member of the World Green Building Council. It is a part of the CII, formed in the year 2001.
Vision of the Council– “To enable a sustainable built environment for all and facilitate India to be one of the global leaders in the sustainable built environment by 2025”
Chairman– Gurmit Singh Arora
Headquarters– Hyderabad, Telangana
SCIENCE & TECHNOLOGY
Grene Robotics Launched India’s 1st AI Enabled Counter Drone ‘Indrajaal’Hyderabad’s(Telangana) Grene Robotics in partnership with Bharat Electronics Limited (BEL) launched ‘Indrajaal’ which is India’s first and the only counter-drone system that uses Artificial Intelligence (AI) and Machine Learning(ML) to counter drone threats.
- The drone was unveiled in the presence of Lieutenant General Gurmit Singh who is the Governor of Uttarakhand.
i.Indrajaal drone works on AI-driven platform GreneOS.
ii.It is the world’s only autonomous wide area, counter-unmanned aircraft system (C-UAS) that can defend against all classifications and all levels of autonomous drones.
- It is equipped with infrared and lasers to attack specific targets.
iii.The drone addresses threats like low radar cross section (RCS) hazards, and medium to high-altitude sustained operation (MALE and HALE) Unmanned aerial vehicles (UAV), along with loitering ammunitions and mass drone infiltrations.
iv.It employs Multi spectral detection with Acoustic sensors, active Radio Frequency (RF), passive RF, thermal sensors, etc.
i.Indrajaal is a networked, modular solution that counters the limitations of traditional drone systems.
ii.Indrajaal counters all sizes of drones including autonomous drones.
iii. The drone employs AI to assess potential threats and recommend appropriate measures for mitigation.
iv.The drone uses the combination of 12 proprietary technologies based on the need.
v.It can offer 360 degree protection against areas upto 4000 sq.kms.
The drone will use the nation’s self-reliant military capabilities and defend against the increasing threat of enemy drones.
- It protects military installations, critical establishments, government buildings and sensitive areas from all drone classes.
In 2021, GreneOS Defence was launched to deliver India’s first unified AC6ISRT platform.
- Two product spin-offs of the DefOS platform Autonomous Manpad Data Link ( AMDL) and Indrajaal Anti drone defence system was launched.
Garuda Aerospace Introduces Drone Training Program To Empower People With Disabilities
Garuda Aerospace Private Limited along with Bharat Drone Association and National Drone Pilot Association launched the Equality Drone Training program, in Chennai, Tamilnadu.
- The 10 days program is specifically designed for persons with disabilities to offer them (free-of-cost) training, education, and skill development.
- The program strengths the Diversity, Equity and Inclusion (DEandI) initiatives of Garuda Aerospace
Agnishwar Jayaprakash is the Founder and Chief Executive Officer(CEO) of Garuda Aerospace Private Limited which was established in 2015.
IITF Asian Table Tennis C’ship 2023: Indian Men’s Team Wins Bronze
The Indian men’s team comprised of Sharath Kamal, Sathiyan Gnanasekaran and Harmeet Desai won the bronze medal in the International Table Tennis Federation (ITTF) Asian Table Tennis Championships 2023.
- IITF Asian Table Tennis Championships 2023 is the 26th edition of the tournament and it was also the qualification tournament for the Paris 2024 Olympics.
- India and South Korea settled for bronze after losing the semifinals against Chinese Taipei and China respectively. In the Asian Championships, two losing semi-finalists are awarded bronze medals.
- This marks their 2nd consecutive medal in the Asian Championship. They previously won the bronze in 2021 Asian Championship in Doha, Qatar.
- China won the gold medal in the men’s team event by defeating the Chinese Taipei in the finals. Chinese Taipei won the silver.
ii.The Indian women’s team of Sutirtha Mukherjee, Archana Girish Kamath and Sreeja Akula secured fifth place in the women’s team event.
- The Chinese Women’s Table Tennis Team won the gold medal by defeating South Korea in the finals of the women’s team event.
iii. India’s Manav Thakkar and Archana Kamath lost to the Kazakhstan pair of Anastassiya Lavrova and Kirill Gerassimenko in the quarter-finals of the mixed doubles event.
APFPS signed MoU with SBI to Promote and Establish 7,500 Micro Food Processing Units in APThe Andhra Pradesh Food Processing Society (APFPS), under the Department of Agriculture & Marketing, Government of Andhra Pradesh (AP), signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) for upgrading and establishing a minimum of 7,500 micro-food processing units in AP.
- This agreement will be executed during the fiscal year 2023-24(FY24) under the Prime Minister Formalisation of Micro Food Processing Enterprises (PMFME) scheme.
- The collaboration aimed at fostering the growth of the food processing industry in Andhra Pradesh.
The MoU was signed between Sridhar Reddy, Chief Executive Officer (CEO), APFPS; and V. Hema, Deputy General Manager, SBI in the presence of Chiranjiv Choudhary, Secretary to Government of AP (Food processing), Industries and Commerce Department.
PMFMPE is a Centrally Sponsored Scheme launched on 29th June 2020 by the Ministry of Food Processing Industries(MoFPI), to promote competitiveness of existing individual micro-enterprises in the unorganized segment of the food processing industry and promote formalization of the sector.
About the Partnership:
i.As part of this MoU, SBI will offer collateral-free loans of up to Rs 10 lakh to eligible beneficiaries, following the guidelines of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) under the Agri Infrastructure Fund (AIF).
- CGTMSE is jointly set up by the Ministry of Micro, Small & Medium Enterprises (MoMSME), the Government of India, and the Small Industries Development Bank of India (SIDBI) to catalyse the flow of institutional credit to MSEs.
ii.Under the PMFME scheme, loans will be available at 9% interest, with an additional 3% interest subvention wherever applicable. There will be a moratorium of 3 months when the food processing units are stabilising.
- SBI has already sanctioned over 500 loans under the PMFME scheme in the previous fiscal (2022-23), emerging as a major lending partner in this attempt.
iii.In addition to collateral-free loans and financial support, SBI will provide necessary working capital loans to ensure the successful operation of the enterprises.
iv.SBI will also support the promotion of food processing in collaboration with Farmer Producer Organisations (FPOs).
Benefits of the agreement:
i.APFPs collaboration with SBI will not only provide a significant boost to micro food processing enterprises in AP but also create jobs and stimulate economic growth in AP.
ii.Streamlined loan processing with minimum documentation and processing time, attractive interest rates, and others.
About Andhra Pradesh Food Processing Society (APFPS):
It was established by the Government of AP under the Andhra Pradesh Societies Act in November 2012 to act as a nodal agency for the development of the Food Processing Sector in AP.
Chairman– Chiranjiv Choudary
CEO– L. Sridhar Reddy
Headquarters– Vijayawada, Andhra Pradesh
Current Affairs Today (AffairsCloud Today)
|Current Affairs 7 September 2023|
|IREDA Signs MoU with UBI and BoB to Co-Finance Renewable Energy Projects|
|Education Minister Dharmendra Pradhan launches Malaviya Mission by UGC; MoE signs MoU with Adobe to help children learn AI|
|Ministry of Tourism in collaboration with UNWTO unveils the G20 Tourism and SDG Dashboard|
|India’s First Solar City Inaugurated in Sanchi of Madhya Pradesh|
|2nd Edition of Kathmandu Kalinga Literary Festival Held in Nepal|
|Bajaj Allianz Life Insurance Launched a New Savings Plan ‘Bajaj Allianz Life ACE’|
|SBI Announces Introduction of UPI Interoperability on CBDC|
|Hitachi Payment Services Launched India’s 1st White Lable UPI-ATM with NPCI|
|PNB Launches CBDC-UPI Interoperability Through PNB Digital Rupee App|
|India Post, Bigfoot Retail Solution join hands to Strengthen E-Commerce Export Ecosystem|
|BEL and IAI Signs MoU to Enhance Short Range Air Defence Systems of India|
|Vijayawada Railway Station gets ‘Green Railway Station Certification’ with Highest Platinum Rating|
|Grene Robotics Launched India’s 1st AI Enabled Counter Drone ‘Indrajaal’|
|IITF Asian Table Tennis C’ship 2023: Indian Men’s Team Wins Bronze|
|APFPS signed MoU with SBI to Promote and Establish 7,500 Micro Food Processing Units in AP|
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