Current Affairs of 7th September 2023

 

National Affairs

1. IREDA Signs MoU with UBI and BoB to Co-Finance Renewable Energy Projects

The Indian Renewable Energy Development Agency Limited (IREDA) and Union Bank of India (UBI) and Bank of Baroda (BoB) entered into Memorandums of Understanding (MoUs) on September 5, 2023.

With the help of these agreements, IREDA will be able to collaborate with UBI and BoB on loan syndication and co-lending for a wide range of renewable energy projects that utilize both conventional and cutting-edge renewable energy technology.

IREDA is a Mini Ratna (Category-I) Central Public Sector Enterprise (CPSE) under the Ministry of New and Renewable Energy (MNRE)’s administrative control. 

Signatories include:

Bharat Singh Rajput, GM (Technical Services) at IREDA, and Dhirendra Jain, GM (Large Corporate Vertical) at UBI, signed the MoU.

Bharat Singh Rajput, IREDA’s GM (Technical Services), and Dhiren Lalai, BoB’s GM, signed the MoU. 

Key People:

Chairman and Managing Director (CMD) of IREDA, Pradip Kumar Das; UBI’s CEO and managing director, A. Manimekhalai; and BoB CEO Debadatta Chand was in attendance at the event.

Concerning the MoUs:

This was part of IREDA’s plans to help the Indian government reach its goal of generating 50 percent of the country’s electricity by 2030 from energy sources other than fossil fuels.

This partnership aims to broaden IREDA’s reach, particularly in tier-2 and tier-3 cities and rural areas, in order to provide distinctive and novel financial assistance to both existing and new customers.

2. Education Minister Dharmendra Pradhan launches Malaviya Mission by UGC; MoE signs MoU with Adobe to help children learn AI

The Malaviya Mission – Teachers Training Program by the University Grants Commission (UGC) was officially launched by Union Minister Dharmendra Pradhan, Ministry of Education (MoE), on September 5, 2023, which was National Teachers’ Day 2023, at Kaushal Bhawan in New Delhi, Delhi.

He also unveiled the Program’s information brochure and launched the Portal (https://mmc.ugc.ac.in/).

The Ministry of Education also signed a Memorandum of Understanding (MoU) with Adobe, an American multinational software company, to develop creative expression in classrooms and assist children in learning Artificial Intelligence (AI).

Adobe Express is a program that will help students develop their digital creativity and foster new classroom collaboration, communication, and creative skills.

3. Ministry of Tourism in collaboration with UNWTO unveils the G20 Tourism and SDG Dashboard

The G20 (Group of Twenty) Tourism and Sustainable Development Goal (SDG) Dashboard was unveiled on September 5, 2023, by the Ministry of Tourism in conjunction with the United Nations World Tourism Organization (UNWTO).

In a virtual ceremony, Union Minister Gangapuram Kishan Reddy of the Ministry of Tourism unveiled the dashboard.

The G20 Tourism Working Group produced the G20 Tourism and SDGs Dashboard.

Key Points:

The dashboard was developed with the assistance of UNWTO’s expert knowledge partnership under the direction of the India G20 Presidency.

The G20 Tourism and SDG Dashboard is a comprehensive public online platform that collects data from the G20 Tourism Working Group, such as the GOA Roadmap, survey results, case studies, and G30 countries’ best practices.

It provides insights into sustainable tourism and makes it easier for G20 nations to share information and work together.

During India’s G20 presidency, the launch of the G20 Tourism and SDG Dashboard demonstrates the commitment of the global community to achieving the SDGs.

International organizations, Indian States and Union Territories (UTs), G20 Member countries, invited nations, industry stakeholders, and international organizations all participated in the virtual launch.

4. India’s First Solar City Inaugurated in Sanchi of Madhya Pradesh

Shivraj Singh Chouhan, the Chief Minister of Madhya Pradesh (MP), dedicated Sanchi, India’s first Solar City, in the Raisen district of MP. This is in line with PM Narendra Modi’s goal of creating a solar city in each state by 2070.

About the Solar City of Sanchi:

The city’s electrical and agricultural needs are met by the 3 MW and 5 MW solar plants in Nagauri and Gulgaon of Sanchi, respectively.

In addition, a 8 MW grid-connected solar plant is currently being built in Sanchi. The solar city project was managed by Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL), which served as the nodal agency.

The “Urja Saksharta Abhiyan” campaign launched by MPUVNL aimed to inform Sanchi residents about energy efficiency.

Sanchi Sun oriented City will diminish yearly around 13,747 tons of carbon dioxide discharges, which is comparable to having multiple lakh grown-up trees.

The government and the people will save more than 7 crore rupees annually on energy-related expenses as a result of this project.

Electric vehicle (EV) charging stations have been installed throughout the city as part of this project to encourage the use of e-vehicles. on-premises public establishments with rooftop solar systems.

To lessen their reliance on grid power, individual rooftop owners installed rooftop solar systems on their properties.

Note:

By 2030, India intends to generate forty percent of its installed power generation capacity from renewable sources.

Regarding Sanchi:

Sanchi is well-known for its Buddhist stupa, which is listed as a World Heritage Site by the United Nations Educational, Scientific, and Cultural Organization (UNESCO). In the third century BC, Emperor Ashoka constructed the Great Stupa at Sanchi.

International Affairs

1. 2nd Edition of Kathmandu Kalinga Literary Festival Held in Nepal

The second Surya Nepal Kathmandu Kalinga Literary Festival (KLF) was held in Kathmandu, Nepal, from September 1 to 3, 2023. On September 1, 2023, Nepal’s Minister of Foreign Affairs NP Saud presided over the event, which concluded successfully on September 3, 2023, in Lalitpur, Nepal.

The festival’s central theme is Shakti, Bhakti, and the connection between civilizations: Nepal as the Center of Global Thought This festival promotes literary and cultural activities to promote cultural exchange between South Asian countries.

Literature, music, dance, poetry, and other forms of art were displayed by writers and artists from Bangladesh, Sri Lanka, India, Nepal, Bhutan, and Nepal.

Professor Avadhesh Pradhan, actress and writer Divya Dutta, professor Madhav Prasad Pokharel, and actress Manisha Koirala received the “Yashaswi Sahitya Samman” award.

The winners of the first “Yashaswi Book Prize” are:

Bibek Ojha won for his fiction book “Aithan.” Dr. Nawaraj KC won for his non-fiction book “Sanesh.” Dr. Mahendra Malla won for his poetry anthology “Bhasako Bakpatra.” Govinda Giri Prerana won for her biography “Sushree Parijaat.” Anuradha won for her children’s book “Chhamchhako Chhamchhami.” Rima KC won for her

Banking and Finance

1. Bajaj Allianz Life Insurance Launched a New Savings Plan ‘Bajaj Allianz Life ACE

The Bajaj Allianz Life ACE, a nonlinked, participating Individual Life Insurance Savings Plan, was introduced by Bajaj Allianz Life Insurance Company Limited. Customers can customize cash flows more easily with the plan to meet their specific financial requirements. This plan, in contrast to conventional savings products, gives customers the freedom to choose how their income flows.

Minimum and Maximum Ages at Entry: 18 to 55 years old (with Goal Protection Benefit (GPB)) and 0 to 60 years old (without GPB) Maturity Age: 85 years old (with GPB) and 100 years old (without GPB) Premium Payment Frequency: Annually, Half-Annually, Quarterly, and Monthly Products Available.

Income Deferred: The insurer will be paid in arrears; It begins following the Premium Payment Term and Deferment period and is due until the policy term’s end.

Early Earnings: From the end of one month or one year after the policy’s deferment period, cash bonuses will be paid to the insurer.

Getting Richer: The income is due until the end of the policy term and is paid in arrears after the Premium Payment Term and Deferment period.

Wealth: The insurer will receive a single payment at maturity.

Features:

Tailored Earnings: freedom to choose the amount of income that begins, how long it lasts, and even the benefits at the end.

Flexibility in Payment Timing: The policyholder has the option of receiving the money immediately or delaying it for up to five years iii. Flexible Duration of Income: The period of time during which the policyholder receives income can be set by the policyholder (anywhere from 10 to 100 years).

Benefit for Goal Protection (GPB): This option guarantees that the policyholder’s family will still receive the anticipated income even in the event of a calamity.

Women Get More Perks: Women are empowered by the plan, which provides them with increased financial security and the flexibility to pursue their life goals.

2. SBI Announces Introduction of UPI Interoperability on CBDC

State Bank of India (SBI), India’s largest public sector bank, has made its Digital Rupee (eRupee), also known as Central Bank Digital Currency (CBDC), interoperable using the Unified Payments Interface (UPI). This makes it easier for customers to use and more accessible. CBDC users now have the ability to effortlessly scan merchant UPI Quick Response (QR) codes through the “eRupee by SBI” application, making it easier to conduct fast and secure transactions.

Since December 2022, SBI has been actively participating in the retail digital erupee project of the Reserve Bank of India (RBI), making this integration a significant advancement.

This development bridges the gap between CBDC and the widely used UPI platform and is in line with India’s ongoing shift toward a cashless economy.

SBI’s decision to implement UPI interoperability has the potential to revolutionize digital payments in India and pave the way for CBDC integration in the future.

SBI Card, India’s leading credit card issuer, has unveiled the most recent features of its superpremium card, “AURUM,” which is designed for high-net-worth individuals and C-suite executives. AURUM is a credit card that can only be obtained through invitation and is adorned with carefully selected features that are intended to grant cardholders exclusive privileges.

3. Hitachi Payment Services Launched India’s 1st White Lable UPI-ATM with NPCI

In partnership with the National Payments Corporation of India (NPCI), Hitachi Payment Services Private Ltd., a 100% subsidiary of Hitachi Ltd. and a provider of integrated payment solutions, introduced India’s first-ever Unified Payments Interface (UPI)-Automated Teller Machine (ATM) as a White Label ATM (WLA) to provide secure cardless cash withdrawals.

By requiring no physical cards, the UPI-only white label ATM will increase customer security.

The introduction of the “UPI ATM” seamlessly combines UPI’s convenience and security with those of conventional ATMs.

Hitachi Payment is the only WLA operator that currently provides a cash deposit facility.

ATM with White Label (WLA):

WLAs are ATMs that are set up, owned, and operated by non-banks.

The Reserve Bank of India (RBI) has granted non-bank ATM operators permission under the Payment & Settlement Systems Act of 2007.

UPI ATM Hitachi Money Spot:

Customers can enjoy a seamless digital experience thanks to the Hitachi Money Spot UPI ATM’s support for cutting-edge technology.

Any bank customer can take advantage of the ease of Quick Response (QR)-based UPI cash withdrawals with this service, which is available at more than 3,000 ATM locations.

It demonstrates Hitachi Payment Services’ dedication to providing innovative banking services to citizens across India and its technological capabilities.

It is based on the Android Operating System (OS), which gives it a lot of potential for moving away from the old architecture of transaction processing and ATM management and offering solutions that keep up with technology.

Benefits:

The Hitachi Money Spot UPI ATM would provide customers with a streamlined and secure user experience as well as the ease of card-free cash withdrawals.

By increasing card use and making banking services more accessible in India’s remote areas, it will encourage financial inclusion.

4. PNB Launches CBDC-UPI Interoperability Through PNB Digital Rupee App

In its PNB Digital Rupee App, Punjab National Bank (PNB) introduced interoperability between Central Bank Digital Currency (CBDC) and the Unified Payments Interface (UPI).

Even if they do not have a CBDC Wallet, users of the PNB Digital Rupee app can still make purchases on these merchants’ UPI QR codes using their CBDC Wallets.

A payment system’s technical compatibility with other payment systems is known as interoperability.

The CBDC Wallet is a tokenized digital version of the rupee that contains digital rupees (e Rupee) issued by the RBI. The digital rupee functions similarly to sovereign currency and can be exchanged for paper currency 1:1.

The National Payments Corporation of India (NPCI) introduced UPI, a mobile-based payment system, in 2016.

Note:

On their digital rupee application, banks like State Bank of India (SBI), Bank of Baroda, Kotak Mahindra Bank, Yes Bank, HDFC Bank, and IDFC First Bank have implemented UPI interoperability.

Science and Technology

1. Grene Robotics Launched India’s 1st AI Enabled Counter Drone ‘Indrajaal’

“Indrajaal,” India’s first and only counter-drone system that employs Artificial Intelligence (AI) and Machine Learning (ML) to combat drone threats, was launched by Hyderabad’s (Telangana) Grene Robotics in collaboration with Bharat Electronics Limited (BEL). Lieutenant General Gurmit Singh, the Governor of Uttarakhand, attended the unveiling of the drone.

Describe Indrajaal:

GreneOS, an AI-driven platform, powers the Indrajaal drone.

It is the only autonomous wide area, counter-unmanned aircraft system (C-UAS) in the world capable of defending against all autonomous drone classifications and levels.

To target specific objects, it has infrared and laser weapons.

Low radar cross section (RCS) hazards, medium to high-altitude sustained operation (MALE and HALE) unmanned aerial vehicles (UAV), loitering ammunition, and mass drone infiltrations are all addressed by the drone.

Acoustic sensors, active Radio Frequency (RF), passive RF, thermal sensors, and other types of sensors are used in its multi-spectral detection.

Features:

Indrajaal is a modular, networked solution that overcomes the drawbacks of conventional drone systems. All sizes of drones, including autonomous drones, are defeated by Indrajaal. AI is used by the drone to evaluate potential threats and suggest appropriate mitigation measures. Based on the need, the drone uses a combination of 12 proprietary technologies. It can protect against areas up to 4000 square kilometres in all directions.

Protection:

The drone will defend against the growing threat of enemy drones by utilizing the nation’s self-sufficient military capabilities. It shields sensitive areas, critical facilities, government buildings, and military installations from all drone classes.