Current Affairs 23rd May

National Affairs

1. UGC Launches ‘NEP SAARTHI’ to Involve Students in Implementing NEP 2020

To get students involved in the implementation of the National Education Policy (NEP) 2020, the University Grants Commission (UGC) has announced a brand-new initiative dubbed “NEP SAARTHI” (Student Ambassador for Academic Reforms in Transforming Higher Education in India).

 

Objective: To establish a climate where understudies could connect with and

take part to take advantage of the arrangements of NEP 2020.

 

Procedure for Choosing NEP SAARTHIs:

 

The UGC has instructed all vice-chancellors, directors, and principals of higher education institutions (HEIs) to nominate three students from their institutions as NEP SAARTHIs and to provide a brief essay that explains why the nominees should be chosen.

 

From the nominees, the UGC will select 300 NEP SAARTHIs. The selected students will receive orientation and instruction on how to effectively perform their roles in hybrid mode.

 

The deadline for submissions is June 2023. The NEP SAARTHIs will be declared in July

2023.

2. Niramaya Health Insurance Scheme: Vizag launches AP’s first health insurance scheme for special children

The first of its kind initiative in Andhra Pradesh (AP), Visakhapatnam district launched the “Niramaya Health Insurance Scheme” on May 20, 2023, to provide free medical care to Special Children, also known as children with autism, cerebral palsy, mental retardation, and multiple disabilities.

 

The Visakhapatnam Locale Gatherer A. Mallikarjuna sent off the plan at a

program coordinated at the Bhavitha Center at Akkayyapalem, Visakhapatnam.

 

The plan was being worked by the Focal Government through the Public

Trust, under the Service of Civil rights and Strengthening.

 

About Niramaya Medical Coverage Plan:

 

Objective: Special children will be eligible for free medical care under the scheme.

 

So far, the allocation of funds: Rs 1,34,750 has been dispensed to the plan from the

‘Sanjeevani Nidhi’ reserves for instalment of insurance payments to the truly

tested.

 

On January 1 (New Year’s Day), all employees donated money from their personal income to Sanjeevani Nidhi, totalling Rs 15 lakh to date.

 

People with special abilities and the poor would benefit from the fund’s use.

 

With the assistance of “The Ability People Organization,” the district in Visakhapatnam is implementing the program for approximately 1,404 special needs children.

 

Beneficiaries could get up to Rs 1 lakh per year in reimbursement for medical expenses they incurred during the year for treatment under the scheme.

 

Additional details: Additionally, the district intends to contribute Rs 60 lakh to the “Sukanya Samruddhi Yojana” program for girls who have lost a parent and to provide wheelchairs, tricycles, and other aids to physically challenged individuals in the district.

Banking and Finance

1. RBI cancels Certificate of Registration of 7 NBFCS, 14 surrender permits

 

The Hold Bank of India (RBI) in the exercise of abilities given on it under Segment

45-IA (6) of RBI Act, 1934 has dropped the Endorsement of Enlistment (CoR) of

seven Non-Banking Money Organizations (NBFC).

 

With this, the told organizations are banished from executing the matter of a

Non-Banking Monetary Foundation (NBFI), as characterized in provision (a) of Segment 45-I of the RBI Act, 1934.

 

The 14 NBFCs have forfeited the RBI-issued Certificate of Registration (CoR). In light of the authority granted to it by Section 45-IA (6) of the RBI Act of 1934, the RBI has therefore cancelled its CoR.

2. SEBI Introduced Risk disclosure Framework for Trading by Individual Traders in Equity F&O Segment 

On May 19, 2023, the Protections and Trade Leading group of India (SEBI) presented a

risk divulgence system for individual merchants for exchanging the value Fates

& Choices (F&O) section.

 

Objective: to provide traders with comprehensive information about the dangers of derivatives trading and to help investors make better decisions.

 

The risk disclosure framework would take effect on July 1, 2023. Important Points:

 

The framework mandates that all stock brokers post risk disclosures on their websites and provide specific information to their clients.

 

Clients should be prompted to read “risk disclosures” when they log in to their trading accounts, which may appear as a pop-up window, and should only be allowed to proceed after acknowledging the same.

 

The “Risk disclosures” must be prominently displayed, taking up at least 50% of the screen.

 

All Certified Stock Dealers (QSBs) have been coordinated to keep up with the Benefit and

Misfortune (P&L) information of their clients consistently and are coordinated to be held

for something like five years.

 

The “Risk disclosures” are required to be displayed on the websites of stock exchanges and depositories, along with a link to a SEBI study from January 25. Risk disclosures on derivatives:

 

In the financial year 2021-22, nine out of ten individual traders in the equity futures and options segment suffered net losses, with an average loss of Rs 1.1 lakh.

 

In the equity F&O sector, only 11% of individual traders made a profit, with an average profit of Rs 1.5 lakh in FY22.

 

Net trading losses were close to Rs 50,000 on average for losers.

 

Loss takers spent an additional 28% of their net trading losses on transaction costs in addition to the actual losses they suffered.

 

Transaction costs accounted for 15% to 50% of net trading profits for successful traders.

Note – The above structure was given by SEBI in the activity of abilities presented

under Area 11(1) of the SEBI Act, 1992, to safeguard the interests of financial backers in

protections and to advance the improvement of, and direct, the protections market.

3. Paytm Money Launches Bond Investing on its Platform for Retail Investors

Paytm Money Limited, Paytm’s wholly owned subsidiary, has launched India’s most advanced bonds platform for retail investors to make investing in bonds easier and to allow investors to invest in three different types of bonds: corporate, government, and tax-free.

 

Features:

 

The Paytm Money app’s dashboard would contain all information regarding coupon vs. yield, clean price vs. dirty price, coupon frequency, coupon record dates, etc.

 

Being a SEBI’s enrolled representative, Paytm Cash is utilizing the current solid

administrative system to enhance and bring a basic, secure and straightforward bond

item to India.

 

Paytm Money has safety features like limit orders as the default type, prices that are compared across the NSE and BSE, a pre-selected best exchange rate, and credit ratings from multiple rating agencies, with the lowest rating serving as the default rating.

 

An early access waitlist program is currently being implemented for the launch of Bonds on Paytm Money.

 

Bonds in a variety of forms:

 

Bonds are a safe way for investors to diversify their portfolios and earn good returns while also earning a fixed income.

 

Government securities: Investors have a great deal of flexibility when it comes to managing their investments over a variety of time horizons thanks to the availability of Government of India Bonds with maturities ranging from 16 days to 39 years.

These bonds currently yield between 7 and 7.3% annually.

 

Investors have more control over how they manage their investments because these bonds can be sold on the market at any time without incurring a penalty or locking in early.

 

Tax-exempt Bonds: Tax-free bonds issued by Public Sector Undertakings (PSUs) like the National Highways Authority of India (NHAI), Indian Railway Finance Corporation (IRFC), and REC, among others, can be invested in. These bonds have maturities ranging from 5 months to 13 years and yields of up to 5.8% per year.

 

Corporate securities: Corporate bonds like Indiabulls Housing Finance, Edelweiss, and others offer investors the opportunity to diversify their portfolios and earn up to 15% annually, depending on the company’s credit profile and bond maturity.

4. Aditya Birla Capital launches ‘Udyog Plus’: An Innovative One-Stop Business Platform for MSMEs 

Through its lending arm, Aditya Birla Finance, Aditya Birla Capital, the financial services division of the Aditya Birla Group, has announced the launch of “Udyog Plus,” an innovative one-stop business platform for MSME customers.

 

This new Business-to-business (B2B) computerized stage offers answers for MSMEs,

counting supporting, insurance, speculations, warning and worth added administrations for

overseeing and developing their organizations.

 

Through the financing section of the Aditya Birla Capital website, both new and existing Aditya Birla Finance customers can access Udyog Plus, an open market.

 

Note: Aditya Birla Capital Ltd (ABCL), the holding company for the Aditya Birla Group’s financial services businesses, announced in February 2023 that it would work with the National Payments Corporation of India (NPCI) to develop and promote digital payment methods to its customers through subsidiaries.

Science and Technology

1. SpaceX sends Ax-2 Mission to ISS; Crew Includes 1st Saudi Astronauts & 1st Saudi Woman 

On the all-private Axiom Mission 2 (Ax-2) chartered flight to the International Space Station (ISS) on May 21, 2023, the Dragon Capsule spacecraft and a crew of four astronauts—including two Saudi Arabian astronauts—departed Kennedy Space Center in Florida, United States of America (USA).

 

First Flight of Saudi Astronauts to the ISS:

 

The confidential flight conveys two Americans and two Saudi Arabians, including the first

lady to fly in space from the Bedouin country.

 

Rayyanah Barnawi, a member of the crew, became the first Saudi Arabian woman to fly into space. Ali al-Qarni, a Royal Saudi Air Force fighter pilot, flew alongside her.

 

The first Saudi Arabians to ride a rocket since a Saudi prince launched aboard the space shuttle Discovery in 1985 were Ali al-Qarni and Rayyanah Barnawi, who were sponsored by the Saudi Arabian government.

 

Concerning the Ax-2 Mission:

 

The four astronauts will spend a week on the Space Station once they get there.

 

Axiom Space, a privately funded space infrastructure developer based in Houston, Texas, USA, was selected by the National Aeronautics and Space Administration (NASA) to provide the first commercial destination module on the ISS. This is the second private flight to the space station organized by Axiom Space.

 

The 10th human spaceflight by SpaceX is the Ax-2 mission. The organization has flown

seven government-booked team missions and three confidential trips since sending off

space explorers without precedent for May 2020.

 

Note: The principal Private flight Hatchet 1 was sent off on 8 April 2022 from Kennedy Space

Focus in Florida, USA maintained by three money managers, with a resigned NASA space traveler.

 

The crew of astronauts:

 

The 4 space explorers are specifically:

 

Peggy Annette Whitson-resigned NASA space traveller and previous NASA Boss Space traveller;

 

RayyanahBarnawi, who studies stem cells;

 

Ali al-Qarni is a Royal Saudi Air Force fighter pilot;

 

John Shoffner is a former driver and the owner of a sports car racing team in Tennessee, USA, that competes in Europe.

 

Highlights:

 

The Group was driven by Peggy Annette Whitson, who piled up more complete time in

space-665 days and counting than some other lady or American during her experience as

a NASA space explorer and the Hatchet 2’s most memorable female commandant and John Shoffner, served as Hatchet 2’s pilot.

 

Sultan Al Neyadi, an astronaut from the United Arab Emirates who became the first Arab astronaut to successfully complete a lengthy journey to the ISS, will be greeted by the crew at the station in a bizarre coincidence.

 

Note: In March 2023, Sultan Al Neyadi made his first foray into space. On 28 April

2023, Ruler Al Neyadi turned into the principal Bedouin to play out a spacewalk and he is

there on a six-month mission.