Daily Current Affairs- September 13, 2023

India To Receive C-295 Military Aircraft From Spain Today | Know All About the Airlifter

• India will receive its first C-295 military aircraft today from Spain as part of a deal for 56 such planes.
• The C-295 is a transport aircraft that can take off and land on short and unpaved runways.
• The aircraft can carry up to nine tonnes of payload or 71 troops and can be refueled in the air.
• The first 16 aircraft will be delivered by Airbus from Spain, while the rest 40 will be manufactured by Tata in India.

Himachal CM requests ‘national disaster’ tag after heavy rains: Who funds disaster relief in India?

• Himachal Pradesh CM requests PM to declare rain disaster as national disaster
• No official category of national disasters, but Centre can provide additional assistance from NDRF
• State governments primarily responsible for relief and rehabilitation, but can seek Central help in case of severe calamities
• Funds for disaster management allocated by Finance Commission, based on factors like past expenditure, risk exposure, hazard and vulnerability of states

How does India Middle East Europe Economic Corridor compare with Belt & Road Initiative?

• IMEC Details: The India Middle East Europe Economic Corridor (IMEC) is a transnational rail and shipping route that spans two continents. It’s expected to stimulate economic development through improved connectivity and economic integration between Asia, the Arabian Gulf, and Europe. The project includes two separate corridors: the east corridor connecting India to the Arabian Gulf and the northern corridor connecting the Arabian Gulf to Europe. It will include railway projects that will provide a reliable and cost-effective cross-border ship-to-rail transit network to supplement existing maritime and road transport routes.
• Objectives of IMEC: The objectives for IMEC include generating economic growth while incentivizing new investments in the region. It aims to connect the two continents (Asia and Europe) with commercial hubs and facilitate the development and export of clean energy. It also aims to support existing trade and manufacturing synergies and strengthen food security and supply chains. The project will also help link energy grids and telecommunication lines through undersea cables to expand access to electricity, Internet, etc.
• Challenges faced by IMEC: One of the main challenges for IMEC is that it’s competing with China’s Belt & Road Initiative (BRI), which is already a decade ahead of IMEC. The BRI has signed cooperation documents with more than 150 countries and over 30 international organizations, galvanizing nearly $1 trillion and creating over 3,000 projects. Even some of the IMEC MoU signatories are also part of BRI, such as Italy, Saudi Arabia, and the UAE. However, it’s important to note that the IMEC policy documents do not talk about the Belt and Road Initiative or China.

Maharashtra Beats Karnataka To Win 5th National Wheelchair Rugby Championship

• Maharashtra wins 5th National Wheelchair Rugby Championship 2023 by defeating Karnataka 31-10 in the final match held in Pune.
• Over 120 athletes from 14 states participated in the event organized by Rugby India, Wheelchair Rugby Federation of India and Mitsubishi Corporation.
• Japan Wheelchair Rugby Federation hosted a workshop to train and coach the athletes before the competition.
• Wheelchair rugby is a sport that promotes inclusion, empowerment and social integration of people with disabilities.

RBI (Classification, Valuation and Operation of Investment Portfolio of Commercial Banks) Directions, 2023

• RBI issues new directions for banks’ investment portfolios: The Reserve Bank of India has issued revised norms for the classification, valuation, and operation of investment portfolios of commercial banks, based on feedback from a discussion paper published in January 2022.
• Three categories of investments: Banks have to classify their investments into three categories: Held to Maturity (HTM), Available for Sale (AFS), and Fair Value through Profit and Loss (FVTPL), based on their objectives and characteristics. HTM securities are carried at cost, AFS securities are fair-valued quarterly, and FVTPL securities are fair-valued and reflected in the profit and loss account.
• Expected benefits and challenges: The new directions are expected to enhance the quality of banks’ financial reporting, improve disclosures, provide a fillip to the corporate bond market, facilitate hedging, and strengthen risk management. However, they also pose challenges such as aligning with global standards, ensuring reliability of valuation, and competing with other investment avenues.

Subroto Cup 2023: Bengaluru Joins Delhi and Gurugram as Host City

• The 62nd edition of the Subroto Cup International Football Tournament, India’s oldest national inter-school football competition, will be held from September 19 to October 23, 2023.
• For the first time, the tournament will include Bengaluru as one of its host cities, along with Delhi and Gurugram.
• The tournament will feature three age categories: Under-17 Junior Boys and Girls, Under-14 Sub-Junior Boys, and Under-12 Sub-Junior Girls.
• The tournament will see participation from 109 teams from 27 states and Union Territories in India, as well as teams from Bangladesh and Nepal.

Simona Halep Receives 4-Year Ban From Tennis For Doping

• Simona Halep banned for four years from professional tennis by the International Tennis Integrity Agency (ITIA) for doping violations.
• Tested positive for Roxadustat at the US Open in 2022, a prohibited substance that enhances oxygen delivery and endurance.
• Provisionally suspended since October 2022, faced repeated delays in hearing, expressed frustration and dissatisfaction on social media.
• Plans to appeal the decision to the Court of Arbitration for Sport (CAS), claims innocence and blames tainted dietary supplements.

“Bharat: The Mother of Democracy” Portal Unveiled at G20 Exhibition

• The Ministry of Culture launched a portal titled “Bharat: The Mother of Democracy” on the eve of the G20 summit.
• The portal showcases India’s 7,000-year history of democracy, from the Sindhu-Saraswati civilization to the present day.
• The portal is available in 16 languages and is curated by the Indira Gandhi National Centre for the Arts (IGNCA).
• The portal is divided into five main sections, each with 22 sub-sections, covering different aspects and eras of India’s democratic journey.

Bank of Baroda Unveils Four New Savings Accounts

• Bank of Baroda (BoB) unveils four new savings accounts catering to diverse needs: BoB LITE (No Minimum Balance), BOB BRO (Zero Balance for Students), My Family My Bank (Family Account), and Baroda NRI.
• BoB also introduces BOB SDP (Systematic Deposit Plan), a recurring deposit scheme that allows customers to build their savings systematically over time.
• BoB offers exclusive benefits and concessions to its debit and credit cardholders during the festive season, partnering with leading brands across various categories.

MP cabinet approves Mob Lynching Victim Compensation Scheme 2023

• MP cabinet approves Mob Lynching Victim Compensation Scheme 2023: The scheme provides financial support to families of mob lynching victims, ranging from Rs 4 lakh to Rs 10 lakh, depending on the severity of the injury or death.
• Scheme covers all instances of mob lynching: The scheme applies to any case of mob violence involving five or more accused individuals, regardless of the motive behind the attack, such as religion, caste, language, etc.
• Scheme responds to recent incidents and Supreme Court’s scrutiny: The scheme aims to address the recent mob attacks in Khandwa region and the Supreme Court’s inquiry about the actions taken by MP and other states to combat lynching.
• Cabinet approves other initiatives: The cabinet also approves housing schemes for homeless families and women, enhanced honorarium for guest faculty, flood relief packages, and expansion of public services in education and healthcare sectors.

India Ranking for Best country in the World by U.S. News & World Report’s

• This news is on India’s ranking in the world by U.S. News & World Report’s 2023 report, which evaluates countries based on various criteria such as culture, power, economy, etc.
• India improved its position from 31st in 2022 to 30th in 2023, with an overall score of 40.8 out of 100, showing its progress and potential in the global arena.
• India performed exceptionally well in the “Movers” category, ranking 5th, which reflects its future growth prospects and resilience in the face of challenges.
• India also ranked high in cultural influence (29th), heritage (10th), and power (12th), highlighting its rich and diverse traditions and its influence and significance on the world stage.

Cashfree Payments Partners with NPCI for ‘AutoPay on QR’

• Cashfree Payments partners with NPCI to launch ‘AutoPay on QR’, a solution that simplifies subscription-based payments via UPI apps.
• Streamlined mandate creation: Users can scan the QR code and approve an e-mandate in two clicks, without downloading an app or registering on a website.
• Integration across marketing channels: Subscription-based businesses can embed their subscription QR codes in various online and offline platforms, such as ads, websites, newspapers, TV, etc.
• Eliminating onboarding hassles: Users can directly activate their subscriptions by scanning the QR code and approving the e-mandate, saving time and effort.
• A boost for merchant-customer relationships: The solution enhances user convenience and satisfaction, while increasing customer acquisition, retention, and ROI for businesses.

NPCI Introduces Innovative Contactless Payment Wearable Ring: ‘OTG Ring’

• NPCI introduces ‘OTG Ring’, a contactless payment wearable ring, in partnership with LivQuik, an Indian fintech startup.
• The ring is designed for NCMC customers and can be used for various open-loop transit programs and services.
• The ring is made in India and represents a breakthrough in contactless payment technology and innovation.
• NPCI also launched a co-creation framework to foster collaboration in the digital payments ecosystem and partners with IHMCL to enable EV charging payments on the NETC FASTag platform

India’s Kiran George Clinches Indonesia Badminton Masters Title

• Kiran George wins Indonesia Masters 2023: The Indian badminton player clinched his second BWF World Tour Super 100 title by defeating Japan’s Koo Takahashi in the final.
• A thrilling final match: Kiran George prevailed over his opponent in two close games, 21-19 and 22-20, in a 56-minute battle.
• A challenging road to victory: Kiran George faced tough opponents in the tournament, including Indonesia’s Tommy Sugiarto in the semi-finals, whom he beat in three games.
• The sole Indian finalist: Kiran George was the only Indian player to reach the final in any category at the Indonesia Masters 2023, showcasing his skills and determination.

Switzerland Ranked No. 1 In The World Best Countries Report 2023

• This news is on the 2023 U.S. News & World Report’s annual Best Countries rankings, which evaluate countries based on various criteria such as culture, power, economy, etc.
• Switzerland clinched the top spot for the second consecutive year and the sixth time overall, followed by Canada and Sweden.
• The United States slipped one spot to the fifth position, while Germany fell five spots to the seventh position.
• India improved its ranking by one position to the 30th spot, with an overall score of 40.8. India performed exceptionally well in the “Movers” category, ranking fifth.
• The rankings are based on a global survey of more than 17,000 respondents, covering 87 countries and 73 attributes.

President Droupadi Murmu Inaugurates First Global Symposium on Farmers’ Rights in New Delhi

• President Droupadi Murmu inaugurates First Global Symposium on Farmers’ Rights in New Delhi, organized by the FAO’s International Treaty Secretariat and hosted by the Union Ministry of Agriculture and Farmers Welfare.
• Farmers’ vital role as crop diversity conservers highlighted by President Murmu, who praised India’s rich agro-biodiversity and farmers’ contributions to plant breeding and food security.
• Collaboration among key institutions such as PPVFR Authority, ICAR, IARI, and NBPGR, who supported the symposium and its objectives.
• Technology and science as protectors of heritage knowledge emphasized by President Murmu, who expressed confidence in their role in preserving and expanding India’s legacy of agricultural excellence.

RBI issues guidelines for responsible lending

• RBI issues guidelines for responsible lending: The Reserve Bank of India (RBI) has issued guidelines for banks, non-banking financial companies (NBFCs) and other regulated entities to address the issues faced by the borrowers and to promote responsible lending conduct among such entities.
• Release of movable/immovable property documents: The guidelines specify that the regulated entities (REs) shall release all the original movable/immovable property documents and remove charges registered with any registry within 30 days after full repayment/settlement of the loan account.
• Compensation for delay or loss of documents: The guidelines also provide that in case of delay or loss of original movable/immovable property documents, the REs shall compensate the borrower at the rate of Rs 5,000/- for each day of delay and also assist the borrower in obtaining duplicate/certified copies of the documents and bear the associated costs.
• Applicability of the guidelines: The guidelines are issued under various sections of the Banking Regulation Act, 1949, the Reserve Bank of India Act, 1934, and the National Housing Bank Act, 19875. They are applicable to all cases where release of original movable/immovable property documents falls due on or after December 1, 2023.

ITI Limited Launches ‘SMAASH’ Laptops and Micro PCs

• ITI Limited, a telecom company and PSU, has developed its own branded laptops and Micro PCs, called ‘SMAASH’, in collaboration with Intel Corporation.
• SMAASH products are designed to meet international quality and performance standards and have won several tenders against global brands.
• SMAASH PCs are compatible with solar solutions and SMAASH laptops have various configurations, including a base model for students.
• ITI Limited is also a total solutions provider in the telecom segment, offering products and services such as encryptors, solar panels, optical fiber cables, etc.
• ITI Limited supports ‘Make in India’ and ‘Atmanirbharta’ initiatives by securing orders from BSNL and manufacturing 4G RAN equipment.