Current Affairs Today 16th March 2023 Daily GK Update

Daily Current Affairs 16th March 2023 Daily GK Update

Daily current affairs are extremely important for competitive exams because they help candidates stay updated on the latest events and developments in the world. This knowledge is essential for answering questions in the general awareness or current affairs section of the exam, which is often included in many competitive exams such as UPSC, SSC, Bank Exams, etc. Additionally, having a good understanding of current affairs can also help candidates in other sections of the exam, such as reasoning, English, and quantitative aptitude. In short, staying updated on current affairs is crucial for performing well in competitive exams and increasing the chances of success.


National News

2nd Education Working Group meeting of G20 countries begin in Amritsar

  • The Ministry of Education is hosting the second Education Working Group meeting in Amritsar, Punjab.
  • 28 G20 member countries, guest countries, and invited organizations (OECD, UNESCO & UNICEF) will be participating in the three-day event consisting of seminars, exhibition, and working group meetings.
  • A seminar on ‘Strengthening research and promoting innovation through rich collaborations’ will be organized by IIT Ropar in collaboration with IISc Bengaluru, IIM Amritsar and TISS Mumbai at Khalsa College.
  • The first meeting of G20 Education Working Group (G20 EWG) 2023 was held in Chennai on 1st and 2nd February.

G20 in News (Note – All Meetings are Under the Presidency of G20 by India)

  • Bhupender Yadav has inaugurated a two-day G20 Flower Festival in New Delhi
  • Fourth Y20 Consultation Meeting – Pune, Maharashtra (11 March 2023)
  • First Environment & Climate Sustainability Working Group (ESCWG) Meeting – Gandhinagar, Gujarat (27 – 29 March 2023)
  • Civil 20 (C20) Inception Meeting – Nagpur, Maharashtra (20 – 22 March 2023)
  • First Labour 20 (L20) Meeting – Amritsar, Punjab (19 – 20 March 2023)

2nd G20 Sustainable Financial Working Group (SFWG) meeting to be held in Udaipur

  • The Second G20 Sustainable Financial Working Group (SFWG) meeting will be held at Udaipur in Rajasthan from 21 to 23 March 2023.
  • About 150 delegates from the member countries of G20, guest countries, and different international organizations will attend the meeting.
  • The G20 is focused on promoting international economic cooperation and addressing major economic challenges faced by its member nations, including issues related to finance, trade, and global economic growth.

G20 in News (Note – All Meetings are Under the Presidency of G20 by India)

  • Second Business 20 (B20) Meeting – Aizwal, Mizoram (1 – 3 March 2023)
  • G20 Foreign Ministers Meeting – New Delhi (1 – 2 March 2023)
  • G20 Meeting of Anti-Corruption Working Group – Gurugram, Haryana (1 March 2023)
  • Maharaja Sayajirao University to host Youth 20 India Summit
  • First meeting of Finance Ministers and Central Bank Governors (FMCBG) – Bengaluru (24 -25 February 2023)

Anurag Thakur inaugurated 16th meeting of SCO Youth Council

  • The 16th meeting of the Shanghai Cooperation Organisation (SCO) Youth Council was held in hybrid mode in New Delhi under the chairship of India.
  • Youth Affairs and Sports Minister Anurag Singh Thakur inaugurated the meeting of the SCO Youth Council.
  • During the meeting, the SCO Member States shared information on the activities of the SCO Youth Council in 2022-2023.
  • They noted the high level of participation and the interest shown by the youth delegates of the SCO member states in the discussion held during the Conference.
  • They also noted the promising enthusiasm shown by the youth delegates to engage in community development activities for the betterment of the society.

About SCO

  • SCO is a permanent intergovernmental organization which was established in 2001.
  • SCO has eight member States – India, Kazakhstan, China, Kyrgzstan, Pakistan, Russia, Tajikistan and Uzbekistan.
  • India became a full member of SCO on 9th June, 2017.

Recent Inauguration by Anurag Thakur

  • Anurag Thakur inaugurated 16th meeting of SCO Youth Council in New Delhi
  • Anurag Thakur has launched the Yuva Utsava -India@2047 from IIT Ropar in Punjab.
  • Anurag Thakur flagged off Formula E-Championship in Hyderabad.
  • Anurag Singh Thakur launched mascot, theme song for 3rd edition of Khelo India Winter Games

3rd Divya Kala Mela inaugurated at Bhopal in Madhya Pradesh

  • Madhya Pradesh Governor Mangubhai Patel has inaugurated the 3rd Divya Kala Mela at Bhopal.
  • The government is aiming to achieve holistic and all-round development so that the disabled can participate equally in this process.
  • Goods from across the country, including food items, are exhibited at the fair.
  • Organized by the Ministry of Social Justice and Empowerment, this art fair will run till 21 Mar 2023.
  • The four finance corporations under the ministry provide financial assistance to artisans and other beneficiaries.

BIS launched ‘Learning Science via Standards’ initiative for students

  • The national standards body of India, the Bureau of Indian Standards (BIS) has launched ‘Learning Science via Standards’ series for students.
  • The initiative focuses on a series of lesson plans aimed to use scientific concepts, principles, and laws to help students understand their practical applications in manufacturing, functioning, and testing of quality characteristics of different products as stated in the relevant Indian Standards.
  • The subjects for the lesson plans are largely related to products used in day-to-day life and have been chosen based on their relevance to education as part of the course curriculum as well as to industrial applications.
  • This series is in a continuum with an earlier BIS initiative under which ‘Standards Clubs’ are being established in educational institutions.
  • Over 4,200 such Clubs have already been formed with over one lakh student members. To initiate the activities under these Clubs, more than 3400 science teachers have been trained to act as Mentors.

India to host SCO Tourism Ministers’ meet in Varanasi

  • India will host the Shanghai Cooperation Organisation (SCO) Tourism Ministers’ Meeting on 17-18 March in Kashi (Varanasi), which has been designated as the first cultural capital of the SCO.
  • India is the current chair of the Shanghai Cooperation Organisation (SCO).
  • During the Tourism Ministers’ (TMM) meeting, a joint action plan on the development of cooperation in tourism among SCO member countries will be adopted, the Ministry of Tourism said in a statement.
  • During the meeting, the dignitaries will discuss and finalize a joint action plan before it is adopted at the SCO Tourism Ministers’ meeting.
  • The eight-member countries of SCO represent around 42% of the world population and 25% of the global Gross domestic product (GDP).
  • The total Cultural Heritage of the SCO member states, observers and partners include 207 UNESCO World Heritage Sites, as per the Ministry of Tourism.

About SCO

  • SCO is an intergovernmental organization founded in Shanghai on June 15, 2001.
  • The SCO currently comprises eight states – China, India, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan and Uzbekistan, four Observer States interested in acceding to full membership – Afghanistan, Belarus, Iran, and Mongolia as well as six Dialogue Partners – Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka and Turkey.

International News

India world’s largest arms importer: SIPRI Report 2023

  • According to the Stockholm International Peace Research Institute’s (SIPRI) 2023 report, India will become the world’s leading arms importer in 2022.
  • India remained the world’s largest arms importer from 2018 to 2022 followed by Saudi Arabia.
  • According to this report, between the years 2013-17 and 2018-22, India’s arms imports have decreased by 11 percent.
  • Russia was India’s largest arms supplier in the periods between 2013-17 and 2018-22. But Russia’s share of arms imports to India fell from 64 to 45%.
  • While France emerged as the second-largest arms supplier to India followed by the US.
  • The US had the world’s largest military expenditure, accounting for 40%of the global share, followed by Russia (16%), and France (11%).

Banking and Financial

Wholesale inflation falls to two-year low of 3.85% in February

  • Wholesale Price-based Inflation (WPI) has been eased to two years low of 3.85% in February 2023 against 4.73% recorded in January 2023.
  • It will primarily contribute to the fall in the prices of crude petroleum, food products, electronics, chemicals, and electrical equipment.
  • In February, fuel and power rose 14.82 percent as compared to 15.15 percent in January this year and food index stood at 2.76 percent against 2.95 percent in preceding month.
  • Annual retail inflation (CPI) eased to 6.44 percent in February this year, helped by a fall in the price of food items.

Recent WPI-based Wholesale inflation in India

  • October 2022– 8.39%
  • November 2022 – 85%
  • December 2022–95%
  • January 2023 – 4.73%
  • February 2023 – 3.85%

RBI allowed banks from 18 countries to trade in rupee

  • The Reserve Bank of India (RBI) has permitted banks from 18 countries to open Special Vostro Rupee Accounts (SVRAs) to settle payments in rupees.
  • These 18 nations include Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and the United Kingdom.
  • The SVA process began in 2022 when RBI announced, “it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR [Indian rupees.”

About Reserve Bank of India (RBI)

  • Founded – 1 April 1935
  • RBI Nationalized – 1 January 1949
  • Headquarters – Mumbai, Maharashtra
  • RBI set up – Hilton Young Commission
  • 1st Governor – Sir Osborne Smith (Australia)
  • 1st Indian Governor – CD Deshmukh
  • 25th Governor – Shaktikanta Das
  • RBI Deputy Governor (4) – 1. Tavarna Rabi Sankar
  1. Mukesh Kumar Jain
  2. Michael D Patra
  3. M Rajeshwar Rao

Appointment and Resignation

LIC appointed Tablesh Pandey and M Jagannath as new MDs

  • Tablesh Pandey and M. Jagannath have been appointed as the Managing Directors of the Life Insurance Company (LIC).
  • Tablesh Pandey will take over on 1 April 2023, and M. Jagannath started work on 13 March 2023.
  • Raj Kumar and BC Patnaik are the two managing directors that left the company this week. There are currently four managing directors at LIC.
  • Jagannath was working as the Zonal Manager of South Central Zone, Hyderabad, and Tablesh Pandey is an Executive Director at the Central office of LIC in Mumbai.

Recent Appointment in Banking Sector

  • MD & CEO of IndusInd Bank – Sumant Kathpalia (reappointment)
  • Head of Citi Commercial Bank (CCB) – Bhanu Vohra
  • Interim Chairman of LIC – Siddhartha Mohanty (replaced MR Kumar)
  • MD and CEO of Axis Mutual Fund – B Gopkumar
  • MD & CEO of HDFC Bank – Sashidhar Jagdishan (reappointment)

Tim Mayopoulos appointed CEO of Silicon Valley Bank

  • Former CEO of Fannie Mae, Tim Mayopoulos has been selected by the Federal Deposit Insurance Corporation (FDIC) as the CEO of Silicon Valley Bank, a subsidiary of the defunct SVB Financial Group.
  • Prior to joining StartupBlend, Mayopoulos was CEO of mortgage financier Fannie Mae for more than six years.

About Silicon Valley Bank

  • Establishment – 1983
  • Founder – Roger V Smith
  • President – Gregory W. Baker
  • Headquarters – Santa Clara, California (United States)


RBI’s Shaktikanta Das named ‘Governor of the Year’ by Central Banking

  • The Reserve Bank of India Governor, Shaktikanta Das has been awarded the title ‘Governor of the Year’ for 2023 by Central Banking, an international economic research journal.
  • Das was commended by the publication for his unwavering leadership during difficult periods, such as the failure of a significant non-banking company, the COVID-19 pandemic’s initial and second waves, and the inflationary effects caused by Russia’s invasion of Ukraine.
  • This is the second time that an Indian central bank governor has received this award, with Raghuram Rajan being the previous winner in 2015.
  • Das’s leadership at RBI was instrumental in implementing crucial reforms, innovative payment system, and growth-oriented measures during the pandemic.

Recent Awards

  • 32nd Vyas Samman 2022 – Gyan Chaturvedi (For Pagalkhana)
  • Pritzker Prize 2023 – David Chipperfield
  • PEN/Nabokov Lifetime Achievement Award 2023 – Vinod Kumar Shukla
  • BBC Indian Sportswoman of The Year for 2022 – Mirabai Chanu
  • Entrepreneur of the Year 2022 – Sajjan Jindal
  • Marconi Prize 2023 – Hari Balakrishnan


OpenAl launched ‘GPT-4’ with higher accuracy

  • The artificial intelligence research company behind ChatGPT, OpenAI has unveiled its new and more advanced model called GPT-4.
  • The latest version is more creative and accurate in its response and has better problem-solving capabilities than ChatGPT.
  • According to OpenAI, GPT-4 is a “large multimodal model”, which cannot outperform humans in real-world scenarios but can exhibit “human-level performance on various professional and academic benchmarks”.

What’s new in GPT-4?

  • Unlike ChatGPT, GPT-4 can accept both text and images as inputs. It means that the AI system can generate a response to an image or inputs consisting of interspersed images and text.
  • The new feature can be used to get captions for photos while users can also ask the model to describe or recognise a picture for them.
  • The model also accepts documents containing photographs, texts, and diagrams and can give analyses and classifications.
  • GPT-4 can handle up to 25,000 words which enable users to have longer conversations with it and create long-form content.

Important day

March 15 – World Consumer Rights Day

  • World Consumer Rights Day is observed every year on 15 March.
  • Objective – to raise awareness about consumer rights and promote consumer protection.
  • The day is also an opportunity to denounce market injustices and celebrate solidarity within the international consumer movement.
  • Theme 2023 – Empowering Consumers Through Clean Energy Transitions
  • The origins of World Consumer Rights Day dates back to March 15, 1962, when US President John Fitzgerald Kennedy addressed the US Congress on the importance of consumer rights.
  • The first World Consumer Rights Day was observed on March 15, 1983, and since then, organizations like Consumer International have celebrated the occasion by holding events and campaigns to safeguard consumer rights.


Veteran actor Sameer Khakhar passed away

  • Veteran actor Sameer Khakhar, best known for his role in the 1980s classic Nukkad passed away at 71.
  • He rose to fame with his roles in TV shows ‘Nukkad’ and ‘Circus’.
  • He was also featured in ‘Shrimaan Shrimati’, and ‘Adaalat’. He also played vital roles in films, including ‘Hasee Toh Phasee’, ‘Jai Ho’, and ‘Patel Ki Punjabi Shaadi’.
  • He was last seen in the OTT series ‘Farzi’.



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