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Daily Current Affairs 9th February 2024 Daily GK Update
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National News
Microsoft to train over 2 million people in India in generative AI skills by 2025
- Microsoft has announced an ambitious initiative to equip 2 million people in India with skills in artificial intelligence by 2025.
- Dubbed ADVANTA(I)GE INDIA, the program aims to accelerate India’s AI transformation and empower its workforce for the jobs of the future.
- The goal is to expand AI fluency nationwide for inclusive growth.
- The announcement comes as part of Microsoft’s broader Skills for Jobs initiative, aligned with its responsible AI principles. Training will be delivered through partnerships with government, nonprofits and businesses across India.
- The program has three main components:
- Partnering with the national government and 10 states to train 500,000 students at rural vocational centers in basic and advanced AI skills. This expands an existing collaboration on digital and cybersecurity training.
- Providing in-depth AI training for 100,000 young women through higher education institutions in smaller cities. This involves distributing Microsoft’s AI Trainer Toolkit and industry mentorships.
- Raising AI career awareness for 400,000 students in remote, tribal areas through Microsoft’s TEALS, Farm Beats and AI Guidance for Schools initiatives.
- Additionally, Microsoft will help 250,000 government officers gain generative AI knowledge to deliver next-gen citizen services. It will also convene a summit for 2,500 nonprofits to leverage AI in their work, with LinkedIn.
Divya Kala Mela 2024 inaugurated in Agartala, Tripura
- Divya Kala Mela is being organized from 6th to 11th February 2024 at Children Park, Agartala.
- The Department of Empowerment of Persons with Disabilities (Divyangjan) {DEPWD}, Ministry of Social Justice & Empowerment, through National Divyangjan Finance and Development Corporation regularly organizes Divya Kala Mela.
- The Divya Kala Mela was inaugurated by Shri Ratan Lal Nath, Minister of Power.
About Tripura
- Capital – Agartala
- Chief Minister – Manik Sarkar
- Governor – Indra Sena Reddy Nallu
- Festivals – Neermahal water Festival, Poush Sankranti Fair
- Tribes – Tripura/Tripuri, Riang, Jamatia
Uttarakhand CM launches “Dhami against drugs campaign”
- Uttarakhand Chief Minister Pushkar Singh Dhami has initiated the “Dhami against drugs campaign,” a significant effort led by the Bharatiya Janata Yuva Morcha Metropolitan Dehradun.
- The “Dhami against drugs campaign” is a testament to Uttarakhand’s proactive stance on public health and social well-being.
- The campaign aims to eradicate drug abuse and cultivate a healthier, drug-free society by 2025.
- The state aims to achieve a “Drugs Free Uttarakhand” by 2025.
About Uttarakhand
- Capital – Dehradun (Winter), Gairsain (Summer)
- Chief Minister – Pushkar Singh Dhami
- Governor – Gurmit Singh
International News
India, Türkiye & Qatar Named Guests of Honor at 2024 World Governments Summit in Dubai
- India, Türkiye, and Qatar have been declared the guests of honor at the 2024 World Governments Summit which set to take place in Dubai from February 12-14.
- The summit, themed ‘Shaping Future Governments,’ will see the participation of over 25 government and state heads from around the world.
- The delegations from Türkiye, India, and Qatar will be led by their respective leaders: President Recep Tayyip Erdogan, Prime Minister Narendra Modi, and Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani.
- The guest countries will showcase their successful government experiences and best developmental practices during the summit, which will bring together thought leaders, experts, and representatives of over 85 international and regional organizations with 120 governmental delegations, and 4,000 attendees.
- The event is expected to draw over 4,000 attendees, including representatives from 85 international and regional organizations.
Banking and Financial
HDFC Bank raises $300 million through maiden sustainable finance bond issue
- HDFC Bank has raised $300 million through its first-ever sustainable finance bond issue. The fund raise is part of an overall raise of $750 million through Regulation S Bonds.
- The lender has raised $300 million for three years with a 95 bps spread over US Treasury, and another $450 million for 5 years with a 108 bps spread over US Treasury.
- These are the tightest credit spreads achieved by an Indian issuer for a three-year sustainable bond and five-year senior unsecured bond for a similar size of USD Reg S issuance.
- The proceeds of the sustainable finance bond will be utilized for funding green and social loans, and towards financing general banking activities.
- The funds raised through the sustainable finance bonds will be prioritized for lending towards electric vehicles, SMEs and affordable housing.
- The bonds will be listed on the India International Exchange (India INX) in Gift IFSC. The paper was rated Baa3 (stable) by Moody’s and BBB- (stable) by S&P. The bank had mandated Barclays, BofA Securities, J.P. Morgan, MUFG and Standard Chartered Bank as joint global coordinators and joint lead managers.
SBI partners with Flywire to modernize international education payments for students
- State Bank of India (SBI) has partnered with Flywire Corporation to revolutionize the landscape of international education payments for Indian students.
- This strategic partnership aims to simplify the traditionally complex payment process, offering students a seamless and fully digital experience.
- Integrated directly into SBI’s platform, Flywire’s technology would enable Indian students to complete their international education payments effortlessly in Indian rupees.
- The collaboration will also allow automatic capturing of relevant student information, ensuring accuracy and traceability in transactions. It aligns with the Reserve Bank of India’s Liberalized Remittance Scheme (LRS) guidelines, enhancing transparency and compliance.
Recent MoUs Signed in Banking Sector
- ESAF Small Finance Bank and Edelweiss Tokio Life Insurance Partner to Offer Life Insurance
- IREDA and Indian Overseas Bank ink pact to co-finance renewable energy projects
- Rural Development Ministry signs pact with SBI to facilitate loans for SHGs
- REC Limited and Bank of Baroda join hands to finance Power, Infra, and Logistics Projects
- NABARD and ADB jointly launch climate action initiative in India with Bill and Melinda Gates Foundation
LIC launches new plan “Index Plus” Policy
- Life Insurance Corporation of India has launched the unit-linked, regular premium, individual life insurance plan “Index Plus”
- The plan offers life insurance cover-cum-savings throughout the term of the policy.
- There is an option to partially withdraw the units at any time after the five-year lock-in period subject to conditions.
- LIC Index Plus Plan is the regular premium policy with monthly, quarterly, half-yearly and yearly savings options. The insurance coverage will be seven times only if the age is above 51; and seven times and 10 times if the age is below 51.
- Switching is allowed between two funds four times in a year. Policyholders can partially withdraw money after the fifth year.
Recent Facilities Launched in Banking & Insurance Sector
- HDFC Bank launched 4 SME credit cards “BizFirst, BizGrow, BizPower, and BizBlack” for entrepreneurs, freelancers, and professionals
- SBI Life Insurance launched two products– ‘SBI Life – Saral Swadhan Supreme’ and ‘SBI Life – Smart Swadhan Supreme’.
- LIC launched new saving and annuity plan Jeevan Dhara II.
- Bank of Baroda launched ‘bob-360’ deposit scheme with annual interest rate of 7.60 percent.
- ICICI Bank Canada launched ‘Money2India (Canada)’ Mobile Banking App
RBI repo rate unchanged at 6.5 percent
- The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) has kept repo rates unchanged at 6.5 percent.
- It has also decided to remain focused on the withdrawal of the accommodative stance.
- This is the sixth consecutive unchanged decision.
- RBI keeps the repo rate steady at 6.5% with five out of six members voting in favour of the rate decision Experts were also expecting the repo rate to remain steady at 6.5 percent
- MPC also decided by a majority (5 out of 6 members) to remain focused on the withdrawal of accommodation to ensure the inflation progressively aligns with the target while supporting growth.
- The Reserve Bank of India (RBI) has maintained its inflation projection at 5.4% for 2023–2024.
- CPI inflation is predicted to be 4.5% for the upcoming fiscal year 2024–2025, with Q1 at 5%, Q2 at 4%, Q3 at 4.6%, and Q4 at 4.7%.
- Meanwhile, the RBI has projected the Indian economy to maintain a 7 per cent GDP growth rate in FY25.
- During the last MPC, for the fifth consecutive time, the RBI maintained the repo rate at 6.5 percent. The last adjustment occurred in February 2023, increasing the rate from 6.25 percent.
RBI Current Policy Rate are as-
- Policy Repo Rate – 6.50%
- Standing Deposit Facility (SDF) – 6.25%
- Marginal Standing Facility (MSF) – 6.75%
- Bank Rate – 6.75%
- Reverse Repo Rate – 3.35%
- Cash Reserve Ratio (CRR) – 4.50%
- Statutory Liquidity Ratio (SLR) – 18%
Karnataka Bank launches centenary campaign
- Karnataka Bank has launched its centenary campaign, ‘Bharat Ka Karnataka Bank’.
- Jointly executed by Havas Media India and Havas Worldwide India, the campaign underscores Karnataka Bank’s ability to adapt to the changing times while staying true to its core values.
- The campaign aims to strengthen Karnataka Bank’s brand awareness, fostering a deeper connection with customers while also inviting new patrons to be a part of its storied legacy.
About Karnataka Bank
- Founded- 18 February 1924
- Headquarters– Mangalore, Karnataka
- MD & CEO – Srikrishnan Hari Hara Sarma
- Chairman – P Pradeep Kumar
- Tagline – Your Family Bank Across India
Appointment
Venkatachalam H appointed as MD & CEO of Tata AIA Life
- Private life insurer, Tata AIA Life Insurance has appointed Venkatachalam H as the new Chief Executive Officer (CEO) and Managing Director (MD) of the company.
- The appointment is subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI).
- Venkatachalam will take over from the incumbent, Naveen Tahilyani, who will be moving to another role in the Tata Group and has been elevated as a Non-Executive Director of Tata AIA Life Insurance Company.
- Naveen Tahilyani has been serving as MD & CEO of the life insurance company since 2020.
Recent Appointment in Banking & Insurance Sector
- Consumer lending and mortgages head of Bandhan Bank – Santosh Nair (Shantanu Sengupta)
- Non-executive chairman of AU Small Finance Bank – HR Khan (replace Raj Verma)
- Executive Director of Bank of Baroda – Sanjay Vinayak Mudaliar
- Executive Director of Indian Overseas Bank – Joydeep Dutta Roy
- MD & CEO of DCB Bank – Praveen Achuthan Kutty (replace Murali Natrajan) effect from 29/4/24
Kazakhstan appoints Olzhas Bektenov as new Prime Minister
- Kazakh President Kassym-Jomart Tokayev has appointed Olzhas Bektenov, his chief of staff, as the new prime minister.
- Bektenov (43), previously headed the state anti-corruption agency and assumed the role of presidential administration head in April 2023.
- The swift approval from the ruling Amanat party-dominated parliament underscores the president’s firm grip on power.
About Kazakhstan
- Capital –Astana
- Currency – Kazakhstani tenge
- Prime Minister – Olzhas Bektenov
- President – Kassym-Jomart Tokayev
Newly Appointed Prime Minister & President
- Prime Minister of Yemen – Ahmed Awad bin Mubarak
- President of El Salvador – Nayib Bukele (2nd time)
- Sultan of Malaysia – Ibrahim Iskandar (17th)
- President of Comoros -Azali Assoumani (4th time)
- President of Guatemala – Bernardo Arevalo
- President of Taiwan – William Lai
NPCI appoints Ajay Kumar Choudhary as non-executive chairman of board
- The National Payments Corporation of India (NPCI) has appointed Ajay Kumar Choudhary as non-executive chairman of the Board and independent director for a period of three years starting February 8, 2024.
- Choudhary succeeds Biswamohan Mahapatra who was appointed non-executive chairman in 2018.
- Dilip Asbe is the managing director and chief executive officer of NPCI.
- Venkatraman Srinivasan, Rishikesha Krishnan, D Manjunath, and Padmini Khare Kaicker are independent directors at NPCI, an umbrella organization handling retail payments and settlement systems in India.
- It has retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), Aadhaar Enabled Payment System (AePS), National Electronic Toll Collection (NETC) and Bharat BillPay.
Recent Appointment in Banking & Insurance Sector
- Deputy Governor of RBI – Michael Patra (1 year extension)
- CEO of PhonePe For International Payments Division – Ritesh Pai
- Executive Director of SEBI – G Ram Mohan Rao (for 3 years)
- ‘Class C’ Director on Board of Directors of Federal Reserve Bank of New York – Rajiv Shah
- MD & CEO of National Asset Reconstruction Company (NARCL) – P Santhosh (replace Natarajan Sundar)
- MD & CEO of Kotak Mahindra Bank – Ashok Vaswani (replace Dipak Gupta)
Awards
Stunning Sleepy Polar Bear Image By UK Photographer Wins Top Picture Prize
- A stunning picture of a sleeping polar bear has won the prestigious Wildlife Photographer of the Year People’s Choice Award.
- The portrait titled ‘Ice Bed’ has been clicked by British amateur photographer Nima Sarikhani.
- His photo was crowned as champion following a contest in which a record 75,000 people voted.
- Notably, Mr Sarikhani captured the image after three days of searching for polar bears off the coast of Norway. When his expedition vessel changed course, he finally encountered two polar bears and caught the younger one climbing onto a small iceberg and carving out his bed.
- The image he took shows a male polar bear having a peaceful night’s sleep.
Sports
SCA Stadium Renamed in Honor of Niranjan Shah
- The Saurashtra Cricket Association (SCA) stadium in Rajkot has been re-named as the Niranjan Shah Stadium.
- This change comes as a tribute to the former first-class cricketer and senior cricket administrator, Niranjan Shah, marking his immense contributions to the sport and the region.
- Niranjan Shah’s legacy in cricket extends beyond his playing days; from the mid-1960s to the mid-1970s, he represented Saurashtra in 12 first-class games, laying the groundwork for a lifelong association with cricket.
Books
CDS Anil Chauhan reveals book “Al and National Security”
- CDS Anil Chauhan revealed a book titled ‘Artificial Intelligence and National Security’ at the Defence Literature Festival ‘Kalam and Kavach’ in Pune.
- The festival is hosted by Army Southern Command at the prestigious RSAMI Institute, Pune.
- General Anil Chauhan, the Chief Guest, emphasized the importance of integrating age-old wisdom with modern military tactics.
- CDS Chauhan highlighted the relevance of ancient Indian stratagems like Sun Tzu’s ‘Art of War’ and Kautilya’s ‘Arthashastra’ in modern warfare.
Recent Books
- 9 Incredible Years of Haryana Government: Emergence of a New and Vibrant Haryana – Released by VP Jagdeep Dhankhar
- Ek Samandar, Mere Andar – Sanjeev Joshi
- Pranab My father – Sharmistha Mukherjee
- The Cooking Books – Ramchandra Guha
- Conversations with Aurangzeb – Charu Nivedita (translated by Nandini Krishnan)
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