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By admin: May 27, 2023

Jayakumar S Pillai appointed as Deputy Managing Director of IDBI Bank

Tags: National News

Jayakumar S Pillai was appointed as the Deputy Managing Director of IDBI Bank.

An Overview of the News

• His appointment was announced by IDBI Bank through an official filing and the appointment was approved by the bank's board of directors.
• The appointment is valid for a period of three years from the date of his assumption of charge.
• The appointment has been authorised by the Reserve Bank of India (RBI).
• As Deputy Managing Director, Jayakumar S. Pillai will be involved in strategic decision making, overall management and operations.

IDBI Bank:

• Ltd. is a development finance institution owned by the Life Insurance Corporation of India and the Government of India.
• It was established in 1964 as the Industrial Development Bank of India with a focus on providing financial services to the industrial sector.
• The bank provides commercial banking, corporate banking, retail banking, treasury operations and investment banking services.
• LIC's ownership in IDBI Bank allows opportunities for collaboration and cross-selling between banking and insurance services.
• IDBI Bank operates under the regulations of regulatory bodies like RBI, SEBI and IRDAI.

Headquarters - Mumbai

About Reserve Bank of India

• RBI was established on April 1, 1935 as per the provisions of the Reserve Bank of India Act, 1934.
• It started functioning from 1 April 1935.
• Sir Osborne Smith was made the first Governor of RBI.
• The central office of the Reserve Bank was established in Kolkata which was permanently shifted to Mumbai in the year 1937.
• It has the power to regulate banks under the Banking Regulation Act 1949.
• It has the power to regulate Non-Banking Financial Company (NBFC) under the RBI Act 1934.
• RBI is also the regulator of digital payment systems under the Payment and Settlement Act 2007.

Headquarters - Mumbai

Governor - Shaktikanta Das

Suman Sharma sworn in as member of UPSC

Tags: Person in news

Suman Sharma, a member of the 1990 batch, took oath as a member of the Union Public Service Commission (UPSC).

An Overview of the News

• UPSC Chairman Dr Manoj Soni administered the oath of office and secrecy.
• Suman Sharma has served as an officer of the Indian Revenue Service (Income Tax) for more than 30 years.
• Suman Sharma has been associated with matters such as International Taxation, Transfer Pricing, Export Promotion Schemes and Power Trading Agreements.

About UPSC

• It is the central recruitment agency in India for Group 'A' officer posts under the Government of India.
• It is established as a constitutional body under Article 315 of the Indian Constitution.
• UPSC conducts competitive examinations for recruitment to various civil services including IAS, IPS and IFS.
• It is responsible for the selection and placement of candidates in the All India Services namely IAS, IPS and IFS.
• UPSC also conducts exams for recruitment to other central services like IRS, IAS, IRTS and others.

Establishment - 1 October 1926

Founder - United Kingdom Government

Headquarters - New Delhi

R Dinesh appointed as CII President for 2023-24

Tags: Person in news

TVS Supply Chain Solutions Executive Vice President R. Dinesh was appointed as the President of the Confederation of Indian Industry (CII) for 2023-24.

An Overview of the News

• Sanjiv Puri, Managing Director of ITC has been named the Chairman and the announcement was made during the CII National Council meeting in New Delhi.
• Rajeev Memani, President, EY India Region, has been appointed as the Vice President of CII.

Confederation of Indian Industry (CII)

• It works towards creating and maintaining a conducive growth environment in India.
• CII collaborates with industry, government and civil society through advisory and consultative processes.
• CII is a non-governmental and non-profit organisation.
• It has around 9,000 members from private and public sectors including SMEs and MNCs.
• It indirectly represents over 300,000 enterprises through affiliation with 286 national and regional industry bodies.

Mumbai-based Maratha Bank merged with Cosmos Bank

Tags: National News

The Reserve Bank of India approved the merger between Maratha Cooperative Bank and Cosmos Cooperative Bank.

An Overview of the News

• The merger is a voluntary scheme of amalgamation and the merger will be effective from May 29, 2023.
• Maratha Sahakari Bank is subject to regulatory directions by RBI with effect from August 31, 2016.
• The merger has been approved under the authority of the Banking Regulation Act, 1949.
• Maratha Sahakari Bank has seven branches in Mumbai and was established in 1946.
• The Reserve Bank of India closely monitored and regulated the operations of the Maratha Cooperative Bank.
• The merger with Cosmos Co-operative Bank is aimed at ensuring the stability and continuity of services of Maratha Sahakari Bank.

About Reserve Bank of India

• RBI was established on April 1, 1935 as per the provisions of the Reserve Bank of India Act, 1934.
• It started functioning from 1 April 1935.
• Sir Osborne Smith was made the first Governor of RBI.
• The central office of the Reserve Bank was established in Kolkata which was permanently shifted to Mumbai in the year 1937.
• It has the power to regulate banks under the Banking Regulation Act 1949.
• It has the power to regulate Non-Banking Financial Company (NBFC) under the RBI Act 1934.
• RBI is also the regulator of digital payment systems under the Payment and Settlement Act 2007.

Headquarters - Mumbai

Governor - Shaktikanta Das

PM Modi chairs the 8th meeting of the NITI Aayog Governing Council

Tags: National News

The eighth meeting of the Governing Council of NITI Aayog was held at the New Convention Center at Pragati Maidan, New Delhi.

An Overview of the News 

• The meeting is focused on the theme of "Growth India @ 2047: Role of Team India".
• Prime Minister Narendra Modi is presiding over the meeting as the Chairman of NITI Aayog.
• Several key topics will be covered at the meeting, including:
• 
  
  • Thrust on MSMEs (Micro, Small, and Medium Enterprises)
  • Infrastructure and Investments
  • Minimising Compliances
  • Women Empowerment
  • Health and Nutrition
  • Skill Development
  • Gati Shakti for area development and social infrastructure.

About NITI Aayog

• NITI Aayog is the premier policy think tank of the Government of India.
• The Government of India formed the NITI Aayog in place of the Planning Commission, which was established in 1950.
• This step has been taken to better meet the needs and aspirations of the people.

Ministry of Micro, Small and Medium Enterprises:

• It is the apex executive body for MSMEs in India.
• It formulates and administers rules, regulations and laws relating to micro, small and medium enterprises.
• It formulates policies to address the challenges faced by MSMEs, including access to finance, technology, market opportunities, skill development and infrastructure support.

World Meteorological Congress approves a global tracker for greenhouse gas emissions

Tags: International News

According to the World Meteorological Organization (WMO), the World Meteorological Congress approved a new greenhouse gas (GHG) monitoring initiative.

An Overview of the News

• The initiative aims to support urgent action in reducing heat-trapping gases that contribute to global temperature rise.
• The newly established Global Greenhouse Gas Watch integrates observational systems, modelling capabilities and data assimilation.
• The initiative addresses critical information gaps in GHG monitoring.
• The unanimous support of the 193 members of the WMO highlights the importance of greenhouse gas monitoring.
• The initiative strengthens the scientific basis for climate change mitigation efforts.

World Meteorological Organization (WMO)

• It was established in 1873 by the International Meteorological Organization.
• Headquarters – Geneva, Switzerland
• On March 23, 1950, the World Meteorological Organization became a specialised organisation of the United Nations.
• This organisation uses the latest information on meteorology, climatology, hydrology and related geophysical research to contribute to the safety and welfare of society.

About Greenhouse Gases

• Greenhouse gas definition: A greenhouse gas absorbs and emits thermal infrared radiation, causing the greenhouse effect.
• Primary Greenhouse Gases: The main greenhouse gases in the Earth's atmosphere are water vapour, carbon dioxide, methane, nitrous oxide, and ozone.
• Water vapour: It is the most abundant greenhouse gas and contributes to the natural greenhouse effect.
• Carbon Dioxide (CO2): Released by human activities such as burning of fossil fuels and deforestation, it is a major cause of global warming.
• Methane (CH4): Produced during coal, oil and gas production as well as livestock farming, it is a potent greenhouse gas.
• Nitrous Oxide (N2O): Emitted from agricultural and industrial activities, it contributes to both global warming and ozone depletion.
• Ozone (O3): While beneficial in the stratosphere, at lower levels, it acts as a greenhouse gas.

Finance Ministry announces launch of Rs 75 special coin

Tags: National News

The Center will launch a new ₹75 coin on May 28 to mark the inauguration of the new Parliament.

An Overview of the News

• The coin is being issued to commemorate the inauguration of the new Parliament House of India.
• The coin will be unveiled by Prime Minister Narendra Modi on May 28 and coincides with the celebration of 75 years of India's independence.
• The obverse of this coin has the Lion Capital of Ashoka Pillar and the words "Satyamev Jayate" below it.
• The coin also bears the inscription "Bharat" in Devanagari script on the left and "India" in English on the right.
• It displays the rupee symbol below the Lion Capital and the denomination value of 75 in International Numerals.
• The obverse of the coin depicts the image of the Parliament Complex and the reverse bears the inscription "Sansad Sankul" in Devanagari script on the upper periphery and "Parliament Complex" in English on the lower periphery.

About Rs. 75 Coin

• Diameter: A coin with a diameter of 44 millimetres and 200 serrations for added aesthetics.
• Weight: Weighing in at 35 grams, a coin that offers a solid and substantial feel.
• Alloy Composition: A four-part alloy composition of 50% silver, 40% copper, 5% nickel, and 5% zinc for durability and value.

Indian Murali Sreeshankar won Gold Medal in International Jumping Meeting

Tags: Sports News

Indian long jumper Murali Sreeshankar won the gold medal at the International Jumping meeting in Greece.

An Overview of the News

• Sreeshankar jumped a season's best of 8.18m.
• National record holder Jeswin Aldrin won the silver medal in the long jumper.
• The International Jumping Meeting is a World Athletics Continental Tour bronze level event.

International Jumping Meeting:

• Since 2011, the International Jumping Meeting has been organised every year in May.
• Participants from 16 different countries compete in the event, which serves as a qualification event organised by SEGAS (Hellenic Athletics Federation) for major competitions held in Europe and around the world.
• In particular, the event attracts famous athletes who have previously won medals at Olympic, World and European competitions.
• The Municipal Stadium of Kallithea serves as the venue for this prestigious event.

Greece:

• It is located in Southeastern Europe.
• The country has many islands in the Aegean and Ionian seas.
• Santorini is known for its distinctive black sand.
• Mykonos is famous for its lively party resorts.
• Capital and largest city - Athens
• Official language - Greek
• President - Katerina Sakellaropoulou
• Prime Minister - Ioannis Sarmas

NTCA forms new committee to oversee Cheetah project

Tags: National News

The National Tiger Conservation Authority (NTCA) set up an 11-member Cheetah Project Steering Committee.

An Overview of the News

• The committee works under the Ministry of Environment, Forest and Climate Change.
• Rajesh Gopal, general secretary of the Global Tiger Forum, has been appointed as the chairman of the committee.
• The decision to form the committee was taken after the death of six cheetahs involved in the translocation project.
• The objective of the committee is to address the challenges and issues related to the Cheetah Translocation Project.
• The committee includes 10 other members with diverse backgrounds and expertise.

Cheetah Project Committee Members:

1. Rajesh Gopal (Chairman): Experienced in wildlife conservation and management.
2. RN Mehrotra: Former Principal Chief Conservator of Forests, Rajasthan.
3. PR Sinha: Former Director of Wildlife Institute of India (WII)
4. HS Negi: Former Additional Principal Chief Conservator of Forests (APCCF)
5. PK Malik: Former faculty member of Wildlife Institute of India (WII)
6. GS Rawat: Former Dean of Wildlife Institute of India (WII)
7. Mittal Patel: Social worker based in Ahmedabad
8. Qamar Qureshi: WII Scientist and Inspector General of National Tiger Conservation Authority (NTCA)
9. Principal Chief Conservator of Forests, Madhya Pradesh
10. Chief Wildlife Warden

National Tiger Conservation Authority (NTCA):

• It was established in December 2005.
• The establishment of NTCA was based on the recommendation made by the Tiger Task Force.
• The primary objective of the NTCA is to reorganise the management of Project Tiger and India's many tiger reserves.
• NTCA plays a key role in formulating policies and guidelines for the conservation of tigers, their habitats and prey species.
• NTCA oversees the management and administration of various tiger reserves located across India.

Mega 'Yoga Festival' in Hyderabad

Tags: National News

On May 27, 2023, Morarji Desai National Institute of Yoga (MDNIY) under the Union Ministry of AYUSH organized a mega 'Yoga Festival' at NCC Parade Ground, Hyderabad.

An Overview of the News:

• Telangana Governor Dr. Tamilisai Soundararajan was the chief guest at the Yoga Festival being organized at NCC Parade Ground, Hyderabad on May 27.
• This event was organized 25 days before the Yoga Festival to be held in Jabalpur, Madhya Pradesh on the occasion of 'International Yoga Day' on June 21, 2023.
• Union Minister for Ports, Shipping and Waterways and AYUSH Sarbananda Sonowal announced the theme of International Day of Yoga this year as 'Yoga for Vasudhaiva Kutumbakam'.
• According to Union Minister Sarbananda Sonowal, on June 21, the ocean will become a ring of yoga when yoga exercises will be carried out on several ports and ships by the Ministry of Defence, Ministry of External Affairs and Ministry of Ports, Shipping and Waterways.
• Yoga will also be done in the region from Arctic to Antarctica, in which countries on or near the Prime Meridian line will also participate in Yoga.
• Many other countries are also likely to join the programme. Yoga practice will also take place in the North and South Pole regions.
• Himadri - Svalbard, the Indian research station in the Arctic and Bharti - the third Indian research station in Antarctica are also expected to join the celebration along with millions of others across the world.

International Day of Yoga (IDY):

• The idea of IDY was proposed by India during the 69th session of the United Nations General Assembly (UNGA) in 2014.
• The UNGA, in December 2014, passed a resolution declaring June 21 as the International Day of Yoga.
• The first 'IDY' was organized in the year 2015 at Rajpath in New Delhi.