Daily Current Affairs Capsules 10th February 2024

1. RBI Permits Indian Banks in GIFT-IFSC for Bullion Exchange Trading and Special Category Client Status

In the news:

• Allowed:
  • Indian Banks branches in GIFT (Gujarat International Finance Tec-City)-IFSC to act as a Trading Member or Trading and Clearing Member of International Bullion Exchange IFSC Ltd.
  • Authorized to import gold or silver to act as Special Category Client (SCC) International Bullion Exchange.
  • Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins.
  • Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins.
• Applies: All Scheduled Commercial Banks other than Regional Rural Banks.
• The Trading Member or Trading and Clearing Member shall execute trades only on behalf of clients without proprietary trading.
• Special Category Client (SCC) shall execute only buy trades on behalf of clients.
• The SCCs will appoint one of the IFSC Banking Units (IBUs) to act as clearing member on their behalf.
• For Trading Member (TM) or Trading and Clearing Member (TCM) activities, the parent bank shall seek a No Objection Certificate (NOC) from the Reserve Bank prior to its branch/subsidiary/joint venture in GIFT IFSC seeking TM/TCM status on International Bullion Exchange IFSC.
• Banks authorized to import gold/silver can undertake the activities of an SCC by sending prior intimation to the Department of Regulation.

2. Reliance Home Finance surrenders certificate of registration to the NHB

In the news:

• Reliance Home Finance has surrendered its certificate of registration to the National Housing Bank (NHB).
• Reliance Home Finance was an arm of Anil Ambani’s Reliance Capital.
• In November 2021, the RBI superseded the board of Reliance Capital because of payment defaults and serious governance issues.
• It had initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code.
• The resolution plan of Reliance Capital is yet to receive the National Company Law Tribunal’s approval.

3. Punjab & Sind Bank, WDRA agreement to offer low-interest loans for farmers

In the news:

• The Warehousing Development Regulatory Authority (WDRA) and Punjab & Sind Bank (PSB) have signed an MoU to support farmers and traders with low-interest rate loans.
• Primary objective: To raise awareness about funding against electronic Negotiable Warehouse Receipts (e-NWRs).
• The NWR system enables farmers to store the produce safely and scientifically at warehouses near their farms.
• Allows farmers to receive loans from banks using the issued NWRs against their deposited stock.
• The e-NWR is a digital receipt that is issued by the regulatory body, WRDA.
• The eNWR can be used by farmers to finance and trade in settlements without physically exchanging goods.

4.  RBI to Introduce Offline Capability for E-Rupee Transactions

In the news:

• The Reserve Bank of India (RBI) introduced the offline functionality for e-rupee transactions to facilitate payments in areas with poor or limited internet connectivity.
• Aim: To enhance accessibility and usability of the Central bank digital currency (CBDC) pilot project
• Offline Transactions: It is added to CBDC-R (Retail) for transactions in areas with poor internet connectivity.
• Introduction of programmability-based use cases to expand transaction capabilities.
• Streamlining the onboarding process for AePS touch point operators to enhance security.
• Move towards advanced authentication methods beyond SMS-based authentication for digital payment transactions.

5. One97 Communication forms advisory panel headed by former SEBI chairman M Damodaran

In the news:

• The owner of fintech firm Paytm, One 97 Communications Limited, formed an advisory committee chaired by former Securities and Exchange Board of India (SEBI) chairman M Damodaran.
• The committee will work closely with the Board of Directors to further strengthen compliance and regulatory matters.
• The three-member committee includes former president of the Institute of Chartered Accountants of India (ICAI) MM Chitale and former chairman and MD of Andhra Bank R Ramachandran.
• The RBI on January 31 issued an order directing Paytm Payments Bank to stop onboarding new customers with immediate effect.

6. Non-executive directors’ remuneration cap increased to Rs 30 lakh

In the news:

• News: Increase the remuneration cap of non-executive directors (NEDs) in private sector banks, wholly-owned subsidiaries of foreign banks.
• Excluding: Chairperson
• Remuneration Cap: Rs 30 lakh per annum (Earlier: Rs 20 lakh)
• Aim: To attract qualified, competent individuals to their Boards

7. 11th Edition of World Governments Summit to begin in Dubai

In the news:

• The 11th edition of the World Governments Summit is to be started in Dubai on 12th February 2024 and will continue till 14th February 2024.
• 2024 theme: Shaping Future Governments
• Guests of honor: India, Türkiye, and Qatar
• Prime Minister of India, Narendra Modi will address the summit on February 14th, 2024.
• World Governments Summit:
• It is a global forum held annually in Dubai.
• It brings together leaders in government, business, technology, and civil society.
• Agenda of the summit: To discuss the issues faced by humanity and to shape the future of governments worldwide.

8. Agriculture minister launches Sarathi portal for insurance products

In the news:

• Union Agriculture and Farmers Welfare Minister Arjun Munda introduced several key initiatives under Prime Minister Fasal Bima Yojana (PMFBY).
• Aim: To benefit insured farmers and mitigate their risks
• Initiatives:
  • Krishi Rakshak Portal and Helpline
  • SARTHI Initiative
  • Learning Management System (LMS)
• Krishi Rakshak Portal and Helpline:
  • It is a grievance redressal mechanism, that includes a digital portal and a call center.
  • It also enables farmers to lodge grievances, concerns, and queries easily.
• SARTHI Initiative:
  • Sandbox for Agricultural and Rural Security, Technology, and Insurance.
  • It offers various insurance products, including health, life, property, agriculture tools, motor assets, and disaster risks.
• Learning Management System (LMS):
  • It is designed to transform training and knowledge-sharing for stakeholders and targets effective implementation of key agricultural schemes nationwide.

9. President to Inaugurate National Tribal Festival, Aadi Mahotsav 2024 in New Delhi

In The news:

• Event Name: National Tribal Festival, Aadi Mahotsav 2024
• Location: Major Dhyan Chand National Stadium, New Delhi
• Inaugurated by: President of India, Droupadi Murmu
• Organized by: TRIFED under the aegis of the Ministry of Tribal Affairs
• Date: 10th – 18th February 2024
• Agenda: To display Tribal art, handicrafts, natural produce, and delectable tribal cuisine

10. AIIMS launches iOncology.ai for early cancer detection

In the news:

• AIIMS, New Delhi, and the Centre for Development of Advanced Computing (CDAC), Pune, the groundbreaking AI platform iOncology.ai has been unveiled.
• Focus: On the early detection of cancer, particularly targeting breast and ovarian cancers, which are prevalent among women in India
• A Lancet study predicts a 57.5% increase in cancer cases in India by 2040, reaching 2.08 million.
• In 2022, over 8 lakh deaths in India were attributed to cancer, mainly due to late detection, resulting in a mere 20% survival rate.
• iOncology.ai is developed in collaboration with CDAC and the Ministry of Electronics & Information Technology.
• It is utilizes AI to reduce false negatives in manual cancer diagnosis.

11. Bharat Ratna 2024 for PV Narasimha Rao, MS Swaminathan, Chaudhary Charan Singh     

In the news:

• Bharat Ratna 2024: V Narasimha Rao, MS Swaminathan, Chaudhary Charan Singh, Karpoori Thakur, and L K Advani
• Total Number of Bharat Ratna: 53
• Pamulaparti Venkata Narasimha Rao (PV Narasimha Rao) was a veteran politician, who served as the prime minister of India from June 21, 1991, to May 16, 1996, for 1,791 days.
• Chaudhary Charan Singh was a renowned Indian politician and freedom fighter, who served as the 5th prime minister of India from 28 July 1979 to 20 August 1979, for 170 days.
• MS Swaminathan is a veteran agriculturist and popularly known as the father of the Green Revolution in India.

12. FIFA to introduce Blue Cards and Sin-Bins

In the news:

• The International Football Association Board (IFAB) is preparing to debut a new card, the blue card and sin bins in professional football.
• Blue cards:
• It will serve as a disciplinary measure for dissent and cynical fouls, resulting in players being temporarily sent to the Sin-Bin.
• The penalty box, also known as the sin bin, is the designated area in sports such as ice hockey, rugby union, rugby league, and roller derby.
• This penalty is typically for an offense deemed less severe than warranting immediate expulsion from the game
• Yellow card to indicate a player or a team official has been officially cautioned.
• The referee notes the offender’s details, time, and the nature of the foul committed in a small notebook which is also called a booking.
• A Red card signifies a player’s dismissal from the match. It is issued for serious offenses, violent conduct, dangerous play, and any action that brings the game into disrepute.