11th August 2023 Daily Current Affairs
Banking & Finance
1. Reserve Bank of India keeps key interest rate unchanged for third time
- According to the Reserve Bank of India (RBI) Monetary Policy, released in August 2023, the RBI’s Monetary Policy Committee (MPC) unanimously decided to keep the repo rate unchanged at 6.5 percent.
- Other Highlights:
- The standing deposit facility (SDF) rate remains at 6.25%.
- The marginal standing facility (MSF) rate and the Bank Rate at 6.75%.
- RBI has revised the CPI inflation target for the current fiscal to 5.4%.
- Projected real GDP growth for 2023-24: 6.5%
Important Dates
2. World Lion Day 2023: 10th August
- World Lion Day is observed every year on August 10 to highlight the importance of these majestic creatures and to garner support for their conservation.
- This day is also an opportunity to learn about the importance of lions in the natural world and the potential impacts of their extinction on humanity.
- The IUCN has designated the Asiatic Lion as an endangered species because of its limited population and constrained habitat.
Banking & Finance
3. RBI imposes monetary penalty on 4 co-operative banks
- RBI has imposed ₹1.50 lakh penalty on Shri Vinayak Sahakari Bank for contravention of provisions of Maintenance of Deposit Accounts.
- Mizoram Urban Cooperative Development Bank was also penalized of ₹20,000 for non-compliance with specific directions under Supervisory Action Framework and KYC directions
- Further, imposed a monetary penalty of ₹1.00 lakh on Shreeji Bhatia Cooperative Bank Ltd and ₹1.50 lakh on Shri Vinayak Sahakari Bank Ltd, Ahmedabad.
Honours & Awards
4. KSRTC wins Asia’s Best Brand Employer Award 2023
- The Karnataka State Road Transport Corporation (KSRTC) has won Asia’s Best Brand Employer Award 2023 under the category ‘Organisation with Innovative HR Practices’.
- It was announced at the 14th edition of the 18th Brand Congress and would be presented on August 17 in Singapore.
- KSRTC:
- It was inaugurated by the Mysore Road Transport Department on 12 September 1948.
- Later it was converted to an independent corporation and renamed Karnataka Road Transport Corporation.
Defense
5. INS Visakhapatnam and INS Trikand arrive in Dubai for a bilateral exercise
- Two Indian Navy ships named INS Visakhapatnam and INS Trikand have arrived at Port Rashid in Dubai, United Arab Emirates.
- Reason: For a bilateral exercise ‘Zayed Talwar 2023’ with the UAE Navy
- The exercise is being organized from August 8 to 11, 2023.
- Aim: To share best practices and increase synergies between the two navies
- Led by Captains Ashok Rao and Pramod G Thomas, INS Visakhapatnam, and INS Trikand showcase advanced maritime capabilities.
Banking & Finance
6. PSBs and major private banks collected over ₹35,000 cr in char
- As per the information shared by the FM in the Rajya Sabha, Public Sector Banks and 5 major private sector banks collected over ₹35,000 crore in charges since 2018 on account of non-maintenance of minimum balance, additional ATM transactions, and SMS Services.
- Breakdown of Charges:
- ₹21,000 crore on account of non-maintenance of minimum balance.
- Over ₹8,000 crore was collected for transactions through ATM beyond free numbers and SMS charges gave over ₹6,000 crore.
National Affairs
7. National Institute of Industrial Engineering becomes the 21st IIM of India
- After passing the IIM (Amendment) Bill 2023 in the ongoing Monsoon Session, in the Parliament, the National Institute of Industrial Engineering (NITIE) would be officially renamed the Indian Institute of Management, Mumbai (IIM Mumbai).
- With this, NITIE becomes the 21st IIM of India and second in Maharashtra, after IIM Nagpur.
- Presently, NITIE ranked 7th in the Management Category by National Institute Ranking Framework (NIRF) in 2023.
Obituaries
8. Renowned author Hari Narke passes away
- Renowned author and vice-president of Samata Parishad, Hari Narke, passed away in Mumbai due to a heart attack at the age of 70.
- He was the professor of Mahatma Phule chair at Savitribai Phule Pune University and a former member of the Maharashtra Backward Class Commission.
- He was also a member of the Rangnath Pathare committee which was formed to collect evidence to prove Marathi as a classical language.
Defense
9. India Defence Ministry to replace Microsoft OS with Maya
- The Union Ministry of Defense has informed that the ministry would install a secure operating system (OS), indigenously developed, named Maya OS.
- This OS would replace the existing OS, ‘Microsoft Windows’.
- About Maya OS:
- It is based on open-source Ubuntu software.
- It would shield against cyber threats, offering a familiar interface while boosting security.
- It uses Chakravyuh, a protective feature inspired by ancient Indian defence tactics.
National Affairs
10. Parliament Passes Digital Personal Data Protection Bill
- The Digital Personal Data Protection Bill 2023 has been passed by the Rajya Sabha, it was already approved by Lok Sabha on August 7, 2023.
- The bill lays down obligations on private and government entities around the collection and processing of citizens’ data.
- The bill seeks to protect the privacy of Indian citizens while proposing a penalty of up to Rs 250 crore on entities for misusing or failing to protect the digital data of individuals.
International Affairs
11. India succeeds in reducing emissions rate by 33% over 14 years
- According to two officials privy to the latest assessment made for submission to the United Nations, India’s greenhouse emissions rate dropped by a faster-than-expected 33% in 14 years.
- Reason: Renewable energy generation rose and forest cover increased
- India is well on the way to meeting a commitment to the UNFCCC, to reduce emissions intensity by 45% from the 2005 level by 2030.
- India’s average rate of reduction in emissions increased to 3% annually during 2016-2019.
National Affairs
12. Fifteen Eco-Parks constructed in five years by Coal/Lignite PSUs
- The Minister of Coal, Pralhad Joshi informed in Lok Sabha, Coal/Lignite PSUs have established 15 Eco-parks during the last 5 years.
- No fund has been allocated by the Government for Eco-parks.
- It was developed by Coal/Lignite PSUs for recreational purposes of nearby localities and no revenue earned from these Eco-parks is spent on the development of the mining areas.
- Kenapara Eco-Park, SECL, Chhattisgarh is run and maintained by local SHGs to promote mine tourism.
National & International Appointments
13. Tehmasp Printer appointed as CEO for International Gemological Institute
- International Gemological Institute (IGI), a Blackstone portfolio company, has appointed Tehmasp Printer as Global CEO of IGI, effective October 1, 2023.
- He would replace current CEO Roland Lorie, who will step down after spending nearly five decades.
- Tehmasp Printer has more than 30 years of experience in managing and leading businesses.
- He has been with IGI for 24 years, most recently as Managing Director of IGI India.