9th August 2023 Daily Current Affairs
Banking & Finance
1. Bandhan Bank ties up with Odisha govt to strengthen OTDC
- Bandhan Bank partners with the state government for Odisha Tourism Development Corporation
- Aim: To help them strengthen payment solutions for Odisha Tourism Development Corporation Ltd
- The bank has provided Point of Sale machines to facilitate card payments by tourists.
- Prime locations include Puri, and Bhubaneshwar, will be covered under this tie-up
- The PoS machines will hasten tourist payment collections, bringing convenience to both the tourists and OTDC officials
Sports
2. Pramod and Sukant won a gold medal in Four Nations Para-Badminton 2023
- In the Four Nations Para-Badminton International 2023 held in England, the top-ranked men’s doubles duo of Pramod Bhagat and Sukant Kadam clinched a gold medal in the SL3-SL4 category.
- They achieved this victory by defeating Ranjan Bisoyee and Manoj Sarkar.
- Bhagat secured a silver medal in the singles SL3 category, and he also teamed up with Manisha Ramdass to claim a silver medal in the mixed doubles SL3-SU5 category.
- Kadam won a bronze in the singles SL4 category.
Science & Technology
3. Indian Army inducts BEL developed Swathi Mk2 radar
- Indian Army inducted the lighter and more compact version of the developed Weapon Locating Radar (WLR-M) called “Swathi Mountains.”
- Aim: To enhance the Army’s battlefield surveillance capabilities, enabling it to effectively monitor and respond to threats in mountainous regions.
- Developed by Bharat Electronics Limited (BEL) in Bengaluru, and designed for operations in mountainous and high-altitude areas, catering to the unique challenges posed by such terrains.
Banking & Finance
4. Postal Life Insurance Launched Direct Incentive Disbursement
- Postal Life Insurance has introduced the ‘Direct Incentive Disbursement’ program in the Delhi and Uttarakhand circles
- Aim: To ensure that it receives its hard-earned commissions from the previous month directly to their Post Office Savings Bank accounts.
- Swift and Secure Transactions: Salesforce receives incentives directly in their POSB accounts.
- Convenience and Motivation: Salesforce can conveniently manage their funds, and immediate rewards drive optimal performance.
Banking & Finance
5. RBI data: Bank credit growth to MSMEs decelerates in Q1
- According to RBI, Bank credit growth to Micro, Small and Medium Enterprises (MSMEs) has decelerated on a year-on-year basis in the first three months of the FY 2023
- As per the latest Reserve Bank data, the credit to medium industries in June grew by 13.2 per cent (47.8% 2022) and micro and small industries by 13 per cent (29.2 % 2022).
- Gross bank credit outstanding to medium industries in June 2023 was Rs 2,63,440 crore compared to Rs 2,32,776 crore in June 2022
6. PayPal becomes first major fintech to launch dollar-backed stablecoin
- Payments company PayPal has launched a US dollar stablecoin, becoming the first major financial technology firm
- Aim: To embrace digital currencies for payments and transfers.
- Stablecoins are a type of cryptocurrency that typically track the value of a major currency such as the dollar one-for-one.
- They play a key role in connecting traditional and crypto markets, as traders use the coins like cash in order to move in and out of trades without paying high fees.
Banking & Finance
7. Domestic companies raised Rs 9.8 lakh cr from market in FY23
- According to the SEBI report, Domestic companies raised Rs 9.8 lakh crore from capital markets in the fiscal 2022-23, which was 4.6 per cent higher than the amount raised in the fiscal 2022
- The capital market regulator said that the funds were raised for the financing needs of the companies through various instruments such as equity, debt, AIFs, REITs, and InvITs.
- According to the SEBI its recovery from erring market participants for the year stood at Rs 6,031 crore
State Affairs
8. Rajasthan Cabinet approved formation of 19 districts, 3 divisions in stat
- The Rajasthan Cabinet approved the proposal of a high-level committee to form 19 new districts and 3 new divisions in the State.
- Rajasthan will now have a total of 50 districts and 10 divisional headquarters.
- According to CM Ashok Gehlot formation of new districts will improve governance and bring relief to people who have to cover long distances to go to the district headquarters.
- The new districts are like, Jaipur has been divided into Jaipur and Jaipur Rural
Banking & Finance
9. Banks write off Rs 14.56 lakh crore NPAs in last nine financial years
- Banks have written off bad loans worth Rs 14.56 lakh crore in the last nine financial years starting 2014-15 in Aug 2023.
- Out of the total Rs 14,56,226 crore, written off loans of large industries and services stood at Rs 7,40,968 crore.
- According to Minister of State for Finance Bhagwat Karad Scheduled Commercial Banks have recovered an aggregate amount of Rs 2,04,668 crore in written-off loans, including corporate loans, since April, 2014 2022 and up to March, 2023.
Banking & Finance
10. Star Health and Allied Insurance enters into bancassurance tie-up with SCB
- Star Health and Allied Insurance jointly partnered with Standard Chartered Bank in August 2023.
- Aim: To enhance Star Health’s distribution network.
- Objective: To serve as a convenient one-stop destination for its customers seeking comprehensive health insurance coverage.
- Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies.
- SCB currently has 100 branches spread across 42 cities.
National & International Appointments
11. Indian-origin Vaibhav Taneja : The new CFO of TESLA
- Tesla appointed Indian-origin Vaibhav Taneja as Chief Financial Officer of the company replacing Kirkhorn.
- He initially assumed the role of Corporate Controller in May 2018, and his commitment and competence led to his elevation to the position of CAO in March 2019.
- His portfolio encompassed the critical domains of financial reporting, tax compliance, and internal controls, underscoring his pivotal role in upholding Tesla’s fiscal integrity.
Obituaries
12. The Exorcist’ Director William Friedkin Dies At 87
- The Famous US director William Friedkin passed away at the age of 87.
- He directed movies like The Exorcist” and “The French Connection”.
- Friedkin exploded onto the Hollywood scene in 1971 with the gritty cop drama “The French Connection.”
- It won five Oscars, including for best director and best picture.
- Friedkin followed that up with “The Exorcist,” in 1973. It was a huge commercial and critical hit, as well as being deeply controversial.
Sports
13. H.S. Prannoy won Silver medal in Australian Open Super 500 badminton 2023
- The ninth-ranked Indian shuttler HS Prannoy won silver at the Australian Open Badminton 2023 final in Sydney
- He went down fighting against World No. 24 Weng Hong Yang of China.
- He also bagged the silver medal in Boys’ singles at the 2010 Summer Youth Olympics.
- He followed it up with another silver, this time at the Bahrain International Challenge, in 2011.
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