Daily GK Update: 8th February 2023

 National & International Appointments

1. Canara bank appoints K Satyanarayana Raju as the new MD and CEO

• The Union government appointed K Satyanarayana Raju as the new managing director and CEO of Canara bank, with effect from February 7, 2023.
• He has replaced L V Prabhakar, who resigned on 31 December 2022.
• He has 33 years of experience in all banking segments, like branch banking, corporate credit, etc.
• He also served as the executive director of Canara bank.
• He joined the Vijaya Bank in 1988 and has risen to the level of chief GM at the Bank of Baroda.

 National Affairs

2. DGGI, NFSU sign MoU for setting up digital forensic laboratories

• The Directorate General of GST Intelligence (DGGI) signed an MoU with the National Forensic Sciences University (NFSU) to set up digital forensic laboratories, collaborate in research and training programs, and provide technical assistance.
• DGGI is an apex intelligence organization under the Central Board of Indirect Taxes and Customs (CBIC).
• DGGI collects and disseminates information and takes necessary steps to check evasion of GST.

 National Affairs

3. IEEE C-DOT Certified Telecom Expert Program launched

• Secretary (Telecom) and Chairman of the Digital Communications Commission, K. Rajaraman launched the ‘IEEE C-DOT Certified Telecom Expert Program (ICCTEP)’.
• Aim: To bring learning in the areas of Telecom, including 5G, Cyber Security, and Quantum Communication
• It was collaborated by the Institute of Electrical and Electronics Engineers (IEEE) and the Centre for Development of Telematics (C-DOT).
• C-DOT is the R&D center of the Department of Telecommunications.

 Agreement

4. PPAC signs Statement of Intent (SOI) with IEA

• The Ministry of Petroleum and Natural Gas signed a Statement of Intent with the International Energy Agency (IEA).
• Reason: To strengthen cooperation in data and research in the energy sector to enhance global energy security.
• It will initiate cooperation in the energy sector between Petroleum Planning & Analysis Cell PPAC and IEA
• The govt is also planning to provide training and internships by IEA experts to develop the skills.
• Minister of Petroleum: Hardeep S Puri

 Agreement

5. EESL, IMT-GT JBC sign MoU to promote adoption of energy efficiency

• Energy Efficiency Services Limited (EESL) has signed a Memorandum of Understanding (MoU) with Indonesia-Malaysia-Thailand Growth Triangle Joint Business Council (IMT-GT JBC), Malaysia.
• Reason: To promote the adoption of energy efficiency and sustainable practices in the region.
• Under this partnership, EESL will implement Rooftop Solar, Electric Mobility, UJALA, and Building Energy Efficiency Programme in Indonesia, Malaysia, and Thailand.
• CEO, EESL: Vishal Kapoor

 Banking & Finance

6. RBI hikes repo rate by 25 bps to 6.5%

• The Reserve Bank of India increased its repo rate by 25 basis points (bps) to 6.5%.
• Reason: Core inflation remained high
• The repo rate has now been increased by 250 (225 + 25) bps since May 2022 by the panel.
• RBI predicted the real GDP growth for FY24 at 6.4%, while growth for FY23 has been pegged at 7%.
• RBI projected retail inflation at 6.5% (FY23) from 6.7% and 5.3% for the next fiscal year.
• Other rates:- SDF: 6.25%; MSF: 6.75%; Bank Rate: 6.75%

 Banking & Finance

7. South Indian Bank launches wealth management platform

• The South Indian Bank has launched a wealth management platform in partnership with Geojit Financial Services Ltd.
• SIB Wealth is an exclusive value-added service.
• It will help the bank's high net worth (HNI) customers to invest their money in the best financial instruments available in the market.
• Under this platform, SIB will be offering:
  • Portfolio management services
  • Alternative investment fund
  • Systematic investment plan
  • Mutual funds, Bonds, and Real estate funds

 National Affairs

8. Centre sets up a panel to draft Digital Competition Act

• The government has formed a 16-member committee to draft the Digital Competition Act within three months, after studying anti-competitive practices.
• The panel is chaired by Manoj Govil (secretary, Ministry of Corporate Affairs).
• The panel will study the existing provisions of the Competition Act 2002, and related regulations to deal with the challenges in the digital economy.
• CCI will provide secretarial and research assistance and logistic support to the panel.

 State Affairs

9. Telangana announced India's first new mobility focussed cluster

• The Telangana government launched India's first mobility-focused cluster, Telangana Mobility Valley (TMV) during the first edition of Mobility Next Hyderabad Summit 2023, Telangana.
• Aim: To attract investments of around Rs 50,000 crore and generate more than 4 lakh jobs in the next five years in the state.
• The TMV also aimed to facilitate the companies across all segments of sustainable mobility.
• It also promotes mobility startups in Telangana.

 International Affairs

10. India, EU set up three working groups under Trade and Tech Council

• India and the European Union (EU) formed three working groups under the Trade and Technology Council (TTC).
• Reason: To deepen strategic ties with the trade bloc
• The working group will cover critical issues, such as:
  1. Strategic technologies, digital governance, and connectivity
  2. Green and clean energy technologies
  3. Trade, investment, and resilient value chains
• The TTC was jointly launched by PM Modi and EC Chief, Ursula von der Leyen in April 2022 in New Delhi.

 National Affairs

11. Reliance Jio, GSMA will train rural women in digital skills

• Reliance Jio and GSMA launched a digital skills programme initiative to train rural women in India.
• Aim: To provide need-based training to rural women and individuals from marginalized/low-income groups to help them make meaningful use of digital access.
• According to the GSMA's 'Mobile Gender Gap Report 2022', women in India are 41% less likely than men to use mobile internet
• While 330 million women in India still do not use mobile internet, compared to 248 million men

 Banking & Finance

12. PhonePe becomes first Indian fintech to allow UPI payments abroad

• PhonePe has launched a service that will allow the fintech firm’s Indian users traveling abroad to pay foreign merchants using Unified Payments Interface (UPI).
• UPI international' support merchant outlets in UAE, Singapore, Mauritius, Nepal, and Bhutan that have a local QR (quick response) code.
• Users will be able to make direct payments in a foreign currency from their Indian bank.
• Walmart-backed PhonePe claimed it is the first Indian fintech app to launch the service.

 Banking & Finance

13. Airtel Payments Bank launched BizKhata for Small Businesses & Merchant

• Airtel Payments Bank launched its current account "BizKhata" which offers unlimited transactions and instant activation for account holders across the country.
• This account was designed specifically for small merchants and business owners.
• It brings all business transactions to one platform and allows them to maintain clear records while enjoying multiple banking benefits, like Zero Minimum Balance, Secure, hassle-free payments, Auto Sweep Out etc.