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Current Affairs (5th May, 2023)

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 05-May-2023

Coal Miners Day 2023

  • On May 4th each year, the Coal Miners Day observe to acknowledge and show appreciation for the hard work and valuable contributions of coal miners who extract coal, a crucial fossil fuel utilized in a variety of applications such as power generation, industrial production, and even the manufacturing of cement and steel. Moreover, the need for coal is on the rise due to its growing demand in these industries.
  • Recognizing the sacrifices made by workers who have lost their lives while carrying out their duties is crucial.
  • Coal Miners Day is a dedicated occasion to pay tribute to their contributions and commemorate the tragedies they have faced during their lifetimes.
  • Additionally, several awareness initiatives are organized on this day to advocate for the health and safety requirements of workers.

RBI’s Report on Central bank digital currency (CBDC) or e-rupee

  • The Reserve Bank of India (RBI) has stated in a report that a Central Bank Digital Currency (CBDC) or e-rupee, which prioritizes environmental, social, and governance (ESG) objectives in its design, can be an eco-friendlier option than other cashless modes.
  • In 2022, the RBI initiated the pilot phase of CBDC or digital rupee for both wholesale and retail purposes.
  • According to the RBI report, transactions carried out using CBDC would be immediate and irreversible, and adopting this technology could decrease reliance on clearing corporations and other settlement infrastructure, which in turn could result in reduced energy consumption.
  • By eliminating the need for operations like printing, storage, transportation, and replacement of physical currency, CBDCs can also contribute to a reduction in emissions.

Legal Identifier System Introduced by SEBI

  • SEBI, the regulatory body for capital markets, has launched the Legal Entity Identifier (LEI) system for entities that have listed or are considering listing non-convertible securities, securitized debt instruments, and security receipts.
  • LEI is a distinctive global identifier assigned to legal entities that engage in financial transactions, aimed at establishing a universal reference data system that uniquely identifies each legal entity involved in financial transactions, regardless of jurisdiction.
  • It consists of a 20-character code that serves as a unique identifier for legally separate entities that participate in financial transactions.
  • The Reserve Bank of India (RBI) has directed non-individual borrowers with an aggregate exposure exceeding Rs. 25 crores to acquire an LEI code.
  • Legal Entity Identifier India Ltd, a subsidiary of the Clearing Corporation of India Ltd, is authorized by the RBI to issue LEI codes and is recognized by the Global Legal Entity Identifier Foundation (GLEIF) as the local operating unit in India for LEI code management and issuance.

Securities and Exchange Board of India (SEBI)

  • The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988, through a resolution of the Government of India.
  • The Securities and Exchange Board of India was established as a statutory body in the year 1992 and the provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992) came into force on January 30, 1992.

India’s First-Ever Twin Undersea Tunnels in Mumbai

  • The Mumbai Coastal Road Project, valued at INR 12,721 crore, is almost finished, including the construction of undersea twin tunnels in South Mumbai, which are expected to open soon.
  • These tunnels, which are part of the project, are set to become India's first undersea tunnel, and reports suggest that they will be available for use by November 2023.
  • After over two years of operations by a massive Chinese Tunnel Boring Machine, the intricate geological layers have been successfully penetrated, bringing the project close to its conclusion.

Twin Undersea Tunnel

  • The Mumbai Coastal Road Project (MCRP), which spans 10.58 km and connects Marine Drive to the Bandra-Worli Sea Link, is expected to reduce the 45-minute commute from Girgaon to Worli to just 10 minutes during peak hours.
  • The undersea tunnels, with a 12.19 m diameter, will be positioned 17-20 m beneath the sea level and will include six crosswalks, four of which are for pedestrians and two for motorists.
  • Each tunnel will contain three 3.2-meter-wide lanes, and the deepest point of the tunnels will reach 72 m near Malabar Hill.

Merchant Payments Via UPI are Extend to a Value of $1 trillion by FY-2026.

  • Bain and Company's Future of India Retail Payments report suggests that merchant payments conducted through the Unified Payments Interface (UPI) will experience a 40 to 50 percent growth, reaching $1 trillion by FY26.
  • According to the National Payments Corporation of India, UPI facilitated nearly $40 billion worth of merchant transactions in March 2023 alone, leading to the industry exceeding a $500 billion payment run rate.
  • By FY26, UPI and mobile wallets are expected to make up 28% of the $3.2 trillion digital payments market, an increase from 11% in FY22.
  • Cash is projected to decline to 48% from 69% in FY22, as digital payment methods like credit cards, debit cards, and buy now, pay later options gain in popularity.

1.16% for Higher Pension to Be Drawn from Employers' Payout

  • As per an announcement by the Labour Ministry, employers will now need to contribute an additional 1.16% of their employees' basic wages towards higher pensions for subscribers.
  • This extra contribution will be managed from the overall 12% of the employer's contribution to the social security schemes operated by the Employees’ Provident Fund Organisation (EPFO).

Microsoft Has Launched Two New Initiatives to Provide SMBs in India

  • To enhance their support for the digital transformation journey of small and medium-sized businesses (SMBs), Microsoft India has introduced two new measures: a website specifically tailored to SMBs, and a helpline dedicated to their needs.
  • Microsoft has launched a website called "Microsoft for Small and Medium Businesses," which aims to connect business owners and entrepreneurs in India, facilitate networking opportunities, develop their skills, and promote overall growth.
  • Additionally, Microsoft has introduced the Digital Transformation helpline, which provides specialized assistance to SMBs in navigating the process of adopting and deploying technology.

Airtel Payments Bank collaborated with NPCI to roll out Face Authentication for AePS

  • Airtel Payments Bank has partnered with the National Payments Corporation of India (NPCI) to introduce Face Authentication for Aadhaar-enabled Payment System (AePS) at its network of 500,000 banking points. This makes Airtel Payments Bank one of the first four banks in the country to offer Face Authentication for AePS.
  • Using their Aadhaar number or virtual ID to access their Aadhaar-linked bank account, customers can perform both financial and non-financial transactions at any banking point through NPCI's AePS.
  • Until now, transactions were verified using the customer's Aadhaar number and either their fingerprint or Iris match from UIDAI records. The newly introduced feature allows customers to confirm transactions by undergoing face authentication alongside their Aadhaar number. This authentication process is carried out using the Face Authentication RD Application developed by the Unique Identification Authority of India (UIDAI).

Ajay Banga to Become the Next World Bank President

  • Ajay Banga, a man of Indian descent, was chosen as the next President of the World Bank.
  • The 25-member executive board of the World Bank has selected the former CEO of Mastercard for a five-year term as president.
  • The finance and development specialist, who was born in India, was tasked with revamping the lender to address climate change and other global crises.
  • Ajay Banga's election came after World Bank board individuals talked with him for four hours. The 24 members of the board approved the decision, with Russia abstaining.
  • Ajay Banga will take over the role from David Malpass on June 2.

World Bank

  • The World Bank Group is one of the world’s largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development.
  • With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.

NITI Aayog and UNDP collaborates to release 'Best Practices in Social Sector: A Compendium, 2023'

  • In partnership with the United Nations Development Programme, the NITI Aayog has launched the "Best Practices in Social Sector: A Compendium, 2023" today.
  • The compendium comprises 75 case studies across 14 essential social sectors, showcasing and praising the efforts of Union Ministries and State Governments on the occasion of India's 75th Independence Day.
  • These case studies have been gathered from all States/ Union Territories and 30 Ministries and Departments of the Indian government.
  • The compendium showcases 75 outstanding models that are innovative, sustainable, impactful, and replicable. The objective of this effort has been to draw lessons for the future that can assist in expanding, improving, and enhancing life at the grassroots level.
  • Great care has been taken to ensure that the selected cases cover a broad range of themes, such as education, health and nutrition, e-governance and digitization, agriculture, women's empowerment, sports, and financial inclusion, among others.