DPIIT & Gati Shakti Vishwavidyalaya Signed MoU to Advance National Master Plan
- Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, and the Gati Shakti Vishwavidyalaya (GSV), Gujarat based central university, have signed a Memorandum of Understanding (MoU) to advance Pradhan Mantri Gati Shakti (PMGS) National Master Plan(NMP).
- The MoU aims to advance India’s infrastructure and logistics sectors.
About Gati Shakti Vishwavidyalaya (GSV):
GSV, formerly known as the National Road Transport Institute (NRTI), India‘s first Railway University and the world’s third, following Russia and China, which was dedicated to India in December 2018.Location– Vadodara, Gujarat
India-Bangladesh holds Joint Military Exercise SAMPRITI-XI 2023
- Exercise SAMPRITI-XI 2023, an annual joint military exercise between India and Bangladesh is held in Umroi, Meghalaya, for 14 days from 3rd October to 16th October 2023
- This is the 11th edition of the Exercise, which strengthens India-Bangladesh defence cooperation bypromoting stronger bilateral connections, cultural understanding, and reciprocal benefits from shared experiences
- It emphasizes the necessity of improving interoperability between the armies, as well as sharing tactical drills and encouraging best practises.
Key Points:
- Ex SAMPRITI-XI will include a Command Post Exercise (CPX), a Field Training Exercise (FTX), and a Validation Exercise based on the conduct of SubConventional Operations as per Chapter VII of the UN mandate.
- Command Post Exercise (CPX): 20 Officers from each contingent focusing on decision-making after thorough deliberations.
- Field Training Exercise (FTX): grassroots-level operations will be validated including a series of joint tactical drills for counter-terrorist operations such as hostage rescue, crowd control measures, and use of helicopters.
The Validation Exercise will be conducted on 14th and 15th October 2023 in Darranga Field Firing Range, Assam
About Bangladesh:
Prime Minister (PM)– Sheikh Hasina
Capital – Dhaka
Currency – Bangladeshi Taka
IndusInd Bank Launches ‘INDIE’, a Customer Oriented Digital Banking App
IndusInd Bank Limited launched INDIE, acustomer centric digital mobile banking application(app), to empower customers with an all-in-one digital financial solution. This hyper-personalized financial superapp utilises the advanced analytics to provide personalized insights to its customers.The app leverages advanced analytics to provide personalized insights to its customers such as smart reminders, expense tracking, and spending insights
Key Points:
- A range of financial products that can be customized to meet the individual needs of each customer. For example, customers can get an instant line of credit up to Rs 5 lakh, with the flexibility to choose only the amount they need and set their own loan tenor
- INDIE offers a choice of account number, high-interest-bearing savings account (upto 6.75% per annum(p.a.) return) and fixed deposits(FD) that offer exclusive returns of up to 7.85% p.a.The customer can also link FD to savings account so that customers can pay with fixed deposit when savings balance is low
- INDIE also offers a transparent rewards program where customers can choose their favorite brands from leading e-commerce platforms.Customer can earn upto 3% rewards per Rs 100 spend (1 reward point valued at Rs 1)
About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – We Make You Feel Richer
RBIH & Bhashini Collaborated for Linguistic Inclusion in Financial Services
Reserve Bank Innovation Hub (RBIH) and the Digital India Bhashini Division (DIBD/Bhashini) collaborated to explore and develop innovative solutions that foster linguistic inclusivity in the financial services sector.
This partnership aims to extend the reach of digital financial services to users in their native tongues, ultimately providing seamless banking experiences for everyone.
This collaboration is with respect to the memorandum of Understanding(MoU) which was signed during the Global Fintech Fest(GFF) held in Mumbai, Maharashtra in September 2023.
Key Points:
- As a first step of this initiative, Bhashini plans to launch RBI’s Public Tech Platform for Frictionless Credit in multiple languages.
- This end-to-end digital credit delivery platform platform will streamline and enhance credit delivery by financial institutions, making it more accessible to borrowers across the country
- This platform was developed by RBIH as per the announcement made by RBI in August 2023.Significance:
- The Voice has the potential to act as a medium for promoting financial inclusivity, economic empowerment, and enhancing financial literacy.
- BHASHINI, with its language translation and voice processing capabilities, will play a crucial role in achieving these goals.
- BHASHINI, with its language translation and voice processing capabilities, will play a crucial role in achieving these goals.
Reserve Bank Innovation Hub (RBIH)
The Reserve Bank Innovation Hub is a wholly owned subsidiary of the Reserve Bank of India (RBI) set-up to promote and facilitate innovation across the financial sector.
Chief Executive Officer (CEO) – Rajesh Bansal
Headquarters – Bengaluru, Karnataka
Established in – 2022
Alexey Ivanovich Ekimov, Louis Eugene Brus, and Moungi Gabriel Bawendi Wins Nobel Prize in Chemistry 2023
- Alexei I. Ekimov of Russia, Louis E. Brus of the United States of America (USA), and Moungi G. Bawendi of France were awarded the 2023 Nobel Prize in Chemistry “for the discovery and synthesis of quantum dots”.
- The Nobel Prize in Chemistry was awarded by the Royal Swedish Academy of Sciences, Stockholm, Sweden.
- Alexei Ekimov developed size-dependent quantum effects in coloured glass.
- Louis Brus was the world’s first scientist to prove size-dependent quantum effects in particles floating freely in a fluid.
- Moungi Bawendi found the production method for the synthesis of high-quality quantum dots which makes them to be utilised in practical applications.
- Quantum dots are semiconducting crystals in nanometer size, their main property is that depending upon their size they change their colours.
- Quantum dots are used in illuminating computer monitors and television screens based on Quantum-dot Light-Emitting Diodes(QLED) technology.
Ramaswamy N appointed as CMD of General Insurance Corporation of India
- Ministry of Finance has appointed Ramaswamy Narayanan as Chairman and Managing Director(MD) to General Insurance Corporation of India Limited (GIC Re) with effect from 1st October, 2023 and up to the date of of his superannuation (i.e. 30th September 2025) or until further orders, whichever is earlier
- He succeeds Devesh Srivastava, who retired from the post on 30th September 2023. He has been serving as CMD since December 2019.
- Prior to this appointment he was serving as the General Manager of GIC Re.
- He was appointed based on the recommendation of Financial Services Institution Bureau (FSIB) to Ministry of Finance in June 2023.
MP CM Shivraj Chouhan Inaugurated India’s Largest Pumped Storage Project at Neemuch
- Chief Minister(CM) of Madhya Pradesh(MP) Shivraj Singh Chouhan inaugurated India’s largest pumped storage project in Khemla block of Neemuch district in Madhya Pradesh. The project is being developed by Greenko Group, India’s largest energy storage company
- The project has a capacity of 1440 megawatt (MW), with storage for 7.5 hours. It is being expanded to 1920 MWwith 6 hours of storage, which will increase its daily storage capacity to nearly 11 gigawatt hours (GWh)
- The overall investment will be Rs 11,500 crore over the next 3 years. This will generate around 4,800 jobs during construction and 200 jobs after construction.
- The project will be completed within 30 months as against allocated period of 36 months. This will will be able to integrate more than 7000 MW of renewable capacity