March Current Affairs

18/03/24 3:53 PM

NATIONAL AFFAIRS

1. Work commencement for the construction of Pradhan Mantri Mega

Integrated Textile Region and Apparel (PM MITRA) Park with an
investment worth Rs 3,000 crores in Navsari, Gujarat.
2. Piyush Goyal, Ministry of Commerce and Industry (MOCI) unveiled a new
database for India’s startup ecosystem, named Bharat Startup Ecosystem
Registry, a website, and logo of ‘Startup Mahakumbh’ during the curtain
raiser event of the first-ever ‘Startup Mahakumbh’. The first-ever ‘Startup
Mahakumbh’ is to be held from March 18-20, 2024 at Bharat Mandapam
in Pragati Maidan, New Delhi, Delhi. The theme of the Startup
Mahakumbh is 'Bharat Innovates,' which underscores the intricate link
between innovation and startups.
3. The National Bank for Agriculture and Rural Development (NABARD) and
Deendayal Antyodaya Yojana -National Rural Livelihoods Mission
(DAYNRLM), under the Ministry of Rural Development(MoRD), have
signed a MoU aimed at bolstering rural women Self-Help Groups (SHGs).
4. The Ministry of Environment, Forest and Climate Change (MoEF&CC) has
notified the amendments to the Green Credit Rules of the Green Credit
Program (GCP), which is an innovative market-based mechanism designed
to incentivize voluntary environmental actions. Green credit would be
awarded for carrying out positive environmental activities such as tree
planting, water conservation, sustainable agriculture, or pollution
reduction.
5. MoE & MIB Jointly launches nationwide awareness campaign “Mera
pehla vote desh ke liye” to encourage the first-time voters to participate
in the 2024 Lok Sabha election.
6. The Department for Promotion of Industry and Internal Trade (DPIIT)
under the Ministry of Commerce and Industry(MoCI), has partnered with
the World Bank to organise a National Workshop on Logistics Efficiency
Enhancement in New Delhi, Delhi.
7. PM-Surya Ghar Muft Bijli Yojana which aims to install rooftop solar panels
in one crore households, with a total budget of Rs. 75,021 crore. The
scheme provides free electricity for up to 300 units every month,
launched on 13 February 2024.
8. Narayan Rane, Ministry of Micro, Small, and Medium Enterprises
(MoMSME) launched 3 new Initiatives to promote women
entrepreneurship in India during the 9th Annual Shakti International
Women Entrepreneurs Summit held in New Delhi, Delhi.
The 3 new initiatives are, a) Panjikaran Se Pragati, b) Women
Entrepreneurship Platform (WEP) Unnati _ Udyamita se Pragati tak
c) Mentorship Platform.
9. Department of Telecommunications (DoT)’s ‘Digital Intelligence Platform
(DIP)’ and ‘Chakshu’(च"ु)’ facility on the Sanchar Saathi portal to
empower the people and to foster a secure digital ecosystem. DIP aims to
eliminate the use of telecom resources in cybercrimes and financial
frauds by coordinating the stakeholders. Chakshu facility will enable the
citizens toreport suspected fraud communication.
10. Farmers’ enrollment under Pradhan Mantri Fasal Bima Yojana (PMFBY)
has increased by 27% in the financial year 2023-24 (FY24). So far, around
56.80 crore farmers have enrolled under PMFBY and more than 23.22
crore farmers have received claims.
11. Ministry of Petroleum & Natural Gas (MoP&NG) virtually inaugurated 201
Compressed Natural Gas (CNG) Stations and India’s 1st Small Scale
Liquefied Natural Gas (LNG) Unit of GAIL (India) Limited.
12. India and European Free Trade Association (EFTA), signed a Trade and
Economic Partnership Agreement (TEPA) committing an investment of USD
100 billion over 15 years. EFTA is the intergovernmental organisation of
Iceland, Liechtenstein, Norway and Switzerland.
13. Ministry of Home Affairs (MHA) notified the rules under the Citizenship
(Amendment) Act, 2019 (CAA- 2019). These rules, called the Citizenship
(Amendment) Rules, 2024 to fast-track the citizenship process for non-
Muslims, immigrants such as Hindus, Sikhs, Jains, Buddhists, Parsis, and
Christians from Bangladesh, Pakistan, and Afghanistan, who had entered
India before December 31, 2014. These rules will enable the persons
eligible under CAA-2019 to apply for grant of Indian citizenship.
14. Department of Pharmaceuticals (DoP), Ministry of Chemicals and
Fertilizers, has announced the Revamped Pharmaceuticals Technology
Upgradation Assistance Scheme (RPTUAS) to enhance the technological
capabilities of the pharmaceutical industry, aligning it with global
standards. Aim of Revamped PTUAS: To support the up- gradation of the
pharmaceutical industry according to the Revised Schedule-M & World
Health Organization (WHO)-Good Manufacturing Practices (GMP)
standards.
15. Ministry of Chemicals and Fertilizers(MoC&F), inaugurated a credit
assistance program of the Small Industries Development Bank of India
(SIDBI) for Jan Aushadhi Kendras(JAKs) during the event held in New Delhi,
Delhi.
16. Prime Minister (PM) Narendra Modi launched the Mahatari Vandana
Yojana in Chhattisgarh, aiming to uplift and economically empower women
in the state. The PM also disbursed Rs 655 crore, as the first installment of
the Mahatari Vandana Yojana. This scheme aims to provide financial
assistance of Rs 1000 per month to eligible married women of the state
through monthly Direct Benefit Transfer (DBT).
17. The Ministry of Heavy Industries (MHI), Government of India(GoI) has
approved a new E-Vehicle (Electric- Vehicle)scheme to promote the
manufacturing of electric passenger cars in India.
18. The Ministry of Health and Family Welfare (MoHFW) launched a National
Action Plan for Prevention and Control of Snakebite Envenoming (NAP-SE),
envisaging a reduction in snakebite deaths by halve by 2030. NAP-SE in
India is a framework that offers guidance to states, Union Territories (UTs),
and other stakeholders to create customized action plans to manage,
prevent, and handle snakebites through the ‘One Health’ approach.
19. On 15th March 2024, Union Minister Rajnath Singh, Ministry of Defence
(MoD), has inaugurated ‘Nausena Bhawan’, the first independent
headquarters building of the Indian Navy (IN), at Delhi Cantonment in New
Delhi, Delhi.
20. The Department of Fisheries successfully inaugurated the integration of
the Kisan Credit Card (KCC) Fisheries scheme onto the JanSamarth Portal,
to transform access to credit facilities for fishers, fish farmers, and
stakeholders nationwide.
21. The Department of Food and Public Distribution (DoF&PD) have signed two
Memorandums of Understanding (MoUs) with the National Institute for
Entrepreneurship and Small Business Development (NIESBUD) under the
Ministry of Skill Development and Entrepreneurship (MSDE), and the Small
Industries Development Bank of India (SIDBI) to revolutionise Fair Price
Shops (FPSs) across India.
22. Ministry of Rural Development (MoRD) has notified a 3-10% increase in the
wage rate of workers under the Mahatma Gandhi National Rural
Employment Guarantee Act (MGNREGA) in nominal terms for the financial
year 2024-25(FY25).

INTERNATIONAL AFFAIRS
1. The World Bank (WB), the Bill & Melinda Gates Foundation and the United
Nations Children's Fund (UNICEF) pledged nearly USD 600 million
towards eliminating cervical cancer.
2. Sweden Officially Joins NATO as it's 32nd Member.
3. According to the ‘India Employment Report 2024: Youth education,
employment and skills’ jointly published by the International Labour
Organization (ILO) and the Institute of Human Development (IHD), India’s
youth accounts for almost 83% of the unemployed workforce in India.
The report also noted that nearly 82% of the workforce engages in the
informal sector, and informal employment comprises about 90% workers.

BANKING & FINANCE

1. Pension Fund Regulatory and Development Authority (PFRDA) made
changes to the PFRDA (Retirement Adviser) Regulations 2016 with effect
from 20th February 2024. This regulation may be termed as the Pension
Fund Regulatory and Development Authority (Retirement Adviser/ RA)
(Amendment) Regulations, 2023. Non-Individual applicants regulated by
other financial regulators, like the Reserve Bank of India (RBI), Securities and
Exchange Board of India (SEBI), or Insurance Regulatory and Development
Authority of India (IRDAI), are now eligible to become RAs.
2. Reserve Bank of India (RBI) has revised the regulatory framework for Bharat
Bill Payment Systems (BBPS) based on a review of developments in the
payments landscape. The revised directions, called as RBI (BBPS) Directions,
2024, will be applicable from 1st April 2024.
✓ The provisions of these Directions will be applicable to NPCI Bharat Bill
Pay Limited (NBBL), a wholly owned subsidiary of National Payments
Corporation of India(NPCI); and all Bharat Bill Payment Operating
Units (BBPOUs).
✓ The RBI (Filing of Supervisory Returns) Directions 2024 were issued to
reduce the compliance burden of banks and non-banks on issues related to
filing supervisory returns and risk mitigation.
✓ As per the RBI’s Quarterly House Price Index (HPI) for Q3FY24, all-India
HPI increased by 3.8% (Year-on-Year/Y-o-Y) in Q3FY24 compared to 3.5%
growth in Q2FY24 and 2.8% in Q3FY23.
3. The Reserve Bank of India (RBI) has updated its "Enabling Framework for
Regulatory Sandbox" to streamline the process for fintech companies. RBI
has extended the overall timeline for the Regulatory Sandbox (RS) process
from 7 months to 9 months, excluding the preliminary screening period.
✓ RBI has introduced an additional phase called "formulation of test design
and integration" in the regulatory sandbox process.
4. Reserve Bank of India (RBI) has given approval to NPCI Bharat BillPay Ltd
(NBBL) to launch an interoperable payment system for internet banking in
the Calendar Year 2024 (CY24).
5. WB approved USD 452 Million Loan to Boost Connectivity in Assam.
6. RBI and Bank Indonesia Sign MoU to Promote Use of Local Currencies for
Bilateral Transactions.
7. The Reserve Bank of India (RBI) in exercise of the powers conferred by
Section 35A of the Banking Regulation (BR) Act, 1949 and Chapter IIIB of the
RBI Act 1934, amended the 'Master Direction - Credit Card and Debit Card –
Issuance and Conduct Directions, 2022', the provisions of which will come
into effect from March 07, 2024.
A) As per it, card issuers are barred to enter any arrangement with card
networks for the issuance of credit cards that restrain them from availing the
services of other card networks.
B) This will benefit as customers as they will get the freedom to choose from
multiple card networks. The timeline to follow the new norms by the card
issuers is 6 months.
8. The Small Industries Development Bank of India (SIDBI) has secured approval
from the Green Climate Fund (GCF) for its first anchored project, the Avaana
Sustainability Fund (ASF), valued at USD 120 million. GCF will contribute
USD 24.5 million to ASF.
9. RBI has imposed a penalty of Rs 1,31,80,000 on TMB for non-compliance
with RBI directions on ‘Interest Rate on Advances’ and ‘Central Repository of
Information on Large Credits (CRILC) - Revision in Reporting’.
RBI has imposed a penalty of Rs 63,60,000 on DCB Bank for non-compliance
with RBI directions on ‘Interest Rate on Advances’.
10. RDAI Approved 8 Regulations for Insurance Products, Policyholders:
The 8 regulations are:
✓ IRDAI (Rural, Social Sector and Motor Third Party Obligations) Regulations,
2024
✓ IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024
✓ IRDAI (Registration, Capital Structure, Transfer of Shares and
Amalgamation of Insurers) Regulations, 2024
✓ IRDAI (Corporate Governance for Insurers) Regulations, 2024
✓ IRDAI (Insurance Products) Regulations, 2024 ✓ IRDAI (Registration and
Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations, 2024
✓ IRDAI (Actuarial, Finance and Investment Functions of Insurers)
Regulations, 2024
✓ IRDAI (Protection of Policyholders Interests and Allied Matters of
Insurers) Regulations, 2024
11. The Insurance Regulatory and Development Authority of India (IRDAI) retained
the Domestic Systemically Important Insurers (D-SIIs) status for Life
Insurance Corporation of India (LIC), General Insurance Corporation of India
Limited (GIC Re) and the New India Assurance Company Limited.
D-SIIs are insurers considered 'too big or too important to fail' (TBTF) due to
their size, market significance, and interconnectedness.
12. Insurance Regulatory and Development Authority of India (IRDAI) has
mandated that all insurance policies should be issued in electronic form with
effect from 1st April 2024. The process of acquiring and managing insurance
policies electronically is known as “e-insurance”.

ECONOMY & BUSINESS

1. GDP growth in FY24 likely to be within striking distance of 8%: SBI
report.
2. Moody’s revised India’s GDP growth to 6.8% for 2024.
3. India to grow 6.8% in FY25, Inflation to ease to 4.5%: CRISIL.
4. Fitch Rating, an international credit rating agency, has increased its
forecast for India’s Gross Domestic Product (GDP) growth by 0.5%
points to 7% for the fiscal year 2024-25 (FY25) from its prior prediction
of 6.5% due to improving domestic demand and increasing
investments. For FY24, India s GDP growth is estimated at 7.8% and
the growth rate is projected to be 6.5% for FY26.
5. According to data from the Controller General of Accounts (CGA),
Department of Expenditure (DoE), Ministry of Finance, the Indian
government's fiscal deficit widened in April 2023-February 2024 to Rs
15.01 lakh crore from Rs 11.03 lakh in April 2023- January 2024.

AWARDS & RECOGNITIONS

1. The Ministry of Health and Family Welfare(MoHFW), Government
of India, was recognised with the “Measles and Rubella
Champion” Award by the Measles and Rubella Partnership(M&RP)
for its efforts towards Measles and Rubella Disease Prevention.

SCIENCE & TECHNOLOGY

1. Pension Fund Regulatory and Development Authority (PFRDA), inaugurated
the National Pension System (NPS) web application developed by
Bengaluru (Karnataka) based Zerodha Broking Limited.

APPOINTMENTS & RESIGNATIONS

1. Retired Indian Administrative Service (IAS) officers Gyanesh Kumar and
Dr. Sukhbir Singh Sandhu took charge as the New Election
Commissioners(ECs) in the Election Commission of India(ECI).

SPORTS
1. YES BANK partnered with the Indian Olympic Association (IOA) and
has been named the Official Banking Partner for Team India for the
upcoming Paris Olympics 2024, which is scheduled to take place
from 26th July to 11th August 2024 in Paris, France.