International News
A Five-day faculty exchange program of BIMSTEC started on 3 March
- The program involves faculties from foreign service academies of the BIMSTEC member countries.
- During the exchange program, diplomats of the BIMSTEC member countries
will present proposals on ways to increase cooperation among the Foreign
Service training institutions of the South and South East Asian
sub-regional platform.
- Thirteen faculties of Foreign Service academies from seven BIMSTEC countries are participating in the program.
- The BIMSTEC is an international organization of seven South Asian and
Southeast Asian nations - Bangladesh, Bhutan, India, Myanmar, Nepal, Sri
Lanka, and Thailand.
- These countries are among those dependent on the Bay of Bengal.
India-EFTA $100 Billion Free Trade Agreement Signed
- Under this agreement, EFTA has committed to investing $100
billion in India over the next 15 years.
- The investments are planned to flow in 15 years - $50 billion in the first 10 years and another $50 billion in the next five.
- The agreement aims to bring significant economic benefits to both parties by creating better integrated and more resilient supply chains, opening new opportunities for businesses and individuals, facilitating job creation and economic growth, enhancing market access, simplifying customs procedures, and promoting investment opportunities.
- India is now the world’s 2nd largest producer of mobile
phones.
National News
J&K Muslim Conference Factions Declared Unlawful
- These factions have been banned due to their involvement in activities against the sovereignty and integrity of the nation.
- They have been linked with supporting terrorist activities, raising funds from sources including Pakistan for unlawful activities in J&K, including sustained stone-pelting and giving election boycott calls.
- He stated that the government is determined to uproot terrorism and anyone involved in unlawful activities will face dire consequences.
In the last four years, the Leopard number has increased by more than 1,000
- This amendment allows a female Government servant or pensioner to nominate her eligible child or children for family pension in precedence to her husband.
- This change was made in response to numerous inquiries about whether a female Government servant or pensioner could nominate her eligible child or children for family pension in place of her spouse in cases of marital discord.
- In such cases, the female Government servant or pensioner can make a request in writing to the concerned Head of Office.
Banking
RBI Approves AU Bank’s Acquisition of Fincare Small Finance Bank from April 1
- The effective date of the amalgamation is set for April 1, 2024.
- As per the agreement between the two banks, shareholders of Fincare Small
Finance Bank will receive 579 equity shares of AU Small Finance
Bank for every 2,000 shares held.
- Out of the 10 small finance banks that received a license in 2015 from RBI, AU and Capital Small Finance Bank had no microfinance legacy.
- While 49% of Fincare’s branches are based in south India, AU had merely 2%.
- The merged bank will have 2334 branches.
DPIIT-World Bank Workshop on Logistics Efficiency
- Over 100 participants from various Ministries/Departments of the Government of India, officials from States, Multilateral Institutions, and Industry Associations participated in the event.
- The workshop was divided into three sessions:
- Session I covered discussions on the approach and methodology adopted in the calculation of the Logistics Performance Index (LPI) by the World Bank.
- Session II discussed the corridor approach including Bharatmala and Sagarmala Corridors which is enhancing logistics efficiency, bringing down logistics costs, and increasing first and last mile connectivity.
- Session III, officials from States shared best practices, reforms, and digital initiatives undertaken to improve logistics efficiency.
