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 Daily Current Affairs PDF

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 Daily Current Affairs PDF

AFFAIRSCLOUD TODAY

Current Affairs 13 May 2023 : Headlines

1. Ministry of Ayush and ICMR sign MoU to Promote & Collaborate on Integrative Health
Research
2. Highlights of Israel Foreign Minister Eli Cohen’s Visit to India – May 9 to 11 2023
3. KIRF: Kerala becomes 1st state to launch Institutional Ranking Framework
4. India Semiconductor Mission signs MoU with Purdue University in USA
5. Union Minister Piyush Goyal co-chaired 6th India-Canada MDTI in Canada
6. RBI provided license to Profectus Capital for Factoring Services to MSMEs; Mandates INR
settlement of fees for Certain Cards7 World Bank approves USD 82mn for Zoonotic
Disease Prevention in India
7. Kotak Bank’s launched ‘Privy League’ Premium Banking Customers offering India’s 1st
LED debit cards
8. ADB Announces IF-CAP Program for Climate Change Financing in Asia&Pacific
9. RazorpayX Introduces Automated ESCROW+ Solution Powered by Axis Trustee Services
10. Sebi grants Final Approval for Proposed Change in Control of HDFC AMC
11. Bank of Baroda launches Electronic Bank Guarantee on its BarodaINSTA Platform
12. Overview of IBLA 2023: CNBC TV18 honours the best in business
13. Badminton legends Lin Dan and Lee Chong Wei to enter 2023 BWF Hall of Fame
14. CJI DY Chandrachud launches ‘E-filing 2.0’ & “e-Sewa Kendra”
15. International Nurses Day 2023 – May 12
16. Assam CM Himanta Biswa Sarma dedicates ‘Digitising Asom’ to the public
17. Telangana CM KCR launched Geeta Karmikula Bima Scheme

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NATIONAL AFFAIRS
Ministry of Ayush and ICMR sign MoU to Promote & Collaborate on Integrative Health Research

On May 11, 2023, a Memorandum of Understanding (MoU) was signed between the Ministry of
AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy) and the Indian Council of Medical
Research (ICMR) to promote and collaborate on integrative health research, explore possibility to work on
public health research, and take initiatives for addressing diseases of national importance.
Signatories:
MoU was signed by Vaidya Rajesh Kotecha, Secretary, Ministry of Ayush and Dr. Rajiv Bahl, Director General,
ICMR and Secretary, Department of Health Research (DHR), Ministry of Health & Family Welfare (MoHFW).
Key People:
The MoU was signed in the presence of Union Minister Sarbananda Sonowal, Ministry of Ayush; Union Minister
Dr. Mansukh Mandaviya, MoHFW; Minister of State Dr. Bharati Pravin Pawar, MoHFW, among others.
What is in the MoU?
i.The MoU aims to focus on identified areas of national importance in healthcare to promote high impact
research to generate evidence using the modern scientific methods.
ii.The MoU between AYUSH and ICMAR will help traditional Knowledge to create a niche and support the
development of Ayurveda as evidence based science.
iii.Under this MoU, Both sides will jointly establish Ayush-ICMR Centers for Advanced Research in Integrative
Health at all AIIMS (All India Institute of Medical Sciences) with co-funding.
iv.It will explore the possibility of inclusion of research on Integrative Medicine in the National ethical
guidelines for biomedical and health research involving human participants by ICMR-DHR.
v.There will be formation of a joint working group which will meet quarterly to hunt for further areas of
collaboration, formulate and implement joint research projects/programs and allow joint supervision of the
activities.
v.The research capacity will be led by ICMR for Ayush researchers. It will develop a curriculum; facilitate the
development and delivery of training modules.
 The Ministry of Ayush and ICMR will also design and conduct conferences/workshops/seminars jointly
with active participation of researchers interested in the field of Integrative healthcare.
Note: On May 11, 2023, the 5th inter-ministerial convergence meeting was also held to further augment the
cooperation between the Ministry of Ayush and MoHFW. It was co-chaired by Union
Minister Sarbananda Sonowal, and Union Minister Dr. Mansukh Mandaviya.
 Issues related to synergy and cooperation were discussed and both sides agreed upon important
matters.
About Indian Council of Medical Research (ICMR):
Director– Rajiv Bahl
Headquarters– New Delhi, Delhi

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Highlights of Israel Foreign Minister Eli Cohen’s Visit to India – May 9 to 11 2023

Foreign Minister of Israel Eli Cohen has arrived in New Delhi, Delhi, for his first official three-day visit to India
from May 9 to 11, 2023.
 Israel Foreign Minister Eli Cohen launched the project World on Wheels (WoW) Bus, by the Embassy
of Israel in India.
 The project World on Wheels aims to facilitate digital literacy, personality development, and
entrepreneurship training in rural parts of India.
-India, Israel Signed an Agreement to allow 42,000 Indians to work in Israel
i.Eli Cohen had a meeting with his Indian counterpart, External Affairs Minister S Jaishankar.
ii.Under the meeting, both ministers signed an agreement that will allow 42,000 Indian workers to work in
the Jewish state of Israel in the fields of construction and nursing.
 As per the agreement statement, 34,000 workers will be engaged in the construction field and another
8,000 for nursing needs.
 The objective of the agreement was to support the rising cost of living in Israel and assist families who
are in need of nursing care in Israel.
-Expanding Cooperation in Different Fields
The two foreign ministers held productive and wide ranging discussions on the main pillars of India and
Israel’s strategic partnership – agriculture, water, defence and security.
i.New agreements were also signed by both nations in the area of mobility, water, and agriculture.
ii.The ministers Jaishankar and Cohen discussed ways to strengthen the Indo-Israel relationship by adding
direct flights, continuing cooperation in agriculture and water management, and expanding cooperation in the
fields of artificial intelligence and cyber defence.
iii.Both Jaishankar and Cohen discussed the progress in the I2U2 (India, Israel, United States, and United Arab
Emirates) grouping as well as cooperation in multilateral forums.
iv.Rail and Port Network:
 Backdrop: The national security advisers of the United States, Saudi Arabia, the United Arab Emirates,
and India met on May 7, 2023, to discuss building a rail and port network to link the Gulf states, other
Arab countries, and India.
 For the proposed rail and port link, the Israeli foreign minister stated that the country would shorten the
route between Asia and Europe and make Israel a commercial, technological and transportation hub in
the changing trade routes in the Middle East.
v.Cohen stated that India could play a significant role in expanding the Abraham Accords and promoting
regional projects with countries (that do not yet have relations with Israel).
Note – The Abraham Accords of 2020 was the first Arab-Israeli peace deal in 26 years and is the popular
description for the normalisation of Israel’s ties with the Islamic world.
-Exploring Partnerships in Advanced defence technologies
i.Defence Minister Rajnath Singh met with the Israeli delegation, led by Israel’s Foreign Minister Eli Cohen, in
New Delhi, Delhi.

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 Rajnath Singh underlined India’s priority towards indigenisation in accordance with the ‘Aatmanirbhar
Bharat Policy’.
ii.The cooperation being extended by Israeli companies to India is acknowledged by Rajnath Singh and he
encouraged them for more investments in India and for forging joint ventures with Indian partners to
manufacture defence equipment in India.
iii.The Israeli Minister also affirmed the continued cooperation of Israel in India’s endeavour for indigenisation
and conveyed the willingness to cooperate and partner in advanced defence technologies.
iv.As the diplomatic relationship between India and Isreal has completed 30 years and both nations
acknowledged continuing the relationship to further strengthen the bilateral ties.
Points to be noted:
i.India’s bilateral merchandise trade increased to a record US$ 10.12 billion in FY23 (April 2022 -Feb 2023)
from US$ 7.86 billion in FY22.
ii.Eli Cohen attended the India-Israel Business Forum which was organised by the industry chamber
Confederation of Indian Industry (CII) on May 9, 2023.
 As per the statement from CII, Eli Cohen participated in a special conversation organised by the Israel
Export and International Cooperation Institute on May 9 in New Delhi, Delhi.
iii.Israeli Foreign Minister’s visit is in preparation for Prime Minister Benjamin Netanyahu’s trip to India later
this year.
Note – Israeli Economy Minister Nir Barkat visited India in April 2023 with a business delegation to strengthen
bilateral ties in common areas of interest, automotive technologies, and fintech.
Recent Related News:
From April 3–5, 2023, His Majesty Jigme Khesar Namgyel Wangchuck, the King of Bhutan, visited India on an
official trip at the invitation of President Droupadi Murmu.
His Majesty Jigme Khesar Namgyel Wangchuck was accompanied by Lyonpo Dr. Tandi Dorji, Minister of
Foreign Affairs and External Trade, and other top Royal Government of Bhutan officials.
About Isreal:
President – Isaac Herzog
Prime Minister – Benjamin Netanyahu
Currency – Israeli Shekel
Capital – Jerusalem

KIRF: Kerala becomes 1st state to launch Institutional Ranking Framework

On 3rd May 2023, R. Bindu, Minister of Higher Education of Kerala, formally launched the Kerala Institutional
Ranking Framework (KIRF), modelled on the lines of the National Institutional Ranking Framework (NIRF),
to assess the quality of higher education institutions in Kerala.
 With this launch, Kerala become India’s 1st state to establish a State-specific ranking framework for its
higher education institutions.

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KIRF will be annually implemented by the Kerala State Higher Education Council (KSHEC).
Note: NIRF for higher educational institutions in India by the Ministry of Education (MoE), then Ministry of
Human Resource Development (MHRD), in 2015
KIRF:
i. The KIRF is a set of metrics for ranking of academic institutions, based on the parameters agreed upon by the
Executive of the KSHEC.
ii.The ranking framework will classify the participating institutions as universities, colleges, engineering,
management, architecture, medical, dental, pharmacy, nursing, law and teacher education institutions.
 KIRF will rank the participating institutions in categories like overall, universities, colleges, engineering,
management, architecture, etc.
iii. The Government of Kerala announced that higher education institutions would be evaluated using state-
specific standards and metrics.
Eligibility for Participation in KIRF:
i. All the Higher Education Institutions (HEIs) in Kerala can participate in the ranking irrespective of the
discipline.
ii. The affiliating universities should not include details of their affiliating colleges.
iii. Institutions that have graduated at least 3 batches of students in full time Undergraduate (UG) or
Postgraduate (PG) programs, where the duration is not less than 3 years for the UG programs and 2 years for
the PG programs are eligible to participate.
Click here to know more.
About Kerala:
Chief Minister (CM)- Pinarayi Vijayan
Governor- Arif Mohammed Khan
Seaport- Kochi Port or Cochin Port
Bird Sanctuary- Chulanur Peafowl Sanctuary; Thattekkad Bird Sanctuary

India Semiconductor Mission signs MoU with Purdue University in USA

On 9th May 2023, the India Semiconductor Mission (ISM) signed a Memorandum of Understanding (MoU)
with Purdue University, Indiana, United States of America (USA) in the presence of Union Minister Ashwini
Vaishnaw, Ministry of Electronics and Information Technology (MoE&IT), for capacity building, research and
development (R&D), and industry participation.
 Purdue’s partnership with the ISM is the 1st of its kind under the framework of a USA-India
governmental partnership.
 The MoU between Purdue and India and ISM is valid for 5 years with the option of extension.
 This partnership aligns with ISM’s mission of driving India’s strategies for developing a comprehensive
semiconductors and display ecosystem.

INTERNATIONAL AFFAIRS
Union Minister Piyush Goyal co-chaired 6th India-Canada MDTI in Canada
On 8th May 2023, Piyush Goyal, Union Minister of Commerce & Industry, co-chaired the 6th India-Canada
Ministerial Dialogue on Trade and Investment (MDTI) along with Mary Ng, Minister of International Trade,
Export Promotion, Small Business and Economic Development, Government of Canada, in Ottawa, Canada.
 During the meeting, the Ministers highlighted the trade and economic relationship between Canada and
India and recognised the significant opportunity to deepen bilateral ties and economic partnership.
6th India-Canadda MDTI

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 Daily Current Affairs PDF
6th India-Canada MDTI was focused on various themes such as strengthening the Bilateral Trade Relationship
between India and Canada, Investment Promotion and Cooperation, Green Transition including Critical
Minerals discussion and New Areas of Cooperation such as promoting B2B (Business-to-Business)
engagements.
Note: MDTI is a bilateral mechanism that offers an institutional framework to discuss a wide range of trade
and investment-related issues and cooperation areas.

Key Points:
i.In 2022, the India-Canada bilateral trade in goods reached about USD 8.2 billion, registering a 25% growth
compared to 2021.
ii.The ministers also highlighted the contribution of the services sector in furthering the bilateral relationship
and noted the significant potential for increasing bilateral services trade which stood at about USD 6.6 billion in
2022.
iii.During the meeting, the ministers also emphasised on enhancing cooperation in sectors such as clean
technologies for infrastructure development, critical minerals, electric vehicles and batteries, renewable
energy/hydrogen, and Artificial Intelligence (AI).
iv.They also reviewed the progress so far achieved in the India-Canada Free Trade Agreement negotiations in
the seven rounds of negotiations so far.
v.They reaffirmed that Early Progress Trade Agreement (EPTA) would cover, among others, high-level
commitments in goods, services, investment, rules of origin, sanitary and phytosanitary measures, technical
barriers to trade, and dispute settlement and it may also cover others where mutual agreement is reached.
 The EPTA is one of the important steps towards the Comprehensive Economic Partnership Agreement
(CEPA).
CEPA:
CEPA was launched in 2009 to promote bilateral trade and investment by eliminating or reducing tariffs on
goods and services traded between India and Canada.
 The agreement covers a wide range of sectors, including agriculture, manufacturing, services, and
intellectual property.
Outcomes of 6th India-Canada MDTI:
i.India and Canada agreed to explore cooperation through measures such as coordinated investment
promotion, information exchange and mutual support through a Memorandum of Understanding (MoU)
preferably by September-October 2023.
ii.They also agreed on the importance of Government to Government (G2G) coordination to promote critical
mineral supply chain resiliency and committed to an annual dialogue at the official level on the margins of the
Prospectors and Developers Association Conference (PDAC) in Toronto (Canada).
iii.The ministers also agreed to rework and relaunch the Canada-India CEO (Chief Executive Officer) Forum
with focus and a new set of priorities
 This CEO forum will be a platform to enhance B2B engagement.
iv.Minister Mary Ng will lead a Team Canada trade mission to India in October 2023. This will provide an
opportunity to deepen the trade and investment ties between India and Canada.
v.They also noted the aspiration for an enhanced discussion related to migration and mobility.

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vi.They also discussed appropriate mechanisms to discuss talent and innovation partnerships to strengthen the
bilateral innovation ecosystem.
Other Highlights of the Minister’s Visit:
i.Union Minister Piyush Goyal visited Toronto, Canada from 9th to 10th May 2023 and participated in various
events to promote trade and investment.
 During his visit, he participated in several engagements including a meeting with CEOs of key Canadian
companies, a Round Table of Indian and Canadian CEOs, interaction with Canadian and Indian
companies based in Canada and a Financial Sector Round table.
ii.He was accompanied by a delegation of Indian CEOs led by the Federation of Indian Chambers of Commerce
& Industry (FICCI).
iii.He also inaugurated the Indian Pavilion at SIAL CANADA-2023, The largest food innovation trade show in
North America. Around 1000 national & international exhibitors from 50 countries participated in the show.
 Indian business participation consists of a delegation from the Trade Promotion Council of India (TPCI),
Agricultural & Processed Food Products Export Development Authority (APEDA), India Trade
Promotion Organisation (ITPO) and Associated Chambers of Commerce and Industry of India
(ASSOCHAM).
CII Report: Indian companies invested CAD 6.6 billion in Canada creating 17k jobs
According to the report titled “From India to Canada: Economic Impact and Engagement” 30 Indian companies
have invested more than 6.6 billion Canadian dollars (CAD) in Canada creating 17000 jobs across 8 provinces of
Canada. These companies have also spent over CAD 700 million in research and development (R&D)
expenditures.
 The report was prepared by the Confederation of Indian Industry(CII) in partnership with Canada –
India Business Council(C-IBC) and India’s High Commission in Ottawa(Canada).
 The report was released by Union Commerce and Industry Minister Piyush Goyal and his Canadian
counterpart Mary Ng at the reception organised by C-IBC in Toronto.
Note:
This report is the first of its kind that captures the growing presence of Indian Industry in Canada in order to
highlight the contributions of Indian companies to the competitiveness of the Canadian economy in the form of
foreign direct investment (FDI), jobs created and saved, and funding for R&D as well as local corporate social
responsibility initiatives.
Key Points:
i.According to the report, 100% of participating companies plan to invest more in Canada in the next five years,
and 96% plan to hire more employees.
ii.Around 32% of the companies accounted for technology services while the manufacturing and engineering
and life sciences, pharmaceuticals and healthcare comprised 25% each.
iii.The report demonstrates how Indian companies across Canada are expanding their investments, creating
jobs, funding research and development initiatives, and supporting their communities through corporate social
responsibility programmes.
About Canada:
Prime Minister– Justin Trudeau
Capital– Ottawa
Currency– Canadian Dollar (CAD)
About the Ministry of Commerce and Industry:
Union Minister– Piyush Goyal (Rajya Sabha- Maharashtra)
Minister of State– Som Parkash (Constituency- Hoshiarpur, Punjab); Anupriya Singh Patel (Constituency-
Mirzapur, Uttar Pradesh)

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BANKING & FINANCE

RBI provided license to Profectus Capital for Factoring Services to
MSMEs; Mandates INR settlement of fees for Certain Cards

On 10th May 2023, Profectus Capital Private Limited, a Non-Banking Financial Company (NBFC) backed by
Actis, received the Certificate of Registration (CoR) under the Factoring Regulations Act, 2011 from the
Reserve Bank of India (RBI) to provide factoring services to Micro, Small & Medium Enterprises (MSMEs).
 Factoring is a financial tool that provides the seller of goods (client) with an advance against the
accounts receivable.
Key Points:
i.Now, Profectus Capital plans to offer timely and efficient factoring services to improve their working capital
management, boost their businesses, and receive short-term finance to fund operations.
ii.Profectus will continue to focus on select manufacturing and service sectors based on its cluster-based
lending approach.
iii.It will focus on BBB- and above rated corporate buyers.
RBI mandates rupee-only settlement of fees for certain cards
RBI also mandated Rupee (INR)-only settlement of fees charges levied by ‘Authorised Persons’ on
International Debit Cards, Store Value Cards, among others, and payable in India.
 The instruments also include Charge Cards/Smart Cards or any other instrument that can be used to
create a financial liability as ‘currency’.
 Authorised Persons include banks authorised to deal in foreign exchange, full-fledged money changers,
etc.

World Bank approves USD 82mn for Zoonotic Disease Prevention in India

On May 10, 2023, the World Bank’s (WB) Board of Executive Directors has approved USD 82 million loan
for Animal Health System Support for One Health Program (AHSSOH) that will support India’s Livestock
Health and Disease Control Program, which seeks to control animal diseases by adopting global best practices
for animal health management and to prevent, detect, and respond to endemic zoonotic diseases.
 The loan has a maturity of 11.5 years with a grace period of 4.5 years.

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 The loan will be disbursed from the International Bank for Reconstruction and
Development (IBRD), and uses the Program-for-Results (PforR) financing instrument that links
disbursement of funds directly to the achievement of specific program results.
Note: AHSSOH is implemented by the Ministry of Fisheries, Animal Husbandry & Dairying, Department of
Animal Husbandry & Dairying.
Key Points:
i.A infection or disease that is transmissible from animals to humans under natural conditions is called
zoonotic.
ii.The program will address food safety in livestock value chains by supporting evidence-based policies on
animal disease and zoonoses management.
 The programme will also enhance food quality and safety in animal products, especially in livestock and
wet markets.
iii.It will also strengthen India’s One Health approach, which recognizes that people and animals are connected
with their shared environment
iv.India has the largest livestock population in the world, and 68% of the Indian workforce relies on farming
and remains in close contact with domestic animals and poultry, therefore, foot and mouth disease alone costs
more than USD 3.3 billion annually for India.
 Thus, this program will help reduce the risks of animal disease outbreaks by improving disease
surveillance and veterinary services in the livestock and wildlife sectors.
v.With this, at least 2.9 million livestock farmers will have increased access to improved animal health services
in the participating states of Assam, Karnataka, Maharashtra, Odisha, and Madhya Pradesh (MP).
vi.Through state-of-the-art laboratories, the program will also strengthen collaboration and data sharing with
the human health sector.
About World Bank (WB):
President– Ajay Banga
Headquarters– Washington DC, United States of America (USA)
Member Nations– 189

Kotak Bank unveils “Privy League” an Exclusive Premium Banking Programme; offers India’s
1st LED Debit Cards

Kotak Mahindra Bank Limited (KMBL) has launched a premium banking programme, Privy League targeting
High-Net-Worth Individuals (HNI). The program offers lifestyle privileges and bespoke financial solutions.
The Privy League is the Kotak Mahindra Bank’s flagship premium banking program, designed to celebrate its
customers’ achievements.
 It include Signature LED Debit Card, designed for Privy League Platinum tier, which is India’s first LED
card. It offers 75% discount on Priority Pass.
 It also offer Premium Metal Debit Card, designed by artist Arunanshu Chowdhury for the Privy League
black tier, offering luxury deals and complimentary airport lounge access, among many other benefits.

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Key Points:
i.Privy League provides access to customized portfolios and investment solutions from specialists based on the
customer’s risk profile and financial goals.
ii.It also provides access to a robust 3-in-1 integrated account featuring a bank, demat and trading account.
Members will get preferential rates on loans, locker rentals, brokerage, and other specialized products.
iii.It will create experiences across health and wellness, culinary experiences, knowledge-based sessions, and
more.
iv.The initiative provides a variety of Business Banking solutions, as well as advantageous rates on loans, locker
rentals, brokerage, and other specialised products.
under this programme the customers will have access to a 3-in-1 Integrated Account, which includes a bank
account, a demat account, and a trading account. They will also have access to personalised investment insights
and research reports.
v.It includes travel benefits as well as a complimentary MMT Black Elite Annual Membership.
About Kotak Mahindra Bank Limited (KMBL):
Managing Director & CEO– Uday Kotak
Headquarters– Mumbai, Maharashtra
Tagline– We Mean Business

ADB Announces IF-CAP Program for Climate Change Financing in Asia&Pacific

In May 2023, the Asian Development Bank (ADB) announced the launch of a significant financing program,
the ‘Innovative Finance Facility for Climate in Asia and the Pacific’ (IF-CAP), to support Asia and the Pacific
region in the battle against climate change.
 The announcement was made by Masatsugu Asakawa, President of ADB on the first day of the ADB’s
56th Annual Meeting in Incheon, South Korea.
What is IF-CAP?
i.As Asia and the Pacific is vulnerable to the impacts of climate change, such as hurricanes, droughts, heat
waves, floods, and sea-level rises. There is an immense climate financing gap that must be filled to win the
battle against climate change.
ii.ADB has developed the innovative financing program, IF-CAP program to bridge the financing gap needed to
combat climate change.
iii.IF-CAP will use guarantees from partners for leverage to accelerate billions of dollars in much-needed
climate change investment.
iv.Initial Partners: IF-CAP’s initial partners are Denmark, Japan, the Republic of Korea, Sweden, the United
Kingdom, and the United States.
Financing Program
i.With a model of ‘US$1 in, US$5 out’, the initial ambition of US$3 billion in guarantees could create up to US$15
billion in new loans for much-needed climate projects across Asia and the Pacific.

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 This is the first-of-its-kind guarantee mechanism i.e. a leveraged guarantee mechanism for climate
finance has never before been adopted by a multilateral development bank.
ii.IF-CAP financing will contribute to ADB’s raised ambition for $100 billion from its own resources for climate
change for 2019–2030.
iii.ADB is also discussing with bilateral and multilateral sources, the private sector, and philanthropies,
including the Global Energy Alliance for People and Planet for climate investments.

RazorpayX Introduces Automated ESCROW+ Solution Powered by Axis Trustee Services

RazorpayX, the business banking platform of Razorpay, introduced an automated ESCROW+ solution,
powered by Axis Trustee Services Ltd, RBL Bank, and ICICI Bank to support merchants and enables Instant &
Secure Money Transfers for Businesses.
Prevailing Issue:
i.In certain industries, 100% of the money in the account doesn’t belong to the business and receiving funds in
a current account is not an ideal solution for a business.
ii.Hence, those businesses either receive funds either on behalf of others or operate under a partnership model
in which funds from another business entity are in their current account to manage operations.
iii.This complicated money flow could lead to a compliance issue causing penalties for businesses.
ESCROW+ solution:
i.The RazorpayX’s ESCROW+ solution addresses such issues by providing an Escrow trustee who is vetted and
on-boarded by RazorpayX.
ii.It also offers merchants an Escrow account to route funds they are receiving on behalf of end beneficiaries,
ensuring the right tax treatment and reporting.
iii.The automated processes facilitated by Escrow+ assure higher success rates and seamless payouts,
enhancing overall payout performance.
iv.Currently, the solution will cater to digital-first businesses in Gaming, Marketplace & eCommerce, Co-
lending, and P2P-lending industries. RazorpayX plans on expanding the solution to other industries also in
future.
Recent Initiatives of RazorpayX:
i.Recently RazorpayX forayed into Forex Service for Startups, in the three months since its beta launch, the
service enabled 15 firms to bring Rs 350 crore in annualised run rate (ARR) to India.
ii.It also launched RazorpayX Digital Lending 2.0, a digital lending solution for NBFCs (Non-Banking Finance
Companies) and Fintechs to assist them in complying with digital lending guidelines.
About Razorpay Software Private Limited:
Establishment – 2014
Headquarters – Bengaluru, Karnataka
CEO and Co-founder – Harshil Mathur

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Sebi grants Final Approval for Proposed Change in Control of HDFC AMC
The Securities and Exchange Board of India (SEBI), through its letter dated 10 May 2023 to HDFC Asset
Management Company (HDFC AMC) Limited, a subsidiary of HDFC Ltd, and the investment manager of HDFC
AMC AIF (Alternative Investment Fund) II, has granted its final approval for the proposed change in control of
HDFC AMC.
 The merger of HDFC with HDFC Bank, which is expected to be completed by the 3rd quarter of this Fiscal
year 2023-24 (FY24), will benefit from this approval.
 Thus HDFC Bank will have a combined asset base of around Rs 18 lakh crore.
 Once the deal is effective, HDFC Bank will be 100% owned by public shareholders, and existing
shareholders of HDFC will own 41 per cent of the bank.

Bank of Baroda launches Electronic Bank Guarantee on its BarodaINSTA Platform

On 10th May 2023, Vadodara (Gujarat)-based Bank of Baroda (BOB), an Indian public sector bank, announced
the launch of Electronic Bank Guarantee (e-BG) on its BarodaINSTA platform, in partnership with the
National E-Governance Services Limited (NeSL).
 The new facility will enable BOB to issue electronic bank guarantees on its online platform
BarodaINSTA.
 An e-BG can be offered with a faster turnaround time than the traditional paper-based process of issuing
inland bank guarantees.
 Following issuance, the beneficiary can immediately access the final digital BG on the NeSL portal. Such
an e-BG eliminates the need for a separate authentication from the BG issuing Bank.
Note: NeSL is the 1st and only Information Utility in India, and it is governed by the Insolvency and Bankruptcy
Board of India (IBBI) under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).

AWARDS & RECOGNITIONS

Overview of IBLA 2023: CNBC TV18 honours the best in business

India Business Leader Awards’ (IBLA) 2023, the 18th edition of the annual awards hosted by CNBC-TV18,
was held at Jio World Convention Centre at BKC (Bandra Kurla Complex), Mumbai, Maharashtra.
The event was presented by Standard Chartered in partnership with Hindustan Times.
About IBLA:
i.The India Business Leader Awards (IBLA) was instituted to recognise exceptional leaders, high achievers, and
true visionaries in the Indian corporate world.
ii.The award recognises and celebrates the individuals who have contributed their knowledge and expertise
towards achieving equitable economic growth or have excelled in creating profitable, sustainable, and socially
conscious enterprises.
Highlights of IBLA 2023:

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i.TV Narendran, Managing Director (MD) and Chief Executive Officer(CEO) of Tata Steel has been named the
Outstanding Business Leader of the Year at IBLA 2023.
ii.Infosys Limited, an Indian multinational information technology company, has been named the Outstanding
Company of the Year at IBLA 2023.
 Salil Parekh, CEO of Infosys, received the award on behalf of Infosys.
 Titan, Apollo Hospital, Mahindra, Hindalco, and Cipla were nominated for the award under this category.
iii.Azim Premji, Founder and former Chairman of WIPRO Limited and one of India’s leading business tycoons
has been honoured with the Hall of Fame Award during the event.
iv.Indian boxer and 2-time world women’s boxing champion Nikhat Zareen won the Sports Leader of the Year
 Satwiksairaj & Chirag Shetty, Neeraj Chopra, Savita Punia and Harmanpreet Kaur were among the
nominees for the Sports Leader of the Year.
v.Late Ela Ramesh Bhatt, winner of Ramon Magsaysay Award (1977), Padma Shri (1985) and Padma Bhushan
(1986) has been honoured with the Special Recognition Award for Social Imapct Icon.
vi.The Board of Control for Cricket in India (BCCI), the national governing body of Cricket in India, has been
named the Game Changer of the Year.
 Indian women cricketers Mithali Raj, Jemimah Rodrigues, Smriti Mandhana, Jhulan Goswami,
Harmanpreet Kaur and BCCI secretary Jay Shah jointly received the award on behalf of BCCI.
Winner of IBLA 2023:
Category Winner
TV Narendran
Outstanding Business Leader of the Year
Managing Director of Tata Steel
Outstanding Company of the Year Infosys
Azim Premji
Hall of Fame Founder and former Chairman of WIPRO
Limited
Venu Srinivasan Chairman Emeritus of TVS
Lifetime Achievement Award
Motor
Sports Leader of the Year: Indian boxer Nikhat Zareen
Entertainment Leader of the Year Alia Bhatt
Social Impact Icon Late Ela Ramesh Bhatt
Game Changer of the Year The Board of Control for Cricket in India (BCCI)
Brand Campaign of the Year Dove
Young Turk Startup of the Year Skyroot
Young Turk of the Year OfBusiness
The Disruptor Idea Forge
Dilip Asbe Managing Director & CEO of National
Outstanding Contribution to Brand India
Payments Corporation of India (NPCI)
Cyrus Mistry, Rakesh Jhunjhunwala,
In Memoriam
Vikram Kirloskar, Rajeev Luthra

Badminton legends Lin Dan and Lee Chong Wei to enter 2023 BWF Hall of Fame
On 2nd May 2023, the Badminton World Federation (BWF) announced that the Badminton legends Lin Dan
from China and Lee Chong Wei from Malaysia have been elected to the BWF Hall of Fame for 2023.
They will be inducted into the hall of fame at a ceremony on 26th May 2023 at the Kuala Lumpur Convention
Centre (KLCC) in Kuala Lumpur, Malaysia.
 On May 26 2023, the official ceremony has been scheduled to induct the duo by BWF at the Kuala
Lumpur Convention Centre (KLCC) in Kuala Lumpur, Malaysia.
 Lee Chong Wei and Lin Dan both began their senior international career in early 2000’s had dominated
the men’s singles for two decades until their retirements in 2019 and 2020 respectively.

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Note: Badminton doubles legends Liliyana Natsir from Indonesia and Zhao Yunlei from China were inducted as
the 2022 BWF Hall of Fame.
About Lin Dan’s Badminton record:
i. Lin Dan won 2 Olympic Golds in Men’s singles. He was the first player in the men’s singles to retain an
Olympic gold medal. He won his first gold in Beijing 2009(China) and his 2nd in London 2012(the United
Kingdom).
ii. He won five golds (Madrid 2006, Kuala Lumpur 2007, Hyderabad 2009, London 2011 and Guangzhou 2013)
and two silvers (2005 Anaheim and 2017 Glasgow) in World Championships.
iii.He is the first and the only player to have completed the “Super Grand Slam” by winning nine major titles in
the badminton circuit – Olympic Games, World Championships, World Cup, Thomas Cup, Sudirman Cup, Super
Series Masters Finals, All England Open, Asian Games, and Asian Championships.
About Lee Chong Wei’s Badminton record:
i. Lee Chong Wei finished with 47 BWF Super Series and World Tour titles and was ranked world No. 1 for 349
weeks (the most in the badminton circuit to date).
ii. He won 3 Olympic Silver medals in 2008 Beijing, 2012 London and 2016 Rio de Janeiro(Brazil).
iii. After his retirement in 2019, Chong Wei continues to play an active role in sport in his native Malaysia,
serving as his country’s chef-de-mission at the Olympic Games Tokyo 2020 held from 23 July – 8 August in
Japan.
Additional Info:
Lin Dan and Lee Chong Wei faced each other 40 times in their career, (including 2 Olympic Games finals in 2008
and 2012) with Lin Dan leading the head-to-head record 28–12.

SCIENCE & TECHNOLOGY

CJI DY Chandrachud launches ‘E-filing 2.0’ & “e-Sewa Kendra”
On 12th May 2023, D Y Chandrachud, Chief Justice of India (CJI), launched “E-filing 2.0” and told lawyers that
the facility for filing cases electronically will be now available around the clock.
 CJI D Y Chandrachud, who has been advocating for e-courts and e-filing of cases across the country, also
inaugurated an “e-Sewa Kendra” on the Supreme Court’s premises.
 The “e-Sewa Kendra” aims to provide litigants and lawyers with a one-stop solution for all their needs
related to filing cases and accessing information on cases pending or disposed of in any court across
India.
 The lawyers could also use the e-Sewa Kendra to know the case status from any court or tribunal across
India.

IMPORTANT DAYS
International Nurses Day 2023 – May 12
International Nurses Day (IND) is annually observed across the globe on May 12 to honour the contribution
of nurses to society and acknowledge their role in the overall healthcare system.
 The day commemorates the birth anniversary of British Nurse and statistician Florence Nightingale, one of
the founders of modern nursing. She was born on 12th May 1820 in Florence, Grand Duchy of Tuscany
(Italy).
International Nurses Day 2023 was observed on 12th May 2023.
 The theme/campaign of the IND 2023 is “Our Nurses. Our Future”.

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The International Council of Nurses (ICN) commemorates this annual observance by producing and
distributing International Nurses’ Day (IND) resources and evidence.

Background:
i. Dorothy Sutherland, an official with the United States (US) Department of Health, Education and Welfare,
proposed to Dwight D. Eisenhower, the 34th President of the United States of America (USA) to declare “Nurses
Day” in 1953.
ii. The 1st ever International Nurses Day was observed on 12th May 1965 by the ICN.
About Florence Nightingale:
i. Florence Nightingale (1820–1910) was popularly known as “The Lady With the Lamp”.
ii. In 1860, she established the 1st scientifically based nursing school, the Nightingale School of Nursing, at St.
Thomas’ Hospital in London, United Kingdom (UK).
iii. She became the first woman to be awarded the Order of Merit (1907), a British honorary institution
founded by Edward VII in 1902.
IND 2023 Campaign: Our Nurses. Our Future:
i. On 12th May 2023, the ICN launched the “Our Nurses. Our Future” campaign, which includes its ten-
point Charter for Change and International Nurses Day 2023 report.
ii. The Charter for Change outlines 10 policy actions that employers and governments must adopt to create
and sustain healthcare systems that are safe, affordable, accessible, responsive, and resilient.
 This will change the focus of nurses as being invisible and make them invaluable.
iii. The IND report includes the reasons for the 10 policy recommendations in the Charter for Change,
demonstrating why these key actions are necessary to nurse the world and the profession.
Key Points:
i. The State of the World’s Nursing Report 2020: Investing in Education, Employment and Leadership, which
was published by the World Health Organization (WHO), estimates that there are 28 million nursing
professionals in the world, a number that represents more than half of all health professionals.
ii. It also notes that there is a global shortage of 5.9 million nursing professionals, mainly in Africa, Southeast
Asia, and the Eastern Mediterranean, as well as in some Latin American countries.
iii. According to WHO, there are about 27 million men and women working as nurses and midwives.
About the International Council of Nurses (ICN):
President- Pamela F Cipriano
Headquarters- Geneva, Switzerland
Establishment- 1899

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STATE NEWS
Assam CM Himanta Biswa Sarma dedicates ‘Digitising Asom’ to the public

On May 11 2023, Himanta Biswa Sarma, Chief Minister (CM) of Assam dedicated ‘Digitising Asom‘, a
community project aimed at the digitisation of rare Assamese journals and books published between 1813 and
1970 for public use at an event organised at Janata Bhawan in Guwahati, Assam.
 Digitising Asom is initiated by Nanda Talukdar Foundation, a Non-Government Organisation in Assam &
supported by Assam Jatiya Bidyalaya Educational and Socio-economic Trust.
 Digitising Asom aimed to preserve the remarkable works of Assamese Literature for ages digitally,
regardless of their location, and make them available to the public for free of cost through the
website https://www.assamarchive.org/
Phases of the project:
i. Phase 1:
 In the first phase of the project, journals published between 1840 and 1970 have been included
encompassing 3,071 editions of as many as 161 journals with a total of 2,45,680 pages.
 A large number of literary works have not been digitised under this phase of the project as many such
journals, books are no longer available in the public domain.
ii. Phase 2:
 The second phase of the project, under processing, shall cover books published between 1813 and 1962.
All the rare collections of books can be digitalised in this phase.
For Digitizing Asom, all the necessary support will be provided by the Government of Assam including financial
support.
Additional Info:
i. Efforts have already been taken by the Government of Assam at using digitization for efficient delivery of
public services such as Mission Sadbhavna (an initiative to dispose-off all pending files in the state secretariat),
among others.
ii. From June 1 2023, all files in the offices of the Deputy Commissioner and the Directorates set to be processed
only in digital format
About Assam:
Capital– Dispur
Chief Minister– Himanta Biswa Sarma
Governor– Gulab Chand Kataria
Festivals– Bohag Bihu festival is celebrated in the month of April when the farmers start sowing and it is
marked as Assamese New Year.
Magh Bihu festival is celebrated in the month of January-February, which celebrates the season of harvesting of
grains.

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Telangana CM Chandrashekhar Rao launched Geeta Karmikula Bima Scheme
On May 2 2023 Telangana Chief Minister (CM) K Chandrashekhar Rao announced a special scheme
named Geeta Karmikula Bima, for the Toddy Tappers community of Telangana, to provide life insurance
cover of Rs.5 lakh to toddy tappers.
 “Geeta Karmikula Bima” Scheme is on the lines of the existing scheme of “Rythu Bheema”, which was
designed by the Telangana Government for the farmer families.
Key people involved in the Scheme:
Thaneeru Harish Rao, Minister of Medical Health and Finance Department of Telangana, and V. Srinivas Goud,
Minister of Prohibition & Excise of Telangana, to formulate guidelines for the scheme; A. Santhi Kumari, Chief
Secretary of Telangana to initiate immediate steps of the scheme.
Objective of the Scheme:
i. The main objective of this scheme is to provide financial support to the family members of Toddy Tapper,
who accidentally or unfortunately fall from the trees while collecting toddy.
ii. Telangana government wants to cover all toddy tappers of the state under this insurance scheme.
Eligibility:
The eligibility criteria for the Geeta Karmikula Bima Scheme are:
 The person should be a permanent resident of the Telangana state.
 He must be a toddy tapper.
 He should belong to an economically backward section of society.
Features:
i. The insurance amount of Rs.5 lakhs will be sent directly to the bank account of the family member within 3-4
days of the
 Even though the state government is giving Ex-gratia payments to the families of the victims, there was a
significant delay in the process, but under this Karmikula Bima scheme, the insurance to the family
members will be provided within 7 days of the victim’s death.
Note: Ex-gratia payment is made to an individual by an organisation, government, or insurer for damages or
claims, but it does not require the admittance of liability by the party making the payment.
Benefits:
i. Through the development of this scheme, Lifestyle changes will be provided to people from the economically
backward section of society.
ii. Financial benefits will be provided to the whole family if the only job holder of the family died accidentally.
iii. Families that do not have insurance coverage can benefit from the Geeta Karmikula Bima insurance scheme.
Note – In a separate announcement, the CM also assured farmers hit by unseasonal rains that the State
government would procure the entire crop, including paddy stocks exposed to rainwater at the same price.
About Telangana:
Capital– Hyderabad
Chief Minister– K. Chandrashekar Rao
Governor– Tamilisai Soundararajan
Tiger Reserve– Amrabad Tiger Reserve

GA Questions Asked in Exams

 Affairscloud’s Self Analysis for General Awareness Section

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