Correct Answer :   V Ramachandra

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V Ramachandra, former chief general manager of Canara Bank, was named by the Reserve Bank India on Tuesday (31st January 2023) to the Advisory Committees of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL).

* The RBI created a three-member advisory council to assist the administrator of the two crisis-ridden enterprises after overriding the boards of SIFL and SEFL in October 2021.

* “Consequent upon the resignation of Shri Farokh N Subedar from the Advisory Committee with effect from January 31, 2023, it has been decided to appoint Shri V Ramachandra as a member of the Advisory Committee with immediate effect”.

* It was also stated that the Advisory Committee will advise the Administrator on the operations of SIFL and SEFL during the corporate bankruptcy resolution process.

* Venkat Nageshwar Chalasani, former deputy managing director of State Bank of India, and T T Srinivasaraghavan, former managing director of Sundaram Finance Limited, are the committee’s other two members.

* The RBI filed applications for the beginning of a corporate insolvency resolution process against SIFL and SEFL before the National Company Law Tribunal’s  (NCLT) Kolkata Bench in October 2021..

* Srei Group owes over Rs 18,000 crore to approximately 15 lenders, including Axis Bank, UCO Bank, and State Bank of India, in addition to nearly Rs 10,000 crore in external commercial borrowings and bonds.

* Srei Equipment Finance claimed in a regulatory filing earlier this month that its administrator had received a report from the transaction auditor about several fraudulent transactions in 2019-20 and 2020-21, with a monetary impact of about Rs 3,025 crore on the Srei group...

Source : BFSI

Correct Answer :   48 Years

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Inflation has risen to a 48-year high in crisis-hit Pakistan, where the International Monetary Fund (IMF) is visiting for urgent talks, according to data released on Wednesday (1st Feb 2023) by the country's statistics bureau.

* Year-on-year inflation in January 2023 was recorded at 27.55%, the highest since May 1975, with thousands of containers of imports held up at Karachi port.

* Pakistan's economy is in dire straits, stricken by a balance of payments crisis while it attempts to service high amounts of external debt.

Inflation Rate In Pakistan :

* Food prices rose by a staggering 43 percent in January year-on-year. The inflation rate in Pakistan averaged 8.05 per cent from 1957 until 2023, reaching an all-time high of 37.8 per cent in December 1973 and a record low of minus 10.32 per cent in February 1959.

* Pakistan’s finance ministry said in its monthly outlook released that inflation for January was forecast in the range of 24%-28%, citing supply-side factors and economic and political uncertainty.

* The world's fifth-biggest population has less than $3.7 billion in the state bank – enough to cover just three weeks of imports.

IMF Talks :

* On Tuesday (31st Jan 2023), an IMF delegation arrived in Islamabad to revive negotiations over a stalled bailout package with the government, which has so far held out from meeting the global lender's tough conditions.

* But in recent days, with the prospect of national bankruptcy looming and no friendly countries willing to offer less painful bailouts, Islamabad has started to bow to pressure.

* "Inflation is so high that one cannot earn enough."

* Former Prime Minister Imran Khan, who was ousted last year in a no-confidence motion, negotiated a multi-billion-dollar loan package from the IMF in 2019.

* But he reneged on promises to cut subsidies and market interventions that had cushioned the cost-of-living crisis, causing the programme to stall.

* It is a common pattern in Pakistan, where most people live in rural poverty, with more than two dozen IMF deals brokered and then broken over the decades..

Source : The Hindu

Correct Answer :   India and Unied States

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National Security Advisor "Ajit Doval" and his US counterpart "Jake Sullivan" formally launched the US-India initiative on Critical and Emerging Technology (iCET) in Washington.

* The United States and India concluded the US-India iCET meeting and also decided to launch a new Innovation Bridge.

* The Indian Embassy in the US said in a tweet that the iCET announced by Prime Minister Narendra Modi and President Biden.

Aim : To elevate and expand strategic, commercial & scientific technology partnerships and defense industrial cooperation between governments and businesses

* The White House said in a statement that Innovation Bridge will connect both countries' defence startups. It said, both countries affirm that the ways in which technology is designed, developed, governed, and used should be shaped by our shared democratic values and respect for universal human rights.
 
* According to the statement, the two sides discussed opportunities for greater cooperation in critical and emerging technologies, co-development and coproduction, and ways to deepen connectivity across our innovation ecosystems...

Source : AIR

Correct Answer :   50

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The Union Budget 2023, announced on Feb 1, 2023, will have a key focus on the travel and tourism sector, with 50 tourist destinations to be selected with the active participation of the state governments.

These destinations will be developed for domestic and international tourism as a whole package. State governments will participate actively under "Mission Mode" and there will be a convergence of government programs and encouragement of public-private partnerships.

Finance Minister Nirmala Sitharaman, in her 5th Budget announcement, said that the country offers an immense attraction for domestic as well as international tourists. "There is a large potential to be tapped in tourism"...

Source : Outlook India

Correct Answer :   16 Days

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Finance Minister Nirmala Sitharaman during Union Budget 2023-34 presentation on Wednesday (February 1, 2023) said the average processing time for Income Tax Returns (ITRs) will be reduced to 16 days from 93 days.

* The government also intends to roll out the new generation ITR forms and strengthen the grievance redressal mechanism.

* The Union Budget 2023-24 proposes to roll out a next-generation common IT return form for tax payer convenience, the FM said. The Budget also stipulates a plan to strengthen the grievance redressal mechanism for direct taxes.

* The Finance Minister also announced the deployment of about 100 Joint Commissioners for disposals of small appeals in direct tax matters. She also said that the department will be more selective in taking up cases for scrutiny of returns already received this year.

* Amit Gupta, MD, SAG Infotech said “45% of ITRs are completed within 24 hours, and the Common ITR form will be available soon. Furthermore, to enhance the IT grievance redressal mechanism, and to increase the presumptive taxes limitations at Sec 44AD - Rs.3 crore and Sec 44ADA - Rs.75 lakhs”.

* "The administration aims to bring out next-generation universal IT Return forms as well as reinforce the grievance redressal process," she explained...

Source : Times now News

Correct Answer :   Chennai

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* The first G20 Education working group meeting is being organized in Chennai on 1st Feb 2023 and will continue till 2nd Feb 2023.

* The Minister of State for Information and Broadcasting, Dr. L. Murugan inaugurated the session.

* The focus of the deliberations will be on ensuring foundational literacy and numeracy, especially in the context of blended learning. Making tech-enabled learning more inclusive, qualitative and collaborative at every level.

* The remarks will be made by Indonesia, Brazil, and other countries. Bangladesh, Egypt, Mauritius, Netherlands, Nigeria, Oman, Singapore, Spain and the United Arab Emirates will be the guest countries attending the education working group.

* In his inaugural address, Dr Murugan said that India’s presidency in G 20 has given the opportunity for the member countries to underline common priorities, reiterate common commitments and evolve common action for improving the reach, quality and outcomes of education.

* Discussion topic : K-12 education, tech-enabled learning, and skill development

* A seminar on the ‘Role of Digital Technology in Education’ – a unique initiative under India’s Presidency was organized at the IIT Madras Research Park.

Source : AIR

Correct Answer :   14.19

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* According to data, released by the RBI, as of December 2022, the total number of micro ATMs across the country has reached 14.19 lakh.

* But, there has been no significant surge in the value of money withdrawn through these devices since June 2022

* There were just about 3.56 lakh micro ATMs in India in 2020

* The cash withdrawal in Dec 2021 was ₹25.2-lakh crore.

* It grew to only about ₹25.5-lakh crore by November 2022, when the number of micro ATMs stood at 13.3 lakh.

Source : Businessline

Correct Answer :   Adani Group

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Adani Group on Tuesday (31st Jan 2023) acquired the strategic Israeli port of Haifa for USD 1.2 billion and vowed to transform the skyline of this Mediterranean city as part of its decision to invest more in the Jewish nation, including opening an artificial intelligence lab in Tel Aviv.

* Adani Group chairman Gautam Adani, whose business empire was rocked by allegations of fraud by US short seller Hindenburg Research, appeared alongside Israeli Prime Minister "Benjamin Netanyahu" for signing of the deal to takeover Haifa Port, and spoke of investment opportunities.

* Prime Minister Netanyahu described the Haifa port deal with the Adani Group as an “enormous milestone”, saying it will significantly improve connectivity between the two countries in many ways.

* The Port of Haifa is the second largest port in Israel in terms of shipping containers and the biggest in shipping tourist cruise ships.

* “This is an unequivocal expression of confidence in the Israeli economy,” he said, adding that privatisation of the ports and the entry of new investors strengthen Israel’s economic strength, lowers the cost of living and creates new opportunities for import and export and strengthens ties between India and Israel.

* The Adani group will also develop real estate at the port to transform the Haifa skyline...

Source : The Print

Correct Answer :   31st January 2023

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Senior advocate and former Law Minister "Shanti Bhushan" passed away on Tuesday (31st January 2023) following a brief illness. He was 97.

* A source close to his family said he was not keeping well for some time and died at his home in Delhi.

* Bhushan served as India's law minister from 1977 to 1979 in the Morarji Desai cabinet. He was best known for successfully arguing for setting aside the election of Indira Gandhi in 1975.

* Bhushan represented politician Raj Narain in the historic case against Indira Gandhi.

* Freedom fighter and politician Raj Narain, who had unsuccessfully contested the 1971 Lok Sabha elections from Raebareli in Uttar Pradesh against Gandhi, had in his plea accused her of corrupt electoral practices. Gandhi had moved the Supreme Court against the high court verdict.

* It triggered a series of events culminating into the imposition of Emergency on June 25, 1975.

* In his political career, he was a member of the Congress (O) and later of the Janata Party.

* He also served as a Rajya Sabha member from 14 July 1977 to 2 April 1980..

Born : 11 November 1925, Prayagraj

Died : 31 January 2023, Delhi

Source : Economic Times

Correct Answer :   Uttar Pradesh

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Uttar Pradesh government has launched a campaign to empower girls from the underprivileged class, an official said on Sunday (29th January 2023).

* The "Samagra Shiksha Abhiyan" will work under the Aarohini Initiative Training Programme for the safety and security of girls in 746 Kasturba Gandhi Residential Girls Schools in the state.

* Director General of School Education Vijay Kiran Anand said the main objective of the Aarohini programme, which will be implemented in three phases, is gender sensitisation.

* In the first phase, which will start on 1st February 2023, teachers will be trained.

* Two teachers of every Kasturba Gandhi Residential Girls’ School will receive the training, who will then educate the students of their respective schools.

* Along with the teachers, the institution will also groom the girls through debates and other activities..

Source : The Print