25th July, 2023 Current Affairs

Sakshi Education

NATIONAL
PFC becomes first member from India to join Asia Transition Finance Study Group

Power Finance Corporation Ltd(PFC) has achieved a milestone by becoming the first Indian participant in the Asia Transition Finance Study Group (ATFSG), an initiative spearheaded by the Japanese Ministry of Economy, Trade and Industry (METI) to promote sustainable transition finance in Asian countries. By becoming a part of this initiative, PFC will not only contribute India’s perspective but also collaborate on devising policy considerations to facilitate efficient energy transition financing.
Power Finance Corporation Ltd (PFC) is an Indian central public sector undertaking owned by the Ministry of Power, Government of India. It was established in 1986 and serves as the crucial financial pillar of the Indian power sector.

INTERNATIONAL
UAE Minister for Foreign Trade Dr Thani Al Zeyoudi elected as chair of WTO’s 13th Ministerial Conference

UAE Minister for Foreign Trade Dr Thani Al Zeyoudi has been elected as the chair of the World Trade Organisation’s 13th Ministerial Conference that will be held in Abu Dhabi in February 2024. The announcement was made during the WTO General Council in Geneva, where Dr Al Zeyoudi met with the WTO director general Ngozi Okonjo-Iweala.
The conference will be attended by representatives from the 164 countries and customs blocs that make up the WTO. It will review the performance of the trading system, make decisions on future work and set up the road map for the next conference, an official statement said on 24th July 2023.

Russia bans sex change and transgender marriages

Russian President Vladimir Putin has signed a new legislation that deals a significant blow to the LGBTQ+ community in the country. The act, passed unanimously by both houses of parliament, strictly prohibits individuals from officially or medically changing their gender, further marginalizing Russia’s embattled LGBTQ+ population.
The ban on gender changes and the wider crackdown on LGBTQ+ rights in Russia are rooted in the Kremlin’s pursuit of preserving what it deems as the nation’s “traditional values.”
Lawmakers argue that the legislation is essential to protect Russia against what they view as “western anti-family ideology.”
Some legislators have even labeled gender transitioning as “pure satanism,” highlighting the extent of the conservative stance taken by the government.

Also Read: Weekly Current Affairs (Important Dates) 1-7 July 2023 Bitbank: On which date Goods and Services Tax Day is observed?

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ECONOMY
India’s forex reserves breach $600 billion-mark, hover around 15-month high

India’s foreign exchange reserves have recorded their most substantial weekly surge in four months, witnessing a remarkable increase of $12.74 billion, reaching an impressive total of $609.02 billion, as reported by the Reserve Bank of India (RBI). This surge comes after a previous uptick of $1.23 billion in the preceding week ending on July 7.
The Weekly Statistical Supplement released by the RBI highlighted that Foreign Currency Assets (FCAs) played a pivotal role in the surge, surging by $11.19 billion to an impressive total of $540.17 billion.
FCAs, expressed in dollar terms, take into account the appreciation or depreciation of non-US units such as the euro, pound, and yen, held within the foreign exchange reserves.
Moreover, the nation’s gold reserves also rose significantly by $1.14 billion, reaching $45.20 billion.
Alongside the growth in FCAs and gold reserves, India’s Special Drawing Rights (SDRs) experienced an increase of $250 million, reaching a total of $18.500 billion.
Furthermore, the country’s Reserve Position in the International Monetary Fund (IMF) also moved up by $158 million, now standing at $5.18 billion.

RBI Includes ‘NongHyup Bank’ In The List Of Scheduled Banks Under Schedule II of RBI Act, 1934

In a recent notification, the Reserve Bank of India (RBI) has announced the addition of “NongHyup Bank” to the Second Schedule of the RBI Act, 1934. This significant move marks a pivotal moment for NongHyup Bank, which hails from Jung-gu, Seoul, South Korea, and has been actively operating in India since its establishment in 2016. The inclusion in the Second Schedule is set to enhance the bank’s presence and further its financial endeavors in the Indian market.
NongHyup Bank, established in 2012, emerged as a detached entity from its previous ownership and is currently owned by the National Agricultural Cooperative Federation (NACF).
With its roots deeply embedded in the agricultural sector, the bank has been serving the financial needs of farmers and the rural community in South Korea.
This strategic move not only strengthens NongHyup Bank’s position in the Indian banking landscape but also fosters stronger economic ties between South Korea and India.
By facilitating agricultural finance and rural development, NongHyup Bank’s presence in India is expected to contribute positively to both nations’ agricultural sectors.

SCIENCE AND TECHNOLOGY
North Korea fires two ballistic missiles after US submarine arrives in South

North Korea fired two ballistic missiles into the sea off its east coast late on Monday. South Korea's military said these missiles were fired hours after a U.S. nuclear-powered submarine arrived at a naval base in the South. Japan's defence ministry also reported the launch of what it said could be a ballistic missile by North Korea.
The reports come amid heightened tensions on the Korean peninsula as South Korea and the United States take steps to increase their military readiness against North Korea's weapons programme with the deployment of U.S. strategic military assets. North Korea has reacted angrily, saying such a deployment could meet the criteria for its use of nuclear weapons.

SPORTS
ISSF Junior Shooting World Championship: India's Kamaljeet Clinches Gold Medal in Men’s Individual 50 metre Pistol Event

India's Kamaljeet clinched Gold Medal on 24th July 2023 in Men’s individual 50 metre Pistol Event at ISSF Junior Shooting World Championship 2023 at Changwon Shooting Range, Korea.
India went in with a strong contingent of 90 shooters in the tournament and bagged 17 medals including 6 Golds, 6 Silvers and 5 Bronzes.
Over 550 shooters from 44 countries participated in the Championships.

AWARDS
Prof Thalappil Pradeep wins the prestigious International Eni Award

Prof. Thalappil Pradeep from the Department of Chemistry at the Indian Institute of Technology Madras has been honored with the prestigious ‘Eni Award,’ a highly regarded global recognition for scientific research in the fields of energy and environment.
Established in 2007, this is the 15th edition of the Eni Award. The President of Italy is expected to present him with the award in the near future. Prof. T. Pradeep’s exceptional work revolves around developing affordable and clean water solutions through the use of advanced materials.

Published date : 25 Jul 2023 06:24PM