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24th March Current Affairs – Top News of the Day

Today’s Current Affairs

24th March 2023 Current Affairs are incorporated with the important news that made the current affairs headlines for banking, UPSC or other competitive exams. Daily Current Affairs is the complete bag of important news that is held all day long. One should have complete knowledge about banking terms, current affairs news, etc. So, here is the Top News of the Day for 24th March 2023 to help you prepare the Latest Current Affairs part. After reading this section, you can successfully attempt Current Affairs Quiz. 

Here is the Current Affairs 24th March 2023 covering the following news headlines: Silicon Valley Bank, BRICS bank, Jack Dorsey, Canara Bank, CrickPe, Exercise Konkan 2023, INS Androth.

National News

1. Will SVB collapse impact the Indian talent market?

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The recent collapse of Silicon Valley Bank (SVB) has led to uncertainty in the talent market for Indian startups, which had around $1 billion in deposits with the lender. SVB was shut down by regulators on March 10 due to a run on the bank, despite having $209 billion in assets at the end of 2022. However, HR and staffing firms are optimistic about the Indian economy and believe that the SVB crisis will not have a significant impact on the talent market.

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2. India participates in IPEF negotiations in Bali

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An Indian delegation led by the Department of Commerce recently participated in the second round of negotiations for the Indo-Pacific Economic Framework for Prosperity (IPEF) in Bali, Indonesia. Representatives from 13 other countries also took part in the discussions covering all four pillars of the IPEF: Trade, Supply Chains, Clean Economy, and Fair Economy. India was involved in talks related to the latter three pillars.

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International News

3. Egypt joins BRICS bank as new member weeks after President Sisi’s India visit

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After President Abdel-Fattah El-Sisi visited India as a chief guest for the Republic Day celebrations, Egypt has become a member of the BRICS New Development Bank (NDB). According to sources familiar with the matter, Egypt officially joined the NDB on February 20, with a formal notification issued on March 22. The African-Arab nation intends to enhance its infrastructure, and NDB funding can make a significant contribution toward achieving this goal.

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4. Jack Dorsey’s wealth tumbles $526 million after Hindenburg short

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Hindenburg Research’s recent report accusing Block Inc. of ignoring extensive fraud has had a significant impact on co-founder Jack Dorsey’s net worth. His fortune experienced its most substantial single-day decline since May, with a drop of 11%, resulting in a decrease of $526 million. According to the Bloomberg Billionaires Index, Dorsey’s net worth now stands at $4.4 billion. Jack Dorsey, who co-founded both Twitter and Block, has the majority of his personal wealth invested in the latter. According to the Bloomberg wealth index, his stake in Block is valued at $3 billion, while his position in Elon Musk’s social media firm is estimated at $388 million.

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Banking News

5. Canara Bank sells stake in Russian joint venture to SBI for Rs 121 crore

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Canara Bank has announced that it sold its stake in Commercial Indo Bank LLC (CIBL), a joint venture with State Bank of India (SBI), to SBI for approximately ₹121.29 crore. CIBL, which was established in 2003, operates in Russia and is owned 60% by SBI and 40% by Canara Bank. According to Canara Bank, the sale agreement was executed on November 11, 2022. According to a regulatory filing, Canara Bank has confirmed that it has received the full consideration amount of ₹121.29 crore for the sale of its stake in Commercial Indo Bank LLC to SBI. The agreement for the sale of Canara Bank’s stake to SBI was announced in January of this year and the entire transfer of shares was completed on November 11, 2022, as per the agreement.

Important takeaways for all competitive exams:

  • Canara Bank Headquarters: Bengaluru;
  • Canara Bank Founder: Ammembal Subba Rao Pai;
  • Canara Bank Was Founded On: 1 July 1906.

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6. RBI allows India and Tanzania to use national currencies for trading

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India and Tanzania have received approval from the Reserve Bank of India (RBI) to utilize their respective national currencies in bilateral trade settlements. This move is anticipated to decrease transaction costs and improve the effectiveness of cross-border trade, resulting in higher trade volumes and increased economic collaboration between the two nations.

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Economy News

7. Income tax dept launches mobile app AIS for Taxpayers

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On March 22, the Income Tax Department launched a mobile application called “AIS for Taxpayer” that enables taxpayers to view their tax-related information in the Annual Information Statement (AIS) or Taxpayer Information Summary (TIS). The app has become essential and beneficial since starting from the new financial year on April 1, Form 26AS will only show information related to tax deducted at source (TDS) and tax collection at source (TCS). Taxpayers can get a detailed summary of their information from Form 26AS by referring to the Annual Information Statement (AIS). The AIS not only provides a comprehensive overview of the taxpayer’s information, but it also has a feedback mechanism.

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Business News

8. Ashneer Grover launched cricket fantasy sports app ‘CrickPe’

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Ashneer Grover, co-founder of BharatPe, has launched a new cricket-focused fantasy sports app named CrickPe ahead of the Indian Premier League (IPL) tournament. This app will compete against rivals such as Dream11, Mobile Premier League (MPL), and Games24x7’s My11Circle. Third Unicorn Pvt Ltd, founded by Ashneer Grover, has raised $4 million in seed funding from more than two dozen angel investors, including Anmol Singh Jaggi, Anirudh Kedia, and Vishal Kedia. Previously, Grover was associated with BharatPe and Grofers, both of which are unicorns. The app is targeting the upcoming IPL tournament for its launch and is allowing users to participate in contests for IPL matches starting from March 31, 2023.

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Defence News

9. Annual Bilateral Maritime Exercise Konkan 2023

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The annual bilateral maritime exercise called Konkan 2023 was conducted between the Indian Navy and the Royal Navy from 20th to 22nd March 2023 off the Konkan coast in the Arabian Sea. The Royal Navy is the United Kingdom’s naval warfare force. The exercise involved INS Trishul, a guided missile frigate, and HMS Lancaster, a Type 23 guided missile frigate, and aimed to improve cooperation and learn best practices through various maritime drills. These drills covered air, surface, and sub-surface operations, such as gunnery shoots on an inflatable surface target called ‘Killer Tomato,’ helicopter operations, anti-aircraft, and anti-submarine warfare exercises, Visit Board Search and Seizure (VBSS), ship manoeuvres, and personnel exchange.

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10. GRSE launched the ‘Most Silent Ship’ INS Androth

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Garden Reach Shipbuilders and Engineers (GRSE), a shipbuilding company in India, has launched INS Androth, a vessel claimed to be the “most silent ship in the country” for the Indian Navy. The vessel is the first in a series of eight anti-submarine warfare shallow-watercraft to be delivered to the navy. The ships will be used for patrolling, search and rescue operations, and other military missions. The INS Androth has been designed to accommodate 50 crew members and is equipped with state-of-the-art communication systems, radars, and sonars to detect and track enemy submarines. The ship also features a stealth design that reduces its acoustic signature, making it difficult to detect underwater.

Important takeaways for all competitive exams: 

  • GRSE Chairman & Managing Director: Rear Admiral V K Saxena;
  • GRSE Headquarters: Kolkata, West Bengal.

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11. Defence Ministry Inks Rs 3700 Cr Contracts with BEL for Radars and Receivers

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The Indian Defence Ministry has recently signed two contracts with Bharat Electronics Limited (BEL) worth more than Rs 3,700 crore, with the aim to enhance the operational capabilities of the Indian Air Force. Under the Buy Indian – IDMM (Indigenously Designed Developed and Manufactured) category, both projects are part of the ongoing vision of Aatmanirbhar Bharat. The first contract, worth over Rs 2,800 crore, involves the supply of Medium Power Radars (MPR) ‘Arudhra’, which have been designed and developed by the Defence Research and Development Organisation (DRDO) and will be manufactured by BEL. The second contract, with a cost of approximately Rs 950 crore, relates to Radar Warning Receivers (RWR).

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Science and Tech News

12. NASA and ISRO have jointly manufactured an earth science satellite named, NISAR

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Dr. Jitendra Singh, the Union Minister of State for Science & Technology, announced in the Rajya Sabha that NASA and ISRO have collaboratively built an earth science satellite called NISAR (NASA-ISRO Synthetic Aperture Radar). The satellite’s primary objectives are to design, develop, and launch a dual-frequency (L and S band) radar imaging satellite, and to explore new application areas using L & S Band microwave data, particularly in surface deformation studies, terrestrial biomass structure, natural resource mapping and monitoring, and research on the dynamics of ice-sheets, glaciers, forests, oil slicks, etc.

Important Takeaways for All Competitive Exams:

  • ISRO Chairman: S. Somanath;
  • ISRO foundation Date: 15th August, 1969;
  • ISRO Founder: Dr. Vikram Sarabhai.
  • NASA Headquarters: Washington, D.C., United States;
  • NASA Founded: 29 July 1958, United States;
  • NASA Administrator: Bill Nelson.

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Books and Authors News

13. Shrimant Kokate’s 1st book in English “Chhatrapati Shivaji Maharaj” released

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Shrimant Kokate, a well-known Marathi author and historian, has recently released his first English book titled “Chhatrapati Shivaji Maharaj (illustrated)”, which has been translated by Dilip Chavan. The book was released by Amol Kolhe, a popular MP and actor known for his portrayals of Chhatrapati Shivaji Maharaj and Sambhaji Maharaj in Marathi TV series. Kokate is renowned for his four books on Shivaji, which have received great reviews and have been widely read. He has written a total of 10 books on various subjects.

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14. Anurag Behar authors the New Book “A Matter of the Heart: Education in India”

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Anurag Behar, the CEO of Azim Premji Foundation and founding vice-chancellor of Azim Premji University, has authored a new travel book titled “A Matter of the Heart: Education in India”. The book is a collection of 110 stories, based on Behar’s experiences working at the foundation, and sheds light on the state of education in India beyond the major cities. Through his writing, Behar pays tribute to the educators who are shaping the future of the country. The book has been published by Westland Nonfiction, which is a division of Nasadiya Technologies Pvt Ltd. Behar is a well-known educationist and leader in India’s social sector.

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Important Days

15. World Tuberculosis Day 2023 observed on 24 March

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World Tuberculosis Day is observed on March 24th every year to raise awareness about the global epidemic of tuberculosis (TB) and efforts to eliminate the disease. The World Health Organization (WHO) aims to end the TB epidemic by 2030. The organization works with governments, non-governmental organizations, and other partners to increase access to TB prevention, diagnosis, and treatment, and to develop new tools and strategies for TB control.The theme for this year’s World Tuberculosis Day is “Yes! We can end TB!” and it focuses on urging leaders from around the world to take action to stop the TB epidemic.

Important takeaways for all competitive exams:

  • International Union Against Tuberculosis  President: Guy Marks;
  • International Union Against Tuberculosis  Headquarters: Paris, France;
  • International Union Against Tuberculosis Founded: 20 October 1920.

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16. International Day for the Right to the Truth Concerning Gross Human Rights Violations and for the Dignity of Victims

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On the 24th of March every year, the International Day for the Right to the Truth Concerning Gross Human Rights Violations and for the Dignity of Victims is commemorated in honor of Monsignor Óscar Arnulfo Romero, who was assassinated on this day in 1980. Monsignor Romero was passionately involved in speaking out against the infringement of human rights suffered by the most marginalized people in El Salvador.

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Miscellaneous News

17. Google Doodle celebrates 77th birth anniversary of late Kitty O’Neil

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Google Doodle: Kitty O’Neil, a famous American stuntwoman and actress who was deaf from a young age, was commemorated by Google on her 77th birthday anniversary with a doodle featuring her in a yellow jumpsuit. She went on to become one of Hollywood’s most famous stunt drivers. Google celebrated Kitty O’Neil’s 77th birth anniversary with a doodle that depicted her in a yellow jumpsuit. Despite being deaf since childhood, she became a well-known stunt driver in Hollywood and held the women’s absolute land speed record until 2019.

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