Why Homo naledi is in News? Know about Homo Naledi

Why Homo naledi is in News?

New research indicates that Homo naledi, an ancient human species with brains about one-third the size of modern humans, engaged in burial practices and created engravings deep within a cave system in southern Africa around 300,000 years ago. These findings challenge the assumption that larger brains are directly linked to higher intelligence.

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The discoveries, presented in a series of papers accepted for publication in the journal eLife, have the potential to significantly change our understanding of human beliefs, culture, and symbolism.

Homo Naledi Buried their dead First

  • Paleoanthropologist Lee Berger, known for his initial discovery of Homo naledi in 2013 within the Rising Star cave system near Johannesburg, is responsible for these new claims.
  • Berger and his team uncovered over 1,800 bone fragments in an underground chamber accessible only through a four-story vertical drop.
  • Given the positioning and intactness of some skeletal remains, it appears that the dead were deliberately placed on the chamber floor rather than randomly discarded down the chute, suggesting a burial practice.
  • This discovery may push back the timeline for “body burials” by at least 10,000 years.
  • National Geographic, which has sponsored the research, reports these findings.

Who were Homo Naledi?

  • The remarkable discoveries in the Rising Star cave system go beyond just burial practices.
  • The markings found on rocks inside the cave indicate that Homo naledi possessed a culture that can significantly impact our understanding of human behavior.
  • While the carvings have not been dated yet, scientists propose that since only Homo naledi remains were found in the caves, it is highly likely that they were responsible for the drawings and paintings.
  • Furthermore, evidence of fire has been found in the cave system.
  • Considering that this extinct hominin species inhabited the depths of the caves, fire would have been essential for their survival.
  • However, the question of who created the fire remains unanswered.
  • Based on the research, scientists argue that brain size should not be the primary factor in determining the capability of complex cognition in hominin species.

If all the hypotheses regarding Homo naledi are confirmed, it would mean that despite having a brain capacity of less than 600 cubic centimeters (compared to the modern adult brain’s 1,500 cubic centimeters), this species was able to engage in burial practices, create intricate artwork, and use fire.

Berger Defines Homo Naledi

“This discovery calls for a global conversation among humans. What should our next steps be? How do we proceed? We have just uncovered evidence of another species with a distinct culture that is not human and does not fit within our classification. They are different from us. How should we regard it? I am eager to hear the discussion,” remarked Berger.

Considering that Homo naledi was able to accomplish these complex tasks with a brain size similar to that of an ape, it raises the question of what we, as modern humans, are doing with the surplus brain capacity that evolution has granted us over the past several thousand years.

Also Read: ‘FarmersFZ’ chosen by UN for food startup Accelerator Programme

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UP Government launched Nand Baba Milk Mission scheme

UP Government launched Nand Baba Milk Mission scheme

The Nand Baba Milk Mission has been launched by Chief Minister Yogi Adityanath in Uttar Pradesh with a budget of Rs 1,000 crore. Its aim is to boost milk production and empower milk producers by providing them with opportunities to sell their milk through dairy co-operative societies at fair prices.

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UP Government launched Nand Baba Milk Mission scheme: Overview

  • The mission includes plans to set up Dairy Farmer Producer Organizations (Dairy FPOs) and to pilot five in different districts of the state in 2023-24, with a focus on female participation.
  • India ranks first in milk production globally, with Uttar Pradesh, Rajasthan, Madhya Pradesh, Gujarat, and Andhra Pradesh being the top-five milk-producing states.

Indian Dairy System:

  • The Indian dairy sector is a significant contributor to the global milk production, accounting for 24%.
  • India claims the top rank in milk production worldwide, and the leading states are Uttar Pradesh (14.9%), Rajasthan (14.6%), Madhya Pradesh (8.6%), Gujarat (7.6%), and Andhra Pradesh (7.0%).
  • Dairy is the largest agricultural item that adds 5% to the national economy, a rise of 6.4% in the last 5 years.
  • The dairy industry provides employment to roughly 8 crore people directly or indirectly.

Important Facts related to Milk Production:

  • Uttar Pradesh is a prominent state in India’s dairy industry, with a strong presence in milk production, processing, and distribution through numerous cattle farms and cooperatives.
  • The state’s milk output is contributed by various cattle breeds such as Murrah buffaloes, Sahiwal, and Gir.
  • Uttar Pradesh has well-established infrastructure for milk processing, including pasteurization, packaging, and production of milk-based products such as ghee, paneer, and curd.
  • Moreover, some popular milk-based products from the state include Doodh Peda, Lassi, Rabri, and Chhena.
  • The dairy sector in Uttar Pradesh boosts employment opportunities and contributes significantly to the state’s economy. Government initiatives aim to enhance milk quality, improve productivity, and provide support and training to farmers.

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‘FarmersFZ’ chosen by UN for food startup ‘Accelerator Programme’

‘FarmersFZ’ chosen by UN for food startup ‘Accelerator Programme’

A startup located in Kerala, known as Farmers Fresh Zone (FarmersFZ), has been selected for the United Nations’ ‘Accelerator Programme’ hosted by the UN’s Food and Agriculture Organisation (FAO), making the nation proud.

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‘FarmersFZ’ chosen by UN for food startup ‘Accelerator Programme’: Key Points

FarmersFZ has been included on a list of 12 agri-food startups from around the world chosen by the UN to develop their businesses.
● The multichannel marketplace platform, located in Kochi, functions beneath the Kerala Startup Mission (KSUM) and aims to finally accomplish the United Nations’ Sustainable Development Goals.
Pradeep P.S., the CEO of the agritech direct-to-consumer (D2C) startup, will attend the UN event in Rome next month.
● He stated that the UN programme would allow FarmersFZ to present its model to nations throughout continents.

About FarmersFZ:

● While working at a company in New York, the CEO of a Kerala startup constructed and launched FarmersFZ’s website.
● After successfully convincing approximately 52 individuals to purchase from the startup within eight months, he returned to his hometown and ensured eight farmers that they would be paid a fair price for their crop.
● The farmers grew a variety of crops such as ladies’ finger, yam, and snake gourd.
● In 2016, the CEO, Pradeep, resigned from his job and devoted his attention solely to FarmersFZ. In a short three months, the startup profited, as Pradeep recounted.
● According to the report, the startup secured funding worth Rs 2.5 crore from the Indian Angel Network, Malabar Angels, and Nativelead Foundation in 2018.
Nagaraja Prakasam, PK Gopalakrishnan, Malabar Angels, and Native Lead led the investment round.
● Furthermore, being selected as one of only 12 startups globally for the UN accelerator programme marks another significant milestone in the startup’s ongoing growth and success.
FarmersFZ connects over 300,000 consumers and 2,000 farmers in Kerala, solving the mismatch between rural farmers and urban customers by delivering healthy, high-quality, and pesticide-free produce straight from the fields to the table within 24 hours of harvest.

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El Niño’s Potential Impact on Global Weather Patterns in 2023-2024

As the world enters an El Niño phase—a natural climate phenomenon characterized by warmer waters in the Pacific—countries are bracing themselves for extreme weather events. The El Niño pattern fuels tropical cyclones in the Pacific, increases rainfall and flood risks in parts of the Americas and other regions, and can have far-reaching implications. This year’s El Niño is of particular concern due to its potential interaction with climate change, which could result in record-high temperatures and intensified extreme weather events.

  1. The Arrival and Characteristics of El Niño: El Niño occurs when the trade winds in the equatorial Pacific slow down or reverse, causing unusually warm waters in the eastern Pacific. The weakening of trade winds leads to the movement of warm water from the western Pacific towards the central and eastern Pacific basins. This buildup of warm water contributes to the transfer of heat into the atmosphere, triggering thunderstorms and altering weather patterns worldwide.

  2. Global Weather Impact: El Niño significantly influences the movement of the subtropical jet stream—a high-altitude current of fast-flowing air that helps drive weather systems. During El Niño, the subtropical jet stream shifts southward and becomes flatter, affecting weather patterns along similar latitudes. Consequently, the United States experiences cooler and wetter conditions in the southern regions, while parts of the U.S. West and Canada tend to be warmer and drier.
El Niño's Potential Impact on Global Weather Patterns in 2023-2024
El Niño’s Potential Impact on Global Weather Patterns in 2023-2024

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2.1 Impact on Atlantic Hurricanes and Pacific Cyclones: El Niño inhibits the formation of Atlantic hurricanes due to changes in wind patterns, providing some respite for the United States. However, the Pacific region experiences a boost in tropical cyclones, with storms often heading towards vulnerable islands. This poses a significant threat to those regions.

2.2 Effects on Central and South America: During El Niño, Central and South America can face heavy rainfall in some areas, while the Amazon rainforest may experience drier conditions. These changes in precipitation patterns can have implications for agriculture, water resources, and ecosystems in the region.

2.3 Australia’s Climate Extremes: Australia typically endures extreme heat, drought, and bushfires during El Niño events. The combination of warmer waters and altered atmospheric conditions exacerbates these conditions, increasing the risk of wildfires and straining water supplies.

2.4 Impact on the Horn of Africa: El Niño could bring relief to the Horn of Africa, which has experienced consecutive failed rainy seasons. Unlike the drier conditions associated with La Niña, El Niño can bring increased rainfall to the region, potentially alleviating water scarcity and supporting agricultural activities.

  1. El Niño and Climate Change: The relationship between El Niño and climate change is an area of ongoing research. While climate change can amplify the impacts of El Niño, it is uncertain whether it directly influences the occurrence and frequency of El Niño events. As global temperatures rise due to climate change, the interaction between El Niño and climate change could intensify extreme weather events, compounding the challenges faced by vulnerable regions.

Key Facts about El Niño

  1. Definition: El Niño is a climate pattern characterized by unusually warm waters in the eastern Pacific Ocean near the equator.

  2. Cause: El Niño occurs when the trade winds along the equatorial Pacific weaken or reverse, leading to the movement of warm surface waters from the western Pacific towards the central and eastern Pacific.
  3. Effects on Weather: El Niño influences global weather patterns by altering the movement of the subtropical jet stream, which impacts the distribution of storms and rainfall.
  4. Weather Impacts: The effects of El Niño vary across different regions of the world. Southern parts of the United States generally experience cooler and wetter conditions, while regions in the U.S. West and Canada may become warmer and drier. Central and South America can experience heavy rainfall in some areas, while the Amazon rainforest may face drier conditions. Australia often encounters extreme heat, drought, and bushfires during El Niño events.
  5. Impact on Atlantic Hurricanes and Pacific Cyclones: El Niño typically suppresses the formation of Atlantic hurricanes but enhances tropical cyclones in the Pacific, increasing the risk for vulnerable islands.
  6. Horn of Africa: El Niño can bring relief to the Horn of Africa by increasing rainfall, potentially alleviating water scarcity and supporting agricultural activities.
  7. Duration: El Niño events typically last 9 to 12 months, but their occurrence is not regular and can vary in frequency from every two to seven years.
  8. Relationship with La Niña: El Niño is part of a natural climate cycle that alternates with La Niña, which is characterized by cooler waters in the eastern Pacific. Both El Niño and La Niña can have significant impacts on global weather patterns.

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Dr. Mandaviya unveils 5th State Food Safety Index on World Food Safety Day

Dr. Mandaviya unveils 5th State Food Safety Index

Kerala has been announced as the top-performing state in the fifth State Food Safety Index by the Ministry of Health and Family Welfare, according to an official statement. Dr. Mansukh Mandaviya Unveiled the fifth State Food Safety Index.

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Dr. Mandaviya unveils 5th State Food Safety Index: Key Points

  • The ranking analyses six different aspects of food safety to assess the performance of Indian states and union territories, and Kerala topped the list among larger states, followed by Punjab and Tamil Nadu.
  • Goa came out on top among smaller states, while Jammu and Kashmir, Delhi, and Chandigarh ranked first, second, and third, respectively, among the union territories.
  • Kerala’s Chief Minister and Health Minister both lauded the achievement, which was credited to a range of initiatives, including awareness programmes, school projects, and village-level schemes.

Union Minister for Health and Family Welfare Mansukh Mandaviya, who announced the index on World Food Safety Day, said that over the next three years, FSSAI would train 2.5 million food business operators to ensure that food quality standards are met across the country, while also establishing 100 Food Streets meeting quality benchmarks for safety, hygiene, and nutrition.

Also Read: CSE Report Shows Telangana Ranks 1st for Overall Environmental Performance

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CSE Report Shows Telangana Ranks 1st for Overall Environmental Performance

CSE Report Shows Telangana Ranks 1st for Overall Environmental Performance

The Centre for Science and Environment (CSE), a non-profit organization, released its annual compendium of data, ‘State of India’s Environment 2023: In Figures’, on the eve of World Environment Day. The report includes statistics on various aspects of the environment, including climate and extreme weather, health, food and nutrition, migration and displacement, agriculture, energy, waste, water, and biodiversity.

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Telangana Ranks 1st for Overall Environmental Performance: Key Points

  • One of the highlights of this year’s report is the ranking of Indian states based on four parameters: environment, agriculture, public health, and infrastructure.
  • Telangana emerges as the top-ranked state in terms of overall environmental performance, according to the report.
  • The state’s progress in increasing forest cover and municipal waste treatment were the primary reasons for its ranking.
  • However, the report also identified areas where the state performed below average, such as the share of water bodies not in use, stage of groundwater extraction, and change in the number of polluted river stretches.

A press release from the Telangana Minister K T Rama Rao stated that the state government’s ‘Haritha Haaram’ afforestation scheme and other environmental-friendly programs played a significant role in securing this rare honour.

What initiatives Telangana put forward towards Environment protection?

  • The state government had planted approximately 273 crore saplings in the last nine years, leading to an increase in forest cover from 19,854 square kilometres in 2015-16 to 26,969 square kilometres in 2023, covering 24.06% of the state’s geographical area.
  • In addition, the state’s solar energy production surged from 74 megawatts in 2014 to 5,865 megawatts, indicating significant progress in the move towards cleaner energy sources.

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Kerala’s first ‘Ashoka Chakra’ winner Havildar Alby D’Cruz passes away

Alby D’Cruz, one of Kerala’s proud Defence personnel who always maintained a low profile despite being the first Keralaite to be conferred the Ashoka Chakra, passed away. It was way back in 1962, he received the Asoka Chakra (Class III) from the country’s first president Rajendra Prasad. Since 1967, this award has been called ‘Shaurya Chakra’.

D’Cruz joined the Indian Army as a Lance naik in the paramilitary force- Assam Rifles as a radio officer and his battalion was given the job of busting the Naga rebels. Incidentally, his presence in the coastal hamlet was never known and his exploits also never made news, but it was when he turned 80 years in 2017, a local Coastal Organization decided to honor him, when many knew that he was a highly decorated soldier.

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Commission of Railway Safety (CRS): Ensuring Rail Travel Safety in India

The Commission of Railway Safety (CRS) is a crucial government commission in India responsible for ensuring the safety of rail travel and train operations. Established during the British era, the CRS has evolved over time to become an independent authority under the Ministry of Civil Aviation (MoCA). This article provides an overview of the CRS, its organizational structure, responsibilities, and its role in investigating rail accidents.

Historical Background

  • Origin during the British Era: The CRS traces its origins back to the British era when private players were involved in the construction and operation of railways.
  • Appointment of Consulting Engineers: Initially, consulting engineers were appointed by the British government of India to exercise control over the private railway companies.
  • Evolution of Inspectorate: With the government taking over railway construction, consulting engineers became Government Inspectors, and in 1883, their position was officially recognized.
  • Separation from the Railway Board: After the tragic Bihta derailment in Bihar in 1939, the Pacific Locomotive Committee recommended separating the Railway Inspectorate from the Railway Board to ensure independence in inspections.

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Organizational Structure and Jurisdiction

  • Chief Commissioner of Railway Safety (CCRS): The CRS is headed by the CCRS, based in Lucknow, who serves as the Principal Technical Advisor to the Central Government on railway safety.
  • Commissioners of Railway Safety (CRS): Nine CRS, under the administrative control of the CCRS, are responsible for specific jurisdictions, covering the 17 Zonal Railways, as well as Metro Railway (Kolkata), DMRC (Delhi), MRTS (Chennai), and Konkan Railway.
  • Deputy Commissioners of Railway Safety: The headquarters in Lucknow has five deputy commissioners, while Mumbai and Kolkata each have one, assisting the CRS in matters related to signaling and telecommunication disciplines.

Designations and Responsibilities

  • Chief Commissioner of Railway Safety (CCRS): Since 1979, the CCRS and Commissioners of Railway Safety have been the designated positions responsible for railway safety matters.
  • Recruitment and Independence: Commissioners of Railway Safety are recruited from Indian Railways but do not report to the Railways. They are absorbed within the independent Commission of Railway Safety under the Ministry of Civil Aviation.
  • Inspections and Approvals: Safety commissioners inspect new railways to determine their fitness for public carriage. They conduct periodic inspections of existing railways and rolling stock. No new lines can operate without their approval.
  • Accident Investigations: In the event of a serious accident, the CRS conducts inspections of the accident site, records relevant particulars, and initiates inquiries. They consider eyewitness accounts and public evidence during investigations.

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RBI’s Annual Report 20­22-2023 announced

RBI’s Annual Report 20­22-2023 

The Annual Report 2022-23 of the Reserve Bank of India (RBI) has been published, presenting an overview of the RBI’s operations during the fiscal year that ended on March 31, 2023. This report, as per the provisions of Section 53(2) of the RBI Act, 1934, has been submitted to the Central Government. In FY23, India has witnessed a stable macroeconomic and financial environment, characterized by consistent growth. Over the past five years, India’s contribution to global growth has averaged more than 12%.

RBI’s Annual Report 20­22-2023, Highlights of the RBI’s Annual Report

a). Assessment and Prospects of Domestic Economy:

i. Growth: As per the second advance estimates (SAE) of national income released by the National Statistical Office (NSO), the Indian economy is expected to have achieved a 7.0% growth in real Gross Domestic Product (GDP) in FY23, compared to 9.1% in FY22.

  • Despite challenges, the agriculture sector and related activities demonstrated resilience in the fiscal year 2022-23, with a growth of 3.3% in gross value added (GVA). The production of kharif oilseeds, sugarcane, and cotton witnessed an increase during FY23.
  • Looking ahead, the projected real GDP growth for FY24 stands at 6.5%, with risks being evenly balanced.

ii. Inflation: Overall, headline inflation increased to 6.7% in 2022­23 from 5.5% in 2021­-22. Inflation reached a peak of 7.8 per cent in April 2022 due to sharp increase in global prices of crude oil, food, fertilisers and metals.

iii. Deficit and Debt:

i. The general government deficit and debt moderated to 9.4% and 86.5% of GDP, respectively, in FY23 from the peak levels of 13.1% and 89.4% in FY21, respectively.
ii. The gross fiscal deficit (GFD) of the government declined from 6.7% of GDP in FY22 to 6.4% of GDP in 2022-­23.
iii. India’s current account deficit (CAD) was at 2.7% of GDP during April­-December 2022.

b). FDIs are at their lowest since FY20

  1. According to the annual report of the Reserve Bank of India (RBI), the total Foreign Direct Investment (FDI) received by India in FY23 reached a three-year low of USD 46 billion. This amount is 26% lower than the FDI recorded in the previous fiscal year (FY22), which was USD 58.8 billion. In comparison, the FDI flow in FY21 was USD 59.6 billion, and in FY20, it was USD 50 billion. Furthermore, the net capital inflows under FDI were also lower in FY23 at USD 28.0 billion, compared to USD 38.6 billion in FY22.
  2. The surplus liquidity absorbed under the LAF (Liquidity Adjustment Facility) moderated from a daily average of Rs 6.6 lakh crore in March 2022 to Rs 0.14 lakh crore in March 2023.
  3. India emerged as the largest player in real­time transactions at the global level, with a 46% share in 2022.

Note: FDI in the manufacturing sector fell 30% to $11.3 billion in 2022-­23 on an annual basis.

Top 3 FDI Flows in India in FY23

Source/Industry  FY23 (FDI in USD billion)
Country Wise Inflows
Singapore 17.2
Mauritius 6.1
United States 6
Sector­-wise Inflows
Manufacturing 11.3
Financial Services 6.8
Computer Services 5.6

c). Non-­Performing Assets:

The Gross Non-Performing Assets (NPA) as a share of total advances has decreased from 15.5% in 2018-19 to 5.8% in the quarter ending December 2022. Although public sector banks still have higher NPA ratios, they have witnessed a significant reduction in their NPA ratio.

d). Merchandise Trade

  1. India’s merchandise exports at USD 450.4 billion recorded a growth of 6.7%in FY23 as compared with 44.6% in FY22.
  2. India’s merchandise imports at USD 714.0 billion recorded a growth of 16.5% in FY23.
  3. Petroleum, oil and lubricants (POL) imports constituted the largest item in India’s import, accounting for 29.3% of the overall imports in FY23.
  4. Gold imports at US$ 35.0 billion declined by 24.2 per cent in 2022-­23.
  5. India is the largest importer of vegetable oil globally. India’s import bill on vegetable oil rose to USD 20.8 billion in 2022­23 from USD 19.0 billion in FY22.

e). DICGC’s Deposit Insurance

  1. To protect the small investors, DICGC offers deposit insurance of Rs 5 lakh (including the principal and interest amount) per depositor for each bank (within 90 days) in the event of the bank being unable to fulfil its commitment due to liquidation or cancellation of the banking licence. Deposit Insurance and Credit Guarantee Corporation (DICGC), which is constituted under the DICGC Act, 1961 is wholly­owned by the RBI.
  2. The deposit insurance extended by DICGC covers all commercial banks including local area banks (LABs), payments banks (PBs), small finance banks (SFBs), regional rural banks (RRBs) and co­operative banks, that are licensed by the Reserve Bank.
  3. As on March 31, 2023, the number of registered insured banks was about 2,027, which include 140 commercial banks (including 43 RRBs, two LABs, six PBs and 12 SFBs) and 1,887 co­operative banks [33 state cooperative banks, 352 district central cooperative banks and 1,502 urban cooperative banks (UCBs)].

4. Key Facts

  • The number of fully protected accounts (294.5 crore) in FY23 constituted 98.1% of the total number of accounts (300.1 crore).
  • In terms of amount, the total insured deposits of Rs 83,89,470 crore in FY23, constituted a Rs 46.3% of assessable deposits of Rs 1,81,14,550 crore.
  • During FY23, the DICGC has sanctioned supplementary claims of 11 liquidated banks aggregating Rs105.8 crore under Section 16 (1) of the DICGC Act, 1961.
  • In FY23, it has also settled claims of 28 banks under ‘All Inclusive Directions (AIDs)’of the RBI aggregating Rs 646.8 crore.
  • The size of the Deposit Insurance Fund (DIF) stood at Rs1,69,263 crore (Provisional) as on March 31, 2023, yielding a reserve ratio (DIF/insured deposit) of 2.02%.

5. An insured bank is required to submit its claim within 45 days of imposition of AID after which the DICGC would get the claims verified within 30 days and pay the depositors within the next 15 days.

f). Lending rates are back to pre­covid levels

  1. Banks’ deposit and lending rates increased in FY23 along with a 2.5% points increased in the policy repo rate.
  2. In response to increase in the policy repo rate in FY23, banks raised their external benchmark­based lending rate (EBLR).
  3. The 1­year median marginal cost of funds­based lending rate (MCLR) of banks also increased by 1.5% points in FY23.

g). Bank’s Fraud Analysis

  1. In FY23, as per the assessment of bank group­wise fraud cases over the last three years private sector banks reported the maximum number of frauds, whereas the public sector banks continued to contribute maximum to the fraud amount.
  2. 13,530 cases of bank frauds are identified in 2022­23 involving an amount of Rs 30,252 crore compared to 9,097 frauds amounting Rs 59,819 crore in 2021 22. The report highlighted that proportionately, the decline in the total amount involved in frauds continued during 2022­23, with a reduction of 49 per cent over 2021­22.
  3. Frauds on advances, which includes wilful loan defaults have decreased in the last two years from Rs 1.3 lakh crore to Rs 28,792 crore in 2022­23. Close to 70% of the amount involved in total bank frauds were in public sector banks.
  4. In terms of Numbers, frauds have occurred predominantly in the category of digital payments (card/internet).
  5. In terms of of value, frauds have been reported primarily in the loan portfolio (advances category).

h). Rise in RBI’s total income in 2022­23 by 47.06%

  1. In FY23, the Reserve Bank of India (RBI) witnessed an increase in the size of its balance sheet by Rs 1,54,453.97 crore, which is equivalent to a growth of 2.50%. The balance sheet expanded from Rs 61,90,302.27 crore in FY22 to Rs 63,44,756.24 crore in FY23.
  2. The RBI’s income showed a significant rise of 47.06% to reach Rs 2.35 lakh crore in FY23, while the expenditure increased by 14.05% to reach Rs 1.48 lakh crore.
  3. The overall surplus for FY23 amounted to Rs 87,416.22 crore, indicating a substantial increase of 188.43% compared to the surplus of Rs 30,307.45 crore in FY22. In previous years, the surplus stood at approximately Rs 99,122 crore in FY21, Rs 57,127.53 crore in FY20, and Rs 1,75,987.73 crore in FY19.
  4. The supply of banknotes during FY23 totaled 2,26,002 lakh pieces, reflecting a 1.57% increase from FY22 (2,22,505 lakh pieces). However, the expenditure on printing banknotes decreased from Rs 4,984.80 crore in FY22 to Rs 4,682.80 crore in FY23.

RBI’s Income, Expenditure, and Surplus Statement in FY23

RBI’s Income, Expenditure, and Surplus FY22
(Amount in Rs crore)
FY23
(Amount in Rs crore)
Income
(increased by 47.06%)
1,60,112.13 2,35,457.26
Expenditure
(increased by 14.05%)
1,29,800.68 1,48,037.04
Surplus payable to the Central
Government
(increased by 188.43%)
30,307.45 87,416.22

Other Key takeaways from the RBI’s Report

GDP Growth Forecast The Reserve Bank of India (RBI) has projected India’s real GDP growth for FY24 to be 6.5%, which aligns with its previous forecasts. Despite challenges arising from the global economic outlook, India enjoys favorable macroeconomic conditions, promising financial circumstances, and anticipated benefits from previous reforms. These factors place India in a favorable position.
Moderate Inflation Risks Inflation has decreased due to adjustments in global commodity and food prices. The Reserve Bank of India (RBI) has implemented monetary policy measures, including a total increase of 250 basis points in the key repo rate, to support the disinflationary process. With a stable exchange rate and a normal monsoon, it is anticipated that headline inflation will decline to 5.2% from the average of 6.7% recorded last year.
Consumer Confidence Growth According to the consumer confidence survey conducted by the Reserve Bank of India (RBI), consumers have a positive perception of the current economic situation and household income. Furthermore, future expectations are optimistic, indicating that households are likely to increase their expenditure on non-essential items. The growing credit growth, particularly in housing and personal loans, is indicative of a stable domestic household demand.
Monsoon and El Nino Factor The success of the kharif crop is contingent upon the progress of rainfall during the South-West Monsoon (SWM). According to the Indian Meteorological Department, the forecast predicts normal SWM rainfall, expected to be around 96% (+/- 4%) of the long period average. However, the actual outcome of the SWM rains will be influenced by various factors, including the possibility of rainfall deficiency caused by an El Nino event, as well as compensatory effects like the positive Indian Ocean Dipole.
Capex and Private Investment The consistent rise in the government’s capital expenditure is projected to encourage greater private investment in the fiscal year 2023-24. The Union Budget for 2023-24 has witnessed a significant increase of 37.4% in the allocated capital expenditure, with notable allocations for railways and interest-free loans to states for capital expenditure purposes. Measures such as the production-linked incentive (PLI) scheme and initiatives aimed at improving logistics efficiencies are expected to provide a boost to the growth momentum.
Resilient Banking Sector Despite the recent turbulence in the global financial sector, the domestic banking sector in India has demonstrated resilience. Nevertheless, the Reserve Bank of India (RBI) highlights the importance of evaluating risks to financial stability and enhancing the robustness of financial institutions, particularly in the face of tightening monetary policy. It is crucial to consistently review and reinforce capital buffers and liquidity positions. In the fiscal year 2023-24, the RBI intends to introduce policy measures, including guidelines on expected loss-based provisioning, to further strengthen the financial system.

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NTPC Kanti Launches Girl Empowerment Mission (GEM)-2023 for 40 Underprivileged Girls

NTPC Kanti, as part of its CSR initiative, has launched the Girl Empowerment Mission (GEM)-2023, a four-week residential workshop program aimed at empowering 40 underprivileged rural girls from the Kanti block. This program, organized for the first time by NTPC Kanti, seeks to provide academic training, skill development, and overall personality enhancement to the participants.

Inauguration and Objectives:

The GEM program was inaugurated by DSGSS Babji, Regional Executive Director, East – I NTPC Ltd, and K.M.K Prusty, Head of Project, NTPC Kanti. The workshop aims to prepare the girl students to become well-rounded individuals, instilling curiosity and developing better communication and social skills.

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Selection and Participants:

Eight students have been selected from five schools in the Kanti Block to participate in the GEM-2023 program. These girls come from underprivileged backgrounds, and the workshop offers them an opportunity to enhance their educational and life skills.

Program Components:

The four-week residential workshop program will encompass various components to empower the participants:

  1. Academic Training: The girls will receive academic training to improve their educational foundation and expand their knowledge in different subjects.

  2. Skill Development: The participants will be exposed to various skill sets, including soft skills, life skills, communication skills, and computer applications, to equip them for future endeavors.
  3. Personal Growth: The workshop will focus on holistic development, offering sessions on meditation, yoga, self-defense, and sports activities to enhance physical and mental well-being.
  4. Extra-Curricular Activities: The participants will engage in a range of extra-curricular activities, fostering creativity, teamwork, and leadership skills.

Impact and Future Prospects:

NTPC Kanti aims to bring about a positive change not only in the lives of the participating girls but also in their families and the entire society. By empowering these girls and nurturing their confidence and enthusiasm, the program strives to create a ripple effect of transformation within the community.

DSGSS Babji, Regional Executive Director (East-I), NTPC, expressed gratitude to the teachers, parents, and headmaster for their support in this noble initiative. KM Prustyi, Project Head, NTPC Kanti, believes that the GEM program will leave a lasting impact, leaving the participants with heightened confidence and enthusiasm.

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