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Important Current Affairs for CLAT-24th February 2023

Ex-Mastercard CEO Ajay Banga Nominated By US President To Lead World Bank

US President Joe Biden is nominating former Mastercard Chief Executive Ajay Banga to lead the World Bank, after its current chief David Malpass announced plans to step down early.

Ajay Banga nominated  to lead World Bank

From Washington, US President Joe Biden is nominating former Mastercard Chief Executive Ajay Banga to lead the World Bank, after its current chief David Malpass announced plans to step down early. Banga’s nomination comes amid a push for development lenders to revamp and address global problems like environmental issues more effectively. The development lender has just started accepting candidate nominations in a process set to run until March 29, with the bank saying that women candidates would be “strongly” encouraged. The president of the World Bank is typically American, while the leader of the International Monetary Fund is customarily European.

The development lender has started accepting candidate nominations in a process that will run until March 29. The World Bank has historically been headed by someone from the United States, its largest shareholder, while the leader of the International Monetary Fund (IMF) is customarily European. However, developing countries and emerging markets have pushed to widen those choices, according to Reuters. Germany, another major shareholder, has pushed for a woman to take the job since the bank has never been headed by a woman in its 77-year history.

Banga, 63, is Indian-American and currently serving as vice chairman at equity firm General Atlantic. Banga has “critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change,” said Biden in a statement.

Who is Ajay Banga?

Ajay Banga, 63, is an Indian-American currently serving as vice chairman at equity firm General Atlantic. He was previously chief executive at Mastercard. He joined MasterCard as president and chief operating officer in August 2009 and was named its CEO in April 2010.

Born in Pune, Banga received B.A. in economics from St. Stephen’s College, Delhi University. He is also an alumnus of the Indian Institute of Management, Ahmedabad.

Banga worked for 13 years with Nestle, India and also spent two years at Pepsico, before joining Citigroup in 1996 where he served in a variety of positions of increasing responsibility, including as CEO of its Asia-Pacific region.

He was also a member of Citi’s senior leadership and executive committees.

Classical dance legend Kanak Rele passes away

Classical dance legend Kanak Rele passed away at the age of 85. The Mohiniyattam exponent, who was awarded the first Guru Gopinath National Puraskaram of the Government of Kerala.

Classical dance legend Kanak Rele passed away at the age of 85. The Mohiniyattam exponent, who was awarded the first Guru Gopinath National Puraskaram of the Government of Kerala. Kanak Rele was the founding director of the Nalanda Dance Research Institute, Mumbai and the founding principal of the Nalanda Dance Kala Mahavidyalaya. She played a major role in popularizing Mohiniyattam and making it globally prominent.

Life and Career of Kanak Rele 

Born on June 11, 1937, in Gujarat to Shivdas and Madhuri, Kanak Rele spent her childhood in Santiniketan, West Bengal. It was during this time that she turned to dance and became fascinated with Kathakali and Mohiniyattam. At the age of seven, she learned Kathakali under Guru Karunakara Panicker. Kanak Rele, who loved Kerala and its art forms, studied Mohiniyattam under Kalamandalam Rajalakshmi. Although she studied law at the University of Mumbai and obtained a diploma in international law from the University of Manchester, she chose dance as her field.

Kanak Rele received various awards and prizes over her nearly eight-decade-long dancing career, including the Padma Shri (1989), Padma Bhushan (2013), Sangeet Natak Akademi Award (1994), Kalidas Samman (2006), M. S. Subbulak.

Saraswat Bank partners Tagit to deploy omnichannel banking

Saraswat Bank has partnered with Singapore based digital banking solutions provider Tagit to implement omnichannel digital banking solutions for its retail and corporate customers.

Saraswat Bank has partnered with Singapore based digital banking solutions provider Tagit to implement omnichannel digital banking solutions for its retail and corporate customers. Under the association, the bank will use Tagit’s Mobeix Digital Banking platform to enhance customer experience.

Significance of Saraswat Bank & Tagit Partnership:

The Mobeix Digital Banking platform will accelerate the Bank’s ability to launch new digital services allowing the Bank to constantly innovate and scale as its customer base grows. The new digital offerings will accelerate adoption of the usage of digital channels by the Bank’s customers, thus enabling the Bank to compete and grow in the market.

The Bank will use Tagit’s Mobeix Digital Banking platform to enhance customer experience by offering a comprehensive set of digital services securely, anytime anywhere. The Bank chose Tagit based on its best-in-class products built on a robust digital banking platform and successful record in the Indian market.

About Saraswat Bank:

Saraswat Bank has been recognized amongst the World’s Best Banks by the prestigious Forbes survey for three years in a row. It has also bagged the ‘Best Technology Bank‘ Award for the 6th consecutive year at Indian Banks’ Association (IBA) Technology Awards 2021 in the co-operative banking sector and featured in the ‘Fortune India 500 list‘ for 5 consecutive years.

About Tagit:

Tagit is an award-winning digital banking solutions provider headquartered in Singapore, with a strong track record in designing, developing, and deploying digital solutions for leading banks across Asia, the Middle East, and Africa. Tagit partners with clients in their digital transformation journey, delivering best-in-class user experience (UX), innovative solutions, and functional robustness built on a secure and scalable digital engagement technology platform.

Tagit and India:

Tagit has in the past worked with banks like Citibank which have global presence. For India though, its focus is on providing end to end scalable solutions to financial institutions to service the large consumer base the country has to offer. Founded in 2004, the company has offices in India, the Philippines, Malaysia, and Indonesia.

Churchgate Railway Station in Mumbai will now be known as First Indian RBI Governor CD Deshmukh

The Churchgate railway station in Mumbai will soon be called as 'Chintamanrao Deshmukh station', named after the first governor of the Reserve Bank of India (RBI) CD Deshmukh.

The Churchgate railway station in Mumbai will soon be called as ‘Chintamanrao Deshmukh station’, named after the first governor of the Reserve Bank of India (RBI) CD Deshmukh. The first national executive meeting of Eknath Shinde-led Shiv Sena faction, which was declared the original Shiv Sena by the Election Commission last week. The meeting passed a resolution to rename the Churchgate railway station after the former RBI governor and Union Finance Minister CD Deshmukh.

About the CD Deshmukh

Chintaman Dwarkanath Deshmukh, also known as C D Deshmukh, was the first Indian Governor of the Reserve Bank of India. He joined RBI in 1939 and served as its Secretary to the Board, Deputy Governor and the Governor. In August 1943, he was appointed as Governor of the RBI and served in that position till 1949. Deshmukh is one of the eight Deputy Governors of the Bank who have gone on to become its Governor.

Born on January 14, 1896, in Nategaon, Maharashtra, CD Deshmukh completed his education at the University of Bombay, where he studied economics and statistics. In 1915, he went to England for graduation in Natural Sciences. After completing his degree, he joined Indian Civil Service and served in various capacities in the British Indian government, including as undersecretary to the government, Deputy Commissioner and Settlement Officer and as secretary to the Secretary-General at the Second Round Table Conference of 1931, later becoming secretary to the finance and public works department.

Govt revises norms for Members of Parliament Local Area Development Scheme 2023

The Minister of State for Statistics and Programme Implementation, Rao Inderjit Singh, launched the revised norms for MPLADS (Members of Parliament Local Area Development Scheme).

The Minister of State for Statistics and Programme Implementation, Rao Inderjit Singh, launched the revised norms for MPLADS (Members of Parliament Local Area Development Scheme). He also launched a new Web Portal for the Revised Fund Flow Procedure under MPLADS. The new MPLADs guidelines and the web portal will come into effect from April 1, 2023, the Ministry of Statistics & Programme Implementation (MoSPI) said.

Significance of the revised set of guidelines:

The revised set of guidelines aims to broaden the scope of the scheme so as to enable the parliamentarians to recommend developmental works as per the changing needs of the community with an emphasis on improving the functioning, implementation and monitoring of the MPLAD scheme. The revised rules will enable MPs to recommend developmental works as per the requirement of their constituency.

More About The Web Portal for the Revised Fund Flow:

The entire process of fund flow under the revised guidelines will operate through the web portal, which will facilitate real-time monitoring, greater transparency and accountability in the system, and improved efficiency and effectiveness of the MPLAD Scheme, the ministry statement said.

Prez Droupadi Murmu Conferred Sangeet Natak Akademi Fellowships and Awards

The President of India Droupadi Murmu presented the Sangeet Natak Akademi’s Fellowships and Sangeet Natak Akademi Awards for the years 2019, 2020, and 2021.

The President of India Droupadi Murmu presented the Sangeet Natak Akademi’s Fellowships (Akademi Ratna) and Sangeet Natak Akademi Awards (Akademi Puruskar) for the years 2019, 2020, and 2021 in New Delhi on 23rd February 2023.

G. Kishan Reddy, Minister of Culture, Tourism and DoNER, Arjun Ram Meghwal, Minister of State for Parliamentary Affairs & Culture, Dr. Sandhya Purecha, Chairman, Sangeet Natak Akademi, Uma Nadnuri, Joint Secretary, Ministry of Culture was also present at the awards ceremony.

Prez Droupadi Murmu Conferred Sangeet Natak Akademi Fellowships and Awards – Key Points

Parliamentary Affairs informed that, in the 70 years that have spanned from the time of the establishment of the Sangeet Natak Akademi, it can be seen that the institution has been instrumental in the realization of the Ek Bharat Shrestha Bharat vision.

It has been the tradition of artists from India to pay salutations and respect to Maa Saraswati before any performance.

This gesture symbolizes the huge learnings and wisdom that they have received from Music.

The Tourism and DoNER, Arjun Ram Meghwal that the year 2023 is very important for India and also for the artists.

For India, because it has the presidency of G20 and for the artists because they were receiving felicitation in the first year of the Amrit Kaal.

The Akademi’s fellowship (Akademi Ratna) carries a purse money of Rs. 3,00,000/- (Rupees Three Lakhs only) and the Akademi Awards (Akademi Puraskar) carry a purse money of Rs. 1,00,000 (Rupees One Lakh only). The award also carries a Tamrapatra and Angavastram.

UN approves resolution calling for Russia to leave Ukraine after 1 year

The UN General Assembly approved a nonbinding resolution that calls for Russia to end hostilities in Ukraine and demands the withdrawal of its forces.

The UN General Assembly approved a nonbinding resolution that calls for Russia to end hostilities in Ukraine and demands the withdrawal of its forces, sending a strong message on the eve of the first anniversary of the invasion that Moscow’s aggression must end.

About The Voting in UN:

The 141-7 vote with 32 abstentions was slightly below the highest vote for the five previous resolutions approved by the 193-member world body since Russia sent troops and tanks across the border into its smaller neighbor on Feb. 24, 2022.

About The Role of UNGA in Ukraine War:

The General Assembly has become the most important UN body dealing with Ukraine because the Security Council, which is charged with maintaining international peace and security, is paralyzed by Russia’s veto power. Its resolutions are not legally binding, unlike Security Council resolutions, but serve as a barometer of world opinion.

Foreign ministers and diplomats from more than 75 countries addressed the assembly during two days of debate, with many urging support for the resolution that upholds Ukraine’s territorial integrity, a basic principle of the UN Charter that all countries must subscribe to when they join the world organization.

Repercussions of The War:

The war has killed tens of thousands on both sides and has reduced entire cities to ruins and its impact has been felt worldwide in higher food and fuel costs and rising inflation.

While the war has been a tragedy for Ukraine and Ukrainians, it has also proven a disaster for Russia — militarily, economically, and geopolitically. The war has badly damaged Russia’s military and tarnished its reputation, disrupted the economy, and profoundly altered the geopolitical picture facing Moscow in Europe.

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