• Global Fintech Fest (GFF) is the largest fintech conference, jointly organized by the National Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC).
• It Aim is to provide a singular platform for fintech leaders to foster collaborations and develop a blueprint for the future of the industry.
• GFF is a platform where policymakers, regulators, industry leaders, academics, and all major FinTech ecosystem stakeholders converge once a year to exchange ideas, share insights, and drive innovation.
• GFF’23 Theme: Global Collaboration for a Responsible Financial Ecosystem.
• The theme of GFF 2023 highlights the critical need for global collaboration to build a financial ecosystem that is inclusive, resilient, and sustainable.

FINTECH:

• Fintech (Financial technology) is used to describe new technology that seeks to improve and automate the delivery and use of financial services.
• The key segments within the FinTech space include Digital Payments, Digital Lending, BankTech, and Cryptocurrency.
• FinTech spans various sectors, including education, retail banking, fundraising, nonprofit, and investment management, making it a rapidly growing industry with significant business expansion and job creation.

• NASA announced the successful completion of its Mars Oxygen In-Situ Resource Utilization Experiment (MOXIE) aboard the Perseverance Mars Rover.

About MOXIE:

• It was sent by NASA on the Perseverence and made by the Massachusetts Institute of Technology (MIT).
• It works like a tree, splitting carbon dioxide absorbed from the atmosphere to produce pure oxygen.
• The instrument produced 6 grams of oxygen per hour, similar to a moderate-sized tree.
• Inside Moxie, Martian air is first filtered in and pressurised.
• It is then sent through the Solid OXide Electrolyzer (SOXE), which electrochemically splits the carbon dioxide-rich air into oxygen ions and carbon monoxide.
• The oxygen ions are isolated and recombined to form breathable, molecular oxygen (O2).

• Astronomers have discovered the first “bubble of galaxies,”
• Bubble of galaxy is an unimaginably huge cosmic structure measuring one billion light-years across that is thought to be a fossilized remnant from just after the Big Bang.
• The bubble spans 820 million light years away from the milkyway.
• The heart of the bubble is the Bootes supercluster of galaxies, which is surrounded by a vast void sometimes called “the Great Nothing”.
• The bubble contains several other galaxy superclusters, including the massive structure known as the Sloan Great Wall.
• Formation – The discovery confirms a phenomenon first described in 1970 by US cosmologist Jim Peebles.
• He theorised that in the primordial universe the churning of gravity and radiation created sound waves called Baryon Acoustic Oscillations (BAOs).
• As the sound waves rippled through the plasma, they created bubbles.
• Around 380,000 years after the Big Bang the process stopped as the universe cooled down, freezing the shape of the bubbles.
• The bubbles then grew larger as the universe expanded, similar to other fossilised remnants from the time after the Big Bang.

• United Kingdom Prime Minister Rishi Sunak announced a record climate aid commitment of $2 billion for the Green Climate Fund on the last day of the two-day G20 Summit in New Delhi.

About GCF:

• The GCF was set up in 2010 under the UNFCCC’s financial mechanism to channel funding from developed countries to developing countries to allow them to mitigate climate change and also adapt to disruptions arising from a changing climate.
• The Green Climate Fund will support projects, programmes, policies and other activities in developing country Parties using thematic funding windows.
• It is intended to be the centrepiece of efforts to raise Climate Finance of $100 billion a year by 2020.
• The Fund will promote the paradigm shift towards low-emission and climate-resilient development pathways by providing support to developing countries to limit or reduce their greenhouse gas emissions and to adapt to the impacts of climate change, taking into account the needs of those developing countries particularly vulnerable to the adverse effects of climate change.
• The Fund will strive to maximize the impact of its funding for adaptation and mitigation, and seek a balance between the two, while promoting environmental, social, economic and development co-benefits and taking a gender-sensitive approach.

• The Reserve Bank of India (RBI) announced that it would discontinue the incremental cash reserve ratio (I-CRR) in a phased manner.
• In August 2023, the RBI mandated banks to maintain an incremental cash reserve ratio (I-CRR) of 10 per cent on the increase in their net demand and time liabilities (NDTL) between May 19, 2023 and July 28, 2023.

About (I-CRR)

• The RBI announced I-CRR as a temporary measure to absorb excess liquidity from the banking system.
• The level of surplus liquidity in the system surged because of the return of Rs 2,000 banknotes to the banking system, RBI’s surplus transfer to the government, pick up in government spending and capital inflows.
• The daily absorption of liquidity by the RBI in July was Rs 1.8 lakh crore.
• Excessive liquidity can pose risks to price stability and also to financial stability.
• Hence, efficient liquidity management requires continuous assessment of the level of surplus liquidity so that additional measures are taken as and when necessary to impound the element of excess liquidity.

Impact of I-CRR on liquidity conditions

• The banking system’s liquidity turned deficit for the first time in the current fiscal after the RBI’s I-CRR mandate.
• The tight liquidity condition was also contributed by outflows on account of goods and services tax (GST) and the selling of dollars by the central bank to stem the rupee’s fall.
• The liquidity, as reflected by the amount of money injected by the RBI into the system, stood at Rs 23,644.43 crore on August 21.
• However, the banking system liquidity again turned to surplus from August 24. On September 8, the RBI absorbed Rs 76,047 crore of surplus liquidity from the system.
• The RBI has outlined a schedule for releasing the funds maintained by lenders under the I-CRR:
  • 25% of the funds will be released on September 9.
  • Another 25% will be released on September 23.
  • The remaining 50% will be released on October 7.
• The phased release of funds is intended to provide banks with sufficient liquidity to meet higher credit demand during the upcoming festival season.

• Prime Minister Narendra Modi will be launching the ‘PM Vishwakarma Scheme’ virtually on September 17 from Delhi on ‘Vishwakarma Day’ that will be attended by 70 ministers from 70 different locations across the country.

ABOUT PM VISHWAKARMA YOJANA:

• PM Vishwakarma Yojana was announced by Finance Minister Nirmala Sitharaman during her 2023-2024 budget speech.
• The full name of PM Vishwakarma Yojana is PM Vishwakarma Kaushal Samman Yojana.
• It is also known by other name i.e. “PM VIKAS Yojana” or “PM Vishwakarma Scheme”.
• On 16th of August 2023, Union Cabinet gave its nod to implement PM Vishwakarma Yojana in whole of India.
• Date fixed by Union Cabinet to launch it is on 17th of September 2023.
• PM Vishwakarma Yojana is going to launch on the occasion of Vishwakarma Jayanti on 17-08-2023.
• The main objective behind launching PM Vishwakarma Kaushal Samman Yojana is to support artist, craftsman and small business owner financially and help them to grew their business by providing them capital support.
• Government of India reserves the budget of 13,000/- Crore for the smooth implementation of PM Vishwakarma Yojana.
• Ministry of Micro, Small & Medium Enterprise is the nodal ministry of PM Vishwakarma Yojana.
• Loan up to Rs. 1,00,000/- on a Interest of only 5% will be provided to all eligible Artists and Craftsmen for their business.
• And if they successfully pay back the loan amount then they again take a loan up to 2,00,000/- on a Interest Rate of 5%.
• Apart from Capital Loan, Skill Training will also provided to Artists and Craftsmen under PM Vishwakarma Yojana.
• Stipend of Rs. 500/- per Day will be provided to trainee selected for training under Pradhan mantri Vishwakarma Kaushal Samman Yojana.
• A Financial Assistance of Rs. 15,000/- will also provided to all Craftspeople and Artisan to purchase advance tools for their business.
• Government of India will also provide PM Vishwakarma Certificate and Identity Card to beneficiaries for their easy identification.
• 18 Traditional Trades is included by Government of India under PM Vishwakarma Yojana.
• 30 Lac Families belonging to more than 164 Backward Classes is expected to be covered and is going to take benefits of PM Vishwakarma Yojana.
• Eligible Artisans and Craftsman will have to wait little more in order to avail the benefit of PM Vishwakarma Kaushal Samman Yojana.

• A replica of Konark Wheel from the Sun temple in Odisha served as the backdrop of Prime Minister Shri. Narendra Modi’s welcome handshake with G20 leaders.

About Wheel

• Konark Wheel was built during the 13^thcentury under the reign of King Narasimhadeva-I.
• The wheel with 24 spokes representing the wheels of Lord Surya’s sun chariot.
• The wheel has also been adapted into the Indian National Flag.
• Its rotating motion symbolises time, Kaalchakra, as well as progress and continuous change.
• It also embodies India’s ancient wisdom, advanced civilisation and architectural excellence.
• The iconic wheel also works as a sundial.

KONARK SUN TEMPLE

• The Sun Temple at Konârak, located in Odisha, eastern shores of the Indian subcontinent.
• The temple is dedicated to the Hindu Sun God, Surya.
• It was built c. 1250 CE by King Narasimhadeva I(1238-1264 CE) of the Eastern Ganga dynasty.
• It is a UNESCO World Heritage Siteknown for its exquisite architecture and intricate stone carvings.
• The temple is in the shape of a chariot, with 12 exquisitely carved wheels and galloping horses.
• The temple’s architecture is an excellent example of the Kalinga style of architecture (subset of the nagara style).
• The temple also features elaborate stone carvings depicting scenes from Hindu mythology.

• World Physical Therapy Day or World Physiotherapy Day 2023 is observed on September 8^th every year.
• Its purpose is to raise awareness of the vital contribution physical therapists make to people’s health and wellbeing.
• The theme for World Physiotherapy Day 2023 is “Prevention and Management of Osteoarthritis”.

• Salem Sago from Tamil Nadu has received GI Tag.
• Salem Sago or Sabudana, locally known as Javvarisi, is derived from the wet starch powder extracted from tapioca roots.
• Indian tapioca roots are known to contain approximately 30-35% starch content.
• Currently, over 80% of sago in India is produced in the Salem region.

• The first ever Africa Climate Summit ended with a call for world leaders to back global taxes to fund climate action.
• The “Nairobi declaration” also calls for financial reforms to help African countries.
• The declaration calls on the world’s biggest emitters of greenhouse gases and its richest countries to keep their promises — noting in particular an unfilled pledge of $100 billion in annual climate finance to developing nations, made 14 years ago — and for today’s world leaders to rally behind a global carbon tax on fossil fuels, aviation and maritime transport.