Current affairs 09 August 2023

PayPal becomes first major fintech to launch dollar-backed stablecoin.

Payments company PayPal has launched a US dollar stablecoin, becoming the first major financial technology firm
Aim: To embrace digital currencies for payments and transfers.
Stablecoins are a type of cryptocurrency that typically track the value of a major currency such as the dollar one-for-one.
They play a key role in connecting traditional and crypto markets, as traders use the coins like cash in order to move in and out of trades without paying high fees.

Shohini Sinha, an Indian-American, known for her work on counter-terrorism investigations, has been named the special agent in charge of the FBI's field office in Salt Lake City in the US state of Utah.
Shohini Sinha, who most recently served as executive special assistant to the Director at FBI Headquarters in Washington DC was named the special agent in charge by FBI Director Christopher Wray, who highlighted Sinha's exceptional track record on counter-terrorism investigations and extensive experience within the agency.
Having joined the FBI as a special agent back in 2001, Sinha has had a remarkable career.
Her journey began at the Milwaukee Field Office, where she dedicated her efforts to counterterrorism investigations.

The World’s Largest Grain Storage Plan in the Cooperative Sector will be rolled out as a Pilot Project to revolutionise agricultural infrastructure and empower farmers.
The plan focuses on creating godowns and other agricultural infrastructure at the level of Primary Agricultural Credit Societies (PACS) to strengthen food security, reduce wastage, and empower farmers by enabling them to realise better prices for their crops.
Emphasising the strength of cooperatives, this transformative plan aligns with the vision of Sahakar-se-Samriddhi (Cooperation for Prosperity).
Leveraging the potential of over 1,00,000 PACS, the plan seeks to create decentralised storage capacity and essential infrastructure to enhance the economic viability of PACS and boost India’s agricultural sector.
India has over 1,00,000 PACS with a vast membership of over 13 crore farmers.

Bandhan Bank partners with the state government for Odisha Tourism Development Corporation.
Aim: To help them strengthen payment solutions for Odisha Tourism Development Corporation Ltd.
The bank has provided Point of Sale machines to facilitate card payments by tourists.
Prime locations include Puri, and Bhubaneshwar, will be covered under this tie-up.
The PoS machines will hasten tourist payment collections, bringing convenience to both the tourists and OTDC officials.

President Droupadi Murmu on 5th August 2023 inaugurated the Festival of Libraries 2023 at Pragati Maidan in New Delhi.
The two-day Festival, which is being organised by the Ministry of Culture, will highlight iconic libraries from across the world in order to initiate a conversation on the modernisation and digitisation of libraries in India.
The festival is a part of the second phase of the Azadi ka Amrit Mahotsav and is in line with the Prime Minister’s vision to foster the development and digitisation of libraries and cultivate a culture of reading in India.
It aims at facilitating the formulation of action-oriented policies for the development of Model Libraries in India, right down to the village and community levels.