RBI announces pilot for QR code-based Coin Vending Machine

Why In News

RBI announced that a pilot programme to introduce coin vending machines that use QR codes will begin shortly.

Key Points

Shaktikanta Das, the governor of the RBI, announced that a pilot programme to introduce coin vending machines that use QR codes will begin shortly. In response to the outcome of the monetary policy for the year 2023, the Central Bank Governor announced that the RBI will introduce a coin vending machine that uses a QR code to improve accessibility to coins.

The pilot project is planned to be initially rolled out at 19 locations in 12 cities across the country. These vending machines are intended to be installed at public places such as railway stations, shopping malls, marketplaces to enhance ease and accessibility. Based on the learnings from the pilot tests, guidelines would be issued to banks to promote better distribution of coins using QCVMs.

Need of The QR code-based Coin Vending Machine:

These vending machines will dispense coins against a debit to the customer’s account using UPI instead of physical tendering of banknotes. This will enhance the ease of accessibility to coins. This will be beneficial, particularly for tier 2 and higher cities where there is less banking presence.

According to the RBI document, the QR Code-Based Vending Machine will do away with the necessity for actual tendering of banknotes and their authentication. This is in contrast to traditional cash-based coin vending machines. Customers will also be able to withdraw coins from QCVMs in the necessary quantities and denominations.

NTPC bagged ‘ATD Best Awards 2023’ for 6th consecutive year

Why In News

The country’s largest power generating company, NTPC Limited has been honoured with 'ATD Best Awards 2023' by the Association for Talent Development (ATD), USA.

Posted bySumit Arora  Published On February 9th, 2023

Key Points

The country’s largest power generating company, NTPC Limited has been honoured with ‘ATD Best Awards 2023’ by the Association for Talent Development (ATD), USA. This is the sixth time that NTPC Limited has won this award for demonstrating enterprise success in the field of talent development. The foundation of NTPC’s culture has always been to engage employees through creative techniques. The award is testimony to NTPC’s contemporary HR practices.

About the ATD Best Awards

The ATD Best Awards recognises organisations that demonstrate enterprise through talent development. NTPC has been successful in creating an ecosystem, which empowers employees to enhance their skill sets. The award includes small and large private, public, and not-for-profit organizations from across the globe. The Association for Talent Development, USA is the world’s largest association in the field of talent development and ATD’s BEST AWARD is most coveted recognition in Learning and Development.

About NTPC

The NTPC which was earlier known as National Thermal Power Corporation of India is owned by the Government of India. It was set up in 1975.

The Vindhyachal Thermal Power Station in the Singrauli district of Madhya Pradesh, with an installed capacity of 4,760MW, is currently the biggest thermal power plant in India. 

It is a coal-based power plant owned and operated by NTPC.

The total installed commercial capacity of the company was 69454 MW before the JPL deal.

Kala Ghoda Arts Festival begins in Mumbai After Break of Two Years

Why In News

The Kala Ghoda Arts Festival began on 4th February and will go on till 12th February 2023. The Kala Ghoda Arts Festival is Asia's biggest multicultural festival.

Key Points

The Kala Ghoda Arts Festival began on 4th February and will go on till 12th February 2023. The Kala Ghoda Arts Festival is Asia’s biggest multicultural festival. The festival is happening after a break of two years due to the Covid-19 pandemic.

Every year this festival is organized in January or February. The festival is usually held at the Kala Ghoda Art district which starts from the Regal Circle at the Southern end, stretches to the Mumbai University at the northern end, and further expands to the Oval Maidan in the west ends at the Lion Gate at the end.

The chairperson of the festival, Brinda Miller informed us that this festival is for the people and by the people.

The festival is for 9 days organized by the Kala Ghoda association of the Kala Ghoda area of South Bombay.

The area is named Kala Ghoda due to the historical significance of the place.

A statue of King Edward on the horseback was installed there initially during British times.

The theme of this year’s Kala Ghoda Arts Festival is ‘Past Forward’.

The audience can witness various art forms including installations, workshops, archaeology, cinema, theatre, and many more events.

The multiple venues include Rampart Row, Chhatrapati Shivaji Maharaj Vastu Sagrahalay, YB Chavan Centre, Cross Maidan, Cooperage Bandstand, National Gallery of Modern Art, Max Mueller Bhavan, Kitab Khana, IF.BE, Ministry of New, etc.

The festival is known for its arts, performance, workshop, panel discussion, and food.

RBI expands scope of TReDS platform to allow insurance facility, secondary market ops & to improve cashflow of MSMEs

Why In News

The RBI decided to expand the scope of the TReDS platform allowing the use of insurance facilities, permitting entities eligible to undertake factoring business to participate as financiers on TReDS.

Key Points

The Reserve Bank of India decided to expand the scope of the Trade Receivable Discounting System or the TReDS platform allowing the use of insurance facilities, permitting entities eligible to undertake factoring business to participate as financiers on TReDS and allowing secondary market operations on the platform. The central bank’s decision is expected to boost trade of receivables increasing cash flows to MSMEs.

According to experts wider participation by more entities can keep the receivable discounting pricing under check as the volume on these platforms increases. Also, flexibility to allow re-discounting by existing holders of such discounted receivables will aid liquidity of participants.

Insurance coverage for the discounted receivables can also enhance the volumes and further reduce the pricing of such insured receivables, however the appetite of insurance companies to issue such coverage remains to be seen.

The expansion of the scope of TREDs platform serves to enhance the formalization of the lending eco-system for MSMEs.

Secondary market operations will allow financiers to offload their portfolio to other financiers, which would further enhance liquidity on the TREDs platform and, ultimately, for MSMEs.

What Is Trade Receivables Discounting System (TReDS) Platform:

TReDS is an electronic platform for facilitating the financing / discounting of trade receivables of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers. These receivables can be due from corporates and other buyers, including Government Departments and Public Sector Undertakings (PSUs).

TReDS is a payment system authorised under the Payment and Settlement Systems (PSS) Act, 2007. It is a platform for uploading, accepting, discounting, trading and settling invoices / bills of MSMEs and facilitating both receivables as well as payables factoring (reverse factoring). MSME sellers, corporate and other buyers, including Government Departments and PSUs, and financiers (banks, NBFC-Factors and other financial institutions, as permitted) are direct participants in the TReDS and all transactions processed under this system are ‘”without recourse” to MSMEs.

India’s First Glass Igloo Restaurant in Gulmarg, Jammu & Kashmir

Why In News

Glass igloo restaurant has been opened in the middle of the snow-covered mountains in Gulmarg and has become the center of attraction for tourists in the hill station in Kashmir.

Key Points

Glass igloo restaurant has been opened in the middle of the snow-covered mountains in Gulmarg and has become the center of attraction for tourists in the hill station in Kashmir. Tourists are seen enjoying their meals and taking photographs in the glass-wall restaurant. This unique glass igloo restaurant is developed by Kolahoi Green Heights, a hotel in Gulmarg.

The hotel claims that it is the first glass igloo restaurant in the valley. It is worth noting that earlier they had built the valley’s first snow-covered restaurant.

According to Hotel Manager Hamid Masoudi, it has always taken unique measures to make Gulmarg attractive to tourists.

He said that in 2020, the hotel made the biggest Igloo in Asia, while in 2021, they made the biggest Igloo in the world and this year, they made a glass igloo, which is the first such igloo in Kashmir.

The restaurant has taken the concept from Finland and built three igloos in the courtyard of the hotel which was not seen anywhere before

Then they also built three igloos at phase one of Gulmarg which are very much appreciated by the visitors.

Imported fabricated material has been used for this unique igloo. This unique glass-fronted restaurant keeps the interior heat insulated as well as offers the best views.

Eight people can sit in it at a time in each of these glass igloos. The restaurant is trying to give a different kind of experience to tourists.