National News
India’s Retail Digital Payments Set to Double by 2030: Kerney and Amazon Pay Study
India’s retail digital payment is likely to double to 7 trillion dollars by 2030, says a joint study by Kerney and Amazon Pay. India’s digital payments for retail transactions have grown to 3.6 trillion dollars in the financial year 2023-24, compared to 300 billion dollars in the financial year 2017-18, according to the study named ‘How Urban India Pays’.
- UPI transactions, introduced on April 11, 2016, saw 138% growth from FY 2018 to 2024.
- India’s e-commerce market valued at $75-80 billion in 2022, expected to grow 21% by 2030.
- Cards and digital wallet transactions account for 10% of the digital transaction value.
- In 2022, India accounted for 46% of the global digital payment volumes.
Nirma University Wins DD-Robocon India 2024, Advances to International Competition
The team of Institute of Technology, Nirma University won the Robot Competition DD-Robocon India 2024. The two day event began on Saturday at Thyagaraj Stadium in New Delhi. This event was organised by Prasar Bharati and IIT Delhi.
- The winning team will represent India at the Asia-Pacific Broadcasting Union Robocon 2024 in QuangNinh, Vietnam.
- Pimpri-Chinchwad College of Engineering, Pune was the first runner-up.
- MIT World Peace University, Pune secured the second runner-up position.
- Over 750 students from more than 45 colleges, institutions, and universities participated.
- DD-Robocon India promotes technical skill development, innovation, and teamwork in engineering students.
‘Hamara Samvidhan Hamara Samman’ Campaign to Host Second Regional Event in Prayagraj
The second regional event of the ‘Hamara Samvidhan Hamara Samman’ campaign under the aegis of Designing Innovative Solutions for Holistic Access to Justice (DISHA), is scheduled to take place in Prayagraj, Uttar Pradesh on the 16th of July.
- Part of the DISHA initiative, commemorating the 75th anniversary of the Indian Constitution.
- Aims to promote understanding of the Constitution and legal rights.
- Launch of the ‘Hamara Samvidhan Hamara Samman’ portal to encourage citizen participation.
- Portal will serve as a knowledge repository for Constitution and legal rights information.
- Sub-campaigns include ‘Sabko Nyaya Har Ghar Nyaya’, ‘Nav Bharat Nav Sankalp’, and ‘Vidhi Jagriti Abhiyaan’.
- Organized by the Ministry of Law and Justice.
Amit Shah Launches ‘Ek Ped Maa Ke Naam’ Campaign in Indore, Aiming for a World Record
- Amit Shah launched the ‘Ek Ped Maa Ke Naam’ campaign in Indore, targeting the plantation of 11 lakh trees in a day.
- Indore aims to become a green city alongside its status as a clean city.
- The campaign aligns with PM Modi’s call for environmental responsibility and sustainability.
- India plans to add 20% ethanol to petrol by 2025 and has initiated a climate change fund.
- The Environment Department in India was first established in Gujarat by Modi.
- Madhya Pradesh, with 31% forest area, is crucial for India’s ecology and is excelling in tourism.
- The event was attended by MP CM Dr. Mohan Yadav, Union Ministers, MPs, and other public representatives.
REC Limited Secures Landmark JPY 31.96 Billion Green Loan from Deutsche Bank AG, GIFT City
REC Limited (formerly Rural Electrification Corporation Private Limited) has secured a green loan worth Japanese Yen (JPY) 31.96 billion (equivalent to USD 200 million) from Deutsche Bank AG, Gujarat International Finance Tec-City (GIFT City) branch in Gandhinagar, Gujarat.
- This marks as a significant step towards financing sustainable development in India.
- This strategic investment reaffirms REC’s commitment to foster sustainable growth under its Green Finance Framework.
Purpose:
- Fund projects complying with stringent environmental standards
- Promote renewable energy adoption
- Help reduce carbon emissions across India
Commitment:
- Reaffirms REC’s dedication to sustainable growth under its Green Finance Framework
About REC Limited:
- It is a ‘Maharatna’ company under the administrative control of Ministry of Power (MOP), Government of India (GoI). It is registered with the Reserve Bank of India (RBI) as a Non-
- Banking Financial Company (NBFC), Public Financial Institution (PFI), and Infrastructure Financing Company (IFC).
- Chairman and Managing Director (CMD) – Vivek Kumar Dewangan
- Headquarter- New Delhi, Delhi
- Established– 1969
About Deutsche Bank AG:
- Chief Executive Officer (CEO) – Christian Sewing
- Headquarters- Frankfurt, Germany
- Established– 1870
International News
PM Narendra Modi’s Visits to Russia and Austria in July 2024
Narendra Modi, Prime Minister (PM) of India, was on a two-day visit to Russia from July 8 to 9, 2024, at the invitation of Russian President Vladimir Putin, to participate in the 22nd India-Russia Annual Summit held in Moscow, Russia.
- This visit marked PM Modi’s first visit to Kremlin in Russia, since 2019.
- The 22nd India-Russia Annual Summit in Moscow was co-chaired by the Indian PM Narendra Modi and the Russian President Vladimir Putin. They discussed a wide range of bilateral issues, emphasising defence cooperation, energy partnerships, and investment opportunities.
- A total of nine agreements were signed between India and Russia, covering diverse areas such as defense, energy, trade, and cultural exchange.
- Following his visit to Russia, PM Narendra Modi visited Austria from 9th to 10th July 2024. PM Modi became the first Indian PM to visit Austria in 41 years. This visit aims to strengthen India-Austria relations and explore new avenues for cooperation.
Austria:
- Capital: Vienna
- Official language: German
- President: Incumbent Alexander Van der Bellen
Russia:
- Capital: Moscow
- Continent: Europe, Asia
- Prime minister: Mikhail Mishustin
Bangladesh Joins the Colombo Security Conclave (CSC) as its 5th Full Member
Bangladesh officially became the 5th full member of Colombo Security Conclave (CSC), The official announcement was made during the 8th Deputy National Security Adviser (DNSA) meeting of CSC hosted virtually by Mauritius on 10th July, 2024.
CSC Members:
- Founding Members: India, Sri Lanka, Mauritius, and the Maldives
- New Member: Bangladesh (5th full member)
Key Highlights:
- Official Announcement:
- Bangladesh was officially announced as the 5th full member of the Conclave Security Conclave (CSC) during the 8th DNSA meeting.
- The meeting was hosted virtually by Mauritius.
- Observer State: Seychelles participated in the meeting as an Observer state.
- Historical Context: Mauritius became the 4th member of CSC at the 5th meeting held in Male, Maldives, in March 2022.
Significance:
- The inclusion of Bangladesh as a full member underscores the growing importance of maritime security in the region.
- It highlights the CSC’s commitment to fostering cooperation and ensuring maritime safety among the member nations.
- The participation of Seychelles as an Observer state indicates the expanding interest and potential future membership in the CSC.
Objective:
- The CSC aims to enhance maritime security cooperation among the member countries.
- It focuses on collaborative efforts to address common maritime threats and challenges.
- The group works towards strengthening regional stability and security through coordinated maritime policies and strategies.
About Bangladesh:
- Prime Minister (PM) – Sheikh Hasina
- Capital– Dhaka
- Currency- Bangladeshi Taka
Summit News
India to Host World Audio Visual and Entertainment Summit in Goa
- India will host the World Audio Visual and Entertainment Summit from November 20th to 24th in Goa.
- Information and Broadcasting Minister Ashwani Vaishnaw announced the summit as a significant event for the global Media and Entertainment industry.
- The summit aims to highlight the structural changes and technological advancements in the media sector.
- Public policy will focus on maximizing benefits from these changes, supporting the industry’s evolution.
- Chief Minister of Goa, Pramod Sawant, joined in the curtain raiser event held in New Delhi.
GOA:
- Capital: Panaji (Executive Branch)
- Governor: P. S. Sreedharan Pillai
Banking news
NIPL and Qatar National Bank Collaborate to Launch UPI Payments in Qatar
On July 2024, NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), signed an agreement with Doha, Qatar-based Qatar National Bank (QNB) to introduce QR (Quick Response) code- based Unified Payments Interface (UPI)
Objective:
- Introduce QR code-based Unified Payments Interface (UPI) payments across Qatar
- Make UPI payment acceptance available through QNB’s extensive merchant network
- Benefit Indian travellers in Qatar
Details of the Agreement:
- Target Locations: Retail stores, tourist attractions, leisure sites, duty-free shops, and hotels in Qatar
- Impact on Indian Tourists:
- Enables the use of UPI for payments at various locations
- Enhances the convenience and ease of transactions for Indian visitors
Additional Insights:
- Tourism Statistics: Indians are the second largest group of international visitors to Qatar, after Saudi Arabians.
- Merchant Benefits:
- Quicker and more convenient payment and checkout experience
- Improved customer satisfaction
- Increased customer base
- Creation of new business opportunities
About NPCI International Payments Limited (NIPL):
- NIPL was established in 2020 to promote international use of RuPay and UPI.
- Chief Executive Officer (CEO) – Ritesh Shukla
- Headquarters– Mumbai, Maharashtra
PNB and SAIL Sign MoU to Offer Concessional Loans to SAIL Employees
Punjab National Bank (PNB), Indian Public Sector Bank (PSB) has signed a Memorandum of Understanding (MoU) with Steel Authority of India (SAIL) to offer various kinds of loans such as: home loan, car loan, and education loan to SAIL’s employees at concessional rates.
Aim: To enhance the financial-wellbeing of SAIL employees and will help PNB to expand its customer base within the steel sector.
Signatories:
- Sudhir Dalal, General Manager-Business Acquisition and Relationship Management Division, PNB
- Bikram Uppal, General Manager-Human Resources, SAIL
Punjab National Bank (PNB)
- Managing Director (MD) and Chief Executive Officer (CEO): Atul Kumar Goel
- Headquarters: New Delhi, Delhi
- Tagline: ‘The name you can bank upon’
- Founded: 19th May, 1894
Steel Authority of India Limited (SAIL)
- Status: ‘Maharatna’ company under the administrative control of the Ministry of Steel (MOS), Government of India (GoI)
- Chairman: Amarendu Prakash
- Headquarters: New Delhi, Delhi
- Established: 1973
Appointment news
Arun Kumar Bansal Appointed as MD and CEO of Paytm Payments Bank Limited (PPBL)
- Arun Kumar Bansal, former Executive Director (ED) of IDBI Bank Limited has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of Paytm Payments Bank Limited (PPBL).
- He succeeds Surinder Chawla, who resigned from the position in April 2024 for personal reasons. Chawla was relieved from PPBL with effect from 26th June 2024.
Paytm Payments Bank Limited (PPBL)
- Association: PPBL is an associate of One 97 Communications Limited, the parent company of Paytm.
- Scheduled Bank Status: Received from the Reserve Bank of India (RBI) in 2021.
- Managing Director (MD) and Chief Executive Officer (CEO): Arun Kumar Bansal
- Headquarters: Noida, Uttar Pradesh (UP)
- Established: 2017
Scheme news
Maharashtra Launches ‘Mukhyamantri Majhi Ladki Bahin Yojana 2024’ to Empower Women
The Maharashtra government has launched the ‘Mukhyamantri Majhi Ladki Bahin Yojana (Chief Minister’s (CM’s) My Beloved Sister) 2024’ initiative in the state to promote economic independence among the women in Maharashtra.
- Under this scheme, the state government will provide financial assistance of Rs 1,500 per month to all women beneficiary. The application for this programme is open until August 31, 2024.
- The Women and Child Development Department of Maharashtra is the nodal department of this scheme.
Note: Previously, this initiative was available to only married women, but now unmarried women from every family can also benefit from it.
Eligibility Criteria for ‘Mukhyamantri Majhi Ladki Bahin Yojana 2024’:
- Age: Women between 21 to 65 years old
- Bank Account: Must have an active bank account
- Occupation: Women engaged in agriculture, self-employment, or non-salaried work eligible
- Residency: Permanent residents of Maharashtra
- Income Criteria: Family annual income less than Rs. 2,50,000
- Government Scheme Limit: Not eligible if receiving more than Rs. 1,500 from other government schemes
Fee Waiver for OBC and EWS Female Students:
- Beneficiaries: Girls from Economically Weaker Section (EWS), Socially and Economically Backward Classes (SEBC), and Other Backward Classes (OBC) with family incomes up to Rs. 8 lakh
- Previous Policy: Previously received 50% fee reimbursement
- New Policy: Full fee waiver in professional courses from academic year 2024-25
- Government Expense: Rs. 906 crore approved for implementation
About Maharashtra:
- Chief Minister (CM)- Eknath Shinde
- Governor- Ramesh Bais
- Capital: Mumbai
Ranks And Reports
PM Modi Becomes Most Followed World Leader on X with Over 100 Million Followers
- Prime Minister Narendra Modi surpassed 100 million followers on his X social media account.
- This milestone includes an increase of approximately 30 million followers over the past three years.
- Modi is now the most followed world leader in office on X, far ahead of US President Joe Biden, who has 38.1 million followers.
- Modi expressed his appreciation for the platform, valuing discussion, debate, insights, and constructive criticism.
- Home Minister Amit Shah congratulated Modi, highlighting his unparalleled popularity and global statesmanship.
Sports news
Spain Wins Record 4th European Soccer Championship Title
- Spain clinched their record fourth European soccer championship title by defeating England 2-1 in the Euro 2024 finals held in Berlin.
- Nico Williams opened the scoring for Spain early in the second half, followed by Cole Palmer’s equalizer for England in the 73rd minute.
- Mikel Oyarzabal scored in the 86th minute, securing Spain’s victory and their fourth Euro title.
- This marks England’s second consecutive runner-up finish in the European championship, with their last major international tournament win being the 1966 World Cup.
Carlos Alcaraz Wins Men’s Singles Title at Wimbledon; Zieliński and Hsieh Su-Wei Claim Mixed Doubles Crown
- Carlos Alcaraz of Spain clinched the Men’s Singles title at Wimbledon, defeating Novak Djokovic of Serbia 6-2, 6-2, 7-6.
- Alcaraz dominated the first two sets, but Djokovic rallied in the third before Alcaraz secured victory.
- This was Alcaraz’s second appearance in a Wimbledon final, while Djokovic is a seven-time champion.
- In the Mixed Doubles final, Jan Zieliński and Hsieh Su-Wei won their second Grand Slam title of the season, defeating Giuliana Olmos and Santiago Gonzalez 6-4, 6-2.
Sabeera Haris Wins Bronze in Shotgun Junior World Cup, Italy
- Sabeera Haris of India secured the bronze medal in the women’s trap event at the ISSF Junior World Cup in Porpetto, Italy.
- She shot 29 out of 40 targets in the final to claim the medal.
- Carey Garrison from the US won gold with a perfect score of 40 targets, while Sofia Gori of Italy took silver with 39 hits.
- Bhavya Tripathi finished 26th with a score of 102, and Rajkuwar Ingle placed 33rd with 100 points in the junior women’s trap event.
