National News
Launch of Advanced Geoportals by Dr. Jitendra Singh
- Union Minister of State (MoS – Independent Charge) Dr Jitendra Singh, Ministry of Science and Technology(MOST); Ministry of Earth Sciences(MOES) & Department of Space (DOS), launched two advanced Geoportals – ‘Bhuvan Panchayat (Version 4.0) for rural land records and ‘National Database for Emergency Management (NDEM Version 5.0)’ for disaster management.
The Geoportals were developed by the Indian Space Research Organisation (ISRO). These geospatial tools, meant for visualisation and planning, will provide high-resolution satellite imagery at a 1: 10,000 scale for different locations across India.
- The Bhuvan Panchayat Portal will support “Space-based Information Support for Decentralised Planning (SISDP)” and empower citizens at the grassroots level in Panchayats
- NDEM Ver. 5.0 will provide space-based inputs on natural disasters and support disaster risk reduction in India and its neighbouring countries.
About the Department of Space: The ‘Department of Space’ is an Indian government department responsible for the Indian space program.
- Union Minister(Prime Minister)- Narendra Modi (Constituency- Varanasi, Uttar Pradesh)
- Minister of State(MOS)- Dr Jitendra Singh (Constituency- Udhampur, Jammu and Kashmir
MoSPI Launches eSankhyiki Portal for Enhanced Data Access
The Ministry of Statistics and Programme Implementation (MoSPI) has introduced the eSankhyiki portal to revolutionize data accessibility and user experience. This initiative aims to centralize and streamline access to key national statistical data, supporting planners, policymakers, researchers, and the public.
eSankhyiki Portal: Key Features and Vision
Data Catalogue Module:
- Consolidates over 2,291 datasets, including National Accounts Statistics and Consumer Price Index.
- Provides detailed metadata and visualization tools to enhance data usability and reusability.
Macro Indicators Module:
- Offers time-series data on major indicators like National Accounts Statistics and Consumer Price Index from the past decade.
- Supports data filtering, visualization, and API sharing, allowing effective data analysis and utilization.
Launch and Vision:
- Launched on Statistics Day by Dr. Arvind Panagariya.
- Emphasizes the theme “Use of Data for Decision Making.”
- Aims to facilitate evidence-based decision-making by improving data accessibility and promoting data-driven insights across various sectors.
International News
India put in the regular follow-up category by FATF
India has been put in the ‘regular follow-up category’ by the global anti-money laundering body, the Financial Action Task Force (FATF). This decision was taken at the plenary meeting of the FATF held in Singapore from 26-28 June 2024. The meeting discussed issues relating to money laundering, terrorism financing, and proliferation financing.
It also reviewed the performance of 17 countries on their compliance and action on the FATF mandated actions on anti-money laundering issues, anti-terrorism financing, and anti-proliferation financing.
FATF Keeps India in Regular Follow-Up Category:
- Review and Appreciation: FATF reviewed India’s performance in combating anti-money laundering and anti-terrorism financing, appreciating its efforts but noting the need for faster prosecution.
- Historical Context: India joined FATF in 2010; first evaluation in 2010, latest in 2023 post-COVID-19 delay.
- Next Steps: India must report back to FATF by October 2027 on measures taken to address concerns.
- Implications: Enhanced financial transaction ease, cheaper international fundraising, increased foreign investment, and boosted confidence in India’s legal and payment systems.
Financial Action Task Force (FATF): Overview and Functions
Establishment: The FATF was set up by the Group of Seven (G-7) countries at the Paris summit in 1989.
Functions:
- Inter-Governmental Body: FATF sets global standards on anti-money laundering (AML), combating the financing of terrorism (CFT), and proliferation financing (funding for the development of weapons of mass destruction, including chemical, biological, or nuclear weapons).
- Recommendations: It issues recommendations to countries and assesses their effectiveness in combating money laundering and terrorist financing.
- Collaboration: Works closely with organizations such as the International Monetary Fund (IMF), the World Bank, the United Nations, and FATF-style regional bodies (FSRBs).
Membership: Currently, 39 countries are members of the FATF. Russia has been suspended since 2023. India became a member in 2010.
Headquarters: Paris, France.
Current President: T. Raja Kumar from Singapore.
India’s Legal Framework: The Prevention of Money Laundering Act (PMLA) 2002, based on FATF recommendations, is the primary law addressing money laundering in India. Implemented on July 1, 2005, its provisions are enforced by the Directorate of Enforcement (ED).
World Bank’s Support for Low-Carbon Energy Development in India
Approval of Funding: The World Bank has approved USD 1.5 billion for the ‘Second Low-Carbon Energy Programmatic Development Policy Operation’ to aid India in accelerating its transition to low-carbon energy.
Focus Areas:
- Enhancing Market Capabilities for Green Hydrogen:
- Development of electrolyzers crucial for green hydrogen production.
- Targeted reforms to increase green hydrogen production capacity.
- Scaling up Renewable Energy Capacity:
- Incentivizing battery energy storage systems.
- Integration of renewable energy into India’s electricity grid through amendments to the Indian Electricity Grid Code (IEGC).
Expected Outcomes:
- Green Hydrogen Production: Anticipated generation of at least 450,000 Metric Tonnes (MT) of green hydrogen annually from FY 25-26.
- Electrolyzer Capacity: Development of 1,500 MegaWatts (MW) of electrolyzers per year.
- Renewable Energy Expansion: Increase in renewable energy capacity.
- Emission Reductions: Expected reduction of emissions by 50 million tonnes per year.
Purpose and Impact:
- The initiative aims to support India’s efforts in adopting sustainable energy practices, reducing carbon emissions, and fostering technological advancements in green hydrogen and renewable energy sectors.
- It underscores the World Bank’s commitment to facilitating global climate goals and promoting environmentally sustainable development practices.
About World Bank (WB):
- President – Ajay Banga
- Headquarters – Washington, D.C., United States of America (USA).
- Established 1944
- Member states – 189
Banking News
SEBI’s Revised Eligibility Criteria for Derivatives Segment Stocks
On June , 2024, the Securities and Exchange Board of India (SEBI) announced revised eligibility criteria for stocks entering and exiting the derivatives segment of exchanges. These new norms aim to ensure robust market performance and stability within the derivatives market.
Eligibility Criteria Overview:
- Entry Criteria:
- Stocks must rank among the top 500 stocks based on average daily market capitalization and Average Daily Traded Value (ADTV) on a rolling basis.
- Median Quarter Sigma Order Size (MQSOs) over the last 6 months should be at least Rs 75 lakh, up from Rs 25 lakh previously.
- Market Wide Position Limit (MWPL) on a rolling basis must be a minimum of Rs 15,00 crore.
- Average Daily Delivery Value (ADDV) in the cash market over the previous 6 months on a rolling basis should be at least Rs 35 crore, increased from Rs 10 crore.
- Exit Criteria:
- Stocks that have been in the derivatives segment for at least 6 months will be subject to exit criteria based on their performance.
- The exit criteria will be applicable 3 months after the issuance of the circular.
- Performance-based Criteria:
- Exit criteria for existing stocks in the derivatives segment will focus on their trading performance and market behavior.
- Stocks failing to meet the revised entry or exit criteria will face reevaluation or potential delisting from the derivatives segment.
Impact and Implementation:
- These revised norms are intended to enhance the quality and reliability of stocks listed in the derivatives segment, promoting liquidity and investor confidence.
- SEBI’s initiative reflects ongoing efforts to align regulatory frameworks with evolving market dynamics and investor expectations.
About Securities and Exchange Board of India (SEBI):
- Chairman- Madhabi Puri Buch
- Headquarter- Mumbai, Maharashtra
- Established- 1992
Union Bank of India Launches “Union Premier” Branches for Rural and Semi-Urban Markets
Introduction:
- Union Bank of India has introduced “Union Premier” branches specifically designed for high-value customers in rural and semi-urban (RUSU) markets.
- These branches aim to provide comprehensive banking products and personalized services under one roof.
Key Features:
- Personalized Banking: Each branch includes a dedicated Relationship Manager to address the specific banking needs of high-value customers, ensuring personalized attention.
- Digital Solutions: Equipped with advanced digital technologies for seamless banking transactions, prioritizing efficiency and minimal turnaround time.
- Luxurious Environment: Focus on customer comfort with a serene and luxurious banking environment to enhance overall satisfaction.
- Commitment to Excellence: A. Manimekhalai, Managing Director and CEO, emphasizes Union Bank’s commitment to superior banking experiences and service efficiency for RUSU clients.
Impact: The initiative aims to elevate banking experiences and meet the evolving needs of high-value customers in rural and semi-urban areas, enhancing accessibility and service quality.
Small Savings Scheme Interest Rates Update (Q2FY25)
The Department of Economic Affairs (DEA-Budget Division), Ministry of Finance (MoF), Government of India, has maintained the interest rates on small savings schemes unchanged for the 2nd Quarter of 2024-25 (Q2FY25), effective from June 1, 2024, to September 30, 2024.
Recent Changes and Historical Context:
- December 2023: Some small savings schemes, including Sukanya Samriddhi Yojana and 3-year Time Deposit, saw an increase of 20 basis points (bps) for Q4FY24.
- PPF Rates: The Public Provident Fund (PPF) rates have remained unchanged for the past three years. The last revision occurred in April-June 2020, when rates declined from 7.9% to 7.1%.
This decision maintains stability in small savings scheme interest rates for Q2FY25, aligning with ongoing economic conditions and financial policy objectives of the Government of India.
Here are the updated interest rates for various small savings schemes applicable from June 1, 2024, to September 30, 2024:
- Savings Deposit: 4.0%
- 1-Year Post Office Time Deposits (POTD): 6.9%
- 2-Year Post Office Time Deposits (POTD): 7.0%
- 3-Year Post Office Time Deposits (POTD): 7.1%
- 5-Year Post Office Time Deposits (POTD): 7.5%
- 5-Year Post Office Recurring Deposits (PORD): 6.7%
- Kisan Vikas Patra (KVP): 7.5% (will mature in 115 months)
- Public Provident Fund (PPF): 7.1%
- Sukanya Samriddhi Yojana (SSY): 8.2%
- National Savings Certificate (NSC): 7.7%
- Senior Citizens’ Savings Scheme (SCSS): 8.2%
- Monthly Income Scheme (MIS): 7.4%
Scheme News
Safai Apnao, Bimaari Bhagao Initiative (SABB) Overview
The Ministry of Housing and Urban Affairs (MoHUA) has launched the ‘Safai Apnao, Bimaari Bhagao’ (SABB) initiative under the Swachh Bharat Mission-Urban 2.0 (SBM-U 2.0). This initiative is aimed at ensuring clean and healthy cities, particularly during the period from June to August 2024.
Campaign Period:
- Preparatory Phase: June 14 to June 30, 2024
- Campaign Period: July 1 to August 31, 2024
Objectives:
- Enhanced Preparedness: Prepare Urban Local Bodies (ULBs) to effectively manage challenges posed by heavy rainfall and health risks during monsoon.
- Disease Prevention: Focus on preventing water-borne and vector-borne diseases through the ‘Stop Diarrhoea Campaign’.
- Comprehensive Approach: Implement cleanliness drives, citizen-centric advocacy, and promote inter-departmental convergence.
Key Pillars:
- Cleanliness Drives: Conduct extensive cleanliness campaigns and activities to maintain hygiene in urban areas.
- Citizen-centric Advocacy: Raise awareness among citizens about the importance of cleanliness and disease prevention.
- Inter-departmental Convergence: Coordinate efforts across various departments to ensure effective implementation of sanitation and health measures.
Implementation Strategy:
- Rapid assessments to identify high-risk areas prone to sanitation issues.
- Adoption of protective measures and interventions to safeguard public health during the monsoon season.
The ‘Safai Apnao, Bimaari Bhagao’ initiative underscores the government’s commitment to enhancing urban sanitation and health, promoting community engagement, and ensuring resilient cities capable of tackling seasonal challenges effectively.
The Ministry of Housing and Urban Affairs: Ministers responsible: Manohar Lal Khattar, Cabinet Minister; Tokhan Sahu, Minister of State
Appointed News
Ravi Agrawal Appointed CBDT Chief, Succeeds Nitin Gupta
- New Chairman: Ravi Agrawal, a 1988-batch IRS officer, has been appointed as the new Chairman of the Central Board of Direct Taxes (CBDT).
- Succession: Agrawal succeeds Nitin Gupta, whose tenure concluded on June 30, 2024.
- Tenure: His appointment extends until June 2025, with provisions for reappointment on a contract basis to ensure continuity in CBDT’s policy framework.
Background and Role:
- Previous Role: Agrawal served as a member (administration) in the board before his elevation to Chairman.
- Responsibilities: He will oversee critical tax policy decisions and manage upcoming Union government budgets, including those in July 2024 and February 2025.
Central Board of Direct Taxes (CBDT): Key Points
- Function: Administers direct taxes including income tax, corporate tax, and wealth tax in India.
- Structure: Headed by a Chairman, CBDT can have up to six members at the rank of Special Secretary.
- Policy Making: Responsible for formulating policies related to direct taxes and overseeing their implementation.
- Authority: Exercises control and supervision over the Income Tax Department to ensure tax compliance and collection.
- Tenure: Chairman and members are appointed by the government, with the Chairman typically serving a fixed term, ensuring continuity in tax administration and policy direction.
CS Setty Gets FSIB Approval To Head SBI As Next Chairman
Appointment Details:
- Challa Sreenivasulu Setty has been chosen as the next Chairman of State Bank of India (SBI) by the Financial Services Institution Bureau (FSIB).
- Contenders: Ashwini Tiwari and Vinay Tonse were also contenders for the position.
- Succession: Setty will succeed Dinesh Khara upon reaching the age limit of 63 in August 2024.
FSIB’s Decision:
- FSIB considered the contenders’ performance, overall experience, and adherence to existing parameters in recommending Setty for the role.
Other Developments:
- Alok Kumar Choudhary, Managing Director (Risk, Compliance & SARG) of SBI, will retire from the bank’s services effective June 30, 2024.
Sports News
India won its 2nd ICC T20 World Cup at Barbados after 17 years wait
- The Indian men’s cricket team, captained by Rohit Sharma, clinched the 9th ICC Men’s T20 World Cup title.
- Final: Defeated South Africa, led by Aiden Markram, by 7 runs in a thrilling final at Kensington Oval, Bridgetown, Barbados on June 29, 2024.
- Previous Win: India’s last ICC Men’s T20 World Cup victory was in 2007 under Mahendra Singh Dhoni’s leadership.
Leadership Legacy:
- Rohit Sharma: Became the third Indian captain to win an ICC World Cup, following Kapil Dev (1983) and Mahendra Singh Dhoni (2007, 2011).
- Retirements: The final marked the retirement from T20 Internationals for Rohit Sharma, Virat Kohli, and Ravindra Jadeja, though they remain available for Tests and ODIs.
Coaching Transition: Rahul Dravid: Concluded his tenure as coach of the Indian men’s cricket team following the T20 World Cup victory.
Historic Significance: The victory ends India’s 17-year wait for the ICC Men’s T20 World Cup trophy, marking a significant milestone in Indian cricket history.
Unique Facts about ICC T20 World Cup 2024
- Host Country: For the first time, the USA co-hosted the ICC Men’s T20 World Cup along with the West Indies.
- Undefeated Champion: India became the first team to remain unbeaten throughout the entire tournament, winning all their matches en route to the title.
- South Africa’s Milestone: South Africa reached their first final in any ICC World Cup since readmission to international cricket in 1991.
- Record-Breaking Final: India posted their highest score in a T20 World Cup final, scoring 176 runs for 7 wickets in 20 overs.
- Champion’s History: India’s victory marked their second ICC Men’s T20 World Cup title, having previously won in 2007 under Mahendra Singh Dhoni’s captaincy.
Top Performers:
- Man of the Match: Virat Kohli received the award for his standout performance in the final.
- Player of the Tournament: Jasprit Bumrah was recognized for his exceptional bowling throughout the tournament, claiming 15 wickets at an impressive average of 8.26.
- Highest Run Scorer: Rahmanullah Gurbaz of Afghanistan topped the batting charts with 281 runs at an average of 35.12 and a strike rate of 124.33.
- No Centuries: Despite the high scoring, no player scored a century in the tournament. The highest score was Nicholas Pooran’s 98 against Afghanistan.
- Leading Wicket Takers: Fazalhaq Farooqi of Afghanistan and Arshdeep Singh of India shared the honor of being the highest wicket-takers with 17 wickets each.
- Fielding Excellence: South African Captain Aiden Markram took the most catches in the tournament, totaling 8 catches.
- Prize Money: The total prize money for the tournament was $11.25 million, with India receiving $2.45 million as winners and South Africa receiving $1.28 million as runners-up.
- Bonus and Recognition: The Indian team received additional bonuses from both ICC and BCCI, underscoring their exceptional performance and achievement.
- Historic Achievement: India became the third team to win the ICC Men’s T20 World Cup twice, joining the ranks of West Indies and England in this prestigious accomplishment.
ICC Men’s T20 World Cup
T20 was introduced in England, and the first International T-20 match was played between Australia and New Zealand in 2005, with Australia emerging as the winner
Seeing the popularity of the T-20 format, the ICC decided to hold the T-20 Cricket World Cup for men.
The first T-20 men’s World Cup was organised in South Africa, and India emerged as the champion.
| Edition | Year | Host Country | Winner | Runners-Up | Winning Captain | Number of Teams |
| 1 | 2007 | South Africa | India | Pakistan | M.S.Dhoni | 12 |
| 2 | 2009 | England | Pakistan | Sri Lanka | Younis Khan | 12 |
| 3 | 2010 | West Indies | England | Australia | Paul Collingwood | 12 |
| 4 | 2012 | Sri Lanka | West Indies | Sri Lanka | Daren Sammy | 12 |
| 5 | 2014 | Bangladesh | Sri Lanka | India | Lasith Malinga | 16 |
| 6 | 2016 | India | West Indies | England | Daren Sammy | 16 |
| 7 | 2021 | United Arab Emirates(UAE), Oman. India was the host country. | Australia | New Zealand | Aaron Finch | 16 |
| 8 | 2022 | Australia | England | Pakistan | Jos Butler | 16 |
| 9 | 2024 | West Indies, United States of America | India | South Africa | Rohit Sharma | 20 |
| 10 | 2026 | India and Sri Lanka | – | – | – |
Former world chess champion V Anand wins Leon Masters for 10th time
- Viswanathan Anand, former world chess champion, won the 2024 Leon Masters chess championship for the 10th time.
- Final Match: Anand defeated Jaime Santos Latasa of Spain with a score of 3-1 in the final held on June 30, 2024, in Leon, Spain.
- Career Record: Anand has previously won the Leon Masters in 1996, 1999, 2000, 2001, 2005, 2006, 2007, 2011, 2016, and now in 2024.
- Tournament Format: The Leon Masters features four players, including top-ranked players like Arjun Erigaise of India and Veselin Topalov of Bulgaria.
About Viswanathan Anand:
- Birth: Born on December 11, 1969, in Chennai, Tamil Nadu, India.
- Career and Residence: Anand lived in Spain for a significant part of his professional chess career before returning to Chennai.
- Achievements:
- First recipient of India’s highest sports award, Rajiv Gandhi Khel Ratna (now Major Dhyan Chand Khel Ratna Award), in 1991-92.
- Awarded Padma Vibhushan, India’s second highest civilian award, in 2007, becoming the first sports person to receive this honor.
Viswanathan Anand continues to be a revered figure in the world of chess, known for his strategic brilliance and numerous accolades throughout his illustrious career.
Important Days
National Doctor’s Day 2024, Date, History and Significance
- Observance: National Doctor’s Day is celebrated on July 1st every year in India. In 2024, it falls on a Monday.
- Origins: Established to commemorate the birth and death anniversary of Dr. Bidhan Chandra Roy, a renowned physician and former Chief Minister of West Bengal. The Government of India officially recognized the day in 1991.
Historical Context: Dr. Bidhan Chandra Roy: Born on July 1, 1882, Dr. Roy was a pioneer in Indian medicine and politics, known for his significant contributions to healthcare and public health.
Nationwide Recognition: Over the years, National Doctor’s Day has evolved into a nationwide celebration. Various events and activities are organized to honor and appreciate the dedication and contributions of medical professionals across India.
Books And Author News
“Manoj Bajpayee: The Definitive Biography” by Piyush Pandey
- “Manoj Bajpayee: The Definitive Biography” Authored by Journalist Piyush Pandey “Manoj Bajpayee: The Definitive Biography” is the biography of the National award- winning Bollywood actor Manoj Bajpayee, authored by journalist Piyush Pandey. The book, published by Penguin Ebury Press, an imprint of Penguin Random House, is the story of Manoj Bajpayee’s commitment and passion for acting.
- The Book originally written in Hindi titled “Manoj Bajpayee: Kuch Paane Ki Zid” has been translated into English by the journalist Rachit Vats. The book was released in 2022 by Penguin India’s imprint Hind Pocket Books.
About Manoj Bajpayee:
- He has won three National Film Awards – Best Supporting Actor for Satya in 1999, Special Jury Award (Feature Film) for Pinjar in 2004, and Best Actor for Bhonsle (2018) in 2021.
- The government of India honoured him with Padma Shri for arts in 2019.
- His noted works include Shool (1999), Aligarh (2015), Sonchiriya (2019), and The Family Man (2019)
