National News
Rajasthan and Madhya Pradesh to Develop ‘Shri Krishna Gaman Path’
In a significant move to boost religious tourism and cultural heritage, the Chief Ministers of Rajasthan and Madhya Pradesh have announced plans to develop a new religious circuit called the ‘Shri Krishna Gaman Path’. This initiative aims to connect the birthplace of Lord Krishna in Mathura with the sacred city of Ujjain in Madhya Pradesh, tracing the footsteps of one of Hinduism’s most revered deities.
- Announced by: Rajasthan Chief Minister Bhajan Lal Sharma.
- Objective: Boost religious tourism and cultural heritage.
- Collaborating States: Rajasthan and Madhya Pradesh.
- Religious Significance: Connects Krishna’s birthplace (Mathura) to the Sandipani Ashram (Ujjain), tracing his divine journey.
Key Locations:
- Mathura: Krishna’s birthplace.
- Ujjain: Site of Sandipani Ashram, Krishna’s education center.
Special Feature: Includes locations marked by Krishna’s footprints, adding a spiritual dimension for devotees.
Madhya Pradesh:
- Capital: Bhopal (Executive Branch)
- Governor: Mangubhai C. Patel
Rajasthan:
- Chief minister: Bhajan Lal Sharma
- Capital: Jaipur (Executive Branch)
- Governor: Haribhau Bagade
MHA Announces 5 New Districts in Ladakh, Expanding Administration and Governance
The Ministry of Home Affairs (MHA), announced the creation of 5 new districts in the Union Territory (UT) of Ladakh, namely, Zanskar, Drass, Sham, Nubra, and Changthang. With the formation of the new districts, Ladakh’s total number of districts has increased to 7.
- New Districts Created: Zanskar, Drass, Sham, Nubra, and Changthang.
- Total Number of Districts: Increases from 2 (Leh and Kargil) to 7.
Instructions:
- Committee Formation: To evaluate district headquarters, boundaries, and structure.
- Report Deadline: Within 3 months.
Objective:
- Governance Improvement: Enhance service delivery and Central government benefits in remote areas.
- Progress: Ensure that development reaches all corners of Ladakh.
Background:
- Historical Context: Ladakh was part of Jammu and Kashmir until the 2019 reorganization.
- Legislative Changes:
- August 5, 2019: Article 370 repealed, ending J&K’s special status.
- August 9, 2019: Jammu and Kashmir Reorganisation Act bifurcated J&K into 2 Union Territories (UTs).
Minister of home minister: Officeholders: Manish Tiwari (Joint secretary to the Government of India), Amit Shah (Minister)
Appointment News
Jay Shah Elected as New International Cricket Council Chairman
Jay Shah has been elected unopposed as the new Chair of the International Cricket Council (ICC), succeeding Greg Barclay. This appointment marks a significant moment in cricket administration, as Shah becomes the youngest person ever to hold this prestigious position.
- New Role: Jay Shah elected unopposed as ICC Chair, succeeding Greg Barclay.
- Significance: Shah becomes the youngest person to hold this position.
- Current Position: Shah is the Secretary of the BCCI.
- Commencement Date: He will start as ICC Chair on December 1, 2024.
Election Process:
- Greg Barclay did not seek re-election.
- Shah was the sole nominee, leading to his unopposed election.
Background:
- 2009: Began career in cricket administration in Gujarat.
- 2019: Appointed BCCI Secretary.
- 2022: Joined ICC’s Finance & Commercial Affairs (F&CA) committee.
- 2023: Became chair of the ICC’s F&CA committee.
- 2021-2024: Served as Asian Cricket Council president.
Centre Appoints B Srinivasan as New NSG Director General
The Centre has appointed senior IPS officer B Srinivasan as the new Director General of the National Security Guard (NSG), according to a Personnel Ministry order issued on August 27. Srinivasan, a 1992 batch Indian Police Service (IPS) officer from the Bihar cadre, will serve as the NSG DG until August 31, 2027, the date of his superannuation. He is currently the director of Bihar Police Academy, Rajgir.
Background and Appointment Details
B Srinivasan’s appointment follows the exit of Nalin Prabhat, who has been named as the Special Director General of Police in Jammu and Kashmir. Prabhat, also a 1992 batch IPS officer, was initially appointed as NSG Chief in April for a tenure up to August 31, 2028. However, his tenure was cut short, and he has been reassigned to Jammu and Kashmir Police, taking over from R.R. Swain on September 30.
NSG: National Security Guard
- Founded: 22 September 1986
- Formed: 16 October 1984; 39 years ago
- Headquarters: New Delhi
Economy News
SBI Projects India’s GDP Growth of 7.0% to 7.1% for Q1 FY 2024-25
According to State Bank of India (SBI’s) Economic Research Department (ERD) report- ‘Ecowrap’, India’s Gross Domestic Product (GDP) is expected to grow by 7.0% to 7.1% in 1st Quarter (Q1: April-June) of Financial Year 2024-25(FY 25).
- GDP Growth Projection:
- Estimated Range: 7.0% to 7.1% for Q1 FY 2024-25 (April-June).
- Gross Value Added (GVA):
- Estimated Range: 6.7% to 6.8%, with a downward bias.
- Corporate Sector Performance:
- Top-line and Bottom-line Growth: 9% growth reported by around 4,000 listed entities compared to Q1 FY24.
- Corporate GVA: Increased by approximately 10.9% in Q1 FY25, down from 17% in Q4 FY24 and 26% in Q3 FY24.
- Agricultural Sector Growth:
- Estimated Range: 4.5% to 5% in FY25, which is about 30 basis points higher than the RBI forecast.
About State Bank of India (SBI):
- Chairman: Challa Sreenivasulu Setty (effective from August 28, 2024)
- Headquarters: Mumbai, Maharashtra
- Tagline: “The Banker to Every Indian”
- Founded: July 1, 1955
Top of Form
Bottom of Form
Banking News
RBI Launches Unified Lending Interface (ULI) Platform Nationwide
RBI Governor Shaktikanta Das introduced ULI at the ‘Global Conference on Digital Public Infrastructure and Emerging Technologies’ in Bengaluru on August 26, 2024.
Pilot Program: Launched in 2023, ULI will soon be available nationwide.
Key Features:
- Simplified Credit Appraisals: Facilitates easier credit evaluations, especially for small and rural borrowers.
- Digital Information Flow: Enables seamless consent-based access to land records, PAN, Aadhaar, and credit histories.
- Standardized APIs: Reduces technical integration complexity and accelerates credit approvals with minimal documentation.
Background: ULI is inspired by the success of the Unified Payments Interface (UPI), launched in 2016.
Reserve Bank of India (RBI) Overview
- Governor: Shaktikanta Das
- Deputy Governors:
- Swaminathan Janakiraman
- Michael Debabrata Patra
- M. Rajeshwar Rao
- T. Rabi Sankar
- Establishment: April 1, 1935
- Headquarters: Mumbai, Maharashtra
Agreement news
REC and JNPA Forge Rs 45,000 Crore Funding Agreement for Vadhavan Port Development
Rural Electrification Corporation Limited (REC), a Maharatna Public Sector Undertaking (PSU) under the Ministry of Power, has signed a Memorandum of Understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) to fund up to Rs 45,000 crore for various upcoming projects, including the development of Vadhavan Port in Maharashtra.
Rural Electrification Corporation Limited (REC):
- Chairman and Managing Director: Vivek Kumar Dewangan
- Role: Public sector NBFC, PFI, and IFC providing loans for infrastructure projects.
Jawaharlal Nehru Port Authority (JNPA):
- Chairman: Unmesh Sharad Wagh
- Role: Leading container-handling port managing about 50% of India’s containerized cargo.
MoU Highlights:
- Funding: Up to Rs 45,000 crore allocated for various projects, including the development of Vadhavan Port.
- Signatories:
- REC: Rahul Dwivedi, IAS, Executive Director
- JNPA: Unmesh Sharad Wagh, Chairman
- Inauguration Presence: Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping and Waterways (MOPSW).
Vadhavan Port Project:
- Location: Palghar district, Maharashtra.
- Project Value: Rs 76,220 crore.
- Interest: JNPA holds a 74% stake in the Vadhavan Port Project (VPPL), a joint venture with the Maharashtra Maritime Board (MMB).
Objective: Cooperation: JNPA will implement infrastructure projects while REC will provide the necessary funding.
REC:
- Headquarters: National Capital Region
- Parent organization: Power Finance Corp
- Founded: 25 July 1969
Award news
Union Minister Giriraj Singh Presents 24th Handicrafts Export Awards
Union Minister Giriraj Singh Presented EPCH’s 24th Handicrafts Export Awards Union Minister Giriraj Singh, Ministry of Textiles (MoT), presented the 24th Handicrafts Export Awards to Indian handicraft exporters during a ceremony organised by the Export Promotion Council for Handicrafts (EPCH) at the Convention Hall – The Ashok Hotel, in New Delhi, Delhi.
Event: 24th Handicrafts Export Awards ceremony
- Organized by: Export Promotion Council for Handicrafts (EPCH)
- Venue: Convention Hall, The Ashok Hotel, New Delhi
- Minister: Giriraj Singh, Ministry of Textiles
Recognition:
- Performance Period: 2019-20 and 2020-21
- Awards: 123 awards to 62 winners for 2019-20 and 61 winners for 2020-21
- Lifetime Achievement Award: Muzafar Hussain, Jammu and Kashmir
- Top All Handicrafts Award: Ajay Gupta’s CL Gupta Exports Limited (Uttar Pradesh) for both years
Award Categories:
- Top Export Award
- Platinum Performer Certificate
- Product Group-wise Awards
- Woman Entrepreneur Award
- Regional Awards
Objective:
- Foster Competition: Encourage healthy competition among exporters
- Recognize Achievements: Celebrate excellence in the handicrafts export sector
Jana Small Finance Bank Wins Four Awards at ICC Emerging Asia Banking Conclave & Awards 2024
Bengaluru (Karnataka) based Jana Small Finance Bank (SFB) Limited was honoured with 4 awards: Best Small Finance Bank (India), Best Performance on Profitability (Runners-up), Best Performance on Asset Quality, and Best Performance on Risk Management, at the 2nd ICC Emerging Asia Banking Conclave & Awards (2024), organised by the Indian Chamber of Commerce (ICC) on 22nd and 23rd August 2024 in New Delhi, Delhi.
Awards Received by Jana Small Finance Bank:
- Best Small Finance Bank (India)
- Best Performance on Profitability (Runners-up)
- Best Performance on Asset Quality
- Best Performance on Risk Management
Event Details:
- Occasion: 2nd ICC Emerging Asia Banking Conclave & Awards 2024
- Dates: August 22-23, 2024
- Organized by: Indian Chamber of Commerce (ICC)
- Location: New Delhi, Delhi
Other Award:
- Jammu & Kashmir Bank Limited (J&K Bank):
- Award: Best Performance on Profitability (Private Sector Bank – Mid-Size category)
About the Indian Chamber of Commerce (ICC):
- Director General: Dr. Rajeev Singh
- Headquarters: Kolkata, West Bengal
- Founded: 1925
Defence News
Indian Air Force’s Sarang Team to Showcase at Egypt International Airshow 2024
The Indian Air Force (IAF) has taken a significant step in international aviation diplomacy by dispatching its renowned Sarang Helicopter Display Team to participate in the inaugural Egypt International Airshow. This event, scheduled from September 3 to 5, 2024, at the Al-Alamein International Airport in Egypt’s El Dabaa, marks a crucial moment for India to demonstrate its indigenous aviation capabilities on the global stage.
Event: Egypt International Airshow
- Dates: September 3-5, 2023
- Venue: Al-Alamein International Airport, El Dabaa, Egypt
IAF Participation:
- Team: Sarang Helicopter Display Team
- Aircraft: 5 Advanced Light Helicopters (ALH Mk-I) by Hindustan Aeronautics Limited (HAL)
- Key Features: Multi-role capabilities, hinge-less composite main rotor
Transportation: Mode: C-17 Globemaster aircraft
Significance:
- Showcasing: India’s indigenous aviation capabilities and self-reliance initiative (‘Atmanirbharta’)
- Diplomatic Impact: Strengthens ties with Egypt and other participating nations, opening potential defense and aviation collaborations
Strategic Importance of Venue:
- Location: Al-Alamein International Airport, a key hub along the Mediterranean for global air and commercial transport
Indian Air Force:
- Headquarters: New Delhi
- Founded: 8 October 1932, India
- Chief of Defence Staff (CDS): General Anil Chauhan
Sports news
Five-Year-Old Teghbir Singh Conquers Mount Kilimanjaro
Teghbir Singh, a five-year-old from Ropar, Punjab, has become the youngest Asian to summit Mount Kilimanjaro.
Height: Kilimanjaro stands at 5,895 meters (19,341 feet) above sea level.
Climb Details:
- Departure: August 18, 2024
- Summit Reached: August 23, 2024
- Summit: Uhuru Peak
Books and author news
Soumya Swaminathan Releases Autobiography of Activist Kalpana Sankar
Former WHO Chief Scientist Soumya Swaminathan Releases Autobiography of Activist Kalpana Sankar Soumya Swaminathan, the Chairperson of MS Swaminathan Research Foundation and former World Health Organization (WHO) Chief Scientist, released ‘The Scientist Entrepreneur: Empowering Millions of Women’, an autobiography written by activist Dr. Kalpana Sankar.
Book Release:
- Title: The Scientist Entrepreneur: Empowering Millions of Women
- Author: Dr. Kalpana Sankar
- Released by: Soumya Swaminathan, former WHO Chief Scientist and Chairperson of MS Swaminathan Research Foundation
- Publisher: Rupa Publications India Private Limited, New Delhi
Event Details:
- Location: Chennai, Tamil Nadu
- Occasion: Celebration of women’s empowerment and social entrepreneurship
Book Highlights:
- Content: Chronicles Dr. Sankar’s transition from a nuclear scientist to a pioneering entrepreneur.
- Focus: Emphasizes grassroots initiatives for women’s economic empowerment and community development.
Notable Attendee: Swaady Martin-Leke: Chairperson and CEO of YSWARA, South Africa, received the first copy of the book.