National News
Expansion of Agriculture Infrastructure Fund (AIF) for Enhanced Impact and Inclusivity
The Union Cabinet chaired by the Prime Minister (PM) Narendra Modi approved the following proposals: The Union Cabinet approved the progressive expansion of the Central Sector Scheme under the Agriculture Infrastructure Fund (AIF). The expansion aims to make the scheme more attractive, impactful, and inclusive by broadening eligible projects and adding supportive measures.
Expansion of Agriculture Infrastructure Fund (AIF): Objective: Broaden eligible projects and enhance the scheme’s attractiveness, impact, and inclusiveness.
Private FM Radio Channels:
- Proposal: 3rd batch of e-auctions for 730 FM radio channels across 234 new cities.
- Reserve Price: Rs 784.87 crore.
Financial Assistance for Hydro Electric Projects: Proposal: Central Financial Assistance to North Eastern States for equity in hydroelectric projects.
Railway Projects Approval:
- Projects: Two new lines and one multi-tracking project.
- Cost: Rs 6,456 crore.
- Benefits: Improved connectivity, reduced travel and logistics costs, and lower CO2 emissions.
Industrial Nodes/Cities under NICDP:
- Approval: 12 new industrial nodes/cities.
- Investment: Rs 28,602 crore.
Launch of Vehicle Scrapping Policy to Phase Out Polluting Vehicles and Promote Modernization
The Ministry of Road Transport and Highways (MORTH) has launched the Vehicle Scrapping Policy or Voluntary Vehicle Modernization Program (VVMP) to create an ecosystem for phasing out unfit polluting vehicles across India. This policy will be implemented through a network of Registered Vehicle Scrapping Facilities (RVSFs) and Automated Testing Stations (ATSs).
- Objective: Establish an ecosystem for phasing out unfit, polluting vehicles and replacing them with newer, less polluting models.
- Implementation: Through Registered Vehicle Scrapping Facilities (RVSFs) and Automated Testing Stations (ATSs).
- Tax Concessions: Up to 25% off on motor vehicle tax for non-transport vehicles and up to 15% for transport vehicles. Waiver on pending liabilities for scrapped vehicles.
- Discounts: Vehicle manufacturers will offer temporary discounts against a Scrappage Certificate. Discounts will be available for a limited time (two years for commercial vehicles and one year for passenger vehicles).
- Integration: Scrapped vehicle details will be linked to the Vahan system for easy access.
- OEM Discounts: In addition to the scrappage value, discounts from Original Equipment Manufacturers (OEMs) and existing incentives will apply.
Conference on Enhancing Disaster Preparedness and Resilience in India
The Disaster Management (DM) Division of the Department of Telecommunications (DoT), Ministry of Communications (MoC), in collaboration with the National Telecommunications Institute for Policy Research, Innovation, and Training (NTIPRIT) and License Service Areas (LSA), Delhi organised the conference on ‘Experience Sharing and Capacity Building in Disaster Management’, at enhancing disaster preparedness and resilience in India.
- Inauguration: Jointly led by Madhu Arora (DoT) and Rajendra Ratnoo (NIDM), with participation from Ravi G R (DG of Telecom) and other senior officials.
- Preparedness Measures: Session chaired by Rajendra Ratnoo focusing on local and national preparedness strategies and best practices.
- ICT in Disaster Management: Session chaired by Amit Prothi highlighting the importance of telecommunications in real-time data sharing, communication with responders, and maintaining connectivity during disasters.
About the Ministry of Communications (MoC):
- Union Minister: Jyotiraditya M. Scindia (Constituency: Guna, Madhya Pradesh)
- Minister of State (MOS): Chandra Sekhar Pemmasani (Constituency: Guntur, Andhra Pradesh)
About the National Telecommunications Institute for Policy Research, Innovation, and Training (NTIPRIT):
- Director General (DG): Debkumar Chakrabarti
- Headquarters: Ghaziabad, Uttar Pradesh
- Established: 2010
- Recognition: Recognized by the Department of Personnel and Training (DOPT) as a Central Training Institute (CTI)
Indian Railways Integrates DigiLocker with Hiring Portal to Accelerate Recruitment
Indian Railways Integrates DigiLocker with its Hiring Portal to Reduce Recruitment Time The Indian Railways (IR) has integrated its recruitment portal with DigiLocker, to reduce the recruitment process duration from 18-24 months to less than 6 months.
- Objective: Reduce recruitment time from 18-24 months to under 6 months.
- Integration: Indian Railways’ recruitment portal now linked with DigiLocker for streamlined document verification.
- DigiLocker: A digital document wallet under the Digital India program by the Ministry of Electronics & Information Technology (MeitY), ensuring access to authentic digital documents.
- Benefits: Streamlines document verification, reduces chances of fake submissions, and allows job applicants to use digital documents equivalent to physical ones.
- Additional Features: Medical check-up calls and appointment letters will also be issued through DigiLocker.
Indian railways: Key people: Ashwini Vaishnaw (Minister for Railways); Satish Kumar, IRSME (Chairperson and CEO)
Banking news
NPCI Unveils New Digital Payment Solutions: BBPS for Business and UPI Circle
On August 2024, the National Payments Corporation of India (NPCI) has announced the introduction of two new transformative digital payment solutions namely, Bharat Bill Pay System (BBPS) for Business and Unified Payments Interface (UPI) Circle, which enables payments to users.
Event: Announced at the Global FinTech Festival (GFF) 2024 in Mumbai by Shaktikanta Das, Governor of RBI.
BBPS for Business:
- Overview: An interoperable platform by NPCI designed to enhance Business-to-Business (B2B) transactions across various ERP and accounting systems.
- Aim: To streamline, simplify, and automate invoice payment processes for businesses of all sizes.
- Features: Includes business onboarding, search and add business, Purchase Order (PO) creation, invoice management, financing, and comprehensive Accounts Receivable (AR) and Accounts Payable (AP) dashboards.
- Benefit: Digitalizes manual processes, offering a comprehensive solution for managing daily business operations efficiently.
About the National Payments Corporation of India (NPCI):
- Regulatory Role: Regulates the retail payment and settlement system in India.
- Launch: Initiated as a joint venture by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA).
- Legal Framework: Established under the Payment and Settlement Systems Act (2007).
- Managing Director (MD) and Chief Executive Officer (CEO): Dilip Asbe
- Headquarters: Mumbai, Maharashtra
- Established: 2008
RBI Recognizes FACE as First Self-Regulating Organization in Fintech Sector
On August 2024, the Reserve Bank of India (RBI) announced that it has recognised Fintech Association for Consumer Empowerment (FACE) as the 1st Self- Regulating Organisation in the Fintech sector (SRO-FT). The recognition of FACE as an SRO sets a new benchmark for self-regulation in India’s rapidly evolving fintech industry.
- Recognition: Fintech Association for Consumer Empowerment (FACE) is recognized as the first Self-Regulating Organization in the Fintech sector (SRO-FT) by the Reserve Bank of India (RBI).
- Applications: RBI reviewed three applications for SRO-FT status. One application was returned for resubmission, and one is still under consideration.
- SRO Role: Responsible for setting regulatory standards, promoting ethical conduct, ensuring market integrity, resolving disputes, and fostering transparency among its members.
SRO-FT Framework:
- Release: Final framework issued by RBI in May 2024.
- Scope: Must represent the fintech sector, including NBFC-Account Aggregators (AA) and NBFC-Peer-to-Peer (P2P) lending platforms, excluding banks.
- Definition: Fintechs are entities providing technological solutions for financial services in partnership with traditional financial institutions.
- Objective: SRO-FT will align its members with regulatory priorities and operate with objectivity, credibility, and responsibility.
Eligibility Criteria for SRO-FT:
- Status: Must be a Not-for-Profit company registered under Section 8 of the Companies Act, 2013.
- Shareholding: Diversified; no entity can hold 10% or more of the paid-up capital.
- Financial Requirement: Must have at least Rs 2 crore within one year of recognition or before starting operations.
- Restrictions: Cannot set up overseas entities or offices without prior RBI approval.
About Reserve Bank of India (RBI):
- Governor: Shaktikanta Das (25th Governor)
- Headquarters: Mumbai, Maharashtra
- Established: 1 April 1935
RBI Imposes Rs 1.25 Lakh Penalty on Valsad Mahila Nagrik Sahakari Bank for Regulatory Non-Compliance
RBI Imposes Monetary Penalty Of Rs1.25 lakh on Valsad Mahila Nagrik Sahakari Bank The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 1.25 lakh on the Gujarat based Valsad Mahila Nagrik Sahakari Bank Limited for non-compliance with the directions issued by the RBI.
- Penalty Amount: Rs 1.25 lakh
- Bank: Valsad Mahila Nagrik Sahakari Bank Limited, Gujarat
Reasons for Penalty:
- Non-compliance with RBI directives on income recognition, asset classification, and provisioning.
- Issues related to Urban Co-operative Banks (UCBs), Credit Information Companies (CICs) membership, Know Your Customer (KYC) norms, and deposit account maintenance for Primary UCBs.
Regulatory Basis: Imposed under:
- Section 47A (1) (c) of the Banking Regulation Act, 1949
- Sections 46 (4) (i) and 56 of the Banking Regulation Act, 1949
- Section 25 of the Credit Information Companies (Regulation) Act, 2005
Science and tech news
Union Minister Launches SHe-Box Portal to Enhance Workplace Safety for Women
Union Minister of Women and Child Development, Annapurna Devi, inaugurated the SHe-Box portal in New Delhi.
Purpose: The portal aims to improve workplace safety for women by addressing and managing complaints of sexual harassment.
Features:
- Centralized Repository: Collects information related to Internal Committees (ICs) and Local Committees (LCs) across both government and private sectors.
- Complaint Management: Allows women to file complaints, track their status, and ensures timely processing with real-time monitoring by a designated nodal officer.
Significance: Supports the government’s vision of “Viksit Bharat” by 2047, promoting a secure and inclusive work environment for women and reinforcing efforts for women-led development.
Summit news
3rd Edition of INDUS-X Summit Announced for Sept 2024 to Boost India-US Defense Innovation
The US-India Strategic Partnership Forum announced the third edition of the India-US Defense Acceleration Ecosystem (INDUS-X) Summit at Stanford University on Sept 9-10, 2024. The summit will focus on leveraging private investment to advance defense innovation and will feature top policymakers, panel discussions, and a tech expo.
- Event Dates: September 9-10, 2024
- Location: Stanford University, in collaboration with Stanford’s Gordian Knot Center for National Security Innovation and the Hoover Institution.
- Organizers: US-India Strategic Partnership Forum.
- Focus: Leveraging private investment to advance defense innovation.
- Themes:
- Private Capital: Emphasizing the role of private investment in the defense innovation sector.
- Defense Innovation: Strengthening US-India defense innovation partnerships.
- Key Activities: Keynote addresses, panel discussions, roundtable sessions, and a tech expo.
- Topics Covered: Advanced technology partnerships, funding defense innovation, and resilient supply chains.
Sports news
Bangladesh Triumphs in SAFF U-20 Championship 2024
Bangladesh has emerged as the new champion of the SAFF (South Asian Football Federation) U-20 Championship football tournament. This victory marks a significant milestone in Bangladesh’s football history, as it is the first time the nation has claimed this prestigious title. The tournament, which showcased the talent of young South Asian footballers, concluded with a thrilling final match that saw Bangladesh defeat the host nation, Nepal.
The Championship Final
A Decisive Victory
The final match of the SAFF U-20 Championship 2024 was held on August 30, 2024, in Nepal. The game ended with a resounding scoreline:
- Bangladesh: 4
- Nepal: 1
This convincing win not only secured Bangladesh’s first SAFF U-20 title but also demonstrated the team’s dominance throughout the tournament.
Host Nation’s Valiant Effort: Despite the home advantage and the support of their fans, Nepal could not overcome the determined Bangladesh side. However, reaching the final was itself a commendable achievement for the host nation, showcasing the growing strength of Nepalese football at the youth level.
Award news
7th Anubhav Awards Ceremony Recognizes Outstanding Personnel with Record Female Awardees
On August 2024, V. Srinivas, Secretary, Department of Pension and Pensioners’ Welfare (DoPPW) under the Ministry of Personnel, Public Grievances and Pensions (MOPPG&P) conferred the 5 Anubhav Awards and 10 Jury Certificates to the personnel from 9 different ministries in 7th Anubhav Awards ceremony held in the Plenary Hall of Vigyan Bhawan, New Delhi(Delhi).
- Awards Presented: 5 Anubhav Awards and 10 Jury Certificates
- Record Achievement: 5 of the 15 awardees are women, marking the highest proportion of female recipients in the history of the Anubhav Awards since 2015.
- Additional Events:
- 55th Pre-Retirement Counselling (PRC) Workshop: Organized for Central Government employees retiring on 31st March 2025.
- 11th All-India Pension Adalat: Presided over by V. Srinivas, Secretary (Pensions), also held in New Delhi on the same day.
About Ministry of Personnel, Public Grievances and Pensions (MoPPG&P):
- Union Minister: Prime Minister Narendra Modi (Constituency: Varanasi, Uttar Pradesh)
- Minister of State (MOS): Dr. Jitendra Singh (Constituency: Udhampur, Jammu & Kashmir)
Defence news
India Orders 73,000 SIG-716 Assault Rifles Worth Rs 837 Crore from SIG Sauer
The Ministry of Defence (MoD), Government of India (GoI) announced that it has placed a order worth Rs 837 crore for the import of an additional 73,000 SIG-716 of 7.62×51 millimeter (mm) semi-automatic assault rifles for the Indian Army (IA) from the United States of America (USA)-based small-arms manufacturing company, SIG Sauer Inc.
- Order Value: Rs 837 crore for 73,000 SIG-716 rifles.
- Supplier: SIG Sauer Inc., USA.
- Contract Date: Signed in June 2024; delivery within 18 months.
- Total Procurement: Increases the total SIG-716 rifles in the Indian Army to approximately 1.45 lakh.
- Purpose: Rifles for infantry battalions deployed along the China and Pakistan borders.
- SIG-716 Features:
- Enhanced version of the ArmaLite Rifle (AR) platform.
- Chambered in 7.62 NATO with a 16-inch barrel, M-LOK handguard, and 6-position telescoping stock.
- Weighs 3.82 kg (without magazine), effective kill range of 600 meters.
- Higher caliber, longer range, and more lethality compared to INSAS and AK-47 rifles.
About the Ministry of Defence (MoD):
- Union Minister: Rajnath Singh (Constituency: Lucknow, Uttar Pradesh)
- Minister of State (MoS): Sanjay Seth (Constituency: Ranchi, Jharkhand)
