National NEWS:
India to Establish First Privately Managed Strategic Petroleum Reserve by 2029-30 :
- Indian Strategic Petroleum Reserves Ltd (ISPRL) aims to build India’s first privately managed SPR by 2029-30.
- The operator will have the freedom to trade all stored oil, following the model of countries like Japan and South Korea.
- This move reflects India’s strategic efforts to enhance energy security and efficiency through private sector involvement in managing critical reserves.
- India plans to build two new SPRs – the first a 18.3 million barrels cavern at Padur in southern Karnataka state, and then a 29.3 million barrels SPR in eastern Odisha state – with private partners allowed to trade all of the oil locally
Dr. Manmohan Singh Retires from Rajya Sabha: End of an Illustrious Political Career:
- Dr. Manmohan Singh, former Prime Minister of India, concludes his three-decade tenure in the Upper House with his retirement from the Rajya Sabha.
- Renowned economist, bureaucrat, and politician, Dr. Manmohan Singh served as Prime Minister from 2004 to 2014, leaving an indelible mark on India’s economic landscape.
- Notable achievements include spearheading economic liberalization in 1991, introducing policies like the National Rural Employment Guarantee Act (NREGA) and the Right to Information Act (RTI), and sealing the Indo-US Civil Nuclear Agreement in 2005, among others.
- His tenure saw significant strides in economic growth, poverty alleviation, and international diplomacy, positioning India as a global player in the 21st century.
Banking NEWS :
CCI Approves Axis Bank’s Equity Stake in Max Life Insurance:
- The Competition Commission of India (CCI) has sanctioned Axis Bank Limited’s subscription of 16.22% equity shares of Max Life Insurance Company.
- Axis Bank, a private sector bank, is set to enhance its presence in the insurance sector through this transaction, aimed at improving Max Life Insurance’s solvency margins and capital position.
- Max Life Insurance, engaged in life insurance and annuity products, stands to benefit from the capital infusion, supporting its future growth prospects and bolstering its financial stability.
Competition commission of India:
- Founded: 14 October 2003
- Jurisdiction: India
- Commission executives: Ravneet Kaur IAS, (Chairperson)
Axis bank:
- CEO: Amitabh Chaudhry (1 Jan 2019–)
- Founded: 1993, Ahmedabad
- Headquarters: Mumbai
UPI Transactions Surge in H2 2023: Worldline India Digital Payments Report:
- Unified Payments Interface (UPI) transactions witnessed a significant surge in volume during the second half (H2) of 2023, rising by 56% to 65.77 billion compared to 42.09 billion in H2 2022.
- Transaction value also saw a substantial increase, rising by 44% from Rs 69.36 Lakh Crore to Rs 99.68 lakh crore.
- However, the Average Transaction Size (ATS) of UPI transactions experienced a slight decrease, reducing by 8% to Rs 1515 from Rs 1648 in H2 2022, indicating higher frequency but lower average transaction values.
About Worldline: Worldline is a multinational payment and transactional services company.
- Chief Executive Officer(CEO)- Gilles Grapinet
- Headquarters- La Defense, France
- Established in 1972
Canara Bank Launches Innovative Products and Services for Financial Inclusivity and Healthcare:
- Canara Bank introduces Canara Heal for healthcare loans, Canara Angel for women’s savings, Canara Ready Cash for pre-approved personal loans, and Canara MyMoney for online loan against term deposit, aimed at enhancing financial inclusivity and addressing healthcare needs.
- Additionally, Canara Bank unveils Canara UPI 123PAY ASI, a user-friendly payment interface for convenient transactions, and Canara HRMS Mobile App for Staff, a HR management solution to streamline HR processes.
Canara Bank:
- The Canara Bank, established in 1906, was nationalised in 1969.
- MD & CEO-K Satyanarayana Raju
- Headquarters- Bengaluru, Karnataka
- Tagline- Together We Can
PhonePe Partners with Star Health Insurance to Offer Health Insurance Plans:
- PhonePe collaborates with Star Health Insurance to provide customers health insurance options including the ‘Star Comprehensive Insurance Policy’ with coverage up to Rs 1 Crore.
- Users can avail health insurance plans with monthly and annual payment options conveniently through the PhonePe app, enhancing accessibility to comprehensive healthcare coverage.
About Star Health and Allied Insurance Co Ltd. (Star Health Insurance): Star Health Insurance commenced operations in 2006 as India’s first Standalone Health Insurance Company.
- Managing Director (MD) & Chief Executive Officer (CEO)- Anand Roy
- Headquarters- Chennai, Tamil Nadu
Appointment NEWS:
Ayushmann Khurrana Joins Election Commission’s Campaign to Encourage Youth Voting:
- The Election Commission of India (ECI) enlists actor Ayushmann Khurrana to inspire youth participation in the upcoming Lok Sabha elections.
- Khurrana features in a campaign video emphasizing the significance of voting, stressing that each vote holds value and is a symbol of empowerment in a democratic nation.
The initiative aims to increase awareness among young voters, highlighting their crucial role in shaping the future of the nation through active participation in the electoral process
Election commission of India:
- Founded: 25 January 1950
- Chief Election Commissioner Shri Rajiv Kumar
Defence NEWS :
Successful Test of Agni-Prime Missile Conducted by SFC and DRDO in Odisha:
- The Agni-Prime Missile, a new generation ballistic missile, underwent a successful flight test in Odisha, conducted by the Strategic Forces Command (SFC) and Defence Research and Development Organisation (DRDO) from Dr APJ Abdul Kalam Island.
- The Defence Ministry confirms that the missile met all trial objectives, showcasing its reliable performance and capabilities.
- Raksha Mantri Rajnath Singh extends congratulations to DRDO, SFC, and the Armed Forces for the successful test, emphasizing the significance of Agni-Prime’s development and induction as a force multiplier for national defense.
About DRDO:
- DRDO was formed in 1958
- Headquarters: New delhi
- Head: Samir V Kamat
Sports NEWS
Arjun Erigaisi Emerges as India’s New No. 1 in Chess Rankings:
- Arjun Erigaisi achieves a remarkable milestone by becoming India’s top-ranked chess player, securing the ninth position in the latest FIDE rankings with a standard rating of 2756.
- Veteran chess maestro Viswanathan Anand follows as the second-ranked Indian, holding the 11th spot with a rating of 2751.
- The rise of Erigaisi was propelled by his impressive performance, garnering eight points in the 5th Shengzhen Chess Masters and Bundesliga tournaments.
- The trio of young talents, Praggnanandhaa R, Gukesh D, and Vidit Santosh Gujrathi, occupy significant positions in the rankings, with Praggnanandhaa at 14th (rating: 2747), Gukesh at 16th (rating: 2743), and Vidit at 25th (rating: 2727), gearing up for the prestigious Candidates tournament.
Shiny Wilson Nominated to Asian Athletic Commission for Four-Year Term:
- Former track and field athlete Shiny Wilson has been nominated as a member of the Asian Athletic Commission for a duration of four years.
- The nomination took place during a virtual meeting chaired by Mohd. Suleiman (Qatar), Chairman of the Commission, and attended by prominent figures including Dahalan Jaman B. Al-Hamad (Qatar), President of the Asian Athletics Association, C. K. Valson (India), Asian Athletics Association Competition Director, and A. Shuggumarran (Singapore), Secretary General of Asian Athletics Association.
About Asian Athletics Association:
- President – Gen.Dahlan Jaman B. Al-Hamad (Qatar)
- Headquarters – Bangkok, Thailand
- Established – 1973
Agreement NEWS:
SJVN Partners with IIT Patna to Revolutionize Tunneling Projects:
- SJVN (formerly Satluj Jal Vidyut Nigam) joins forces with Indian Institute of Technology Patna (IIT Patna) to enhance tunneling project performance.
- The Memorandum of Understanding (MoU) aims to integrate advanced geological models from IIT Patna to improve the efficiency of SJVN’s tunneling projects.
- Key outcomes include the development of predictive analytics algorithms using integrated geotechnical data to forecast risks and establish early warning systems specific to tunneling projects, fostering innovation and efficiency in the sector.
