National news

Har Ghar Tiranga Campaign to be celebrated from August 9-15

As India prepares to celebrate its 78th Independence Day, Prime Minister Narendra Modi has issued a nationwide call to action, urging citizens to participate in the ‘Har Ghar Tiranga’ campaign. The Prime Minister is encouraging Indians to hoist the national flag at their residences, transforming the initiative into a mass movement.

• Leading by example, PM Modi changed his social media profile picture to the Tricolor and invited others to do the same. He also shared a link to the official campaign website, harghartiranga.com, where citizens can upload selfies with the national flag.

About the campaign: to bolster a sense of patriotism among citizens

Why Waqf Board Amendment Bill 2024 In News?

The Waqf (Amendment) Bill, 2024, seeks to amend the Waqf Act, 1995, introducing over 40 amendments aimed at increasing government regulation and ensuring broader representation, including Muslim women and non-Muslims, in Waqf Boards.

• Board Composition: The Bill mandates the inclusion of two Muslim women and two non-Muslim members in Waqf Boards.
• Property Regulation:
  • Introduces measures to prevent the wrongful declaration of properties as Waqf.
  • Requires registration of Waqf properties with the District Collector, who will evaluate and decide if a property is Waqf or government land.
• Government Oversight: The Central Government gains authority to audit Waqf properties at any time through the Comptroller and Auditor-General or designated officers.
• Dispute Resolution: Appeals against Waqf Board decisions can now be made to the respective High Courts.
• Waqf Property Declaration: The Bill limits the designation of properties as Waqf without proper documentation, requiring a valid waqfnama to avoid disputes.
• Impact on Waqf Boards: The amendments aim to curtail the powers of Waqf Boards in property management, shifting more control to government authorities.
• Background: Waqf Boards manage properties donated by followers of Islam for religious or charitable purposes. The Waqf Act was last amended in 2013.

Draft Broadcasting Services (Regulation) Bill 2024:

The Bill is set to replace the Television Network Act of 1995, bringing new regulations to the broadcasting sector.

• Inclusion of Digital News: The draft Bill proposes to classify social media influencers and pages that create content or write about current affairs and news online as “digital news broadcasters.”
• Broader Scope: The Bill aims to regulate not just traditional television networks but also digital platforms that disseminate news and current affairs content.
• Impact on Influencers: Social media influencers who engage in news-related content creation may fall under new regulatory frameworks, potentially requiring them to comply with broadcasting standards and regulations.

Centre Reshuffles Senior Bureaucrats, Amit Negi Made Additional Secretary

The Centre has implemented a significant top-level reshuffle, appointing senior IAS officer Amit Singh Negi as additional secretary in the Prime Minister’s Office (PMO). Mr. Negi, a 1999-batch IAS officer of the Uttarakhand cadre, is currently the joint secretary in the Department of Expenditure under the Union Ministry of Finance.

Top-Level Government Reshuffle: Key Appointments Across Ministries and Departments

• Prime Minister’s Office (PMO): Amit Singh Negi, a 1999-batch IAS officer of the Uttarakhand cadre, has been appointed as Additional Secretary.
• Serious Fraud Investigation Office (SFIO): Samir Ashwin Vakil appointed as Director.
• Election Commission of India: Maneesh Garg, Sanjay Kumar, and Ajeet Kumar appointed as Deputy Election Commissioners.
• Department of Personnel & Training (DoPT):
  • Manisha Saxena appointed as Additional Secretary.
  • Mugdha Sinha to take over as Director General (Tourism).
• Union Ministry of Home Affairs:
  • Ashutosh Agnihotri appointed as Additional Secretary.
  • Niraj Kumar Bansod appointed as Joint Secretary.
• Union Ministry of Commerce & Industry: Ajay Bhadoo appointed as Additional Secretary.
• Union Ministry of Environment, Forest & Climate Change: Amandeep Garg appointed as Additional Secretary.
• Employees’ State Insurance Corporation: Ashok Kumar Singh appointed as Director General.
• Khadi and Village Industries Commission: Vatsalya Saxena appointed as CEO.
• NITI Aayog: Nidhi Chhibber appointed as Additional Secretary.
• Union Ministry of Rural Development:
  • TK Anil Kumar appointed as Additional Secretary.
  • Caralyn Khongwar Deshmukh appointed as Additional Secretary.
• Union Ministry of Cooperation: Rabindra Kumar Agarwal appointed as Additional Secretary.
• Union Ministry of Road Transport & Highways: Puneet Agarwal appointed as Additional Secretary and Financial Advisor.
• Department of Telecommunications: N Gulzar appointed as Additional Secretary.
• Tribal Co-operative Marketing Development Federation of India: Ashish Chatterjee appointed as Managing Director.
• Department of Administrative Reforms and Public Grievances: Puneet Yadav appointed as Additional Secretary.
• Cabinet Secretariat: Nila Mohanan appointed as Joint Secretary.
• Department of Defence: Pawan Kumar Sharma appointed as Joint Secretary.
• Department of Economic Affairs: Alok Tiwari appointed as Joint Secretary.
• Department of Military Affairs: Kumar Ravi Kant Singh appointed as Joint Secretary.
• National eGovernance Division (NeGD): Nand Kumarum appointed as CEO.
• Department of Health & Family Welfare:
  • Latha Ganapathy and Nikhil Gajraj appointed as Joint Secretaries.
  • V Kiran Gopal appointed as Joint Secretary in the National Health Authority.
• Capacity Building Commission: V Lalithalakshmi appointed as Secretary with additional charge of CEO, Karmayogi Bharat.
• Registrar General and Census Commissioner, India: Sunil Kumar appointed as Additional Registrar General.
• Census Operations:
  • P Bala Kiran, Pooja Pandey, and Sheetal Verma appointed as Directors in Andhra Pradesh, Arunachal Pradesh & Meghalaya, and Uttar Pradesh, respectively.
• Department of Petroleum & Natural Gas: Vinod Seshan appointed as Joint Secretary.
• Department of Revenue: Naval Kishore Ram appointed as Joint Secretary.

Economy news

World Bank’s ‘World Development Report 2024: The Middle Income Trap’

The World Bank (WB) has released its report titled ‘World Development Report(WDR) 2024: The Middle Income Trap’, highlighting the challenges faced by middle-income countries in achieving high-income status.

• Middle-Income Trap: The report discusses the challenges middle-income countries face in transitioning to high-income status, a phenomenon known as the ‘middle-income trap.’
• Country Comparisons:

• India: Estimated to take 75 years to reach one-quarter of the USA’s income per capita.
• China: Expected to take over 10 years.
• Indonesia: Projected to take nearly 70 years.
• Economic Insights:
• The trap typically occurs when a country’s GDP per capita reaches about 10% of the USA’s GDP per person, approximately USD 8,000 today.
• Global Context:
• As of the end of 2023, 108 middle-income countries contribute to 40% of the world’s economic output, nearly two-thirds of global carbon emissions, and house three-quarters of the global population.

Word bank:

• Headquarters: Washington, D.C., United States
• Founded: July 1944, Bretton Woods, New Hampshire, United States
• President: Ajay Banga

Banking news

RBI August 2024 MPC Meeting: Repo Rate Unchanged at 6.5%

The Reserve Bank of India’s Monetary Policy Committee (MPC) decided to maintain the repo rate at 6.5%, continuing the stance held since February 2023. The decision was made by a 4:2 majority.

Other Key Rates:

• Marginal Standing Facility (MSF) rate remains at 6.75%.
• Standard Deposit Facility (SDF) rate remains at 6.25%.

Economic Projections:

• Real GDP growth for FY 2025-26 is projected at 7.2%.
• Inflation forecast is maintained at 4.5%.

RBI Hikes UPI Limit for Tax Payments to Rs 5 Lakh per Transaction

The Reserve Bank of India (RBI) has raised the upper limit for tax payments via UPI to Rs 5 lakh per transaction, up from the previous Rs 1 lakh limit.

• Purpose: The increase aims to facilitate larger tax payments in a single transaction, minimizing the need for multiple payments.
• Convenience and Promotion: This move is expected to enhance convenience for taxpayers, especially those making high-value payments, and is part of RBI’s broader effort to promote digital payments and reduce cash dependency.
• Encouragement for Digital Adoption: The RBI anticipates that this will encourage more taxpayers to use digital methods for settling their tax liabilities.
• Ongoing Reviews: The RBI has been periodically reviewing and enhancing transaction limits across various categories, including capital markets, IPO subscriptions, loan collections, insurance, medical, and educational services.

RBI:

• Founded: 1 April 1935, Kolkata
• Headquarters: Mumbai
• governor: Shaktikanta Das

Award news

1st Rashtriya Vigyan Puraskar: Chandrayaan 3 Team wins Team Award

The Chandrayaan 3 team of the Indian Space Research Organisation (ISRO) has won the Vigyan Team Award of the first Rashtriya Vigyan Puraskar. The government of India announced the first Rashtriya Vigyan Puraskar on 7 August 2024, and it is considered to be one of the highest awards in the field of science, technology, and innovation. 

Rashtriya Vigyan Puraskar: Overview

• Introduction: The Rashtriya Vigyan Puraskar was instituted by the Government of India in 2023, replacing over 300 previous awards. It honors the contributions of Indian scientists, technologists, and innovators across various fields.
• Award Structure: Recipients receive a medal and a citation, with no cash prize included.
• Categories: The award is presented in four categories:
  • Vigyan Ratna: Up to 3 individuals
  • Vigyan Shri: Up to 25 individuals
  • Vigyan Yuva: Up to 25 young scientists
  • Vigyan Team: Up to 3 teams
• Domains:The award covers 13 domains, including:
  • Biological Sciences
  • Mathematics and Computer Science
  • Physics
  • Chemistry
  • Earth Science
  • Medicine
  • Engineering Sciences
  • Agricultural Science
  • Environmental Science
  • Technology and Innovation
  • Atomic Energy
  • Space Science and Technology
  • Others

This award recognizes excellence and innovation across these diverse scientific and technological fields, promoting significant contributions to India’s progress in these areas.

Defence news

Indian Army’s ‘Parvat Prahaar’ Exercise in Ladakh

The Indian Army conducted ‘Parvat Prahaar’ (Mountain Strike), a large-scale strike corps exercise, in the Union Territory (UT) of Ladakh. The strategic military exercise focused on high-altitude warfare and operations, involving various military units and equipment to maintain readiness near the India-China border.

Troop and Equipment Deployment:

• Over 500 tanks and 50,000 troops have been deployed near the Line of Actual Control (LAC) in Eastern Ladakh since 2020.
• Additional troops were stationed at the frontlines to counter Chinese deployments.

Infrastructure Development:

• New all-weather roads and communication networks have been built along the LAC in Eastern Ladakh to support troops during harsh winters.

Indian Army Overview:

• Established: 1895
• Chief of the Army Staff (COAS): Lieutenant General Upendra Dwivedi
• Headquarters: New Delhi, Delhi
• Theme for 2024: Year of Technology Absorption

Sports news

Neeraj Chopra Wins Silver at 2024 Paris Olympics; President Murmu, PM Modi Lead National Congratulations

At the 2024 Paris Olympics, India’s track and field star Neeraj Chopra delivered an impressive performance, securing a silver medal in the men’s javelin with a season-best throw of 89.45 meters.

• This achievement marks a significant milestone, making Neeraj the first Indian track and field athlete to win two Olympic medals post-independence.
• His performance in the final, despite fouling five of his six attempts, was highlighted by a remarkable qualification throw of 89.34 meters.
• Pakistani javelin thrower Arshad Nadeem broke the Olympic record with a throw of 92.97 meters, winning the gold medal, while Grenada’s Anderson Peters took the bronze with a throw of 88.54 meters. Neeraj’s silver adds to India’s tally, bringing the nation’s total to five medals at the Paris Games.

 Indian Hockey Team Clinches Back-to-Back Olympic Bronze; Leaders Extend Congratulations

The Indian hockey team won a bronze medal at the 2024 Paris Olympics, their second consecutive Olympic bronze after the 2020 Tokyo Games, achieving this feat for the first time since the 1972 Munich Games.

• Captain Harmanpreet Singh played a crucial role, scoring two decisive goals in the 2-1 victory over Spain, while retiring goalkeeper PR Sreejesh made exceptional saves.

The Indian hockey team has a storied history in the Olympic Games, particularly in men’s field hockey. Here are the key highlights of their achievements:

Olympic Games Record – Indian Men’s Hockey Team

• Gold Medals: 8 (1928, 1932, 1936, 1948, 1952, 1956, 1964, 1980)

• India won its first gold medal in 1928 in Amsterdam and dominated the sport until the 1950s, winning six consecutive gold medals from 1928 to 1956.
• The team won its last Olympic gold in 1980 at the Moscow Games.
• Silver Medals: 1 (1960)
• India won the silver medal at the 1960 Rome Olympics, finishing second to Pakistan.
• Bronze Medals: 3 (1968, 1972, 2020)
• The team secured bronze medals in Mexico City (1968), Munich (1972), and most recently in Tokyo (2020).
• Other Notable Performances:
• The Indian men’s hockey team is one of the most successful in Olympic history, particularly during the mid-20th century, where they were considered unbeatable.

Olympic Games Record – Indian Women’s Hockey Team

• The Indian women’s hockey team made its Olympic debut in 1980, where they finished in 4th place.
• The team also achieved a notable 4th place finish at the 2020 Tokyo Olympics, narrowly missing out on a medal.

India wins the 4th CAVA Women’s Volleyball Nations League

The Indian women’s national volleyball team has won the 4th CAVA(Central Asian Volleyball Association) Women’s Volleyball Nations League by defeating the host Nepal by 3-2 sets in the final. The final was played at the Dasharath Stadium in Kathmandu, Nepal, on 7 August 2024. This was the second CAVA title for the Indian women.

Final Medal position 

• Gold Medal winner – India
• Silver Medal -Nepal runner up asn Silver Medal 
• Bronze Medal – Iran 

India´s Shalini was declared the most valuable player of the tournament.

National News

India’s First GI-Tagged Fig Juice Exported to Poland

• Purandar Highlands company  has achieved a significant milestone by exporting India’s first Geographical Indication (GI)-tagged fig juice to Poland.
• First GI-Tagged Purandar Figs Export: In February 2023, the company also made history by exporting India’s first commercial consignment of GI-tagged Purandar figs to Hong Kong.

Significance:

• Pioneering Export: Purandar Highlands has become the first Indian company to export both fig juice and commercial quantities of Purandar figs to international markets.
• GI-Tagged Produce: The GI tag highlights the unique qualities of Purandar figs, including their taste, size, and nutritional value, which have been recognized internationally.

Government Support: Acknowledgment: The company credits its success to the support and encouragement from key figures such as Piyush Goyal, Minister of Commerce and Industry, and Sharad Pawar, former Agriculture and Defence Minister.

Poland:

• Capital: Warsaw
• Prime minister: Donald Franciszek Tusk

Australia Announces Maitri Grants For Research And Cultural Collaboration With India

The Australian government has unveiled the Maitri Research and Cultural Partnerships Grants. These grants, aimed at fostering Australia-India collaboration, encompass sustainable manufacturing, energy transition research, and artistic projects. Minister Penny Wong praised the initiatives for strengthening bilateral ties, emphasizing the importance of human connections in the relationship.

Key Projects and Goals of these grants

• Among the recipients are projects focused on sustainable manufacturing of Australian technology in India, workshops connecting Australian energy transition researchers with Indian start-ups, and an artistic duo transforming Melbourne’s Federation Square into a living canvas.
• The Maitri grants, administered by the Centre for Australia-India Relations, aim to deepen links and allow for closer collaboration between the two countries.
• The five Maitri Research Grants will explore opportunities in agribusiness, critical technology, energy transition, and advanced manufacturing.

Australia:

• Capital: Canberra
• President: Hon Anthony Albanese

Reconstitution of the Executive Council and General Body of NIPCCD

The Ministry of Women and Child Development (MWCD), Government of India (Gol) has reconstituted the Executive Council (EC) and General Body (GB) of the National Institute of Public Cooperation and Child Development (NIPCCD) after more than 50 years.

Key Details:

• Historical Context: The NIPCCD, an autonomous institute under the Ministry of Women and Child Development (MWCD), was previously known as the Central Institute of Research and Training in Public Cooperation. It was initially established in 1966.
• Reconstitution: The Executive Council (EC) and General Body (GB) have been reconstituted after more than 50 years.
  • General Body (GB): Reduced from 94 to 22 members.
  • Executive Council (EC): Reduced from 21 to 13 members.
• Current Leadership:
  • President of GB: Annpurna Devi
  • Chairperson of EC: Annpurna Devi

About NIPCCD:

• Establishment Date: 28 February 1966
• Purpose: To promote voluntary action in social development.
• Functioning: Under the Ministry of Women and Child Development (MWCD): Officeholder: Krishna Raj
• Headquarters: New Delhi, Delhi

QCI Launches Surajya Recognition & Ranking Framework to Enhance State Excellence and Quality of Life

• The Quality Council of India (QCI), an autonomous body set up by the Ministry of Commerce and Industry (MoC&I), is introducing the QCI Surajya Recognition & Ranking Framework, designed to drive excellence among states to improve citizens’ quality of life for Viksit Bharat.
• This framework is categorised under 4 pillars namely, Shiksha (Education), Swasthya (Health), Samriddhi (Prosperity), and Sushasan (Governance).

About the Quality Council of India (QCI):

• Chairperson- Jaxay Shah
• Headquarters- New Delhi, Delhi
• Established 1997

Banking news

Capital Small Finance Bank and Edelweiss Life Partner for Bancassurance

Capital Small Finance Bank (CSFB) and Edelweiss Life Insurance have joined forces in a bancassurance tie-up. This strategic partnership allows CSFB’s 177 branches to offer Edelweiss Life’s insurance products, enhancing CSFB’s financial solutions and expanding Edelweiss Life’s reach.

Key Features

• Benefits for CSFB Customers: Gain access to Edelweiss Life’s comprehensive life insurance suite, along with their digital platform and service touchpoints.
• Strategic Win-Win: CSFB aims to become the primary banker for middle-income customers by offering a wider range of financial products. Edelweiss Life leverages CSFB’s extensive network to reach new customers and offer innovative products.
• Bancassurance Model Explained: This partnership utilizes the bancassurance model, where banks and insurance companies collaborate to distribute insurance products. Banks earn commission on sales, while insurers benefit from the wider distribution network.

Capital Small Finance Bank

• Headquarters: India
• Founded: 1999
• Chairman: Madan Gopal Sharma

Fourth Partner Energy Secures $275 Million Investment to Expand Renewable Energy Portfolio

On August  2024, Fourth Partner Energy Limited (FPEL) secured USD 275 million from three Development Financial Institutions (DFIs): International Finance Corporation (IFC), Asian Development Bank (ADB), and DEG

• IFC: USD 125 million

• ADB: USD 100 million (USD 70 million from ordinary capital resources, USD 30 million from LEAP 2)
• DEG: USD 50 million

Purpose: The investment will help FPEL expand its renewable energy portfolio to 3.5 GW by 2026.

Projects:

• FPEL will launch a 575 MW wind-solar hybrid project in Karnataka.
• The company currently has 1.5 GW of green assets and is developing an additional 1.2 GW in Maharashtra, Uttar Pradesh, Tamil Nadu, and Gujarat.

Achievements:

• FPEL has commissioned over 2,000 projects for 300+ clients, including Walmart, Unilever, and Tata Motors.

Industry Outlook: India’s renewable energy sector is projected to attract USD 25 billion annually through 2030.

Fourth Partner Energy Company Details:

• Founder & Executive Director: Saif Dhorajiwala
• Headquarters: Hyderabad, Telangana
• Established: 2010

RBI Issues Master Directions on Wilful Defaulters and Large Defaulters

the Reserve Bank of India (RBI) issued a Master Directions on the Treatment of Wilful Defaulters and Large Defaulters (Directions 2024), under which banks and Non-Banking Financial Companies (NBFCs) are required to scrutinize all Non- Performing Asset (NPA) accounts which have outstanding amounts of Rs 25 lakh and above for wilful default. These directions will come into effect after 90 days from the date of publication.

Objective:

• Establish a transparent and non-discriminatory framework for identifying “wilful defaulters.”
• Disseminate credit information to prevent further financing to defaulters.

Scope:

• Banks and Non-Banking Financial Companies (NBFCs) must scrutinize all Non-Performing Asset (NPA) accounts with outstanding amounts of Rs 25 lakh and above for wilful default.

Implementation:

• Directions will come into effect 90 days from the date of publication.

Legal Basis:

• Issued under the powers of Section 45-L of the RBI Act, 1934.
• Related to Sections 21, 35-A, and 56 of the Banking Regulation Act, 1949.
• Section 11 of the Credit Information Companies (CICs) (Regulation) Act, 2005.

RBI Details:

• Governor: Shaktikanta Das (25th Governor of RBI)
• Headquarters: Mumbai, Maharashtra
• Established: April 1, 1935

SBI General Insurance and HSBC India Form Bancassurance Partnership

SBI General Insurance (Mumbai, Maharashtra) and HSBC India (Hongkong and Shanghai Banking Corporation Limited) have entered into a bancassurance agreement.

• Objectives:

• General Insurance: To offer innovative non-life insurance solutions to HSBC India’s customers.
• HSBC India: To provide its customers with SBI General Insurance’s full range of non-life insurance products, including health, property, motor, and travel insurance.
• Impact:
• Aims to enhance insurance accessibility and increase insurance penetration across India.
• Partnership Significance:
• This collaboration is a notable step towards broadening insurance coverage and improving service reach in the Indian market.

SBI General Insurance:

• Headquarters: Mumbai
• Head: Kishore Kumar Poludasu

HSBC India:

• CEO: Hitendra Dave 
• Headquarters: Mumbai

Appointment news

Nobel Laureate Muhammad Yunus To Lead Bangladesh Interim Government

Muhammad Yunus, a Nobel laureate from Bangladesh, has been appointed as the chief adviser of the interim government.

• Background: This decision follows the resignation and departure of former Prime Minister Sheikh Hasina amid widespread protests.
• Announcement Date: August 7, as confirmed by Joynal Abedin, press secretary of President Mohammed Shahabuddin.
• Reason for Appointment: Prof. Yunus agreed to lead the interim government in response to a call from student leaders and the current political turmoil.

About Bangladesh:

• Capital- Dhaka
• President- Mohammed Shahabuddin
• Currency– Bangladeshi Taka

Sports news

Paris Olympics- Heartbreak for Vinesh Phogat Disqualified Before Final

In a heartbreak for women’s wrestler Vinesh Phogat and India, she has been disqualified from the 2024 Paris Olympics. She was to compete in the final of the women’s 50 kg category on 7 August 2024. Phogat was disqualified for being overweight in her category. Although she usually competes in the 53 kg category, she competed in the 50 kg event at the Paris Olympics.

Note: She failed by 100 grams of weight extra

Before her disqualification, Vinesh was the first Indian women wrestler to reach the final of the Olympics. Before her, Sakshi Malik is the only Indian women’s wrestler to have won a medal -bronze medal at the 2016 Rio Olympics.

Details of Disqualification:

• Usual Category: Vinesh Phogat typically competes in the 53 kg category but competed in the 50 kg event at the Paris Olympics.
• Weigh-In Rule: At the 33rd Summer Olympics in Paris, wrestlers are weighed on two competition days.
• Specific Rule for Disqualification: If a wrestler fails the weigh-in on either of these days, they are disqualified from the event.

Important days

National Javelin Day: August 7

Celebrates Neeraj Chopra’s gold medal win in javelin throw at the Tokyo Olympics 2020 and promotes the sport of javelin throw in India.

Observance:

• Date: August 7, 2024, marks the 3rd National Javelin Day.
• Initiation: Declared by the Athletics Federation of India (AFI) on August 11, 2021.
• First Observance: August 7, 2022.

Significance:

• Achievement: On August 7, 2021, Neeraj Chopra won gold in the Men’s javelin throw at the Tokyo Olympics 2020 with a throw of 87.58 meters.
• Historic Milestone: Chopra became the first Asian athlete to win an Olympic gold medal in javelin throw and the second Indian Olympic gold medalist after Abhinav Bindra (Beijing 2008 Summer Olympics).

National news

PM Marks 5 Years of Abrogation of Articles 370 and 35(A)

On the fifth anniversary of the abrogation of Articles 370 and 35(A), Prime Minister Narendra Modi highlighted the decision as a pivotal moment in Indian history, marking the beginning of a new era of progress and prosperity for Jammu and Kashmir (J&K) and Ladakh. He emphasized that the abrogation ensured the full implementation of the Indian Constitution in these regions, aiming to enhance security, dignity, and development opportunities for marginalized communities while reducing corruption.

Article 370:

• Context: Part of the Indian Constitution.
• Purpose: Provided special autonomy to the region of Jammu and Kashmir.
• Key Provisions:
  • Allowed Jammu and Kashmir to have its own constitution.
  • Gave the state legislative powers over all matters except defense, foreign affairs, finance, and communications.
  • The state had a special relationship with India, including a unique flag and laws.
• Abrogation: On August 5, 2019, the Indian Parliament abrogated Article 370 through the Presidential Order and the Jammu and Kashmir Reorganisation Act, effectively ending the special status of Jammu and Kashmir and bifurcating it into two Union Territories: Jammu & Kashmir and Ladakh.

Article 35(A):

• Context: An extension of Article 370.
• Purpose: Allowed the Jammu and Kashmir state legislature to define permanent residents of the state and provide them with special rights and privileges.
• Key Provisions:
  • Gave the state legislature the authority to decide who could be considered a permanent resident and the rights they enjoyed, such as property ownership and employment within the state.
• Abrogation: Also nullified on August 5, 2019, along with Article 370, leading to the removal of special privileges and laws exclusive to Jammu and Kashmir.

SOPs for Seamless Transportation of Human Organs

The Ministry of Health and Family Welfare (MoHFW) has introduced Standard Operating Procedures (SOPs) for the seamless transportation of human organs via air, road, rail, and waterways.

Objective: To streamline the transportation of human organs across various modes of transport—air, road, rail, and waterways—to ensure timely delivery between hospitals or cities, thereby improving organ transplant outcomes.

Key Features:

• Timely Transport: Addresses the urgent need to deliver organs swiftly due to their limited shelf life.
• Coordination: Facilitates collaboration among multiple agencies to ensure efficient transport logistics.

Background:

1. Collaboration: Developed with inputs from:
   • National Institution for Transforming India (NITI) Aayog
   • Ministries of Civil Aviation (MoCA), Housing and Urban Affairs (MOHUA), Railways, Road Transport & Highways (MORTH), Ports, Shipping and Waterways (MOPSW), Home Affairs (MHA), and Defence.
2. Context:
   • Global Ranking: India is the 3rd largest globally in organ transplants and 2nd in corneal transplants.
   • Achievements: In 2023, India achieved over 1,000 deceased organ donations and saw an increase in annual transplants from 4,990 in 2013 to 17,168 in 2023.

Peacock Sanctuaries Declared in India

Recent Announcements: Union Minister Bhupender Yadav of the Ministry of Environment, Forest, and Climate Change (MoEF&CC) has declared two new Peacock Sanctuaries in India:

1. Choolannuar Peacock Sanctuary in Kerala
2. Adichunchanagiri Peacock Sanctuary in Karnataka

Details on Sanctuaries:

1. Choolannuar Peacock Sanctuary

• Established: March 14, 1996 (originally named “Chulannur Peafowl Sanctuary”).
• Location: About 30 km from Palakkad town, Kerala.
• Renaming: Renamed to “Chulannur Peafowl Sanctuary” in 2008 to honor K.K.
• Local Name: Mayiladumpara.
• Significance: First Peacock Sanctuary in India and unique to Kerala.

2. Adichunchanagiri Peacock Sanctuary

• Established: 1981.
• Location: Nagamangala Taluk, Mandya district, Karnataka (about 115 km west of Bengaluru).
• Area: Approximately 88.4 hectares.
• Features: Popular for trekking and mountain climbing; scenic views.
• Significance: Close to the Chunchanagiri Temple, a notable pilgrimage site.

About the Peacock:

• Scientific Name: Pavo cristatus.
• Status: Declared the national bird of India in 1963.
• Protection: Fully protected under the Indian Wildlife Protection Act, 1972.

Conservation History: Since 1963: The MoEF&CC has been establishing breeding and conservation centers for peacocks.

Other Peacock Sanctuary: Bankapur Peacock Sanctuary in Karnataka, focused on conservation and breeding.

About Kerala:

• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammed Khan
• Capital: Thiruvananthapuram
• Wildlife Sanctuaries: Chinnar Wildlife Sanctuary, Chimmony Wildlife Sanctuary
• Airports: Calicut International Airport (Karipur Airport), Kannur Airport

Banking news

LIC Launches New Insurance Products for Youth: Yuva Term and Digi Term Plans

The Life Insurance Corporation of India (LIC) launched four new products for the youth of India, including LIC’s Yuva Term/Digi Term, and LIC’s Yuva Credit Life/Digi Credit Life, which are available offline and online for sale from August 6, 2024.

About LIC’s Yuva Term/Digi Term:

• Types:
  • LIC’s Yuva Term: Available offline through licensed agents, corporate agents, brokers, and insurance marketing firms.
  • LIC’s Digi Term: Available online via LIC’s website.
• Plan Features:
  • Type: Non-Par, Non-Linked, Life, Individual, Pure Risk Plans.
  • Target Audience: Young individuals seeking early term insurance.
  • Entry Age: Minimum 18 years, Maximum 45 years.
  • Maturity Age: Ranges from 33 to 75 years.
  • Sum Assured: Rs 50 lakh to Rs 5 crore (higher amounts considered on a case-by-case basis).
  • Premium Rates: Lower for women.
• Death Benefits:
  • Regular and Limited Premiums: 7 times the annualized premium, 105% of total premiums paid, or the absolute amount assured.
  • Single Premium Payments: 125% of the single premium or the absolute amount assured.

About Life Insurance Corporation of India (LIC):

• Managing Director (MD) and Chief Executive Officer (CEO): Siddhartha Mohanty
• Headquarters: Mumbai, Maharashtra
• Establishment: 1956

SEBI Directs Mutual Funds to Value AT-1 Bonds on Yield-to-Call Basis

On August 5, 2024, the Securities and Exchange Board of India (SEBI) directed Mutual Funds (MFs) to value Additional Tier-1 (AT-1) bonds issued by banks using the Yield-to-Call (YTC) method. This decision was made to align with market practices and Indian Accounting Standard (Ind AS) 113 principles, following recommendations from the National Financial Reporting Authority (NFRA). The directive is based on SEBI’s powers under the SEBI Act, 1992 and SEBI (Mutual Funds) Regulations, 1996.

Key Points:

• Directive Purpose: Protect investor interests and regulate the securities market.
• Scope: The change applies only to the valuation of AT-1 bonds; other uses follow existing guidelines.
• Bond Characteristics: AT-1 bonds retain their 100-year maturity despite the new valuation method.

Securities and Exchange Board of India (SEBI) Overview:

• Established: Originally as a non-statutory body in April 1988.
• Statutory Status: Granted statutory authority through the SEBI Act, 1992, effective January 30, 1992.
• Chairman: Madhabi Puri Buch.
• Headquarters: Mumbai, Maharashtra.

J&K Bank Launches “Kisan Ka Samman” Program to Reward Financially Disciplined Farmers

On August , 2024, Jammu & Kashmir (J&K) Bank launched the “Kisan Ka Samman” program to recognize and reward farmers in J&K who demonstrate exceptional financial discipline and timely management of their accounts. The initiative, which runs until September 30, 2024, aims to acknowledge farmers who have consistently renewed their Kisan Credit Cards (KCC) and adhered to financial best practices.

• Launch: The program was inaugurated by Baldev Prakash, MD & CEO, and Sudhir Gupta, Executive Director, along with other senior bank officials in Srinagar.
• Recognition: Farmers who meet the criteria will receive a Certificate of Appreciation (COA) at various branches, clusters, and zonal levels.
• Incentives: Awarded farmers will also be eligible for additional loan products under the “Kisan Dost” scheme to support the enhancement of their agricultural infrastructure.

Appointment news

Government appointed C S Setty as Chairman of SBI

The government has appointed C S Setty as Chairman of State Bank of India (SBI) for a period of three years. Mr Setty, currently senior most MD of the bank, will replace incumbent chairman Dinesh Kumar Khara on August 28.

The Appointments Committee of the Cabinet has approved the proposal of the Department of Financial Services for the appointment of Mr Setty as chairman of SBI for a period of three years with effect from the date of assumption of charge.

Sheikh Hasina Wazed resigns as Bangladesh PM and flees to India

Sheikh Hasina Wazed, five five-time Bangladesh Prime Minister, resigned on 4 August 2024 and fled to India in a military helicopter after a month-long deadly student protest. The student protests against the job quota soon turned into an anti-government agitation, which has led to over 300 people, mainly civilians, dead in the country. 

• Her resignation ended her uninterrupted 15-year rule in Bangladesh. She had been the Prime Minister of Bangladesh for 20 years.
• Bangladesh’s longest-serving prime minister helicopter landed at the Indian Air Forces Hindon air base in Ghaziabad, Uttar Pradesh.
• National Security Advisor Ajit Doval met her at the Hindon air base.

Bangladesh:

• President of Bangladesh: Mohammad Shahabuddin Chuppu
• Capital: Dhaka 
• Currency: Taka

Lt. Gen. Vikas Lakhera Appointed as the 22nd Director General of Assam Rifles

On August , 2024, Lt. Gen. Vikas Lakhera took over as the 22nd Director General of the Assam Rifles, succeeding Lt. Gen. Pradeep Chandran Nair, who retired on July 31, 2024.

The Assam Rifles, known as the “Sentinels of the North-East,” is India’s oldest paramilitary force. Prior to this role, Lakhera served as the Additional Director General of Military Operations, specializing in information warfare.

About the Assam Rifles

• Established: 1835, originally as the “Cachar Levy”
• Nickname: ‘Friends of the North East People’
• Current Director-General (DG): Lt. Gen. Vikas Lakhera
• Headquarters: Shillong, Meghalaya

Ranks and reports news

RIL top-ranked Indian Company on the 2024 Fortune Global 500 List

Mukesh Ambani’s Reliance Industries Limited (RIL) maintained its status as the top-ranked Indian company in the 2024 Fortune Global 500 list. Nine Indian companies were included in the 2024 list, with RIL improving its rank from 86 to 88.

• Only eight Indian companies were included in the list in 2023, and HDFC Bank was included for the first time this year.
• Companies are ranked on the Fortune Global 500 by total revenues for their respective fiscal years ending on or before March 31, 2024. 
• The 2024  Fortune Global 500 List was released by the global multi-platform media company Fortune on 5 August 2024. American company Walmart retained its top position on the list for the 11th consecutive year.

Indian Companies on the 2024 Fortune Global 500 List 

• This year nine Indian companies have been included in the list, with RIL leading the list. Following is the list of the Indian companies with their rank 

Serial Number	Company	2024 rank	2023 rank	Improvement (+)/decline in ranks (-) as compared to 2023
1	Reliance Industries Limited (RIL)	86	88	+2
2	Life Insurance Corporation (LIC)	95	107	+12
3	Indian Oil Corporation (IOC)	116	94	-22
4	State Bank of India (SBI)	178	235	+57
5	Oil and Natural Gas Corporation (ONGC)	180	158	-22
6	Bharat Petroleum Corporation Limited (BPCL)	258	233	-25
7	Tata Motors	271	337	+66
8	HDFC Bank	306	Not included	–
9	Rajesh Export	473	353	-120

Walmart leads the Fortune 500 Global List

For the 11th consecutive year, the American company Walmart has topped the Fortune Global 500 list. Saudi Arabian company Aramco remained the most profitable global company.

Summit news

BIMSTEC Business Summit 2024: Fostering Regional Trade and Investment

The Ministry of External Affairs of the Government of India in association with Confederation of Indian Industries (CII) will host the 1st BIMSTEC Business Summit in New Delhi on August 6, 2024.

• Objective: Enhance regional collaboration and trade relations among BIMSTEC member countries
• Inauguration: External Affairs Minister Dr. S. Jaishankar
• Keynote Addresses: Minister of Commerce and Industries Shri Piyush Goyal and other leaders
• Participants: Ministers from BIMSTEC member states (Trade, Commerce, Industry, Energy), high-ranking officials, policy makers, entrepreneurs, and industry associations

About BIMSTEC

• Full Name: Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)
• Members: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, Thailand
• Population: 1.73 billion people
• Combined GDP: US$5.2 trillion (2023)
• Geographic Focus: Countries dependent on the Bay of Bengal

Agreement news

Gati Shakti Vishwavidyalaya in collaboration with Airbus begins its first executive training program for aviation sector in New Delhi

Gati Shakti Vishwavidyalaya in collaboration with Airbus has started its first executive training program for the aviation sector in New Delhi.

• This three-day program, will be focused on Safety Management Systems for working professionals.
• The program attracts participants from leading airlines as well as representatives from Airbus and the Ministry of Civil Aviation.
• This course is also being attended by international professionals, including four participants from Nepal and four from Bhutan.
• The instructors for the program are leading experts from the industry.

Ministry of civil aviation: Officeholder: Murlidhar Mohol

Airbus:

• Headquarters: Leiden, Netherlands
• Founded: 18 December 1970
• Head:  Michael Schoellhorn

India and Saint Kitts and Nevis Sign MoU to Boost Sports Cooperation

On August 5 2024, the Union Minister Mansukh Mandaviya, Ministry of Youth Affairs and Sports (MYAS) of the Government of India (GoI) has signed a Memorandum of Understanding (MoU) with the Denzil Llewellyn Douglas, Minister of Foreign Affairs of Saint Kitts and Nevis(SKN) in New Delhi(Delhi) to enhance cooperation in various sport matters.

 The MoU was signed during Denzil Douglas’s official visit to India from August 4th to 9th, 2024

• Aim: Enhance sports capacities and promote mutual growth in athletic disciplines.
• Key areas of cooperation include athlete training, coach development, exchange programs, technology and infrastructure development, and sports research.
• Focus on youth and junior exchanges in sports like wrestling, kabaddi, badminton, shooting, and athletics.
• The Federation of Saint Kitts and Nevis consists of two islands, with Basseterre as the capital and East Caribbean Dollar (XCD) as the currency.

Science and tech news

Tata Group Unveils ₹27,000 Crore Semiconductor Facility in Assam

The Tata Group has inaugurated a ₹27,000 crore semiconductor assembly and test facility in Assam, aiming to produce 15 billion chips annually. This landmark project, set to be operational by next year, aligns with the Indian government’s semiconductor mission and is poised to transform Assam into a key player in the global semiconductor ecosystem.

• Location: Jagiroad, Assam
• Capacity: 15 billion semiconductor chips annually
• Uses: Electric vehicles, healthcare devices, mobile phones, laptops
• Timeline: Partial operations expected by 2025; Bhoomi Pujan marks the start of development
• Significance: Aligns with India’s semiconductor mission, aiming to enhance Assam’s role in the global semiconductor industry

Defence news

ITBP To Get Russian KAMAZ Typhoon Vehicle For LAC

The Indo-Tibetan Border Police (ITBP) has successfully conducted a demonstration and trial of the formidable Typhoon vehicle at its Transport Battalion in Chandigarh. The event, attended by officials from Vehicle Factory Jabalpur, marks an important step in upgrading the force’s vehicles.

About Typhoon-K Vehicle

• Kamaz-53949 Typhoon-K is a Russian-made 4×4 Mine-Resistant Ambush Protected (MRAP) vehicle.
• It was developed by Remdiesel, a subsidiary of KamAZ.
• It was developed for the safe transportation of troops and military cargo in areas with a high risk of mines. 
• It can also be configured as a command post vehicle, ambulance, and logistics support vehicle.

The Indo-Tibetan Border Police:

• Formed: 1962
• Governing body: Ministry of Home Affairs (India)
• Head: Rahul Rasgotra

Russia:

• Capital: Moscow
• Continent: Europe, Asia
• Prime minister: Mikhail Mishustin

Sports news

Dinesh Karthik Appointed SA20 League Ambassador

Former India Wicket Keeper Dinesh Karthik Appointed as SA20 League Ambassador Krishnakumar Dinesh Karthik, an Indian commentator and former India wicket keeper has been appointed as the league ambassador of South Africa’s premier T20 cricket League (SA20 League) ahead of the 2025 edition of the tournament.

• Details:
  • Dinesh Karthik, former Indian wicketkeeper and commentator, has been appointed as the ambassador for the 2025 SA20 League.
  • He is the first Indian player to be associated with this South African T20 tournament.
  • Karthik will join AB de Villiers, a former teammate, as one of the league’s ambassadors.
  • He announced his retirement from all forms of cricket in June 2024, following the IPL 2024 season.
  • Karthik has represented India in 26 Tests, 94 ODIs, and 60 T20Is, including the 2007 T20 World Cup win.

SA20 League:

• Organized By: Cricket South Africa (CSA)
• Inception: First contested in 2023
• Upcoming Season: 3rd season from January 9 to February 8, 2025
• Teams: MI Cape Town, Joburg Super Kings (JSK), Durban SuperGiants (DSG), Paarl Royals, Pretoria Capitals, Sunrisers Eastern Cape (SEC)
• Ownership: Teams are owned by IPL franchise owners

Important days

National Handloom Day 2024, A Tribute to India’s Rich Textile Heritage

August 7, chosen to commemorate the anniversary of the Swadeshi Movement’s formal launch in 1905.

• Swadeshi Movement: A key part of India’s independence struggle, promoting self-reliance and indigenous craftsmanship as a form of resistance against British rule.
• Handloom Symbolism: Handlooms became a symbol of resistance and national pride during colonial times.

Commemoration:

• Initiated: In 2015, marking the centenary of the Swadeshi Movement.
• Purpose: Recognizes the handloom industry’s vital role in India’s socio-economic fabric and cultural identity.

Obituary news

Renowned Gandhian Activist Shobhana Sitaram Ranade Passes Away

Padma Bhushan Awardee Shobhana Sitaram Ranade, a renowned Gandhian activist and social worker passed away at the age of 99 in Pune, Maharashtra. She was born on 26th October 1924 in Pune.

Awards:

• National Award (1983): For Child Welfare Services
• Jamnalal Bajaj Award (2011): For Development and Welfare of Women and Children
• Lifetime Achievement Award (2017): By Federation of Indian Chamber of Commerce and Industry (FICCI) Ladies Organization (FLO), Pune

About Shobhana Ranade:

• Inspired by Mahatma Gandhi’s principles, she dedicated her life to serving underprivileged individuals, especially women and children.

National news

President Droupadi Murmu conferred highest honour – Companion of the Order of Fiji in capital Suva

President Droupadi Murmu who is on a two-day visit to Fiji, was conferred the Companion of the Order of Fiji, the highest honour of Fiji by the President of Fiji. President Murmu addressed the Fijian Parliament where she recalled the 75 years diplomatic association between the countries.

• Honor Conferred: Companion of the Order of Fiji, the highest honor of Fiji
• Ceremonial Events:
  • Arrival: Received a ceremonial guard of honor from the Fiji Military Force.
  • Welcome Ceremony: Held in Suva with Prime Minister Sitiveni Rabuka.
• Bilateral Meeting: Held with Fijian President Williame Katonivere at State House.
• Address to Fijian Parliament:
  • Recalled 75 years of diplomatic relations between India and Fiji.
  • Expressed gratitude for Fiji’s support of India’s Aditya L1 Mission.
  • Mentioned India’s support to Fiji during the COVID-19 crisis through the Vaccine Maitri initiative.
  • Highlighted the importance of the Global South in advocating for climate justice and addressing concerns of developing nations.

Fiji country:

• Capital: Suva
• Currency: Fijian Dollar
• Prime minister: Sitiveni Rabuka

Ministers Mandaviya and Scindia Releases Commemorative Stamps for Paris 2024 Olympics in New Delhi

Commemorative stamps celebrating the 33rd Olympics Paris 2024 were released by Youth Affairs and Sports Minister Dr. Mansukh Mandaviya and Communications Minister Jyotiraditya Scindia.

• Significance: Stamps symbolize India’s commitment to sports and national pride.
• Dr. Mandaviya’s Remarks: Emphasized the role of sports in national health and prosperity; highlighted government support for athletes through initiatives like Khelo India and TOPS.
• Athletes’ Achievement: Of the 117 Indian athletes going to Paris, 28 benefited from the Khelo India scheme.
• Scindia’s Remarks: Stamps honor India’s sports legacy; aligns with the Prime Minister’s vision of improving sports infrastructure.

Sports Depicted in the Commemorative Stamp

The four stamps released by the ministers depict five Olympic sports – Javelin Throw, Field Hockey, Sailing and Table Tennis.

• India has one gold medal in Javelin at the Olympics. Neeraj Chopra won the medal in the 2020 Tokyo Olympics. 
• The Indian men’s hockey team has won 12 medals—8 gold,1 silver, and 3 bronze—in the Olympics. It won a bronze medal in the 2020 Tokyo Olympics. 
• Leander Paes is the only Indian to win a medal in tennis at the Olympics. He won a bronze medal in the men’s singles at the 1996 Atlanta Olympics.

Minister responsible:  

• Youth Affairs and Sports Minister Dr. Mansukh Mandaviya
• Communications Minister Jyotiraditya Scindia.

Approval of 8 National High-Speed Road Corridor Projects by CCEA

The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister (PM) Narendra Modi has approved 8 National High-Speed Road Corridor projects, with a length of 936 kilometers (km) for Rs. 50,655 crore across India.

The 8 National High-Speed Road Corridor projects include:

Approved Projects:

1. 6-Lane: Agra (Uttar Pradesh) – Gwalior (Madhya Pradesh)
2. 4-Lane: Kharagpur – Moregram (West Bengal)
3. 6-Lane: Tharad – Deesa – Mehsana – Ahmedabad (Gujarat)
4. 4-Lane: Ayodhya Ring Road (Uttar Pradesh)
5. 4-Lane: Pathalgaon – Gumla (Raipur, Chhattisgarh) – Ranchi (Jharkhand)
6. 6-Lane: Kanpur Ring Road (Uttar Pradesh)
7. 4-Lane: Northern Guwahati Bypass and Widening/Improvement of Existing Guwahati Bypass (Assam)
8. 8-Lane Elevated: Nashik Phata – Khed Corridor near Pune (Maharashtra)

About the Cabinet Committee on Economic Affairs (CCEA):

• The CCEA established in 1990 is responsible for high-level economic decision-making. Chairperson- Prime Minister Narendra Modi
• Headquarters- New Delhi, Delhi

Banking news

Government Extends Deadline for Minimum Public Shareholding Compliance Until August 2026

The government has extended the deadline for the Central Public Sector Enterprises (CPSES), Public Sector Banks (PSBs), and Financial Institutions (FIs) to adhere to the Minimum Public Shareholding (MPS) norms until August 2026. This extension allows CPSES, PSBs, and FIs to increase their public shareholding to at least 25% by 1 August 2026.

• Purpose: To allow Central Public Sector Enterprises (CPSES), Public Sector Banks (PSBs), and Financial Institutions (FIs) to increase public shareholding to at least 25%.
• Previous Deadline: August 1, 2024
• Regulatory Body: Securities and Exchange Board of India (SEBI)
• Legal Basis: Rule 19A(6) of the Securities Contract (Regulation) Rules, 1957

Public Sector Lenders’ Compliance:

1. Requirement: All listed companies, including state-owned, must maintain a Minimum Public Shareholding (MPS) of 25% for continuous listing.
2. Lenders’ Plans: Five public sector lenders—Bank of Maharashtra (BoM), Indian Overseas Bank (IOB), United Commercial Bank (UCO Bank), Central Bank of India (CBI), and Punjab and Sind Bank (P&S Bank)—are working to reduce government stakes to below 75%.

Current Government Holdings:

2. P&S Bank: 98.25%
3. IOB: 96.38%
4. UCO Bank: 95.39%
5. CBI: 93.08%
6. BoM: 86.46%
7. Compliance Status: As of March 31, 2024, 7 out of 12 PSBs comply with the MPS norm, including State Bank of India (SBI), Punjab National Bank (PNB), Canara Bank, Bank of Baroda, Indian Bank, Union Bank of India (UBI), and Bank of India (BOI).
8. LIC: Given until May 16, 2027, to achieve a 10% public shareholding.

RBI Issues Revised Instructions on Bad and Doubtful Debt Reserve for Co-operative Banks

On  August 2024, the Reserve Bank of India (RBI) issued revised instructions on Bad and Doubtful Debt Reserve (BDDR) for co-operative banks to ensure uniformity in the treatment of this reserve for prudential purposes.

Reasons for Revision:

1. Misalignment with Accounting Standards (AS) due to non-recognition of provisions for Non-Performing Assets (NPAs) as expenses in the Profit & Loss (P&L) account.
2. Inconsistent treatment of provisions for NPAs across co-operative banks, with some deviations from regulatory norms.

Key Points:

1. Identification:
   • Banks must identify and quantify BDDR balances as of March 31, 2024, created by appropriating net profits rather than recognizing them as expenses.
2. Provision:
   • Starting FY25 (2024-25), provisions should be charged as an expense to the P&L account in the accounting period in which they are recognized.
   • Provisions will remain eligible for capital purposes as defined in existing capital adequacy guidelines.

RBI:

• Founded: 1 April 1935, Kolkata
• Headquarters: Mumbai
• Head: Shri Shaktikanta Das

Nagaland Signs First-of-Its-Kind Disaster Risk Transfer Insurance MoU with SBI General Insurance

the Government of Nagaland has signed a Memorandum of Understanding (MOU) with State Bank of India (SBI) General Insurance Company Limited for Disaster Risk Transfer Parametric Insurance Solution (DRTPS). With this, Nagaland becomes the 1st state in India to implement a disaster risk management insurance solution.

• MoU Duration: 3 years (2024-2027) with immediate effect.
• Parties Involved: Nagaland State Disaster Management Authority (NSDMA) and SBI General Insurance.
• Insurance Coverage: Protects critical infrastructure and mitigates economic losses due to disasters.
• Payment: Government of Nagaland will cover the insurance premium.
• Geographical Scope: Entire state of Nagaland.

About Nagaland:

• Chief Minister: Neiphiu Rio
• Governor: La Ganesan
• National Park: Ntanki National Park
• Wildlife Sanctuaries: Fakim Wildlife Sanctuary, Puliebadze Wildlife Sanctuary

About SBI General Insurance Company Limited:

• Managing Director (MD) and Chief Executive: Kishore Kumar Poludasu
• Headquarters: Mumbai, Maharashtra
• Tagline: “Suraksha Aur Bharosa Dono”
• Established: 2009

Thomas Cook India and NPCI Launch First RuPay Forex Card for UAE

Thomas Cook India Partners with NPCI To Launch RuPay Forex Card For UAE Mumbai (Maharashtra) based Thomas Cook (India) Limited (TCIL) has partnered with the National Payments Corporation of India (NPCI) to launch RuPay AED (United Arab Emirates Dirham) Forex Card, first RuPay Prepaid Forex Card for Indian travellers visiting the United Arab Emirates (UAE).

• Product: RuPay AED (United Arab Emirates Dirham) Forex Card, India’s first RuPay prepaid forex card for UAE travelers.
• Technology Partner: CARD91.
• Features:
  • Usable for transactions and ATM withdrawals across the UAE.
  • Pilot launch in UAE with plans for a global phased rollout.
• Innovation: A Made-in-India initiative and first partnership of its kind with an Indian non-banking entity.

Defence news

Kalyani Strategic Systems Receives Defence Manufacturing Licence

Bharat Forge’s Kalyani Strategic Systems Gets Licence To Make Defence Products Pune (Maharashtra) based – Kalyani Strategic Systems Limited (KSSL), a defence subsidiary of Bharat Forge Limited (BFL), received a defence licence to manufacture various defence products specifically developed for military use at its Jejuri unit in Maharashtra.

• Licence Granted By: Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry (MoCI).
• Regulation: Under the Industries (Development and Regulation) Act, 1951.
• Scope: Permits manufacturing of various defence products for military use.
• Validity: Perpetual, subject to terms and restrictions.

Appointment news

DG SSB Daljit Singh Chawdhary Takes Over Additional Charge of Director General, BSF

Daljit Singh Chawdhary, Director General of Sahastra Seema Bal (SSB), assumed additional charge as Director General of the Border Security Force (BSF) on August 3, 2024.

Profile:

• Batch: 1990 Indian Police Service (IPS) officer, Uttar Pradesh cadre.
• Current Role: DG SSB since January 23, 2024.
• Previous Experience: Served in various roles in Uttar Pradesh and on central deputation since 2017, including ADG in Indo-Tibetan Border Police (ITBP) and SDG in Central Reserve Police Force (CRPF).

About Border Security Force (BSF):

• BSF is India’s border guarding organisation which is known as the 1st line of defence and
• also one of the seven Central Armed Police Forces (CAPF) of India.
• Director General (DG) – Daljit Singh Chawdhary
• Headquarters – New Delhi, Delhi
• Motto ‘Duty Unto Death’

Summit news

PM Inaugurates The 32nd International Conference of Agricultural Economists

32nd ICAE inaugurated by Prime Minister Narendra Modi on August 3, 2024, at the National Agricultural Science Centre (NASC) Complex, New Delhi.

• Delegates: Approximately 1,000 delegates from 75 countries.
• Theme: “Transformation Towards Sustainable Agri-Food Systems.”
• Aim: Address global challenges such as climate change, resource degradation, rising production costs, and conflicts; enhance partnerships between research institutes and universities; influence policymaking; and showcase India’s agricultural advancements, including digital agriculture.
• Opportunities: Platform for young researchers and professionals to present their work and network globally.
• Prime Minister’s Remarks:
  • Highlighted ancient Indian agricultural practices and the emphasis on science and logic in Indian traditions.
  • Referenced ‘Krishi Parashar,’ a 2000-year-old agricultural treatise, and India’s robust agriculture research and education system, including ICAR’s 100+ research institutes, over 500 agricultural colleges, and more than 700 Krishi Vigyan Kendras.

Apps and portal news

Amit Shah launch four new App for implementation of New Criminal laws

The Union Home Minister and Minister of Cooperation Amit Shah launched four apps—e-Sakshya, Nyaya Setu, Nyaya Shruti, and e-Summon—to ensure the smooth implementation of the three new criminal laws in the country. 

• Amit Shah launched the apps at an event in Chandigarh on 4 August 2024. The Punjab Governor and Administrator of the Union territory of Chandigarh, Gulab Chand Kataria, and the Union Home Secretary Ajay Kumar Bhalla were also present.
• Speaking on the occasion, Amit Shah said that with the full implementation of the three new criminal laws, a judgment to the Supreme Court will be possible within three years.

Functions of the Four Apps:

1. e-Sakshya:
   • Stores all testimonies, videography, and photography on the e-evidence server.
   • Provides real-time access to all courts.
2. e-Summon:
   • Facilitates the electronic sending of summons from courts to police stations and the concerned individuals.
3. Nyaay Setu Dashboard:
   • Links police, medical, forensic, prosecution, and prison authorities.
   • Offers real-time information related to investigations.
4. Nyaay Shruti:
   • Allows courts to hear witnesses via videoconferencing.

New Criminal Laws in India:

1. Bharatiya Nyaya Sanhita, 2023:
   • Replaces the Indian Penal Code, 1860.
2. Bharatiya Nagarik Suraksha Sanhita, 2023:
   • Replaces the Code of Criminal Procedure, 1973.
3. Bharatiya Sakshya Adhiniyam, 2023:
   • Replaces the Indian Evidence Act, 1872.

• Implementation: Effective nationwide from July 1, 2024.
• Forensic Requirement: Forensic investigation is mandatory in criminal cases where the minimum sentence is 7 years.

The Union Home Minister and Minister of Cooperation Amit Shah 

Books and author news

Piyush Goyal Launches ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’

Union Minister Piyush Vedprakash Goyal, Ministry of Commerce and Industry (MOCI) has launched the book titled ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’, authored by Professor K V Subramanian, the Executive Director (ED), International Monetary Fund (IMF).

• Book Predictions:
  • India could achieve a USD 55 trillion economy by 2047.
  • Forecasts include self-sufficiency, stronger currency, and an 8% Annual Growth Rate (AGR).
• Vision: India is set to become a developed nation by 2047, excelling in infrastructure, employment, tourism, manufacturing, shipping, and technology.
• Minister’s Note: Piyush Goyal emphasized the role of collective efforts from 1.4 billion citizens in achieving the target of ‘Viksit Bharat.’

National News

“VIRAASAT”, 10th National Handloom Day Begins At Handloom Haat, New Delhi

VIRAASAT,” a fortnight-long handloom expo, began on August 2024 at Handloom Haat, Janpath, celebrating the 10th National Handloom Day.

• Organizers: The event is organized by National Handloom Development Corporation Ltd (NHDC) under the Ministry of Textiles, Government of India, and will run until 16th August 2024.
• Event Highlights: The exhibition features 75 stalls showcasing handloom products from across India, along with live loom demonstrations, workshops, folk dances, and regional cuisines.
• Public Participation: The event is open to the public daily from 11 am to 8 pm, with a special emphasis on promoting handloom weavers and artisans.
• My Product My Pride: Prime Minister Modi, during the 112th episode of “Mann ki Baat,” encouraged people to support local handloom products and share their experiences on social media with the hashtag #MyProductMyPride.

 

Union Minister Pralhad Venkatesh Joshi Launches Price Monitoring System (PMS) Version 4.0

Union Minister Pralhad Venkatesh Joshi, Ministry of Consumer Affairs, Food & Public Distribution (MoCAF&PD), launched the Version 4.0 Price Monitoring System (PMS) Mobile Application on August , 2024, in New Delhi.

Expanded Monitoring: The Department of Consumer Affairs (DCA) has expanded its PMS to include 16 additional commodities, bringing the total monitored items to 38, up from 22. Newly added items include Bajra, Jowar, Ragi, Suji, Maida, Besan, Ghee, Butter, Brinjal, Egg, Black Pepper, Coriander, Cumin, Red Chillies, Turmeric Powder, and Banana.

Government Measures to Control Inflation:

• The government has implemented measures like providing subsidized food items under the “Bharat” brand and selling tomatoes through the National Co-operative Consumers’ Federation of India Ltd. (NCCF).
• These measures, along with progress in Kharif pulses (2024-25), have stabilized the market.

Price Stabilisation Fund (PSF):

• The government has allocated Rs 10,000 crore under the PSF in the Union Budget 2024-25 to maintain stable prices and ensure the affordability of key commodities like pulses, onions, and potatoes.
• The PSF is designed to address inflationary trends by procuring, storing, and regulating the release of selected agri-horticultural commodities to moderate prices and protect consumer interests.

International news

Germany Joins the United Nations Command (UNC) in South Korea

• On August, 2024, the Federal Republic of Germany officially became the 18th member of the United Nations Command (UNC) in Pyeongtaek, South Korea, which is led by the United States of America (USA).
• This is the first expansion of the UNC since Italy was reinstated in 2013.

Role of the UNC:

• The UNC was established on July 7, 1950, following the UN’s recognition of North Korea’s aggression against South Korea.
• It is responsible for policing the heavily fortified border with North Korea and is committed to defending South Korea in the event of war.
• The UNC is led by the commander of the USA military stationed in South Korea, but it is not affiliated with the United Nations (UN).

Historical Background:

• The UNC was authorized by UN Security Council Resolutions 83 and 84, which provided the international legal authority for member states to restore peace on the Korean Peninsula.
• During the Korean War and the reconstruction period following the signing of the Armistice Agreement on July 27, 1953, 22 countries contributed either combat forces or medical assistance under the UN flag.

About the Federal Republic of Germany (FRG):

• Chancellor: Olaf Scholz
• President: Frank-Walter Steinmeier
• Capital: Berlin
• Currency: Euro (EUR)

Economy news

Ind-Ra Raises FY25 GDP Growth Forecast to 7.5% 

                                                                             

India Ratings & Research (Ind-Ra) has increased its forecast for India’s GDP growth in FY25 to 7.5%, up from the previous estimate of 7.1%. This revised projection surpasses the RBI’s forecast of 7.2% and the Finance Ministry’s Economic Survey estimate of 6.5-7%. The upward revision is attributed to expected improvements in consumption demand driven by government policies and increased capex.

Key Drivers

• Government Initiatives: The union budget’s focus on enhancing agricultural and rural spending, improving credit access for MSMEs, and incentivizing employment is anticipated to boost consumption demand across various income brackets.
• Corporate and Bank Balance Sheets: A reduction in corporate and bank leverage, alongside a potential rise in private corporate capex, is expected to support economic growth.

Banking news

RBI Cancels Licenses of 78 UCBs Since 2014

The Reserve Bank of India (RBI) has canceled the licenses of 78 Urban Cooperative Banks (UCBs) since 2014, with Maharashtra seeing the highest number at 36.

1. Reasons for Cancellation:
   • Inadequate capital
   • Poor earning prospects
   • Deteriorating financial position
   • Operations detrimental to depositors and the public
2. Recent Statistics:
   • 2024: 10 UCB licenses canceled (spread across Maharashtra, Karnataka, Uttar Pradesh, Gujarat, Rajasthan, Assam, and Andhra Pradesh)
   • 2023: 14 UCB licenses canceled
   • 2022: 12 UCB licenses canceled
3. Geographic Distribution:
   • Maharashtra: 36 UCBs
   • Uttar Pradesh: 14 UCBs
   • Karnataka: 8 UCBs
   • Gujarat: 2 UCBs (latest: Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, January 2024)
   • Other affected states include Rajasthan, Assam, Odisha, Andhra Pradesh, Telangana, West Bengal, Goa, Madhya Pradesh, and Kerala.

RBI:

• Founded: 1 April 1935, Kolkata
• Headquarters: Mumbai
• Head: Shri Shaktikanta Das

The Launch Of A Smartwatch: Kotak Mahindra Bank, In Partnership With Tech Firm GOQii

Kotak Mahindra Bank Ltd and GOQii have introduced the Kotak – GOQii Smart Vital Plus smartwatch, combining contactless payment capabilities with health monitoring features.

• Pricing and Payment Features: Priced at INR 3499, the smartwatch enables seamless contactless transactions up to INR 5000, powered by RuPay On-The-Go, without the need for a PIN.
• Health Monitoring: The smartwatch allows users to track key health metrics such as blood pressure, body temperature, and SpO2 levels directly from their wrist.
• Ease of Use: With a user-friendly interface, customers can easily link their Kotak accounts to enable secure contactless payments, eliminating the need for cash, cards, or smartphones.
• Vision for Preventive Healthcare: The collaboration between Kotak Mahindra Bank and GOQii aims to promote a convenient, healthy, and efficient lifestyle by integrating contactless payments with advanced health monitoring, reflecting the growing trend of technological integration in everyday life.

Kotak Mahindra Bank:

• CEO: Ashok Vaswani (1 Jan 2024–)
• Headquarters: Mumbai
• Founder: Uday Kotak
• Founded: 21 November 1985

India and World Bank Sign $500 Million Agreement for Green National Highway Corridors Project (GNHCP)

On August 1, 2024, Union Minister Nitin Gadkari, Ministry of Road Transport and Highways (MoRTH), announced that the Government of India and the World Bank have signed a $500 million agreement to construct the Green National Highway Corridors Project (GNHCP).

Project Overview:

• The GNHCP aims to build safe and environmentally friendly highways using green technologies and climate-resilient methods.
• The project covers four states: Himachal Pradesh, Rajasthan, Uttar Pradesh, and Andhra Pradesh, with a total length of 781 kilometers.

Timeline: The scheduled date for the final completion of the GNHCP project is May 2026.

Background:

• The loan arrangement between the Government of India and the World Bank was initially signed in December 2020.
• The loan, provided by the International Bank for Reconstruction and Development (IBRD), part of the World Bank Group, has a maturity period of 18.5 years, including a 5-year grace period.

Financials: The World Bank’s $500 million loan will contribute to the total project cost of $1,288.24 million (approximately ₹7,662.47 crore).

World Bank Overview:

• President: Ajay Banga
• Headquarters: Washington, D.C., United States of America (USA)
• Member Nations: 189 (including India)
• Established: 1944

 

 

 

 

RBI Grants ‘Fit & Proper’ Certificates for IDBI Bank Acquisition

the Reserve Bank of India (RBI) issued ‘Fit & Proper’ certificates, allowing these entities to proceed with the due diligence process for acquiring Industrial Development Bank of India (IDBI) Limited.

Ownership:

• The Government of India (GoI) and the Life Insurance Corporation of India (LIC) together hold around 94% of IDBI Bank’s shares.
• LIC, as the promoter, holds 49.24%, while the GoI, as the co-promoter, holds 45.48%.

Potential Suitors:

• Fairfax Financial Holdings Limited, Toronto (Canada)
• Emirates NBD Bank, Dubai (UAE)
• Kotak Mahindra Bank Limited (KMBL), Mumbai (Maharashtra)

About IDBI Limited:

• Managing Director (MD) and Chief Executive Officer (CEO)- Rakesh Sharma
• Headquarters- Mumbai, Maharashtra
• Tagline- Banking for All
• Established 1964

HDFC Securities Limited Partners with Vested Finance Inc. for Global Investing 2.0:

The partnership aims to democratize global investing for Indians and Non-Resident Indians (NRIs) through a platform called Global Investing 2.0.

This initiative will enable investors to access international markets, offering tools, augmented protection, innovative features, and deep portfolio diversification.

• Partnership:
  • HDFC Securities Limited has teamed up with Vested Finance Inc., a US-based investment platform registered with the Securities and Exchange Commission (SEC).
  • Vested Finance Inc. provides secure access to the US stock market for international investors, ensuring a reliable and regulated investment environment.

Key Details about HDFC Securities Limited:

• Managing Director (MD) & Chief Executive Officer (CEO): Dhiraj Relli
• Headquarters: Mumbai, Maharashtra
• Founded: 2000

Sports news

Star Shooter Manu Bhaker Set To Be India’s Flagbearer In Closing Ceremony

Manu Bhaker, a two-time Olympic bronze medallist, has been chosen as India’s flagbearer for the closing ceremony of the Paris Olympics.

• Event Details: The closing ceremony will take place on August 11, 2024. The Indian Olympic Association (IOA) has yet to confirm the men’s flagbearer.
• Performance in Paris: Bhaker excelled in the Paris Olympics, securing two bronze medals and setting multiple records, marking a significant redemption after her gun malfunctioned during the Tokyo Olympics in 2021.

Novak Djokovic Clinches First Olympic Gold Medal at the Paris 2024 Olympics                                                                                                    

Novak Djokovic of Serbia secured his first Olympic gold medal at the Paris 2024 Olympics. The 37-year-old tennis legend overcame Spain’s Carlos Alcaraz in a gripping men’s singles final at Roland Garros on Sunday, cementing his status in the annals of tennis history.

Obituary news

Iconic Classical Dancer Yamini Krishnamurthy Passes Away

• Yamini Krishnamurthy (1940-2024): A revered Indian classical dancer, she passed away on August 3, 2024, at 83 in New Delhi.
• Dance Forms: Mastered Bharatanatyam, Kuchipudi, and Odissi, elevating these forms on the global stage.

Early Life and Training:

• Born: December 20, 1940, in Madanapalli, Andhra Pradesh.
• Training: Began dance at age five, trained at Kalakshetra under Rukmini Devi Arundale.
• Kuchipudi: Learned from masters like Vedantam Lakshmi Narayana Sastry.
• Odissi: Trained under Pankaj Charan Das and Kelucharan Mohapatra.
• Other Talents: Also trained in Carnatic vocals and the veena.

Career and Achievements:

• Debut: First solo performance at age 17 in 1957.

Awards:

• Padma Shri (1968)
• Sangeet Natak Akademi Award (1977)
• Padma Bhushan (2001)
• Padma Vibhushan (2016)

Artistic Style and Impact:

• Renowned For: Elegant stage presence, expressive eyes, and a powerful, glamorous style in Bharatanatyam.
• Influence: Played a key role in globalizing Indian classical dance.

Tributes and Legacy:

• Tributes: Dignitaries and the dance community, including Sonal Mansingh, Raja and Radha Reddy, and Jayalakshmi Eshwar, praised her contributions and passion for dance.
• Legacy: Remembered for her dedication to perfecting her art and her impact on the international dance scene.