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:
- 6-Lane: Agra (Uttar Pradesh) – Gwalior (Madhya Pradesh)
- 4-Lane: Kharagpur – Moregram (West Bengal)
- 6-Lane: Tharad – Deesa – Mehsana – Ahmedabad (Gujarat)
- 4-Lane: Ayodhya Ring Road (Uttar Pradesh)
- 4-Lane: Pathalgaon – Gumla (Raipur, Chhattisgarh) – Ranchi (Jharkhand)
- 6-Lane: Kanpur Ring Road (Uttar Pradesh)
- 4-Lane: Northern Guwahati Bypass and Widening/Improvement of Existing Guwahati Bypass (Assam)
- 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:
- Requirement: All listed companies, including state-owned, must maintain a Minimum Public Shareholding (MPS) of 25% for continuous listing.
- 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:
- P&S Bank: 98.25%
- IOB: 96.38%
- UCO Bank: 95.39%
- CBI: 93.08%
- BoM: 86.46%
- 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).
- 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:
- 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.
- Inconsistent treatment of provisions for NPAs across co-operative banks, with some deviations from regulatory norms.
Key Points:
- Identification:
- Banks must identify and quantify BDDR balances as of March 31, 2024, created by appropriating net profits rather than recognizing them as expenses.
- 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:
- e-Sakshya:
- Stores all testimonies, videography, and photography on the e-evidence server.
- Provides real-time access to all courts.
- e-Summon:
- Facilitates the electronic sending of summons from courts to police stations and the concerned individuals.
- Nyaay Setu Dashboard:
- Links police, medical, forensic, prosecution, and prison authorities.
- Offers real-time information related to investigations.
- Nyaay Shruti:
- Allows courts to hear witnesses via videoconferencing.
New Criminal Laws in India:
- Bharatiya Nyaya Sanhita, 2023:
- Replaces the Indian Penal Code, 1860.
- Bharatiya Nagarik Suraksha Sanhita, 2023:
- Replaces the Code of Criminal Procedure, 1973.
- 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.’