National News
India adds three new Ramsar sites to wetlands network, bringing the total to 85
Environment, Forest and Climate Change Minister Bhupendra Yadav has said India has added three more Ramsar sites to the network, taking the tally to 85.
- Nanjarayan Bird Sanctuary and Kazhuveli Bird Sanctuary in Tamil Nadu and Tawa Reservoir of Madhya Pradesh have been added to the list of India’s Ramsar sites.
- In a social media post, the Minister said this achievement reflects the emphasis that Prime Minister Narendra Modi has laid on establishing harmony with nature.
Prime Minister Modi called this a joyous occasion for India, saying that this indicates the priority government accords to sustainable development as well as living in harmony with nature. He gave compliments to the people of Madhya Pradesh and Tamil Nadu. He said his government will continue to be at the forefront of such efforts in the times to come.
What is ramsar site?
A Ramsar Site is a wetland area designated under the Ramsar Convention, an international treaty established in 1971 in the Iranian city of Ramsar. The primary objective of the convention is to promote the conservation and sustainable use of wetlands, which are vital ecosystems that provide numerous ecological services, including water purification, flood control, and habitat for a wide variety of species.
Key Points About Ramsar Sites:
- Ramsar Convention:
- The Ramsar Convention, also known as the “Convention on Wetlands of International Importance,” was adopted on February 2, 1971, and came into force in 1975. This date is celebrated annually as World Wetlands Day.
- It is the first international treaty dedicated to the conservation of a particular type of ecosystem—wetlands.
- Criteria for Designation:
- A wetland is designated as a Ramsar Site based on specific criteria, such as its importance in conserving biological diversity, supporting vulnerable or endangered species, and its role in sustaining human life through resources like fish and water.
- Other criteria include unique ecological features, or its significance in terms of hydrology, ecology, or biodiversity.
- Importance of Ramsar Sites:
- Ramsar Sites are recognized for their global ecological importance. They are protected under the convention’s framework, which encourages national governments to manage and preserve these areas.
- The designation helps raise awareness and attract resources for the conservation and sustainable management of wetlands.
Government to Launch ‘Kisan Ki Baat’ Radio Programme for Farmers
Union Agriculture Minister Shivraj Singh Chouhan announced the launch of ‘Kisan Ki Baat’, a monthly radio programme.
- Objective: The initiative aims to modernize agricultural practices and empower farmers with scientific knowledge.
- Content: The programme will feature agricultural scientists, department officials, and the minister, providing vital information on best practices and scientific advancements.
- Target Audience: The programme is specifically designed to educate and inform farmers across the country.
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India to Host 3rd Voice of Global South Summit on August 17
India will host the 3rd Voice of Global South Summit on Saturday. The theme of the Summit is – An Empowered Global South for a Sustainable Future. External Affairs Ministry in a statement said that it will act as a platform to expand discussions held in the previous Summits on a range of complex challenges that continue to affect the world, such as conflicts, food and energy security crises and climate change.
- Purpose: The summit aims to expand discussions on global challenges like conflicts, food and energy security, and climate change, focusing on the priorities and solutions for the Global South, particularly in development.
- Format: The Summit will be held virtually, featuring a Leaders’ Session and Ministerial sessions. The inaugural session at the Head of State and Government level will be hosted by Prime Minister Narendra Modi.
- Initiative: The Summit is part of Prime Minister Modi’s vision of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas aur Sabka Prayas’ and is based on India’s philosophy of Vasudhaiva Kutumbakam, emphasizing global unity and cooperation.
- Background: This initiative provides a platform for countries of the Global South to share their perspectives and priorities on a wide range of issues.
Banking news
L&T Finance Achieves NBFC-ICC Status from RBI
L&T Finance Ltd. has transitioned from an NBFC-Core Investment Company (NBFC-CIC) to a Non-Banking Financial Company (Investment and Credit Company) (NBFC-ICC) following the merger of its wholly-owned subsidiaries, including L&T Finance, L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd. The Reserve Bank of India (RBI) issued the certificate of registration on August 2. This change in registration is not expected to affect the company’s compliance with the NBFC-ICC guidelines.
- Compliance: The change is not expected to impact compliance with NBFC-ICC guidelines.
- Record Net Profit: In Q1FY25, L&T Finance reported a net profit of ₹685 crore, a 29% year-on-year increase.
- Loan Book Growth: The company’s consolidated loan book grew by 13% to ₹88,717 crore, with retail loans making up 95% of this total.
- Stock Performance: Despite a recent 0.77% decline, the stock has risen 2.31% year-to-date and 29.84% over the past year.
L&T Finance:
- Headquarters: Mumbai
- Head: Sudipta Roy
RBL Bank Launches “Vijay Fixed Deposits” to Celebrate 78th Independence Day
RBL Bank introduces “Vijay Fixed Deposits” in honor of India’s 78th Independence Day.
- Interest Rates: Offers 8.85% p.a. for super senior citizens, 8.60% p.a. for senior citizens, and 8.1% p.a. for regular customers on a 500-day fixed deposit.
- Booking Options: Customers can book through the RBL Bank MoBank app or by visiting a branch.
- Limited-Time Offer: Available for deposits below Rs 3 crore.
- Recent Innovations: On August 1, 2024, RBL Bank became the first private bank in India to integrate UPI and NCMC features on RuPay Credit Cards.
- Bank Overview:
- Established: Originally founded as Ratnakar Bank in 1943, rebranded to RBL Bank in 2014.
- Headquarters: Mumbai, India.
- Branches: 545 branches across 28 states and Union Territories.
- Customer Base: Approximately 15.90 million customers.
- Recent Initiatives: Integration of UPI and NCMC features on RuPay Credit Cards.
SEBI Report on Foreign Portfolio Investment (FPI) in India – FY24
According to a report by the Securities and Exchange Board of India (SEBI), the United States led Foreign Portfolio Investment (FPI) in India during the Fiscal Year 2023-24 (FY24), with 3,457 registered FPIs. Luxembourg and Canada followed with 1,393 and 804 FPIs, respectively.
Key Highlights:
- Total FPIs: As of March 31, 2024, the total number of FPIs in India rose to 11,219, up from 11,081 in FY23.
- FPI Inflows: FY24 recorded the highest FPI inflows into India since 1992-93.
- Assets Under Custody (AUC): By March 31, 2024, the AUC of FPIs saw a significant increase of 42.8%, reaching Rs 69.5 lakh crore, up from Rs 48.7 lakh crore on March 31, 2023. This rise reflects growing foreign investor confidence in India.
Equity Assets:
- Distribution: Equity assets constituted 92.2% of the total AUC.
- Top Contributors:
- The USA contributed 39.2% of the total equity assets.
- Singapore followed with a 9.8% share.
- Luxembourg contributed 7.1%.
This surge in FPI and AUC growth underscores India’s attractiveness as an investment destination, driven by robust economic performance and a favorable regulatory environment.
SEBI:
- Founded: 12 April 1988
- Founder: Government of India
- Agency executive: Madhabi Puri Buch, Chairperson
- Headquarters: Mumbai, Maharashtra
RBI Constitutes Expert Committee on Statistics – August, 2024
The Reserve Bank of India (RBI) has established a 10-member expert committee chaired by Dr. Michael Debabrata Patra, Deputy Governor of RBI. The purpose of this committee is to benchmark RBI’s regularly disseminated statistics against global standards and best practices.
Key Responsibilities:
- Quality Assessment: The committee will evaluate the quality of various statistics published by the RBI, such as the Consumer Confidence Survey (CCS), Balance of Payments (BOP), Foreign Trade Statistics (FTS), India’s External Debt, and the Handbook of Statistics on the Indian Economy.
- Benchmarking: It will assess these statistics against international benchmarks and best practices.
- Guidance on Data Refinement: The committee will also explore areas where routine data lacks existing benchmarks, including sectors like national security, and provide recommendations for further data refinement.
Timeline:
- The expert committee is expected to submit its report by the end of November 2024.
About the Reserve Bank of India (RBI)
- Governor: Shaktikanta Das (25th Governor of RBI)
- Headquarters: Mumbai, Maharashtra
- Established: April 1, 1935
Appointment news
Senior IAS officer Govind Mohan appointed New Union Home Secretary
Senior IAS officer Govind Mohan today appointed as the new Union Home Secretary. He will succeed Ajay Kumar Bhalla whose tenure is going to end on 22nd of this month.
- A 1989 batch IAS Officer, Mr Mohan is currently Secretary in Culture Ministry.
- The Appointments Committee of the Cabinet has approved his name.
Sports news
Alexander Zverev becomes 1st player to earn 50 tour-level wins this season
In Tennis, German star Alexander Zverev overcame Karen Khachanov in straight sets at the Cincinnati Open in USA last night, becoming the first player to earn 50 tour-level wins this season.
Zverev defeated Khachanov 6-3, 6-2 for an opening win at the ATP Masters 1000 event. Zverev, who lifted the trophy in Cincinnati in 2021, will play Australian Max Purcell or Spaniard Pablo Carreno Busta in the third round.
CAS rejects Wrestler Vinesh Phogat’s appeal against disqualification from Paris Olympics
Wrestler Vinesh Phogat’s joint silver medal hope came to an end with the Court of Arbitration for Sport, CAS, rejecting her appeal against disqualification from the Paris Olympics.
- The ad-hoc division of the CAS rejected her appeal days after it concluded the hearing in the case.
- Vinesh Phogat was disqualified after she weighed 100 grams more than her 50-kg weight category on the day of her final gold medal bout.
- Following this, Phogat approached the CAS for a joint silver medal. In a statement, IOA President PT Usha expressed shock and disappointment at the decision of the CAS. The IOA said that it is exploring the next legal remedy available for Phogat.
Science and tech news
Naming of Underwater Geographical Structures in the Indian Ocean
The International Hydrographic Organization (IHO) and the Intergovernmental Oceanographic Commission (IOC) of UNESCO have officially named three underwater geographical structures in the Indian Ocean as Ashoka Seamount, Chandragupt Ridge, and Kalpataru Ridge. These names were proposed by India, reflecting the country’s historical and cultural heritage:
- Ashoka Seamount – Named after the Mauryan Emperor Ashoka.
- Chandragupt Ridge – Named after Chandragupta Maurya, the founder of the Maurya Empire.
- Kalpataru Ridge – Named after the mythological wish-fulfilling tree, Kalpataru.
Discovery and Research
These underwater features were discovered by oceanographers from the National Centre for Polar and Ocean Research (NCPOR) in Goa. The discoveries were made during the Indian Southern Ocean Research Programme, specifically in the Southwest Indian Ridge area of the Indian Ocean.
International Hydrographic Organization (IHO)
The IHO, established in 1921, is an intergovernmental organization that focuses on ensuring safe navigation and supporting marine environmental protection.
- Secretary-General: Dr. Mathias Jonas (Germany)
- Secretariat Location: Monaco
- Member States: 100, including India
This recognition by IHO and IOC showcases India’s growing involvement in marine research and international cooperation in oceanographic studies.
Obituary news
Father of Agni Missiles, Dr. Ram Narain Agarwal Passes Away
Dr. Ram Narain Agarwal, a renowned Indian scientist and the driving force behind India’s missile program, passed away on Thursday in Hyderabad at the age of 84. Known affectionately as the ‘Father of Agni Missiles‘, Dr. Agarwal’s contributions to India’s defence capabilities have been nothing short of revolutionary.
Early Career and Collaborations
Dr. Agarwal’s illustrious 22-year career in defence research saw him working alongside other luminaries in the field, including Dr. Arunachalam and former President of India, Dr. APJ Abdul Kalam. This collaboration of brilliant minds laid the foundation for India’s robust missile defense system.
Contributions to Missile Technology
During his tenure, Dr. Agarwal made significant strides in various aspects of missile technology:
- Established re-entry technology
- Developed all-composite heat shields
- Advanced onboard propulsion systems
- Innovated guidance and control systems for missiles
These technological advancements were crucial in positioning India as a formidable player in global defence.
