National News
Department of Pension and Pensioners’ Welfare Organises 7th Anubhav Awards Ceremony
The Department of Pension and Pensioners’ Welfare today organised the 7th Anubhav Awards Ceremony in New Delhi to recognise the contribution made by Government employees in service. Secretary Pension and Pensioners’ Welfare V. Srinivas conferred five Anubhav awards and 10 Jury Certificates to employees from nine different departments and ministries.
- The 7th Anubhav Awards Ceremony was held to honor outstanding contributions by central government employees.
- Secretary V. Srinivas awarded five Anubhav awards and 10 Jury Certificates to employees from nine departments and ministries.
- The awards aim to inspire current employees to excel in their fields.
- The 55th Pre-Retirement Counselling Workshop was conducted for employees retiring by March 31 next year.
- The workshop covered pre-retirement processes, forms, and post-retirement benefits.
India’s Pharma Sector to Touch $130 Billion by 2030: Jitin Prasada
Union Minister of State for Commerce and Industry, Jitin Prasada has stressed that the country’s pharmaceutical sector will touch the 130 billion US dollar mark by 2030, which is currently at around 55 billion US dollars. Mr Prasad inaugurated the 10th International Pharmaceutical Exhibition IPHEX at India Expo Mart in Noida, Uttar Pradesh.
- India is becoming a global pharma leader and cost-effective healthcare destination.
- The Production Linked Incentive scheme aims to boost domestic manufacturing and reduce import dependence.
- Pharma exports increased from $14.9 billion to $27.9 billion over the past decade.
- The sector is the third-largest by volume, with over 3,000 companies and 10,500 manufacturing facilities.
- India holds a 20% share in global generic medicine demand.
- IPHEX features over 400 Indian pharma companies and will attract more than 400 international buyers.
PM Modi Chairs 44th PRAGATI Meeting, Reviews Major Projects and Water Initiatives
Prime Minister Narendra Modi chaired the 44th edition of PRAGATI on August 28, marking the first meeting of his third term.
- Seven major projects were reviewed, with a total cost exceeding Rs. 76,500 crore, spanning road connectivity, rail, coal, power, and water resources sectors across 11 States and UTs.
- PM Modi stressed the importance of timely project completion to avoid cost overruns and ensure public benefits.
- He advocated for the “Ek ped Maa ke Naam” campaign to balance environmental concerns with development.
- AMRUT 2.0 and Jal Jeevan Mission were also reviewed, focusing on water issues in urban and rural areas.
- Emphasis was placed on effective grievance redressal and the need for robust Operation and Maintenance mechanisms for water projects.
- The Prime Minister suggested involving women self-help groups and youth for maintenance work, and highlighted the need for district-level water resource surveys and source sustainability.
Banking news
Gujarat Surpasses UP in Attracting Bank Funds for Projects in FY24, Reports RBI Study
Gujarat attracted funds for 154 projects in FY24, up from 14% in FY23 to 14.7% of the total projects financed by banks and financial institutions (FIs).
- Record Investment: Total sanctioned project costs reached a record high of Rs 3,90,978 crore (around Rs 4 trillion) in FY24.
- Uttar Pradesh’s Decline: Uttar Pradesh received funds for 69 projects, decreasing from 16.2% in FY23 to 7.6% of the total funds in FY24, though it remained among the top 5 states.
- Top States: Maharashtra, Andhra Pradesh, and Gujarat, along with Uttar Pradesh, were among the top 5 states receiving project funding, with these states together accounting for about 55% of the total sanctioned project cost.
- Odisha’s Drop: Odisha fell from 3rd place in FY23 (11.8% of total projects cost) to 6th place in FY24 (7.6% of total projects cost).
- Infrastructure Focus: The study highlighted that the infrastructure sector, particularly ‘Roads & Bridges’ and ‘Power,’ attracted the majority of capital investments, reflecting a strong focus on infrastructure development.
- Investment Cycle: The increase in private corporate investments indicates a positive investment cycle.
About Reserve Bank of India (RBI):
- Governor: Shaktikanta Das (25th Governor of RBI)
- Headquarters: Mumbai, Maharashtra
- Established: April 1, 1935
Gujarath:
- Capital: Gandhinagar
- Chief minister: Bhupendrabhai Patel
- Governor: Acharya Devvrat
RBI Cancels Margdarshak Financial Services’ Registration Due to High NPAs and Repayment Defaults
The Reserve Bank of India (RBI) has cancelled the Certificate of Registration (COR) of Margdarshak Financial Services Limited (MFSL) based in Lucknow, Uttar Pradesh.
- As of March 31, 2021, MFSL failed to meet regulatory requirements, including maintaining a Net Owned Fund (NOF) of Rs 5 crore and a Capital Adequacy Ratio (CAR) of 15%.
- The company was found to have defaulted on Rs 49.27 crore in repayments and faced significant cash flow issues.
- With reported losses of Rs 187 crore and net NPAs of Rs 82.37 crore, the company’s ability to continue operations was in question.
- Under Section 45-1(a) of the RBI Act, 1934, MFSL can no longer operate as a Non-Banking Financial Institution (NBFI).
Yes Bank and Newtap Finance Partner with CRED for Personalized Financing Solutions; HDFC Bank Teams Up with Zeta for UPI Credit Line
Yes Bank has entered a co-lending partnership with Newtap Finance Private Limited to offer personalized financing through the CRED platform. Dreamplug Technologies Private Limited (DTPL), operator of CRED, will act as the Lending Service Provider (LSP) for both Yes Bank and Newtap Finance.
- This collaboration aligns with Yes Bank’s strategy of fostering fintech partnerships for quality growth.
- CRED members will benefit from competitive rates and a superior digital experience.
HDFC Bank and Zeta Partnership:
- On August 26, 2024, HDFC Bank partnered with Zeta to enhance its Credit Line on UPI (CLOU) offerings.
- Zeta’s Digital Credit as a Service (DCaaS) solution will enable HDFC Bank to launch innovative credit products under the NPCI’s CLOU scheme.
Bank Details:
Yes Bank Limited:
- MD & CEO: Prashant Kumar
- Headquarters: Mumbai, Maharashtra
- Tagline: “Experience our expertise”
- Established: 2004
HDFC Bank Limited:
- MD & CEO: Sashidhar Jagdishan
- Headquarters: Mumbai, Maharashtra
- Tagline: “We Understand Your World”
- Established: 1994
Sports news
Jyotiraditya Scindia Inaugurates Air Pistol Shooting Range in Gwalior Honoring Manu Bhaker’s Olympic Achievements
- Union Minister Jyotiraditya Scindia inaugurated a 10-meter air pistol shooting range at Jiwaji Club, Gwalior, named after Manu Bhaker.
- Manu Bhaker, who won 2 bronze medals at the 2024 Paris Olympics, is the first Indian athlete post-independence to win two medals in the same Olympics.
- The 10m air pistol range is a standard facility for indoor competitive shooting, using electronic or paper targets and 4.5-mm air pistols powered by compressed air or CO2.
Manu Bhaker’s Achievements at the 2024 Paris Olympics:
- First Bronze: Women’s individual 10m air pistol event, making her the first Indian woman shooter to win an Olympic medal.
- Second Bronze: 10m Air Pistol Mixed Team event with Sarabjot Singh, defeating South Korea 16-10.
- Bhaker joins an elite group of Indian athletes with multiple individual Olympic medals:
- P.V. Sindhu: Silver (2016 Rio) and Bronze (2020 Tokyo) in women’s singles badminton.
- Sushil Kumar: Bronze (2008 Beijing) and Silver (2012 London) in men’s freestyle wrestling (66 kg).
Additional Info: Norman Gilbert Pritchard, a British-Indian athlete, won silver medals in 200m sprint and 200m hurdles at the 1900 Paris Olympics, often considered the first Asian-born athlete to win Olympic medals.
Note: Mr Jyotiraditya Scindia is currently serving as the Union Minister of Communications for India
Appointment news
Satish Kumar Appointed as First SC Chairman & CEO of Indian Railway Board
On August 27, 2024, the Appointments Committee of the Cabinet (ACC) appointed Satish Kumar, an Indian Railway Management Service (IRMS) officer, as the Chairman and Chief Executive Officer (CEO) of the Indian Railway Board (IRB).
- Historical Significance: Kumar is the first person from the Scheduled Castes (SC) or Dalit community to hold this position in IRB’s history.
- Tenure: He will assume office on September 1, 2024, serving until his superannuation, with potential re-employment on a contract basis from January 1 to August 31, 2025, or until further orders.
- Successor: Kumar succeeds Jaya Varma Sinha, who will retire on August 31, 2024, and will then join the Central Administrative Tribunal (CAT) as an administrative member.
Agreement news
ICAR-CIFE and VAMNICOM Sign MoU to Boost Cooperative Management in Fisheries Sector
On August 26, 2024, ICAR-Central Institute of Fisheries Education (ICAR-CIFE) and Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM) signed an MoU to enhance cooperative management in the fisheries sector.
- The partnership aims to support the establishment of 2 lakh Primary Agricultural Credit Societies (PACS), Dairy, and Fishery Cooperatives in every Panchayat.
- The signing ceremony was attended by Dr. Ravishankar CN, Director and Vice Chancellor of ICAR-CIFE, and Dr. Hema Yadav, Director of VAMNICOM, at ICAR-CIFE’s Mumbai campus.
- The MoU focuses on integrating advanced technology and promoting value addition in fishery cooperatives.
Defence News
India’s 2nd Nuclear Missile Submarine Commissioned by Rajnath Singh
Defence Minister Rajnath Singh will commission INS Arighat (S-3), India’s second nuclear-powered ballistic missile submarine (SSBN), in Visakhapatnam.
- INS Arighat is equipped with 750-km range K-15 nuclear ballistic missiles and will patrol the Indo-Pacific.
- Key attendees include Chief of Naval Staff Admiral Dinesh Tripathi, Vice Admiral Suraj Berry, and DRDO officials.
- INS Arighat, alongside INS Arihant (S-2), strengthens India’s nuclear triad and strategic deterrence.
- The new SSBN features advancements over INS Arihant and follows with plans to commission INS Aridaman (S-4) next year and a fourth SSBN, codenamed S-4*.
- India will introduce a new class of larger submarines with 3,000-km range nuclear missiles and additional missile tubes.
- The Indian Navy will also commission INS Surat (guided missile stealth destroyer), INS Taragiri (stealth guided missile frigate), and INS Vagsheer (Kalveri class attack submarine), with more submarines on order.
Scheme news
PMJDY Celebrates a Decade of Financial Inclusion Under Modi’s Leadership
The Pradhan Mantri Jan Dhan Yojana (PMJDY), a National Mission for Financial Inclusion, launched on August 28, 2014 by the Prime Minister (PM) Narendra Modi, completed 10 years (decade) of successful implementation.
- Launched by Prime Minister Narendra Modi in 2014, PMJDY is the world’s largest financial inclusion initiative.
- The scheme has integrated 53.13 crore people into the formal banking system by August 14, 2024.
- 55.6% (29.56 crore) of Jan-Dhan account holders are women.
- 66.6% (35.37 crore) of accounts are located in rural or semi-urban areas.
Important days
India Celebrates National Sports Day on August 29 to Honor Major Dhyan Chand and Promote Sports
National Sports Day is celebrated annually on August 29 to honor the spirit of sports in India.
- The day, established by the Indian government in 2012, coincides with the birth anniversary of Major Dhyan Chand.
- Major Dhyan Chand, born on August 29, 1905, in Prayagraj, is known as the ‘Wizard of Hockey.’
- Dhyan Chand’s illustrious career spanned from 1926 to 1948, during which he played 185 matches and scored over 400 goals.
- His leadership led the Indian hockey team to three consecutive Olympic gold medals in 1928, 1932, and 1936.
- National Sports Day highlights the importance of sports in health, community building, and inspiring future generations.
Books And Author News
Air Chief Marshal V R Chaudhari launches first comic book on Indian Air Force heroes
Chief of the Air Staff, Air Chief Marshal VR Chaudhari has launched the first comic book in the series of heroes of the Indian Air Force today. The book published by the Indian Air Force is aimed at presenting historical and heroic narratives of the Indian Air Force since its inception.
- The book presents historical and heroic narratives of the Indian Air Force, aiming to educate and inspire youth.
- It features stories about Marshal of the Air Force Arjan Singh DFC and the 1971 Battle of Boyra.
- The comic includes information on Air Force career choices and eligibility criteria.
- The book will be distributed for free to young children during Air Force induction publicity drives.
- A digital version will be released on Air Force Day, October 8.
Indian Air Force:
- Headquarters: New Delhi
- Founded: 8 October 1932, India