National news
Indian Army Launches Project NAMAN: SPARSH-Enabled Service Centres Nationwide
Project NAMAN was launched by the Indian Army to provide dedicated support to Defence pensioners, veterans, and their families. It was inaugurated by Chief of the Army Staff General Upendra Dwivedi and Mrs. Sunita Dwivedi, President of the Army Wives Welfare Association.
- SPARSH Digital Pension System: The project is centered around the SPARSH system, which aims to streamline pension-related processes for Defence pensioners.
- Common Service Centres (CSCs): In the first phase, 14 CSCs have been established at key locations across India. These centers offer SPARSH-enabled pension services, Government to Citizen (G2C) services, and Business to Consumer (B2C) services.
- MoU and Infrastructure: A tripartite Memorandum of Understanding (MoU) was signed between the Indian Army, CSC e-Governance India Limited, and HDFC Bank Limited in September 2023. HDFC Bank provided the IT infrastructure, while local military stations contributed the physical infrastructure.
Indian army:
- Headquarters: New Delhi
- Chief of the Army Staff (COAS): General Upendra Dwivedi
- Commander-in-Chief: President Droupadi Murmu
NHPC, SECI, Railtel, and SJVN Gain Navratna Status
Finance Minister Nirmala Sitharaman granted ‘Navratna’ status to four Central Public Sector Enterprises (CPSEs) – NHPC, Solar Energy Corporation of India (SECI), Railtel Corporation of India (RCIL), and Satluj Jal Vidyut Nigam (SJVN). This brings the total number of Navratna CPSEs in India to 25.
- Financial Performance:
- Railtel Corporation: Turnover of ₹2,622 crore and net profit of ₹246 crore for FY24.
- Solar Energy Corporation: Turnover of ₹13,035 crore and net profit of ₹436 crore for FY24.
- NHPC: Turnover of ₹8,405 crore and net profit of ₹3,744 crore for FY24.
- SJVN: Turnover of ₹2,833 crore and net profit of ₹908 crore for FY24.
- Impact of Navratna Status: The status provides these CPSEs with increased financial and operational autonomy, enabling them to make independent decisions on capital expenditures, joint ventures, and organizational restructuring, thereby boosting their growth and efficiency.
- SECI’s Role: SECI plays a crucial role in India’s renewable energy sector, managing a generation capacity of 69.25 GW and trading over 42 billion units annually. The Navratna status will enhance SECI’s financial flexibility and strategic capabilities.
- Navratna Criteria: The status is awarded based on excellent performance, a composite score of 60 or above in key performance indicators, and the CPSEs’ Miniratna I and Schedule ‘A’ status. The scheme was introduced in 1997 to empower CPSEs with global expansion opportunities and operational autonomy.
NHPC:
- Headquarters: Faridabad
- Founded: 7 November 1975
- Key people: Shri Raj Kumar Chaudhary; (Chairman & Managing Director)
SECI: Solar Energy Corporation of India Ltd
- Parent organization: Ministry of New and Renewable Energy
- Founded: 9 September 2011
Banking news
RBI Imposes Penalties on UCO Bank and Cent Bank Home Finance Ltd
RBI Imposes Penalties on UCO Bank and Cent Bank Home Finance Ltd The Reserve Bank of India (RBI) has levied penalties on two financial entities for regulatory non-compliance. UCO Bank has been fined Rs 2.68 crore for violating provisions related to current account openings, deposit interest rates, and fraud classification. Meanwhile, Cent Bank Home Finance Ltd faces a Rs 2.1 lakh penalty for failing to adhere to Know Your Customer (KYC) regulations. The RBI clarified that these penalties are imposed for regulatory compliance issues and do not impact the validity of transactions or agreements between the banks and their customers.
Penalty Details:
- UCO Bank: Fined Rs 2.68 crore for violations related to current account openings, deposit interest rates, and fraud classification.
- Cent Bank Home Finance Ltd: Fined Rs 2.1 lakh for non-compliance with Know Your Customer (KYC) regulations.
UCO Bank Overview:
- Founded: 1943
- Headquarters: Kolkata, India
- Type: Public sector bank
- Ownership: Majority stake held by the Government of India
- Services: Retail banking, corporate banking, treasury operations
- Branches: Extensive network across India
- Tagline: “Honour, Integrity, and Excellence”
- Focus: Financial inclusion, digital banking, customer service
RBI Clarification: The penalties are for regulatory compliance issues and do not affect the validity of transactions or agreements between the banks and their customers.
BOBCARD Limited Launches ‘ETERNA’ Luxury Credit Card at GFF 2024
BOBCARD Limited, a wholly owned subsidiary of Bank of Baroda, unveiled its high-end credit card, ‘ETERNA’, at the 5th Global Fintech Festival (GFF) 2024 in Mumbai, Maharashtra. This new luxury credit card is tailored to meet the needs of an affluent consumer base, offering exceptional value in dining, travel, retail, and luxury segments.
About ETERNA Credit Card:
- Platform: Available on the RuPay platform.
- Annual Fee: Rs 2,499.
- Partnership: Developed in collaboration with the National Payments Corporation of India (NPCI).
- Features:
- Combines the convenience of Unified Payments Interface (UPI) payments with a range of exclusive benefits.
- Offers the lowest forex markup in its category.
- UPI convenience for international travel and daily purchases.
Key Benefits:
- Exclusive Perks:
- Accelerated rewards on luxury shopping.
- 1+1 movie ticket per month.
- Activation bonus.
- Spend-based fee waiver.
About BOBCARD Limited:
- Status: Registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC).
- Leadership: Managing Director (MD) and Chief Executive Officer (CEO) – Shailendra Singh.
- Headquarters: Mumbai, Maharashtra.
- Tagline: “Credit Reimagined.”
ESAF Small Finance Bank Launches INORI RuPay Platinum Credit Card
Thrissur-based ESAF Small Finance Bank (SFB) has introduced the INORI RuPay Platinum Credit Card, a premium offering designed to provide exclusive benefits and privileges to its cardholders. The card was developed in partnership with the National Payments Corporation of India (NPCI) and aims to enhance the banking experience with a range of sophisticated features.
Key Features of the INORI RuPay Platinum Credit Card:
- Name Origin: ‘INORI’ is derived from the Japanese word for ‘wish,’ reflecting the bank’s commitment to fulfilling customer desires and expectations.
- Support: Utilizes the secure RuPay network and the robust infrastructure of NPCI.
- Rewards:
- Exciting cashback offers on monthly transactions.
- Comprehensive insurance coverage up to Rs 2 lakh.
- Access to exclusive merchant offers.
- Additional Benefits:
- Personalized services for travel, dining, and lifestyle needs.
- International acceptance.
About ESAF Small Finance Bank (SFB):
- Managing Director (MD) & Chief Executive Officer (CEO): Kadambelil Paul Thomas.
- Headquarters: Thrissur, Kerala.
- Tagline: “Joy of Banking.”
- Established: 2017.
IndiaFirst Life Insurance Becomes First Indian Life Insurer in GIFT City
IndiaFirst Life Insurance Company Limited (IndiaFirst Life) has made history by becoming the first Indian life insurer to commence operations in Gujarat International Finance Tec City (GIFT City) in Gandhinagar, Gujarat. The company has inaugurated its International Financial Services Centre (IFSC) Insurance Office (IIO) at GIFT City.
Key Details:
- Inauguration: IndiaFirst Life’s new office at GIFT City marks its entry into the international financial hub.
- Product Offering: The company will offer foreign currency-denominated life insurance solutions, including the ‘IndiaFirst Life Wealth Wise’ Unit Linked Insurance Plan (ULIP).
- Plan Details: The ULIP is denominated in US dollars and is tailored for international clients seeking long-term wealth and legacy creation.
- Distribution: The plan will be available through partner banks and selected broker partners.
- Shareholders: The current shareholders of IndiaFirst Life include Bank of Baroda (BOB), Union Bank of India (UBI), and Carmel Point Investments India Private Limited (CPIIPL).
About IndiaFirst Life Insurance Company Limited:
- Managing Director & Chief Executive Officer (MD & CEO): Rushabh Gandhi
- Headquarters: Mumbai, Maharashtra
- Established: 2009
Ranks and report news
Hurun India Rich List 2024: Gautam Adani Tops with ₹1.16 Lakh Crore, Mumbai Remains Billionaire Hub
The Hurun India Rich List 2024, marking its 13th edition, has recognized the wealthiest individuals and families in India. The top rankings and notable points are as follows:
Top Rankings:
- Gautam Adani
- Position: 1st
- Net Worth: ₹1,161,800 Crore
- Change: 95% increase in wealth
- Role: Chairman of Adani Group
- Mukesh Ambani
- Position: 2nd
- Net Worth: ₹1,014,700 Crore
- Role: Chairman of Reliance Industries Limited (RIL)
- Shiv Nadar & Family
- Position: 3rd
- Net Worth: ₹314,000 Crore
- Role: Founders of HCL Technologies
Notable Individuals:
- Radha Vembu
- Position: Wealthiest self-made woman
- Net Worth: ₹47,500 Crore
- Role: Co-founder of Zoho
City Highlight:
- Mumbai (Maharashtra)
- Status: Billionaire capital of Asia
- Significance: Most preferred city among billionaires in India
About Hurun India:
- Managing Director and Chief Researcher: Anas Rahman Junaid
- Headquarters: Mumbai, Maharashtra
- Establishment: 2012
Appointment news
MoPNG Appoints Satish Kumar Vaduguri and Rajneesh Narang as Interim Chairmen for IOCL and HPCL
The Ministry of Petroleum and Natural Gas (MoPNG) has appointed Satish Kumar Vaduguri as the interim Chairman of Indian Oil Corporation Limited (IOCL) and Rajneesh Narang as the interim Chairman and Managing Director (CMD) of Hindustan Petroleum Corporation Limited (HPCL). Vaduguri will take over from Shrikant Madhav Vaidya, who retires on August 31, 2024, and Narang will replace Pushp Kumar Joshi, also retiring on August 31, 2024. Both interim appointments are effective from September 1, 2024, and will last for three months or until a permanent replacement is appointed.
Award news
FICCI Young Leaders Awards: Honoring Ayushmann Khurrana and Neeraj Chopra
The Federation of Indian Chambers of Commerce and Industry (FICCI) held its prestigious Young Leaders Awards in New Delhi, celebrating the achievements of talented individuals from various sectors.
- Youth Icons Honored:
- Ayushmann Khurrana: Bollywood superstar known for his versatile acting.
- Neeraj Chopra: Olympic gold medalist in javelin throw.
- Award Presenters:
- Shashwat Goenka: President of FICCI Young Leaders Forum.
- Aishwarya Bansal: President of FICCI Young Leaders Delhi NCR Chapter.
- Purpose of the Awards:
- Recognize excellence across various fields.
- Honor young leaders who have demonstrated exceptional skills.
- Acknowledge contributions to positive societal change.
Kerala Tourism Clinches PATA Gold Award 2024 for Innovative ‘Holiday Heist’ Campaign
Kerala Tourism won the Pacific Asia Travel Association (PATA) Gold Award 2024 in the Digital Marketing Campaign category for its innovative online contest, ‘Holiday Heist.’
- Event Details:
- Location: The award was presented at the PATA Travel Mart 2024 in Bangkok.
- Venue: Queen Sirikit National Convention Centre (QSNCC).
- Key Figures:
- Peter Semone: PATA Chair, presented the award.
- Sikha Surendran: Kerala Tourism Director, received the award.
- Campaign Overview:
- ‘Holiday Heist’: A month-long campaign launched in July 2023.
- Platform: Hosted on Kerala Tourism’s WhatsApp chatbot, Maya.
- Concept: Participants engaged in a ‘lowest unique bidding’ game to win tour packages.
- Significance: Kerala was the only Indian destination to win a PATA Gold Award this year, highlighting its leadership in creative tourism promotion on the global stage.
Kerala:
- Capital: Thiruvananthapuram
- Chief minister: Pinarayi Vijayan
Defence news
INS Tabar Conducts Maritime Partnership Exercise with Spanish Navy Ship Atalaya
INS Tabar, a frontline frigate of the Indian Navy, visited Malaga, Spain, from 25-27 August 2024. The visit concluded with a Maritime Partnership Exercise (MPX) with the Spanish Navy Ship Atalaya in the Mediterranean Sea, marking a milestone in India-Spain maritime cooperation.
- Exercise Details: The MPX featured advanced exercises such as Station Keeping, Replenishment at Sea Approaches (RASAPs), Flying Exercise (FYEX), Steam Past, and PHOTOEX serials. The professionalism displayed by both navies highlighted their commitment to strengthening collaborative maritime efforts.
- Global Outreach: The Indian Navy reiterated its dedication to fostering global naval partnerships, with the MPX reinforcing bilateral ties and cooperation with Spain.
- Flood Relief in Gujarat: In response to heavy rains in Gujarat, Indian Naval teams were deployed to Porbandar and Jamnagar for flood relief. Equipped with specialist gear, the teams successfully evacuated residents, including 50 elderly individuals. The Navy remains prepared to provide further assistance as needed.
Sports news
Bihar CM Nitish Kumar Inaugurates Sports University in Rajgir on National Sports Day
Chief Minister Nitish Kumar inaugurated a sports academy, sports complex, and sports university in Rajgir, Bihar, on National Sports Day, marking a major milestone in the state’s commitment to sports development.
- Significance: The inauguration, coinciding with National Sports Day, highlights Bihar’s dedication to promoting sports and physical fitness, with the Chief Minister’s presence emphasizing the government’s support for this initiative.
- Rajgir Sports Complex:
- Comprehensive Athletic Hub: The complex offers facilities for 24 types of indoor and outdoor games, equipped with state-of-the-art training areas catering to all skill levels.
- Medical Facilities: It includes a 24-bed hospital with modern treatment facilities and specialized care for sports injuries.
- Centres of Excellence: The complex features specialized centers for Wrestling, Weightlifting, and Athletics, aimed at nurturing emerging talent with top-notch training and coaching.
- Sports University: The sports university in Rajgir will bridge athletics and academics, offering undergraduate and postgraduate programs in sports-related fields, becoming a cornerstone for sports education in the region.
Bihar:
- Capital: Patna
- Chief minister: Nitish Kumar
Mona Agrawal Won Her First Paralympic Bronze Medal
Mona Agarwal made history by winning a bronze medal in the women’s 10m air rifle standing SH1 event at the 2024 Paralympics on August 30. Her journey was marked by immense resilience as she balanced her responsibilities as a mother with her ambitions as an athlete. She was close to securing gold but a slight misstep in the final round saw her settle for bronze.
Who is Mona Agarwal?
- Background: Born in Rajasthan and living with polio from an early age, Mona Agarwal’s story is one of determination and grit.
- Debut and Achievements: She made her international debut at the World Cup in Osijek, Croatia, in July 2023. She won gold at the Para World Cup in Changwon, Korea, in April 2024. Her quota for the Paris Paralympics was secured by winning gold at the WSPS Para Shooting World Cup in New Delhi in March 2024.
- Training: Trains at Dr. Karni Singh Shooting Range, New Delhi, and Eklavya Sports Academy.
- Disability Class: SH1, indicating a lower limb impairment but with the ability to hold and shoot a rifle from a standing or sitting position.