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 AFFAIRSCLOUD TODAY
Current Affairs 22 July 2023 : Headlines

1. Competition (amendment) Act 2023: Power to appoint DG shifted to CCI from MCA
2. DPIIT Joined Hands with Gujarat for the ODOP Program
3. India-Japan Sign MoC for Semiconductor Supply-Chain Partnership
4. DAHD implemented Credit Guarantee Scheme under AHIDF for Livestock Sector
5. FSSAI & AOAC INTERNATIONAL signed MoU to Enhance Food Safety Analytical Ecosystem in
India
6. Ministry of Culture & Indian Navy signed an MoU to revive the ancient stitched shipbuilding
method
7. CEC Rajiv Kumar participated in the 11th A-WEB Executive Board Meeting held in Colombia
8. UAE becomes 1st Arab Country to get Observer Status at Asia/Pacific Group on Money
Laundering
9. SEBI Expands Scope of ESG Investing, Allows Six New Strategies for Mutual Funds
10. India voluntarily contributes USD 1 million to UN for promoting use of Hindi language in the UN
11. REC inks MoU with Avaada Group to invest Rs 20,000 crore over 5 Years
12. Ministry of Coal won “Best Engagement” Award for Procurement through GeM Portal
13. Nivruti Rai Appointed as MD & CEO of Invest India
14. Rajay Kumar Sinha appointed as MD & CEO of SBI Capital Markets Limited
15. Sat Pal Bhanoo appointed as MD of LIC; succeeds Siddhartha Mohanty
16. Indian GM Praggnanandhaa Becomes Champion at Super GM chess tournament in Hungary
17. UP Govt Launched Portal to Process E-Vehicle Subsidy

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 NATIONAL AFFAIRS
Competition (amendment) Act 2023: Power to appoint DG shifted to CCI from MCA
The Central Government has implemented a key provision of the Competition (amendment) Act 2023 that
vests power of appointment of Director General- DG (Investigation) in the Competition Commission of India
(CCI). Concurrently, it also has modified existing recruitment rules Competition CCI (Director General)
Recruitment Rules, 2009 to change the composition of the Search-cum-Selection Committee for appointment
of DG.

What are the changes?

i.Earlier, the Search-cum-Selection Committee was headed by Secretary, Ministry of Corporate Affairs (MCA).
Now, upon the vesting of power in CCI, the Search-cum-Selection Committee will now be headed by
Chairperson CCI and will have two Members, one each to be nominated by MCA and Central Government
(expert-person of eminence)
ii.The DG would be appointed by CCI out of the Panel (upto three names) recommended by the search-cum-
selection committee after obtaining prior approval of the Central Government.
• So far, the power to appoint DG was vested in the MCA.
Reason behind these amendments:
These changes follow the recommendation of the Competition Law Review Committee (CLRC) which aims to
address the issue of the Director General’s direct accountability to the Central Government instead of the CCI.
• The change seeks to create a clear separation between the regulator’s investigative and other
functions in line with international competition regulators’ practices.
When Competition (Amendment) Act, 2023 come into force?
The Amendment Act comes into force on such date as the Central Government may, by notification, in the
official gazette specify Different dates may be appointed for different provisions of this Act
• The Act of Parliament received the assent of the President on the 11th April, 2023.
The Competition (Amendment) Act 2023 – Key Amendments
• Broadening the scope of anti-competitive agreements
• Reduction in time-limit for review of M&As from 210 days to 150 days
• Introduction of Deal Value as another criterion for notifying M&As
• Limitation Period of 3 years for filing Information(s)
• Penalty indexed to Global Turnover
• Introduction of Settlement & Commitment framework for faster market correction
• Hub-and-Spoke type arrangements brought under the presumptive rule of Appreciable
• Adverse Effect on Competition (AAEC)
• Leniency Plus
• Framing of Regulations after public consultations
• Issuance of Guidelines
• Appointment of the Director General by the Commission, with prior approval of Central Government

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DPIIT Joined Hands with Gujarat for the ODOP Program
On 20th July 2023, One District One Product (ODOP) program, an initiative under the Department for
Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry partnered with
the Government of Gujarat in New Delhi, Delhi, with the aim to foster the promotion of the indigenous crafts
and artisans of the state.

• By implementing product tagging and story cards, the aim of the collaboration will be achieved.
• ODOP-Gujarat presents an extensive array of 68 distinctive products, encompassing a diverse
range from traditional crafts (like Gamthi Block print and Mata-ni-Pachedi) to agricultural
commodities (like groundnuts and cumin).
Similar Programs in Gujarat:
i.The Government e-Marketplace (GeM) has conducted onboarding drives for Sujani Handloom,
Jamnagari Bandhini, and Patan Patola, facilitating their presence on the platform.
ii.The Agate Stone industry in Khambat district(Gujarat) and the Sujani craft from Bharuch district(Gujarat)
received essential support through workshops organized in collaboration with the National Institute of Design
(NID).
About One District One Product (ODOP) program:
One District One Product Scheme is an initiative that is seen as a transformational step forward towards
realizing the true potential of a district, fuel economic growth, and generate employment and rural
entrepreneurship, taking us to the goal of AtmaNirbhar Bharat.
• In India, Uttar Pradesh government was the first state of India to launch the concept of One District
One Product in 2018.
About Gujarat:
Chief Minister- Bhupendrabhai Patel
Governor – Acharya Devvrat
Capital – Gandhinagar

India-Japan Sign MoC for Semiconductor Supply-Chain Partnership

On 20th July 2023, India and Japan signed a memorandum of cooperation (MoC) for a semiconductor supply-
chain partnership for government-to-government and industry-to-industry collaboration.
• The agreement was signed between Ashwini Vaishnaw, Union Minister for Electronics and
Information Technology and Yasutoshi Nishimura, Japan’s Minister of Economy, Trade and
Industry in New Delhi, Delhi.
The MoC helps India to become a global hub for the semiconductor industry and provides access to Japanese
technology, which helps India to develop its own semiconductor industry.

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The outcome of the MoC:
i.The MoC signed between India and Japan will cover the semiconductor industry, including design,
manufacturing, equipment research, talent development, and enhancing supply chain resilience.
ii.An implementation organization will be created to facilitate government and industry collaborations.

Additional information:
i.Rapidus Corporation, a semiconductor manufacturer established in August 2022 in Tokyo, Japan will be one of
the contributors to this cooperation.
ii.It brings along Japanese companies, including Denso, Kioxia, MUFG Bank, Nippon Electric Company, Ltd
(NEC), Nippon Telegraph and Telephone Public Corporation(NTT), SoftBank, Sony, and Toyota.
iii. Japan is one of the five leading countries with a well-developed semiconductor ecosystem.
Points to be noted :-
• The Indian cabinet has given approval for American based Micron Technology’s plan to launch a USD
2.7bn semiconductor testing and packaging unit.
• The Production Linked Incentive(PLI scheme) of India – ‘Modified Programme for Semiconductors
and Display Fab Ecosystem’ – was announced in December 2021 with a total outlay of Rs.76,000
crore.
About Japan:
Prime Minister- Fumio Kishida
Capital- Tokyo
Currency-Japanese yen

DAHD implemented Credit Guarantee Scheme under AHIDF for Livestock Sector
On July 20, 203, the Department of Animal Husbandry & Dairying (DAHD), Ministry of Fishries, Animal
Husbandry and Dairying(MoFAH&D), has launched the first ever Credit Guarantee Scheme for Livestock sector.

• The scheme under the Animal Husbandry Infrastructure Development Fund (AHIDF) aims to
strengthen the credit delivery system and ensure smooth access to collateral-free credit for Micro,
Small & Medium Enterprises (MSMEs) in the Livestock sector.
To make the scheme operational, DAHD has set up a Credit Guarantee Fund Trust worth Rs. 750 crores which
will offer credit guarantee coverage of up to 25% for the credit facilities extended to MSMEs by eligible lending
institutions.

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Key Objective of Scheme:
The lender should give importance to project viability and secure the credit facility purely on the basis primary
security of the assets financed.
Key Features:
i.Interest Subvention of 3%
ii.Loan up to 90% of the total project cost from any Scheduled Bank, National Cooperative Development
Corporation (NCDC).
iii.This scheme aims to facilitates finance access for underserved livestock sectors, benefiting first-generation
entrepreneurs and underprivileged individuals without collateral security. It is expected to boost MSME
participation in the livestock sector, increasing credit flow and strengthening rural economies,
About Credit Guarantee fund Trust:
In March 2021, DAHD has formed this trust with NABSanrakshan Trustee Company Private Limited, a
wholly owned subsidiary of NABARD (National Bank For Agriculture And Rural Development) for extending
the credit guarantee to MSMEs under Rs 15000 crores AHIDF scheme.
• It is India’s first ever fund trust under Credit guarantee scheme of AHIDF in the agriculture and
Animal Husbandry sector
It incentivizes investments by individual entrepreneurs, private companies, MSMEs, Farmers Producers
Organizations (FPOs) and Section 8 companies to establish the following:
• Dairy processing and value addition infrastructure
• Meat processing and value addition infrastructure
• Animal Feed Plant
• Breed Improvement technology and Breed Multiplication Farm
• Animal Waste to Wealth Management (Agri Waste Management)
• Setting up of Veterinary Vaccine and Drugs Manufacturing facilities.

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FSSAI & AOAC INTERNATIONAL signed MoU to Enhance Food Safety Analytical Ecosystem in
India
The Food Safety & Standards Authority of India (FSSAI), a statutory body under the Ministry of Health & Family
Welfare, and AOAC INTERNATIONAL, a global organization that advances food safety, food integrity, and
public health, signed a Memorandum of Understanding (MoU) to collaborate and increase the food safety
analytical ecosystem in India.

• The MoU marks the joint commitment of both FSSAI and AOAC to work towards achieving common
objectives for the advancement of food safety standards and analytical practices in India.
Key People:
The MoU was signed at the FSSAI headquarters in New Delhi, Delhi, in the presence of G. Kamala Vardhana Rao,
Chief Executive Officer (CEO) of FSSAI; Satyen Kumar Panda, Advisor (Quality Assurance) of FSSAI; Shrinvas
Joshi, President, AOAC-India Section; Dr. Ganesh Ramamurthi – President-Elect, AOAC-India Section and Dr.
Saurabh Arora – Director, AOAC-India Section.
Objectives:
i.The collaboration aims to promote Uniform Testing Methods across India, and ensures setting up of strong
analytical systems to meet the needs of food testing laboratories.
ii.FSSAI will be granted free access to AOAC Official Methods and sharing the Indian food safety ecosystem
access to globally recognized testing methods.
iii.Both organizations will actively collaborate in the development and validation of analytical methodologies,
ensuring accuracy and reliability in food testing practices.
Significance:
i.The partnership between FSSAI and AOAC INTERNATIONAL is of the utmost importance for India’s food
safety landscape.
ii.FSSAI aims to increase its analytical capabilities and align with international best practices, ultimately
strengthening the food safety ecosystem in India by supporting AOAC’s globally recognized expertise and
standards.
Key Points:
i.Critical aspects such as food testing analysis, method sharing, method development, and method validation
are covered under this collaboration.
ii.Both FSSAI and AOAC will jointly work together to advance the adoption of AOAC Official Methods in FSSAI-
notified laboratories, promoting better food safety practices and ensuring the availability of safe and
wholesome food for human consumption.
About AOAC INTERNATIONAL:
AOAC INTERNATIONAL was established in 1884 as the Association of Official Agricultural Chemists. Later, it
was renamed as Association of Official Analytical Chemists. at present the legal name of the organisation
is AOAC INTERNATIONAL
Long-form name: Association Of Official Analytical Collaboration (AOAC) INTERNATIONAL

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Ministry of Culture & Indian Navy signed an MoU to revive the ancient stitched shipbuilding
method
On 18th July 2023, The Ministry of Culture and the Indian Navy signed a Memorandum of Understanding
(MoU) to revive and maintain the 2000-year-old ancient stitched shipbuilding method known as
the Tankai method. The project aims to leverage the expertise of the remaining traditional shipwrights in India
and showcase their exceptional craftsmanship.
• It also aims to revive the rich maritime heritage among Indian citizens and also aims to promote
cultural memories among the Indian Ocean coastal countries.
• Thorough documentation and cataloging of the project will ensure that valuable information is
preserved for future reference.
In the Tankai method, instead of using nails, the Ships are built by stitching wooden planks together. This offers
flexibility and durability, making them less vulnerable to damage from shoals and sandbars rather than nails.

INTERNATIONAL AFFAIRS
CEC Rajiv Kumar participated in the 11th A-WEB Executive Board Meeting held in Colombia
Rajiv Kumar, Chief Election Commissioner (CEC) led the 3-member delegation from the Election Commission of
India (ECI) to participate in the 11th meeting of the Executive Board of the Association of World Election
Bodies (A-WEB) in Cartagena, Colombia from 10th to 14th July 2023.

• The ECI delegation included Manoj Sahoo, Deputy Election Commissioner and Anuj Chandak, Joint
Director.
• On 13th July 2023, the National Civil Registry, Colombia organised an international conference on
the theme “A global view on the challenges of regional elections 2023” will bring together
representatives from the 19 Executive Board Members and the 2 Oversight and Audit Committee
Members.
• As a global association, A-WEB plays a critical role for Election Management Bodies (EMBs) to work
on challenges like fake narratives derailing election integrity worlwide.
Agendas proposed in the meeting:
i. The participants at the Executive Board meeting discussed various agenda items including the programmes
and activities to be undertaken by A-WEB during 2023-24, the annual progress report of A-WEB & its regional
offices including A-WEB India Centre, budget and membership related matters amongst others.
ii. ECI proposals:
• Setting up an A-WEB portal to serve a as repository of electoral best practices and initiatives taken
by member EMBs in various aspects of electoral management.
• Establishing A-WEB Global Awards for EMBs who make significant contribution and take important
initiatives in the democratic processes. Both proposals were approved by the Executive Board.

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Additional Info:
Meantime, on the sideline, a bilateral meeting on ECIs
Electronic Postal Ballot System was also held with the
National Election Commission (NEC) of the Republic of
Korea (South Korea).
• In 2012, India and South Korea had signed a
Memorandum of Understanding (MoU) for
establishing a mutually cooperative
relationship in the field of election
administration.
• As per the MoU, both countries are supposed
to establish a mutually cooperative
relationship in the field of election
administration.
Note: In March 2023, NEC participated in the 3rd
International Conference on ‘Inclusive Elections and
Elections Integrity’ organised by ECI under the
supervision of ‘Democracy Cohort on Elections Integrity’.
India A-WEB Centre:
i. In September 2019, at a meeting of the A-WEB Executive Board held in Bengaluru, an India A-WEB centre was
also established in New Delhi, Delhi.
ii. It was established for documentation and research for sharing the best practices and training and capacity
building of officials of A-WEB members, including a journal titled ‘A-WEB India Journal of Elections.’
iii. The ECI is responsible for providing all the necessary resources for the India A-WEB Centre.
Note: ECI assumed control over as Vice-Chairperson of A-WEB for 2017-19 term; as Chair for 2019-22 term
and is currently a member of its Executive Board for 2022-24 in its capacity as immediate former Chair of A-
WEB
About Association of World Election Bodies (A-WEB):
A-WEB launched in the Republic of Korea in October 2013 is the largest international organization of Election
Management Bodies (EMBs).
It currently comprises 121 EMBs from 111 countries.
Chairperson– Mosotho Moepya (Electoral Commission of South Africa)
Secretary General– Dr. In-sik Jang
Headquarters– Songdo, Incheon, Republic of Korea

UAE Becomes 1st Arab Country to Get Observer Status at Asia/Pacific Group on Money
Laundering
The United Arab Emirates (UAE) has become the first Arab country to be granted observer status of the Asia-
Pacific Group on Money Laundering (APG), the largest Financial Action Task Force-style regional body (FSRB)
in the world. The decision was made at the APG’s 2023 Annual Meeting and Technical Assistance and Training
Forum held in Vancouver, British Columbia, Canada from 9-14 July 2023.
The meeting was attended by a UAE delegation led by Hamid Al Zaabi, Director-General of the Executive Office
of Anti-Money Laundering and Counter-Terrorism Financing (EO AML/CTF).
About APG plenary Meeting:
The meeting was co-chaired by Associate Assistant Deputy Minister of Finance Julien Brazeau of Canada’s
Department of Finance and Deputy Commissioner Ian McCartney of the Australian Federal Police.
Key Outcomes of the meeting:
1. During the meeting, Tuvalu was admitted as the newest APG member. With this, APG now has 41
active members.

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 2. During the meeting, along with UAE, Kazakhstan was also admitted as the APG observers. With the
UAE and Kazakhstan, APG now has 9 observer jurisdictions.
Key points:
i. The UAE was named to the Financial Action Task Force list in 2022. The list denotes countries that are
working to address “strategic deficiencies” with regard to money laundering and illicit financing, which the UAE
has displayed via its participation in Middle East and North Africa Financial Action Task Force (MENAFATF).
ii. The APG’s 2023 Annual Meeting and Technical Assistance and Training Forum was also attended by some
major organisations like International Monetary Fund, World Bank, The Asian Development Bank etc.,
About Asia-Pacific Group on Money Laundering(APG):
Founded in– 1997
Executive Secretary– Dr Gordon Hook
Members– 41 active members
Headquarters– Sydney, Australia

BANKING & FINANCE

SEBI Expands Scope of ESG Investing, Allows Six New Strategies for Mutual Funds
On 20 July 2023, the Securities and Exchange Board of India(SEBI), the regulator of the securities market,
through a circular allowed Asset Management Companies(AMC) to introduce six new strategies under the
Environmental, Social and Governance (ESG) category.

• Currently, mutual funds are restricted to offer only one scheme with ESG investing under the
thematic category for equity schemes.
• The six sub-categories to the ESG theme, namely exclusion, integration, best-in-class and positive
screening, impact investing, sustainable objectives, and transition-related investments.
• The move aims to accommodate the growing demand for green financing.
Six new strategies:
i.‘Exclude’ securities based on specific ESG-related activities, business practices, or segments, with
characteristics like adverse impact, controversy, or faith-based criteria.
ii.‘Integration‘ themed funds consider ESG-related factors alongside traditional financial factors when making

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investment decisions.
iii.‘Best-in-class & Positive Screening’ strategy aims to invest in companies outperforming peers on ESG-
related performance metrics.
iv.‘Impact‘ investing seeks a positive, measurable social or environmental impact alongside a financial return,
with fund managers detailing the methodology used and monitoring non-financial impacts.
v.‘Sustainable‘ objective funds invest in sectors, industries, or companies expected to benefit from long-term
macro or structural ESG-related trends.
vi.‘Transition or Transition Related’ schemes focus on companies supporting environmental transition and
just transition.
Mutual funds will be required to clearly disclose the name of the ESG strategy in the name of the respective ESG
fund or scheme.
Criteria:
SEBI introduced a more comprehensive framework for ESG rating called ‘BRSR Core’ (Business Responsibility
and Sustainability Reporting Core) to establish the basic criteria and metrics that companies need to disclose
and comply with to receive an ESG rating.
• SEBI has issued a mandate for ESG schemes, requiring them to invest a minimum of 65% of their
Assets Under Management (AUM) in listed entities(against present 80%) that provide assurance on
the BRSR (Business Responsibility and Sustainability Reporting) Core. The remaining AUM of the
scheme can be invested in companies with BRSR disclosures. This requirement will come into effect
from October 1, 2024.
• If there is a change in Environmental, Social, and Governance Rating Provider(ERP), the reason for
such a change must be disclosed in the next monthly portfolio statements of ESG schemes.
Note: BRSR or Business Responsibility and Sustainability Report requires listed companies in India to disclose
information under the nine principles of the National Guidelines on Responsible Business Conduct.

India voluntarily contributes USD 1 million to UN for promoting use of Hindi language in the
UN
India contributed USD 1 million as part of a voluntary contribution to the United Nations (UN)
towards expansion of usage of the Hindi language in the UN and to encourage inclusive dialogue and
understanding.
• Ruchira Kamboj, Permanent Representative of India to the UN handed over a cheque of USD 1
million to Ms. Melissa Fleming, Under Secretary General of the UN Department of Global
Communications.
• Hindi@UN project, in collaboration with the UN Department of Public Information of the UN, was
launched in 2018, with the goal of increasing the public outreach of the UN in the Hindi language,
and spreading greater awareness about global issues among millions of Hindi-speaking people
around the world.
• The Hindi UN News website remains in the top ten in internet search engines with 1.3 million
annual impressions.

ECONOMY & BUSINESS

REC inks MoU with Avaada Group to invest Rs 20,000 crore over 5 Years
On July 20, 2023, Avaada Group signed a Memorandum of Understanding (MoU) with REC Limited (formerly
Rural Electrification Corporation Limited) under which the latter will invest Rs 20,000 crore in Avaada Group
over the next five years.
• This MoU was inked on the sidelines of the 4th meeting of the G20(Group of 20) Energy Transition
Working Group (ETWG) in Goa.

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About MoU:
i.Avaada will utilize this investment in leading innovative renewable energy projects across India which include
green hydrogen and its derivatives, solar photovoltaic (PV) manufacturing, and an assortment of solar, wind,
and hybrid projects.
ii.The MoU also aligns with the vision of ‘Atmanirbhar Bharat’ and the Green Hydrogen Mission, to drive India’s
energy transition growth.
Key points:
i.REC has provided support to Avaada, either directly or via the KfW Development Bank and World Bank line to
transform India’s renewable energy landscape, and establishing Avaada as a significant player in the global
effort to combat climate change.
ii.Recently, Avaada completed a funding round of $1.3 billion, inclusive of a $1 billion investment from the
Canadian asset management fund, Brookfield.
• This funding is aimed at boosting its green hydrogen and derivative business, with an additional
contribution of $300 million from Thailand’s GPSC, part of the PTT Group.
About REC Limited (formerly Rural Electrification Corporation Limited):
REC limited is a Navratna company under the administrative control of the Ministry of Power.
Chairman and Managing Director– Vivek Kumar Dewangan
Establishment– 1969
Headquarters– Gurugram, Haryana

AWARDS & RECOGNITIONS

Ministry of Coal won “Best Engagement” Award for Procurement through GeM Portal
Ministry of Commerce and Industry awarded the Ministry of coal under the “Best Engagement” category for its
achievements on e- procurement through Government e Marketplace (GeM).

The Ministry has consistently performed well on the GeM portal for 2 consecutive financial years.
Key Points:
i. During the financial year 2023-24, the Coal Public Sector Undertakings (PSUs) have showed a steady

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confidence in GeM by publishing bids worth Rs. 21,500
crore.
ii. This participation shows the Ministry of Coal’s
commitment to promoting a digital-first approach and its
proactive role in leading the adoption of advanced
technologies for the benefit of all stakeholders.
iii. During the period 10th to 16th July 2023, high value
tenders worth Rs.5,372.60 crore have been published on
GeM portal.
iv. As on 17th July 2023, this financial year stands at Rs
3,909 crore by the actual procurement facilitated through
GeM.
v. Within a span of 100 days in current financial year
(2023-24), the Ministry of Coal has surpassed 2022’s
target of Rs. 4000 crore. Currently it is Rs. 3909 crore.
Other Awards:
1. Coal India Limited (CIL) has been awarded
“Rising Star” by GeM.
2. NLC India Limited (Formerly Neyveli Lignite Corporation Limited) has been awarded in the
“TimelyPayments (Central Public Sector Enterprises CPSEs)” category through GeM.

APPOINTMENTS & RESIGNATIONS

Nivruti Rai Appointed as MD & CEO of Invest India
On 12th July 2023, Former Intel India country head Nivruti Rai has been appointed as the Managing
Director(MD) & Chief Executive Officer (CEO) of Invest India, succeeding Manmeet K Nanda, Joint Secretary,
Department for Promotion of Industry and Internal Trade (DPIIT), who had been serving as additional charge
of MD & CEO ad-interim in March 2023.

About Nivruti Rai:

i.Born in Uttar Pradesh in November 1969, Nivruti Rai is the recipient of the prestigious Nari Shakti Puraskar in
2022 for her remarkable contributions to the field of technology by President Ramnath Kovind.
ii.Previously she served at Intel for 29 years as a global business and technology leader and led Intel India as
Country Head for the past seven years.
About Invest India:
i.Invest India is an investment promotion agency, whose aim is to facilitate investors looking to invest in India.
It is headquartered in New Delhi, Delhi.
ii.It was set up in 2009 as a non-profit venture under DPIIT, Ministry of Commerce and Industries.
iii.It also plays a role in executing the government’s flagship initiatives including Make in India, Startup India,
and National Single Window System.

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Rajay Kumar Sinha appointed as MD & CEO of SBI Capital Markets Limited
Rajay Kumar Sinha, has been appointed as the Managing Director (MD) & Chief Executive Officer (CEO) of SBI
Capital Markets Limited (SBICAPS), one of the oldest investment banks in India, effective from July 14, 2023.
• Rajay Kumar Sinha succeeded Amitava Chatterjee, who moved to SBI Corporate Centre as Deputy
Managing Director, in charge of Commercial Clients Group.
About Rajay Kumar Sinha:
i. Rajay Kumar Sinha joined SBI as Probationary Officer (PO) in 1991.
ii. He is Deputy Managing Director at SBI, Corporate Centre, Mumbai, Maharashtra.
iii. Prior to this appointment, Rajay Kumar Sinha held the position of overseeing Treasury operations of SBI,
managing the bank’s investment portfolio, money market, equity, private equity, and forex operations.
About SBI Capital Markets Limited (SBICAPS):
SBICAPS, a wholly owned subsidiary and investment banking arm of State Bank of India (SBI).
It is registered with Securities and Exchange Board of India (SEBI) as a category I Merchant Banker and a
Research Analyst.
Incorporated in– 1986
MD&CEO– Rajay Kumar Sinha
Non-Executive Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra

Sat Pal Bhanoo appointed as MD of LIC; succeeds Siddhartha Mohanty

Sat Pal Bhanoo has been appointed as the Managing Director (MD) of Life Insurance Corporation of India (LIC)
with effect from the date of assumption of charge of office and up to the date of his superannuation on 31st
December 2025 or until further orders, whichever is earlier.
• He succeeds Siddhartha Mohanty, who was appointed as the Chairman of LIC in April 2023.
• Sat Pal Bhanoo is currently serving as the Additional Zonal Manager (In-Charge), LIC’s zonal office in
Bhopal, Madhya Pradesh(MP).
• Now, LIC has 4 MDs: Sat Pal Bhanoo, Mini Ipe; M Jagannath and Tablesh Pandey.
• In June 2023, MP Tangirala,Additional Secretary in the Department of Financial Services, Ministry of
Finance, was appointed as Government Director of LIC replacing Suchindra Misra.
Note:
• LIC has decided to phase out the chairman post to align with other publicly traded corporations.
• Siddhartha Mohanty will serve as the chairman of LIC till June 2024 and after that he will take
charge as the first CEO of LIC for the term from June 2024 to June 2025.
• The 4 MD’s of LIC will be reporting to the CEO.

SPORTS
Indian GM Praggnanandhaa Becomes Champion at Super GM chess tournament in Hungary
On 19th July 2023, Young Indian Grandmaster (GM) R Praggnanandhaa (17) became champion at the V Geza
Hetenyi Memorial Super Grandmaster Chess Tournament 2023 in Budapest, Hungary.
• In the final round, he secured a draw against Polish GM Radoslaw Wojtaszek with the white pieces.
Note: The inaugural edition of V Géza Hetényi Tournament was organized by GM FT Attila Czebe in Budapest,
Hungary from 11th to 18th July 2023.
The opponents:
Praggnanandhaa posted 5 wins, drew 3 games and had 1 defeat in the fifth round at the hands of Amin
Tabatabaei.

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i.Praggnanandhaa scored wins over Sanan Sjugirov(Russia), Parham Maghsoodloo (Iran), Adam Kozak
(Hungary) and Peter Prohaszka (Hungary).
ii.He drew his last three games, against Pavel Eljanov (Ukraine), Maxim Matlakov (Russia) and Radosław
Wojtaszek (Polish).
Note: Praggnanandhaa’s live rating is now 2707.3, making him currently the world no.31.
Prize:
The inaugural edition of this Super GM Round-Robin tournament has a total prize fund of €10700. The top
three prizes are €5000, €2500 and €1500 each respectively.

STATE NEWS
UP Govt Launched Portal to Process E-Vehicle Subsidy
On 19th July 2023, the Government of Uttar Pradesh(UP) launched an Electric Vehicle (E-vehicle or EV) subsidy
portal (https://upevsubsidy.in/) to enable citizens to apply online for subsidy available on the purchase of EVs
in UP. As per the UP government policy, buyers can apply online for EV subsidies for vehicles bought after
October 14, 2022.
• The development and maintenance of the portal have been assigned to UPDESCO (Uttar Pradesh
Development Systems Corporation Ltd)
• Under the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy, 2022, permission has
been granted for the implementation of the Purchase Subsidy Promotion Scheme with conditions.
The scheme is effective from October 14, 2022 to October 13, 2023.
• On purchase of any single vehicle across vehicle segments, subsidy on EVs will be payable to
individual beneficiaries (buyers) and purchase subsidy will also be payable to aggregators or fleet
operators (buyers), so that a unit can avail subsidy for a maximum of 10 vehicles across vehicle
segments.
• The subsidy amount will be 50% of the total subsidy for buyers purchasing EVs without batteries.
• For 2-wheeler EVs, the subsidy will be Rs 5,000/ vehicle for the first two lakh purchases, not
exceeding 15% of the ex-factory cost. For 4-wheeler EVS, the subsidy will be Rs 1 lakh/ vehicle for
the first 25,000 purchases, not exceeding 15% of the ex-factory cost.

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