6 month CA

.
Important Monthly Current Affairs Capsule – April 2024
Click Here For Bundle PDF Course Click Here to Subscribe Our Yearly Mock Test Package
If there are any suggestions/ errors in this PDF contact us via this email: support@guidely.in 1
.
S. No Topics Page No
1. IMPORTANT DAYS 03
2. BANKING AND ECONOMY 08
3. NATIONAL NEWS 77
4. INTERNATIONAL NEWS 99
5. STATE NEWS 103
6. BUSINESS NEWS 105
7. AWARDS AND HONOURS 118
8. APPOINTMENTS & RESIGNATIONS 123
9. MOUS AND AGREEMENT 152
10. RANKING AND INDEXES 163
11. DEFENCE NEWS 170
12. SCIENCE & TECHNOLOGY 181
13. ACQUISITIONS & MERGERS 188
14. SPORTS NEWS 190
15. BOOKS AND AUTHORS 201
16. OBITUARIES 201
.
IMPORTANT DAYS
World Autism Awareness Day 2024: April 2
• World Autism Awareness Day is celebrated annually on April 2nd.
• This day marks the 17th anniversary since its inception, which was recognized by the United
Nations to promote awareness and advocacy for the rights of people with autism.
• Autism, also known as autism spectrum disorder (ASD), is a developmental disorder that causes
difficulties in social communication and interaction. People on the autism spectrum experience the
world differently, which can affect how they communicate, behave, learn, and process sensory
information.
• Since the first observation of World Autism Awareness Day in 2008, various events and activities
have been marked worldwide.
International Day for Mine Awareness 2024: April 4

• International Day for Mine Awareness 2024 is observed all over the world on April 4th, 2024.
• The theme for International Day for Mine Awareness & Assistance in Mine Action 2024 is
'Protecting Lives, Building Peace.'
• The history of International Mine Awareness Day can be traced back to 1980 when the
International Committee of the Red Cross (ICRC) first proposed the idea of a day to raise
awareness about the dangers of landmines.
• The ICRC's proposal was endorsed by the United Nations General Assembly in 1982, and the first
International Mine Awareness Day was held on 4 April 1983.
National Maritime Day 2024: April 5
• Every year, National Maritime Day in India is celebrated on the 5th of April.
• It is a day celebrated to show gratitude to the men who spent many months in the sea, carrying out
the bulk of India’s trade and commerce at a global level.
• The 2024 World Maritime Day theme is "Navigating the future: safety first!"
• In 1964, on April 5, the first National Maritime Day was observed.
World Health Day 2024: April 7

• World Health Day 2024 is observed worldwide on 7th April.
• The theme for World Health Day 2024 is 'My health, my right’.
• On April 7, 1948 the constitution of the World Health Organisation came into being.
• The World Health Assembly (WHA) was formed to oversee the work for the WHO.
.
Ugadi 2024: Telugu New Year- April 9

• Ugadi or Yugadi is grandly celebrated as the first day of the year by the people of Telangana,
Andhra Pradesh, and Karnataka.
• Ugadi, also known as Telugu New Year, is celebrated on the first day of Chaitra.
• It is an important day in most Hindu calendars that are based on lunisolar calendars, and it is
also known as Vikram Samvat and Bhartiya Nava Varsha.
World Homeopathy Day 2024: April 10, 2024
• World Homeopathy Day 2024 is celebrated on the 10th of April every year.
• The day is celebrated to spread knowledge of homeopathy medicine in public health.
• The World Homeopathy Day tribute to the father and founder of the Homeopathy system in
medicine Dr.Christian Samuel Hahnemann.
• The day is observed on the occasion of the birth anniversary of German physician Dr Christian
Friedrich Samuel Hahnemann, the founder of homoeopathy.
• Born in Paris on April 10, 1755, Hahnemann was an acclaimed scientist, great scholar, and
linguist.
National Pet Day 2024: April 11

• Every year April 11th is celebrated as National Pet Day.
• It is a day to celebrate the joy that pets bring into our lives and to raise awareness about the
importance of animal welfare.
• The day was first launched in 2006 by Colleen Paige, an animal welfare campaigner.
National Safe Motherhood Day 2024: April 11

• Every year on April 11 India celebrates National Safe Motherhood Day.
• National Safe Motherhood Day (NSMD) is observed on the birth anniversary of Kasturba Gandhi.
• The National Safe Motherhood Day was first proposed by (WRAI) White Ribbon Alliance.
• In 2003, the Government of India declared 11 April as National Safe Motherhood Day, upon the
request of WRAI.
Jallianwala Bagh Massacre 2024: April 13

• Every year April 13th is observed as Jallianwala Bagh Massacre.
.
• Jallianwalla also called as Massacre of Amritsar incident on April 13, 1919, in which British troops
fired on a large crowd of unarmed Indians in an open space known as the Jallianwala Bagh
Massacre in the Punjab region of India.
• Jallianwala Bagh is a historic garden and memorial of national importance close to the Golden
Temple complex in Amritsar, Punjab, India, preserved in the memory of those wounded and killed
in the Jallianwala Bagh Massacre that took place on the site on the festival of Baisakhi Day, 13
April 1919.
World Haemophilia Day 2024: April 17

● World Haemophilia Day is celebrated on April 17th every year.
● This day is recognized worldwide to increase awareness of haemophilia and other inherited
bleeding disorders.
● The World Federation of Haemophilia established World Haemophilia Day in 1989.
● The date of April 17 was chosen to commemorate the birthday of the World Federation of
Haemophilia's founder, Frank Schnabel.
World Heritage Day 2024: April 18
● Every year, April 18th is celebrated as World Heritage Day or International Day for monuments
and sites.
● The International Council on Monuments and Sites 1982 suggested that April 18 should be
celebrated as World Heritage Day.
● The United Nations Educational, Scientific and Cultural Organization in its 22nd general
conference in 1983 approved the date.
National Civil Service Day 2024: April 21
● Every year April 21st is celebrated as National Civil Service Day.
● The National Civil Service Day is known as the spine of the administration of the country.
● After India became independent, the first batch of civil servants of the country was addressed by
Sardar Vallabh Bhai Patel.
● In 1947, Sardar Vallabh Bhai Patel announced that National Civil Service Day would be observed
every year to honour the contributions of the civil servants for the country.
● In Vigyan Bhavan, on April 21, 2006. The first National Civil Services Day was observed.
World Earth Day 2024: April 22
● The annual event of World Earth Day falls on April 22.
.
● The theme for World Earth Day 2024 is Planet vs Plastics.

● The origin of Earth Day can be traced back to 1970.
● The idea behind the event originated from Gaylord Nelson, a US senator, and Denis Hayes, a
Harvard student.
● In 1995 Nelson the man behind the Earth Day movement was awarded the Presidential Medal of
Freedom.
World Book and Copyright Day 2024: April 23
● Every year World Book and Copyright Day is celebrated on April 23 and it is also known as World
Book Day.
● The day is celebrated by the United Nations, Educational, Scientific, and Cultural Organizations, and
other related organisations across the world to honour authors, and books, and to promote the art of
reading etc.
● In 1995, this date was finalised by the United Nations, Educational, Scientific and Cultural
Organizations general conference, held in pairs, to pay tribute to and honour authors and books
worldwide.
● The idea to celebrate a day of books came originally from the Catalan Day of Books called Dia del
Llibere.
● Dia del Llibere is celebrated in Catalonia every year on April 23.
English Language Day 2024: April 23

● Every year April 23rd is celebrated as UN English Language Day.
● The day was chosen because it is considered William Shakespeare's birthday and the anniversary of
his death.
● The English Language Day is celebrated as a mark of respect and to celebrate the life and work of
English poet and writer William Shakespeare.
● He was born on 23rd April 1564 and died on 23rd April 1616.
NRL celebrated the 32nd Foundation Day
● Numaligarh Refinery Limited celebrated its 23rd Foundation Day on April 22.
● It was on this day that the company was established in 1993 in fulfilment of the commitment made in
the historic Assam Accord of 1985.
● NRL Day was celebrated with enthusiasm in all company locations where employees got together to
observe this special day.
.
National Panchayati Raj Day 2024: April 24

● In India, 24th April is designated as National Panchayati Raj Day.
● The day is held to remember the passing of the 73rd Amendment to the Constitution on June 17,
1992, and on April 24, 1993, the law went into force.
● In the early 1950s, the first National Development Council recommended the formation of a
democratic system of governance at the grassroots level.
World Malaria Day 2024: April 25
● World Malaria Day is observed on April 25 all over the world.
● World Malaria Day will reinforce the Global Fund Investment (GFI) using the themes of advancing
quality, building resilience, and ending malaria.
● World Malaria Day was established in May 2007 during the 60th session of the World Health
Assembly, which is the decision-making body of the WHO.
● Before the creation of World Malaria Day, Africa Malaria Day was observed on April 25 starting in
2001, after the signing of the Abuja Declaration by 44 malaria-endemic countries at the African
Summit on Malaria.
World Intellectual Property Day 2024: April 26

● Every year April 26 is celebrated as World Intellectual Property Day to learn about the role that
intellectual property rights play in encouraging innovation and creativity.
● Theme: “IP and the SDGs: Building Our Common Future with Innovation and Creativity.”
● In 1883, the Paris Convention for the Protection of Industrial Property was signed which further
established protection for intellectual properties.
● This was aimed to protect inventions, trademarks, and industrial designs.
● In 1970, the Convention establishing the World Intellectual Property Organization came to be known
as WIPO.
World Day for Safety and Health at Work 2024: April 28
● Every year, April 28th is celebrated as World Day for Safety and Health at Work all over the world.
● World Day for Safety and Health at Work Day is observed to promote the prevention of occupational
accidents and diseases globally.
● On April 29, 1971, the International Labour Organisation adopted the Occupational Safety and
Health Convention.
● In 2003, the International Labour Organisation announced that April 28 will be observed as World
.
Day for Safety and Health at Work.
International Dance Day 2024: April 29

● Every year April 29th is celebrated as International Dance Day also known as World Dance Day.
● International Dance Day or World Dance Day celebration for those who can see the value and
importance of dance.
● It was established by the Dance Committee of the International Theatre Institute (ITI), UNESCO's
main partner for the performing arts.
● The date was chosen to commemorate the birthday of Jean-Georges Noverre, a French dancer and
ballet master often credited as the creator of modern ballet.
● The first International Day of Dance was celebrated in 1982.
Ayushman Bharat Diwas 2024: April 30
● In India, Ayushman Bharat Diwas is observed on April 30.
● The Ayushman Bharat Diwas is observed to uplift the ideals of the Ayushman Bharat Yojana.
● The scheme of the Ayushman Bharat Diwas reflects the fulfilment of the objectives of the Indian
government that align with the Sustainable Development Goals under the United Nations.
● The scheme was announced by Prime Minister Narendra Modi in 2018.

● It has two main pillars:
● Ayushman Bharat Health and Wellness Centres (AB-HWCs): These centres aim to bring primary
healthcare services closer to people's homes, offering preventive, promotive, and curative care.
● Pradhan Mantri Jan Arogya Yojana (PM-JAY): This is a health insurance scheme that provides
cashless and affordable medical cover of up to Rs. 5 lakh per year to economically disadvantaged
families.
BANKING AND ECONOMY

Reserve Bank of India Delays Implementation of Rules on Exchange-Traded Forex Derivatives to May
3rd, 2024
• The Reserve Bank of India (RBI) has postponed the implementation of norms on exchange-traded
currency derivatives (ETCDs) linked to the Indian rupee until May 3, 2024, in response to investor
concerns.
• The norms were scheduled to take effect starting from April 05, 2024.
.
• Requirement for Underlying Exposure: Rupee-denominated currency contracts traded on the

National Stock Exchange (NSE) and the BSE now require underlying exposure.
• Though traders are not required to provide evidence of underlying exposure for positions up to
$100 million, they must confirm the existence of such exposure.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
Zimbabwe Introduces New Gold-Backed Currency: ZiG
• Zimbabwe has launched a new gold-backed currency called ZiG, short for "Zimbabwe Gold", to
stabilize its economy.
• This introduction marks the latest attempt by Zimbabwe to bring stability to its economy, which has
faced significant challenges over the past 25 years.
• Market-Determined Exchange Rate : The central bank governor, John Mushayavanhu, announced
that the ZiG would be structured and set at a market-determined exchange rate, aiming to bring
transparency to currency valuation.
About Zimbabwe :
• President : Emmerson Mnangagwa
• Capital : Harare
Reserve Bank of India Permits Small Finance Banks to Utilize Approved Rupee Interest Derivative
Products
• The Reserve Bank of India (RBI) has announced its decision to permit Small Finance Banks
(SFBs) to utilize permissible rupee interest derivative products.
• As per the current establishment, the SFBs are permitted to use only Interest Rate Futures (IRFs)
for proprietary hedging.
• An interest rate derivative is a financial instrument with a value that is linked to the movements of
an interest rate or rates.
• These may include futures, options, or swaps contracts.
Reserve Bank of India Introduces Cash Deposit Facility through Unified Payments Interface
.
• The Reserve Bank of India (RBI) has proposed allowing cash deposit facility at Cash Deposit
Machines (CDMs) through Unified Payments Interface (UPI), which is currently accessible only
through the use of debit cards.
• This announcement came during the unveiling of the first monetary policy statement for the fiscal
year 2024-25.
• Reason for the Initiative: This initiative is driven by the widespread popularity and acceptance of
UPI, along with the observed benefits from the availability of UPI for card-less cash withdrawal at
automatic teller machines (ATMs).
Small Industries Development Bank of India Collaborates with Fintech Onion Life Private Limited for
Pilot Project Offering Micro Loans to Gig Workers Using KarmaLife Platform
• Small Industries Development Bank of India (SIDBI) has agreed with a fintech Onion Life Private
Limited to use the latter’s technology platform KarmaLife for a pilot to provide micro loans to gig
workers.
• This is expected to support the gig workers’ financial inclusion to formal institutional credit.
• KarmaLife will help gig workers access micro-loans through a mobile app and eliminate the hassle
of extensive paperwork or physical documentation.
About SIDBI :
• Headquarters : Lucknow, Uttar Pradesh, India
• Chairman & MD : Sivasubramanian Ramann
• The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and
medium enterprise finance companies in India.
• It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
Reserve Bank of India Permits Foreign Investors in International Financial Services Centre to Access
Sovereign Green Bonds
• The Reserve Bank of India (RBI) has decided to allow eligible foreign investors in the International
Financial Services Centre (IFSC) to invest in Sovereign Green Bonds (SGrBs), aiming to broaden
non-resident participation in these bonds.
.
• Presently, foreign portfolio investors (FPIs) registered with the Securities and Exchange Board of
India (SEBI) are permitted to invest in SGrBs through various routes available for investment in
government securities.
• Separate Scheme Notification: A separate scheme for investment and trading in SGrBs by eligible
foreign investors in IFSC will be notified in consultation with the Government and the IFSC
Authority.
Reserve Bank of India Permits Third-Party Apps for Unified Payments Interface Payments via Prepaid
Payment Instruments Wallets
• The Reserve Bank of India (RBI) has proposed allowing the linking of Prepaid Payment
Instruments (PPIs) through third-party Unified Payments Interface (UPI) applications, enhancing
flexibility for Prepaid Payment Instruments (PPI) wallet holders to make UPI payments.
• Current UPI Payment System:At present, UPI payments from bank accounts can be made only by
linking a bank account through the UPI application of the bank or using any third-party UPI
application.
Reserve Bank of India to Enhance Liquidity Coverage Ratio Framework for Improved Liquidity Risk
Management by Banks
• The Reserve Bank of India (RBI) is planning to make certain modifications to the Liquidity
Coverage Ratio (LCR) framework to facilitate better management of liquidity risk by banks.
• Objective of LCR Framework: Banks covered under the LCR framework are mandated to maintain
a reserve of high-quality liquid assets (HQLA) to cover their net outflows for a period of 30 days
under stressed conditions.
• LCR Requirement: Since January 1, 2019, banks are required to maintain an LCR of 100%,
ensuring they have sufficient liquid assets to meet their obligations.
Reserve Bank of India to Introduce Central Bank Digital Currency-Retail Accessible to Non-Bank
Payment Operators
• The Reserve Bank of India (RBI) has proposed allowing non-bank payment system operators
(PSOs) to offer CBDC (Central Bank Digital Currency) wallets in order to make CBDC-R (Retail)
more accessible to a broader segment of users.
.
• Enhanced Access and Choices: This is expected to enhance access and expand choices available
to users apart from testing the resiliency of the CBDC platform to handle multi-channel
transactions.
• Additional Functionalities Proposed : During the (Monetary Policy Committee) MPC meeting in
February 2024, RBI had proposed to enable additional functionalities of programmability and offline
capability in CBDC retail payments.
Reserve Bank of India Developing Mobile App for Retail Direct Portal to Enhance Retail Investors'
Access to Government Securities Market
• The Reserve Bank of India (RBI) announced that a mobile application of the Retail Direct portal is
being developed to improve further ease of access by retail investors to the government securities
market.
• The app will enable investors to buy and sell instruments/government securities (Government
Dated Securities, State Development Loans, Treasury Bills and Sovereign Gold Bonds,) on the go,
at their convenience.
• RBI Retail Direct Scheme, launched in November 2021, gives access to individual investors to
maintain gilt accounts with RBI and invest in government securities.
Reserve Bank of India Slaps Monetary Penalty on IDFC First Bank and LIC Housing Finance
• The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on IDFC First
Bank Limited for non-compliance with certain directions issued by the central bank on ‘Loans and
Advances – Statutory and Other Restrictions’.
• This penalty has been imposed in the exercise of powers vested in RBI conferred under the
provisions of section 47 of the Banking Regulation Act, 1949.
• In Another regulatory action, RBI imposed a monetary penalty of Rs 49.70 lakh on LIC Housing
Finance Limited for non-compliance with certain provisions of Fair Practices Code.
• This penalty has been imposed in exercise of powers vested in RBI conferred under section 52A of
the National Housing Bank Act, 1987.
About IDFC FIRST Bank :
• Founded : October 2015
• Headquarters : Mumbai, Maharashtra
• CEO: V. Vaidyanathan
.
• IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of
Infrastructure Development Finance Company and Capital First, an Indian non-bank financial
institution.
About LIC Housing Finance Ltd :
• Founded : 19 June 1989
• MD & CEO : Tribhuwan Adhikary
• LIC HFL is a subsidiary company of LIC.
Income Tax Department Issues Demands of Rs. 770 Crores to Indian Overseas Bank, Tamilnad
Mercantile Bank and Karur Vysya Bank
• The Income Tax (I-T) Department has slapped Tamilnad Mercantile Bank (TMB), Karur Vysya
Bank (KVB) and Indian Overseas Bank (IOB) with demand notices for ₹770 crores for the
assessment year 2022-23 on account of certain additions and disallowances.
• Indian Overseas Bank (IOB) received a demand notice of ₹620 crore due to certain additions and
disallowances, discovered on March 28, 2024.
• IOB is preparing to file an appeal before the Commissioner of Income Tax (Appeals), National
Faceless Appeal Centre (NFAC), within the stipulated time frame.
• There is a demand of ₹110 crore on IOB for certain additions and disallowances, with this
information received on March 30, 2024.
• Karur Vysya Bank (KVB) received a demand notice for ₹40 crore.
About the Income Tax Department :
• Headquarters : New Delhi, Delhi, India
• Chairman of Central Board of Direct Taxes : Nitin Gupta
• The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a
government agency undertaking direct tax collection of the government of India.
• It functions under the Department of Revenue of the Ministry of Finance.
• It is headed by the apex body Central Board of Direct Taxes (CBDT).
• The main responsibility of the Income Tax Department is to enforce various direct tax laws, most
important among these being the Income-tax Act, 1961, to collect revenue for the government of
India.
.
About TMB :
• Founded : 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in
November 1962
• Headquarters : Thoothukudi, Tamil Nadu, India
• Tagline : Be a step ahead of Life
About IOB :
• Founded : 10 February 1937
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Ajay Kumar Srivastava
• Tagline : Good people to grow with
About KVB :
• Founded : 1916
• Headquarters : Karur, Tamil Nadu
• MD & CEO : B. Ramesh Babu
• Tagline : Smart Way to Bank
36.91 Million New Demat Accounts Opened in Fiscal Year 2024

• Nearly 3.7 crore (36.91 million ) demat accounts were added in the fiscal year 2024, marking the
largest increase ever, averaging over 30 lakh accounts a month, driven by a rally in the market.
• The number of Demat accounts opened with two depositories the Central Depository Services
(CDSL) and the National Securities Depository (NSDL) jumped 11.9% year-on-year, to 15.14 crore
from 11.45 crore.
• At the same time, the benchmark Sensex and Nifty50 jumped 24.85 percent and 28.61% in FY24,
while the broader BSE Midcap and Smallcap indices jumped 63.4% and 60%.
• The number of Rs 1-trillion market capitalization stocks increased to 80 from 48 in the previous
fiscal year.
Canara Bank Introduces Range of New Products and Services to Improve Customer Experience and
Banking Efficiency
• Canara Bank, a Public Sector Bank has unveiled a series of new products and services aimed at
enhancing customer experience and streamlining banking operations.
.
• The bank is launching a healthcare-focused loan product Canara Heal, to meet the shortfall of
hospitalization expenditure while settling through Third Party Administrator (TPA) healthcare
insurance claims of self and/or dependents.
• A customized savings account for women -Canara Angel , with features like Cancer Care policy,
pre-approved personal loan Canara ReadyCash and online loan against term deposit product
Canara MyMoney.
About Canara Bank :
• Established : 1906
• Headquarters : Bengaluru, Karnataka, India
• MD & CEO : K. Satyanarayana Raju
• Tagline : Together We Can
State Bank of India and Standard Chartered Engage in Credit Default Swap Trade Under New Reserve
Bank of India Norms
• The Credit Default Swap (CDS) trade between the State Bank of India (SBI) and Standard
Chartered Bank India is significant as it marks the first transaction of its kind following the issuance
of fresh guidelines by the Reserve Bank of India (RBI) regarding CDS instruments.
• The CDS trade was valued at ₹25 crore, indicating a substantial financial commitment from both
parties involved.
• The trade involved a 1-year rupee CDS featuring REC.
• Credit default swaps are derivative instruments that provide a form of insurance against the risk of
default of the issuer of a bond.
About SBI :
• Founded : 1 July 1955
• Chairman : Dinesh Kumar Khara
SEBI Introduces SCORES 2.0 to Improve Investor Complaint Resolution System
• The Capital markets regulator Securities and Exchange Board of India (SEBI) launched the new
version of the SEBI Complaint Redress System (SCORES 2.0).
.
• The new version of SCORES strengthens the investor complaint redress mechanism in the
securities market by making the process more efficient through auto-routing, auto-escalation,
monitoring by the designated bodies and reduction of timelines.
• Features of SCORES : SCORES is an online system where investors in the securities market can
lodge their complaints through web URL and an app.
• It was launched in June 2011.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
1992 through the SEBI Act, 1992
• Chairman : Madhabi Puri Buch (the first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of
the Ministry of Finance (MoF), GoI.
PhonePe Users Gain Ability to Utilise UPI for Payments in Singapore
• PhonePe, a fintech firm, has collaborated with The Singapore Tourism Board (STB) to enable its
users to make payments through the Unified Payments Interface (UPI) in Singapore.
• The collaboration aims to enhance the payment experience for Indian visitors in Singapore by
leveraging UPI technology.
• Cross-border Transactions:The partnership builds upon the existing UPI linkage between India and
Singapore, enabling customers to make instant cross-border transactions directly from their
existing Indian bank accounts.
About Phonepe :
• Founded : 2015
• Headquarters : Bangalore, Karnataka
• Founder & CEO : Sameer Nigam
Banks' Tier-1 Capital Raise Drops by nearly 50% to Rs 17,516 Crore in 2023-24
• With a strong capital adequacy base and higher interest rates, the activity of raising debt capital --
tier I and tier II bonds by banks declined sharply in Financial Year 2023-24.
• Banks raised about Rs 17, 516 crore through the additional tier I (AT1) bonds in Fy24, which was
49.8% less than the amount raised in Fy23.
.
• State Bank of India (SBI) raised Rs 8,101 crore through AT1 bonds in FY24.
• Other significant issuers of AT1 bonds included two public sector lenders, Punjab National Bank
(PNB) and Canara Bank.
Banks Expected to Experience Slight Downturn in Credit Growth to Approximately 14-15% in Fiscal
Year 2025
• Credit rating agencies expect banks’ credit growth to slow a mite to about 14-15% in Fiscal Year
2025 (FY25) against the estimated 16% in FY24 amid elevated lending rates and global
headwinds.
• Factors Influencing Credit Growth:Elevated lending rates and global headwinds are cited as
factors contributing to the expected slowdown in credit growth.
• The moderation in economic growth is also expected to impact credit growth rates.
Foreign Portfolio Investors (FPIs) Witness Surge in Net Investments in Debt Market, Reaching $14.58
Billion in FY 2024
• Foreign Portfolio Investors' (FPI) net investments in the debt market surged to $14.58 billion in FY
2024, marking the highest net inflow in the past 6 years.
• The surge in investments was fueled by bullish investor sentiment following announcements to
include Indian government securities in global indices.
• Over 70% of the inflows occurred in the last 5 months of the fiscal year, particularly after JP
Morgan Chase's announcement in September to add Indian government bonds to its benchmark
Global Bond Index Emerging Markets Index.
Non-Banking Financial Company Loan Sanctions Decline by Approximately ₹19,000 Crore in Q3
• The Reserve Bank of India’s (RBI) measures to curb bank finances in some segments of Non-
Banking Financial Companies (NBFCs) appear to have slowed down growth for finance
companies.
• Loans sanctioned by NBFCs fell from Rs 4.47 lakh crore in Q2 FY23 to Rs 4.28 lakh crore in Q3
FY24 - a decline of 4.2% quarter-on-quarter. Compared to the year-ago period, loans fell 5.8%.
• The decline was primarily attributed to long-term loans, which fell by 40% or Rs 10,365 crore to Rs
15,500 crore.
AU Small Finance Bank Completes First-Ever Merger Among Small Finance Banks by Acquiring
Fincare Small Finance Bank
.
• AU Small Finance Bank (AU SFB) finalised the acquisition of Fincare Small Finance Bank on April
1, 2024, marking the first merger among small finance banks.
• The merger aims to strengthen AU SFB's pan-India retail banking franchise by leveraging
complementary geographic footprints, diverse customer segments, expanded product offerings
and enhanced digital capabilities.
• Leadership Changes:Rajeev Yadav, former MD and CEO of Fincare SFB, assumes the role of
Deputy CEO at AU SFB and will lead all key asset businesses previously under Fincare SFB.
About AU Small Finance Bank :
• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal
About Fincare Small Finance Bank :
• Headquarters : Bengaluru, Karnataka
• MD & CEO : Rajeev Yadav
Comprehensive Guidelines on Housing Finance: Master Circular

• The Master circular on Housing Finance is to consolidate the framework of rules/ regulations and
clarification on Housing Finance issued to banks by the Reserve Bank of India (RBI) from time to
time.
• Statutory Directive:A statutory directive issued by the Reserve Bank in the exercise of the powers
conferred by Sections 21 and 35 A of the Banking Regulation Act, 1949.
• Applicability:The circular applies to all Scheduled Commercial Banks, excluding Regional Rural
Banks.
Comprehensive Guidelines on Housing Finance for Urban Co-operative Banks: Master Circular
• The role of primary (urban) co-operative banks (UCBs) in providing housing finance has been
reviewed from time to time.
• These banks, with their vast network, occupy a very strategic position in the financial system and
have an important role to play in providing credit to the housing sector.
• Lending Flexibility:UCBs, based on their commercial judgment and other prudential business
considerations, with the approval of their Board of Directors, are free to identify the eligible
.
borrowers, decide margins and grant housing loans depending upon the repaying capacity of
borrowers.
• Loan Limits:Tier-1 UCBs can extend individual housing loans up to a maximum of ₹60 lakh per
borrower, while UCBs categorized in Tier-2 to Tier-4 can extend loans up to ₹140 lakh per
borrower, subject to prudential exposure limits.
RBI Fines 64 Lenders a Total of ₹74 Crores on Amid Increased Supervision in FY24
• The Reserve Bank of India (RBI) imposed a monetary penalty on 64 banks and Nonbank financial
companies (NBFCs) during the financial year, for a cumulative amount of ₹74.1 crore.
• In comparison, 41 lenders had been fined for a total amount of ₹33.1 crore in FY23.
• The data excludes cooperative banks and regional rural banks.
• Monetary penalties: Out of the penalties, 35 regulatory actions were imposed on banks, including
16 PSU banks, 13 private banks, 4 foreign banks, and one small finance bank and payments bank
each.
In FY24, Annual Unified Payment Interface Transactions surpassed 100 Billion Mark for the First Time
• The Unified Payment Interface (UPI) transactions in India posted a record 57% rise in volume and
44% rise in value in Financial Year 2023-24, compared to the previous financial year.
• In March 2024 too, the transactions saw a 55% rise in volume to 13.44 billion and 40% in value to
Rs 19.78 trillion compared to March 2023.
• This was the first time that UPI transactions crossed 100 billion and closed at 131 billion in a
financial year, compared to 84 billion in 2022-23.
• The year also saw a record value touching Rs 199.89 trillion, compared to Rs 139.1 trillion.
About UPI :
• Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single
mobile application.
• It is developed by the National Payments Corporation of India (NPCI).
• It was introduced in April 2016.
After 3-Year break, RBI Reintroduces Multiple Price Auctions for Government Bonds
.
• The Reserve Bank of India (RBI) has shifted its methodology for conducting auctions of
government securities under the market borrowing program of the Government of India from
uniform pricing to multiple price auctions.
• This change comes after nearly 3 years, indicating a departure from the previous uniform pricing
method.
• Reasons for Change: The decision to switch methodologies is influenced by expectations of robust
demand for government bonds due to various factors, such as inclusion in JP Morgan’s Emerging
Market Bond Index and expectations of rate cuts.
About RBI :
Reserve Bank of India's Liberalised Remittance Scheme Witness 27% Surge in Outward Remittances
from April 2023 to January 2024
• Outward remittances under the Reserve Bank of India’s (RBI’s) Liberalised Remittance Scheme
(LRS) in the April-January period of financial year 2023-24 (FY24) increased 24 per cent year-on-
year to $27.42 billion.
• In January 2024, overseas remittances amounted to $2.62 billion, indicating a nearly 9% increase
from $2.40 billion in December 2023.
• In the April 2023-January 2024 period of FY24, the international travel segment rose to $14.95
billion, 30.67 per cent up from $11.44 billion in the year-ago period.
Reserve Bank of India Considers Establishing Digital India Trust Agency to Combat Illegal Lending
Apps
• As a part of its efforts to curb growing cyber fraud, the Reserve Bank of India (RBI) is considering
establishing a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps.
• Role and Responsibilities of DIGITA:DIGITA would be responsible for verifying digital lending apps
and maintaining a public register of verified apps.
• Apps lacking the 'verified' signature of DIGITA would be considered unauthorized for law
enforcement purposes.
.
• Objective of Verification Process:The verification process aims to enhance transparency and

accountability within the digital lending sector, which has witnessed a surge in fraudulent activities.
About RBI :
Kotak Mahindra Bank Leads in Equity Offerings Ranking

• Kotak Mahindra Bank (KMB) topped the league table of equity offerings, with the private lender
being the manager to 43 issues in FY24, a year when companies raised about ₹2.9 trillion through
a total of 400 issuances.
• KMB topped the table with ₹31,655 crore in value terms and a 10.89% market
share.
• Citibank came in 2nd with 18 IPOs with Rs 31,467 crore in value terms and a 10.82% market
share.
• BofA Securities holds the 3rd spot with 14 issues and a market share of 8.87%.
• JP Morgan with a 7.82% market share of the total IPOs came in fourth, with IIFL Finance (6.13%),
ICICI (6.09%), JM Financial (6.07%), Morgan Stanley (5.75%) and Goldman Sachs (5.34%) being
the others in the top 10.
Securities and Exchange Board of India Likely to Provide Clarity on Currency Derivatives
• The Securities and Exchange Board of India (SEBI) is expected to provide clarity on exchange-
traded currency derivatives (ETCD) following a central bank circular that caused panic due to
limitations on their use for hedging purposes.
• The Reserve Bank of India (RBI) issued a circular on 5 January, limiting exposure to $100 million
across all contracts involving the rupee, without any existing underlying exposure.
• Expected Clarificatory Circular:SEBI is examining representations from broker associations, and a
clarificatory circular from either SEBI or stock exchanges is anticipated as early as Monday.
About SEBI :
.
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)

Competition Commission of India Greenlights Axis Bank's Acquisition of ₹1,612 Crore Stake in Max Life
Insurance
• The Competition Commission of India (CCI) has approved the transaction involving Axis Bank’s
additional 6% stake buy in Max Life Insurance, a private life insurer.
• The deal, valued at ₹1,612 crore, received an IRDAI nod in February 2024.
• Background of Capital Infusion : In August 2023, Axis Bank announced a capital infusion into Max
Life Insurance by issuing 14.25 crore equity shares.
• The purpose of the capital infusion was to support Max Life's future growth ambitions, enhance its
capital position, and improve solvency margins.
• This resulted in Axis Bank's direct stake in Max Life increasing to 16.22%, with the collective stake
of Axis Entities rising to 19.02%.
About CCI :
• Established : 14 October 2003
• Headquarters : New Delhi
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the
Competition Act, 2002 to promote competition and prevent activities that have an appreciable
adverse effect on competition in India.
Mutual Funds' Equity Purchases Reach Record High of Rs 45,120 Crore in March 2024
• Domestic mutual funds (MFs) injected a record Rs 45,120 crore into domestic stocks in March
2024 marking their highest-ever buying in a month.
• This surge in domestic fund inflows occurred amid a selloff in small-cap and mid-cap stocks, as
well as the execution of large block trades in blue-chip companies.
• The March 2024 deployment by domestic mutual funds was more than 3 times the buying seen in
the previous month.
.
• The previous record for monthly inflows from domestic MFs was set during the unprecedented
COVID-19 selloff in March 2020, when they invested nearly Rs 30,300 crore.
World Bank Revises India's Growth Forecast for FY25 to 6.6%; Estimates FY24 GDP Growth at 7.5%
• The World Bank has upgraded its economic growth forecast for India for the fiscal year 2024-25
(FY25) by 20 basis points to 6.6%.
• This revision is primarily attributed to upward revisions to investment growth in the country.
• Comparison with FY24 GDP Growth:The projected growth rate for FY25 is notably lower than the
estimate of 7.5% real GDP growth for the current financial year (FY24).
• Despite the moderate forecast for FY25, the World Bank anticipates growth to accelerate in
subsequent years due to the positive impacts of robust public investment.
About World Bank :
• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga (14th President)
• The World Bank Group consists of 5 institutions ie
• International Bank for Reconstruction and Development (IBRD)
• International Development Association (IDA)
• International Finance Corporation (IFC)
• Multilateral Investment Guarantee Agency (MIGA)
• International Centre for Settlement of Investment Disputes (ICSID)
City Union Bank Achieves Total Business Milestone Exceeding ₹1 Lakh Crore in FY24
• City Union Bank (CUB) has achieved a milestone in FY24 as the old private sector bank’s total
business crossed the ₹1 lakh crore mark for the first time.
• This milestone was reached in the bank's 120th year of operations, highlighting its longstanding
presence in the banking sector.
• Growth Trajectory:The bank's total business crossed the ₹50,000 crore mark in FY17 and
achieved the second ₹50,000 crore in just 7 years, indicating a rapid growth trajectory.
• Financial Performance:As of March 31, 2023, the bank's total business stood at ₹96,369 crore,
marking an increase from ₹88,846 crore recorded a year ago.
.
• In the December 2023 quarter, the bank's total business stood at ₹96,744 crore, and it reported a
profit after tax of Rs. 253 crore.
About City Union Bank :
• Founded : 1904
• Headquarters : Kumbakonam, Tamil Nadu
• MD & CEO : N Kamakodi
• Tagline : Trust and Excellence since 1904
• City Union Bank is bigger than Tamilnad Mercantile Bank in terms of business size but smaller
than Karur Vysya Bank.
Reserve Bank of India directs banks to step up hassle-free loans to Self Help Groups
• The Reserve Bank of India (RBI) directed all banks to provide adequate incentives to their
branches in financing the Self Help Groups (SHGs) and establish linkages with them, making the
procedures simple and easy.
• Accordingly, the guidelines should be adhered to enable effective linkage of SHGs with the
banking sector.
• Loan-related Charges Waiver : The circular specifies that no loan-related and ad hoc service
charges or inspection charges should be levied on priority sector loans up to 25,000.
• In the case of eligible priority sector loans to SHGs/ JLGs, this limit will be applicable per member
and not to the group as a whole.
• Priority Sector Lending (PSL) Classification : The RBI has also pointed out that loans to SHGs are
allowed to be classified under Priority Sector Lending (PSL) under the respective categories such
as Agriculture, MSME etc.
Magma HDI General Insurance and Suryoday Small Finance Bank Partner to Provide Health Insurance
to Commercial Vehicle Loan Customers
• Suryoday Small Finance Bank, small finance banks in India and Magma HDI General Insurance
Company, a prominent player in India’s general insurance sector have entered into a corporate
agency agreement to offer health insurance to Suryoday Bank’s Commercial Vehicle Loan
customers.
.
• This strategic collaboration aims to bridge the health insurance accessibility gap by leveraging
Suryoday Bank’s extensive reach across urban and rural regions.
• With this tie-up, Suryoday Bank Commercial Vehicle Loan customers will gain access to
customised health insurance solutions, aligning with the Bank’s commitment to social
inclusiveness.
About Magma HDI General Insurance :
• MD & CEO : Rajive Kumaraswami
About Suryoday Small Finance Bank Ltd :
• MD & CEO : Baskar Babu Ramachandran
• Incorporated in 2008, it's a leading Small Finance Bank(SFB) in India.
• The company started offering SFB services in 2017.
Finance Ministry: Income Tax Slabs Unchanged from April 1, 2024

• The Ministry of Finance (MoF) has confirmed that there are no changes in the new income tax
regime for individuals for the current fiscal year.
• Individual taxpayers have the option to opt out of this regime at the time of filing their Income Tax
Returns (ITR).
• Introduction of Modified Tax Regime: A modified new income tax regime was introduced on April
1, 2023, for individuals, featuring significantly lower tax rates compared to the old regime.
• Exemptions and Deductions Limitations: Under the new regime, various exemptions and
deductions, except for standard deductions such as ₹50,000 from salary and ₹15,000 from family
pension, are not available.
About Ministry of Finance :
• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhar
Axis Bank Launches Digital Opening of US Dollar Fixed Deposits for NRIs at GIFT City
• Axis Bank announced the introduction of digital US dollar fixed deposit (FD) for Non-Resident
Indian (NRI) customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat.
• Axis Bank is the first bank to provide a digital journey for GIFT City Deposits, enhancing
convenience for NRI customers.
.
• NRI customers of the bank can now open US dollar fixed deposits at GIFT City through 'Open by
Axis Bank'; the mobile banking application of the lender.
• The US Dollar fixed deposit also offers a wide range of investment tenures from 7 days up to 10
years.
About Axis Bank :
• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi
Mudra Loans Reach Record High, Exceeding ₹5 lakh-crore Mark in FY24

• According to the latest Government data, Small business loans under the Pradhan Mantri Mudra
Yojana (PMMY) witnessed record growth in disbursals in FY24 and also crossed the milestone of
₹5 lakh crore.
• Loans sanctioned in the last financial year were higher at ₹5.28 lakh crore.
• The total disbursals stood at ₹5.20 lakh in the year ended March 2024, as against ₹4.40 lakh
crore in the previous financial year.
• Nearly 70% of the beneficiaries of these loans are women.
Reserve Bank of India Declines 2 Additional Applications for Small Finance Banks Establishment
• The Reserve Bank of India (RBI) has rejected two more applications for setting up small finance
banks: Dvara Kshetriya Gramin Financial Services Private Limited and Tally Solutions Private
Limited.
• Dvara Kshetriya Gramin Financial Services applied for a small bank licence in April 2021 whereas
Tally Solutions had applied in August 2021.
• The RBI has so far received 13 applications to set up a universal or small finance bank as allowed
under the ‘on tap’ licensing guidelines for such banks.
Revolut Receives In-Principle Approval from Reserve Bank of India for Prepaid Payment Instruments
License
.
• Tiger Global and Softbank-backed neobank Revolut India has received an in-principle approval
from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI), including
prepaid cards and wallets.
• This enables it to operate as a domestic player in the market.
• This approval builds upon the existing licences which Revolut India has successfully obtained from
RBI to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to be able to
provide multi-currency forex cards and cross-border remittance services,
About Revolut :
• Headquarters : London, England, United Kingdom
• CEO of Revolut India : Paroma Chatterjee
• Revolut, a London-based neobank and financial technology company, has been gearing up for its
entry into India, working closely with the RBI over the past two years.
Reserve Bank of India and the Insurance Regulatory and Development Authority of India Mobilized to
Mitigate the Impact of the Red Sea Crisis on Indian Exports
• The Ministry of Finance (MoF) has reached out to regulatory bodies like the Reserve Bank of India
(RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) to address
concerns regarding export credit availability and insurance premium increases.
• This proactive approach aims to support Indian exporters in navigating trade disruptions caused by
Houthi attacks on cargo ships in the Red Sea.
• In March 2024, the MoF sent a letter to the RBI, IRDAI, and the state-run export finance institution
Exim Bank, urging these entities to closely monitor and address the issues flagged by exporters to
the Ministry of Commerce and Industry regarding disruptions that could potentially drive up India's
export expenses.
• Minister of State : Bhagwat Karad, Pankaj Choudhary
About IRDAI :
• Headquarters : Hyderabad, Telangana
.
• Chairperson : Debasish Panda

• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries
in India.
Reserve Bank of India Rejects Odisha-based Annapurna Finance Limited's Application for Universal
Bank License
• The Reserve Bank of India (RBI), in a cautious move, declined Annapurna Finance Limited’s
application for a universal bank license made in January 2023.
• The RBI expressed caution and hesitation about awarding a full-service bank license to the
Odisha-based lender.
• Annapurna Finance Limited primarily focuses on microfinance loans, which raised concerns for the
regulator regarding the bank's capability to operate as a universal bank.
Securities and Exchange Board of India Approves Hinduja's Ownership of Reliance Wealth
• Hinduja Group-owned Asia Enterprises has received Securities and Exchange Board of India’s
(SEBI) approval for taking control of Reliance Wealth Management.
• The approvals were received under SEBI’s regulations governing investment advisers and portfolio
managers, respectively.
• The approvals come in the wake of the successful bid by IndusInd International Holdings, the
promoter entity of the 5th largest private sector bank in India - IndusInd Bank.
• IIHL emerged as the successful resolution applicant to acquire the beleaguered financial services
company – Reliance Capital, under the Corporate Insolvency Resolution Proceedings process of
Insolvency and Bankruptcy Code.
Reserve Bank of India Initiates Manufacturing Company Survey, Essential Input for Policy Formulation
• The Reserve Bank of India (RBI) has launched the next round of quarterly order books, inventories
and capacity utilisation surveys of manufacturing companies, a key input for the monetary policy
formulation.
• The 65th round of the survey covers the reference period of January-March 2024 (Q4: 2023-24).
• Survey History:The RBI has been conducting the order books, inventories, and Capacity Utilization
Survey (OBICUS) of the manufacturing sector on a quarterly basis since 2008.
Karnataka Bank Collaborates with FISDOM to Provide Stock Broking Services
.
• Karnataka Bank has partnered with FISDOM to offer 3-in-1 (savings, demat and trading accounts)
through the bank’s mobile banking app ‘KBL Mobile Plus’.
• This association is all set to enhance the current value proposition of enabling customers to invest
in stocks and mutual funds.
• This offering will empower the customers with seamless access to both investment opportunities
and trading functionalities, all within a single, user-friendly interface.
• The 3-in-1 facility enables customers to streamline their investment journey by consolidating their
demat and trading accounts.
About FISDOM :
• Chief Executive Officer and Co-Founder : Subramanya SV
About Karnataka Bank :
• Headquarters : Mangalore, Karnataka, India
• MD & CEO : Srikrishnan Hari Hara Sarma
Reserve Bank of India Issues Alert List of Entities Prohibited from Forex Trading under Foreign
Exchange Management Act 1999
• The Reserve Bank of India (RBI) has released another 'Alert List' including the names of
organisations that are not permitted to trade in foreign exchange under the Foreign Exchange
Management Act (FEMA), 1999 or to conduct foreign exchange transactions through electronic
trading.
• The Alert List contains names of entities which are neither authorised to deal in forex under the
FEMA 1999 nor authorised to operate electronic trading platforms (ETP) for forex transactions
under the Electronic Trading Platforms (Reserve Bank) Directions, 2018.
Securities and Exchange Board of India Approves ₹5,000 Crore IPO for Aadhar Housing Finance,
Backed by Blackstone
• Aadhar Housing Finance Limited (AHFL), focused on low-income housing in India, has received
final observations from the Securities and Exchange Board of India (SEBI) for its proposed Initial
Public Offering (IPO).
• The company aims to raise approximately ₹5,000 crore through the IPO.
• AHFL had previously submitted draft papers in February 2024.
.
• However, in January 2021, it had submitted draft papers to SEBI, receiving approval in May 2022
for an IPO of slightly over ₹7,000 crore, which it decided not to proceed with.
Tata Mutual Fund Introduces 6 Sectoral and Thematic Index Funds

• Tata Mutual Fund has launched 6 thematic index funds focused on various sectors including
infrastructure, healthcare, realty, financial services, automobile, and manufacturing.
• The new fund offer (NFO) of these schemes is available for subscription till April 22, 2024.
• The minimum investment during the NFO period is ₹5,000.
ICRA Downgrades Banking Sector Outlook to Stable Due to Credit Growth Slowdown in FY25
• Domestic rating agency ICRA revised downwards its outlook for the banking sector to 'stable' from
'positive' on expectations of a moderation in credit growth and profitability.
• ICRA predicts that credit growth will moderate to 11.6-12.5% in FY25 from 16.3% (excluding the
HDFC twins merger impact) in FY24.
• This moderation is expected to impact profitability due to lower net interest income margins
resulting from higher deposit rate payouts.
ICRA:
• Headquarters: Gurgaon, Haryana
• ICRA: Investment Information and Credit Rating Agency.
• ICRA was set up in 1991 by leading financial/investment institutions, commercial banks and
financial services companies as an independent and professional investment Information and
Credit Rating Agency.
PhonePe Collaborates with eSewa and Hotel Association of Nepal Pokhara to Boost Unified Payments
Interface Service Adoption in Nepal
• Fintech firm PhonePe has partnered with Nepal's digital wallet service eSewa and the Hotel
Association of Nepal (HAN) Pokhara to promote digital payments through Unified Payments
Interface (UPI) on the Himalayan country's payment processor Fonepay Network.
• The partnership is a part of the Fewa New Year Festival which will be held from April 11-14, 2024
in Nepal.
• Over 3,000 merchants will participate in the festival with more than 1,00,000 visitors expected to
visit.
About Phonepe :
.
• Headquarters : Bengaluru, Karnataka, India.

• CEO : Sameer Nigam
• PhonePe is an Indian digital payments and financial services company.
HDFC Bank Becomes First Private Lender to Establish Branch on Kavaratti Island
• Largest private sector lender HDFC Bank inaugurated a branch in Lakshadweep's Kavaratti island.
• The bank becomes the first private sector lender to have a presence in Lakshadweep.
• The bank seeks to serve customers wherever they are and looks forward to serving the financial
needs of individuals, families, and businesses in Lakshadweep, the bank's retail branch banking .
• The branch inauguration ceremony was attended by Captain Lovekesh Thakur, Commanding
Officer of the Indian Navy, and K P Muthukoya, a prominent local resident, along with bank
officials.
About HDFC Bank :
• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World
National Investment and Infrastructure Fund Limited Injects $200 Million into iBUS to Expand Digital
Infrastructure
• The National Investment and Infrastructure Fund Limited. (NIIF) has invested $200 million in iBUS
Network and Infrastructure Private Limited., a connectivity technology firm, to support the growth of
India’s digital infrastructure.
• Utilization of Funds: The funds raised will be utilized for scaling iBUS’ operations through both
organic and inorganic growth initiatives.
About National Investment and Infrastructure Fund Limited :
• Founded : February 2015
• MD & CEO : Sanjiv Aggarwal
• The NIIFL is a Government-owned owned company which maintains infrastructure investments
funds for international and Indian investors anchored by the Government of India.
.
Computer Age Management Services Limited Receives Reserve Bank of India’s Approval to Function
as an Online Payment Aggregator
• Computer Age Management Services Limited (CAMS), India's largest mutual fund transfer agency,
has received authorization from the Reserve Bank of India (RBI) to operate as an online payment
aggregator.
• In-Principle Authorization: CAMS initially received an in-principle authorization from RBI in
February 2023, and the certificate of authorization was officially received on April 10, 2024.
About CAMS :
• Founded : 1988
• CEO : Anuj Kumar
• The CAMS is a mutual fund transfer agency serving Indian asset management companies.
Kotak Alternate Asset Managers Secures Rs 2,000 Crore for Equity Investments
• Kotak Mahindra Bank's asset management arm Kotak Alternate Asset Managers Limited has
raised Rs 2,000 crore to invest in equities.
• Kotak Alternate Asset Managers' 'Iconic Fund' is a Sebi-registered category III Alternative
Investment Fund (AIF) and an open-ended platform conceptualised as an equity multi-advisor
portfolio solution.
• Aim of the fund : To solve the challenge of building and maintaining equity portfolios amid the
difficulties faced by investors due to the market volatilities.
Reserve Bank of India and National Payments Corporation of India Recommend Strategies to Reduce
Cross-Border Remittance Expenses to 3%
• The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have
collaborated to propose measures to the World Trade Organisation (WTO) aimed at reducing the
cost of cross-border remittances.
• The current costs of cross-border remittances can be as high as 8%, prompting the need for
measures to reduce these expenses.
About RBI :
.

About NPCI :
• Founded : 2008
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment &
Settlement Infrastructure in India.
Draft Guidelines for Academic Bank of Credits Establishment Notified by Ministry of Skills Development
and Entrepreneurship
• The Ministry of Skills Development and Entrepreneurship has notified draft guidelines for setting
up the Academic Bank of Credit (ABC), paving way for implementation and operationalization of
the National Credit Framework as envisaged under the National Education Policy 2020.
• Purpose of ABC : The Academic Bank of Credit is a digital repository that stores credit
information earned by students or learners throughout their educational journey.
ICICI Bank Extends Rs 2675 Crore Debt Facility to Tata Steel: Report
• ICICI Bank has provided a ₹2,675 crore debt facility to Tata Steel for a term of 3 years to repay
its existing debt.
• It added that documents filed with the National Securities Depository showed that Tata Steel has
raised Rs 2,700 crore through unsecured fixed-rate bonds at 7.79%.
• Tata Steel is among the top three steel producers in India with 21.6 million tonnes per annum of
crude steel capacity on a standalone basis.
• The company targets to expand its total capacity to 40 mtpa by FY30.
About ICICI Bank :
• Founded : 5 January 1994
• Headquarters : Mumbai , Maharashtra, India
• MD & CEO : Sandeep Bakhshi
Securities and Exchange Board of India Proposes Direct Reporting of Alternative Investment Funds'
.
Private Placement Memorandum Changes to Reduce Compliance Costs

• To facilitate ease of doing business, the Securities and Exchange Board of India (SEBI) has
proposed that certain changes in the private placement memorandum (PPM) of alternative
investment funds (AIF) can be submitted directly to the regulator rather than through a merchant
banker.
• Also, the proposed move would rationalise the cost of compliance for AIFs.
• These included changes in the size of the fund, information related to affiliates, commitment
period, key investment team of the manager and key management personnel of AIF, and reduction
in expense or fee or cost charged to fund/investors.
About SEBI :
• Chairman : Madhabi Puri Buch (the first woman to lead the SEBI)
Foreign Portfolio Investments withdraw ₹325 crore from Indian equities so far in April 2024
• Foreign Portfolio Investments (FPIs) have turned cautious as they pulled out ₹325 crore from
Indian equities in the first week of April 2024 owing to relatively high valuations and the upcoming
general elections.
• The net outflow came after a staggering investment of ₹35,000 crore in March and ₹1,539 crore in
February, 2024.
• The US 10-year yield has spiked to 4.4%, potentially impacting FPI investment flows into India in
the near term.
Nippon India Mutual Fund, ICICI MF, HDFC MF Witness Double-Digit Growth in assets under
management for FY24
• Nippon India Mutual Fund, ICICI Mutual Fund, and HDFC Mutual Fund are among the top 10 fund
houses that registered double-digit growth in average assets under management (AUM) in the last
fiscal year.
.
• Nippon India MF’s average AUM increased 14% to ₹4.31 lakh crore in the fiscal ended March,
compared to ₹3.78 lakh crore in FY’23
• ICICI MF and HDFC MF logged an 11% rise to ₹6.83 lakh crore (₹6.14 lakh crore) and ₹6.12 lakh
crore (₹5.51 lakh crore), respectively.
• SBI MF topped the table with an average AUM jump of 7% at ₹9.14 lakh crore (₹8.51 lakh crore).
Reserve Bank of India Maintains FY25 Real GDP Forecast at 7%; Retail Inflation Expected to Remain
at 4.5%
• The Reserve Bank of India's (RBI) six-member Monetary Policy Committee (MPC) maintained the
policy repo rate at 6.50% at its first meeting of FY25 due to persisting retail inflation above the 4%
target.
• The policy repo rate under the liquidity adjustment facility (LAF) was also kept unchanged at
6.50%, alongside the standing deposit facility (SDF) rate at 6.25% and the marginal standing
facility (MSF) rate and the Bank Rate at 6.75%.
• The decisions align with the objective of achieving the medium-term target for Consumer Price
Index (CPI) inflation of 4% within a band of +/- 2% while supporting economic growth.
About RBI :
Compulsory Adoption of e-Insurance in Demat-Like Format for All New Policies Starting April 1, 2024
• Starting from April 1, 2024, it is mandatory for insurance policies to be held in electronic format,
akin to shares in a demat account.
• This highlights a significant shift towards digitalization in the insurance sector.
• The Insurance Regulatory and Development Authority of India (IRDAI) has mandated this
transition and requires insurers to have a Board-approved policy for issuing electronic insurance
policies.
India's Interest Rate Swaps Indicate Reserve Bank of India's Probable Decision to Maintain Rates
Stable Until 2024
.
• Indian overnight indexed swap (OIS) rates have increased since the Reserve Bank of India's latest
policy meeting, suggesting investors now expect a rate cut only in early 2025 instead of the last
quarter of 2024.
• OIS Rates:The one-year OIS rate, a commonly used indicator to gauge interest rate expectations,
reached 6.82%, the highest level since December 13.
• The five-year OIS rate was at 6.48%, marking its highest level in four months.
About RBI :
Public Sector Banks Authorized to Transfer Unclaimed Shares to the Investor Education and Protection
Fund
• The finance ministry is contemplating amending the Banking Companies (Acquisition and Transfer
of Undertakings) Act, 1970, which governs public sector banks (PSBs).
• Provision for Unclaimed Dividends : It governs public sector banks (PSBs), to make suitable
provisions for allowing PSBs to transfer shares to the Investor Education and Protection Fund
(IEPF) when dividends of such shares remain unclaimed by the investors for 7 consecutive years.
• Minister of State : Bhagwat Karad, Pankaj Choudhary
ICICI Lombard and Policybazaar Join Forces to Provide Accessible Insurance Solutions for Indian
Consumers
• ICICI Lombard announced that it has entered into a partnership with Policybazaar to bring together
the comprehensive product portfolio of ICICI Lombard and the reach of Policybazaar, promising
accessible insurance solutions for Indian consumers.
• The collaboration encompasses access to nearly 10 million customers with a wide range of
insurance products, including motor insurance, health insurance, travel insurance, home
insurance, and business insurance.
About ICICI Lombard General Insurance :
.

• Chairman & Managing Director : Sanjeev Mantri
• ICICI Lombard General Insurance Company Limited is a general insurance company in India. It is
engaged in general insurance, reinsurance, insurance claims management and investment
management.
About Policybazaar :
• Founded : July 2008
• Headquarters : Gurgaon, Haryana, India
• Policybazaar is an Indian insurance aggregator and multinational financial technology company.
Reserve Bank of India Levies Fine on The Uttarakhand Grameen Bank, Dehradun
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹5.00 lakh on The
Uttarakhand Grameen Bank, Dehradun for contravention of the provisions of section 26 A (2) read
with section 51 of the Banking Regulation Act, 1949 (BR Act).
• The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural
Development (NABARD) with reference to its financial position as of March 31, 2023.
• This action is based on deficiencies in regulatory compliance and is not intended to pronounce
upon the validity of any transaction or agreement entered into by the bank with its customers.
Asian Development Bank Upgrades India's FY25 GDP Growth Projection to 7% Due to Strong
Investment and Consumer Demand
• The Asian Development Bank (ADB) has revised its Gross domestic product (GDP) growth
forecast for India, raising it to 7% for the current fiscal year (2023-24) from its previous projection
of 6.7%.
• According to the ADB's April, 2024 edition of the Asian Development Outlook, the robust growth
will be driven by strong public and private sector investment demand, as well as a gradual
improvement in consumer demand.
• However, the growth estimate for the 2024-25 fiscal year is lower than the 7.6% projected for
2022-23.
About ADB :
.
• Headquarters : Manila, Philippines

• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and
19 non-regional members (countries outside the region)
State Bank of India and ICICI Likely to Serve as third-party liaisons for European banks
• State Bank of India (SBI) and ICICI Bank, two of India's top three lenders, are expected to serve as
local intermediaries for European banks seeking third-party clearing services.
• This arrangement follows a meeting between top officials from the Reserve Bank of India (RBI) and
certain European banks.
• Background of ESMA Decision: The proposal for local banks to conduct third-party clearing for
European banks stems from the European Securities and Markets Authority's (ESMA) decision in
October 2022 to de-recognize the Clearing Corporation of India (CCIL).
About SBI :
• Established : 1 July 1955
• CFO : Kameshwar Rao Kodavanti
About ICICI Bank :
Jana Small Finance Bank Collaborates with Kotak Mahindra Life to Provide Insurance Products
• Jana Small Finance Bank has partnered with Kotak Mahindra Life Insurance Company Limited to
offer life insurance products to the customers of the bank.
• The partnership will help 52 lakh customers of the bank with a wide range of life insurance
products offered by Kotak Life, including long-term savings and retirement solutions
About Jana Small Finance Bank :
• Commenced operations : March 28, 2018
• Headquarters : Bangalore,Karnataka India
.
• CEO: Ajay Kanwal

About Kotak Mahindra Life Insurance Company Limited :
• Kotak Mahindra Life Insurance Company Limited is a privately held life insurance company based
in India.
Pakistan Tops Asia with Highest Cost of Living and 25% Inflation Rate: Asian Development Bank
● The Manila-based lending agency Asian Development Bank (ADB) stated that the inflation rate in
Pakistan is expected to be 25% in the current fiscal year(2024), the highest in all of Asia.
● With this inflation rate, Pakistan has become the most expensive nation in Asia, surpassing its
previous status as the highest in South Asia.
● The ADB's Asian Development Outlook forecasts a 15% inflation rate for Pakistan in the next
fiscal year, which remains the highest among 46 countries.
● Additionally, it projects a 2.8% growth rate for the same period, ranking the 5th lowest for FY
2024-25.
● The State Bank of Pakistan (SBP) and federal government had set the inflation target at 21% for
this fiscal year but they are going to miss it despite inflicting huge losses in the shape of a 22%
interest rate.
● Pakistan's economic growth rate for the current fiscal year is forecasted to be 1.9%, making it the
fourth lowest among surveyed countries.
● The lowest ranks include Myanmar, Azerbaijan, and Nauru.
About ADB :
● Established : 1966
● Headquarters : Manila, Philippines
● President : Masatsugu Asakawa
● Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
and 19 non-regional members (countries outside the region)
HDFC ERGO General Insurance Launches Paws n Claws: Comprehensive Pet Insurance Covering
Diagnostics
● HDFC ERGO General Insurance has launched Paws n Claws, an extensive insurance policy
specifically designed for pet dogs and cats.
● The introduction of this product coincides with April 11, 2024 National Pets Day, aiming to
.
safeguard pet owners from unexpected expenses resulting from their pets' injuries, illnesses, and
surgeries.
● Growth of Pet Care Industry: India's pet care industry is witnessing a consistent annual growth
rate of approximately 13% and is expected to reach $800 million by 2025.
About HDFC ERGO General Insurance :
● Headquarters : Mumbai, Maharashtra, India
● MD & CEO : Ritesh Kumar
● HDFC ERGO General Insurance Company Limited is a 51:49 joint venture firm between HDFC
and ERGO International AG, one of the insurance entities of the Munich Re Group in Germany
operating in the insurance field under the BFSI sector.
Bajaj Allianz Life Introduces Premium Payment Option via WhatsApp
● Leading private life insurer Bajaj Allianz Life Insurance has collaborated with Meta (formerly
known as Facebook) to introduce premium payment options on WhatsApp.
● Enhanced Premium Payment Services: The insurance company has enhanced its premium
payment services through WhatsApp, allowing customers to manage policies and payments
conveniently on a single platform.
● Variety of Payment Modes: Customers can now pay their premiums seamlessly through various
payment modes such as Netbanking, Credit card, and Unified Payments Interface (UPI) directly
within the WhatsApp interface.
● Expansion of Services on WhatsApp: Bajaj Allianz Life Insurance offers more than 25 services on
WhatsApp.
About Bajaj Allianz Life Insurance :
● Founded: 2001
● Headquarters: Pune, Maharashtra
● MD & CEO : Tarun Chugh
Reserve Bank of India Directs Lenders to Issue Key Facts Statement to Borrowers Starting October 1st,
2024
● The Reserve Bank of India (RBI) has asked lenders to provide a ‘key fact statement’ (KFS) to the
borrowers of all new retail and Micro, Small and Medium Enterprises (MSME) term loans
sanctioned on or after October 1, 2024, including fresh loans to existing customers.
.
● KFS contains key information regarding a loan agreement, including an all-in cost of the loan, in
a simple and easy-to-understand format.
● Applicable Entities: The circular issued by the RBI is addressed to regulated entities, including all
commercial banks, cooperative banks, and non-banking financial companies (including housing
finance companies).
● Prospective Borrowers: The KFS is to be provided to all prospective borrowers to help them
make informed decisions before signing the loan contract, following a standardised format.
● Exemptions: The directive exempts credit card receivables from the provisions outlined in the
circular.
● The KFS has to be provided with a unique proposal number and will have a validity period of at
least 3 working days for loans having a tenor of 7 days or more and a validity period of one
working day for loans having a tenor of less than 7 days, as per the circular.
What is meant by the Validity Period?
● Validity period refers to the period available to the borrower, after being provided the KFS by the
regulated entity (RE), to agree to the terms of the loan.
● They will be bound by the terms of the loan indicated in the KFS, if agreed to by the borrower
during the validity period.
● The KFS will include a computation sheet of annual percentage rate (APR) and the amortisation
schedule of the loan over the loan tenor.
● The APR will include all charges which are levied by the RE.
● Explicit Consent for Additional Fees or Charges: Any fee or charge not mentioned in the KFS
cannot be imposed by REs on borrowers during the term of the loan without the explicit consent
of the borrower.
● Implementation Timeline: RBI has directed REs to put in place the necessary systems and
processes to implement the guidelines relating to KFS for all retail and MSME term loan products
at the earliest.
About RBI :
● Established : 1 April 1935
● Governor : Shaktikanta Das
Reserve Bank of India Limits Sarvodaya Bank Customers' Withdrawal to Rs 15,000
.
● In a significant move, the Reserve Bank of India (RBI) has placed several constraints on the
Mumbai-based Sarvodaya Co-operative Bank.
● Starting (April 16, 2024), customers of the bank are now limited to a maximum withdrawal of Rs
15,000 from their accounts.
● Customers will feel the immediate effect of these restrictions through the imposed withdrawal
limit.
● Deposit insurance assurance : For depositors worried about their funds, the RBI has confirmed
that they are eligible to claim an insurance amount on deposits up to a limit of Rs 5 lakh.
● This insurance is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC),
offering some relief amid the restrictions.
● Operational restrictions : Under the new directives, which fall under Section 35A of the Banking
Regulation Act, 1949, the Sarvodaya Co-operative Bank faces strict limitations on its banking
activities.
Punjab National Bank Marks 130 Years of Banking Excellence with Celebrations
● Punjab National Bank (PNB), one of the largest Public Sector Banks in India, celebrated its 130th
Foundation Day in the city and across the country.
● PNB unveiled a commemorative history book titled "Anarkali Bazaar, Lahore to Dwarka, Delhi - A
130 Years Saga of Excellence," chronicling the bank's evolution from 1894 to the present.
● The bank also unveiled the January-March 2024 issue of PNB Pratibha, an in-house Rajbhasha
Patrika.
● The bank also introduced new digital offerings like Digi Education Loan, Digi Car Loan,
Interoperable Cardless Cash Withdrawal (ICCW) through UPI, Kisan Credit Card Digital Review
and DP (Drawing Power) enhancement, BHIM QR Soundbox with UPI 123 Pay, PNB Pay
Wearable Debit Card, and Financial Supply Chain Management (FSCM) – iCMS.
● As part of its ongoing commitment to environmental sustainability, PNB also unveiled PALAASH
2.0, a significant step towards environmental conservation.
About PNB :
● Founded : 19 May 1894
● Headquarters : Dwarka, Delhi, India
● MD & CEO : Atul Kumar Goel
● Tagline : You Can Bank Upon
.
International Monetary Fund Boosts India's Gross Domestic Product Growth Projection for FY25 to
6.8% by 30 Basis Points
● The International Monetary Fund (IMF) has raised India’s Gross Domestic Product (GDP) growth
projection for 2024-25 by 30 basis points to 6.8% in its update to the World Economic Outlook
(WEO).
● This adjustment is attributed to buoyant domestic demand.
● However, the IMF's estimate falls below the Indian government's projection of 7% growth for the
same period.
● Projected Growth Rates: Growth in India is forecasted to remain robust at 6.8% in FY25 and
6.5% in FY26, driven by continuing strength in domestic demand and a rising working-age
population.
● For FY24, the IMF has raised India’s GDP growth projection to 7.8%, compared to 6.7% in its
previous report.
● Growth Estimates by National Statistical Office: The National Statistical Office's second advance
estimates indicate a GDP growth rate of 7.6% for 2023-24, compared to 7% in the previous fiscal
year.
● Revised Projections by Rating Agencies: Rating agencies like Fitch and Barclays have also
revised India’s GDP growth projection for FY24 to 7.8%, attributing it to strong domestic demand
and persistent growth in business and consumer confidence levels.
● Inflation Projections: IMF projects India’s consumer price inflation to decline from an average of
5.4% in FY24 to 4.6% in FY25, and further to 4.2% in FY26.
● Global Growth Projection:The IMF has raised its global growth projection for 2024 to 3.2%, with
slightly faster growth in advanced economies and stable growth in emerging markets.
● China's Projected GDP Growth: The IMF projects China's GDP growth to decelerate from 5.2%
in 2023 to 4.6% in 2024, and further to 4.1% in 2025.
About IMF :
● Headquarters : Washington, D.C., United States
● Managing Director : Kristalina Georgieva
● Membership : 190 countries (189 UN countries and Kosovo)
Reserve Bank of India Takes Steps to Regulate Point of Sale Payment Providers Including Pine Labs,
Innoviti, and MSwipe
.
● The Reserve Bank of India (RBI) has issued draft rules to regulate point-of-sale payment service
providers (PA-P) after releasing guidelines for online payment aggregators like Razorpay and
Cashfree.
What is meant by payment service providers?
● A payment service provider (PSP) is a third-party company that allows businesses to accept
electronic payments, such as credit card and debit card payments.
● PSPs act as intermediaries between those who make payments, i.e. consumers, and those who
accept them, i.e. retailers.
● Companies Covered : Companies such as Innoviti Payments, Pine Labs, and MSwipe will now
come under regulatory cover with these draft rules.
● Authorization Deadline: Companies providing point-of-sale payment services need to apply for
authorization from the RBI by May 31, 2025.
● In case they fail to get authorisation, they will have to cease these services, as per the draft rules.
● Classification of Merchants : Payment aggregators will have to inform the regulator about their
intent to seek authorisation within 60 days from the date of issuance of formal guidelines.
● Closure of Non-Bank PA-Ps : It directed banks to close non-bank PA-Ps by October 31, 2025,
unless they provide evidence of applying to RBI for authorisation.
● All PAs must become members of the Financial Intelligence Unit under the finance ministry to
report any suspicious transactions.
● All these guidelines apply equally to PA-P as well as online payment aggregators (PA-O).
● These guidelines assume significance in the wake of RBI’s scrutiny of the digital payments
ecosystem and the level of KYC undertaken by these service providers on their merchants.
● Paytm Payments Bank had to face regulatory action recently because of improper KYC of its
user base over the years.
● Merchant Classification : For ease of operations for payment players, the central bank has
suggested the classification of merchants into small and medium categories.
● The regulator has defined small merchants as those physical merchants with a turnover of less
than Rs 5 lakh per annum.
● Medium merchants are those with a turnover beyond Rs 5 lakh but up to Rs 40 lakh per annum.
Fitch Maintains 'BBB-' Ratings for State Bank of India and Canara Bank
.
● Global ratings firm Fitch has affirmed the ratings of several public sector banks and maintained a
stable outlook for them.
● The rating decisions are in line with the sovereign rating of the country to which these ratings are
linked.
● Fitch has affirmed the ratings of Canara Bank, State Bank of India (SBI), Bank of Baroda New
Zealand, Union Bank of India, Punjab National Bank, Bank of India, and Bank of India New
Zealand at BBB-.
● Additional Ratings Affirmed:Fitch has also affirmed the bank's Viability Rating (VR) at 'bb' and
Government Support Rating (GSR) of 'bbb-'.
● Driving Factors for Ratings:For SBI, factors such as government support, strong operating
environment, dominant presence, double-digit loan growth, lower impaired loan ratio, strong
profitability, dominance of deposits, and modest capital buffers are driving factors for its ratings.
What is Credit Rating?
● Credit rating is a measure used to evaluate the reliability of a borrower, which can be a company,
individual, or government entity.
● While individuals are typically assigned "credit scores," corporations and governments receive
"credit ratings."
● It's crucial to note that these ratings apply to specific entities, not entire nations.
● For governments, the assessment is referred to as a sovereign rating, reflecting the
creditworthiness of the government or sovereign entity.
About Fitch Ratings Inc :
● Founded : 1914
● Fitch Ratings Inc. is an American credit rating agency and is one of the "Big Three credit rating
agencies", the other two being Moody's and Standard & Poor's.
India Mortgage Guarantee Corporation Partners with Bank of India to Provide Home Loan Products
Backed by Mortgage Guarantee
● India Mortgage Guarantee Corporation (IMGC), announced its strategic partnership with Bank of
India (BOI), one of India's largest public sector banks, to offer innovative mortgage guarantee-
backed home loan products.
● This collaboration focuses on salaried and self-employed home loan customers in the affordable
housing segment.
.
● With healthy growth in the affordable housing segment, this partnership aims to mitigate the risk
of defaults for the bank and offer more favourable loan terms to its customers.
About IMGC :
● MD & CEO : Mahesh Misra
● IMGC is India's first mortgage guarantee company with over 5,100 branches and plans to provide
home loan products with more flexibility and security to customers.
● IMGC has surpassed Rs 25,000 crore in home loan guarantees for over one lakh customers
across 400 locations nationwide.
About BoI :
● Headquarters : Mumbai, Maharashtra
● MD & CEO : Rajneesh Karnatak
BNP Paribas Acquires 9% Stake in Belgian Insurer Ageas for $780 Million
● BNP Paribas, the largest bank in the eurozone, has agreed to purchase a 9% stake in Belgian
insurer Ageas from China's Fosun Group for approximately 730 million euros ($780 million),
becoming the largest shareholder in Ageas.
● The deal concludes months of speculation regarding Fosun Group's direct and indirect holdings
in Ageas as the Chinese conglomerate seeks to reduce its debt burden through asset sales after
an aggressive acquisition phase.
● The acquisition, to be executed through BNP Paribas Cardif, aligns with BNP Paribas' strategy of
expanding its insurance business.
● Ageas and BNP Paribas have been long-time partners through joint shareholding in AG
Insurance, Belgium's leading insurer, with Ageas holding 75% and BNP Paribas holding the
remainder.
● BNPP stated that it would acquire the first 4.8% tranche in the coming days, with the rest of the
9% stake to be bought after receiving regulatory approvals.
About BNP Paribas :
● BNP Paribas is a multinational universal bank and financial services holding company
headquartered in Paris, France.
About Ageas :
● Ageas is a Belgian multinational insurance company co-headquartered in Brussels, Belgium.
● Ageas is Belgium's largest insurer and operates in 13 countries worldwide.
.
Paytm Receives National Payments Corporation of India Approval to Facilitate User Transition to New
Unified Payments Interface IDs
● Paytm owner One97 Communications (OCL) received approval from the National Payment
Corporation of India (NPCI) to start the user migration from the existing Paytm Payments Bank
UPI handle to the new Payment System Provider (PSP) bank handles.
● The approval follows NPCI's earlier decision to allow Paytm to function as a third-party
application provider (TPAP) on the Unified Payments Interface (UPI).
● Now, 4 banks-State Bank of India (SBI), Axis Bank, HDFC Bank, and YES Bank will act as PSPs
for Paytm.
What is TPAP?
● A TPAP is a service provider that participates in UPI through a PSP bank, according to the NPCI,
which runs the UPI ecosystem in India.
● There are currently 24 TPAPs operational in India, including major players like Amazon Pay,
PhonePe, and Google Pay.
● Multiple banks, such as Axis Bank, HDFC Bank, SBI, and ICICI Bank, support fintech companies
via the TPAP route.
● For instance, customers using PhonePe to transact on UPI have their VPAs issued through
financial institutions such as YES Bank, ICICI Bank, and Axis Bank.
● Their UPI handles end in @ybl, @ibl, or @axl, respectively.
● UPI Transaction Ranking: Paytm Payments Bank app ranks as the third-largest company, after
PhonePe and Google Pay, in terms of processing UPI transactions by volume and value.
About Paytm :
● Founded : August 2010
● Headquarters : Noida, Uttar Pradesh, India
About NPCI :
● Founded : 2008
● MD & CEO : Dilip Asbe
● The NPCI is an umbrella organization for operating retail payments and settlement systems in
India.
.
● It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under
the provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment &
ICICI Lombard Reports Q4 Results: Net Profit Surges 18.9% to Reach Rs 520 Crore
● ICICI Lombard, the largest private sector general insurer, reported an 18.9% increase in its net
profit for the March quarter, reaching Rs 520 crore compared to Rs 437 crore in the year-ago
period.
● Annual Profit Growth: The company reported an 11% growth in profit after tax for the fiscal year
2023-24, amounting to Rs 1,919 crore compared to Rs 1,729 crore in the previous fiscal.
● Premium Income Growth : The gross direct premium income (GDPI) grew 22% to Rs 6,073 crore
for the reporting quarter from Rs 4,977 crore a year ago, 9.5% higher year-on-year
● Combined Ratio: The combined ratio for the March quarter improved to 102.2% compared to
104.2% in the year-ago period.
● For FY24, the ratio stood at 103.3%, with a target of achieving 102% for FY25.
● Industry Growth: Excluding crop and mass health, ICICI Lombard's GDPI growth outpaced the
industry, standing at 22% for the quarter compared to the industry's growth of 13.8%.
● The industry will continue to grow at 13-15% in FY25.
● Solvency Ratio : The solvency ratio was 2.62 times at March 31, 2024, against 2.57 times at
December 31, 2023, and 2.51 times in the year-ago period.
● Investment Returns: Returns on the investment book improved to 7.98% in FY24 from 7.50% in
FY23.
● Chairman & Managing Director : Sanjeev Mantri
Reserve Bank of India Releases Draft Regulations for Offline Payment Aggregators, Proposes ₹15
Crore Net Worth Requirement
● The Reserve Bank of India (RBI) has issued two draft directions regarding the regulation of
Payment Aggregators (PA), specifically focusing on physical Point-of-Sale (PoS) activities, net
worth requirements, and licensing prerequisites.
● The second circular aims to revise and update Know Your Customer (KYC) procedures, due
diligence for merchants, management of operations in escrow accounts, etc., to fortify the
.
payment ecosystem.
● Regulation Announcement: In September 2022, RBI announced its intention to regulate offline
Payment Aggregators handling proximity or face-to-face payments.
● The regulator has invited comments and feedback on the draft circular until May 31, 2024.
● Types of Payment Aggregators: The payments ecosystem in India comprises both online
Payment Aggregators (PA-O) and those facilitating face-to-face or proximity payment
transactions (PA-P).
● Approval and Compliance : An authorised non-bank PA-O (or PA-P) which wants to commence
physical (or online) PA activity (as the case may be), shall seek approval from Department of
Payment and Settlement Systems (DPSS), RBI, CO before commencement of such business.
● Minimum Net Worth Requirement : Non-banks providing PA-P services will need a minimum net
worth of ₹15 crore at the time of application and a minimum net worth of ₹25 crore by March 31,
2028.
● New non-bank PA-P will need a minimum net worth of ₹15 crore at the time of application and
will be required to grow it to ₹25 crore by the end of the third financial year of grant of
authorisation.
● Transition Period and Compliance : Existing non-bank PA-P which are not able to comply with
the net worth requirement or do not apply for authorisation within the stipulated time frame, shall
wind-up PA-P activity by July 31, 2025.
Master Circular on Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)
● The Ministry of Rural Development (MoRD), Government of India (GoI) launched the National
Rural Livelihood Mission (NRLM) on April 1, 2013, by restructuring the Swarnajayanti Gram
Swarojgar Yojana (SGSY).
● Renaming: NRLM was renamed as DAY-NRLM (Deendayal Antyodaya Yojana - National Rural
Livelihoods Mission) w.e.f. March 29, 2016.
What is DAY-NRLM?
● The DAY-NRLM is the flagship program of the Government of India for promoting poverty
reduction through building strong institutions for the poor, particularly women, and enabling these
institutions to access a range of financial services and livelihoods.
● Affinity-based Women SHGs : DAY-NRLM primarily promotes women Self-Help Groups (SHGs)
based on affinity.
.
● Special Categories: In certain cases, such as groups formed with persons with disabilities,
elders, and transgenders, both men and women may be included in the SHGs.
● SHG Membership: Women SHGs under DAY-NRLM consist of 10-20 members.
● In case of special SHGs i.e., groups in the difficult areas, groups with disabled persons, and
groups formed in remote tribal areas, this number may be a minimum of 5 members.
● Revolving Fund (RF) Support : DAY-NRLM, MoRD, will provide Revolving Fund (RF) support as
corpus ranging between ₹20,000 - ₹30,000 per SHG to strengthen their institutional and financial
management capacity and build a good credit history within the group.
● Capital Subsidy: No capital subsidy is provided to any SHG under DAY-NRLM.
● Community Investment Support Fund (CIF) : CIF will be provided by MoRD to the SHGs
promoted under DAY-NRLM in all blocks and will be routed through the village level/cluster level
federations, to be maintained in perpetuity by the federations.
● Eligibility Criteria for SHGs to avail loans: SHGs should be in active existence for at least 6
months as per their books of accounts (and not from the date of opening of S/B account).
● Panchasutras: SHGs should adhere to the 'Panchasutras,' which include regular meetings,
regular savings, regular inter-loaning, timely repayment, and maintaining up-to-date books of
accounts.
● Grading Norms : SHGs should qualify as per grading norms fixed by National Bank for
Agriculture and Rural Development (NABARD).
● MUDRA Scheme : One woman in every SHG under DAY-NRLM may be provided a loan up to ₹1
lakh under the MUDRA Scheme, if she is otherwise eligible.
● Funding Pattern: DAY-NRLM is a Centrally Sponsored Scheme and the financing of the
programme would be shared between the Centre and the States in the ratio of 60:40 (90:10 in
case of North Eastern States including Sikkim; completely from the Centre in case of UTs).
State Bank of India report: Senior Citizen Deposits Surge to Rs 34 Lakh Crore, Marking 150% Growth
Over 5 Years
● The share of senior citizen term deposits has doubled in the last five years to 30 per cent in fiscal
year 2024 as many have locked in their savings at higher interest rates before the Reserve Bank
of India (RBI) starts cutting rates.
● The report estimates a staggering 74 million senior citizen term deposit accounts in India, holding
a combined value of Rs 34 lakh crore.
.
● This represents a remarkable 81% increase in account numbers and a staggering 150% jump in
total deposits compared to 2018.
● Out of such 74 million accounts, almost 73 million accounts are in the size of up to Rs 15 lakh.
● By assuming 7.5% interest on Senior citizen bank deposits, Rs.2.6 lakh crore is the interest
earned.
● So, in 6 years, there has been an increase of 81% growth in the number of accounts and 150%
in amounts.
About SCSS :
● Senior Citizen Savings Scheme (SCSS) allows deposits up to Rs 30 lakh with a guaranteed 5-
year tenure and an attractive 8.2% interest rate.
● SCSS was launched with the main aim of providing senior citizens in India a regular income after
they attain the age of 60 years old.
● It has a maturity period of 5 years.
● But, a depositor can extend one's maturity period for another three years.
● Minimum Deposit– Rs. 1,000 (and in multiples thereof)
Interest Subvention Scheme for Credit to Women Self-Help Groups Extended to all Public Sector
Banks, Private Sector Banks and Small Finance Banks in all districts in 2024-25
● Interest subvention scheme on Credit to Women Self Help Group (SHG) during the year 2024-25
for all Public Sector Banks, Private Sector Banks and Small Finance Banks in all districts.
● The scheme is limited to Women Self Help Groups under Deendayal Antyodaya Yojana -
National Rural Livelihoods Mission (DAY-NRLM) in rural areas only.
● Concessional Interest Rates: For loans up to ₹3 lakhs under the scheme, banks will extend
credit at a concessional interest rate of 7% per annum.
● For outstanding credit balances up to ₹3 lakh, banks will be subvented at a uniform rate of 4.5%
per annum during FY 2024-25.
● Higher Loan Range: For loans above ₹3 lakh and up to ₹5 lakh under the scheme, banks will
extend credit at an interest rate equivalent to their 1 year-MCLR or any other external
benchmark-based lending rate or 10% per annum, whichever is lower.
● Duration of Subvention: Interest subvention will be payable only when an account remains in the
standard category.
● Implementation : The interest subvention scheme shall be implemented for banks through a
.
Nodal Bank selected by the Ministry of Rural Development (MoRD).

● Operationalization : The Nodal Bank will operationalize the scheme through a web-based
platform, as advised by MoRD.
● For the year 2024-25, Indian Bank has been nominated as the Nodal Bank by MoRD.
● Submission of Claims : Any remaining claims pertaining to the disbursements made during the
year 2024-25 and not included during the year, may be consolidated separately and marked as
an 'Additional Claim' and submitted to the Nodal Bank by September 30, 2025, duly certified by
Statutory Auditors.
RBI Data Reveals Over 27% Increase in Urban Co-operative Banks Advances to Priority Sector in FY23
● According to the Reserve Bank of India's report-Primary (Urban) Co-operative Banks' Outlook
2022-23, the advances of Urban Co-operative Banks (UCBs) to the priority sector surged more
than 27% in the financial year 2023, compared to the previous year.
● Total Advances: The RBI report indicates that UCBs' advances in FY23 amounted to Rs 2.2
trillion, a notable increase from Rs 1.73 trillion in FY22.
● Focus on MSMEs: Majority of UCBs' advances were directed towards Micro, Small & Medium
Enterprises (MSMEs), totalling Rs 1.3 trillion in FY23 compared to Rs 1 trillion in FY22.
● Priority Sector Share: Of the total lending by UCBs to the priority sector, almost 40 per cent was
to the MSMEs in FY23 compared to 34.27 per cent last year.
● Within MSMEs, micro enterprises had the highest share at 17.23 per cent.
● Priority Sector Lending Target : The RBI has set a target of 60 per cent for priority sector lending
by UCBs till FY24.
● Comparison with Scheduled Commercial Banks : At the same time, scheduled commercial
banks' achievement under the priority sector lending as on March 31, 2023, stood at 44.7
percent.
● Overall PSL Target Achievement : Both public and private sector banks, including foreign banks,
have also achieved the prescribed 40 per cent overall priority sector lending (PSL) target during
2022-23.
● UCB Demographics : As of March 31, there were 1,502 UCBs in India, with 10,117 branches
across the country.
● It has total deposits of Rs 5.3 trillion and total advances of Rs 3.3 trillion.
● Regional Distribution : Maharashtra has the highest number of UCBs with a total of 475, and the
.
western region of the country houses 693 UCBs.

Reserve Bank of India Fines 5 Cooperative Banks Rs 60.3 Lakhs for Violating Regulations
● The Reserve Bank of India (RBI) has imposed penalties totalling Rs 60.3 lakhs on 5 cooperative
banks for contravention of various regulatory norms.
Details of Penalties :
● Rajkot Nagarik Sahakari Bank : A penalty of Rs 43.30 lakh has been imposed for non-
compliance with RBI directions on 'ban on loans and advances to directors and their relatives,
and firms/concerns in which they are interested', 'prohibition on opening of saving bank accounts
in the names of certain bodies/organizations' and 'maintenance of deposit accounts'.
● The Kangra Co-operative Bank (New Delhi), Rajdhani Nagar Sahkari Bank (Lucknow), and Zila
Sahakari Bank, Garhwal (Kotdwar, Uttarakhand): Each of these banks has been fined Rs 5 lakh.
● District Co-operative Bank (Dehradun): A penalty of Rs 2 lakh has been imposed.
● Reasons for Penalties: The penalties are based on deficiencies in regulatory compliance, such
as non-compliance with RBI directions, but they are not intended to pass judgment on the validity
of any transaction or agreement entered into by the banks with their customers.
NPCI Bharat BillPay Collaborates with State Bank of India to Enable National Common Mobility Card
Recharge
● NPCI Bharat BillPay Limited. (NBBL), a wholly owned subsidiary of the National Payments
Corporation of India (NPCI), in association with the State Bank of India (SBI), has onboarded the
SBI National Common Mobility Card (NCMC) on its Bharat BillPay platform for the convenience
of travellers.
● The category is already live with SBI NCMC cards for Noida Metro, Nagpur Metro, MMRDA Line
2A & 7, Chennai Metro, Kanpur Metro, and Parliament Canteen via the bank’s Bharat BillPay-
enabled application, SBI Unipay, and more platforms will go live with the service soon.
● Recharge Limit: Customers can recharge their NCMC cards online with amounts of up to
₹10,000 through Bharat BillPay-enabled platforms, using various payment methods such as
prepaid, debit, and credit cards.
About NPCI Bharat BillPay Limited :
● CEO of NBBL : Noopur Chaturvedi
About SBI :
.
● Established : 1 July 1955

● Chairman : Dinesh Kumar Khara
● CFO : Kameshwar Rao Kodavanti
Reserve Bank of India Permits Resident Entities to Hedge Gold Price Risk with OTC Derivatives in
International Financial Services Centres
● The Reserve Bank of India (RBI) has expanded hedging options for resident entities by allowing
them to hedge exposure to gold price risk using Over-the-Counter (OTC) derivatives in the
International Financial Services Centre (IFSC), in addition to derivatives on exchanges.
● Aim : To provide further flexibility to resident entities to hedge their exposures to price risk of
gold.
● Previous Permissions: Earlier, resident entities were permitted to hedge their exposure to the
price risk of gold on exchanges in the International Financial Services Centre (IFSC) recognised
by the International Financial Services Centres Authority (IFSCA).
● Definition of Commodity Exposure : As per the directions, direct exposure to commodity price risk
includes all commodities, except gems and precious stones.
● Structured Products : Structured products may be permitted to eligible entities who are (a) listed
on recognized domestic stock exchanges or (b) fully owned subsidiaries of such entities or (c)
unlisted entities whose net worth is higher than INR 200 crore, subject to the condition that such
product are used for the purpose of hedging as defined under these directions.
● Hedging Definition : The activity of undertaking a derivative transaction to reduce an identifiable
and measurable risk is called Hedging.
What is an OTC derivative?
● Over the counter (OTC) derivatives are like special financial deals made directly between two
parties, without using a regular marketplace or middlemen.
Finance Ministry Notifies Updated Foreign Direct Investment Limits for Satellite-Related Activities under
FEMA
● The Finance Ministry has notified a new Foreign Direct Investment (FDI) limit for various satellite-
related activities under the Foreign Exchange Management (Non-Debt Instruments) Rules.·
● With the notification, all necessary regulations are now in place to implement the higher FDI limit
effectively.
.
● The new rules are set to come into effect from April 16, 2024.
● The Government had previously approved an amendment to the FDI policy for the space sector
in February, 2024.
● Under the amended FDI policy, 100% FDI is permitted in the space sector.
● FDI Limits for Satellite Activities:Satellite manufacturing & operation, satellite data products, and
ground segment & user segment can now receive FDI up to 74% under the automatic route.
● Previous Approval Route: Previously, FDI was only permitted to establish and operate satellites
through the government’s approval route.
● The new policy aligns with the vision and strategy outlined in the Indian Space Policy 2023.
● Cabinet Minister : Nirmala Sitharaman
● Minister of State : Bhagwat Karad, Pankaj Choudhary
Aditya Birla Capital Introduces Omnichannel Direct-to-Consumer Platform ABCD, Targets 30 Million
Users
● Aditya Birla Capital has introduced its omnichannel Direct-to-Consumer (D2C) platform called
ABCD, aiming to simplify finance with the tagline "Everything Finance as Simple as ABCD".
● The platform is housed under Aditya Birla Capital Digital Limited (ABCDL), a wholly-owned
subsidiary of Aditya Birla Capital Limited (ABCL).
● Aditya Birla Capital targets to onboard 30 million new users over the next 3 years through this
platform.
● The platform offers a comprehensive portfolio of 22 products and services, including payment
platforms like UPI, bill payment, online recharges, as well as financial services such as loans,
insurance, investments, and personal finance tracking tools like 'My Track'.
National Payments Corporation of India to Reevaluate Decision on 30% Unified Payments Interface
Market Share Limit by Year End
● The National Payments Corporation of India (NPCI) will review its decision to implement a 30%
cap on the market share of payment players offering Unified Payments Interface (UPI) services
by the end of 2024.
● The deadline to introduce the limit remains unchanged: December 2024.
● Previous Proposal on Market Share Cap: In November 2022, NPCI proposed a 30% volume cap
on third-party application providers (TPAPs).
.
● UPI Market Share Distribution: As of current data, PhonePe and Google Pay collectively hold
about 86% of the UPI market share in terms of transaction volumes, with PhonePe holding
48.3% and Google Pay holding 37.6%.
● Paytm Payments Bank is the third-largest UPI player but has experienced a decline in market
share due to restrictions imposed by the Reserve Bank of India (RBI) in January 2023.
● Cred and Axis Bank Apps are the 4th and 5th largest UPI service providers but have a market
share of less than 1% each.
● UPI Transaction Growth: UPI transactions in India experienced significant growth, with a 56%
increase in volume and a 44% increase in value in Financial Year 2023-24 (FY24) compared to
the previous year.
● FY24 marked the first time UPI transactions surpassed 100 billion, reaching 131 billion
transactions for the financial year.
● There were 84 billion transactions in FY23.
● In March 2024, transaction volume grew by 55% to 13.44 billion, and transaction value increased
by 40% to Rs 19.78 trillion compared to March 2023.
Reserve Bank of India Grants Cred In-Principle Approval to Operate as a Payment Aggregator
● Bengaluru-based fintech unicorn Cred received in-principle approval from the Reserve Bank of
India (RBI) for its Payment Aggregation (PA) business.
● Once Cred obtains final approval, it can expand its services beyond credit card bill payments to
include merchant payments, joining companies like Razorpay and Cashfree.
● Timeline for Approval: Typically, it takes about 6 months after receiving in-principle approval for a
company to get the final approval from the RBI.
● Recent PA Licenses: Other payment companies such as CCAvenue, Innoviti Payments, and
MSwipe have recently received their final PA licenses.
● RBI's Guidelines for Payment Aggregators:The RBI has issued draft guidelines for payment
aggregators (PAs) with strict know-your-customer (KYC) requirements for merchants.
● Development of Offline Payments:Cred is developing an offline payments business with plans to
deploy QR code-based "scan and pay" at retail outlets.
● This move is part of Cred's push into UPI-based payments.
About Cred :
● Founded : 2018
.
● Headquarters : Bangalore, Karnataka, India

● CEO : Kunal Shah
Bank credit records 16% surge in fiscal year, marking fastest growth in a decade
● Bank credit grew by 16% during the fiscal year, the highest growth rate in the last 10 years,
indicating a stronger appetite for lending among banks.
● This is attributed to improved financial metrics due to the systemic cleansing of balance sheets.
● Economic Recovery: The increased credit growth is partly due to the ongoing economic recovery
from the pandemic and sustained retail demand for loans.
● RBI Data: According to the Reserve Bank of India's weekly data, bank loans grew by 16.1% year-
on-year as of April 5,2024 despite higher interest rates.
● Impact of HDFC Merger: When considering the merger of Housing Development Finance
Corporation (HDFC) into HDFC Bank, the growth rate reaches 19.9%.
● Deposit Growth: The banks' aggregate deposit grew 13.2% year-on-year while the growth was
recorded at AR 13.8% if the merger is considered.
Ashok Leyland and South Indian Bank Entered into Agreement to Offer Financing Solutions to Dealers
● South Indian Bank has signed an MoU (Memorandum of Understanding) with Commercial
vehicle maker Ashok Leyland Limited for financing their dealers under the Bank’s dealer finance
program.
● Under this partnership, the Bank will provide unmatched dealer finance options to the dealers of
Ashok Leyland Limited.
● With this tie-up, South Indian Bank aims to help the dealer partners of Ashok Leyland Limited,
streamline vehicle inventory funding.
● This arrangement is mutually beneficial for the vehicle manufacturer, their dealers, and for South
Indian Bank.
About Ashok Leyland :
● Founded : 7 September 1948
● Headquarters : Chennai, Tamil Nadu, India
● Ashok Leyland is an Indian multinational automotive manufacturer, It is now owned by the
Hinduja Group.
About South Indian Bank :
● Founded : 1929
.
● Headquarters : Thrissur, Kerala, India

● MD & CEO : P. R. Seshadri
● Tagline : Experience Next Generation Banking
IRDAI removes the age limit of 65 years for individuals buying health insurance policies
● To widen the market and foster adequate protection from healthcare expenses, insurance
regulator IRDAI has removed the age limit of 65 years for individuals buying health insurance
policies.
● This marks a significant departure from the conventional constraints that limited individuals in
securing comprehensive coverage.
● Under the earlier guidelines, individuals were allowed to purchase a new insurance policy only till
the age of 65.
● However, with the recent amendment, which is from April 1, anyone, regardless of age, is eligible
to buy a new health insurance policy.
● In a recent gazette notification, IRDAI stated, “Insurers shall ensure that they offer health
insurance products to cater to all age groups. Insurers may design products specifically for senior
citizens, students, children, maternity, and any other group as specified by the competent
authority.”
● There is no limit on AYUSH treatment coverage.
About IRDAI :
● Chairperson: Debasish Panda
● Founded: 1999
● Headquarters: Hyderabad, Telangana
● Owner: Ministry of Finance, Government of India
Shriram Finance Introduces Digital-Only Fixed Deposit Scheme with 8.15% Interest Rate
● Shriram Finance Limited. (SFL), a non-banking financial company, has introduced a digital fixed
deposit (DFD) scheme, along with a fixed income plan (FIP) and a recurring deposit, available
exclusively through the Shriram One App and website.
● Customers would be able to obtain a Shriram Unnati fixed deposit (FD) with a tenor of 15 months
at a rate of interest of 8.15%.
● Additional Benefits for Special Categories :
.
➢ Senior citizens receive an additional 0.50% interest.

➢ Women depositors get an extra 0.10% interest.
➢ All depositors can claim an additional 0.25% benefit on FD renewal, provided it's done
digitally or through online channels.
● Minimum Deposit Requirements :
➢ While Unnati FDs with other tenors will be available both online and offline, the specific
15-month FDs will only be available for purchase through the Shriram One App and its
website.
➢ The minimum deposit amount would be ₹5,000.
● Fixed Income Plan (FIP) and Recurring Deposit (RD) :
➢ Along with the new launch, SFL has also made its Fixed Income Plan (FIP), or Recurring
Deposit (RD) currently marketed through digital and offline mode, exclusive to the Shriram
One App and SFL website.
➢ The FIP interest rates have been increased, with the following structure :
Tenor Existing Rate Increased Rate
12 months - 23 months 8.10 % 8.50 %
24 months - 35 months 8.40 % 8.75 %
36 months - 48 months 8.60 % 9%
➢ There will be an additional interest rate benefit of 0.10% for women depositors.
➢ The minimum deposit amount would be ₹1,000 a month.
About HDFC Bank :
● Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
● MD & CEO : Sashidhar Jagdishan
● Tagline : We Understand Your World
Reserve Bank of India Fines NABFINS Limited, Bengaluru Rs 10 Lakh for Rule Non-Compliance
● The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 10 lakh on NABFINS
Limited, a subsidiary of NABARD, for non-compliance with certain rules.
● This is related to non-compliance provisions of the non-banking financial company - systemically
.
important non-deposit taking company and deposit taking company directions, 2016
● This penalty has been imposed in exercise of powers conferred on RBI under the provisions of
clause (b) of sub-section (1) of section 58 G read with clause (aa) of sub-section (5) of section 58
B of the Reserve Bank of India Act, 1934.
About NABFINS :
● Headquarters : Bengaluru, Karnataka
● NABFINS Limited (NABFINS), is a company incorporated under the Companies Act, 1956 and
registered with Reserve Bank of India as an NBFC-mFI.
● It is a subsidiary of National Bank for Agriculture and Rural Development (NABARD) with equity
participation from NABARD, Government of Karnataka, Canara Bank, Union Bank of India, Bank
of Baroda, Dhanalakshmi Bank and Federal Bank.
World Bank Proposes $1 Billion Line of Credit to State Bank of India for India's Clean Energy Initiative
● The World Bank is planning to provide a USD 1 billion line of credit to the State Bank of India
(SBI) to accelerate India's transition to clean energy, according to sources familiar with the
development.
● The financing aims to support the expansion of battery storage systems and electric mobility
initiatives across the country.
● Objective and Context : The credit line comes at a crucial time as India races to meet its
ambitious renewable energy targets while grappling with rising crude oil prices and import
dependency on fossil fuels.
● Significance of Battery Energy Storage Systems (BESS) : Large-scale Battery Energy Storage
Systems are crucial for integrating solar and wind power into India's electricity grid, compensating
for intermittent energy production.
● The Central Electricity Authority (CEA) estimates India will need 27 GW of battery storage
systems with four hours of storage by 2030 to support renewable energy production.
● India's Nationally Determined Contribution (NDC):India aims to source 50% of its installed power
generation capacity from non-fossil fuel sources by 2030, as part of its updated NDC.
About World Bank :
● Established : July 7, 1944
● Headquarters : Washington, D.C., U.S
● President : Ajay Banga
.
● The World Bank is an international financial institution that provides loans and grants to the
governments of low- and middle-income countries for the purpose of pursuing capital projects.
● The World Bank is the collective name for the International Bank for Reconstruction and
Development (IBRD) and International Development Association (IDA), two of five international
organizations owned by the World Bank Group.
About SBI :
PayU Receives RBI's In-Principle Approval to Operate as a Payment Aggregator
● Digital financial services provider PayU has received in-principle authorisation from the Reserve
Bank of India (RBI) to operate as a Payments Aggregator (PA) under the Payment Settlements
Act, 2007.
● In January 2023, RBI had returned applications of Prosus Group firm PayU and asked it to
resubmit them within 120 days.
● With in-principle approval in place, PayU can now onboard new merchants to provide them digital
payment services.
● PayU is a payment gateway that also offers services including buy-now-pay-later, and competes
with the likes of Tiger Global-backed Razorpay and Walmart-owned PhonePe.
What is a payment aggregator?
● A payment aggregator (PA) is a third-party service provider that enables customers to make and
businesses to accept payments online.
● Payment aggregators enable their clients to accept various payment methods such as debit
cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets, and e-mandates.
● A PA licence is mandatory for a platform to acquire merchants and deliver digital payment
acceptance solutions.
About PayU :
● Headquarters : Hoofddorp, Netherlands
● CEO : Anirban Mukherjee
.
BharatPe Introduces 'BharatPe One', an All-in-One Payment Device

● Indian fintech major BharatPe launched BharatPe One, an all-in-one payment product that
integrates POS (point of sale), QR code, and speaker into one device.
● The product is designed to streamline payment transactions for merchants, offering a versatile
range of payment acceptance options, including dynamic and static QR codes, tap-and-pay, and
traditional card payments across various debit and credit cards.
● BharatPe plans to launch BharatPe One in over 100 cities in the first phase, with further
expansion to 450+ cities in the next 6 months.
● Market Potential for Soundboxes:A Bank of America (BofA) Securities report published in June
2023 estimated that the target market for soundboxes in India is approximately 25 million
medium-sized small and medium enterprises (SMEs) and 15-17 million smaller SMEs.
About BharatPe :
● Founded : 2018
● Headquarters : New Delhi
● CEO : Nalin Negi
IndusInd Bank successfully conducted the Reserve Bank of India's (RBI) programmable Central Bank
Digital Currency (CBDC) pilot, becoming the first bank to do so
● IndusInd Bank has successfully executed a pilot for the Reserve Bank of India’s (RBI’s)
programmable Central Bank Digital Currency (CBDC), marking the first instance of such a project
by any bank in India.
● Collaboration and Purpose:The pilot project was conducted in collaboration with Circularity
Innovation Hub India Private Limited (CIH).
● This initiative involves an alternate form of CBDC, where the bank can program the end-use of
funds, specifically targeting farmers for carbon credit generation.
● Targeted Recipients : As a part of this pilot, IndusInd Bank initiated the programmable CBDC
disbursement to 50 farmers in Ratnagiri district of Maharashtra and will cover around 1,000
farmers going ahead, marking a milestone in the adoption of innovative financial solutions for the
agriculture sector.
● Future Phases:The next phase (Phase 2) of the project will focus on Safai Karmacharis
(sanitation workers), aiming to increase their income by leveraging revenues generated from the
collection, recycling, and repurposing of plastic waste.
.
About IndusInd Bank :

● Founded : April 1994
● MD & CEO : Sumant Kathpalia.
● Tagline : We Make You Feel Richer
Tata Power Solar Teams Up with Indian Bank to Boost Solar Rooftop Installations in Residential Sector
● Tata Power Solar Systems Limited (TPSSL) has partnered with the Indian Bank to encourage
and support the adoption of solar rooftop systems in residential properties.
● The tie-up aims to facilitate financing solutions under the Pradhan Mantri Surya Ghar Muft Bijli
Yojana scheme for installations up to 3 KW, as well as support for 3-10 KW installations under
the regular scheme.
● Pradhan Mantri Surya Ghar Muft Bijli Yojana:This scheme provides loans up to ₹2 lakh for solar
rooftop installations up to 3 KW with a 7% annual interest rate.
● There is a nominal margin money requirement of 10%, and the financing is collateral-free.
● The repayment tenure can be extended up to 10 years.
● Financing for Larger Installations (3 KW - 10 KW):For installations exceeding 3 KW but within the
10 KW limit, TPSSL and Indian Bank offer tailored financing solutions.
● Loans of up to ₹6 lakh are available, with a 20% margin money requirement and competitive
interest rates ranging from 8.4% to 10.8% per annum.
About Tata Power Solar Systems Limited :
● Founded : 1989
● Tata Power Solar Systems Limited, formerly Tata BP Solar, is an Indian company that
specialises in solar energy services.
● In February 2017, Tata Power Solar became the first Indian company to ship over 1 GW solar
modules worldwide.
About Indian Bank :
● Founded : 15 August 1907
● MD & CEO : Shanti Lal Jain
Reserve Bank of India Imposes Restrictions on Kotak Mahindra Bank Over Information Technology
.
Concerns
● The Reserve Bank of India (RBI) has, in exercise of its powers under Section 35A of the Banking
Regulation Act, 1949, directed Kotak Mahindra Bank Limited to cease and desist, with immediate
effect, from (i) onboarding of new customers through its online and mobile banking channels and
(ii) issuing fresh credit cards.
● The bank shall, however, continue to provide services to its existing customers, including its
credit card customers.
● Reasons for the Restrictions:These actions are necessitated based on significant concerns
arising out of Reserve Bank’s IT Examination of the bank for the years 2022 and 2023 and the
continued failure on part of the bank to address these concerns in a comprehensive and timely
manner.
● Serious deficiencies and non-compliances were observed in several areas, including:
➢ IT inventory management
➢ Patch and change management
➢ User access management
➢ Vendor risk management
➢ Data security and data leak prevention strategy
➢ Business continuity and disaster recovery rigour
About Kotak Mahindra Bank Limited :
● MD & CEO : Ashok Vaswani
National Bank for Agriculture and Rural Development launches Climate Strategy 2030 to drive green
financing initiatives
● The National Bank for Agriculture and Rural Development (NABARD) unveiled its Climate
Strategy 2030 document on Earth Day to address India’s growing need for green financing.
● The Climate Strategy 2030 document has been released by Shaji KV, Chairman of NABARD.
● Its main aim is to address India’s need for green financing.
● India’s Green Financing Gap : India requires approximately $170 billion annually to reach a
cumulative total of over $2.5 trillion by 2030 for green financing.
.
● As of 2019-20, India garnered about $49 billion in green financing, with most funds directed
toward mitigation. Only $5 billion was allocated to adaptation and resilience.
● Private sector engagement in green financing is limited due to challenges in bankability and
commercial viability.
● NABARD’s Climate Strategy 2030 is based on 4 key pillars:
1. Accelerating green lending across sectors,
2. Playing a broader market-making role,
3. Internal green transformation, and
4. Strategic resource mobilization.
● India's Sustainable Environment Goals:India is the world's third-largest emitter of greenhouse
gases, after China and the United States.
● India's Nationally Determined Contribution (NDC) under the Paris Agreement aims to reduce the
emissions intensity of GDP by 33-35% by 2030 from the 2005 level.
About NABARD :
● Chairman : Shri. Shaji K V
● It was established on the recommendations of B. Sivaraman Committee (by Act 61, 1981 of
Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural
Development Act 1981.
● NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex
cooperative banks in India.
● It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).
Indian Overseas Bank Plans to Raise ₹5,000 Crore in Equity Capital for FY25
● Indian Overseas Bank (IOB) plans to raise ₹5,000 crore in equity capital in FY25 to comply with
the Securities and Exchange Board of India's (SEBI's) minimum public shareholding (MPS)
requirement.
Key Highlights :
● Compliance with SEBI's Norms: The Securities Contracts (Regulation) Rules, 2018, mandate
that every listed company must have at least 25% minimum public shareholding.
● As of March-end 2024, the Government of India holds a majority shareholding of 96.38% in IOB.
● The equity issuance will occur in one or more tranches within a 12-month period from the date of
.
approval.
● Shareholder Approval:The plans for equity issuance require approval from the Indian government
and shareholders, to be obtained through either an Annual General Meeting (AGM) or an
Extraordinary General Meeting (EGM).
● Tier-II Capital Raise:Additionally, IOB plans to raise tier-II capital by issuing BASEL III Compliant
tier-II bonds, up to ₹1,000 crore, depending on the requirement.
● This issuance may include a greenshoe option and will occur in one or more tranches within a
12-month period from the date of approval.
About IOB :
● Founded : 10 February 1937
● MD & CEO : Ajay Kumar Srivastava
● Tagline : Good people to grow with
Reserve Bank of India's Master Direction on Asset Reconstruction Companies to Take Effect from April
24,2024
● The Reserve Bank of India (RBI) released a compiled master direction for the asset
reconstruction companies (ARCs) raising the minimum capital requirement to begin securitization
to Rs 300 crore from Rs 100 crore as on October 11, 2022.
● Notably, the RBI said that the regulation would be effective from April 24, 2024.
● ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum
required Net Owned Fund (NOF) of Rs 300 crore.
● ARCs must have Rs 200 crore by March 31, 2024 and Rs 300 crore by March 31, 2026.
● ARCs with a minimum NOF of Rs 1,000 crore can act as resolution applicants.
● ARCs may deploy funds for undertaking restructuring of acquired loan account with the sole
purpose of realising dues in government securities and deposits with scheduled commercial
banks, Small Industries Development Bank of India (SIDBI), National Bank for Agriculture and
Rural Development (NABARD) or such other entity as may be specified by the RBI.
● These Directions have been issued in exercise of the powers conferred by Sections 3, 9, 10, 12
and 12A of the Securitisation and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 (54 of 2002).
● Operational Guidelines : An ARC shall commence business within 6 months from the date of
.
grant of CoR by the Reserve Bank. Reserve Bank may grant extension up to 12 months from the
date of grant of CoR on receipt of the application from the ARC.
● Every ARC shall maintain, on an ongoing basis, a capital adequacy ratio of minimum 15% of its
total risk weighted assets.
● Governance Requirements : No person shall continue as MD/ CEO or WTD beyond the age of
70 years.
What is an Asset Reconstruction Company (ARC)?
● An ARC is a financial institution that buys the Non Performing Assets (NPA) or bad assets from
banks and financial institutions so that the latter can clean up their balance sheets.
AU Small Finance Bank Targets 25% Advance Growth Over Three Years
● AU Small Finance Bank (AU SFB) is planning to grow its advances at a compound annual growth
rate (CAGR) of 25% in the next 3 years.
● Currently, the balance sheet size of AU Small Finance Bank is Rs 1.09 lakh crore and Finance
Care Small Finance has Rs 17,267 crore.
● The merged balance sheet now stands at Rs 1.27 lakh crore.
● Merger with Fincare Small Finance Bank : AU Small Finance Bank had announced the merger
with Fincare Small Finance Bank in October 2023.
● The Bank received its SFB licence in 2017, and has grown its advances by over 30% annually
before the merger.
● In January 2024, the Competition Commission of India (CCI) gave approval for the merger and
on March 4 the Reserve Bank of India (RBI) approved the Scheme of Amalgamation between
both banks.
● Impact of the Merger:The merger, which is effective April 1,2024 marks a significant milestone in
the banking sector, creating an entity with a combined customer base of over 10 million, over
46,000 employees and a network of over 2,400 physical touchpoints with a balance sheet size of
Rs1.25 trillion.
About CAGR :
● Compound annual growth rate, or CAGR, is the mean annual growth rate of an investment over a
specified period longer than one year.
● It represents one of the most accurate ways to calculate and determine returns for individual
assets, investment portfolios, and anything that can rise or fall in value over time.
.

● Headquarters : Jaipur, Rajasthan, India
● MD & CEO : Sanjay Agarwal
● It was founded as a vehicle finance company and Non Banking Financial Company (NBFC), AU
Financiers (India) Ltd in 1996 and converted into a full-fledged small finance bank on 19 April
2017.
PhonePe’s Indus App Store launches voice search feature in 10 Indian languages
● PhonePe’s Indus Appstore, a homegrown app marketplace, has launched its voice search
feature, in 10 Indian languages including Hindi, Marathi, Punjabi, Kannada, Tamil, Telugu,
Malayalam, Bengali, Gujarati and Urdu to expand its user base and adoption.
● The homegrown appstore aims to cover 75% local language speakers among the internet users
in the country.
● Voice Search Technology: The voice search feature is powered by artificial intelligence (AI) and
machine learning (ML) algorithms.
● Growing Demand for Voice-Activated Technology: According to data, 82% of smartphone users
engage with voice-activated technology, indicating a strong demand for such features.
About Indus Appstore :
● Indus Appstore is available in English and 12 Indian languages, allowing users to navigate the
platform in their preferred language.
● This multilingual approach supports a diverse user base.
● Indus Appstore provides a platform for developers to list, distribute, and promote their apps in the
Indian ecosystem.
● It offers self-publishing, localization services, tools for monitoring growth, and 24×7 customer
support.
About Phonepe :
● Founded : 2015
● Headquarters : Bengaluru, Karnataka, India
● CEO : Sameer Nigam
SBI Card Launches its First Travel-Focused Core Credit Card 'MILES'
● SBI Card has introduced its first travel-centric core credit card, named 'SBI Card MILES', offering
a range of comprehensive travel benefits.
.
● Variants of SBI Card MILES : There are 3 variants, SBI Card MILES ELITE, SBI Card MILES
PRIME, and SBI Card MILES, which have been designed to elevate these experiences through
curated travel benefits.
● Joining and Annual Fees:The joining and annual fees for SBI Card MILES ELITE are Rs 4,999.
About SBI Card :
● Founded : May 1998
● Headquarters : Gurugram, Haryana
● MD and CEO : Abhijit Chakravorty
● SBI Cards & Payment Services Limited, previously known as SBI Cards & Payment Services
Private Limited, is a credit card company and payment provider in India.
● SBI Card was launched by the State Bank of India and GE Capital.
Razorpay Enters UPI Infrastructure with 'UPI Switch' Launch in Partnership with Airtel Payments Bank
● Fintech company Razorpay has introduced its own Unified Payments Interface (UPI)
infrastructure called 'UPI Switch', a cloud-based solution developed in partnership with Airtel
Payments Bank.
● This solution is designed to ensure smoother and faster transactions.
● Transaction Capacity and Uptime:'UPI Switch' can handle up to 10,000 transactions per second
(TPS) at any given time.
● It provides 99.99% uptime, ensuring high reliability for users.
● Faster Access to UPI Innovations:The 'UPI Switch' enables businesses to access UPI
innovations 5 times faster than conventional infrastructure.
● UPI's Popularity in India:UPI has become India's preferred payment method, accounting for 70%
of digital transactions.
● In January 2024, UPI transactions reached a record Rs 18.41 trillion, indicating its widespread
adoption and growth.
About Razorpay :
● CEO : Harshil Mathur
About Airtel Payments Bank :
● Founded : January 2017.
● Headquarters : New Delhi, Delhi
.
● MD & CEO : Anubrata Biswas.

● On 11 April 2016, Airtel Payments Bank became the first company to receive the Payments Bank
license from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act,
1949.
● The Bank started with an 80:20 partnership between Bharti Airtel and Kotak Mahindra Bank.
SBI Card's Q4 Profit Surges Unexpectedly Due to Consistent Retail Spending in India
● India's SBI Cards and Payment Services reported an unexpected 11% rise in fourth-quarter
profit, driven by steady retail spending that offset an increase in bad loans.
● The company's profit after tax reached 6.62 billion rupees ($79.4 million) for the January-March
period, up from 5.96 billion rupees a year earlier.
● This exceeded analysts' expectations, which were around 5.61 billion rupees, as per LSEG data.
● Credit Demand and Retail Spending:Credit demand, especially in unsecured categories like
credit cards, remained robust, fueled by retail consumer spending.
● Cardholder Spending and Interest Income: Total cardholder spending, or the aggregate
transacted amount, grew by 11% year-on-year to 796.53 billion rupees during the quarter.
● Gross Write-offs and Bad Loans:The company's gross write-offs rose by 60% to 8.64 billion
rupees, reflecting a higher level of bad loans and credit losses.
● Net Interest Margin (NIM): The net interest margin, a key measure of profitability, fell by 60 basis
points year-on-year to 10.9%, suggesting increased pressure on margins due to a combination of
higher write-offs and bad loans.
Edelweiss Mutual Fund Introduces Nifty Alpha Low Volatility 30 Index Fund
● Edelweiss Mutual Fund has launched the Nifty Alpha Low Volatility 30 Index Fund, a multi-factor
index fund.
● It will consist of 30 stocks selected from a pool of the top 150 listed stocks.
● These stocks have recently outperformed the broader market yet are relatively less volatile.
● The New Fund Offer (NFO) of the scheme will be from April 26 to May 10, 2024.
● Investment Strategy and Benchmark : The scheme will invest 95-100% in equity and equity-
related securities representing the Nifty Alpha Low Volatility 30 Index.
● Its scheme will be benchmarked against Nifty Alpha Low Volatility 30-TRI and will be managed
by Bhavesh Jain.
● Scheme Variants and Options : The scheme will offer regular and direct plans with growth and
.
Income Distribution cum Capital Withdrawal (IDCW) options.

● Systematic Investment Plan (SIP) Details : The minimum investment amount for daily, weekly,
fortnightly, monthly, and quarterly SIP will be Rs 100 and in multiples of Rs 1 thereafter.
What Is a New Fund Offer (NFO)?
● NFO refers to a new mutual fund scheme for the public in the financial markets with an aim of
first-time subscription.
● In other words, a new mutual fund scheme based on a new investment strategy is offered to
investors for a limited period.
● Asset management companies (AMCs) offer NFOs as new mutual fund products which are not
previously present as part of the product basket.
● NFOs are offered for both close-ended and open-ended mutual fund schemes.
About Edelweiss Mutual Fund :
● MD & CEO : Radhika Gupta
● Edelweiss Mutual Funds, managed by Edelweiss Asset Management Limited, is one of the
country's youngest and most dynamic mutual fund houses.
Reserve Bank of India Maintains Foreign Portfolio Investors Investment Limit in Government Securities
at 6% of Outstanding Stocks for FY25
● The Reserve Bank of India (RBI) announced that the investment limits for Foreign Portfolio
Investors (FPIs) in government securities, state development loans (SDLs), and corporate bonds
will remain unchanged for FY25.
● Investment Limits for Various Securities:
➢ The limit for FPI investment in government securities (G-secs) is 6% of the outstanding
stocks of securities.
➢ The limit for state development loans is 2%.
➢ The limit for corporate bonds is 15%.
➢ Allocation between General and Long-term Sub-categories:The distribution of incremental
changes in the G-secs limit, in absolute terms, will remain at 50:50 between the two sub-
categories 'General' and 'Long-term' for 2024-25.
➢ State Development Loans (SDLs) Allocation:The entire increase in limits for SDLs, in
absolute terms, has been allocated to the general sub-category of state development
loans.
.
➢ Credit Default Swaps (CDS) Limit:The aggregate limit of the notional amount of CDS sold
by FPIs will be 5% of the outstanding stock of corporate bonds.
Government Partners with SBI Cards and Telcos to Tackle One-Time Password Frauds
● India's Ministry of Home Affairs, SBI Cards and Payment Services Limited (SBI Card), and
telecom operators have joined forces to develop an innovative solution to combat OTP (One-
Time Password) frauds, cybercrime, and phishing attacks targeting the banking ecosystem.
● The government is testing a solution that allows banks to track the registered address and
geolocation of a customer to monitor where an OTP is delivered, providing a way to detect
potential fraud.
● Cybercrime's Impact:According to the Indian Cyber Crime Coordination Centre (i4C),
cybercriminals siphoned off Rs 10,319 crore between April 2021 and December 2023.
● Most crimes originated from China, Cambodia, and Myanmar, involving non-state actors.
● Citizen Financial Cyber Fraud Reporting and Management System:Under the i4C framework, the
government established the 'Citizen Financial Cyber Fraud Reporting and Management System,'
which successfully prevented around Rs 1,200 crore in fraudulent transfers from over 470,000
citizen complaints received by February 2024.
About Ministry of Home Affairs :
● Union Minister : Amit Shah
● Minister of State : Nityanand Rai, Nisith Pramanik, Ajay Kumar Mishra
Reserve Bank of India Makes Record Net Purchase of $8.5 Billion in the Forex Market in February
2024, the Highest in 32 Months
● The Reserve Bank of India (RBI) bought $8.5 billion on a net basis in the foreign exchange
market in February,2024 marking the highest net purchase by the central bank in 32 months.
● In January, the RBI made a smaller net purchase of $1.9 billion in the spot market.
● This indicates a significant increase in buying activity in February.
● Comparison with Previous Records: The net purchase of $8.5 billion in February is the highest
since June 2021, when the RBI had net bought $18.6 billion in the foreign exchange market.
● All-Time High Foreign Exchange Reserves: The RBI's headline foreign exchange reserves
reached a record high of $648.56 billion as of April 5, demonstrating the central bank's growing
reserve position.
Securities and Exchange Board of India Approves Groww Mutual Fund's Launch of Nifty Non-Cyclical
.
Consumer Index Fund via New Fund Offering

● Groww Mutual Fund has received the Securities and Exchange Board of India’s (SEBI’s)
approval to launch the Nifty Non-Cyclical Consumer Index Fund through a new fund offering
(NFO).
● The NFO is expected to go live in the first week of May.
● The fund will be India’s first non-cyclical index fund.
● In this instance, the fund is benchmarked against the Nifty Non-Cyclical Consumer Index (Total
Return Index).
● This tracks the performance of the top 30 stocks under sectors such as consumer goods and
services, telecom and more.
● Aim of the fund : To generate long-term capital growth by investing in securities of the Nifty Non-
Cyclical Consumer Index (TRI) in the same proportion to offer returns.
● It is structured to allocate between 95-100% of its assets in equities and equity-related securities
of companies directly involved in or anticipated to gain from consumption and consumption-
related endeavours.
● Groww Nifty Non-Cyclical Consumer Index Fund will be an open‐ended scheme tracking Nifty
Non-Cyclical Consumer Index – TRI.
● The scheme will be managed by Abhishek Jain.
About Groww MF :
● Headquarters : Bangalore, Karnataka
● CEO : Lalit Keshre
KRAs Release Guidelines to Simplify the KYC Process
● In a bid to ease the Know Your Customer (KYC) process for investors due to new guidelines that
came into effect on April 1, 2024 the 5 KYC registration agencies (KRAs) - CDSL Ventures
(CVL), NSDL Database Management (NDML), CAMS, Karvy, and Dotex have come with
guidelines to simplify the process.
● Scope of KYC Records:The KRAs collectively hold the KYC records of 108.3 million investors,
playing a pivotal role in maintaining these records.
● Status of KYC Records:Out of the total KYC records:
➢ 73% are in the 'KYC Validated' status, indicating no further action is required for
.
transacting in the securities market.

➢ 15% are in the 'KYC Registered' status, allowing existing systematic investment plans
(SIPs) with mutual funds to continue.
➢ 12% are in the 'KYC On-Hold' status, requiring additional steps for compliance.
What is the KYC Registration Agency (KRA)?
● KRA is an agency registered with SEBI under the Securities and Exchange Board of India [KYC
(Know Your Client) Registration Agency] Regulations, 2011.
● The KRA will maintain KYC records of the investors centrally, on behalf of capital market
intermediaries registered with SEBI.
AU Small Finance Bank Launches New Rupay Credit Card and ATM Insurance Products
● AU Small Finance Bank (AU SFB) has introduced a range of new products, aiming to enhance
fee income through innovative credit cards and ATM insurance.
● New Credit Cards:Two new credit cards are among the latest offerings: the AU SPONT Rupay
Credit Card and the Secured Credit Card - NOMO (No Missing Out).
● The AU SPONT Rupay Credit Card is developed in collaboration with NPCI, while the Secured
Credit Card - NOMO is developed with VISA.
● Introduction of Secured Credit Cards:The NOMO (No Missing Out) Credit Card is AU SFB's first
secured credit card, which is backed by a Fixed Deposit (FD).
● This marks the bank's entry into the realm of secured credit cards.
● It was founded as a vehicle finance company and Non-Banking Financial Company (NBFC), AU
Financiers (India) Ltd in 1996 and converted into a full-fledged small finance bank on 19 April
2017.
Reserve Bank of India Issues Guidelines for Voluntary Conversion of Small Finance Banks into
Universal Banks
● The Reserve Bank of India (RBI) has issued guidelines for the voluntary transition of Small
Finance Banks (SFBs) to Universal Banks effective immediately.
● The “Guidelines for ‘on-tap’ Licensing of SFBs in Private Sector”, dated December 5, 2019,
provide a transition path for SFBs to become universal banks.
.
● Minimum Requirements for Transition : The RBI has stated that SFBs should have a minimum
net worth of Rs 1,000 crore to become universal banks in accordance with the on-tap licensing
norms.
● According to the RBI, SFBs aspiring to become a universal bank need to have scheduled status
with a satisfactory track record of performance for a minimum period of 5 years.
● Stock Exchange Listing Requirement : An SFB intending to transition to a universal bank must be
listed on a recognized stock exchange.
● Out of the 10 SFBs, only North East Small Finance Bank is not listed.
● Gross non-performing assets (GNPA) and net non-performing assets (NNPA) must be less than
or equal to 3% and 1%, respectively, over the last two financial years.
● Regulatory Structure upon Transition:Upon transition, the universal bank will be subject to all
norms, including the Non-Operative Financial Holding Company (NOFHC) structure (as
applicable).
● RBI's Authority : These instructions are issued in exercise of the powers conferred on the
Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949.
Economic Think-Tank National Institute of Public Finance and Policy Forecasts India's GDP Growth at
7.1% for FY25
● Economic think-tank National Institute of Public Finance and Policy (NIPFP) has estimated
India's GDP growth at 7.1% for the current fiscal, using high-frequency models.
● The robust capital expenditure (capex) growth at the state level is a key factor driving this
projection.
Comparison with Other Forecasts:
● The NIPFP's estimate aligns with other projections from notable financial and economic
institutions:
➢ The Asian Development Bank (ADB) and Fitch Ratings have also estimated India's GDP
growth at 7%.
➢ The International Monetary Fund (IMF), S&P Global Ratings, and Morgan Stanley have
projected a 6.8% growth rate for FY25.
About NIPFP :
● The NIPFP is an autonomous research institute under India's Ministry of Finance.
Reserve Bank of India Permits Small Finance Banks to Trade in Authorised Rupee Interest Rate
.
Derivative Products
● Reserve Bank of India (RBI) has decided to permit Small Finance Banks (SFBs) to deal in
permissible rupee interest rate derivative products for hedging interest rate risk.
● Aim : To expand the avenues available to the SFBs for hedging interest rate risk in their balance
sheets and commercial operations more effectively and to provide them with greater flexibility.
● Prior to this decision, Small Finance Banks were only allowed to use interest rate futures (IRFs)
for proprietary hedging.
About Small Finance Banks :
● Definition and Target Customers : SFBs are a niche type of bank in India who cater to mainly
customers not being serviced by the big commercial banks such as small business units, small
farmers, Micro, Small and Medium Enterprises (MSMEs) and various other unorganised sectors.
● Naming Requirement and Subsidiaries : Every SFB must include the words "small finance bank"
in its name and cannot establish subsidiaries for non-banking financial service activities.
● Regulatory Status and Licensing : SFBs are granted the scheduled bank status after being
operational and are deemed suitable under section 42 of the RBI Act,1934.
● Small Finance Banks are registered as public limited companies under Companies Act 2013, and
are licensed under section 22 of the Banking Regulation,1949.
● Capital Requirements: SFBs must maintain a minimum Capital to Risk-Weighted Assets Ratio
(CRAR) of 15%.
● Priority Sector Lending: SFBs are required to extend 75% of their Adjusted Net Bank Credit to
Priority Sector Lending.
National Bank for Agriculture and Rural Development Collaborates with RBI Innovation Hub to
Accelerate Digital Agriculture Lending
● The National Bank for Agriculture and Rural Development (NABARD) has partnered with the
Reserve Bank's arm RBIH to put in place a system which will enable faster processing of
agricultural loans.
● The partnership agreement was signed by the NABARD chairman, Shaji K V and Rajesh Bansal,
CEO, RBIH.
● The collaboration will streamline the lending process and reduce the turnaround time for loans
from 3 to 4 weeks to just 5 minutes for India's 120 million farmers.
● NABARD will integrate its e-KCC loan origination system portal with the Public Tech Platform for
.
Frictionless Credit (PTPFC) of Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary
of the RBI.
● The PTPFC developed by RBIH was launched in 2023.
● NABARD has developed the loan origination system portal to facilitate digital Kisan Credit Card
(KCC) loan processing for cooperative banks and Regional Rural Banks (RRBs).
● Through the integration with PTPFC, about 351 district and state cooperative banks and 43
Regional Rural Banks (RRBs) will gain access to a range of services including digital state land
records, satellite data, Know Your Customer (KYC), credit history and transliteration for more
effective credit underwriting.
About RBIH :
● CEO : Rajesh Bansal
● The Reserve Bank Innovation Hub is a wholly owned subsidiary of the Reserve Bank of India
(RBI) set up to promote and facilitate an environment that accelerates innovation across the
financial sector.
NATIONAL NEWS
Food subsidy for FY25 may be revised upward by over Rs 35,000 cr
• The government’s food subsidy expenses for FY24 were around Rs 2.2 trillion, Rs 8,000 crore
more than the revised estimate (RE), and the outgo for FY25 would need to be revised upward by
more than Rs 35,000 crore from the budget estimate (BE).
• The initial projection of the subsidy outgo by the Ministry of food and Public Distribution for 2024-25
is Rs 2.42 trillion, the source said, citing the likely rise in MSPs of wheat and rice. In the interim
budget for 2024-25, the government had provisioned Rs 2.05 trillion under the food subsidy head.
• Over the last two fiscal years, MSPs of paddy and wheat witnessed an increase in the range of 5-
7% annually.
PFRDA mandates two-factor Aadhaar authentication for CRA access from April 1
• Pension regulator PFRDA has mandated 2-factor Aadhaar Authentication for access to the Central
Recordkeeping Agency (CRA) system for conducting National Pension System (NPS) related
activities.
.
• CRAs are responsible for centralised recordkeeping, administration, and customer service
functions for all NPS subscribers.
• As of date, there are three licensed CRAs in the country.
• Currently, Nodal Offices under Central and State Governments, including their underlying
Autonomous bodies, use a password-based login to access the CRA for NPS transactions.
• This new regime will be effective from April 1.
Linking of CGHS ID with Ayushman Bharat Health Account ID made mandatory

• The linking of the Central Government Health Scheme (CGHS) beneficiary ID with the Ayushman
Bharat Health Account ID will be mandatory with effect from 1st April 2024.
• Linking of the two – that is the CGHS beneficiary ID with the Ayushman Bharat Health Account ID
– must be completed within 30 days.
• The linking of the CGHS beneficiary ID with the Ayushman Bharat ID is aimed at creating digital
health identification of CGHS beneficiaries and storing their digital health records.
• According to the MoHFW, approximately 44,98,914 beneficiaries are covered under CGHS, pan-
India, which include 26,57,833 serving employees and around 18,41,081 pensioners.
• Ayushman Bharat Health account is a 14-digit number that allows citizens to maintain their
medical records digitally.
Kodaikanal Solar Observatory celebrates 125 years of studying the Sun.

• The 125th anniversary of the iconic Kodaikanal Solar Observatory (KSO) was celebrated on 1
April 2024 by the Indian Institute of Astrophysics (IIA), an autonomous institute of the Department
of Science and Technology (DST), to remember the history of KSO, felicitate its scientists, and
honour its legacy was a milestone for astronomy in India.
• The KSO houses a digital repository of 1.2 lakh digitised solar images and thousands of other
images of the Sun recorded every day since the start of the 20th century.
• Established on 1 April 1899 by the British, the Observatory has one of the longest continuous daily
records of the Sun in the world, and this unique database has been digitised and is publicly
available for astronomers from across the globe.
Over 60 Products Across India, Including Banaras Thandai, Receive Geographical Indication Tags
• Over 60 products from across India have received Geographical Indication (GI) tags, marking the
largest batch of GI tags awarded at once.
.
• A Geographical Indication (GI) is a designation used on products with a specific geographical

origin, indicating qualities or reputation linked to that origin.
• To date, around 635 products in India have been given the GI tag.
• The first GI tag in the country was given two decades ago to the famous Darjeeling tea.
• Administered by the Registrar of Geographical Indications (RGI), it identifies agricultural, natural,
or manufactured goods, providing legal protection for 10 years (renewable).
India's Smart Meter Programme to enable Rs 1.5 lakh cr investment in prepaid smart meters
• India's Smart Meter National Program (SMNP) is aiming to replace 25 crore conventional electricity
meters with prepaid smart meters, along with upgrading infrastructure such as feeders and
transformers, with an estimated capital expenditure of Rs 1.5 lakh crore slated for implementation
over the next fiscal years.
• The Smart Meter National Program (SMNP) uses a flexible spending plan and a secure payment
system to lower risks usually found in big projects.
• This will make billing and payment collection easier for distribution companies (discoms).
India's March manufacturing PMI rises to 16-year high as output and orders jump to highest since
October 2020
• The manufacturing sector in India closed out FY24 with a "stellar performance" in March, a private
survey showed, as companies stepped up hiring in response to strong production and new orders.
• The HSBC India Manufacturing PMI rose to a 16-year high of 59.1 in March 2024, from 56.9 in
February 2024.
• While this number was the highest since February 2008, it was lower than HSBC's preliminary
estimate of 59.2. A reading of over 50 separates expansion from contraction.
• India's manufacturing output rose for the 33rd consecutive month in the final month as growth
quickened across consumer, intermediate and investment goods sectors.
TRAI floats consultation paper to seek views on draft National Broadcast Policy
• The Telecom Regulatory Authority of India has floated a consultation paper to seek comments
from the stakeholders on the proposed National Broadcasting Policy, which will be released by the
Information & Broadcasting Ministry.
.
• The consultation paper has sought views on strategies that should be adopted to increase the
broadcasting sector’s contribution to the economy and make India a “Global Content Hub” among
other aspects.
• The telecom and broadcast regulator had last year issued a pre-consultation paper.
Agricultural trade on e-NAM crosses Rs 78,400-cr in FY24
• With more states opening up or facilitating trade of agricultural commodities on the government’s
electronic – National Agriculture Market (e-NAM), trade on the digital wholesale platform crossed
Rs 78,424 crore in FY24, up 5% on the year.
• In the last five years, trade on the digital wholesale market run by the agriculture ministry has
increased by 124% last fiscal from Rs 34,940 crore in 2019-20.
• There has also been a significant spurt in inter-mandi and inter-state trading of agri-commodities
on the digital platform, which currently integrates 1389 mandis across 27 states.
Centre gets a dividend boost as receipts from state-run undertakings surpass revised estimates by 26%
to Rs 63,000 crores
• The Centre's dividend receipts from CPSEs have exceeded the revised budget estimate by 26 per
cent to about ₹63,000 crores, with PSU behemoths like Coal India, ONGC, Powergrid and GAIL
making handsome payouts in the current fiscal.
• The revised estimates of the Budget presented in Parliament on February 1, 2024 pegged
dividend receipts from CPSEs at ₹50,000 crore for the current fiscal.
• As per the Department of Investment and Public Asset Management (DIPAM) website, actual
dividend collections have been about 26 per cent higher at ₹62,929.27 crore in the 2023-24 fiscal
ending March 31, 2024.
India aims for first strategic petroleum reserve with a private company by 2029-30
• India plans to build its first privately managed strategic petroleum reserve (SPR) by 2029-30,
granting the operator the freedom to trade all of the stored oil.
• Allowing a fully commercial SPR mirrors the model adopted by countries such as Japan and South
Korea, which allow private lessees, mostly oil majors, to trade the crude.
• The ISPRL had in the first phase built a strategic petroleum reserve in underground unlined rock
caverns for storage of 5.33 million tonnes of crude oil at three locations — Visakhapatnam (1.33
million tonnes) in Andhra Pradesh, and Mangalore (1.5 million tonnes) and Padur (2.5 million
tonnes) in Karnataka.
.
New PLI scheme for components to be implemented post-elections

• The Ministry of Electronics and Information Technology (MeitY) will come out with a new
production-linked incentive scheme for component manufacturing after the elections.
• As a result, the current Rs 3,285-crore scheme for the promotion of manufacturing of electronic
components and semiconductors (SPECS), which came to an end on 31st March 2024, will not be
renewed.
• The SPECS scheme, which comes to an end, was launched in 2020 for three years and was
extended till March 31, 2024.
PLI schemes attract over Rs 1.06 lakh investment till Dec 2023; pharma sector gets major chunk
• Production-linked incentive (PLI) schemes for 14 sectors have attracted over Rs 1.06 lakh crore
investments till December 2023 with pharma and solar modules accounting for nearly half of the
total.
• The response to the schemes was tepid in sectors like IT hardware, auto, auto components,
textiles, and ACC battery storage till December 2023.
Producing green hydrogen is commercially viable, even without government support
• India’s first green hydrogen plant commissioned, highlighting commercial viability; Hygenco aims
for three more by FY25.
• Hygenco, a Haryana-based company, commissioned India’s first green hydrogen plant for steel
production in March and plans to build three more by FY25.
• Anshul Gupta, Co-founder of Hygenco, emphasised the importance of producing green hydrogen
at the lowest cost and in the most efficient way for various applications like steel and glass
production.
Over 6500 booked for drunk driving in 3 months: Delhi Police

• The number of drunken driving challans issued in the first three months of 2024 saw a staggering
rise of 1,550 per cent compared to the same period in 2022, according to Delhi Traffic Police.
• During the year 2024, from January 1 to March 31, the Delhi Traffic Police initiated special drives
against drunken driving and booked 6,591 violators compared to 399 in 2022 in the same period.
• Compared to the corresponding period last year, a rise of 22 per cent was witnessed with 5,384
challans issued for this offence in 2023
.
AGEL to invest ₹1.5 trillion in developing world's largest RE park in Khavda

• Adani Green Energy Ltd plans to invest about ₹1.5 trillion through 2030 to develop the world’s
largest renewable energy plant with a 30-gigawatt capacity at the Khavda renewable energy park
in Gujarat
• The project, part of the Adani Group's renewable energy flagship’s plan to achieve 45 gigawatt
(GW) installed renewable energy capacity in the country by 2030, will see 26 GW of solar and 4
GW of wind generation capacity coming up.
• Currently, AGEL has an operating renewable portfolio of 10.93 GW—7.39 GW solar, 1.4 GW wind,
and 2.14 GW of hybrid—across 12 states.
India Post opens third post office in Antarctica

• India Post opened its third post office in Antarctica.
• The new post office was inaugurated at Bharati Station.
• Almost four decades later, letters meant for Antarctica will now have a new PIN code, MH-1718,
with the Department of Posts opening a second branch of the post office on the Bharati research
station in Antarctica.
• The inauguration coincided with the 24th Foundation Day of the National Centre for Polar and
Ocean Research (NCPOR), Goa.
• The first post office was established in 1984 at Dakshin Gangotri, followed by another in 1990 at
Maitri Station.
Jan Dhan's balance rises 18% to Rs 2.35 trillion in FY24
• Net cash accretion in no-frills Pradhan Mantri Jan Dhan Yojana (PMJDY) bank accounts rose to an
all-time high of Rs 36,153 crore in 2023-24, which also showed that average cash deposits per
account at a high of Rs 4,524.
• As many as 33 million new PMJDY accounts were opened in FY24, taking the cumulative PMJDY
accounts at 519.5 million.
• The total balance in these accounts stood at Rs 2,34,997 crore compared with Rs 1,98,844 crore a
year ago.
• Around 33 million new accounts were opened in FY24 compared with 35.9 million in FY23 and
28.6 million in FY22.
Government approves 11 EV manufacturers for receiving incentives under EMPS
.
• The Ministry of Heavy Industries has approved 11 electric vehicle (EV) manufacturers, including
Ather Energy, Bajaj Auto, Hero MotoCorp, Ola Electric, and Mahindra, to receive incentives under
the recently introduced Electric Mobility Promotion Scheme (EMPS) 2024.
• The scheme aims to sustain the growth in EV sales, replacing the former Faster Adoption and
Manufacturing of Electric Vehicles – II (FAME-II) scheme.
• The new scheme, with an allocation of Rs 500 crore, commenced on April 1 and will continue till
July 31.
ECI holds ‘Conference on Low Voter Turnout’ to increase voter turnout in LS Elections
• In a first-of-its-kind initiative, the Election Commission of India (ECI) held a ‘Conference on Low
Voter Turnout’ with Municipal Commissioners and District Education Officers (DEO) from select
districts to increase voter turnout in the ensuing Lok Sabha Elections.
• Ahead of the polling in the ongoing general elections in 2024, the poll body has accelerated
efforts to enhance voter turnout in parliamentary constituencies (PCs) with a history of low poll
participation in previous general elections.
Central & state GST officials to conduct joint audits of firms
• In a move that is expected to help businesses as well as reduce litigation, a Model All India GST
Audit Manual 2023 has been finalised for use by the Centre and state tax officials.
• The manual lays out standard principles for the selection of audit cases, preparation and conduct
of audit as well as post-audit follow-up, which is expected to help both the Central and
state GST officials to carry out the process in a uniform manner, sources said.
• The norms, which were placed before the GST Council in February, are likely to be taken up for
audit cases from this fiscal.
Tata's military-grade satellite successfully placed into orbit

• India's first military-grade geospatial satellite manufactured in the private sector has been
successfully launched and placed in orbit, with full functionality expected to be achieved within a
few months.
• Built by Tata Advanced Systems Ltd (TASL) at its Vemagal facility in Karnataka, the TSAT-
1A was onboard the Bandwagon-1 mission launched by SpaceX's Falcon 9 rocket in Florida.
• The sub-metre resolution imaging satellite has given a signal that it is in the right orbit and tests
will be run on it for the next few weeks before it is fully functional, TASL officials stated.
.
India's fuel demand up by 5% y-o-y in FY24, a new financial year record
• India's fuel consumption declined by 0.6 percent year-on-year (y-o-y) in March.

• However, demand for the 2024 financial year increased by about five percent, primarily due to
higher sales of automotive fuel and naphtha.
• Preliminary data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry
showed that the total consumption, a proxy for oil demand, stood at 21.09 million metric tonnes
(4.99 million barrels per day) in March.
NTPC aims to add 5 GW capacity in FY25
• State-run NTPC has set a target to add 5 gigawatts (GW) of installed capacity reflecting its
commitment to providing clean, reliable, and affordable energy solutions.
• NTPC aims to add 3 GW of renewable energy (RE) capacity, exemplifying its steadfast dedication
to environmental stewardship.
• Simultaneously, the power generator aims to add 2 GW to its thermal energy capacity,
strengthening India’s energy infrastructure.
Indian Railways on course to 100 per cent electrification, becoming the world's largest green network
• Indian Railways is all set to achieve a significant milestone with 100 percent electrification of its
broad gauge network before the end of this fiscal year(2023).
• Notably in the 2024-25 interim budget, Rs 6500 crore were allocated for further electrification
projects.
• Since 2014, over Rs 46,425 crore has been allocated for electrification endeavours, significantly
accelerating the transition from diesel to electric locomotives.
• It is noteworthy that 61,813 route km on the broad gauge network has been electrified, which is
about 94% of the total Broad Gauge (BG) network of the Indian Railway.
Government sets up panel to monitor thermal power capacity additions

• The Power Ministry has set up the Thermal Power Monitoring Group (TPMG) that will regularly
track the progress of upcoming thermal power plants (TPPs) in the country.
• Power Minister R K Singh approved the setting up of an independent TPMG, which will conduct
site inspections and provide an assessment of each site of the TPP under implementation by a
central or State utility and Independent Power Producers (IPPs).
• The 8-member TPMG will be headed by the Central Electricity Authority’s (CEA) member
(Thermal).
.
• The members also include a Chief Engineer or higher-level officer from the CEA.
Indo-Pacific Economic Framework for Prosperity (IPEF) to organise Clean Economy Investor Forum in
Singapore
• The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched in May 2022 and
currently includes 14 partners – Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, the
Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States and
Vietnam.
• It provides a platform for countries in the region to collaborate on advancing resilient, sustainable,
and inclusive economic growth, and aims to contribute to cooperation, stability and prosperity in
the region.
Global BioFuels Alliances to prepare charter, Finalize governance structure

• India- and US-backed Global Biofuels Alliance (GBA) is set to draw up a charter to achieve its
objective of promoting biofuels and lowering the dependence on fossil fuels.
• The meeting will be on the sidelines of a G20 working group meeting in Brazil.
• This would be the second meeting of the temporary executive committee, which has
representatives from all the member countries of the alliance.
• The committee had first met in December on the sidelines of the COP28 in the United 15 Apr
Energy Transition Working Group expected to meet the Arab Emirates.
The President of India has inaugurated a Homoeopathy Symposium on the occasion of World
Homoeopathy Day.
• The President of India, Smt. Droupadi Murmu, inaugurated a two-day Homoeopathy Symposium in
New Delhi on World Homoeopathy Day (April 10, 2024).
• The Central Council for Research in Homoeopathy organized the symposium under the theme
"Empowering Research, Enhancing Proficiency," which is highly relevant to the 21st century.
• Research and proficiency will play a crucial role in increasing the acceptance and popularity of
Homoeopathy.
Tata Advanced Systems Ltd. launches India’s 1st privately-built sub-metre resolution surveillance
satellite
.
• Tata Advanced Systems Ltd (TASL) and Satellogic have jointly launched TSAT-1A, India's first
sub-metre resolution earth observation satellite built entirely by the private sector.
• The satellite was launched on April 7th on Elon Musk’s SpaceX Falcon 9 rocket from Kennedy
Space Center, Florida.
• TASL assembled the satellite at their facility in Vemagal, Karnataka.
• TSAT-1A offers high-resolution optical satellite imagery with multispectral and hyperspectral
capabilities, and sub-metre resolution (0.5-0.8 meters natively), which can be enhanced further to
0.5 to 0.6-meter super resolution using software.
India secures second overseas port Sittwe in Myanmar

• India has gained the right to operate a second overseas port, Sittwe, in Myanmar.
• The Ministry of External Affairs (MEA) has approved a proposal for India Ports Global (IPGL) to
take over the operations of the entire port located on the Kaladan River.
• IPGL is a company 100 per cent owned by the Ministry of Ports, Shipping and Waterways.
• In the Indian Ocean, China and India are engaged in a struggle to expand their economic
influence.
About Myanmar
• Capital: Naypyidaw
• Currency: Myanmar Kyat
The government directs e-commerce firms to remove Bournvita, and other drinks from the ‘health
drinks’ category
● The government has asked all the e-commerce companies to remove drinks and beverages,
including Bournvita, from the health drinks category from their portals.
● "National Commission for Protection of Child Rights (NCPCR), a statutory body constituted under
section (3) of the Commission of Protection of Child Rights (CPCR) Act 2005 after its inquiry
under Section 14 of CRPC Act 2005 concluded that there is no 'health drink' defined under FSS
Act 2006, rules and regulations submitted by FSSAI and Mondelez India Food Pvt Ltd," the
Commerce and Industry Ministry said in an advisory to all e-commerce companies.
● “All e-commerce companies/ portals are hereby advised to remove drink/beverages including
Bournvita from the category of “Health Drinks” from their sites/ platforms.
● Recently, FSSAI had also expressed concerns over dairy-based beverage mix, cereal-based
beverage mix and malt-based beverage mix being sold on e-commerce sites under categories
.
such as “health drinks”.

Government likely to issue green bonds worth ₹20,000 crore- ₹25,000 crore in FY25
● India may boost the sale of green bonds this fiscal year to finance sustainable infrastructure
projects riding the increased global interest in Indian government securities.
● The government, which has already decided to borrow ₹12,000 crore via green bonds in the first
half of FY25, may borrow a total of ₹20,000 crore–25,000 crore through such bonds during the
full year.
● The green bond plan, part of the government's overall borrowing programme, will likely be
announced in the full-year budget to be presented in July.
● In FY24, the government issued sovereign green bonds of ₹20,000 crore, even though the
budget did not specifically mention the plan.
● Of this, bonds of ₹ 5,000 crore with a tenure of five years were sold in November 2023, and
₹10,000 crore worth of bonds with a tenure of 30 years in two tranches of ₹5,000 crore each in
January and February 2024; bonds worth another ₹5,000 crore were sold in March.
India adds record 18 GW renewable energy capacity in FY24
● India has added a record renewable energy capacity of 18.48 GW in 2023-24, which is over 21
per cent higher than 15.27 GW a year ago, according to the latest data of the Ministry of New &
Renewable Energy.
● There is a need to add at least 50 GW of renewable energy capacity annually for the next six
years to meet the ambitious target of 500 GW of renewables by 2030.
● India's installed renewable energy capacity is 143.64 GW as of March 31, 2024, excluding 47
GW of large hydropower capacity (each plant is more than 25 GW or above).
● The data showed that solar installations of 12.78GW led the renewable energy capacity addition
of 15.27 GW in 2023-24, followed by 2.27 GW of wind energy.
● Among the renewable energy capacity, the total solar installed capacity tops the chart at
81.81GW, followed by about 46 GW of wind energy, 9.43 GW of biomass cogeneration and 5
GW of small hydro (up to 25 MW capacity each).
● Among the states, Gujarat and Rajasthan have the largest renewable energy capacities of about
27GW each, followed by Tamil Nadu at about 22 GW, Karnataka at about 21 GW and
Maharashtra at about 17 GW.
● Himachal Pradesh and Andhra Pradesh have installed renewable energy capacity of about 11
.
GW each.
An amendment has been made to the Double Taxation Avoidance Agreement between India and
Mauritius.
● India and Mauritius recently signed an amendment to their Double Taxation Avoidance
Agreement (DTAA) that includes a principal purpose test (PPT) aimed at preventing tax
avoidance.
● This has raised concerns about increased scrutiny of foreign portfolio investments via Mauritius
and past investments.
● This will require existing structures and investments from Mauritius to pass the PPT test,
potentially affecting their tax treatment in India.
What is a Double Tax Avoidance Agreement (DTAA)?
● The Double Tax Avoidance Agreement (DTAA) is a treaty signed between two countries so that
non-residents can avoid paying double taxes.
● For example, if an Indian works in a company situated in Mauritius, they might have to double
taxes twice in both countries, which is something that the DTAA wants to prevent.
● India has signed DTAA with 85 nations in total to safeguard non-resident Indians from double
taxation.
● This agreement ensures that countries involved have agreed upon tax rates on income arising
from their country.
DTAA Between India and Mauritius :
● The governments of India and Mauritius came to a unanimous decision in 1983 regarding the
avoidance of double taxation.
● Objective: To promote bilateral economic relations and investment between India and Mauritius
by providing tax certainty and reducing tax barriers.
About Mauritius
● Capital: Port Louis
● Currency: Mauritian Rupee
● Prime minister: Pravind Jugnauth
India Top Choice For Digital Pursuit: Nasscom
● India remains the top choice for enterprises looking to expand their digital services portfolio and
companies are expected to increase spending on AI, data analytics and cybersecurity, according
.
to industry body Nasscom.

● The report 'Digital Enterprise Maturity 5.0: Digital Readiness in the Era of AI' is based on a
survey of 550 enterprises across 11 major sectors and seven major geographical regions.
● The survey found that 71 per cent of enterprises in India spent over 20 per cent of their tech
spends on digital in 2023.
● Nearly 90 per cent of companies have signalled plans to boost investments in key digital
technology areas in 2024, including artificial intelligence (AI)/machine learning (AI/ML), big data
analytics, cloud computing, cybersecurity, and intelligent automation.
Ramkrishna Forgings secures ₹270 crore order for Vande Bharat trains
● Ramkrishna Forgings Ltd has received an order of Rs 270 crore from a consortium led by BHEL
to supply bogie frames of Vande Bharat train sets.
● The scope of the project involves the development and validation of the bogie frames for the
sleeper version of the Vande Bharat train sets, Ramkrishna Forgings Ltd (RKFL).
● This order encompasses 32 train sets, each comprising 16 coaches and RKFL will be producing
a total of 1,024 bogie frames.
● The order valued at Rs 270 crore is to be supplied to the BHEL TRSL consortium.
● Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of
carbon and alloy steel, micro-alloy steel, and stainless steel forgings.
● The company also has a presence in the US, Mexico, Turkey, and Belgium.
India gifts 35 ambulances, and 66 school buses to various health and education institutions in Nepal
● India donated 35 ambulances and 66 school buses to various organisations across Nepal,
enhancing the local infrastructure in the health and education sectors.
● Indian Ambassador to Nepal Naveen Srivastava handed over the vehicles to the Nepalese
officials in the presence of Finance Minister Barshaman Pun at a ceremony.
● Out of 101 vehicles, two ambulances were handed over on location in the earthquake-affected
Jajarkot and West Rukum districts by the representative of the Embassy of India in the presence
of district officials and local residents.
● Since 1994, India has gifted 1,009 ambulances and 300 school buses across Nepal.
India raises windfall tax on petroleum crude to ₹9,600
● The Indian government announced an increase in the windfall tax on petroleum crude.
● Effective from April 16, the tax rate has been raised to 9,600 rupees ($114.99) per metric ton, up
.
from the previous rate of 6,800 rupees.

● This revision, which occurs every fortnight, maintains the windfall tax at zero for diesel and
aviation turbine fuel, providing some relief in those sectors.
● The government raised the windfall tax on petroleum crude to 6,800 rupees per metric ton from
4,900 rupees on April 4.
● India started the tax on crude oil producers and on exports of gasoline, diesel and aviation fuel in
July 2022 to regulate private refiners who wanted to sell fuel overseas instead of locally in a bid
to gain from robust refining margins.
● Windfall Tax is a tax levied by governments against certain industries when economic conditions
allow those industries to experience significantly above-average profits.
● The term “windfall” refers to an unexpected rise in profits, and the tax on windfall gains is known
as the windfall tax.
India lost 2.3 million hectares of tree cover between 2001 and 2023
● India has lost 2.33 million hectares of tree cover since 2000, according to the latest data from the
Global Forest Watch monitoring project.
● The Global Forest Watch, which tracks forest changes in near real-time using satellite data and
other sources, said the country lost 4,14,000 hectares of humid primary forest from 2002 to 2023,
making up 18 per cent of its total tree cover loss in the same period.
● Between 2001 and 2022, forests in India emitted 51 million tons of carbon dioxide equivalent a
year and removed 141 million tons of carbon dioxide equivalent a year.
● The data showed that 95 per cent of the tree cover loss in India from 2013 to 2023 occurred
within natural forests.
● The maximum tree cover loss of 189,000 hectares occurred in 2017.
● The country lost 175,000 hectares of tree cover in 2016 and 144,000 hectares in 2023, the
highest in the last six years.
● The GFW data showed that five states accounted for 60 per cent of all tree cover loss between
2001 and 2023.
● Assam had the maximum tree cover loss at 324,000 hectares compared to an average of 66,600
hectares.
● Mizoram lost 312,000 hectares of tree cover, Arunachal Pradesh 262,000 hectares, Nagaland
259,000 hectares, and Manipur 240,000 hectares.
.
● According to the Food and Agriculture Organisation, the rate of deforestation in India was
668,000 hectares per year between 2015 and 2020, the second highest worldwide.
● From 2001 to 2022, Odisha had the highest rate of tree cover loss due to fires with an average of
238 hectares lost per year.
● Arunachal Pradesh lost 198 hectares, Nagaland 195 hectares, Assam 116 hectares, and
Meghalaya 97.
About GFW
● Global Forest Watch (GFW) is an open-source web application to monitor global forests in near
real-time using satellite data and other sources.
● It is a project of the Washington-based nonprofit research organization, the World Resources
Institute (WRI).
Centre to set up dedicated test labs in six states for Kasturi Cotton global brand push
● To promote the global brand of Kasturi Cotton, the Center will set up dedicated testing
laboratories in six states.
● The central government plans to set up dedicated laboratories for testing high-grade cotton in
Maharashtra, Tamil Nadu, Haryana, Punjab, Gujarat, and Karnataka.
● It will be set up as part of an effort to establish Indian Kasturi cotton as a global brand.
● The laboratories will be set up in convergence with the Bureau of Indian Standards (BIS) testing
facilities, ensuring alignment with national quality standards.
● The aim of setting up this laboratory is that India wants to compete with global cotton brands like
Supima and Giza, known for their exceptional softness, strength, and durability.
● Egypt has successfully established its Giza cotton brand internationally with a modest annual
production of one million bales.
● The Indian product, Kasturi Cotton India, is produced according to stringent standards, with a
strict limit of 2% on waste content to ensure its premium quality and 100% traceability.
DD changes logo colours from red to orange
● The central government-owned news television channel DD News has undergone a makeover by
changing the colour of its logo from bright red to beaming saffron.
● The transformation of the logo came with the launch of its new studio channel.
● The change in the branding, set design, logo and general visual aesthetics was announced in
social media posts on April 16.
.
● The first Doordarshan logo, which was selected by the then prime minister Indira Gandhi and
broadcast for the first time along with the theme music composed by Pandit Ravi Shankar and
Ustad Ali Ahmed Hussain Khan on April 1, 1976, was an orange logo against a green
background.
The Government notifies the specifications of IFFCO's Nano Urea Plus
● The government has notified specifications of a new product 'Nano Urea Plus' fertiliser to be
manufactured by cooperative IFFCO in the country in the next three years.
● Nano Urea Plus is a new version of nano urea meant for meeting crop nitrogen requirements at
critical growth phases.
● According to a gazette notification, the government has approved Nano Urea Plus in liquid form
with 16 per cent nitrogen content in weight by weight, and pH value of 4-8.5 and viscosity of 5-30.
● This product will be manufactured by the cooperative major IFFCO for three years.
● Currently, IFFCO offers 'Nano Urea' which has 1-5 per cent weight by weight nitrogen content.
● The Nano Urea Plus has more nitrogen.
● IFFCO launched the world's first 'Nano liquid urea' fertiliser in June 2021. Thereafter, it came up
with 'Nano DAP' fertiliser in April 2023.
PHDCCI unveils 10-key enablers for ‘Viksit Bharat’ by 2047
● Industry body PHDCCI came up with 10 key enablers to help India become a “developed
country” (Viksit Bharat) by 2047 and ramp up its per capita income to $21,000 by that year.
● It also sees the country’s GDP growing at an average rate of 6.7 per cent between now and
2047, while pegging the growth forecast for the current fiscal at 8-8.3 per cent.
● PHDCCI has in the report forecast the size of the Indian economy at $34.7 trillion by 2047 as
against $3.7 trillion now.
● By 2047, PHDCCI sees the share of agriculture in the overall GDP coming down to 12 per cent
from 20 per cent in 2023 and that of manufacturing rising from 16 per cent in 2023 to 25 per cent
in 2047.
Shompen Tribes Of Andaman & Nicobar Islands Cast Vote For First Time
● For the first time in Andaman and Nicobar Islands, seven members of the Shompen tribe, a
particularly vulnerable tribal group (PVTGs) of Great Nicobar Islands exercised their voting rights
for the lone Lok Sabha seat in the union territory.
● Not only Shompen tribe members exercised their voting rights at polling station 411 named as
.
'Shompen Hut' built inside the forest staff quarters but also they posed for selfies at a designated
cut-out made by the Election Commission of India, which reads - "I vote for sure".
● The Shompen tribes were assisted in their language by an interpreter known as 'Mathiyas' (a
Nicobari tribal youth).
● As per the 2011 census the population of the Shompen was 229.
Amara Raja Infra bags 700 MWp solar project from Greenko
● Amara Raja Infra Pvt Ltd has secured a 700 MWp solar project from Greenko in Andhra Pradesh.
● With the latest win, the order book of Amara Raja Infra Private Limited (ARIPL) stands at Rs
1,516 crore at the end of FY24
● ARIPL has achieved a significant milestone in the renewable energy sector by securing a solar
BoS project of 500 MW/700MWp from Greenko
● The project spans a 2,200-acre site near Uyyalavada Town in Kurnool district of Andhra Pradesh.
Archer Aviation aims to start electric air taxi trials next year
● Archer Aviation, backed by Stellantis and Boeing, aims to begin trials of its electric air taxi in India
next year, ahead of a planned commercial launch in 2026
● U.S.-based Archer last year partnered with InterGlobe Enterprises, which backs India's top airline
IndiGo, to launch the air taxis to help people avoid ground traffic in congested cities
● Archer is working with India's aviation watchdog to get the "appropriate regulatory approvals"
before it can begin trials in the country
● For commercial operations, Archer is in final stages of getting approvals from the Federal
Aviation Administration (FAA) in the United States, which it expects will come through next year,
after which it will seek clearances in India.
● It will first launch in New York and India will be its first international market.
● Electric vertical takeoff and landing aircraft (eVTOL), also known as flying taxis, have been touted
as the future of urban air mobility.
Majority of top-100 companies making disclosures about carbon emissions:

● Supplementing the efforts of the Indian government to achieve a net-zero emission target by 2070,
as many as 51 per cent of the top 100 companies have started making disclosures voluntarily about
carbon emissions, according to a PwC India survey.
● The survey further said that about 31 per cent of the respondent companies have disclosed their net-
.
zero targets.
● The government and the regulators have introduced new regulations pertaining to ESG
(environmental, social and governance) for businesses.
● 51 per cent of India's top 100 listed companies by market capitalisation disclosed their Scope 3 data
for FY23 despite it being a voluntary disclosure in Business Responsibility and Sustainability
Reporting (BRSR).
All cases of organ transplants, whether from living or deceased donor, to be given unique NOTTO-ID
● All cases of organ transplants, whether from a living or deceased donor, will be allocated a unique
National Organ and Tissue Transplant Organisation (NOTTO)-ID for both the donor and the
recipient.
● It must be generated by the hospital from the NOTTO website (www.notto.mohfw.gov.in).
● The Union Health Ministry has issued the directive to eliminate commercial dealing in organs,
especially those involving foreign citizens.
● The Ministry of Power's Secretary Pankaj Agarwal and Ambassador of India to the Netherlands
Reenat Sandhu jointly inaugurated the India Pavilion at the 26th World Energy Congress (WEC)
2024.
● Participated by the Indian Renewable Energy Development Agency Limited (IREDA) and other
CPSEs under the Ministry of Power, New & Renewable Energy (MNRE), Coal and Petroleum &
Natural Gas, the pavilion serves as a testament to the country's technological progress in the energy
and power sector.
● The India Pavilion at WEC serves as a hub for showcasing innovative technologies and power
generation practices, reinforcing India's commitment to environmental conservation on the global
stage.
● Other CPSEs such as ONGC, NTPC, PFC, REC, Power Grid, NHPC, and SECI also participated in
the flagship event, collectively reinforcing India's leadership in the global energy transition.
Small exporters seek continuation of amnesty scheme till September 2024:

● Several small exporters have requested the government to continue the amnesty scheme for one-
time settlement of default in export obligation till September, an industry body.
● Ludhiana-based Hand Tools Association President S C Ralhan said the number of small exporters
have not been able to avail of benefits of the scheme due to fulfilling their obligations to make
payments to MSMEs within 45 days.
.
● According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a
larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it
cannot deduct that expense from its taxable income, leading to potentially higher taxes.
● The last date for payment of customs duty plus interest ended on March 31, 2024.
CMFRI develops seed production technology for high value marine fish golden trevally
● In a significant achievement in India’s mariculture sector, the researchers of the ICAR-Central
Marine Fisheries Research Institute (CMFRI) have succeeded in captive breeding of golden trevally
(Gnathanodon speciosus), a high value marine fish.
● Scientists at CMFRI’s Visakhapatnam Regional Centre achieved successful bloodstock
development, captive breeding and larval rearing of the fish after five years of research.
● Golden trevally or golden king fish is an ideal candidate species for mariculture (marine aquaculture)
due to its faster growth rates, good meat quality, and huge market demand for both consumption
and ornamental purposes.
● The farm-gate value of the fish is Rs. 400-500 per kg.
NBCC secures new work orders worth Rs 23,500 crore in 2023-24 fiscal
● State-owned construction firm NBCC Ltd secured projects worth Rs 23,500 crore during the last
fiscal year.
● NBCC has secured significant business during 2023-24 financial year.
● The company "has secured record new works of Rs 23,500 crore on consolidated basis and Rs
18,400 crore on standalone basis, as compared to Rs 6,700 crore (consolidated basis) and Rs 4,225
crore (standalone basis) in preceding fiscal."
● Among the major orders received in 2023-24, NBCC said it has got additional FAR (floor area ratio)
works in Amrapali worth about Rs 10,000 crore.
● NBCC also bagged its first re-development project outside of Delhi from Kerala State Housing Board
(KSHB) valuing Rs 2,000 crore.
The government gets Rs 3,443 crore special dividend from TCIL
● The government has received Rs 3,443 crore as a special dividend from Telecommunications
Consultants India Limited (TCIL), a public sector enterprise under the Ministry of Telecom.
● The "Government has received about Rs 3,443 crore from Telecommunications Consultants India
Limited (TCIL) as a special dividend," Department of Investment and Public Asset Management
(DIPAM) Secretary Tuhin Kanta Pandey
.
● Established in 1978, TCIL is an engineering and consultancy and a profit-making organisation since
its inception, as per its website.
● In the current fiscal, the government has budgeted to get Rs 48,000 crore as dividend from central
public sector enterprises (CPSEs).
About TCIL
● Headquarters: New Delhi
● Founder: Government of India
● Founded: 1978, India
SJVN CMD felicitates the winners of SJVN’s Inter-Projects Sports Meet 2023-24
● SJVN Limited's Chairman & Managing Director (CMD) Geeta Kapur graced the closing ceremony of
SJVN’s Inter-Projects Sports Meet 2023-24 held at Corporate Headquarters, Shimla.
● The event marked the culmination of a series of sports events that commenced in November 2023
and spanned till April 2024.
● Inter Project Sports Meet 2023-24 was organised from November 2023 till April, 2024 and comprised
of eight events viz Volleyball, Football, Cricket, Kabaddi, Badminton, Table Tennis, Chess and
Carrom for Men and four events for Women viz Badminton, Table Tennis, Chess and Carrom.
● Inter Project Sports Meet concluded with the Chess Tournament that was held on April 21 to 22.
About SJVN
● Founded: 1988
● Headquarters: India
Union Health Secretary visits pharmaceutical Bilthoven Biologicals, Netherlands; has an engaging
meeting with CEO
● Union Health Secretary Shri Apurva Chandra visited the manufacturing unit of global pharmaceutical
company Bilthoven Biologicals at Utrecht, Netherlands.
● He had an engaging meeting with CEO Mr Juergen Kwik & CEO of Poonawalla Science Park (PSP)
at Bilthoven Mr Jef De Clercq on EU pandemic preparedness partnership and collaboration on the
production of vaccines.
● Bilthoven Biologicals B.V. Co. manufactures pharmaceutical products such as vaccines for polio,
diphtheria-tetanus-polio, and tetanus along with bacillus calmette-guerin (BCG).
● The bioengineering and vaccine production firm Bilthoven Biologicals was purchased by Serum India
Ltd., in 2012.
.
● Recently Serum and Bharat Biotech have announced collaboration for enhanced production of OPV.
India at World Energy Congress 2024: Power Secretary and Indian Ambassador to the Netherlands
inaugurate India Pavilion
● India is showcasing its innovative technologies and power generation practices, at the 26th World
Energy Congress, being held in Rotterdam, Netherlands.
● The India Pavilion at the Congress aims to be a hub for showcasing innovative technologies and
power generation practices, reinforcing India's commitment to environmental conservation on the
global stage.
● Central Public Sector Enterprises under the Ministry of Power, Ministry of New & Renewable Energy,
Ministry of Coal and Ministry of Petroleum & Natural Gas are participating in the India Pavilion,
giving a collective testimony to India’s leadership in global energy transition.
● The Pavilion was jointly inaugurated by Secretary, Ministry of Power, Government of India, Shri
Pankaj Agarwal and Ambassador of India to the Netherlands Mrs. Reenat Sandhu, on 22nd April,
2024.
IIT Madras Carbon Zero Challenge announces top 25 teams with promising Sustainable Tech
Innovation
● The Indian Institute of Technology Madras (IIT Madras) has announced the top 25 teams that form
the fourth Cohort of the annual Carbon Zero Challenge, a pioneer pan-Indian competition to
encourage start-ups in the Sustainability Sector.
● The teams were announced during the ‘Embarkment ’ event held on the campus.
● The CZC 4.0 launched the fourth cohort during January 2024 and has provided funding to 100
teams with over Rs. 5 crore in total. It has served as a seedbed for 13 start-ups and has transformed
42 students/researchers and eight faculties into entrepreneurs.
● The Challenge is being supported by Thales, a French multinational company, and Aquamap Centre
for Water Management - IIT Madras.
● The latest edition of CZC4.0 received 850 applications with validated proof of concept from 25
States, from which 25 teams were shortlisted after two rounds of stringent evaluations by 50 experts.
Target is to achieve $1 trillion goods exports by 2030: Trade Ministry

● The Commerce Ministry has initiated an exercise to identify required infrastructure needs, potential
sectors, and clusters which would help the country achieve the $1 trillion merchandise exports target
by 2030 but sustainability will be a major concern going forward.
.
● EU lawmakers backed the Corporate Sustainability Due Diligence Directive (CSDDD) by 374 votes
to 235 against, with 19 abstentions, Reuters reported.
● Notably, more than a fourth of India’s exports of iron, steel and aluminium were to the EU and as per
industry estimates, the EU tariffs could raise the costs of Indian exports by 20 to 35 per cent.
NTPC Kanti, the first station among NTPC, started Girl Empowerment Mission 2024
● NTPC Kanti was among the first stations to start the GEM program pan NTPC.
● The GEM (Girl Empowerment Mission) program aims to empower girls by providing them with the
education and skills necessary for their holistic development.
● This workshop, themed ” Empowered Girls, Empowered Kanti”, will run from April 25 to May 20,
providing free education to students in subjects such as Mathematics, Computer, English, Hindi, etc.
Centre accords AEO status to the gem and jewellery sector
● The Centre has extended Authorised Economic Operator (AEO) status to the gem and jewellery
sector, the Gem & Jewellery Export Promotion Council (GJEPC), the apex body of the sector.
● The AEO programme was introduced as a pilot project in 2011 by the Customs Department as part
of a broader framework for ease of doing business, which has been instrumental in simplifying
export operations across various sectors, resulting in significant time and cost savings for exporters.
● The AEO is a programme under the World Customs Organisation (WCO) SAFE Framework of
Standards to secure and facilitate global trade.
Oil PSUs' output from overseas fields is up a tad
● India's state-run firms' output from overseas oil and gas fields marginally rose in 2023-24 after
declining for four straight years.
● The output, however, remained a fifth below the peak of 2018-19 as producing fields matured and no
new overseas assets were acquired in recent years.
● The share of India's state companies in oil and gas production from overseas fields increased to
19.9 million metric tonnes of oil equivalent (MMTOE) in 2023-24 from 19.5 MMTOE in the previous
year.
● ONGC Videsh, India's largest investor in overseas oil and gas fields, has a stake in Sakhalin-1,
where production had nearly halted for some time following the exit of its operator Exxon.
Centre to allocate higher sales quota may sugar mills in May to tame prices
● The Centre aims to allocate sugar mills a higher sales quota for May, which will cumulatively be
100,000-200,000 tonnes more than that in the same month a year ago, to tame prices of the
.
sweetener
● Ex-mill sugar (small and medium-sized grade) prices in Uttar Pradesh, Maharashtra and Karnataka
rose 2.6%-4.9%, depending on region and variety, to ₹3,540-3,930 a quintal in the past 30 days,
● Only seven mills in Maharashtra, about 15 in Uttar Pradesh and some in Tamil Nadu are still
crushing sugarcane.
India becoming attractive for clinical trials: Pharma industry leaders
● Over the past 10 years, clinical trials in India have become easier, more accessible and accelerated,
experts from the pharma sector have said as top multinationals are increasingly looking at the
country as their base for clinical trials.
● Data from 2017 to 2023 shows that phase two and phase three clinical trials are growing at about 15
per cent to 18 per cent in India.
● This is primarily because of the 10 modifications done to the Drugs and Cosmetics Act of 1940,
according to Badhri Srinivasan, head of Global Clinical Operations, Novartis.
● Novartis is one of the largest pharmaceutical companies in the world and was the fourth largest by
revenue in 2022.
Drone use for farming gets a big boost, to more than double by FY25
● According to industry estimates, while currently as many as 3,000 drones are being utilised in the
agriculture sector, the number could rise to over 7,000 by FY25 itself.
● With the government’s thrust on promoting drones for agricultural activities like crop mapping,
analysis and application of nutrients and pesticides, manufacturers see an exponential increase in
demand for these unmanned aerial vehicles (UAVs) in the next couple of years.
● This, analysts feel, would help boost crop productivity significantly through optimum use of water,
soil nutrients and crop protection formulations.
● The number of drones in operations could grow to 10,000 – 15,000 in the next couple of years with
rapid adoption in the agriculture sector
● The drone will become more prominent with government support by the end of FY26, as it helps
save 70% of water usage and reduce 20%-30% on fertilizer applications.
INTERNATIONAL NEWS
Taiwan Struck by Strongest Earthquake in 25 Years, 7.2 Magnitude Quake Hits Near Hualien County
• Taiwan was hit by a 7.2 magnitude earthquake, the strongest in the last 25 years.
.
• The epicentre of the quake was located just 18 kilometres south-southwest of Hualien County,
which is situated in eastern Taiwan.
• Taiwan is prone to earthquakes as it lies along the Pacific “Ring of Fire” - where 90% of the world’s
earthquakes take place.
• The Ring of Fire is essentially a string of hundreds of volcanoes and earthquake-sites which run
along the Pacific Ocean.
About Taiwan :
• President : Tsai Ing-wen
• Capital : Taipei
• Currency : New Taiwan dollar
North Atlantic Treaty Organization Commemorates 75th Anniversary as Foreign Ministers Convene in
Brussels
• North Atlantic Treaty Organization (NATO) Foreign Ministers gathered at NATO Headquarters,
Brussels, Belgium to mark 75 years since the signing of the Washington Treaty.
• NATO approved a proposal for a 100-billion-euro, 5-year fund to Ukraine.
• Since 1949, the Alliance has ensured peace, democracy and prosperity for its members, now
counting 32 Allies and one billion people on both sides of the Atlantic.
• This year’s NATO Day comes just weeks after Sweden joined as the thirty-second member of the
Alliance.
About NATO :
• Headquarter: Brussels, Belgium
• Secretary General Jens Stoltenberg
• It is a military alliance established by the North Atlantic Treaty.
• It currently has 32 alliance members from North America and Europe.
• Its fundamental goal is to safeguard the Allies’ freedom and security through political and military
means.
• It is a system of collective defence where independent member states agree for mutual defence in
case of an attack by an external party.
Nepal leads inaugural Rainbow Tourism Conference, pledges safe destination for all
.
● The first International Rainbow Tourism Conference opened, with Nepal offering itself as a safe
and respectful destination in South Asia for the sexual minority community.
● The single-day international conference was organised by Mayako Pahichan Nepal, a non-
governmental organisation.
● “This pioneer event organised by Mayako Pahichan Nepal in collaboration with Nepal Tourism
Board marks a significant milestone in promoting diversity and inclusivity within the tourism
industry,” reads a press release issued ahead of the event.
● The conference's main objective is to position Nepal as an LGBT-friendly tourism destination.
● The international conference was inaugurated by Minister for Women, Children and Senior
Citizens, Bhagawati Chaudhary, who underlined the need to forge collaboration among different
stakeholders to promote LGBT tourism in Nepal.
● In June 2023, through an interim order, it allowed same-sex marriage to be registered legally.
About Nepal:
● Capital: Kathmandu
● Currency: Nepalese Rupee
● President: Ram Chandra Poudel
● Prime minister: Pushpa Kamal Dahal
Italy's Mount Etna Erupts with Perfect Smoke Rings in the Sky
● Mount Etna volcano has been sending up almost perfect rings of smoke into the air which are a
rare phenomenon that scientists refer to as volcanic vortex rings.
● Volcanic Vortex Rings are generated when gas, predominantly water vapour, is released rapidly
through a vent in the crater.
● It was first observed at Etna and Vesuvius in Italy in 1724.
● Volcanic vortex rings have also been observed at other active volcanoes, including Redoubt in
Alaska, Tungurahua in Ecuador, Pacaya in Guatemala, Eyjafjallajökull and Hekla in Iceland,
Stromboli in Italy, Aso and Sakurajima in Japan, Yasur in Vanuatu, Whakaari in New Zealand,
and Momotombo in Nicaragua.
● Mount Etna is sometimes referred to simply as Etna, is an active volcano on the east coast of
Sicily, the largest island in the Mediterranean Sea.
● Etna’s peak is the highest in Italy south of the Alps, and it is Europe’s largest and one of the most
active volcanoes.
.
● It has been a UNESCO World Heritage Site since 2013.

About Italy :
● President : Sergio Mattarella
● Prime Minister : Giorgia Meloni
● Capital : Rome
● Currency : Euro
Indonesia Raises Highest Alert Level After Volcano Erupts 5 Times in 24 Hours
● Mount Ruang has erupted, sending an ash cloud over a mile high into the sky, indicating
significant volcanic activity.
● It is a stratovolcano located in Indonesia’s North Sulawesi province.
● Its summit stands 10,932 feet above sea level, with a caldera that is about 2 miles wide.
● Stratovolcano is a tall, steep and cone-shaped type of volcano.
● It comprises the largest percentage (~60%) of the Earth's individual volcanoes, and most are
characterised by eruptions of andesite and dacite, lavas that are cooler and more viscous than
basalt.
About Indonesia :
● President : Joko Widodo
● Capital : Jakarta
● Currency : Indonesian rupiah
European Union Adopts New Schengen Visa Rules Offering Greater Benefits for Indian Travellers
● The European Commission has introduced a new Schengen visa regime for Indian nationals,
offering multi-year visas for up to 5 years.
● This change is expected to boost outbound travel from India to European destinations.
● EU-India Common Agenda on Migration and Mobility:The new visa rules reflect strengthened
relations between the European Union (EU) and India under the EU-India Common Agenda on
Migration and Mobility.
● Cascade Regime Implementation:On April 18, 2024, the European Commission adopted the new
"cascade" regime for the application of the Schengen visa for Indian nationals.
● Criteria for Multi-year Schengen Visas:Indian nationals can be issued long-term, multi-entry
Schengen visas valid for two years after obtaining and lawfully using two visas within the
previous three years.
.
● Composition of the Schengen Area:The Schengen area comprises 29 European countries, of

which 25 are EU states.
● The EU states covered by Schengen area are, Belgium, Bulgaria, Croatia, Czech Republic,
Denmark, Germany, Estonia, Greece, Spain, France, Italy, Latvia, Lithuania, Luxembourg,
Hungary, Malta, The Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia,
Finland and Sweden.
● Countries that are not members of the European Union, but members of the Schengen area
include Iceland, Liechtenstein, Norway and Switzerland.
About European Union :
● Headquarters : Brussels , Belgium
● President of the European Council : Charles Michel
● President of the Commission : Ursula von der Leyen
● Members : 27
STATE NEWS
Tripura's 'Rignai Pachra' Textile and Tripureswari Temple's 'Pera' Granted Geographical Indication (GI)
Tag
• Tripura’s two iconic products -‘Matabari pera prasad’ offered at the famous Tripureswari temple
and ‘Rignai pachara’ textiles, representing a traditional hand-woven attire meticulously crafted by
skilled artisans using indigenous materials have been bestowed with the coveted Geographical
Indication (GI) tag.
• Early this month, the Northeastern State’s ‘Risa’, a hand-woven cloth worn by the indigenous
communities of the State, received the GI tag.
• In addition to the recently recognized products, Tripura's queen pineapple had previously received
a GI tag through the initiative of the North Eastern Regional Agricultural Marketing Corporation
(NERAMAC).
About Tripura :
• Governor : Indra Sena Reddy Nallu
• Chief Minister : Manik Saha
• Capital : Agartala
.
• National Park : Bison (Rajbari) National Park, Clouded Leopard National Park
• Wildlife Sanctuary : Sepahijala Wildlife Sanctuary, Trishna Wildlife Sanctuary
• Ramsar Site : Rudrasagar Lake
Commercial Plant for Recycling Lithium-Ion Batteries (LIB) and E-Waste Coming Soon at Uttarakhand
• The Technology Development Board (TDB) under the science & technology ministry has partnered
with a private entity to establish a commercial plant for recycling lithium-ion batteries (LIB) and e-
waste using indigenous technology in Uttarakhand.
• Aim : To enhance circularity and reduce the country's reliance on imported critical mineral
resources.
• Presently, a large portion of LIBs, about 95%, end up in landfills without recycling, while only 5%
undergo the process.
• India currently ranks 3rd among the largest generators of e-waste globally, behind only China and
the United States (US).
About Uttarakhand:
• Capital: Dehradun
• Chief Minister: Pushkar Singh Dhami
• Governor: Gurmit Singh
India’s first semiconductor fabrication unit chips in Punjab
● Nearly 35 years after a mysterious fire destroyed its facilities at the 51-acre campus at Mohali in
Punjab, Semi-Conductor Laboratory (SCL) is fighting back to extinguish old memories and earn
its place in the sun.
● That’s courtesy of a generous Rs 10,000 crore modernisation plan drawn up by the Ministry of
Electronics and IT (Meity), which wants India’s original semiconductor fabrication unit to not only
continue its operations in the 180 nanometers (nm) technology fab, but upgrade to 28 nm.
● It’s ironic that SCL first started manufacturing in 1984, three years before Taiwan’s
Semiconductor Manufacturing Company (TSMC), which eventually became a global chip leader,
set up shop.
● SCL has two fabrication lines — for 6-inch and 8-inch wafers — an ATMP unit, and a compound
semiconductor unit.
● So far, SCL has been serving strategic sectors like space and satellites, railways, and telecom,
.
among others by supplying them with 180 nm chips. Once it starts manufacturing 28
nm technology, the target is to increase its capacity to 24,000 wafers per month.
● Currently, it rolls out 700 wafers per month — 180 nm.
● Wafer acts as the foundation for creating chips. Chip manufacturing starts with wafer preparation.
About Punjab:
● Capital: Chandigarh
● Chief minister: Bhagwant Mann
● Governor: Banwarilal Purohit
BUSINESS NEWS
Adani Green Energy Is India's First Firm With a 10,000 MW Renewable Energy Capacity
• Adani Green Energy Ltd has commissioned 2,000 MW of solar capacity at the giant Khavda Solar
Park in Gujarat which has made it the first company in India with over 10,000 MW of renewable
energy capacity.
• The company now has an operating portfolio of 10,934 MW, the largest in India.
• It has brought 2,848 MW renewables capacity on stream in FY24.
• AGEL's operational portfolio consists of 7,393 MW solar, 1,401 MW wind and 2,140 MW wind-
solar hybrid capacity.
India's manufacturing hits a 16-year high in March 2024

• India's manufacturing industry expanded at a fast pace in the last 16 years due to accelerating
demand.
• The last time a reading of this level was recorded was in February 2008, when the HSBC India
Manufacturing Purchasing Managers’ Index (PMI) had touched a high of 59.5.
• India’s manufacturing PMI jumped to 59.1 in March 2024 from 56.9 in February 2024.
• In January 2024, the PMI was 56.5.
NSE cuts Nifty, Nifty Financial Services F&O lot sizes to 25

• After effecting changes in 54 individual derivative stocks, the National Stock Exchange (NSE)
revised the lot sizes of indices too.
• The Nifty lot size has been cut to 25 from the current 50 while Nifty Financial Services has been
reduced to 25 from 40 and Nifty Midcap Select to 50 from 75.
.
• However, the Nifty Bank lot size will remain at 15.

• All contracts i.e. weekly, monthly, quarterly, and half-yearly expire that will be introduced on April
26 will be with the revised market lot size.
India aims to achieve marine exports worth Rs 1 trillion within the next two years.
• India is aiming to reach Rs 1 trillion in marine product exports in the next two years by increasing
its processing capacity and a shift to higher value-added products.
• India’s exports of marine products were $8.09 billion (Rs 63,969 crore) in 2022-23 and in the April-
February exports from the sector were down 7.5% on year to $ 6.8 billion.
• The decline in demand from the US and Europe which are the key markets.
• Among marine products, shrimp exports have a 67% share.
Mobile phone output tops Rs 4.1 trillion in FY24

• The value of mobile devices produced in India for both export and domestic markets in the
financial year 2023-24 soared to Rs 4.1 trillion ($49.16 billion), up at least 17 year-on-year (Y-o-Y),
according to preliminary estimates by the Indian Cellular and Electronics Association (ICEA) which
represents most of the mobile players in the country.
• The final figure could be higher by another Rs 5,000 crore.
• Apple led the charge in exports, with the value of outbound shipments of mobile devices expected
to have crossed Rs 1.2 trillion ($14.39 billion) in FY24, a 33 per cent increase from Rs 90,000
crore in the previous financial year.
March 2024 sees second-highest gross GST revenue of ₹1.78 lakh crore, lifts FY24 collections to ₹20.2
lakh crore
• Gross Goods and Services Tax (GST) revenue for March 2024 witnessed the second highest
collection ever at ₹178,484 lakh crore, with an 11.5 per cent year-on-year growth.
• This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per
cent.
• The highest-ever GST collection was recorded at ₹1.87 lakh crore in April 2023.
• GST revenue net of refunds for March 2024 was ₹1.65 lakh crore, 18.4 per cent higher over the
same period a year ago.
• In terms of state Maharashtra topped in paying GST followed by Karnataka, Gujarat , Tamil Nadu,
and Haryana in March 2024.
.
UPI ends FY24 on a high note, with transactions worth ₹199 lakh crore processed
• The Unified Payments Interface (UPI) ended FY24 on a strong high, setting new records for both
the volume and value of transactions undertaken during March 2024.
• This was despite transactions dipping slightly in February 2024 due to the fewer number of days in
the month, and increased investment activity ahead of the financial year-end.
• Transactions worth ₹19.78 lakh crore were processed during March 2024, higher than the
previous record of ₹18.41 lakh crore set in January 2024.
• The number of transactions on the UPI network rose to 1,344 crore during the month, from the
January peak of 1,220 crore transactions.
Tata Steel to stop operations of coke ovens at Port Talbot plant

• Tata Steel has decided to cease operations of the coke ovens at its Port Talbot plant in Wales, UK.
• The move is part of Tata Steel’s transition from an emission-intensive blast furnace technology to
low-carbon steelmaking through the electric arc furnace route.
• The company said it had previously stated that many of its heavy-end assets in Port Talbot are at
their end-of-life capability.
• The plan involves a £1.25 billion investment in electric arc furnace technology in Port Talbot and
asset upgrades.
• Of the £1.25 billion investment, the UK government has committed £500 million to enable the
transition, and Tata Steel plans to invest £750 million.
Net FDI in India down 38.4% in April 2023-January 2024: RBI's March 2024 bulletin
• The net foreign direct investment (FDI) in India, inflows minus outflows, declined 38.4 per cent
year-on-year to $15.41 billion in the first 10 months of this financial year due to an increase in the
repatriation of capital.
• According to the Reserve Bank of India’s data in the March 2024 bulletin, FDI in India was $25.53
billion and outflows were $10.11 billion in April 2023-January 2024.
• Repatriation and divestment by those who made direct investments in India rose to $34 billion in
the 10 months of the financial year.
DCB, Ekam Eco Solutions join hands to set up a composting facility at Goa University
.
• Ekam Eco Solutions Pvt Ltd, a research spin-off of IIT Delhi’s works on sanitation, along with DCB
Bank, launched a composting facility at Goa University.
• Located on the university grounds, this facility has a capacity of processing 657 kgs of wet waste a
day.
• Sponsored by DCB Bank as part of its corporate social responsibility (CSR) initiatives, the facility is
designed and developed by Ekam Eco Solutions Pvt Ltd. Alterenergyz has taken charge of
commissioning and managing the facility.
• Murali M Natrajan, Managing Director and Chief Executive Officer of DCB Bank
Electric vehicles: India's share in global PV market may rise to 7% by 2040

• The latest estimate by Goldman Sachs has stated that India’s share of the global electric
passenger vehicle market may go up to 7.1 per cent by 2040 from the current level of 1 per cent in
2024.
• As per the estimates for 2024, Sachs has predicted that electric passenger car sales will remain at
more or less the same levels as 2023, around 0.1 million.
• But in 2030, they will cross the million mark for the first time, hitting 1.3 million in 2030 and then 5.5
million by 2040.
• The new scheme allocates Rs 333.39 crore to support the sale of 3.33 lakh electric two-wheelers
(e-2W) and Rs 126.19 crore for the sale of 25,238 large electric three-wheelers (e-3W L5).
Coal Sector Shows Highest Growth of 11.6 % among Eight Core Industries in February 2024
• The coal sector has exhibited the highest growth of 11.6 % (provisional) among the eight core
industries for February 2024 as per the Index of Eight Core Industries (ICI)) (Base Year 2011-12)
released by Ministry of Commerce & Industries.
• The index of coal industry has reached 212.1 points during Feb’24 as compared to 190.1 points
during the same period of last year and its cumulative index has increased by 12.1% during April to
February, 2023-24 over the corresponding period of previous year.
• The Combined Index of Eight Core Industries experienced a 6.7% increase in February 2024,
compared to the same period of the previous year.
• Adani Green Energy Ltd has commissioned 2,000 MW of solar capacity at the giant Khavda solar
park in Gujarat that has made it the first company in India with over 10,000 MW of renewable
energy capacity
.
• After effecting changes in 54 individual derivative stocks, the National Stock Exchange (NSE)
revised the lot sizes of indices too
• India is aiming to reach Rs 1 trillion in marine product exports in the next two years by increasing
its processing capacity and a shift to higher value-added products.
Retail inflation declines to a 5-month low of 4.85 per cent in March 2024
• According to the data released by the National Statistical Office (NSO), Consumer Price Index
(CPI) declined to a 10-month low of 4.85 per cent in March as against 5.1 per cent in February.
• Meanwhile, industrial growth based on the Index of Industrial Production rose to a four-month high
in February, to 5.7 per cent, against 4.1 per cent in January.
• The Quick Estimates of Index of Industrial Production (IIP) are released on 12th of every month.
Vodafone Idea announces price band for Rs 18,000 crore FPO

• Debt-ridden telecom operator Vodafone Idea announced that it will offer shares worth Rs 18,000
crore in its further public offering (FPO) from April 18-22 at a price band of Rs 10-11 per share.
• The share sale will open on April 18 (for anchor investors on April 16) and close on April 22,
Vodafone Idea, which is the country’s third-largest telecom service provider.
• During April-February, Vodafone Idea lost 16.2 million mobile subscribers, taking its total base to
220.5 million, according to data from the Telecom Regulatory Authority of India (Trai).
Sensex crosses 75,000 for the first time; Nifty 50 hits record high of above 22,700
• The benchmark Sensex crossed the 75,000 mark for the first time and the Nifty 50 opened above a
new record high of 22,700 mark led by strong Q4 earnings optimism and a positive Asian market.
• The 30-share Sensex had breached the first 25,000 mark in May 2014 and the 50,000 mark on
January 21, 2021.
• The market capitalisation, or the total value of all listed shares, of the BSE-listed firms stood at
401.82 lakh crore .
Former Gazprom unit rejects GAIL demand for compensation of $1.8 billion
• A former unit of Russian energy giant Gazprom has rejected state-owned GAIL (India) Ltd's
demand for compensation for non-delivery of LNG supplies in the aftermath of Russia's invasion of
Ukraine.
• In a stock exchange filing, GAIL said SEFE Marketing Trading Singapore Pte Ltd has stated that it
does not owe anything other than the defaulted cargoes.
.
• GAIL in December last year filed an arbitration claim before the London Court of International
Arbitration seeking $1.8 billion for "non-supply of LNG cargoes under a long-term contract
Vistara to cut 25-30 flights daily; 10 pc reduction in capacity mostly in domestic routes
• Facing disruptions due to the non-availability of crew, Vistara announced reducing 10 per cent of
its capacity or 25-30 flights daily and most of the cancellations are in the domestic network as the
Tata Group airline strives to stabilise operations.
• The full-service carrier is to operate daily in the ongoing summer schedule and witnessed
significant disruptions earlier this week as many pilots reported sick, resulting in cancellations of
flights.
• The airline hopes to have stable operations in April and beyond.
India’s February 2024 coal imports up 13%

• India saw a 13% increase in coal imports, reaching 21.64 million tonnes (MT) in February 2024,
attributed to buyers taking new positions to restock ahead of the summer season, reports
Mjunction, an online marketplace.
• This marked a rise from the 19.15 MT imported during the same period in FY23.
• mjunction's data indicates that non-coking coal imports surged to 13.77 MT in February, up from
11.68 MT in the previous year, while coking coal imports slightly increased to 4.56 MT compared to
4.40 MT in February 2023.
PC imports rose amid licence uncertainty, China’s share spiked after plan scrapped
• In January 2024, nearly 90 per cent of the laptops and personal computers (PCs) imported by
India came from China.
• Beijing’s share was well over 89 per cent and, in November 2023, the figure was 83 per cent.
• In all, until January in the 2023-24 financial year (FY), nearly eight out of 10 laptops sold in India
came from China, shows an Indian Express analysis of the Commerce Ministry’s import-export
data bank.
• From November 2023 to January 2024, after the licence plan was dropped, Beijing's share in
imports of the goods shot up to 87.5 per cent
Piramal Alternatives invests Rs 110 crore in Biodeal Pharmaceuticals
• Piramal Alternatives, the investment arm of the Piramal Group, has announced an investment of
Rs 110 crore in Biodeal Pharmaceuticals.
.
• Biodeal is a contract development and manufacturing organisation.

• The funding will be utilised to improve Biodeal's infrastructure and production capacity.
• It will also be directed towards upgrading technology and establishing a nutraceuticals
manufacturing facility.
Mcap of BSE-listed firms hit Rs 400 trn milestone after rally in equities
• The market capitalisation of BSE-listed companies reached an all-time high of Rs 401.10 trillion
on April 8, 2024, following a record rally in equities, wherein the 30-share BSE Sensex scaled its
lifetime peak.
• This is the first time that the market capitalisation of BSE-listed companies has gone past the
coveted Rs 400 trillion mark.
• From the Sensex basket, Mahindra & Mahindra, Maruti, Tata Steel, Bajaj Finserv, Power Grid,
Reliance Industries, Axis Bank and JSW Steel were the major gainers.
NTPC launches new edition of Girl Empowerment Mission
• NTPC Limited, India’s largest integrated power company, is gearing up to launch the latest edition
of Girl Empowerment Mission (GEM), its flagship Corporate Social Responsibility initiative.
• The program aligns with the Government of India's Beti Bachao, Beti Padhao initiative and aims to
tackle gender inequality by nurturing girls' imaginations and fostering their ability to explore
opportunities.
• GEM does this through a 1-month workshop for young girls during summer holidays, by offering
them a platform for their all-round upliftment and development.
India targets US$ 600 bn in textile exports

• India is working on an ambitious target to achieve $600 billion of textile exports by 2047 from $44
billion in FY22 and the domestic market to grow to $1.8 trillion from $110 billion in 2022.
• The textiles ministry is formulating its Vision 2047 based on five thematic pillars-research &
innovation; infrastructure, trade & investment; marketing & brand promotion; skilling & quality and
sustainability.
• The country also plans to reduce emission intensity to 2.25 tonnes of CO2 per tonne of crude steel
(2.25 T/tcs) production by FY29 from 2.50 T/tcs now, and even further by 2047.
Index Numbers of Wholesale Price in India for the Month of March, 2024
● The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 0.53%
.
(Provisional) for the month of March, 2024 (over March, 2023).

● The positive rate of inflation in March 2024 is primarily due to an increase in prices of food
articles, electricity, crude petroleum & natural gas, machinery & equipment and other
manufacturing etc.
● The index numbers and inflation rate for the last three months of all commodities and WPI
components are given below:
Index Numbers and Annual Rate of Inflation (Y-o-Y in %)*
All Weight Jan-24 Feb-24 (P) Mar-24 (P)

Commodities/Major (%)
Index Inflation Index Inflation Index Inflation
Groups
All Commodities 100.00 151.2 0.33 151.2 0.20 151.8 0.53
I. Primary 22.62 181.4 4.07 181.4 4.49 183.1 4.51

Articles
II. Fuel & Power 13.15 154.9 -0.45 155.1 -1.59 155.2 -0.77
III. Manufactured 64.23 139.7 -1.20 139.8 -1.27 140.1 -0.85

Products
Food Index 24.38 178.1 3.85 178.3 4.09 180.1 4.65
India’s Exports Estimate To Reach 776.68 Billion Dollars In Financial Year 2023-24
● India’s exports are estimated to reach 776.68 billion dollars in financial year 2023-24, surpassing
last year’s highest record.
● The Ministry of Commerce and Industry, in a release said that the overall exports in the
preceding financial year, 2022-23, were 776.40 Billion dollars.
● The Ministry added that overall imports in the financial year 2023-24 are estimated to be 854.80
Billion dollars, exhibiting a negative growth of minus 4.81 per cent compared to the preceding
financial year.
● The overall trade deficit is estimated to significantly improve by 35.77 per cent, from 121.62
Billion dollars in the financial year 2022-23 to 78.12 Billion dollars in the financial year 2023-24.
.
Brokerage firm Groww seals top spot with nearly 23% market share
● Brokerage firm Groww emerged as the largest broker in India with a market share of 23.4 per
cent and an active client base of 9.5 million in the Financial Year 2023-24 (FY24).
● The discount broker recorded a 77.5 per cent jump in the active client base in FY24 and a 42 per
cent overall jump in the market share.
● While its rival, Zerodha, recorded a 14 per cent jump in the number of active clients touching 7.3
million year-on-year.
● The top five largest brokers are – Groww followed by Zerodha, Angel One, Upstox, ICICI
securities.
● The share of top five discount brokers account in the total NSE active clients has also surged to
63.8 per cent as of March 2024 against 59.9 per cent in March 2023.
● The number of active clients at NSE surged to 40.8 million as of March 2024 against 32.7 million
the same month a year ago -- recording an increase for the ninth consecutive month.
● The total number of demat accounts has increased to 151 million in FY24, with an average
monthly addition of 3.1 million.
Hong Kong approves first bitcoin, Ethereum spot ETFs
● Hong Kong's securities regulator approved the first spot bitcoin and ethereum exchange-traded
funds (ETFs), a milestone on the way to becoming Asia's first city to accept the popular
cryptocurrencies as a mainstream investment tool.
● The Hong Kong unit of Bosera Asset Management and China Asset Management said they had
received regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to
launch the ETFs.
● Bosera will launch its product in partnership with Hong Kong-based HashKey Capital.
● The step comes just three months after the U.S. launched the first U.S.-listed ETFs to track spot
bitcoin.
Indian economy projected to grow 6.5% in 2024: UNCTAD
● UN Trade and Development (UNCTAD) in its report released that India grew by 6.7 per cent in
2023 and is expected to expand by 6.5 per cent in 2024, continuing to be the fastest-growing
major economy in the world.
● The expansion in 2023 was driven by strong public investment outlays as well as the vitality of
the services sector which benefited from robust local demand for consumer services.
.
● Three countries in the region – Bangladesh, Pakistan and Sri Lanka – are currently under IMF
programmes, the conditionalities of which necessitate the application of tight monetary policies
and fiscal austerity measures whose impacts are most severely felt by low-income households.
● Global growth is projected to be 2.6 per cent in 2024, slightly slower than the 2.7 per cent in
2023.
● This makes 2024 the third consecutive year in which the global economy will grow slower than
before the pandemic when the average rate for 2015–2019 was 3.2 per cent.
IMF raises India’s GDP growth forecast to 6.8% for FY25
● The International Monetary Fund (IMF) upped its growth projection for India by 30 basis points to
6.8 per cent for the current fiscal year.
● However, it has not made any changes to its projections for FY26.
● In its April edition of World Economic Outlook, the IMF said it expects India's FY26 (next fiscal)
GDP growth at 6.5%.
● The agency has pegged GDP growth for FY24 at 7.8 per cent.
● For the current fiscal, the projection is 50 basis points higher than the projection made in October
and 30 basis points higher than the projection made in December.
● Despite upward revision, IMF’s latest projection is still lower than that of the Asian Development
Bank (ADB) and the Reserve Bank of India.
● ADB revised its projection to 7 per cent from 6.7 per cent for the current fiscal
● Recently, the World Bank also revised its forecast for India’s GDP growth to 6.6% for FY25 from
6.4% predicted for the fiscal earlier.
Net direct tax collections exceed the 2023-24 target

● India’s net direct tax collections grew 17.7% in 2023-24 to hit ₹19.58 lakh crore, marginally
surpassing the revised estimates for the year, thanks to a surge in personal income taxes whose
share of the tax kitty rose to 53.3% from 50.06% in the previous year while corporate taxes’
contribution dipped to 46.5% from 49.6%.
● Net collections of income and corporate taxes, which make up for most of the direct taxes, in the
2023-24 financial year exceeded the Budget estimates by Rs 1.35 lakh crore (7.40 per cent) and the
revised estimates by Rs 13,000 crore.
● The gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2023-24
.
stood at Rs 23.37 lakh crore, showing a growth of 18.48 per cent over the gross collection of Rs
19.72 lakh crore in FY 2022-23.
● The gross corporate tax collection (provisional) in FY 2023-24 was up 13.06 per cent to Rs 11.32
lakh crore as compared to the gross corporate tax collection of Rs 10 lakh crore of the preceding
year.
● The Net Corporate Tax collection (provisional) in FY 2023-24 at Rs 9.11 lakh crore showed a growth
of 10.26 per cent over the net corporate tax collection of Rs 8.26 lakh crore of the preceding year.
IFCI gets Rs 500 cr capital infusion from govt via issuance of equity
● State-owned IFCI has received a capital infusion of Rs 500 crore through the issuance of equity
shares to the government on a preferential basis.
● Allotment of 123,977,188 shares to the Government of India was done on April 18, 2024, on a
preferential basis, IFCI in a regulatory filing.
● Following the capital infusion, the government holding in the oldest financial institution IFCI has
increased from 70.32 per cent to 71.72 per cent.
Sustained growth of 7% feasible for India
● Sustaining the economic growth momentum of 7 per cent in 2024-25 and beyond is feasible on the
back of favourable monsoon, higher farm productivity and improved global trade, RBI Monetary
Policy Committee (MPC) member Shashanka Bhide.
● During 2023-24, the economy is likely to record a growth rate of nearly 8 per cent on account of
good performance of manufacturing and infrastructure sectors.
● (India's economic) Growth in the current year will likely be supported by agriculture with a favourable
monsoon and improved global trade. Sustaining the growth momentum of 7 per cent seems feasible.
Gruner Renewable Energy bags projects worth ₹1,500 Cr for CBG plants
● Gruner Renewable Energy, India’s fastest-growing renewable energy company, has recently
secured multiple projects valued at Rs 1,500 crore for Compressed Biogas (CBG) Plants nationwide
within its first year of establishment.
● In a notable development, the company secured 11 projects worth Rs 1,100 crore from India’s
leading business conglomerate and an additional 19 projects valued at Rs 400 crore from individual
business leaders.
● These projects, collectively valued at Rs1,500 crore, will contribute to an annual production of over
88,000 tons of compressed biogas for the Indian market.
.
Expect capex for EV components to cross ₹25,000 cr in next 3-4 years

● The auto component industry is expected to invest over ₹25,000 crore in the next 3-4 years to
expand the production of electric vehicle parts, rating agency ICRA
● EV penetration in the country has reached 4.7% in FY2024, with much of it driven by the electric
two-wheeler segment, although e-three-wheelers and electric buses have also contributed to the
same.
● However, advanced chemistry batteries, which remain the most critical and the costliest component,
accounting for almost 35%-40% of the vehicle price, are imported.
● The low localisation levels give rise to manufacturing opportunities for domestic auto component
suppliers.
About ICRA
● Headquarters: India
● CEO: Ramnath Krishnan
● Owner: Moody's Corporation
● Founded: 1991
FPO marks the start of Vodafone Idea 2.0: Kumar Mangalam Birla
● Aditya Birla Group chairman Kumar Mangalam Birla, the success of Vodafone Idea’s ₹18,000-crore
follow-on public offer, India’s largest FPO to date, marked a turning point for the telecom industry.
● Shares of Vodafone Idea Ltd opened at ₹11.80 on the NSE, a premium of 7.2% over the issue price
of ₹11, after its FPO shares listed on the bourses.
● Aditya Birla Group and Vodafone Group had invested around ₹1.7 trillion in the Indian telecom
industry.
● Before the FPO, more than 75% of the ₹30,000 crore the company raised in the past five years
came from the two promoter groups
Despite uncertainties, services exports grow 11.4% in 2023: UNCTAD
● India's services exports jumped 11.4 per cent to $345 billion in 2023 despite global economic
uncertainties, while China's shipments from the sector contracted by 10.1 per cent to $381 billion,
according to a UNCTAD report.
● Sectors that contribute to India's services export growth include travel, transport, medical and
hospitality.
● With an 8.9 per cent annual rise in current dollar value terms, the world services exports surpassed
.
$7.9 trillion in 2023, a quarterly bulletin of UNCTAD said.

● The leading exporters among developing economies include India, China, Singapore, Turkiye,
Thailand, Mexico, and Saudi Arabia
● India's services imports, however, dipped marginally by 0.4 per cent to $248 billion last year.
Commercial paper issuances touch a 4-year high of Rs 1.2 lakh crore
● Issuances of commercial papers (CP) have hit a four-year high, touching Rs 1.2 lakh crore, a level
seen last in July-Sept 2019, as companies seek to diversify funding sources.
● Higher CP issuances follow RBI's November mandate to increase risk weights on bank loans given
to higher rated NBFCs, a Crisil report.
● CP issuances are still not as high as 2018 levels when they touched Rs 3.1 lakh crore in July-
September, as NBFCs look for other funding avenues like securitisation, where volumes peaked in
FY24 at Rs 1.9 lakh crore.
IREDA granted 'Navratna' status
● Public sector Indian Renewable Energy Development Agency (IREDA) the government had granted
it the 'navratna' status, according to a company filing with the stock exchanges.
● This takes the total number of navratna PSEs to 17.
● These companies have the autonomy to invest up to ₹1,000 crore.
● IREDA is a Non-Banking Financial Institution engaged in promoting, developing and extending
financial assistance for setting up projects relating to new and renewable sources of energy and
energy
About Navratna Company

● A Navratna company is a public sector undertaking in India that has been granted Navratna status.
● These companies play a significant role in the nation's economy and hold a prestigious position
compared to other PSUs, both domestically and globally.
● Once designated as Navratna, these companies are given authority in areas such as capital
expenditure, investment in joint ventures or subsidiaries and human resources management.
About IREDA :
● Established: March 1987
● Headquarters : New Delhi, India
● Chairman & MD : Pradip Kumar Das
● IREDA is an Indian public sector enterprise which provides financial assistance and other services to
.
projects related to renewable sources of energy and energy efficiency/conservation.

● The company offers financial assistance to projects that produce electricity using fresh and
sustainable sources.
● The government holds a 75% ownership stake in the company.
Up 2.3 times in 15 years, India’s Chinese import bill to rise further
● India’s imports from China crossed $101 billion in 2023-24 from about $70 billion in 2018-19.
● The country’s share of India’s industrial goods imports has risen from 21% to 30% over 15 years,
according to a report by the Global Trade Research Initiative (GTRI) which reckoned that Chinese
imports will rise sharply in coming years.
● Goods imports from China have risen 2.3 times faster than India’s total imports over 15 years, the
GTRI study noted, adding that China is the top supplier in eight major industrial sectors, including
machinery, chemicals, pharmaceuticals, and textiles, belying the general perception that Chinese
imports are high only in the electronics sector.
● Moreover, imports from China have been even faster than the overall import growth as China’s
exports to India grew 2.3x faster than India’s overall import from all countries.
AWARDS AND HONOUR

Vineet Jain awarded the ENBA Lifetime Achievement Award 2023 for news broadcasting
• Vineet Jain, managing director of the Times Group, received the Exchange4Media News
Broadcasting Awards (ENBA) Lifetime Achievement Award 2023 for his significant contributions to
Indian television news.
• Jain attributed the achievement to the collective efforts of teams at the Times Group.
• The ENBA jury included former Supreme Court judge AK Sikri, Anurag Batra, chairman and editor-
in-chief of exchange4media and BusinessWorld, Dhanendra Kumar, chairman of Competition
Advisory Services (India) LLP, and Alok Mehta, former president of the Editors Guild of India.
REC wins SKOCH ESG Award 2024 in Renewable Energy Financing Category
• REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a
leading NBFC has been bestowed with the SKOCH ESG Award 2024 in the 'Renewable Energy
Financing' category.
• Through various initiatives and achievements, REC has committed to numerous sustainable
projects and signed various MOUs for green projects.
.
• Furthermore, REC has engaged in one-on-one discussions with various developers of green
projects, spanning sectors such as solar, wind, Pumped Storage Projects, E-mobility, RE
manufacturing, green ammonia and green hydrogen, and battery storage.
About REC Limited

• REC is a 'Maharatna' Central Public Sector Enterprise under the Ministry of Power, and is
registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing
Company (IFC).
SJVN has been honoured with the 15th CIDC Vishwakarma Awards 2024 for its outstanding
contribution to the field of Corporate Social Responsibility.
• SJVN Limited has won two prestigious awards at the 15th CIDC Vishwakarma Awards 2024,
instituted by the Construction Industry Development Council.
• SJVN has been conferred the ‘Achievement Award for Creating Social Development & Impact’ and
‘CIDC Partners in Progress Trophy’.
• On behalf of SJVN, the awards were received by CGM (HR), Shri Baljeet Singh during a ceremony
held at India Habitat Centre, New Delhi.
‘All We Imagine as Light’ is the 1st Indian film to compete at Cannes in 30 years
• Writer-director Payal Kapadia‘s debut fiction feature ‘All We Imagine As Light’ will compete for the
top honours during the upcoming edition of Cannes Film Festival, scheduled to be held from May
14 to 25.
• All We Imagine As Light, Kapadia’s feature film debut, will be the first Indian film to compete for the
Palme d’Or award after nearly three decades.
• The film features Kani Kusruthi and Diya Prabha in the lead roles.
Prestigious John Dirks Gairdner global health award for Dr Gagandeep Kang
• India’s Dr Gagandeep Kang has been awarded the 2024 John Dirks Canada Gairdner Global
Health Award for her achievements in global health research.
• It is the most well-recognised global health award.
• The John Dirks Award in global health is awarded by the Gairdner Foundation in Canada.
Kannada poet Mamta G. Sagar wins international award
.
• Mamta G. Sagar, a Bengaluru-based Kannada poet, writer, academic and activist, has recently
won the World Literary Prize from the World Organization of Writers (WOW) for her contributions to
the world of literature.
• Dr Sagar, a facilitator at Srishti Manipal Institute of Art, Design, and Technology, known for her
involvement in diverse forms of transdisciplinary creative writing and cultural industries, received
the award on April 6 at a ceremony in Abuja, Nigeria.
Dr. Agarwal’s Eye Hospital Wins Best Scientific Poster Award 2024: Advancing Eye Care Innovation
• Dr Agarwal's Eye Hospital recently announced that their accomplished research team have been
honoured with the prestigious 'Best Scientific Poster Award' at the 2024 Annual Meeting of the
American Society for Cataract and Refractive Surgery (ASCRS).
• This recognition comes in light of their groundbreaking study on 'The efficacy of RevitalVision
vision-training software in improving best-corrected vision in stable keratoconus patients post
Crosslinking surgery.'
Indian Expert Ashwini Patil Joins Britain’s Dementia Research Team

• Dr. Ashwini Keshavan, a neurologist of Indian origin, has been chosen to be part of a top-notch
research team in the UK.
• This prestigious team has been entrusted with the crucial task of conducting research to detect
dementia through blood tests and gathering more evidence to support this approach.
• Dr. Ashwini Keshavan is currently working with a team that is dedicated to studying a biomarker
called p-tau217, which has the potential to be a reliable indicator of Alzheimer's disease.
Aleksei Navalny and Yulia Navalnaya have been honored with the Freedom Prize.
• The Ludwig Erhard Summit, a leading German forum, will award the Freedom Prize of the Media
to the late Russian dissident Aleksei Navalny and his wife, Yulia Navalnaya.
• This prestigious award is presented annually to public figures who have made significant
contributions to freedom of expression, dialogue, and democracy.
• Previous recipients of the Freedom Prize include Russian politician Garry Kasparov in 2023 and
Ukrainian President Volodymyr Zelenskyy.
Jain spiritual leader honoured with the US President’s Gold Volunteer Service
● The US President’s Gold Volunteer Service Award was presented to India's Jain spiritual leader
Lokesh Muni.
.
● This award has been given to him for his contribution to public welfare and humanity.
● Senior Democratic Congressman Brad Sherman presented the Presidential Award Golden Shield
and Certificate of Honor to Lokesh Muni at the US Capitol.
● Muni is the Founder of Ahimsa Vishwa Bharati and the World Peace Center in India.
● In 2003, the President’s Volunteer Service Award was established by the President's Council on
Service and Civic Engagement to recognize the vital role volunteers play in America's strength
and national identity.
● AmeriCorps selects the awardees of the President’s Volunteer Service Award.
● AmeriCorps is an independent agency of the U.S. government that engages more than five
million Americans in service through a variety of stipend volunteer work programs in a variety of
sectors.
Surinder S Jodhka wins Adiseshiah Awards 2024
● Malcolm and Elizabeth Adiseshiah Trust has announced the annual Dr Malcolm Adiseshiah
National Award 2024 for two professors.
● Professor Surinder S Jodhka, School of Social Sciences, JNU, was selected for the Malcolm
Adiseshiah Award (2L & citation) while Vikas Kumar, associate professor, Azim Premji University,
will get the Elizabeth Adiseshiah Award (1L & citation).
Venkaiah Naidu, Mithun, Usha Uthup, others conferred Padma awards

● Former vice president M Venkaiah Naidu, founder of Sulabh International Bindeshwar Pathak and a
host of other prominent persons were conferred with Padma Awards by President Droupadi Murmu
at the Rashtrapati Bhavan.
● Naidu, Pathak, who was given the award posthumously, and renowned Bharatanatyam dancer
Padma Subrahmanyam were conferred with the Padma Vibhushan.
● Pathak's wife Amola received the award from the President.
● Actor Mithun Chakraborty, singer Usha Uthup, former Uttar Pradesh governor Ram Naik and
industrialist Sitaram Jindal were conferred with the Padma Bhushan.
● Gujarat-based cardiologist Tejas Madhusudan Patel, veteran Marathi film director Dattatray
Ambadas Mayaloo alias Rajdutt and Chandreshwar Prasad Thakur, a distinguished Physician
known globally for his contribution to research and policy on Kala Azar, were given the Padma
Bhushan.
.
● Padma Shri awardees include master carpet weaver from Uttar Pradesh Khalil Ahamad, Madhya
Pradesh's folk singer Kaluram Bamaniya, Bangladeshi singer Rezwana Choudhury Bannya and
Chikankari embroidery artist from Uttar Pradesh Naseem Bano.
● Rajbongshi folk singer from West Bengal's Cooch Behar Gita Roy Barman, tennis player Rohan
Bopanna, spiritual figure from Tripura Chitta Ranjan Debbarma, banker Kalpana Morparia,
philanthropist Kiran Nadar, social worker from Haryana Gurvinder Singh and folk singer from Uttar
Pradesh Urmila Srivastava were also given the Padma Shri.
‘Sunflowers Were The First Ones To Know’ By FTII Student Selected At 77th Cannes Film Festival
● “Sunflowers were the first ones to Know”, a film by Chidanand Naik, a student of the Film and
Television Institute of India (FTII), has been selected in the 'La Cinef” Competitive section of 77th
Cannes Film Festival, France.
● The festival is to be held from 15th to 24th May 2024.
● The section is an official section of the festival aimed at encouraging new talents and recognising
films from film schools across the world.
● This is the only Indian film selected in ‘La Cinef’ section of Cannes.
● It is a story of an elderly woman who steals the village's rooster, which throws the community into
disarray.
● This is the first time a film by a student from a 1-year Television course has been selected at the
prestigious Cannes Film Festival.
Renowned Bangladeshi Singer Rezwana Choudhury Bannya Receives Prestigious Padma Shri Award
● Bangladeshi Singer Rezwana Choudhury received the Padma Shri Award.
● Renowned Bangladeshi singer Rezwana Chowdhury Bannya received the prestigious Padma Shri
Award.
● Droupadi Murmu presented the Padma Vibhushan, Padma Bhushan, and Padma Shri Awards for
the year 2024 at the Civil Investiture Ceremony held at Rashtrapati Bhavan.
● She received the award for her contribution to the field of Art. She is a practitioner of Rabindra
Sangeet.
Ratan Tata conferred with prestigious KISS Humanitarian Award by Achyuta Samanta
● Ratan Tata has received the KISS Humanitarian Award 2021.
● Founder of KIIT and KISS (Kalinga Institute of Social Sciences), Achyuta Samanta, presented the
award during the award ceremony.
.
● Tata Group Chairman N. Chandrasekaran and three-time Grammy Award winner Ricky Kej attended
the award ceremony.
● Tata’s receipt of the award was originally announced in 2021.
● However, it was delayed due to the COVID-19 pandemic.
● Ratan Tata is Chairman Emeritus of the Tata Group.
About KISS Humanitarian Award
● The KISS Humanitarian Award was established in 2008 by Achyuta Samanta.
● It aims to acknowledge organizations and individuals that epitomize humanitarian work on a global
scale.
Kenya’s Mwaniki and Lilian take the honours in TCS World 10K Bengaluru
● Kenyan runners Peter Mwaniki (28:15) and Lilian Kasait (30:56) cruised to the international elite
men’s and women’s titles respectively in the 16th edition of the Tata Consultancy Services World
10K Bengaluru.
● Mwaniki shifted gears at the 7.5 km mark to leave his countryman Hillary Chepkwony (28:33)
behind.
● It was a similar story for Lilian, who pulled away from the nearest rival Emmaculate Achol (31:17) at
the 7.1 km mark.
● Mwaniki and Lilian were unable to break the event records (men - 27:38, women - 30:35) on this
new route.
APPOINTMENTS & RESIGNATIONS

Rakesh Mohan appointed as a member of World Bank economic advisory panel
• President Emeritus and Distinguished Fellow of the Centre for Social and Economic Progress
(CSEP), Rakesh Mohan has been appointed by the World Bank Group to serve on the World Bank
Group’s Economic Advisory Panel.
• The World Bank panel will be chaired by Lord Nicholas Stern, the IG Patel Professor of Economics
and Government at the London School of Economics, while World Bank Group Chief Economist
Indermit Gill will co-chair the panel.
• The panel will focus on strategic issues for the World Bank Group in relation to their objectives,
research agenda and actions.
About World Bank :
.

• President : Ajay Banga (14th President)
• The World Bank Group consists of 5 institutions ie
• International Bank for Reconstruction and Development (IBRD)
• International Development Association (IDA)
• International Finance Corporation (IFC)
• Multilateral Investment Guarantee Agency (MIGA)
• International Centre for Settlement of Investment Disputes (ICSID)
Cleartrip Announces Mahendra Singh Dhoni as Brand Ambassador
• Cleartrip, a Flipkart company, has onboarded Mahendra Singh Dhoni as its new brand
ambassador.
• The collaboration marks a historic milestone for Cleartrip as it joins forces with Mahendra Singh
Dhoni and advocates to make the right choices in travel.
• Under the bucket of ‘ClearChoice,’ the brand aims to inspire travellers to simplify decision-making
and ensure seamless and anxiety-free travel experiences.
About Cleartrip :
• CEO : Ayyappan R
• Cleartrip is a global online travel company.
• The company operates an online travel aggregator website for booking flights, train tickets, hotel
reservations, and activities in India and the Middle East countries.
Uber Promotes Pradeep Parameswaran to Global Business Development Position
• Ride-hailing platform Uber has promoted Pradeep Parameswaran, previously the Asia Pacific
head, to a global role overseeing business development.
• In addition to leading business development, Parameswaran will also oversee Uber's enterprise
product and a new 'fleets' program team.
• Parameswaran will relocate to New York to assume his new global role.
• Currently, Uber’s India and South Asia operations are led by Prabhjeet Singh, who will continue in
the role.
.
Sanjay Nayar, Former Head of KKR India, Assumes the Presidency of ASSOCHAM
• The Associated Chambers of Commerce and Industry of India (ASSOCHAM) announced that
Sanjay Nayar, the Founder-Chairman of Sorin Investment Fund and a veteran of global financial
markets, has taken over the role of President.
• He has replaced Ajay Singh, Co-Founder of low-cost airline SpiceJet, who has completed his
tenure at the apex industry chamber.
• Sanjay Nayar is the Founder and Chairman of Sorin Investment Fund.
About ASSOCHAM :
• Headquarters : New Delhi, India
• The ASSOCHAM is a non-governmental trade association and advocacy group.
Judith Suminwa Tuluka Becomes Democratic Republic of Congo's 1st Female Prime Minister
• Judith Suminwa Tuluka has been appointed as the first woman Prime Minister of Congo.
• Her appointment was made by President Felix Tshisekedi of the Democratic Republic of Congo,
succeeding former Prime Minister Jean-Michel Sama Lukonde.
• Tuluka will take over the position at a time when violence in the mineral-rich east of the nation,
which borders Rwanda, is on the rise.
• Tuluka is an economist who previously worked for the United Nations Development Programme
(UNDP).
About Democratic Republic of Congo :
• Capital: Kinshasa
• Currency: Congolese Franc.
• The Democratic Republic of the Congo is a country in Central Africa.
• By land area, the DRC is the second-largest country in Africa and the 11th-largest in the world.
Former Chief of UK's National Cyber Security Centre Lindy Cameron Expected to Be Appointed as UK's
New High Commissioner to India
• Lindy Cameron, former chief of the United Kingdom’s (UK’s) National Cyber Security Centre, is
expected to be appointed as the country’s new high commissioner to India.
.
• If confirmed, Cameron will be the first woman to serve as the British high commissioner in New
Delhi.
• Cameron’s appointment is anticipated at a time of increasing closeness in the India-United
Kingdom (UK) relationship.
• Alex Ellis, who served as high commissioner until this month, will move on to Spain for his next
posting.
Joyshree Das Verma Assumes Presidency of FICCI Ladies Organisation

• Joyshree Das Verma took over as the 41st National president of FICCI Ladies Organisation (FLO),
the oldest women-led and women-centric business chamber of SouthEast Asia for 2024-25.
• As a public figure, she holds the position of Honorary Consul of Israel, Northeast India.
• Joyshree Das Verma’s entrepreneurial role is defined as Director of Kaapro Management
Solutions Pvt Ltd, her pan India entrepreneurial HR Consulting company in which she is a Co-
promoter.
• Under the theme 'Collective Vision, Collaborative Action for the year 2024-25, FLO endeavour is to
build a strong, inclusive community dedicated to sustainable progress, fostering individual growth,
and inspiring impactful change.
Atul Mehra Appointed Managing Director & Chief Executive Officer of Axis Capital
• Axis Capital has appointed Atul Mehra as the managing director (MD) and chief executive officer
(CEO).
• The appointment is subject to receipt of requisite approvals.
• Mehra, who was formerly with JM Financial, will oversee both the investment banking and
institutional equities businesses of Axis Capital.
• His appointment comes after the departure of Axis Capital’s current MD & co-CEO Salil Pitale.
• In December, JM Financial roped in Chirag Negandhi — who was the co-CEO at Axis Capital — as
its MD.
Tata International Names Rajeev Singhal as Managing Director

• Tata Group's global trading and distribution arm, Tata International has appointed Rajeev Singhal
as its Managing Director (MD).
.
• Singhal whose appointment to the new position is effective from April 1, 2024 succeeds Anand
Sen, who superannuated on March 31, 2024.
• Singhal brings over 36 years of experience to his new position, having transitioned from Tata Steel,
where he served in various positions including Vice President for marketing and sales for flat
products.
• Before this new role, Singhal was Executive Director and Chief Operating Officer (COO) at Tata
International.
Lindy Cameron, U.K. Cyber Security Chief, Appointed as Next High Commissioner to India
• Lindy Cameron, the former Chief Executive Officer (CEO) of the United Kingdom’s (UK’s) National
Cyber Security Centre, will take over as the country’s first-ever woman high commissioner to India.
• Cameron will be succeeding Alex Ellis, who served nearly 3 years between 2021 and 2024 and
oversaw the commencement of trade talks between India and the UK.
• Cameron’s new role begins as New Delhi and London are resetting their bilateral relationship,
which was marked, in part, by External Affairs Minister S. Jaishankar’s visit to London in November
2023.
• The sister of India’s first Prime Minister Jawaharlal Nehru, Pandit served in that capacity until 1961.
Senior IPS Officer Anurag Kumar Appointed as Joint Director of Central Bureau of Investigation
• Anurag Kumar, a senior Indian Police Service (IPS) officer, has been appointed to the position of
Joint Director (JD) at the Central Bureau of Investigation (CBI).
• The appointment was made as per an order from the Personnel Ministry.
• His tenure in this position is approved until February 24, 2027.
• Anurag Kumar belongs to the 2004 batch of the Indian Police Service (IPS) and is from the Assam-
Meghalaya cadre.
• He is currently serving in the Bureau of Police Research and Development (BPR&D).
About CBI :
• Headquarters : New Delhi, Delhi
• The CBI is the domestic crime investigating agency of India.
• It operates under the jurisdiction of the Ministry of Personnel, Public Grievances and Pensions.
Former Prime Minister Gilani Chosen as Chairman of Pakistan's Senate
.
• Former Pakistan Prime Minister and senior Pakistan Peoples Party (PPP) leader Yusuf Raza
Gilani was elected unopposed as chairman of the Pakistani Senate days after the PPP and
Pakistan Muslim League-Nawaz-led (PML-N) coalition swept the elections.
• PML-N's Saidal Khan Nasir was elected as the deputy chairman .
• Senate Secretary Qasim Samad Khan confirmed their election to the top roles in the upper house
of Pakistan parliament.
Financial Services Institutions Bureau Selects Manoj Mittal from IFCI as Next Small Industries
Development Bank of India Chief
• Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks
and financial institutions, has recommended the name of IFCI Limited (previously Industrial
Finance Corporation of India) Managing Director (MD) Manoj Mittal as Small Industries
Development Bank of India (SIDBI) Chairman and Managing Director (CMD).
• He will replace Sivasubramanian Ramann as SIDBI CMD.
• Ramann had joined SIDBI, the principal financial institution for MSMEs in India, in April 2021 for a
3-year period.
About SIDBI :
• Headquarters : Lucknow, Uttar Pradesh, India
• The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and
• It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
About FSIB :
• Came into effect : 01st July 2022, replacing Banks Board Bureau (BBB).
• FSIB is headed by the former secretary of the Department of Personnel and Training (DoPT),
Bhanu Pratap Sharma.
• FSIB which recommends persons for appointment as directors and non-executive chairpersons at
state-owned banks and financial institutions
Suryoday Small Finance Bank Appoints Deepak Kumar Sharma as Additional Director
.
• The Board of Directors of Suryoday Small Finance Bank have appointed Deepak Kumar Sharma
as an Additional Director (under the Independent category) on the Board of the Bank, with effect
from April 11, 2024.
• Sharma's appointment is based on the recommendation of the Nomination and Remuneration
Committee and is subject to the approval of the bank's shareholders.
• Sharma's tenure as an Additional Director is set for a period of 5 consecutive years.
About Suryoday Small Finance Bank :
• MD & CEO : Baskar Babu Ramachandran
Ashish Chauhan, CEO of NSE, and Zoho Founder Sridhar Vembu Appointed as UGC Members for 3-
Year Term
• The central government has appointed Ashish Kumar Chauhan, Chief Executive Officer (CEO) and
Managing Director of the National Stock Exchange (NSE), and Sridhar Vembu, Founder of Zoho,
as members of the University Grants Commission (UGC), India’s regulator for higher education,
taking the body’s strength to 8 members from just 4 .
• The Department of Higher Education in the Education Ministry also appointed Sachidananda
Mohanty, former vice chancellor of the Central University of Odisha and serving vice chancellor of
the National Institute of Educational Planning and Administration Shashikala Gulabrao Wanjari to
the Commission, with a tenure of 3 years, or till further orders.
About Chauhan & Vembu :
• Chauhan, apart from being the NSE CEO and MD, is also a Chancellor of the University of
Allahabad.
• Vembu has a doctorate in electrical engineering from Princeton University and is the founder and
CEO at Zoho, a cloud-based business software firm.
About UGC :
• The UGC is a statutory body under the Department of Higher Education, Ministry of Education,
Government of India.
.
National Investment & Infrastructure Fund appoints rajiv dhar as 1st chief investment officer
• India's National Investment & Infrastructure Fund (NIIF), supported by the federal government, will
appoint Rajiv Dhar to the newly created position of Chief Investment Officer (CIO).
• This appointment reflects NIIF's commitment to strengthening investment decisions and enhancing
oversight on deals.
• In his new role, Rajiv Dhar will serve as a voting member on the investment committee and
valuation panel for all funds managed by NIIF.
About NIIF :
• The NIIFL is an Government owned company which maintains infrastructure investments funds for
international and Indian investors anchored by the Government of India.
• NIIF is 49% owned by the Indian government and has more than $4.9 billion in assets under
management, making it the country’s biggest infrastructure fund.
• The fund’s backers also include Abu Dhabi Investment Authority and Canada Pension Plan
Investment Board.
RBL Bank Appoints Murali Ramakrishnan as Independent Director for 4-Year Term
• Private sector lender RBL Bank formerly known as Ratnakar Bank Limited appointed Murali
Ramakrishnan as Non-Executive Independent Director with immediate effect for 4 years.
• Ramakrishnan has 37 years of experience in the Banking and Financial Service Industry (BFSI)
sector.
• He headed various businesses and control functions at ICICI Bank Ltd for over two decades.
About RBL Bank :
• Established : August 1943
• MD & CEO : R Subramaniakumar
Manoj Panda Appointed as Member of the 16th Finance Commission by the Central Government
• Manoj Panda, formerly the director at the Institute of Economic Growth, has been appointed as a
full-time member of the 16th Finance Commission by the Government of India (GoI).
.
• The 16th Finance Commission is responsible for formulating recommendations on the revenue-
sharing formula between the central government and states for the 5-year period starting from
April 2026.
• Panda's tenure as a member of the Commission will last from the date of assuming office until
either the submission of the Commission's report or October 31, 2025, whichever comes earlier.
Wipro Names Malay Joshi as new Chief Executive Officer for 'Americas 1' Strategic Market Unit
• IT major Wipro Limited has appointed company veteran Malay Joshi as the chief executive officer
(CEO) of its largest and fastest-growing market, Americas 1, the company informed the stock
exchanges.
• Joshi succeeds Srini Pallia, who was appointed Wipro’s CEO and Managing Director (MD) on April
6,2024 following Thierry Delaporte’s resignation.
• Under Thierry Delaporte's tenure, Wipro implemented a new operating model with 4 Strategic
Market Units (SMUs): Americas 1, Americas 2, Europe, and Asia Pacific Middle East Africa
(APMEA).
About Wipro :
• Founded : 29 December 1945
• Headquarters : Bangalore, Karnataka, India
• Founder : M.H.Hasham Premji
• Executive Chairman : Rishad Premji
Kuldip Narayan Takes Over as Managing Director of National Capital Region Transport Corporation
• Kuldip Narayan, an Indian Administrative Service (IAS) officer and Joint Secretary at the Ministry of
Housing and Urban Affairs (MoHUA) in the Government of India, has assumed additional charge
as Managing Director (MD) of the National Capital Region Transport Corporation (NCRTC).
• Narayan has been associated with the NCRTC as a Government Nominee Director from
December 2022.
About NCRTC :
• Founded : 21 August 2013
• NCRTC, a joint venture of Govt of India and the States of NCT of Delhi, Haryana, Rajasthan and
Uttar Pradesh, under the administrative control of the Ministry of Housing and Urban Affairs, is
mandated to implement the Regional Rapid Transit System (RRTS) project across the National
.
Capital Region, ensuring a balanced and sustainable urban development through better
connectivity and access.
• At present, a 34-km section between Sahibabad and Modi Nagar North having eight stations of
India’s first RRTS corridor between Delhi-Ghaziabad-Meerut, is operational.
• The construction is advancing swiftly on the remaining sections, and the entire 82-km long corridor
is scheduled to be operational by June 2025.
Simon Harris Becomes Ireland's Youngest Prime Minister

• Simon Harris has been elected as the youngest Prime Minister (Taoiseach) of the Republic of
Ireland.
• In Ireland, the prime minister is called Taoiseach.
• Harris succeeds Leo Varadkar, who resigned from the position in March 2024.
• At the age of 37, Simon Harris became the youngest Prime Minister in Ireland's history.
• He is set to hold the post till the general election which is set to be held in March 2025.
About Ireland :
• Capital : Dublin
• Currency : Euro
Justice Aniruddha Bose To Head National Judicial Academy Post Retirement As Supreme Court Judge
• Justice Aniruddha Bose has been appointed as the Director of the National Judicial Academy
(NJAC) in Bhopal.
• The appointment was announced by Chief Justice DY Chandrachud during a ceremonial bench
honouring Justice Bose's retirement from the Supreme Court.
• Justice Bose's tenure in the Supreme Court concluded on April 10, after which he assumed the
role at NJAC.
About National Judicial Academy :
• Location : Bhopal, Madhya Pradesh
Srinivas Pallia to Take Over as Chief Executive Officer of Wipro Following Resignation of Managing
Director Thierry Delaporte
.
• Wipro Chief Executive Officer (CEO) and managing director (MD) Thierry Delaporte has resigned
from his position and Srinivas Pallia will succeed him as Wipro's new MD and CEO.
• The Board of Directors noted the resignation of Mr Thierry Delaporte with effect from April 6,
2024.
• He will be relieved from the employment of the Company with effect from the close of business
hours on May 31, 2024.
• Pallia will take over as the new CEO and MD from April 7, 2024, for a period of 5 years.
About Wipro :
• Founder : M.H.Hasham Premji
Peter Pellegrini Emerges Victorious in Slovakia's Presidential Race

• In Slovakia, Peter Pellegrini ,the ruling nationalist won the Presidential Election defeating
opposition independent Ivan Korcok.
• Pellegrini is a close ally of populist Prime Minister Robert Fico.
• As 99.9% of ballots have been counted, Peter Pellegrini received 53% of the vote, while Korcok
got 47% votes.
• Pellegrini succeeded Zuzana Čaputová, the first female President of Slovakia.
About Slovakia :
• Prime Minister : Robert Fico
• Capital: Bratislava
• Currency: Euro.
New Appointments Made to Securities Appellate Tribunal: P S Dinesh Kumar as new Presiding Officer
and Dheeraj Bhatnagar as new Technical Member
• The Finance Ministry appointed P S Dinesh Kumar, a retired judge, as the presiding officer of the
Securities Appellate Tribunal (SAT) for a tenure of 4 years.
• The ministry has also appointed Dheeraj Bhatnagar as a technical member of the tribunal for 4
years or till he reaches the age of 67, whichever is earlier.
• Bhatnagar retired as principal chief commissioner of Income Tax, Delhi.
.
Meenesh Shah was Chosen as Chairman of the National Cooperative Dairy Federation of India Limited
• The apex body of dairy cooperatives, National Cooperative Dairy Federation of India Limited.
(NCDFI), in its Board elections, unanimously elected Dr. Meenesh Shah as the Chairman.
• Dr. Meenesh Shah is also serving as Director on the Board of the International Dairy Federation
(IDF).
• The election was conducted by Praveen Chaudhary, IAS, District Collector of Anand who served
as the Returning Officer.
About NCDFI :
• NCDFI is a national-level apex dairy cooperative registered on December 7, 1970 and is governed
under the provisions of the Multi-State Cooperative Societies (Amendment) Act, 2023.
• It has 20 Regular Members, 14 Associate Members and the National Dairy Development Board
(NDDB) as its Institutional Member.
Surinder Chawla Steps Down as Paytm Payments Bank Managing Director & Chief Executive Officer
Citing Personal Reasons
• Surinder Chawla, Managing Director (MD) and Chief Executive Officer (CEO) of Paytm Payments
Bank (PPBL) has resigned as the head of the company on account of “personal reasons and to
explore better career prospects”.
• Chawla will be relieved from the payments bank from the close of business hours on June 26,
2024.
• Before joining Paytm Payments Bank, Chawla worked at RBL Bank, where he served as Head of
Branch Banking.
• In February 2024, Paytm founder Vijay Shekhar Sharma stepped down from the board of Paytm
Payments Bank.
About Paytm Payments Bank :
• Founded : 28 November 2017
• Headquarters : Noida, Uttar Pradesh
Former Revenue Secretary Tarun Bajaj Named Chair of US-India Tax Forum by US-India Strategic
Partnership Forum (USISPF)
.
• The US-India Tax Forum, an initiative of the US-India Strategic Partnership Forum (USISPF) has
appointed former Revenue Secretary and ex-Secretary of Economic Affairs Tarun Bajaj as the
head of the US-India Tax Forum.
• Bajaj, aged 61, joined USISPF as an Advisor to the Board of Directors in January 2024 before
assuming his new role.
• Bajaj is a member of the Indian Administrative Service (IAS), 1988 batch, Haryana Cadre.
Kristalina Georgieva Secures Second Term as IMF Chief Prior to Spring Meetings
● The Executive Board of the International Monetary Fund (IMF) has chosen Kristalina Georgieva
to serve as the IMF Managing Director for a second consecutive 5-year term, commencing on
October 1, 2024.
● The announcement was made just before IMF and World Bank spring meetings in Washington
next week, which are expected to draw thousands of delegates, observers and journalists from
the fund’s 190 member countries.
● Georgieva, a national of Bulgaria, has been the IMF’s Managing Director since 2019.
About IMF :
Senior Bureaucrat Vandita Kaul Appointed As Secretary, Department Of Posts
● In a significant development, Senior Bureaucrat Vandita Kaul, a seasoned professional with a
wealth of experience in financial services and banking, has been appointed as the Secretary of
the Department of Posts.
● She will succeed Vineet Pandey upon his superannuation.
About India Post :
● Established : 1 October 1854
● India Post is an Indian government-operated postal system in India and is the trade name of the
Department of Post under the Ministry of Communications.
Arjun Mohan Steps Down as Byju's India Chief Executive Officer; Raveendran to Oversee Daily
Operations
● Arjun Mohan, the Chief Executive Officer (CEO) of Byju’s India, resigned from his position a little
.
over 6 months after he took over, with founder Byju Raveendran resuming daily operational
responsibilities.
● Mohan will now transition to an external advisory role, lending his deep EdTech expertise to the
company and its founders during this transformation phase.
● Byju's 3.0 Initiative: The reorganization signifies the beginning of Byju's 3.0, aiming for a leaner
and more agile organization capable of quickly adapting to changing market dynamics, especially
in hyper-personalized education.
● Arjun Mohan assumed the role of CEO in September 2023, previously serving as the CEO of
UpGrad.
● The company has also announced a major rejig of its business, consolidating it into three
focused divisions -The Learning App, Online classes and Tuition centres, and Test-prep.
About Byju’s :
● Founded : 2011
BharatPe Appoints Nalin Negi as Full-Time CEO Following Sameer's Departure in 2023
● Fintech firm BharatPe has elevated its interim Chief Executive Officer (CEO) and chief financial
officer Nalin Negi to full-time chief executive officer.
● Negi assumed the role of interim CEO in January 2023 following the resignation of then CEO
Suhail Sameer.
About Bharatpe :
● Founded : 2018
● BharatPe is an Indian fintech company that sells digital payment and financial services to small
merchants and Grocery stores.
Saurabh Garg Assumes Additional Charge as Secretary of the Ministry of Statistics and Programme
Implementation
● The Central Government has given Indian Administrative Service (IAS) officer Saurabh Garg the
additional charge of Secretary of the Ministry of Statistics and Programme Implementation
(MoSPI).
● This comes following the completion of the tenure of Dr. G. P. Samanta.
● The decision to appoint Saurabh Garg was made through an order issued by the Department of
.
Personnel & Training (DoPT), which oversees administrative matters related to civil servants in
India.
● Garg will serve in this post till the appointment of a regular incumbent or further directives.
● Garg is currently the Secretary in the Department of Social Justice & Empowerment.
Vivek Aggarwal Granted 6-Month Extension as Director of Financial Intelligence Unit – India
● Vivek Aggarwal, an Indian Administrative Service (IAS) officer, has been granted a 6-month
extension on his additional charge as Director of the Financial Intelligence Unit – India (FIU-
India).
● The Appointments Committee of the Cabinet (ACC), as per an order from the DOPT, approved
the Department of Revenue’s proposal to extend Vivek Aggarwal’s (IAS) tenure.
● He is currently serving as an Additional Secretary in the Department of Revenue under the

Ministry of Finance.
About Financial Intelligence Unit – India :
● Established : November 18, 2004

● The Financial Intelligence Unit – India works within the Government of India’s Department of
Revenue.
● It collects financial intelligence regarding crimes covered by the Prevention of Money Laundering
Act, 2002.
UCO Bank Board Promotes Rajesh Upadhyay to General Manager Role
● The UCO Bank Board elevated Mr. Rajesh Upadhyay, Zonal Head, Bhopal Zonal Office to
General Manager of the Bank.
● Currently, he serves as the Zonal Head of the Bhopal Zonal Office.
About UCO Bank :
● Founded : 6 January 1943
● Headquarters : Kolkata, West Bengal, India
● MD & CEO : Ashwani Kumar
Vice Admiral Dinesh Kumar Tripathi was appointed as the next Chief of the Naval Staff
.
● Vice Admiral Dinesh Kumar Tripathi, currently serving as the Vice Chief of the Naval Staff, has
been appointed as the next Chief of the Naval Staff by the Government of India (GoI).
● His appointment will be effective from April 30, 2024.
● He will succeed the present Chief of the Naval Staff, Admiral R Hari Kumar, PVSM, AVSM, VSM,
who retires from service on the same day.
Government Approves Appointments of 3 Additional Secretaries
● The Appointments Committee of the Cabinet (ACC) has approved the appointment of 3 Indian
Administrative Service (IAS) officers to the Additional Secretary level positions.
Details of the Appointments :
● Rakesh Kumar Verma:Rakesh Kumar Verma, a 1993-batch IAS officer of the Punjab cadre, has
been appointed as Additional Secretary in the Department of Water Resources, River
Development & Ganga Rejuvenation under the Ministry of Jal Shakti.
● Presently, he is serving as Additional Secretary in the Ministry of Tourism.
● Suman Billa : Suman Billa, a 1996-batch IAS officer of the Kerala cadre, has been appointed as
Additional Secretary in the Ministry of Tourism.
● He replaced Rakesh Kumar Verma upon his appointment as Additional Secretary in the
Department of Water Resources, River Development & Ganga Rejuvenation.
● Aradhana Patnaik:Aradhana Patnaik, a 1998-batch IAS officer of the Jharkhand cadre, has been
appointed as Additional Secretary in the Department of Health & Family Welfare.
● Himani Pande:Himani Pande, also a 1998-batch IAS officer of the Jharkhand cadre, has been
appointed as Additional Secretary in the Department for Promotion of Industry and Internal Trade
(DPIIT).
● Kamal Kishore Soan:Kamal Kishore Soan, a 1998-batch IAS officer of the Jharkhand cadre, has
been appointed as Additional Secretary in the Ministry of Labour & Employment.
About ACC :
● Chairman : Narendra Modi
Singapore Prime Minister Lee Hsien Loong to Step Down, Lawrence Wong to Assume Leadership
● Singapore Prime Minister Lee Hsien Loong will step down from his position on May 15, after two
decades in office.
● Lawrence Wong will succeed him as the next Prime Minister.
.
About Singapore :
● President : Tharman Shanmugaratnam
● Currency : Singapore dollar
Kartik Aaryan was appointed as an ambassador for the Bundesliga Dream India Project
● Indian Bollywood actor Kartik Aaryan has been appointed as an ambassador for the Bundesliga
Dream India project.
● The Bundesliga Dream India project officially commenced this weekend.
● It is a collaboration between Bundesliga and BigHit, a multiple-sports platform dedicated to
identifying and promoting sporting talent across India.
● Objective: The primary objective of the Bundesliga Dream initiative is to select multiple squads
from the U-13 and U-15 age groups in India.
About Bundesliga:
● The Bundesliga, also known as the Fußball-Bundesliga or 1. Bundesliga, is a professional
association football league in Germany, renowned for its competitive and high-quality football.
Intel Names Santhosh Viswanathan as Head of Its Newly Established India Region
● Intel, a leading United States (US)-based semiconductor company, has appointed Santhosh
Viswanathan as the Managing Director for its newly established India region.
● Roles & Responsibilities ; By appointing Viswanathan to this pivotal position, Intel seeks to
enhance its responsiveness and efficacy in addressing the evolving needs and challenges
specific to India.
● Viswanathan, an Intel veteran of about 21 years, took on his role as Vice President and
Managing Director in July 2022 but will now lead the country as a distinct region within Intel's
global structure.
Why has India become a separate region?
● Intel designated India as a unique region within its Sales, Marketing, and Communications Group
(SMG) in March 2024.
● This strategic move reflects the need to address India's rapid growth and emerging business
opportunities.
● By establishing India as a separate region, Intel aims to enhance its focus, engagement, and
responsiveness to the local market.
Other Appointments :
.
● In addition to that appointment, Intel also announced the appointment of Hans Chuang as the
General Manager of the Sales, Marketing and Communications Group (SMG) for the Asia Pacific
and Japan (APJ) region.
About Intel :
● Founded : July 18, 1968
● Headquarters : Santa Clara, California, United States
● CEO : Patrick P. Gelsinger
Reserve Bank of India Approves Ajith Kumar KK as Managing Director & Chief Executive Officer of
Dhanlaxmi Bank
● The Reserve Bank of India (RBI) has approved the appointment of Ajith Kumar K.K as the
managing director (MD) and chief executive officer (CEO) of Dhanlaxmi Bank for 3 years with
effect from the date of taking charge.
● Kumar is set to succeed J.K. Shivan, whose term was set to end on 29 January 2024.
● Earlier in January, the RBI had approved Dhanlaxmi Bank's request to extend Shivan's tenure
until a successor was in place.
● The appointment of Kumar comes at a time when the Bank is planning a Rights Issue of up to
₹300 Crore (including premium) to the eligible Shareholders.
About Dhanlaxmi Bank Limited :
● Founded : 14 November 1927
OpenAI Appoints Pragya Misra as Its First Employee in India
● OpenAI has hired Pragya Misra as its first employee in India, appointing her as the head of
government relations.
● This development comes amid the ongoing elections in the country to elect a new government,
which will play an important role in shaping regulations concerning artificial intelligence (AI) in the
world's most populous nation.
● Role and Responsibilities : Pragya Misra will lead OpenAI's public policy affairs and partnerships
in India, focusing on government relations and regulatory frameworks.
About OpenAI :
.
● Founded : December 11, 2015

● Headquarters : San Francisco, California, United States
● CEO : Sam Altman
● Chairman : Bret Taylor
Narpat Singh (IRTS) Named Railway Adviser at the Indian High Commission in Dhaka, Bangladesh
● The Government has approved the appointment of Narpat Singh from the Indian Railway Traffic
Service (IRTS) to the post of Railway Adviser in the High Commission of India, Dhaka,
Bangladesh.
● The Appointments Committee of the Cabinet (ACC) approved the Ministry of Railways' proposal
for Singh's appointment.
● Singh will serve as Railway Adviser for 3 years from the date he assumes charge of the post or
until further orders, whichever is earlier.
● Previously, he was posted as Director (Traffic Transpiration) in the Railway Board.
Citroen India ropes in MS Dhoni as brand ambassador

● French automaker Citroen, a Stellantis brand, has signed popular Indian cricketer Mahendra
Singh Dhoni as its brand ambassador.
● The company has paid INR 7 crore in the initial phase, sources aware of the matter told ETAuto.
● Dhoni made his debut as captain for Team India in 2007.
● Over the years, he has won many accolades and has received various awards and honours,
including the Rajiv Gandhi Khel Ratna, Padma Shri, Padma Bhushan, ICC ODI Player of the
Year, and many others.
● Currently, it sells three more models including C3, eC3 and C3 Aircross.
● Since its market entry, the company has recorded wholesales of about 17,000 units for its four
products.
Parekh resigns as HDFC Life Chairman: Keki Mistry to chair the board
● Banker Deepak S Parekh resigned from the post of chairman and non-executive director
of HDFC Life Insurance on April 18, 2024.
● Now, Keki Mistry has been appointed the Chairman of HDFC Board in place of Deepak Parekh.
.
● Deepak S Parekh received the Padma Bhushan from the Government of India in 2006 for his
contributions to industry and trade.
Keki Mistry becomes chairman of HDFC board:
● HDFC Life Insurance Company has appointed Keki Mistry as the new chairman of the board.
● The company's board has unanimously approved Keki Mistry's appointment as Chairman of
HDFC Life Insurance with immediate effect.
● This decision will be implemented after getting the permission of the Insurance Regulatory and
Development Authority (IRDA).
Setu, a Pine Labs Company, Names Former SAP India Executive Anand Raisinghani as Chief
Executive Officer
● Pine Labs-owned API infrastructure company Setu appointed Anand Raisinghani as the
company’s new chief executive officer (CEO).
● Raisinghani, who succeeds Sahil Kini at the company, will work in the space of open banking,
account aggregation, API platforms, embedded finance, and data gateway.
About Setu :
● Founded : 2018
● CEO : Anand Raisinghani
● Setu has received a Certificate of Registration from the Reserve Bank of India (RBI) to operate
as an Account Aggregator.
● Setu is an application programming interface (API) company providing services in account
aggregation, data gateway, identity verification, embedded finance, Open Network for Digital
Commerce (ONDC), WhatsApp Business, and Bharat Bill Payment Service (BBPS).
● Pine Labs acquired Setu in 2022 for approximately $75 million.
About Pine Labs:
● Pine Labs is a merchant commerce omnichannel platform operating across India, the Middle
East, and Southeast Asia.
Hero MotoCorp's CTO Arun Jaura Resigns; Vikram Kasbekar to Head R&D
● Hero MotoCorp has announced the resignation of Arun Jaura, Chief Technology Officer (CTO),
from his position to pursue personal endeavors.
● It will be effective from April 30, 2024.
.
● Vikram Kasbekar, in addition to his existing role as Head of Global Product Planning, will assume
the responsibility of leading the R&D function.
About Hero MotoCorp Limited :
● Executive Chairman & Whole-time Director : Pawan Munjal
Nidhi S Jain (IA&AS) Appointed as Chief Vigilance Officer at the Cotton Corporation of India
● The Central Government has approved the appointment of Nidhi S Jain as Chief Vigilance Officer
(CVO) of Cotton Corporation of India Limited (CCI).
● The appointment is for an initial period of 3 years, starting from the date she assumes charge or
until further orders, whichever occurs earlier.
● The order for her appointment was issued by the Department of Personnel & Training (DoPT).
● Before her appointment as CVO at Cotton Corporation of India Limited, she was Director of Audit
(Environment & Scientific Departments) in Mumbai, Maharashtra.
About CCI :
● Founded : 1970
● Chairman & Managing Director : Lalit Kumar Gupta
● The CCI is a central public sector undertaking under the ownership of the Ministry of Textiles,
Government of India, engaged in diverse activities related to trade, procurement, and export of
cotton.
Gajanan Kale Appointed as Chief Executive Officer of Tata Power Delhi Distribution
● Gajanan Sampatrao Kale has been appointed as the new chief executive officer (CEO) of Tata
Power Delhi Distribution Limited (TPDDL).
● Kale replaces Ganesh Srinivasan, who served as CEO of TPDDL from 2019 until his departure.
About TPDDL :
● Founded : 4 July 2002
● Headquarters : Delhi, India
● Tata Power Delhi Distribution Limited (TPDDL) is an Indian electric utility serving the Northern
part of Delhi.
● It is a joint venture between the Government of NCT of Delhi and Tata Power Company Limited,
.
which holds a 51% majority stake in the venture.

● The company was the first in the country to initiate an Automated Metering Infrastructure based
Auto Demand Response programme to help manage grid stress and peak demand.
Sakshi Mittal appointed as Director in Department of Personnel & Training
● Sakshi Mittal has been selected for the appointment as Director in the Department of Personnel
and Training (DoPT).
● The appointment is under the Central Staffing Scheme for a period of 5 years from the date she
assumes charge or until further orders, whichever occurs earlier.
Naima Khatoon Becomes First Woman Appointed as Vice-Chancellor of Aligarh Muslim University in
Over a Century
● Naima Khatoon has been appointed as the Vice-Chancellor of Aligarh Muslim University (AMU)
for a term of 5 years, making her the first woman to hold the top post in over 100 years.
● Khatoon was appointed after obtaining approval from President Draupadi Murmu, who is the
Visitor of the University.
● In view of the implementation of the Model Code of Conduct (MCC), permission was also sought
from the Election Commission of India (ECI).
About Aligarh Muslim University :
● AMU was established in 1875 as Muhammadan Anglo-Oriental College and became Aligarh
Muslim University after the Aligarh Muslim University Act in 1920.
● In September 2020, AMU completed 100 years as a university, making it one of the oldest
universities in India.
● Before Naima Khatoon, AMU never had a woman Vice-Chancellor.
● Begum Sultan Jahan, appointed in 1920, is the only woman to have served as the AMU
Chancellor.
Appointments Committee of the Cabinet Approves Appointments of Multiple Officers to Joint
Secretary/Equivalent Positions
● The Appointments Committee of the Cabinet (ACC) has approved the appointments of several
officers for Joint Secretary / Joint Secretary equivalent-level posts.
Here is the full list of newly appointed officers:
➢ Muthukrishnan Sankaranarayanan (IAS) has been appointed as Joint Secretary in the
Department of Atomic Energy (DAE), replacing Richa Bagla (IAS).
.
● He will serve for a combined tenure of 7 years, up to October 24, 2026, or until further
orders, whichever is earlier.
➢ Shobhit Gupta (IRSEE) has been appointed as Joint Secretary in the Ministry of Civil Aviation,
replacing Satyendra Kumar Mishra (IRS).
● His tenure is up to March 1, 2025, or until further orders, for an overall tenure of 5 years.
➢ Vimal Anand (IRS) has been appointed as Joint Secretary in the Department of Commerce,
replacing Nidhi Mani Tripathi (IAS).
● His tenure is for a combined seven-year period, up to December 9, 2026, or until further
orders.
➢ Monalisa Dash (IFoS) has been appointed as Joint Secretary in the Ministry of Development of
North Eastern Region (MoDNER), replacing Harpreet Singh (IPoS).
● She will serve for a five-year tenure up to October 11, 2026, or until further orders,
whichever is earlier.
➢ Rahul Jain (IAS) has been appointed as Joint Secretary in the 16th Finance Commission.
● His tenure is for 5 years up to November 3, 2024, which is further extendable for two
additional years, or until further orders.
➢ Ranjit Singh (IA&AS) has been appointed as Joint Secretary in the Ministry of Food Processing
Industries, replacing Sanoj Kumar Jha.
● He will serve for a 7-year tenure up to March 21, 2028, or until further orders, whichever is
earlier.
➢ Rajeev Kumar (IOFS) has been appointed as Joint Secretary in the Ministry of Home Affairs,
replacing Sumita Singh (CSS).
● His tenure is up to March 5, 2025, or until further orders.
➢ Vrunda Manohar Desai (IRS) has been appointed as Joint Secretary in the Ministry of
Information & Broadcasting, replacing Vikram Sahay (IRS).
● Her tenure is for 5 years up to April 12, 2027, or until further orders.
➢ Navin Agarwal (IRPS) has been appointed as Joint Secretary in the Department of Investment &
Public Asset Management, replacing Parama Sen (IA&AS).
● His tenure is up to March 14, 2027, or until further orders.
➢ Mahendra Kumar (IRSEE) has been appointed as Joint Secretary in the Ministry of Labour &
Employment.
.
➢ Vivek Kumar Bajpai (IRSME) has been appointed as Joint Secretary in the Ministry of Mines,
replacing UC Joshi (IRTS).
● His tenure is for five years up to March 22, 2027, or until further orders.
➢ Rajiv Manjhi (CSS) has been appointed as Director at Institute of Secretariat Training &
Management (ISTM) under the Department of Personnel & Training (DoPT), replacing Sumita
Singh (CSS).
● His tenure is up to his superannuation on September 30, 2028, or until further orders.
➢ Jai Prakash Pandey (IRPS) has been appointed as Additional Secretary in the Union Public
Service Commission (UPSC), replacing Pushpendra Rajput (IAS).
● His tenure will be for a combined seven-year period up to February 20, 2027, or until
further orders.
➢ Abhishek Bhagotia (IAS) has been appointed as Joint Secretary in Lokpal, replacing Navin
Agarwal (IRPS).
● His tenure is for a total of 5 years up to April 3, 2027, or until further orders.
➢ Lal Chhandama (CSS) has been appointed as Joint Secretary in the Department of Rural
Development, replacing Abhishek Bhagotia (IAS).
● His tenure is for 5 years or until further orders.
➢ Debolina Thakur (IA&AS) has been appointed as Joint Secretary & Financial Adviser in the
Department of Social Justice & Empowerment, replacing Sanjay Pandey (ICAS).
➢ Rahul Kashyap (CSS) has been appointed as Secretary in the National Commission for Safai
Karamcharis (NCSK) under the Department of Social Justice & Empowerment, replacing RK
Khandelwal (IAS).
Recent News :
● In April 2024,Rakesh Kumar Verma, a 1993-batch IAS officer of the Punjab cadre, was appointed
as Additional Secretary in the Department of Water Resources, River Development & Ganga
Rejuvenation under the Ministry of Jal Shakti.
About ACC :
.
Reserve Bank of India’s Deputy Governor T Rabi Sankar Granted 1-Year Extension
● The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Reserve
Bank of India (RBI) Deputy Governor T Rabi Sankar for 1 year from May 3, 2024, to May 2025.
● He was appointed as the RBI Deputy Governor in May 2021 for a period of 3 years.
About RBI :
● Deputy Governors : M.D.Patra; M Rajeshwar Rao; J Swaminathan and T Rabi Sankar
Srei Infrastructure Finance Appoints Hardayal Prasad as Chief Executive Officer and Managing Director
● Srei Infrastructure Finance Limited (SIFL) has appointed Hardayal Prasad as its new Managing
Director (MD) and Chief Executive Officer (CEO).
● This change in leadership comes under the new management of the state-owned National Asset
Reconstruction Company Limited (NARCL).
● The Kolkata-based Kanorias previously controlled the twin companies of SIFL and Srei
Equipment Finance Company till RBI superseded their boards over alleged mismanagement in
October 2021 and subsequently initiated IBC proceedings.
● However, NARCL successfully acquired the companies under the Insolvency and Bankruptcy
Code (IBC) initiated by RBI to resolve over Rs 32,000 crore debt of the NBFCs.
About Srei Infrastructure Finance Limited (SIFL) :
● Srei began its journey in 1989 as an asset financing NBFC
● Chairman of the board of directors of SREI Infrastructure Finance : Hemant Kanoria
● SIFL is a financial institution providing a bouquet of services, which include construction and
mining equipment finance, advisory and development solutions and insurance broking.
Bajaj Auto Announces New Leadership Team to Drive Technological Innovation
● Abraham Joseph has been appointed as the Managing Director of Chetak Technology Limited, a
wholly-owned subsidiary of Bajaj Auto known for its pioneering work in electric vehicles (EVs).
● In his most recent role, Abrahm served Bajaj Auto as the Chief Technology Officer.
● In addition to Abraham Joseph’s appointment as the MD of Chetak Technology Ltd., Bajaj Auto
also announced the appointment of Ramtilak Ananthan as the Chief Technology Officer of Bajaj
Auto Limited.
.
About Bajaj Auto Limited :

● Headquarters : Pune, Maharashtra, India
● Chairman, MD & CEO : Rajiv Bajaj
Papua New Guinea Names Colonel Edison Napyo as Its First Defence Adviser to India
● Colonel Edison Napyo has been appointed as the first Defence Advisor to India from Papua New
Guinea (PNG).
● This is a key step towards improving defence cooperation between India and PNG.
● PNG’s acting Chief of Defence Force Commodore Philip Polewara gave Col Edison Napyo a
farewell on April 17, 2024.
● Prime Mininster Shri Narendra Modi visited Papua New Guinea (PNG) in May 2023.
● He attended the third summit of the Forum for India Pacific Islands Cooperation (FIPIC).
About Forum for India Pacific Islands Cooperation (FIPIC)
● Members: FIPIC includes Cook Islands, Fiji, Kiribati, Marshall Islands, Federated States of
Micronesia, Nauru, Niue, Samoa, Solomon Islands, Palau, PNG, Tonga, Tuvalu, and Vanuatu.
● India's Role in FIPIC: India is strengthening its engagement with Pacific Island nations through
FIPIC, focusing on regional cooperation and partnerships.
About Papua New Guinea :
● Prime Minister : James Marape
● Capital : Port Moresby
● Currency : Kina
Axis Bank reappoints Amitabh Chaudhry as chief for a further period of 3 years
● The Board of Axis Bank approved the re-appointment of Amitabh Chaudhry as Managing
Director & CEO of the Bank, for a further period of 3 years with effect from January 1, 2025 up to
December 31, 2027.
● This re-appointment is subject to approval of the Reserve Bank of India (RBI) and approval of the
members, in terms of applicable laws.
● The Bank’s board also approved re-appointment of Meena Ganesh and Gopalaraman
Padmanabhan as Independent Directors of the bank for a second term of 4 years.
● Ganesh and Padmanabhan’s appointment will be with effect from August 1, 2024 up to July 31,
.
2028 and October 28, 2024 up to October 27, 2028, respectively, subject to approval of the
members of the Bank.
About Axis Bank :
● Headquarters: Mumbai, Maharashtra, India
● MD & CEO: Amitabh Chaudhry
● Tagline : Badhti Ka Naam Zindagi ("Progress is the Name of Life")
IIFL Samasta Finance Appoints Three New Members to Its Board
● IIFL Samasta Finance, a non-banking microfinance company (NBFC-MFI), has appointed 3
members including former National Bank for Agriculture and Rural Development (NABARD)
Chairman, Govinda Rajulu Chintala to its Board of Directors.
● This appointment reflects the company’s strategic intent to enhance its governance structure and
drive further growth and innovation within the microfinance sector.
● The other two members appointed to the board are R Venkataraman, a co-promoter of the IIFL
Group, and Kalengada Mandanna Nanaiah, former Managing Director of Equifax Credit
Information Services.
● Venkataraman has been appointed as an Additional Director (non-executive), while Chintala and
Mr. Nanaiah has been appointed as Additional Directors in non-executive and Independent
capacities, respectively.
● With the addition of these 3 members, the Board of Directors at IIFL Samasta Finance will now
comprise a total of 6 members.
About IIFL Samasta :
● Managing Director : Venkatesh. N
Financial Services Institutions Bureau Recommends Rana Ashutosh Kumar Singh as State Bank of
India's Managing Director and Asheesh Pandey as Indian Bank's MD
● The Financial Services Institutional Board (FSIB), responsible for appointing directors to state-
owned banks and financial institutions, has recommended Rana Ashutosh Kumar Singh for the
role of Managing Director (MD) at State Bank of India (SBI) and Asheesh Pandey for the position
of Managing Director (MD) & Chief Executive Officer (CEO) at Indian Bank.
● Rana Ashutosh Kumar Singh is currently serving as the Deputy Managing Director (Retail-
.
Personal Banking & Real Estate) at SBI.

● Asheesh Pandey, currently an executive director at Bank of Maharashtra (BoM), will succeed
Shanti Lal Jain upon his superannuation.
● Currently, India’s largest bank has 4 MDs -- Challa Sreenivasulu Setty, Managing Director
(International Banking, Global Markets & Technology), Alok Kumar Choudhary, Managing
Director (Risk, Compliance & SARG), Ashwini Kumar Tewari, Managing Director (Corporate
Banking & Subsidiaries) and Vinay M Tonse, Managing Director (Retail Business & Operations)
and one chairman.
About FSIB :
● FSIB is headed by former Department of Personnel and Training (DoPT) Secretary Bhanu Pratap
Sharma.
● The final decision on the FSIB recommendation would be taken by the Appointments Committee
of the Cabinet headed by Prime Minister Narendra Modi.
● Other members of the headhunter are Animesh Chauhan, former chairman and MD of erstwhile
Oriental Bank of Commerce, RBI's former executive director Deepak Singhal, and Shailendra
Bhandari, ex-MD of erstwhile ING Vysya Bank.
Motilal Oswal AMC appoints Prateek Agrawal as MD and CEO
● Motilal Oswal Asset Management Company (MOAMC) Limited has appointed Prateek Agrawal
as managing director (MD) and chief executive officer (CEO) of the company.
● He will be replacing Navin Agarwal, who is returning to the parent company.
● Prateek, who is currently executive director, joined MO AMC in October 2022.
● Also, Akhil Chaturvedi, currently Chief Business Officer of MOAMC, has been elevated to the
position of executive director.
● Niket Shah, currently a Fund Manager for specific schemes at Motilal Oswal Mutual Fund, has
been promoted to Chief Investment Officer (CIO).
● All these appointments and role changes are effective from April 26, 2024.
About Motilal Oswal AMC :
● Chairman : Raamdeo Agrawal
● Motilal Oswal Asset Management Company Ltd. is promoted by Motilal Oswal Financial Services
Limited (MOFSL).
IRS Officer Sunil Kumar Yadav Appointed as Director at Ministry of Housing and Urban Affairs
.
● Sunil Kumar Yadav, an Indian Revenue Services (IRS-IT) officer from the 2010 batch, has been
appointed as Director in the Ministry of Housing and Urban Affairs, Delhi.
● According to an order issued by the Department of Personnel & Training (DoPT), Yadav's
appointment is for a period of 5 years from the date he assumes charge or until further orders,
whichever comes first.
About Ministry of Housing and Urban Affairs :
● Cabinet Minister : Hardeep Singh Puri
● Minister of State : Kaushal Kishore
Sarvadanand Barnwal Appointed as Director in the Department of Land Resources
● Sarvadanand Barnwal, an officer from the Indian Statistical Service (ISS), has been selected for
appointment as Director in the Department of Land Resources.
● The appointment is under the Central Staffing Scheme (CSS), which facilitates the recruitment of
officers for central government positions from various services.
● According to the Department of Personnel & Training (DoPT) order issued Barnwal's
appointment is for a period of 5 years from the date he assumes the position or until further
orders, whichever comes first.
Pakistan's Foreign Minister Ishaq Dar Named as Deputy Prime Minister
● Pakistan’s Foreign Minister Ishaq Dar was appointed as the country’s Deputy Prime Minister.
● According to a notification issued by the Cabinet Division, the appointment was made by Prime
Minister Sharif “with immediate effect and until further orders”.
● The appointment comes at a time when PM Shehbaz and Dar, along with other ministers, are in
Saudi Arabia to attend the World Economic Forum’s (WEF) special meeting on Global
Collaboration, Growth and Energy.
● The Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Peoples Party (PPP) agreed to a
power-sharing deal to form a coalition government despite the former prime minister Imran Khan-
backed Pakistan Tehreek-e-Insaf-backed independents winning a majority of the 266-member
National Assembly.
● This is not the first time a Deputy Prime Minister has been appointed in Pakistan.
● Chaudhry Parvez Elahi served as Deputy Prime Minister during the tenure of the Pakistan
Peoples Party (PPP) from June 25, 2012, to June 29, 2013.
About Pakistan:
.
● Capital: Islamabad
● Currency: Rupee
● President: Asif Ali Zardari
Public Enterprises Selection Board Appoints Darla Sunil Kumar as Director of Finance at South Eastern
Coalfields Limited
● Darla Sunil Kumar has been selected as the next Director of Finance for South Eastern
Coalfields Limited (SECL), a Public Sector Undertaking (PSU) under the Ministry of Coal.
● He has been recommended for the post by the Public Enterprises Selection Board (PESB).
● Role and Responsibilities: As Director (Finance) of SECL, Kumar will:
➢ Serve as a member of the Board of Directors, reporting directly to the Chairman and
Managing Director (CMD).
➢ Be responsible for overseeing the organization's financial operations, including
accounting, budgeting, and financial planning.
➢ Formulate and implement financial policies and strategies to ensure financial health and
compliance with regulations.
➢ Presently, he is serving as General Manager (Fnance) in Northern Coalfields Limited
(NCL).
About SECL :
● Founded : 1985
● Headquarters : Bilaspur, Chhattisgarh, India
● Chairman & MD : Dr Prem Sagar Mishra
● SECL is the largest coal producing company of India.
● It is a "Miniratna" Company, and one of eight fully owned subsidiaries of Coal India Limited.
MOUS AND AGREEMENT

J&K Bank partners with Paymart to launch Virtual ATM Facility
• J&K Bank announced its partnership with Paymart India Pvt Ltd to introduce a Virtual ATM (VATM)
facility.
• The partnership aims to introduce cardless cash withdrawals for the Bank’s customers through
their neighbourhood merchants.
.
• The goal of the collaboration is to enhance banking convenience for its customers across its areas
of operations especially in J&K and Ladakh.
• It is to be noted that the Virtual ATM facility has a limit to the transaction amounts.
About Jammu & Kashmir Bank Limited
• Baldev Prakash, MD and CEO, J&K Bank.
• Jammu & Kashmir Bank Limited is an Indian private sector bank headquartered in Srinagar,
Jammu and Kashmir.
• J&K Bank was incorporated on October 1, 1938.
PhonePe Teams Up with Star Health for Health Insurance Options

• Star Health and Allied Insurance Ltd has tied up with PhonePe to offer comprehensive insurance
policies with monthly and annual EMI options.
• Under the partnership, payment options are available on the PhonePe app with coverage up to Rs
1 crore.
• This is a first-of-its-kind initiative in the industry.
• Users can also opt to pay their premium with the UPI AutoPay mandate with a monthly EMI option.
• The standalone health insurer is planning to roll out more such offerings across its indemnity and
benefit products.
• Anand Roy, MD and CEO, Star Health Insurance, Vishal Gupta, CEO, PhonePe Insurance.
Meta partners with PTI to expand its fact-checking program in India

• Social media giant Meta announced its collaboration with the Press Trust of India (PTI) under its
third-party fact-checking programme in India.
• The partnership will enable PTI to identify, review, and rate content as misinformation across Meta
platforms.
• Meta's fact-checking programme in India includes partnerships with independent fact-checking
organisations that assist users in identifying, reviewing, verifying information, and helping to
prevent the spread of misinformation on its platforms.
• Under the initiative, Meta partners with fact-checkers certified through the International Fact-
Checking Network (IFCN), who identify, review, and rate viral misinformation across Facebook,
Instagram, and WhatsApp.
.
IIT Kharagpur partners with Jindal Stainless to execute R&D projects in metallurgical research and
development
• Indian Institute of Technology Kharagpur has signed an MoU with stainless steel manufacturer
Jindal Stainless to advance metallurgical research and development.
• They will work together on metallurgical projects, such as process optimisation, materials
characterisation, and primary alloy production.
• Under the terms of the MoU, IIT Kharagpur will provide technical consultancy and engage in
academic and industrial research to enhance productivity and process improvement at Jindal
Stainless.
CCPA partners with ASCI to bolster advertising regulation in India

• The Advertising Standards Council of India (ASCI) announced a tie-up with the Central Consumer
Protection Authority (CCPA) to strengthen regulation around misleading ads.
• This objective is central to the missions of both ASCI and the Central Consumer Protection
Authority (CCPA) when it comes to the issue of misleading advertisements.
• The CCPA has requested ASCI to forward any advertisement that is non-compliant with the ASCI
Code and could potentially violate the Consumer Protection Act, 2019, along with its
accompanying guidelines.
SJVN partners with IIT Patna to improve Tunneling Project Performance using Advanced Geological
Models
• SJVN Limited has signed a Memorandum of Understanding (MoU) with the Indian Institute of
Technology Patna (IIT Patna) to use advanced geological models in SJVN's tunnelling projects,
thus significantly reducing time and cost overruns.
• One of the key outcomes of this partnership will be the development of predictive analytics
algorithms.
• These algorithms, leveraging integrated geotechnical data, will forecast potential risks and provide
early warning systems specifically tailored for tunnelling projects.
Indian Oil, Panasonic Energy ink pact for lithium-ion cell Joint Venture
• India's top refiner Indian Oil Corp has entered a pact with Panasonic Energy to form a joint venture
to manufacture lithium-ion cells in India.
.
• The agreement follows an initial understanding between the two companies on lithium-ion cells in
January.
• Lithium-ion batteries, which power electric vehicles (EV) and are used to store energy, are
expected to play a major role in India's goal to be a net zero emitter of greenhouse gases by 2070.
• The country is expected to see sales of more than 10 million EVs a year by 2030, according to an
annual Economic Survey.
Reliance And Disney Announce Strategic Joint Venture To Bring Together The Most Compelling And
Engaging Entertainment Brands In India
• Billionaire Mukesh Ambani's Reliance Industries Ltd. (RIL) and The Walt Disney Company have
agreed to merge their digital streaming and television assets in India, creating an $8.5-billion
media behemoth spanning at least 100 channels across entertainment and sports, and two digital
streaming platforms.
• The entity also has exclusive rights to sporting events like the Indian Premier League (IPL) and
Disney films and productions in India, as well as a diverse international content library.
Cochin Shipyard signs ship repair agreement with U.S. Navy
• Cochin Shipyard Limited (CSL) became the third Indian shipyard to enter into a Master Shipyard
Repair Agreement (MRSA) with the U.S., which will enable to repair of US Navy ships.
• Effective, MSRA is a non-financial agreement.
• With this agreement, India and the United States want to expand cooperation in ship repair and
maintenance to transform India into a regional hub.
• After Larsen & Toubro (L&T) and Mazagon Dock Shipbuilders Limited (MDL), the state-run
shipbuilding facility in Kochi is the latest.
Air India and BIAL sign agreement to develop Bengaluru airport as a hub
• Tata-owned Air India and Bangalore International Airport Ltd (BIAL) have entered into an
agreement intended to develop Bengaluru as a premier aviation hub for southern India.
• The idea would be to boost air travel connectivity to and from India over the next few years.
• Other Tata Group airlines – AIX and Vistara – and BIAL will collaborate to enhance international
connectivity, operational efficiency, and passenger experience over the next five years.
EU-India join forces to promote start-up collaboration on Recycling of e-vehicle batteries under Trade
and Technology Council
.
• The European Union (EU) and India launched an Expression of Interest (EoI) for startups working
in Battery Recycling Technologies for Electric Vehicles (EVs) for a matchmaking event.
• The matchmaking aims to enhance the cooperation between European and Indian Small and
Medium-sized Enterprises (SMEs) and startups in the clean and green technologies sector.
• This initiative takes place under the India-EU Trade & Technology Council (TTC), announced by
India and the European Commission in New Delhi on 25th April 2022.
KABIL signed an MoU with CSIR-IMMT for technical collaboration on critical minerals
• Khanij Bidesh India Limited (KABIL) has signed an MoU with the Council of Scientific and Industrial
Research-Institute of Minerals and Materials Technology (CSIR-IMMT), aimed at fostering
technical and knowledge cooperation for Critical Minerals.
• The MoU was signed at the NALCO Corporate Office in Bhubaneswar
• According to the MoU, KABIL will use the technical expertise and services provided by CSIR-IMMT
to undertake various projects.
• KABIL, a joint venture company comprising National Aluminium Company Limited (NALCO),
Hindustan Copper Limited (HCL), and Mineral Exploration and Consultancy Limited (MECL),
operates under the aegis of the Ministry of Mines of Government of India.
BEL signs MoU with IIT Mandi

● Navratna Defence PSU Bharat Electronics Ltd (BEL) has signed an MoU with the Indian Institute
of Technology, Mandi, Himachal Pradesh, for cooperation in Research and Technology/Product
Development — in the areas of Semiconductors, Quantum Technologies and Drones.
● The MoU aims at leveraging the complementary strengths and capabilities of BEL and IIT-Mandi.
● It will support the indigenisation of products/solutions being supplied by BEL to its customers and
is in line with the Government of India’s ‘Make in India’ initiative.
About IIT Mandi
● Indian Institute of Technology Mandi is one among the eight, newer, second-generation IITs. It is
a research university located in Kamand Valley, Mandi district of Himachal Pradesh.
● Established in 2009, IIT-Mandi has in the last 15 years developed good infrastructure to foster
quality research in the fields of science and engineering.
● The institute ranks amongst the best technological institutions in the world and has contributed to
all sectors of technological development.
Engineers India inks MoU with Detect Technologies for AI-based monitoring of construction sites
.
● Engineers India has signed a memorandum of understanding (MoU) with Detect Technologies for
real-time artificial intelligence (AI) based monitoring of construction sites.
● Under the MoU, EIL and Detect Technologies will collaborate to provide real-time artificial
intelligence (AI) based monitoring for implementing safe practices and progress monitoring at
construction sites for various projects being executed by EIL.
● This MoU will facilitate the implementation, operation and maintenance of an AI-based solution
using cameras, drones, and cloud computing for maintaining a safe work environment at a site to
avoid loss of time accidents/injuries and monitor project progress.
About EIL
● Engineers India (EIL) is an engineering consultancy and technology licensing company in the
fields of hydrocarbons, petrochemicals, fertilizers, metallurgy, ports & terminals, and other
sectors of industry, having a DSIR-recognized R&D centre.
Jio Financial Services and BlackRock join hands for wealth management, broking business
● Jio Financial Services and BlackRock Group have entered into a 50:50 JV for wealth
management and broking businesses.
● The company (Jio Financial), BlackRock, Inc. and BlackRock Advisors Singapore Pte. Ltd. have
signed an agreement to form a 50:50 joint venture between the company and Blackrock, to
undertake wealth business including incorporation of a wealth management company and
subsequent incorporation of a brokerage company in India
● Jio and BlackRock had announced setting up a JV for asset management business in India in
July 2023.
● In October 2023, Jio Financial and BlackRock Management filed papers for their mutual fund with
the Securities and Exchange Board of India (SEBI).
● The application was under consideration for the regulator’s “in-principle approval” as of
December 2023.
About BlackRock Group
● BlackRock Asset Managers is one of the world’s largest asset managers.
● It previously operated in India in a JV with the DSP Group through DSP BlackRock Mutual Fund.
● The partnership ended in 2018, following which BlackRock announced its plans to re-enter India
with Jio Financial.
BPCL to link Noida airport with jet fuel pipeline
.
● State-run Bharat Petroleum Corporation (BPCL) has signed an agreement with Noida
International Airport to construct a pipeline for jet fuel supply.
● The agreement on February 20 proposes to lay a dedicated aviation turbine fuel (ATF) pipeline
from BPCL’s Piyala terminal to the tank farm at the airport for efficient fuel supply and reduction
in carbon emissions by eliminating the need for tanker lorry movements.
● The 34-km dedicated ATF pipeline, including 1.2 km inside the airport, will operate on a
common/contract carrier basis.
Veranda XL Learning acquires Logic Management Training Institute
● Veranda Learning Solutions Ltd. (VLS) announced that its subsidiary Veranda XL Learning
Solutions Pvt. Ltd. had entered into a business transfer agreement with Kochi-based Logic
Management Training Institute Pvt. Ltd. to acquire the latter’s business with effect from April 1.
● The payout will be made in tranches from FY25 to FY29.
● The total payout has a floor price of ₹46 crore and a maximum cap of ₹75 crore, the education
firm said in a regulatory filing.
● Logic Management is engaged in the business of providing training of students for competitive
examinations.
● In FY23, it posted a turnover of ₹16 crore and net profit of ₹92 lakh.
ReNew partners with JERA to evaluate joint development of green ammonia project in India
● ReNew Energy Global (ReNew) signed an initial agreement with JERA, Japan’s largest power
generation company, to jointly evaluate developing a green ammonia production project in India.
● Under the agreement, ReNew, through its subsidiary ReNew E-Fuels, and JERA will jointly
evaluate the development of a green ammonia production project in Paradip, Odisha.
● The project will utilize around 500 megawatts (MW) of high-capacity utilisation factor (CUF)
renewable energy to produce green hydrogen, a key feedstock for green ammonia.
● The project will likely have a production capacity of around 100,000 tonnes of green ammonia
annually by 2030.
Deloitte collaborates with Yotta Data Services to help clients develop innovative GenAI applications
● Deloitte India has announced an alliance with Yotta Data Services to provide clients access to
NVIDIA GPU computing infrastructure and accelerate the development of new AI applications.
● The alliance combines Deloitte’s deep AI experience and top AI talent with Yotta’s GPU cloud
platform to help clients quickly build new AI applications that unlock the full value and potential of
.
Generative AI (GenAI).
● The collaboration will bring world-class AI capabilities to organisations in India, where AI is
expected to contribute US$500 billion to India’s GDP by 2025 (10 percent of the country’s US$5
trillion GDP target) and ~US$1 trillion by 2035 (per INDIAai projections).
Indian Biogas Association joins hands with HAI to promote hydrogen
● The Indian Biogas Association (IBA) has partnered with the Hydrogen Association of India (HAI) to
promote bio-based energy solutions with a special emphasis on green and blue hydrogen.
● IBA and HAI have signed a memorandum of understanding (MoU) aimed at promoting the
production of green energy within the nation".
● This strategic alliance will facilitate comprehensive measures -- including training, capacity building,
and policy advocacy -- directed towards catalysing the promotion and advancement of bio-based
energy solutions with a special focus on green and blue hydrogen.
● The agreement is focussing on harnessing synergies from both associations, thereby catalysing the
continued growth of the growing bio-based energy sector.
Rashtriya Raksha University signs MoU with French Starburst Aerospace

● Gandhinagar-based Rashtriya Raksha University (RRU) and Starburst Aerospace of France entered
into a memorandum of understanding (MoU) to advance aerospace, defence, and homeland security
innovation.
● The MoU includes the creation of a venture capital fund of 100 million euros for aerospace, defence
and security technology and provides export promotion support for Indian start-ups to explore
international markets.
● The strategic alliance between RRU, Starburst, and Security and Scientific Technical Research
Association (SASTRA), a not-for-profit company set up by RRU, is aimed at fostering innovation and
driving advancements in the aerospace, defence and homeland security sectors.
Tata Power Solar Systems, Indian Bank partner to boost residential rooftops
● Tata Power Solar Systems announced its partnership with the state-owned Indian Bank to promote
the adoption of solar rooftops among residential consumers.
● The collaboration aims to facilitate financing solutions under the popular Pradhan Mantri Surya Ghar
Muft Bijli Yojana scheme for installations up to 3 KW, as well as extend support for installations
ranging from 3 to 10 KW under the regular scheme.
● Under the PM Surya Ghar Muft Bijli Yojana initiative, residential consumers can avail of loans up to
.
Rs 2 lakh at an annual interest rate of 7 per cent, in compliance with government regulations.
● For installations exceeding 3 KW up to 10 KW, TPSSL and Indian Bank present a tailored financing
solution that accommodates the diverse needs of homeowners.
● Eligible applicants can access loans up to Rs 6 Lakh, with a margin money requirement of 20 per
cent.
● Interest rates ranging from 8.4 per cent to 10.8 per cent per annum ensure competitive financing
options.
Juniper Green Energy, Tata Power sign PPA for 85 MW hybrid project in Maharashtra
● Juniper Green Energy has signed an agreement with Tata Power for the development of an 85-
megawatt hybrid power project in Maharashtra.
● The project is the first wind-solar energy project for the company.
● It will utilize both wind and solar resources by combining 51 MW of wind energy and 34 MW of solar
power.
● The power purchase agreement (PPA) with Tata Power is for the development of an 85 MW hybrid
power project in Maharashtra.
● The project is expected to generate a total of 215 million units (MUs) of electricity per year, and
contribute to the electrification of about 42,753 households.
● Juniper Green Energy is an independent renewable energy power producer and operator of solar,
wind and hybrid power projects.
Air India enters into codeshare pact with Japan's All Nippon Airways
● Air India has entered into a codeshare partnership with Japan's All Nippon Airways.
● With the codeshare, effective for travel from May 23, Air India and All Nippon Airways passengers
can fly to their desired destination by combining those flights between India and Japan with a single
ticket.
● Air India will add its 'AI' designator code on ANA's flights between Tokyo Haneda and Delhi as well
as Tokyo Narita and Mumbai.
● ANA will add its 'NH' designator code on Air India's flight between Tokyo Narita and Delhi.
● Now, Tata Group-owned Air India, which is expanding its presence, has codeshare partnerships with
15 airlines, including ANA .
C-DOT and IIT, Jodhpur sign agreement for “Automated Service Management in Network of 5G and
.
beyond Using AI”

● C-DOT, the premier Telecom R&D Centre of the Department of Telecommunications (DoT),
Government of India and Indian Institute of Technology, Jodhpur (IIT-J) signed an agreement for
“Automated Service Management in 5G and Beyond Networks Using AI”.
● The agreement is signed under the Telecom Technology Development Fund (TTDF) of the DoT,
which is designed to provide funding support to domestic companies and institutions involved in
technology design.
● The primary objective is to develop AI frameworks for automated network management, fault
detection, and diagnostic techniques by utilizing continuous information generated within the network
like 5G.
DARPG signs MoU with Cambodia Ministry of Civil Service for cooperation in HR development
● The Department of Administrative Reforms and Public Grievances (DARPG) under the Ministry of
Personnel, Public Administration and Pensions signed a Memorandum of Understanding with the
Ministry of Civil Service, Cambodia on cooperation in the field of Human Resource Development in
Civil Service.
● The MoU advances the cordial and friendly ties between India and Cambodia in the field of Human
Resource Development in Civil Service over the next 05 years.
● The MoU was signed by Excellency Mr. Hun Many, Deputy Prime Minister and Minister of Civil
Service, on behalf of the Kingdom of Cambodia, and Dr. Devyani Khobragade, Ambassador of India
to the Kingdom of Cambodia, on behalf of Government of India at a ceremonial function held in
Phnom Penh.
About Cambodia
● Phnom Penh is the capital and most populous city of Cambodia.
● The riel is the currency of Cambodia.
Hindujas sign new India-UK healthcare pact with King's College London
● The Hinduja Group and King's College London announced a new partnership aimed at improving
healthcare outcomes in India and the UK, through training and research capacity building as well as
scholarships for Indian students.
● King's College London, Guy's & St. Thomas' NHS Foundation Trust, the Hinduja Foundation UK and
Mumbai's P.D. Hinduja Hospital & Medical Research Centre – run by the National Health &
Education Society – are involved in the new strategic partnership to advance two-way training,
.
education and research capacity building.

● It will lead to the creation of a new Hinduja-King's Health Partners Academy to drive forward the
development of new technologies to address global healthcare challenges.
SJVN Collaborates with THDC India Limited to develop a High-Performance Water Sports Academy at
Uttarakhand
● SJVN signed a Memorandum of Understanding (MoU) with THDC India Limited for the development
of a High-Performance Water Sports Academy in Tehri, Uttarakhand in the benign presence of Smt.
Geeta Kapur, CMD, SJVN and Sh. Shallinder Singh, Director (Personnel), THDC at New Delhi.
● Smt. Geeta Kapur stated that as per the MoU, SJVN will provide financial assistance of Rs. One
Crore to THDC for establishing an advanced gymnasium as an integral part of the High-performance
Water Sports Academy.
● The facility is being developed in collaboration with SJVN, THDC, ITBP, Indian Kayaking &
Canoeing Association, and Olympic Association of Uttarakhand for training national-level athletes for
national & international competitions in Kayaking & Canoeing.
● The MOU was signed by Sh. Awadhesh Prasad, GM (CSR) SJVN and Sh. Amardeep, GM (CSR),
THDC, India Limited.
India to ink 6G co-operation agreement with European body

● India's Bharat 6G is on the verge of finalizing a Memorandum of Understanding (MoU) with Europe's
Industry Alliance 6G.
● The nation is expanding its collaboration on advanced technologies under the EU-India Trade and
Technology Council.
● The upcoming partnership is expected to boost cooperation in the field of 6G technology
development.
● An agreement between Bharat 6G and Industry Alliance 6G is imminent.
What is the Bharat 6G Alliance?

● The Bharat 6G Alliance, established in 2023 by the Department of Telecommunications (DoT), "aims
to bring together Indian start-ups, companies, and the manufacturing ecosystem to establish
consortia that drive the design, development, and deployment of 6G technologies in India."
● DoT also noted B6GA's aspiration to position India at the forefront of global 6G innovation, by
accelerating patent creation related to standards within the country.
● Actively participating in international standardization organizations such as 3GPP and ITU, is also
.
included.
India's 6G vision document has been approved by ITU

● The Indian government is keen on forming alliances with other global 6G entities, to gain a deeper
understanding of the commercial and societal implications of 6G beyond its technical aspects.
● The aim is to build consensus on these needs and stimulate R&D.
● The Bharat 6G Alliance has also strengthened India's position in the International Telecom Union,
which has approved India's 6G vision document, enabling it to play a significant role in setting
standards.
RANKING AND INDEX

Ambani breaks into the top 10, ranked at 9th in Forbes global rich list
• Oil-to-telecom conglomerate Reliance Industries Ltd head Mukesh Ambani continues to be the
richest Indian and has now broken into the world's top 10 wealthiest persons in the latest Forbes
2024 Billionaire List.
• Ambani, 66, is ranked 9th on the list with a wealth of $116 billion, up from $83.4 billion in the 2023
ranking, according to Forbes.
• Gautam Adani is the second richest Indian and is ranked at No.17 on the global list.
• Adani, 61, was worth $90 billion in 2022 ranking.
• Facebook founder Mark Zuckerberg comes next in the list with a net worth of $177 billion.
Paradip Port emerges as the largest Indian major port in cargo throughput in FY24
• Surpassing Deendayal Port Authority in Gujarat, the State-owned Paradip Port in Odisha has
emerged as India's largest major port in terms of cargo volume with a cargo throughput of 145.38
million tonnes in FY24.
• Deendayal Port Authority has been holding the pole position in cargo handling among the 12 major
ports for the last 16 years.
India ranks number 10 in cybercrime
• According to new research surveying cybercrime experts from around the world, India ranked 10th
in cybercrime, with fraud involving people asking for advance fee payments as the most common
type.
.
• An international team of researchers has prepared a 'World Cyber Crime Index' which ranks nearly
100 countries.
• It identifies major hotspots according to different categories of cybercrime, including ransomware,
credit card theft, and scams.
India among 12 nations responsible for 60% of mismanaged plastic waste

• India is among the twelve countries responsible for 60 percent of the planet's mismanaged plastic
waste though the fast-developing South Asian nation's per capita plastic waste production is
among the lowest in the world, according to a new report.
• The Plastic Overshoot Day report by Swiss non-profit EA Earth Action also said global plastic
waste generation has risen by 7.11 per cent since 2021.
• The world is estimated to have generated 220 million tons of plastic waste this year, 70 million tons
of which will pollute the environment.
IndiGo world's third largest airline by mcap as shares hit record high
• IndiGo has now become the world's third-largest airline in terms of market capitalisation (m-cap)
with shares of the operator InterGlobe Aviation Limited soaring nearly five per cent to achieve a
lifetime record-high mark during intra-day.
• According to Bloomberg data, IndiGo surpassed United Airlines to become the sixth-largest airline
in the world during December 2023.
• Delta Air and Ryanair Holdings are the top two airlines with $30.4 billion and $26.5 billion m-cap,
respectively, according to Bloomberg.
JNU ranked as India's top university, IIM-Ahmedabad among world's top 25 for management studies:
QS Rankings
• The Jawaharlal Nehru University emerged as the highest-ranked Indian university in the list
announced by Quacquarelli Symonds (QS), the London-based higher education analytics firm, for
various subjects.
• Under the subject of Development Studies, JNU was ranked 20th in the QS World University
Rankings.
• The Indian Institute of Management (IIM) - Ahmedabad grabbed the next best rank of 22nd in the
subject of Business & Management Studies.
• The Indian Institute of Technology Bombay (IITB) secured 25th rank in the subject of Engineering -
Mineral & Mining.
.
• The Indian Institute of Technology Madras (IITM) secured 29th spot in Petroleum Engineering.
In 2022, India was at the top of WADA's list of doping offenders.
• According to the 2022 World Anti-Doping Agency (WADA) report, India has the highest percentage
of doping offenders among countries. Out of 4,064 samples collected from Indian athletes, 127
individuals tested positive for banned substances, which is 3.26% of the sample size.
• Trailing India, South Africa, and Bangkok’s laboratories were ranked second and third, with doping
failures at 2.04% and 1.93% respectively.
• India’s count surpassed sporting nations like Russia, the United States, Italy, and France.
India becomes net importer of finished steel in FY23-24, shows government data
• India was a net importer of finished steel during the 2023/24 financial year that ended on March
31, according to provisional government data.
• The country imported 8.3 million metric tons of finished steel between April and March, up 38.1
percent from a year earlier, the data showed.
• The world's second-biggest crude steel producer remains a bright spot globally with robust
demand from its construction and automotive sectors.
• India's steel demand is likely to stay strong as the government expects economic growth will
outpace the global economy in the next fiscal year.
IIT Bombay Ranks 45th In QS World University Rankings For Engineering & Technology
• IIT Bombay has ranked 45th in Engineering and Technology with an overall score of 79.1 out of
100 in the Quacquarelli Symonds (QS) World University Rankings by Subject for 2024.
• The Institute has been ranked in 4 out of 5 broad subject areas, which include Engineering &
Technology, Natural Sciences, Social Sciences and Management, and Arts and Humanities.
• The Institution improved its 2023 performance by two places in Engineering and Technology.
Number of telecom subscribers grows marginally to 119.7 cr in Feb 2024: TRAI

• The number of telecom subscribers in India increased 0.38 percent to 119.7 crore in February
2024 as compared to the previous month, according to a TRAI report published.
• The urban telephone subscription increased to 66.37 crore while rural subscription increased to
53.13 crore with a sequential growth rate of 0.40 percent and 0.34 percent, respectively.
.
• The total broadband subscribers also increased from 91.10 crore at the end of January to 91.67
crore at February-end, as per the monthly subscriber report published by Telecom Regulatory
Authority of India (TRAI).
India's unicorn count drops, a gap with China widens
• According to the 6th annual Hurun Global Unicorn Index 2024, India’s start-up ecosystem has
slowed with the number of unicorns declining for the first time since 2017.
• According to the report, Indian founders co-founded 109 unicorns outside of India in comparison to
just 67 in India.
• Unicorns founded outside of India, significantly all were in the USA (95), led by the Bay Area, with
4 in the UK, 3 in Singapore and 2 in Germany.
Delhi Airport is among the top 10 busiest in the world with 72.2 million flyers
● Delhi airport has been named among the world's top 10 busiest airports for 2023 in a list topped
by Hartsfield-Jackson Atlanta International Airport.
● The Indira Gandhi International Airport in the national capital is ranked tenth while Dubai and
Dallas airports are at the second and third positions, respectively, according to the Airports
Council International (ACI) World.
● From the top 10 rankings for total passenger traffic, five airports are in the US.
● At tenth place, Delhi airport handled more than 7.22 crore passengers in 2023.
India's population estimated at 144 crore, 24% in 0-14 age bracket: UNFPA report
● The United Nations Population Fund's (UNFPA) State of World Population - 2024 report --
"Interwoven Lives, Threads of Hope: Ending Inequalities in Sexual and Reproductive Health and
Rights" -- revealed that India's population is estimated to double in 77 years.
● India's population is estimated to have reached 144 crore, with 24 per cent in the 0-14 age
bracket.
● India leads globally with an estimated population of 144.17 crore, followed by China at 142.5
crore.
● The report further detailed that an estimated 24 per cent of India's population is aged 0-14 while
17 per cent is within the 10-19 age range.
● The segment aged 10-24 is estimated to constitute 26 per cent, with the 15-64 age group making
up 68 per cent.
● Additionally, 7 per cent of India's population is aged 65 years and above, with men having a life
.
expectancy of 71 years and women 74 years.

● The report further detailed that an estimated 24 per cent of India's population is aged 0-14 while
17 per cent is within the 10-19 age range.
● The segment aged 10-24 is estimated to constitute 26 per cent, with the 15-64 age group making
up 68 per cent.
● Additionally, 7 per cent of India's population is aged 65 years and above, with men having a life
expectancy of 71 years and women 74 years.
● Recent studies conducted across India's 640 districts have shown that while close to a third of
these districts have successfully met the Sustainable Development Goal (SDG) target of
reducing maternal mortality ratios to below 70 per 100,000 live births, 114 districts still report
ratios of 210 or higher deaths per 100,000 live births.
● The most alarming rate, at 1,671 deaths per 100,000 births, is observed in the Tirap District of
Arunachal Pradesh, which is predominantly rural and has a substantial indigenous population.
At 7.1%, Odisha records highest retail inflation
● Even as the retail inflation rate in the country eased to a 10-month low of 4.85 per cent, it was the
highest in Odisha among major states in March.
● The inflation rate was 7.05 per cent in the state.
● As per the data released by the Ministry of Statistics and Programme Implementation, the rural
inflation rate was higher than the urban with 7.27 pc and 6.46 pc respectively.
● This was the highest in individual segments among the states having a population of more than
50 lakh.
● An analysis of the consumer price index (CPI) for the last four quarters indicated that the inflation
rate that had shot up from 3.75 pc in June 2023 to 8.73 pc in December dropped to 7.55 pc in
January and February 2024.
● At 3.75 pc, the inflation rate in Odisha was one of the lowest in the country in March last year
when the urban share (5.61 pc) was higher than the rural (3.02 pc).
● The inflation rate of vegetables was the highest at 28.34 pc, followed by pulses and products
(17.71 pc), spices (11.4 pc), eggs (10.33 pc) and food and beverages (7.68 pc).
● Odisha led with an inflation rate of 7.1%, trailed by Assam and Haryana at 6.1%. Bihar and
Telangana recorded rates of 5.7% and 5.6%, respectively.
● Delhi registered the lowest retail inflation rate at 2.3%, followed by Uttarakhand at 3.6%, West
.
Bengal and Maharashtra at 3.7%, and Himachal Pradesh at 4.1%.
Vedanta’s Hindustan Zinc Becomes the 3rd Largest Producer of Silver Globally
● Hindustan Zinc Limited a Vedanta group company in the zinc-lead-silver business has now
become the 3rd largest silver producer globally as per the World Silver Survey 2024 conducted
by ‘The Silver Institute’, USA.
● The company’s Sindesar Khurd Mine now stands as the world's 2nd largest silver-producing
mine moving up from last year’s 4th position.
● Additionally, the recognition of its Pantnagar silver refinery by the London Bullion Market
Association (LBMA) and inclusion in the ‘London Good Delivery’ list reaffirms the refinery's
adherence to international quality standards, marked by LBMA certification of 99.99% pure silver.
● Globally, solar – the fastest growing of all the sources of renewable energy with about 440 GW
installed in 2023 – is poised to elevate silver demand.
India ranks 4th in global military spending at $83.6 bn in 2023

● India was the world's fourth-largest military spender in 2023, making an expenditure of $83.6 billion
to modernise a range of weapons and combat systems.
● The United States (US), China, and Russia were the top three spenders in that order, according to
the Stockholm International Peace Research Institute (Sipri).
● India's military spending saw a 4.2 per cent increase compared to 2022.
● The Sipri report comes at a time when India and China have been locked in a standoff along the
Line of Actual Control (LAC) in eastern Ladakh since May 2020.
● The two countries have conducted 21 rounds of military talks to address the border dispute.
● India allocated Rs 6.21 trillion for defence spending in the interim Budget for 2024-25, marginally
lower than the previous year's revised estimates but 4.72 per cent higher than the budget estimates
for 2023-24.
● This year's defence budget represents 1.89 per cent of India's projected gross domestic product
(GDP) for 2024-25.
Top 10 countries with highest military spending in 2023

1. United States: $916 billion
2. China: $296 billion (estimated)
3. Russia: $109 billion (estimated)
.
4. India: $83.6 billion

5. Saudi Arabia: $75.8 billion (estimated)
6. United Kingdom: $74.9 billion
7. Germany: $66.8 billion
8. Ukraine: $64.8 billion
9. France: $61.3 billion
10. Japan: $50.32 billion
TRAI releases “Indian Telecom Services Performance Indicator Report” for the Quarter October-
December 2023
● The "Indian Telecom Service Performance Indicator Report" for the quarter ending December 31,
2023, was released by the Telecom Regulatory Authority of India (TRAI).
● In the total number of internet subscribers, the report shows an increase from 918.19 million in
September 2023 to 936.16 million in December 2023, showing a quarterly growth of 1.96%.
● Of these subscribers, wired internet customers number 38.57 million, while 897.59 million access the
internet wirelessly.
● The number of broadband internet subscribers reached 904.54 million by the end of December,
compared to 885 million in September, showing a growth of 2.21%.
● Additionally, monthly average revenue per user (ARPU) for wireless services increased from Rs
149.66 in the September quarter to Rs 152.55 in the December quarter, showing a growth of 1.93%.
India pips China to become the largest electric 3W market globally in 2023
● India overtook China in sales of electric three-wheelers in 2023, at over 5.8 lakh units, according to a
report by the International Energy Agency (IEA).
● Electric 3W sales grew 65 per cent year-on-year, with government financial incentives helping lower
prices.
● In China, sales fell 8 per cent in 2023 to 3.2 lakh units, making it the second-largest electric 3W
market.
● Globally, the 3W market expanded by 13 per cent in 2023, selling 4.5 million units, of which 21 per
cent was electric, compared to 18 per cent in 2022.
● In India, despite being 55 per cent costlier than gasoline variants in 2023, the average electric 3W
(autorickshaw) proves to be 50 per cent cheaper to own after eight years of service, and over 40 per
cent cheaper even without subsidies.
.
Emeritus Best; 15 Indian companies in the world’s top edtech list

● Emeritus has secured the top spot in TIME Magazine’s “World’s Top EdTech Companies of 2024”
ranking.
● Founded in 2015 by Ashwin Damera and Chaitanya Kalipatnapu, Emeritus offers courses from
global universities such as the University of Cambridge, Harvard Business School, the University of
Pennsylvania, MIT Sloan, Indian School of Business, Indian Institutes of Management (IIMs), Indian
Institutes of Technology (IITs), the University of Western Australia, John Hopkins, NTU Singapore,
Carnegie Mellon, UC Berkeley Executive Education, INSEAD and Wharton Executive Education,
among others.
● There are 14 more Indian edtech firms on the TIME list.
● At the 26th position is Miko, which makes AI-powered robots for kids, followed by the competitive
exam preparation app Unacademy at the 54th position.
● The US-headquartered upGrad that was founded in India is at the 69th rank, followed by Univariety
at 82nd position (it offers technology-backed solutions for educational institutes).
● At the 83rd rank is iNurture Education Solutions, which focuses on university-industry partnership,
and at the 90th position is Uolo, which empowers schools.
● In this list of 250 ed-tech companies, 91 are from the US, 25 are from China, 16 from the UK, eight
each from Brazil and Australia, seven from Spain, six each from Germany, France, Canada and
South Korea, and five each from Singapore and Japan.
● Two Indian companies found place in the TIME “World’s Top EdTech Rising Stars of 2024”.
● These are Scaler Academy at the top rank, and Eupheus Learning at seventh position.
DEFENCE NEWS
India Achieves Record Defence Exports of Rs ₹21,083 Crore in FY 2023-24
• Defence exports from India have touched an all-time high of Rs 21,083 crore in the financial year
2023-2024, with consignments reaching 85-plus countries in the neighbourhood and beyond.
• This was a growth of 32.5 percent over the previous fiscal.
• Although India is still the world’s largest arms importer, a strong push on Atmanirbharta in the last
decade has brought the country to a position wherein over 100 private and public sector
undertakings (PSUs) are now exporting defence equipment and systems to more than 85
countries.
.
• The total defence exports from 2004-05 to 2013-14 were ₹4,312 crore, which has gone up to
₹88,319 crore in the period from 2014-15 to 2023-24.
About Ministry of Defence :
• Defence Minister : Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane
Indian Army Adopts Indigenous Akashteer System
• The Indian Army has initiated the induction of control and reporting systems under 'Project
Akashdeep' to enhance its air defense capabilities.
• The first batch of Control Centers for the Automated Air Defence Control and Reporting System,
named 'Project Akashteer', was flagged off from Bharat Electronics Limited (BEL) in Ghaziabad.
• Aim : To deliver an "unprecedented level" of situational awareness and control for the force to
ensure safety of friendly aircraft and engage hostile aircraft in in "contested airspace",
• 2024 has been designated as the 'Year of Technology Absorption'.
About Indian Army :
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Army Staff : General Manoj Pande
The India-United States Tri-Service Exercise 'Tiger Triumph-24' Comes to an End

• The 14-day bilateral tri-service exercise 'Tiger Triumph-24' between India and the United States
(US) has concluded.
• The exercise that began on March 18 aimed at developing interoperability for conducting
humanitarian assistance and disaster relief (HADR) operations and refining standard operating
procedures to enable rapid and smooth coordination between the forces of the two countries.
• The exercise took place in Visakhapatnam and Kakinada in Andhra Pradesh (AP).
Indian Air Force to Commence Mega 10-Day Drills 'Gagan Shakti-2024' on April 1, 2024
• The Indian Air Force (IAF) will conduct the Gagan Shakti-2024 exercise from April 1 to April 10,
2024.
• This exercise will involve all air force bases and assets across the country.
.
• Aim of the Exercise : To test the readiness of the IAF for a two-front war scenario with China and
Pakistan.
• The last Gagan Shakti exercise was organized in 2018.
• The IAF will host a multi-nation exercise later this year, named "Tarang Shakti."
About IAF :
• Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari
Indian Navy Chief Admiral R. Hari Kumar Unveils New Amenities at Karwar Naval Base
• Indian Navy Chief Admiral R. Hari Kumar inaugurated a 350m long major pier for Offshore Patrol
Vessels (OPVs) and a residential accommodation at Naval Base Karwar.
• These infrastructure developments are part of the ongoing Phase IIA of Project Seabird, which will
accommodate 32 ships and submarines, 23 yardcraft, a dual-use Naval Air Station, a full-fledged
naval dockyard, 4 covered dry berths and logistics for ships and aircraft.
About Indian Navy :
• Chief of the Naval Staff : Admiral R. Hari Kumar
Indian Army Acquires First Consignment of 24 Igla-S MANPADS and 100 Missiles from Russia
• The Indian Army has received the first batch of 24 Russia-made Igla-S Man Portable Air Defence
Systems (MANPADS) and 100 missiles as part of a larger deal that includes domestic production
in India.
• This procurement aims to enhance the Army’s Very Short Range Air Defence (VSHORAD)
capabilities, particularly in high mountainous terrain along the northern border.
• Background : In November,2023 India signed a contract with Russia for 120 launchers and 400
missiles.
• While the first batch from Russia has been received by the Army, the rest of these systems will be
made in the country through Transfer of Technology (ToT) from Russia by an Indian company.
Defence Ministry Initiates Procurement of 97 Tejas Mk-1A Fighters for IAF, Valued at ₹67,000 Crore
● The defence ministry has issued a tender to state-run plane-maker Hindustan Aeronautics
.
Limited for the proposed acquisition of 97 light combat aircraft (LCA Mk-1A) to strengthen the
Indian Air Force’s (IAF’s) capabilities at a time the force is grappling with a shortage of fighter
squadrons.
● The new fighter planes are expected to cost around ₹67,000 crore.
● The development comes around 4 months after the Defence Acquisition Council (DAC), headed
by Defence Minister Rajnath Singh, accorded its acceptance of the necessity (AoN) for more
Tejas Mk-1A fighters.
● AoN by the council is the first step towards buying weapons and systems under India’s
procurement rules.
● The LCA Mark 1A fighter jets will replace the MiG- 21s, MiG-23s and MiG-27s.
● The decision to buy 97 LCA Mark 1A fighter jets came after a review meeting of the indigenous
fighter jet programme.
● Defence Minister : Rajnath Singh
● Minister of State : Ajay Bhatt
● Defence Secretary : Giridhar Aramane
India and Uzbekistan to Commence 5th Edition of 'Dustlik' Joint Military Exercise in Termez District,
Uzbekistan
● The 5th edition of the 'Dustlik' Joint Military Exercise between India and Uzbekistan is scheduled
to take place in the Termez District of Uzbekistan for 14 days, starting from April 15, 2024 to 28
April 2024.
● Participating Contingents: Contingents from both the Indian Armed Forces (IAF) and the Armed
Forces of the Republic of Uzbekistan will participate in the exercise, focusing on collaboration
and future military interactions.
● Number of Participants: Each side will contribute 45 soldiers to the exercise, fostering positive
relations between the armies of both countries.
● Indian Army Contingent: The Indian Army contingent will consist of troops from the Garhwal
Rifles Regiment's infantry battalion.
Note :
● The 4th edition of the ‘Dustlik’ joint military exercise was held on February 20, 2023 at the
Foreign Training Node, Pithoragarh in Uttarakhand.
.
● The 1st edition of the Dustlik Joint Military Exercise was held in Uzbekistan in November 2019.
About Uzbekistan :
● President : Shavkat Mirziyoyev
● Prime Minister : Abdulla Nigmatovich Aripov
● Capital : Tashkent
● Currency : Uzbek sum
Defence Research & Development Organisation and Indian Army Successfully Test Indigenous Man-
Portable Anti-tank Guided Missile Weapon System
● Man Portable Anti-tank Guided Missile (MPATGM) Weapon System, indigenously designed and
developed by the Defence Research & Development Organisation (DRDO), has been field
evaluated in different flight configurations several times to prove the technology with high
superiority.
● The Warhead Flight Trials were successfully conducted at the Pokhran Field Firing Range
(PFFR), Rajasthan.
● With this, technology development and successful demonstration have been concluded and the
system is now ready for Final User Evaluation Trials leading towards its induction into the Indian
Army.
● Penetration trials of the Tandem Warhead System of MPATGM have been successfully
completed and it is found capable of defeating modern armour protected Main Battle Tank.
About MPATGM Weapon System :
● The system consisted of the MPATGM, Launcher, Target Acquisition System, and the Fire
Control Unit.
● As of 2022, it is being developed by the DRDO in partnership with Indian defence contractor
VEM Technologies Private Limited.
● The MPATGM is a low-weight, long cylindrical missile with two groups of four radial fins, larger
ones at the middle, and smaller ones at the tail.
● It is fitted with one high-explosive anti-tank (HEAT) shaped charge warhead.
● The missile has a length of about 130 cm and a diameter of about 12 cm with a collapsible tripod
and launch tube of aluminium and carbon fibre to reduce weight.
● It weighs 14.5 kg, with its command launch unit (CLU) weighing 14.25 kg which combines a laser
designator with digital all-weather sight.
.
● Minimum range is 200 to 300 m; maximum range is 4 km.

About DRDO :
● Chairman : Sameer V. Kamat
Hindustan Shipyard Ltd (HSL) Initiates Construction of India's First Indigenous Fleet Support Ship for
Indian Navy
● Hindustan Shipyard Limited (HSL), the premier shipbuilding yard in the country set up in 1941,
has initiated the construction of India's first indigenously designed Fleet Support Ship (FSS) for
the Indian Navy, marking a significant milestone.
● The project for constructing 5 FSS has been awarded to HSL as part of the 'Atma Nirbhar India'
mission, aimed at enhancing self-reliance in defence manufacturing.
● The contract at an estimated cost of Rs 19,000 crore with the Ministry of Defence was signed in
August, 2023.
● Delivery Schedule : HSL is scheduled to deliver the ships from mid-2027 onwards, contributing to
the modernization and expansion of the Indian Navy's fleet.
● Enhancing Naval Capabilities : The induction of FSS will enhance the 'Blue Water' capabilities of
the Indian Navy by enabling replenishment of fleet ships at sea, thereby extending operational
reach and endurance.
● First-of-Its-Kind Vessels: These five 44,000-tonne vessels will be the first-of-their-kind to be built
in India by an Indian Shipyard, showcasing indigenous expertise in shipbuilding.
● Employment Generation: The FSS project is expected to generate employment opportunities,
with nearly 16.88 million man-days of work over a period of 8 years, contributing to economic
growth and skill development.
About HSL :
● Founded : 21 June 1941
● Headquarters : Visakhapatnam, Andhra Pradesh, India
● Chairman & Managing Director : Hemant Khatri
About Indian Navy :
● Chief of Defence Staff : General Anil Chauhan
.
● Chief of the Naval Staff : Admiral R. Hari Kumar

Defence Research and Development Organisation Inaugurates Submersible Platform for Acoustic
Characterisation and Evaluation, Premier Sonar Systems Testing Hub for Indian Navy in Kerala
● A state-of-the-art Submersible Platform for Acoustic Characterisation and Evaluation (SPACE)
was inaugurated by the Secretary, the Department of Defence (R&D) and Chairman of Defence
Research and Development Organisation (DRDO) Dr Samir V Kamat at Underwater Acoustic
Research Facility, Kulamavu in Idukki, Kerala.
● The SPACE, set up by the Naval Physical & Oceanographic Laboratory of DRDO, has been
designed as a premier testing and evaluation hub for sonar systems destined for the Indian Navy
onboard various platforms including ships, submarines and helicopters.
● The SPACE marks a milestone in naval technology advancement.
● It will consist of two distinct assemblages - a platform which floats on the water surface, and a
submersible platform which can be lowered to any depth up to 100 m using winch systems.
● The SPACE will mainly be utilised for the evaluation of complete sonar systems, allowing for
quick deployment and easy recovery of scientific packages such as sensors and transducers.
● It will be suitable for survey, sampling, and data collection of air, surface, mid-water, and
reservoir floor parameters using modern scientific instrumentation.
Indian Army Commemorates 40th Anniversary of 'Operation Meghdoot' on Siachen Glacier
● The Indian Army and Indian Air Force (IAF) celebrated the 40th anniversary of Operation
Meghdoot (Cloud Messenger), which commenced on April 13, 1984.
About the Operation Meghdoot :
● Indian Army and Indian Air Force had advanced to the Siachen Glacier to secure heights
dominating the northern Ladakh region.
● Following Operation Meghdoot, the Siachen Glacier remains under Indian control.
● 17 days prior to Operation Meghdoot, the Indian Army launched Exercise Walnut Cracker to
occupy certain heights around the Siachen Glacier.
● Siachen is located at a height of around 20,000 feet in the Karakoram Mountain range, the
Siachen Glacier is known as the highest militarised zone around the world.
About Indian Army :
● Chief of the Army Staff : General Manoj Pande
.
About IAF :
● Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari
Defence Research and Development Organisation successfully test fires Indigenous Technology Cruise
Missile from Chandipur off Odisha coast
● The Defence Research and Development Organisation (DRDO) conducted a successful flight
test of the Indigenous Technology Cruise Missile (ITCM) from the Integrated Test Range (ITR),
Chandipur, off the coast of Odisha.
● The missile's performance was monitored using several range sensors, including Radar, Electro-
Optical Tracking System (EOTS), and Telemetry.
● These sensors were deployed by ITR at various locations to ensure complete coverage of the
flight path.
● The flight of the missile was also monitored from the Su-30-Mk-I aircraft of the Indian Air Force
(IAF).
● The missile is developed by Bengaluru-based DRDO laboratory Aeronautical Development
Establishment (ADE) along with contributions from other laboratories and Indian industries.
● The missile followed the desired path using waypoint navigation and demonstrated very low-
altitude sea-skimming flight.
● This successful flight test has also established the reliable performance of the indigenous
propulsion system developed by Gas Turbine Research Establishment (GTRE), Bengaluru,
Karnataka.
About DRDO :
● Headquarters : New Delhi, Delhi, India
● Chairman : Samir V Kamat
● The DRDO is the premier agency under the Department of Defence Research and Development
in the Ministry of Defence of the Government of India, charged with the military's research and
development.
Raksha Mantri Shri Rajnath Singh visits Siachen, the world’s highest battlefield
.
● Defence Minister Rajnath Singh stated that Siachen, the world’s highest battlefield, is no ordinary
land as it represents the sacrifice, valour and determination of Indian soldiers who serve in
extremely harsh terrain and inclement weather to protect the motherland.
● Interacting with the Armed Forces personnel deployed at Kumar Post, one of the world’s most
inhospitable locations, Singh thanked them for placing the call of duty above everything while
safeguarding the country’s sovereignty and perseverance.
● The Indian Army marked Siachen Day on April 13 as ‘Operation Meghdoot’ — launched on April
13, 1984 — completed 40 years.
Indian Army Allocates Rs 6,800 Crore for Indigenous Shoulder-Fired Missiles to Enhance Border
Security
● The Indian Army is undertaking two projects worth over Rs 6,800 crore to develop indigenous
Very Short Range Air Defence (VSHORAD) systems.
● These shoulder-fired missile systems are intended to counter aerial threats along the borders
with China and Pakistan.
● The Army plans to procure over 500 launchers and around 3,000 missiles through these
indigenous projects.
● Laser Beam Riding VSHORADS Project : The first project, valued at Rs 4,800 crore, is focused
on developing a laser beam riding VSHORADS.
● This project involves collaboration between a Hyderabad-based defense Public Sector
Undertaking (PSU) and a private sector firm from Pune.
● Allocation of Resources : The Army will be the lead service for this project, with the Indian Air
Force also set to receive a portion of the 1,200 missiles and 200 launchers being developed.
● DRDO’s Infra-Red Homing VSHORADS : The Defence Research and Development Organisation
(DRDO) is leading the development of an infra-red homing-based Very Short Range Air Defence
(VSHORADS) system.
About VSHORAD Systems :
● VSHORAD systems are essential for providing layered air defense against low-flying aircraft,
helicopters, and drones.
● The Indian military is working to replace its aging VSHORAD inventory, mainly consisting of the
Igla-1M system, which was inducted in 1989 and was set for de-induction in 2013.
● The versatility of VSHORAD systems has been demonstrated in recent conflicts, such as the
.
Russia-Ukraine war.
About Indian Army :
About DRDO :
● Chairman : Samir V Kamat
● The DRDO is the premier agency under the Department of Defence Research and Development
in the Ministry of Defence of the Government of India.
Indian Navy Conducts Poorvi Lehar Exercise on East Coast
● The Indian Navy conducted Exercise Poorvi Lehar (XPOL) on the East Coast under the
Operational Control of The Flag Officer Commanding-in-Chief, Eastern Naval Command.
● Aim of the Exercise : To validate procedures and assess the Indian Navy's preparedness to meet
maritime security challenges in the region.
● Participants and Phases:The exercise involved the participation of various naval assets, including
ships, submarines, aircraft, and special forces.
● XPOL was conducted in multiple phases including combat training in a realistic scenario during
the Tactical Phase and successful conduct of various firings during the Weapon Phase towards
reaffirming Indian Navy’s capability to deliver ordnance on target.
● Interoperability with Other Services: The exercise involved not only assets from the Eastern
Naval Command but also from the Indian Air Force (IAF), Andaman & Nicobar Command, and
the Coast Guard, indicating a high degree of interoperability among different services.
About Indian Navy :
● Founded : 1950
● Chief of the Naval Staff : Admiral R. Hari Kumar (Till April 29, 2024)
Defence Research and Development Organisation Develops Lightest Bulletproof Jacket to Withstand
Highest Threat Level 6 of BIS
● A unit of the Defence Research and Development Organisation (DRDO) has successfully
.
developed the lightest bulletproof jacket in the country for protection against the highest threat
level 6.
● This jacket is based on a new design approach where novel material along with new processes
has been used.
● DRDO’s Defence Materials and Stores Research and Development Establishment (DMSRDE),
Kanpur has successfully developed the lightest bulletproof jacket in the country for protection
against 7.62 x 54 R API (level 6 of BIS 17051) ammunition.
● This bulletproof jacket was successfully tested at TBRL, Chandigarh as per BIS 17051-2018.
● The front Hard Armour Panel (HAP) of this jacket defeats multiple hits (06 shots) of 7.62 x 54 R
API (Sniper rounds) in both ICW (In-conjunction with) and Standalone design.
● The areal density of ICW Hard Armour Panel (HAP) and standalone HAP is less than 40 kg/m2
and 43 kg/m2 respectively.
Indian Navy Engages in Maritime Partnership Exercise with UK’s Littoral Response Group
● Indian Navy’s indigenous stealth frigate, Indian Naval Ship (INS) Sahyadri participated in the
Maritime Partnership Exercise with Royal Navy’s Royal Fleet Auxiliary (RFA) Argus and RFA
Lyme Bay, part of the United Kingdom (UK) Littoral Response Group South
● Aim : To enhance interoperability and strengthen maritime cooperation between the two nations.
● Exercise Highlights include Tactical manoeuvres, Boarding operations, Surface engagement
against simulated asymmetric threats, Cross-deck visits, and Cross-deck helicopter operations.
About INS Sahyadri :
● INS Sahyadri (F49) is a Shivalik-class stealth multi-role frigate built for the Indian Navy.
● It was built at the Mazagon Dock Limited (MDL) located in Mumbai.
● This class features improved stealth and land attack capabilities over the preceding Talwar-class
frigates.
● It was commissioned on 21 July 2012 into the Eastern Naval Command headquartered at
Visakhapatnam.
.
SCIENCE & TECHNOLOGY

Microsoft and OpenAI to Collaborate on $100 Billion Investment for Stargate AI Supercomputer: Report
• Microsoft and OpenAI plan to invest $100 billion in the development of the Stargate AI
supercomputer.
• Microsoft and OpenAI are collaborating on a data centre project, which will include the Stargate AI
supercomputer to power OpenAI's artificial intelligence models.
• Microsoft is financing the project.
• The Stargate supercomputer will be the fifth phase of a series of supercomputers.
• The fourth phase of a supercomputer for OpenAI is likely to be launched around 2026.
India Among Nations Considering Moon-Based Telescopes
• Astronomers are looking forward to posting high-resolution telescopes on the moon and in orbit
around it, including one from India called Probing ReionizATion of the Universe using Signal from
Hydrogen (PRATUSH).
• PRATUSH is a radio telescope to be sited on the moon’s far side.
• It is being built by the Raman Research Institute (RRI) in Bengaluru with active collaboration from
the Indian Space Research Organisation (ISRO).
• Launch Plan:Initially, ISRO will deploy PRATUSH into Earth's orbit for adjustments and fine-tuning.
Bharat Biotech Partners with Bilthoven Biologicals BV to Manufacture and Distribute Oral Polio
Vaccines
• Bharat Biotech, a leading global vaccine and biotherapeutic innovator, and also the largest
manufacturer of oral polio vaccines and Bilthoven Biologicals BV (BBio), a subsidiary of Serum
Institute of India Private Limited based in the Netherlands, announced a collaboration to enhance
the production and supply security of Oral Polio Vaccines (OPV).
About Serum Institute of India :
• Founded : 1966
• Headquarters : Pune, Maharashtra, India
• CEO : Adar Poonawalla
About Bharat Biotech :
• Founded : 1996
• Headquarters : Hyderabad
.
• Chairman & MD : Dr. Krishna Ella

Indian Entrepreneur Gopi Thotakura to Be 1st Indian Tourist in Space on Blue Origin's NS-25 Mission
• Gopi Thotakura, an entrepreneur and a pilot, is set to become the first Indian to venture into space
as a tourist on Amazon founder Jeff Bezos's Blue Origin’s NS-25 mission.
• Selection and Crew:Thotakura was chosen as one of the 6 crew members for the NS-25 mission,
making him the first Indian space tourist.
• He will be the 2nd Indian to venture into space after Indian Army's Wing Commander Rakesh
Sharma in 1984.
Indian Institute of Science Scientists Develop Innovative Hydrogel for Microplastic Removal from Water
• Researchers at the Indian Institute of Science (IISc) have developed a sustainable hydrogel
specifically designed to remove microplastics from water.
• Composition : The hydrogel utilizes a complex interpenetrating polymer network (IPN) architecture
composed of chitosan, polyvinyl alcohol, and polyaniline.
• Catalytic Nanoclusters ; This structure is infused with nanoclusters of copper substitute
polyoxometalate (Cu-POM), which act as catalysts under UV light irradiation to degrade
microplastics.
Command Hospital, Pune Achieves Milestone as First Government Hospital in India to Acquire and
Perform Successful Piezoelectric Bone Conduction Hearing Implant
● Command Hospital, Pune has become the first government hospital across the country to
procure and conduct such implants.
● The Department of Ear, Nose & Throat (ENT) at Command Hospital (Southern Command)
conducted two such implants.
● One was on a 7-year-old male child with congenital external and middle ear anomalies, and the
other on an adult suffering from Single Sided Deafness.
● Command Hospital (Southern Command), Pune, has been recognized as the top hospital within
the entire Armed Forces Medical Services (AFMS) and received the prestigious "Raksha Mantri"
trophy.
● The ENT division of Command Hospital (Southern Command) has been accredited as an AFMS
Neurotology Centre, indicating its specialized expertise in this area.
United States and Japan Collaborate to Send Japanese Astronaut to the Moon
.
● President Joe Biden announced that Japanese astronauts would participate in future National
Aeronautics and Space Administration (NASA) lunar missions, emphasizing closer ties between
the United States (US) and Japan.
● In the future, two Japanese astronauts will join NASA's lunar missions, and one of them will
become the first non-American to land on the Moon.
● Artemis Program : Japan's astronauts will take part in the Artemis program, a NASA-led effort to
return astronauts to the Moon as early as 2026, more than half a century after the last Apollo
mission.
● Collaboration with India : In September 2023, during Indian Prime Minister Narendra Modi's visit
to Washington, both countries also announced that NASA would work with India's space agency
on a joint mission to the International Space Station.
● In addition, New Delhi agreed to sign the Artemis Accords, a US-backed project, to establish
guidelines for activity on the Moon and elsewhere in space.
● JapArtemis Agreement : Japan and India are among three dozen countries to sign the Artemis
agreement, with Greece and Uruguay signing in February.
● Artemis Missions Timeline : The first mission to take astronauts to the lunar surface, Artemis 3, is
planned for 2026.
● China meanwhile has said it seeks to put humans on the Moon by 2030.
● The first crewed landing on the Moon will be Artemis 3, currently scheduled for 2026.
About United States :
● President : Joe Biden
● Capital : Washington, D.C
● Currency : U.S. dollar
About Japan :
● Prime Minister: Fumio Kishida
● Capital: Tokyo
● Currency: Japanese yen
Russia Conducts Successful Maiden Test Launch of Angara-A5 Space Rocket from Vostochny
Cosmodrome
● Russia successfully test-launched its Angara-A5 space rocket for the first time from the
Vostochny Cosmodrome in the Far East.
.
● This marks a significant milestone in Russia's efforts to develop a new post-Soviet launch
vehicle.
● Objective of the Test Launch: The test launch of the Angara-A5 aimed to demonstrate Russia's
ambition to establish itself as a major space power and underscored the growing importance of
the Vostochny Cosmodrome in the Amur region of Russia's Far East.
About Angara-A5 space rocket :
● Payload Capacity and Design: The Angara-A5 space rocket is designed to carry heavy payloads
into low Earth orbit, with a capacity to carry payloads exceeding 20 tonnes.
● It is part of the Angara family of rockets developed to replace the Soviet-designed Proton rockets.
● Specifications: The Angara-A5 rocket is 54.5 metres (178.81 feet) tall, consists of three stages,
and has a mass of about 773 tonnes.
● It has the capability to carry approximately 24.5 tonnes into space.
About Russia :
● President : Vladimir Putin
● Prime Minister : Mikhail Mishustin
● Capital : Moscow
● Currency : Ruble
India Sets Target for Debris-Free Space Missions by 2030- ISRO Chief S. Somanath
● Indian Space Research Organisation (ISRO) Chairman S. Somanath announced India's pledge
to achieve debris-free space missions by 2030 at the 42nd Inter-Agency Space Debris
Coordination Committee (IADC) annual meet.
● India's commitment aligns with global efforts aimed at ensuring the sustainability of space
exploration and reducing space debris.
● Objective of Space Exploration Initiative:ISRO has a clearly defined plan for space exploration,
with the primary goal of achieving debris-free space missions by 2030.
● Current Status:Presently, India has 54 spacecraft in orbit, along with numerous non-functional
objects contributing to space debris.
● Future Plans:India aims to establish its own space station, named 'Bharatiya Antriksh Station,' by
the year 2035, indicating its ambitious goals in space exploration and infrastructure development.
About ISRO :
.
● Established: 15 August 1969

● Headquarters: Bangalore, Karnataka, India
● Chairman: S. Somanath
India Delivers First BrahMos Supersonic Cruise Missiles to the Philippines, Marking a Significant
Military Export Milestone
● India handed over the first batch of BrahMos supersonic cruise missiles to the Philippines,
signifying a major military export achievement.
● Deal Details:The Philippines signed a $375 million deal with India in January 2022 for three
batteries of the shore-based, anti-ship version of the BrahMos.
● This makes the Philippines the first export customer for the BrahMos missile, which is a joint
venture between India and Russia.
● Background and Collaboration:The BrahMos missile is developed by BrahMos Aerospace, a joint
venture between India's DRDO and Russia's NPO Mashinostroyeniya.
● The name "BrahMos" is derived from the Brahmaputra and Moskva rivers.
● Operational Capability:BrahMos is a supersonic cruise missile capable of being launched from
various platforms, including land, sea, sub-sea, and air, against surface and sea-based targets.
● History and Testing : The first successful test in 2001 was conducted from a specially designed
land-based launcher.
● Technical Specifications : BrahMos is a medium-range ramjet supersonic cruise missile.
● The missile travels at speeds of Mach 2.8 to 3.0, which is being upgraded to Mach 5.0.
● Originally limited by the Missile Technology Control Regime (MTCR) to a range of 290 km, the
range was extended to 450 km after India's entry into the regime in June 2016.
About Philippines :
● President : Bongbong Marcos
● Capital : Manila
● Currency : Philippine peso
NASA Unveils Probe to Explore Jupiter's Icy Moon in Search of Extraterrestrial Life
● The United States (US) space scientists unveiled the interplanetary probe National Aeronautics
and Space Administration (NASA) plans to send to one of Jupiter's icy moons as part of
humanity's hunt for extraterrestrial life.
● Jupiter Icy Moons Explorer (Juice) will be Europe’s first dedicated robotic mission to Jupiter.
.
● Juice is due to reach the planet in July 2031 after performing an incredible flight path through the
Solar System.
● Europa, in particular, is regarded as one of the most likely abodes in the Solar System for
extraterrestrial life.
● The Airbus-built JUICE spacecraft weighs 6.2 tonnes and will collect data from the moons using
10 state-of-the-art scientific instruments.
● Europa Clipper is due to launch in October 2024 and to be orbiting Jupiter in 2030.
● The spacecraft will be engraved with a poem by the US Poet Laureate Ada Limón entitled In
Praise of Mystery: A Poem for Europa.
About NASA :
● Headquarters : Washington, D.C, United States of America
● Administrator : Bill Nelson
Rahul Bhatia's InterGlobe Enterprises Teams Up with Tech Veteran C P Gurnani's Assago to Launch AI
Business Venture AIonONS
● InterGlobe Enterprises, led by Rahul Bhatia, has partnered with technology veteran C P
Gurnani's Assago to launch an artificial intelligence business venture called AIonOS.
● The venture aims to provide a variety of AI-based solutions and also seeks to partner with
startups.
● InterGlobe has a diversified presence in the Travel, Transportation, Logistics, and Hospitality
(TTLH) sectors, with India's largest airline, IndiGo, as part of its group.
● Purpose of AIonOS: The venture is designed to help businesses accelerate their digital
transformation by offering AI-powered solutions that enhance both human and system
capabilities.
About AIonOS :
● AIonOS is a joint venture between InterGlobe, the majority partner, and Assago.
● The headquarters for AIonOS is in Singapore, indicating an international focus from the outset.
.
China Launches 3 Astronauts to Space Station, Aims for Moon Landing by 2030
● China launched a three-member crew to its Tiangong space station, as part of its program aiming
to send astronauts to the moon by 2030.
● The Shenzhou-18 spacecraft, also known as the "Divine vessel," lifted off from the Jiuquan
Satellite Launch Center on the edge of the Gobi Desert in northwestern China atop a Long March
2-F rocket.
● Crew and Mission: The three-member crew will relieve the Shenzhou-17 team that has been
staffing the Tiangong space station since October, 2023.
● China's Space Ambitions:China has built its own space station after being excluded from the
International Space Station (ISS), primarily due to U.S. concerns about the Chinese military's
involvement in the program.
● In 2024, the Tiangong space station is expected to host two cargo spacecraft missions and two
manned spaceflight missions.
● China's History in Crewed Space Missions:China conducted its first crewed space mission in
2003, becoming the 3rd country after the former Soviet Union and the United States (US) to put a
person into space using its own resources.
About China:
● President: Xi Jinping
● Capital: Beijing
● Currency: Renminbi
CURRENT AFFAIRS: APPS AND PORTALS

The Union Health Ministry has recently launched an iOS app called myCGHS.
• Shri Apurva Chandra, Secretary, Ministry of Health and Family Welfare launched the myCGHS
app for the iOS ecosystem of devices.
• The app is designed to enhance access to Electronic Health Records, information, and resources
for Central Government Health Scheme (CGHS) beneficiaries.
• The myCGHS iOS app is developed by the technical teams of the National Informatics Centre
(NIC) Himachal Pradesh and the NIC Health Team.
• It is a convenient mobile application offering features aimed at enhancing information and
accessibility for CGHS beneficiaries.
.
ACQUISITION AND MERGERS

Parent Company of IndusInd Bank to Purchase 60% Stake in Invesco India Asset Management
• IndusInd International Holdings Limited. (IIHL), a Mauritius-based investment holding company of
the Hinduja Group has entered into a definitive agreement to acquire a 60% stake in Invesco Asset
Management India Ltd. (IAMI) for an undisclosed amount.
• Invesco, the existing promoter, will hold the remaining 40% stake in the joint venture company and
both IIHL and Invesco will have sponsor status of the mutual fund house.
• With an AUM of ₹85,393 crore, IAMI is the 17th largest domestic asset manager in India and has a
presence in 40 cities across the country.
About IIHL :
• Chairman : Ashok Hinduja
• CEO : Moses Harding
Bain Capital Offloads 1.08% Stake in Axis Bank for Rs 3575 Crore
• Bain Capital has sold a 1.08% stake in Axis Bank for ₹3,575 crore through an open market
transaction.
• The stake sale involved the offloading of 33.37 million shares at ₹1,071 per share on the Bombay
Stock Exchange (BSE).
• In December,2023 Bain Capital had sold a similar quantity of shares at ₹1,120 per share,
generating $448 million.
• Bain Capital invested Rs 6,854 crore in Axis Bank as part of an Rs 11,626-crore capital raising
exercise in November 2017.
About Bain Capital :
• Founded : 1984
• Headquarters : Massachusetts, United States
About Axis Bank :
.
Edelweiss Alternatives backed platform acquires L&T Infrastructure Development Projects for Rs 6,000
crore
• Edelweiss Alternatives has successfully completed a deal worth Rs 6,000 crore to acquire L&T
Infrastructure Development Projects (LTIDPL).
• This acquisition includes various road assets and power transmission lines owned by LTIDPL.
• Background of the Deal : The deal to buy LTIPDL, a joint venture where infra major L&T had a
51% stake and its partner Canada Pension Plan Investment Board had the rest, was first
announced in December 2022.
Happiest Minds to Acquire Macmillan Group Subsidiary for ₹4.5 Crore
● Ashok Soota-promoted Happiest Minds Technologies has executed a share purchase agreement
to acquire 100% equity interest in Macmillan Learning India, a wholly owned subsidiary of the
Macmillan Group, USA, for cash consideration of ₹4.5 crore.
● Transaction Details : Happiest Minds Technologies will acquire 1,00,000 equity shares of face
value ₹1/- each in Macmillan Learning India from its existing shareholders.
● The acquisition is expected to be completed by April 30,2024 and on closure of the transaction,
Macmillan Learning India will become a wholly owned subsidiary of Happiest Minds
Technologies.
About Happiest Minds Technologies Limited :
● Happiest Minds Technologies Limited is a digital transformation information technology (IT)
consulting and services company.
● Its segments include Infrastructure Management & Security Services (IMSS), Product and Digital
Engineering Services (PDES) and Generative AI Business Services (GBS).
UltraTech Cement gains on plan to acquire grinding unit from India Cements
● Ultratech Cement rose 1.80% to Rs 9,535.65 after the company announced that its board has
approved the purchase of a grinding unit from India Cements for Rs 315 crore.
● The grinding unit, with an installed capacity of 1.1 million metric tonnes per annum (mtpa), along
with a captive railway siding, is located at Parli, Maharashtra.
● The acquisition, valued at Rs 315 crore, was formalized through an asset purchase agreement
between UltraTech Cement and India Cements.
.
● After the acquisition, the cement major stated that it will expand the grinding capacity at Parli by
1.2 mtpa with an investment of Rs 166.4 crore.
● UltraTech will also expand capacity at its Dhule plant in Maharashtra by 1.8 mtpa with an
investment of Rs 338 crore.
Happiest Minds to Acquire PureSoftware Technologies for Rs 779 Crore
● IT company Happiest Minds Technologies Limited has signed definitive agreements to acquire
100% of the equity share capital of PureSoftware Technologies Private Limited for a total
purchase consideration of $94.5 million (Rs 779 crores).
● Financial Terms of the Acquisition : The acquisition includes an upfront cash payment of Rs 635
crore.
● A deferred payment of up to Rs 144 crore will be made at the end of FY25, subject to meeting
specific performance targets.
● Impact on Happiest Minds:The acquisition is expected to strengthen Happiest Minds' domain
expertise in Banking, Financial Services, Insurance (BFSI), and Healthcare and Life Sciences.
About Happiest Minds :
● Executive chairman : Ashok Soota
About PureSoftware :
● Headquarters : Noida, Uttar Pradesh
● PureSoftware is engaged in the business of providing digital engineering and transformation
services and software solutions to its customers.
SPORTS NEWS
Nakajima wins Indian Open title with record winning score, India's Ahlawat tied for second
• Keita Nakajima won the Hero Indian Open by four shots with a total of 17-under, setting a new
record.
• This marked Nakajima's fifth title overall, with four coming from the Japanese Tour, one of which
he earned as an amateur.
• He topped the 2023 Order of Merit, which allowed him to earn his DP World Tour card.
• Ahlawat tied for second place, which was his best finish on the DP World Tour and should give him
a spot in the upcoming event in Korea in two weeks' time. Ahlawat was also the top Indian golfer
for the second year in a row.
.
Rohan Bopanna and Matthew Ebden win the Miami Masters doubles title
• Top seeds Rohan Bopanna and Matthew Ebden won the $10,404,205 ATP Masters tennis
tournament in Miami by defeating second seeds Ivan Dodig and Austin Krajicek 6-7(3), 6-3, [10-6].
• They had earlier won the Australian Open in Melbourne and this was their second title of the
season.
• Rithvik Bollipalli and Niki Poonacha won the doubles title in the Challenger event in San Luis
Potosi, Mexico.
Hardik Singh and Salima Tete were named the Player of the Year for 2023
• Hardik Singh and Salima Tete were named the Player of the Year for 2023 among men and
women respectively at the sixth annual Hockey India awards even as the federation announced
the revival of the Hockey India League (HIL) in January 2025.
• With a total prize pool of ₹7.56 crores, the awards saw teams and individuals felicitated for their
achievements in the past year.
• Hardik, who was also the FIH Player of the Year, was presented the Balbir Singh Sr. Trophy and a
cash prize of ₹25 lakhs.
WTT Feeder Varazdin 2024 Event To Begin In Croatia

• In Table Tennis, the WTT Feeder Varazdin 2024 event is set to begin in Croatia.
• The competition will feature prominent Indian players such as Sathiyan Gnanasekaran and Manika
Batra, among others.
• Along with Sathiyan, Payas Jain, Harmeet Desai and Snehit Suravajjula will compete in the round
of 64 of the Men’s singles event, while in women’s singles, Reeth Tennison and Yashaswini
Ghorpade will represent India in the round of 64.
Italy’s Jannik Sinner Clinches Men’s Single Title Of Miami Open Tennis In US
• In Tennis, Italy’s Jannik Sinner won the Men’s Singles title of Miami Open tournament in the United
States.
• Second seed Sinner defeated 11th seed Bulgarian player Grigor Dimitrov 6-3, 6-1 in the final.
• In a major upset, Collins defeated fourth-seeded Elena Rybakina of Kazakhstan in straight sets 7-
5, 6-3 in the final.
• Earlier, Indian Tennis star Rohan Bopanna and his Australian partner Matthew Ebden clinched the
historic Men’s doubles title.
.
• The duo defeated Croatia’s Ivan Dodic and American Austin Krajicek 6-7, 6-3, 10-6.
Miami Open Tennis: Unseeded American Player Danielle Collins Wins The Women’s Singles Title
• In Miami Open Tennis, unseeded American player Danielle Collins has won the Women’s Singles
title.
• In a major upset, Collins defeated fourth-seeded Elena Rybakina of Kazakhstan in straight sets 7-
5, 6-3 in the Women’s Singles final in Florida.
• Earlier, Indian Tennis star Rohan Bopanna and his Australian partner Matthew Ebden clinched a
historic victory in the Men’s doubles final.
• The duo defeated Croatia’s Ivan Dodic and American Austin Krajicek 6-7, 6-3, 10-6.
Mirabai Chanu Becomes The Only Indian Weightlifter To Qualify For Paris Olympics
• Tokyo Olympics medallist Mirabai Chanu became the only Indian weightlifter to qualify for the Paris
Olympics this year(2024) after competing successfully at the IWF World Cup in Phuket, Thailand.
• The 29-year-old Olympic silver medalist finished third in Group B of the women’s 49kg (and 11th
overall) at the event to book her berth at the 2024 Paris Games.
• Chanu, who is back in action after a six-month-long injury lay-off, lifted 184kg at the World Cup, the
final and compulsory qualifier for Paris 2024.
Odisha thrash Kickstart to clinch maiden Indian Women’s League crown

• In the concluding match of the league, Odisha FC clinched the title in style with an impressive 6-0
win over Kickstart FC at the Kalinga Stadium, Bhubaneswar.
• With this victory, they dethroned defending champions Gokulam FC, who were known as the
undisputed leaders of Indian women’s football.
• Odisha FC Women, formed in 2022, earned the top spot with 31 points from 12 matches, which put
them two points ahead of their closest competitors, Gokulam Kerala FC.
Bindyarani Devi bags bronze medal in weightlifting World Cup

• Commonwealth Games medallist weightlifter Bindyrani Devi clinched the bronze medal in the
women's 55kg event at the IWF World Cup.
• Competing in a non-Olympic weight class, the 25-year-old lifted a total of 196kg (83kg+113kg) to
claim the last spot on the podium.
• However, it was an underwhelming display by the Manipuri lifter, who had won the CWG silver in
Birmingham with a total effort of 203kg in 2022.
.
Olympic Champion Swimmer Joseph Schooling Announces Retirement

• Joseph Schooling, who famously beat his idol Michael Phelps in Rio to become Singapore’s first
and only Olympic champion, was retiring from competitive swimming.
• Joseph Schooling wins Singapore's first-ever gold medal
• How Singapore’s Joseph Schooling toppled swimming royalty
Dipendra Singh Airee becomes the third player to hit six sixes in an over in T20Is
• Dipendra Singh Airee of Nepal became only the third player to hit six sixes in an over in a T20I
during the match against Qatar.
• Airee hit Kamran Khan for 36 runs in the last over of the innings during the seventh match of the
ACC Men’s Premier Cup being held at AI Amerat Cricket Ground in Oman.
• Dipendra ended up with a score of 64 in 21 balls which included three fours and seven sixes.
Asian Wrestling Championship: Udit Bags Silver, Abhimanyu and Vicky Claim Bronze Each
• Rising Indian wrestler Udit settled for a silver medal after a 4-5 loss to Kento Yumiya of Japan in
the men’s freestyle 57kg final at the senior Asian Championship.
• India also won two bronze medals through Abhimanyu and Vicky in their respective categories.
• Abhimanyu defeated Begijon Kuldashev of Uzbekistan 6-5 in men’s 70kg freestyle, while Vicky
pinned down home favourite Andrey Romanovitch Aronov 10-1 in the men’s 97kg for India’s third
medal of the day.
Max Verstappen, representing the Red Bull team, dominated the Japanese Grand Prix.
• At the Japanese Grand Prix, Red Bull's Max Verstappen put on a dominant display, securing his
third victory out of four races in the 2024 season.
• Verstappen, who is a triple world champion, started the race from pole position and led his
teammate Sergio Perez to the first turn.
• He maintained his lead throughout the race, showcasing his exceptional driving skills and control of
the car.
• Verstappen's performance at the Japanese Grand Prix was a remarkable comeback after he had
to retire from the previous race due to a brake issue.
Nagal stuns world number 38 Arnaldi, makes history at Monte Carlo Masters
.
• Sumit Nagal became the first Indian player to win a singles main draw match at an ATP Masters
event on clay when he shocked world number 38 Matteo Arnaldi in a gruelling three-set contest
in Monte Carlo.
• Nagal, who entered the ATP Masters 1000 event via qualifying route, erased a one-set deficit to
turn the tables on his Italian opponent for a memorable 5-7, 6-2, 6-4 win in the first round.
• He will face world number seven Holger Rune in the 2nd round.
India’s D Gukesh Beats Nijat Abasov In 5th Round Of FIDE Candidates At Toronto
• In Chess, India’s D Gukesh managed to secure victory over Nijat Abasov in the fifth round of FIDE
Candidates in Toronto, Canada.
• Gukesh, the second youngest player ever to compete at the prestigious Candidates tournament, is
now the joint leader in the Open category with Ian Nepomniachtchi at 3.5 points.
• Meanwhile, Gukesh’s compatriots Praggnanandhaa and Vidit Gujrathi were both held to draws by
heavily favoured opponents.
About Canada
• Capital: Ottawa
• Currency: Canadian Dollar
• Prime Minister: Justin Trudeau
Neeraj Chopra to compete in Finland's Paavo Nurmi Games

• Superstar Indian javelin thrower Neeraj Chopra will compete in the prestigious Paavo Nurmi
Games in Turku, Finland, where he will be up against 19-year-old sensation Max Dehning of
Germany, the latest entrant in the 90m club.
• The 26-year-old Chopra, who will begin his season in the Doha Diamond League Meeting on May
10, had won a silver in the 2022 edition of the Paavo Nurmi Games with a throw of 89.30m -- his
career second best -- while he pulled out of the event in 2023 as he was recovering from an injury
then.
Badminton Asia Championship 2024 to Begin In Ningbo, China

• The 2024 edition of the Badminton Asia Championship will begin in Ningbo, China.
• Star shuttlers, including H S Prannoy, Kidambi Srikanth, Lakshya Sen, PV Sindhu and others will
represent the Indian contingent.
.
• In Men’s singles, H S Prannoy will take on Lu Guangzhou of China whereas Kidambi Srikanth will
lock horns with Anthony Ginting of Indonesia in the opening round.
About China:
• Capital: Beijing
• President: Xi Jinping
• Currency: Chinese Yuan
Arjun-Jeevan duo clinches Challenger crown

● Third seeds Arjun Kadhe and Jeevan Nedunchezhiyan beat second seeds Piotr Matuszewski
and Matthew Romios 7-6(5), 6-4 in the doubles final of the $82,000 Challenger tennis tournament
in Cuernavaca, Mexico.
● The champion team collected $4665 and 75 ATP points.
● The runners-up got $2700 and 50 points.
● It was the 33rd doubles title for the 35-year-old Jeevan, and his 12th Challenger doubles title.
● For the 30-year-old Arjun, it was his 19th doubles title, and sixth Challenger title.
Badminton Asia Championships 2024: Jonatan Christie Wins Maiden Continental Title As Wang Zhi Yi
Grabs Second
● Indonesian shuttler Jonatan Christie captured his first continental title by beating home favourite
Li Shi Feng in the men’s singles final at the 2024 Badminton Asia Championships in Ningbo,
People's Republic of China.
● The reigning All England Open champion was in fine form, winning the match in straight games
(21-15, 21-16) to upgrade the silver he won in Manila 2022 to gold.
Stefanos Tsitsipas wins Monte Carlo Masters for third time
● Stefanos Tsitsipas completed a Monte Carlo Masters trophy hat-trick, holding off Casper Ruud 6-
1, 6-4 in a display of “ruthless” tennis.
● The 12th-ranked Greek, who will return to top 10, also won the title in the principality in 2021 and
2022.
● Tsitsipas produced 30 winners to the 20 of Ruud who had reached the final with victory over
world number one Novak Djokovic.
● He is the fifth man to win three or more Monte Carlo titles, joining Rafael Nadal (11) and Bjorn
Borg, Thomas Muster and Ilie Nastase who won three apiece.
Wrestling, Asian C’ships: Radhika and Shivanee Pawar add two medals to India’s tally in Bishkek
.
● Indian grapplers Radhika and Shivanee Pawar won silver and bronze medals respectively at the
2024 Asian Wrestling Championships in Bishkek, Kyrgyzstan.
● Radhika, who had won silver at the Under-23 Asian Championships in 2023, lost the gold medal
match to Japan’s Nonoka Ozaki in the women’s 68kg category by technical superiority.
● Radhika reached the final after a win against Kazakhstan’s Albina Kairgeldinova in the opening
match and then beat home favourite Gulnura Tashtanbekova by pinning her down to reach the
final.
Mohun Bagan pip Mumbai City to win maiden ISL League Shield
● A dominant Mohun Bagan defeated Mumbai City FC 2-1 to win their maiden ISL League Shield.
● Liston Colaco (28th), and Jason Cummings (80th) struck for Mohun Bagan, while Lallianzuala
Chhangte struck for Mumbai City FC against the run of play in the 89th minute when he
converted a freekick from Yoell Van Nieff.
● This was Mohun Bagan's first victory over the two-time Shield Winners across four seasons as
the Mumbai heavyweights were also unbeaten over them in previous eight matches, winning six
of them.
● The top-two teams, Mohun Bagan and Mumbai City, will directly play the semi-finals, while the
sides from third to sixth -- Goa, Odisha, Kerala Blasters and Chennaiyin -- will play single leg
playoff in a knockout format to determine the other two semifinalists.
● The ISL summit clash will be on May 4.
Alekna Breaks 38-yr-old Discus World Record
● Mykolas Alekna broke the longest-standing world record in men's athletics, producing a
mammoth 74.35-meter discus throw to shatter the nearly 38-year-old previous best mark.
● The 21-year-old Lithuanian, a silver medalist at the 2022 World Championships and bronze
medalist at last year's Budapest Worlds, broke the record at the Oklahoma Throws Series World
Invitational in Ramona, Oklahoma.
India’s D. Gukesh Stayed On Top Of Leaderboards Of FIDE Candidates 2024
● In Chess, India’s D. Gukesh stayed on top of the leaderboards after playing out a draw against
the joint leader Ian Nepomniachtchi in round ten of the FIDE Candidates 2024 at the Great Hall in
Toronto, Canada.
● Meanwhile, Vidit Gujrathi agreed to a draw against compatriot R Praggnanandhaa.
● With just four games left in the event, 18-year-old Praggnanandhaa is just half a point behind the
.
tournament leaders.
● The American duo of Hikaru Nakamura and Fabiano Caruana are also with Praggnanandhaa,
which means five people are still in contention to win the open section.
Rashmi Kumari wins national women’s carrom title for the 12th time
● Three-time World Champion Rashmi Kumari beat K Nagajothi 25-8, 14-20, 25-20 in the women’s
final of the 51st National Carrom championship organised by the Madhya Pradesh Carrom
Association.
● It was a record 12th national women’s singles title for Rashmi, employed as the Chief Manager at
the Oil and Natural Gas Corporation (ONGC).
● The men’s title was bagged by K Srinivas as he beat S Aditya 25-0, 19-6 in the final.
● It was the fourth national men’s singles title for Srinivas who was brilliant in the tournament,
executing seven white slams.
● The championship, sponsored by the Petroleum Sports Promotion Board (PSPB) and SYNCO
carrom company, had 237 men and 174 women participants from 12 institutions and 27 States.
India Clinches 2 Silver, and 2 Bronze Medals At 13th European Girls’ Mathematical Olympiad 2024 at
Tskaltubo, Georgia
● The Indian team has secured 2 Silver and 2 Bronze medals in the 13th European Girls’
Mathematical Olympiad (EGMO) 2024.
● This Olympiad was held in Tskaltubo, Georgia.
● Gunjan Agarwal of Gurgaon and Sanjana Philo Chacko of Thiruvananthapuram won Silver
medals while Larissa from Hissar and Pune’s Saee Patil won Bronze medals.
● This achievement marks the second instance of all four contestants securing medals at EGMO
since India’s debut in 2015.
Former World No. 1 Kento Momota announces retirement at 29
● 29-year-old former world champion Kento Momota announced that he was retiring from
badminton, citing mental and physical issues amid a lean patch at the highest level.
● The former World No. 1 confirmed that he will not represent his country again after the Thomas
and Uber Cup, scheduled to be held in Chengdu in China from April 27.
● Momota last played in the Badminton Asia Team Championships in Shah Alam in January before
which he failed to qualify for the main draw at Indonesia Masters.
Balraj Panwar Secures India’s 1st Paris Olympics Quota In Rowing In Men’s Single Scull Event Of 2024
.
World Asian, Oceanian, Olympic & Paralympic Qualification Regatta

● Balraj Panwar secured India’s first Paris Olympics quota in rowing by securing third position in
the men’s single scull event of the 2024 World Asian and Oceanian Olympic and Paralympic
Qualification Regatta at Chungju in South Korea.
● The 25-year-old rower from the Indian Army demonstrated remarkable performance by clocking 7
minutes and 1.27 seconds in the 2000-metre race and securing the quota.
● In the men’s single scull category, the top five finishers earn an Olympic berth.
Vinesh Phogat, Anshu Malik, And Reetika Hooda Secured Quotas For the 2024 Paris Olympics
● In wrestling, India’s star woman grapplers, Vinesh Phogat, Anshu Malik, and Reetika Hooda,
clinched the Paris Olympics 2024 quota at the Asian Olympic qualifiers in Kyrgyzstan’s Bishkek.
● Phogat beat Laura Ganikyzy of Kazakhstan, 10-Nil, in the 50 kg category, while Anshu defeated
Laylokhon Sobirova of Uzbekistan in the 57 kg category, 11-Nil.
● Reetika defeated Hui T. Chang of Chinese Taipei, 7-Nil, in the 76 kg category.
Candidates Chess Tournament: India’s D Gukesh Defeats Nijat Abasov In 12-Round
● In the Candidates Chess Tournament, India’s D. Gukesh produced another brilliant victory in the
12th round, defeating the bottom-placed Nijat Abasov at the Great Hall in Toronto, Canada.
● Gukesh now jointly leads the points table of the Open section at 7.5 points, along with Russia’s
Ian Nepomniachtchi and the American Hikaru Nakamura, and set up an exciting finale with two
more rounds to go.
● Another Indian R. Praggnanandhaa’s draw against the unbeaten Nepomniachtchi also helped the
17-year-old Gukesh to reach the top of the table.
Balraj Panwar secures India's first quota in rowing for Paris Olympics
● Balraj Panwar proved his talent by confirming his Paris Games berth by clinching the single scull
bronze at the Asia-Oceania Olympic Qualification rowing competition in Chungju, South Korea.
● Para rowers Anita and Narayana Konganapalle also made their trip to France official after winning
the mixed double scull gold ahead of Thailand's Chintana Chueasaart and Poramin
Phongamthippayakul - only two boats featured in the event.
Rybakina Wins Her Third Title This Season at Stuttgart Open
● World No.4 Elena Rybakina captured her third Hologic WTA Tour title of the year after defeating
No.27 Marta Kostyuk 6-2, 6-2 in the final of the Porsche Tennis Grand Prix.
.
● Stuttgart is Rybakina's eighth career title and third on clay, following wins at 2023 Rome and 2019
Bucharest.
Karnataka's Nandini dairy to sponsor Ireland and Scotland teams in upcoming T20 World Cup
● The state-owned dairy brand in Karnataka, Nandini, is all set to present itself on a global stage
during the cricket T20 World Cup scheduled in June this year(2024).
● Karnataka Milk Federation (KMF)’s Nandini will sponsor Scotland and Ireland cricket teams during
the upcoming cricket tournament.
● This is the first time for a home-grown brand, which was in the news during the assembly elections,
to sponsor international cricket teams.
● Nandini is also reportedly going to enter the energy drink market in the United States with ‘Nandini
Splash,’ a whey-based energy drink.
Saurav Ghosal Announces Retirement From Professional Squash, To Continue To Play For India
● Indian squash player Saurav Ghosal announced his retirement from professional squash.
● During his career, Ghosal won 12 Professional Squash Association (PSA) titles and multiple medals
at the Commonwealth Games (CWG) and Asian Games.
● He is also the only Indian man to enter the top 10 in the World rankings.
● He is also the first Indian male player to secure a CWG squash medal in a singles competition at the
same event.
● He has also won the World Doubles Championships gold medal after partnering compatriot Dipika
Pallikal Karthik in the mixed event at the 2022 Glasgow competition.
Novak Djokovic, Simone Biles, Aitana Bonmati, Jude Bellingham Among Winners At the 2024 Laureus
Awards
● Novak Djokovic, Simone Biles, Aitana Bonmatí, and Jude Bellingham were honoured at the 2024
Laureus Sports Awards ceremony held in Madrid.
● Novak Djokovic, the world's top-ranked tennis player, was named the Laureus World Sportsman of
the Year for the fifth time, matching Roger Federer's record for the most decorated male athlete in
this category.
● Djokovic had previously won this award in 2012, 2015, 2016, and 2019.
● Bonmati became the first footballer to win the Laureus Sportswoman of the Year Award, after a
golden year that included Liga F and Champions League titles with Barcelona, and a World Cup with
Spain.
.
● USA’s Simone Biles, meanwhile, was honoured with the Laureus World Comeback of the Year
Award.
● Jude Bellingham won the Laureus World Breakthrough of the Year Award.
● Arisa Trew became the first female skater to win the Action World Sportsperson of the Year Award.
● The 13-year-old Australian made history in 2023 in becoming the first female athlete to land a 720
(two full rotations) in vert skateboarding
● Diede de Groot became the second wheelchair tennis player – after Esther Vergeer’s success in
2008 and 2002 – to pick up the Laureus World Sportsperson of the Year with a Disability Award.
● The Laureus World Sports Awards is an annual event that started in 2000. It celebrates great and
inspiring sporting achievements and also showcases Laureus Sport for Good's initiatives.
AIFF records historic 138 pc rise in women’s footballers in last 21 months
● Indian football has recorded a historic 138 percent surge in women’s player registration for the last
two years, indicating a healthy growth in the popularity of the sport as well as an increase in young
female athletes opting for football, professionally.
● According to the All India Football Federation (AIFF) Central Registration System (CRS) data, India
has 27,936 registered female footballers as of March 2024.
● This is a massive 138 per cent rise in the number of female footballers in the last 21 months.
● India also has 24 active State Leagues for women’s football, which acts as the 3rd tier of the
pyramid and has helped the national federation populate the sport among the masses.
Langam Chaoba Devi Set to be Indian Women National Football Team Coach
● Former player Langam Chaoba Devi is set to take over as the national women’s football coach after
the I M Vijayan-led AIFF technical committee recommended her name for the position.
● The 51-year-old Devi, who captained the national side in the 1999 Asian Championships in
Philippines, has earlier been an assistant coach of the Indian team.
● The Manipuri has also represented the country in the 1998 Bangkok Asian Games.
● Devi is the only female coach from the north-east region to have an AFC ‘A’ License coaching
badge.
India's Velavan Senthilkumar Wins Batch Open Squash
● India’s Velavan Senthilkumar secured his eighth Professional Squash Association Tour title by
winning the Batch Open Challenger.
● World No 58 Senthilkumar beat Frenchman Melvil Scianimanico 11-6, 11-9, 11-6 in the final
.
● National champion Velavan Senthilkumar advanced to his career 12 th Professional Squash

Association final at the USD 12,000 Batch Open Challenger Tour event in Paris.
● The top-seeded Indian, ranked 58 in the world, defeated Hong Kong’s Andes Ling 11-2, 11-1, 11-6
in 22 minutes in the semifinal, and took on Frenchman Melvil Scianimanico for the title.
Lionel Messi scores twice as Inter Miami beat New England
● Lionel Messi’s brace led Inter Miami to a 4-1 victory over the New England Revolution in Foxboro,
Massachusetts.
● Benjamin Cremaschi and Luis Suarez scored the other goals for Miami (6-2-3, 21 points), which has
points in five straight games.
● Miami improved to 4-3-0 all-time against the Revolution and avoided a third straight loss in Foxboro.
BOOKS AND AUTHOR

Salman Rushdie to release 'Knife' memoir recounting stabbing
● Booker Prize-winning author Salman Rushdie’s memoir "Knife" has been released.
● In 'Knife', Salman Rushdie has an imaginary conversation with his attacker.
● On this occasion, has spoken in detail about the moment he was attacked by a man with a knife
on a stage in New York in 2022.
● Rushdie's second novel, Midnight's Children (1981), won the Booker Prize in 1981.
OBITUARIES
Asian Games Veteran Deanna Syme Tewari Passed away
• Former Asian Games athlete and a torchbearer at the 1982 Delhi edition, Deanna Syme Tewari,
passed away in Dubai at the age of 85.
• Deanna Syme represented the State in the National Athletics Championship in erstwhile Bangalore
in 1957, and won the long jump gold, leapfrogging Aunt Marjorie's record.
• But her finest moment came in the 1958 National Games where she set a national mark by
recording 17 feet and 8 inches for the gold.
World War II Veteran Subedar Thanseia of the Army Passes Away
• Subedar Thanseia, a distinguished World War II veteran of the Indian Army, whose actions at the
crucial Battle of Kohima against formidable odds, contributed to a pivotal victory for the Allied
forces, has passed away at the age of 102.
.
• Hailing from Mizoram, Subedar Thanseia served with distinction in the Indian Army, particularly
during World War II.
• His valour and leadership were instrumental in shaping the legacy of the 1st Assam Regiment,
especially during their deployment at Jessami.
South African Footballer and Olympian Luke Fleurs Fatally Shot in Carjacking Incident
• South African footballer and Olympian Luke Fleurs has been killed in a hijacking in Johannesburg
at the age of 24.
• Fleurs was born in Cape Town on 3 March 2000.
• He made his National First Division debut aged 17 and made 18 league appearances in his first
season of professional football.
• He previously played for the national under-23 side, representing South Africa at the Tokyo
Olympics.
Renowned Physicist Peter Higgs, Pioneer of the 'God Particle' Discovery, Passed away
• Peter Higgs, the British physicist who won a Nobel Prize in 2013 for his discovery decades earlier
of a theoretical mechanism to explain the origin of mass in the universe, has passed away at the
age of 94.
• Peter Ware Higgs was born in Newcastle-upon-Tyne in northeast England on May 29, 1929.
• He was a British theoretical physicist, professor at the University of Edinburgh.
Iconic Ramsay Brothers' Cinematographer Gangu Ramsay Passed Away
• Cinematographer-filmmaker Gangu Ramsay, one of the seven Ramsay Brothers known for cult
horror films such as Purani Haveli and Tehkhana, passed away at the age of 83.
• Gangu Ramsay's career spanned decades as he worked on over 50 iconic films under the Ramsay
Brothers banner, including classics like Veerana, Purana Mandir, Bandh Darwaza, Do Gaz
Zameen Ke Neeche, Saamri, Tahkhana, Purani Haveli, and Khoj.
Renowned Fashion Icon Roberto Cavalli, Known for Leopard Print Designs, Passed Away
• Renowned Italian fashion designer Roberto Cavalli, celebrated for his bold python and extravagant
animal prints that captivated the global jet set, has passed away at the age of 83.
• Cavalli was born on 15 November 1940 in Florence,Italy renowned for its leatherwork and
craftsmanship.
• He debuted in the 1970s with daring designs that were embraced by icons like Sophia Loren and
Brigitte Bardot.
.
Legendary England Spin Bowler Derek Underwood Passed Away

● Derek Underwood, England's best spinner in the post-World War II era, who gave a torrid time to
the legendary Sunil Gavaskar, passed away at the age of 78.
● Underwood was born on June 8, 1945, in Bromley, Kent, England.
● He played 676 first-class games and 411 List-A games, claiming a total of 2,465 and 572 wickets
respectively.
● He was ranked as the No. 1 bowler in the world by the ICC Men's Test Player rankings from
September 1969 to August 1973.
● He served as the President of Kent Cricket Club in 2006, the President of Marylebone Cricket
Club (MCC) in 2008, and was inducted into the ICC Hall of Fame in 2009.
● He was inducted into the ICC Hall of Fame in 2009, recognizing his significant contributions to
the sport.
Renowned Carnatic Musician K.G. Jayan Passed Away
● Acclaimed Carnatic musician K.G. Jayan, the father of front-line Malayalam actor Manoj K.
Jayan, passed away at the age of 90.
● K. G. Jayan born on 21 November 1934 in Kottayam, Travancore, India
● He was renowned for his devotional songs and had composed over 1,000 songs during his
career.
● He, along with his twin brother, KG Vijayan was known in the world of South Indian music as
Jaya-Vijaya brothers.
Awards & Honors :
● 1991 – Kerala Sangeetha Nataka Akademi Award – Government of Kerala
● 2013 – Harivarasanam Award – Government of Kerala and Travancore Devaswom Board
● 2019 – Padma Shri – 4th highest civilian award in India
World Cup-winning German Soccer Player Hoelzenbein Passed Away
● Bernd Hoelzenbein, the 1974 World Cup-winning striker for Germany, passed away at the age of
78.
● Hoelzenbein played as a striker or winger and scored five goals in 40 matches for West
Germany.
● Additionally, he achieved success at the club level, winning three German Cups with Frankfurt
.
and the UEFA Cup in 1980.

● He also holds the club record for Frankfurt with 215 goals scored in 532 competitive appearances
between 1967 and 1981.
● He made significant contributions to Frankfurt's success, being part of the golden generation of
the 1970s and the UEFA Cup-winning team in 1980.
Ex-England Test batsman Raman Subba Row passed away
● The former England batter Raman Subba Row passed away at the age of 92.
● At the time of his death, he was England’s oldest living men’s Test cricketer.
● Raman Subba Row was born in Streatham, Surrey, England on 29 January 1932.
Father of Indian psychoanalysis Sudhir Kakar Passed away
● Sudhir Kakar, India’s foremost psychoanalyst who helped readers understand Indian men and
women like none other, passed away at the age of 85.
● Sudhir Kakar was a novelist and author in the fields of cultural psychology and the psychology of
religion.
● In 2012, Kakar was conferred Order of Merit by Germany, the country’s highest civilian honour
for special achievements in political, economic, cultural and intellectual fields.
● The German weekly Die Zeit described Kakar as one of “21 important thinkers for the 21st
century”.
● Kakar was honoured with numerous awards for his work, including the Kardiner Award of
Columbia University, Germany’s Goethe Medal and the Distinguished Service Award of the Indo-
American Psychiatric Association.
Renowned Senior Journalist Sarabjit Singh Pandher Passed away
● Senior journalist and former president of the Chandigarh Press Club Sarabjit Pandher passed
away at the age of 58.
● Sarabjit Singh Pandher was born in 1964 in Ludhiana, Punjab
● He was elected President and Secretary General of the Chandigarh Press Club twice,
demonstrating his leadership and influence within the journalistic community.
.
Important Monthly Current Affairs Capsule – May 2024
.
2. NATIONAL NEWS 09
4. STATE NEWS 32
5. BUSINESS NEWS 35
15. SPORTS NEWS 196
16. OBITUARIES 210
.
IMPORTANT DAYS
International Labour Day: May 1
• International Labour Day is celebrated every year on May 1. International Labor Day 2024 is also
known as May Day.
• International Labour Day originated in 1889 when a group of socialist parties in Europe decided to
designate May 1 as a special day for workers, which they called International Labour Day or
Workers Day.
Gujarat Day 2024: Observed on 1 May
• Gujarat Day or Gujarat Foundation Day or Gujarat Sthapana Divas is celebrated every year on 1
May.
• Two states, Maharashtra and Gujarat, were formed after the partition of Bombay based on
language in 1960.
• These two states were carved out of Bombay State by the Bombay Reorganization Act in 1960,
due to the demands of the Gujarati and Marathi-speaking people.
Maharashtra Day 2024: May 1
• Maharashtra Day, celebrated on May 1st every year, marks the creation of the state of
Maharashtra in 1960.
• Maharashtra Day celebrates the linguistic and cultural identity of the Marathi people.
• The Samyukta Maharashtra Samiti (United Maharashtra Committee) formed in 1956 became the
driving force behind the movement.
• They advocated for a separate state encompassing Marathi-speaking regions that were then part
of the Bombay State.
World Tuna Day 2024: May 2
• World Tuna Day, observed annually on May 2 is dedicated to raising awareness about the critical
importance of tuna conservation.
• World Tuna Day was initially proposed by the Parties to the Nauru Agreement (PNA) during a
meeting of the Western and Central Pacific Fisheries Commission (WCPFC) in 2011.
World Press Freedom Day 2024: May 3
• World Press Freedom Day is observed on 3 May every year.
• This day is dedicated to the fundamental principles of press freedom and to defending the media
from attacks on their independence.
.
• The Theme of World Press Freedom Day 2024 is "A Press for the Planet: Journalism in the Face
of the environmental crisis".
Coal Miners Day 2024 In India - May 4
• Every year, Coal Miners Day is celebrated on May 4.
• This day is celebrated for the miners who are working in the field.
• The history of Coal Miner's Day dates back to 1952, when the Mines Act, was passed. This
legislation provided for the provision of medical facilities, safety and health measures, and rescue
stations for coal miners.
• The first coal mine in India was opened in 1774 by John Summer and Suetonius Grant Heatly of
the East India Company.
World Laughter Day 2024: May 5
• Every year World Laughter Day is celebrated on the first Sunday of May and this year(2024) World
Laughter Day falls on the 5th of May.
• Every year on the first Sunday of May, World Laughter Day was observed to promote awareness
about laughter and its health benefits.
• World Laughter Day was celebrated in 1998 when Dr. Madan Kataria announced the first
celebration of this day on May 10.
World Asthma Day 2024 - May 7
• Every year World Asthma Day is celebrated on the First Tuesday of May.
• This year(2024), World Asthma Day was celebrated on May 7.
• In celebration of World Asthma Day 2024, the Global Initiative for Asthma (GINA) has selected the
theme of “Asthma Education Empowers”.
• This day is celebrated to raise awareness among people about Asthma.
• The Global Initiative for Asthma (GINA) was established in 1993.
• The first World Asthma Day was observed in the year 1998.
World Red Cross And Red Crescent Day 2024 - May 8
• World Red Cross and Red Crescent Day are celebrated every year on May 8.
• This initiative was studied by an International Commission established at the 14th International
Conference on the Red Cross.
• Immediately after World War I, the world needed peace and stability.
.
• In 1948, the Board of Governors of the League of the Red Cross Societies proposed to celebrate
the birth anniversary of Henry Dunant, the founder of the Red Cross and the International
Committee of the Red Cross (ICRC).
World Thalassaemia Day 2024 - May 8
• World Thalassaemia Day is celebrated every year on May 8.
• This day is celebrated to raise awareness about the struggles of patients suffering from genetic
disorders and raise awareness about Thalassaemia.
• The Theme of World Thalassaemia Day 2024 is "Empowering Lives, Embracing Progress:
Equitable and Accessible Thalassaemia Treatment for All".
• The history of World Thalassemia Day dates back to 1994 when the Thalassemia International
Federation (TIF) first established the day.
National Technology Day 2024 - May 11
• National Technology Day is celebrated every year on May 11.
• This day is observed to commemorate the importance of Scientists, Research, etc.
• This day is celebrated to raise awareness about the Technology that is developed day by day.
• The history of National Technology Day in India dates back to 1998, when the Indian Army
conducted five nuclear bomb tests (Pokhran- II) in Rajasthan under the surveillance of the then
Prime Minister of India Atal Bihari Vajpayee.
• The first National Technology Day was observed on 11 May 1999.
International Nurses Day 2024 - May 12
• International Nurses Day is celebrated every year on May 12.
• The theme for International Nurses Day 2024 is Our Nurses. Our Future. The economic power of
care.
• In 1953, US Department of Health, Education, and Welfare officer Dorothy Sutherland contacted
US President Dwight.D.Elsenhower to celebrate “Nurses Day”.
• Since 1965, the International Council of Nurses (ICN) has celebrated this day.
• From January 1974, May 12 was officially declared “International Nurses Day”.
International Day Of Families 2024 - May 15
● International Day of Families is celebrated every year on May 15.
● This day is celebrated to raise awareness about the importance of Family.
● The theme for International Day of Families 2024 is “Families and Climate Change.”
.
● International Day Of Families was first observed by the United Nations General Assembly (UNGA) in
the year 1994.
● International Day Of Families is celebrated as the 30th anniversary of International Day Of Families
by the United Nations.
● In 1985, the Economic and Social Council invited the General Assembly to conduct the forty-first
session named “Families in the Development Process”.
World Telecommunication And Information Society Day 2024 - May 17
● World Telecommunication And Information Society Day 2024 is celebrated on May 17.
● The United Nations General Assembly(UNGA) declared May 17 as World Telecommunication and
Information Society Day.
● In the year 1865, the International Telecommunication Union was founded, when the first Indian
Telegraph Convention was signed.
● In 2005, the World Summit on the Information Society asked the United Nations to declare May 17
as World Telecommunication Day to be observed every year.
World Hypertension Day 2024 - May 17

● World Hypertension Day 2024 is celebrated on May 17.
● This day is prompted by the World Hypertension League(WHL).
● The Theme of World Hypertension Day 2024 is “Measure Your Blood Pressure Accurately, Control
it, Live Longer!”.
● The World Hypertension League (WHL) established World Hypertension Day to increase public
awareness of hypertension.
● The World Hypertension League sponsored the inaugural World Hypertension Day on May 14, 2005.
● May 17 has been recognized as World Hypertension Day annually since 2006.
International Museum Day 2024 - May 18

● International Museum Day is celebrated every year on May 18 to raise awareness about the
museums in society.
● The theme for International Museum Day 2024 is “Museums for Education and Research”.
● The International Council of Museums(ICOM) has promoted this day every year since 1977.
● The International Council Of Museums (ICOM) conducted a general meeting in Moscow, Russia to
.
adopt the day for museums.

● After that, the first International Day Of Museums was first established in 1977.
● The theme for International Museum Day was first established in 1992.
World AIDS Vaccine Day, or HIV Vaccine Awareness Day, observed on May 18th
● World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on
May 18.
● The day is dedicated to recognising and promoting the need for AIDS vaccines.
What is AIDS?
● AIDS stands for Acquired Immunodeficiency Syndrome, caused by the human immunodeficiency
virus (HIV).
● The disease was first reported in 1981 in the United States.
● If HIV is not treated on time, it can lead to AIDS, which occurs when the body's immune system is
badly damaged and is not able to fight other diseases and infections.
● The day commemorates a speech by then-President Bill Clinton at Morgan State University on
May 18, 1997, emphasizing the importance of creating a vaccine to stop the spread of the
epidemic.
World Metrology Day 2024 - May 20
● World Metrology Day is celebrated on May 20 annually.
● This day is observed to raise the importance of Metrology. Metrology Day is prompted by the
Measurements Standards Laboratory(MSL).
● The first World Metrology Day was held in 1961.
Anti-Terrorism Day 2024 - May 21
● Anti-Terrorism Day is celebrated every year on May 21.
● This day is to commemorate the death anniversary of former Prime Minister Rajiv Gandhi.
● This day is observed on the death anniversary of former Prime Minister Rajiv Gandhi in 1991.
● He was the sixth Prime Minister of India in 1984.
World Day For Cultural Diversity For Dialogue And Development 2024 - May 21
● World Day for Cultural Diversity for Dialogue and Development was observed on May 21.
● UNESCO has adopted this day since 2001.
● UNESCO adopted the World Day for Cultural Diversity in 2001.
.
● In 2002, the United Nations General Assembly declared May 21 as World Day for Cultural
Diversity for Dialogue and Development.
International Day For Biological Diversity 2024 - May 22
● International Day for Biological Diversity 2024 is celebrated on May 22.
● This year(2024), the theme of the International Day for Biological Diversity is "Be Part of the
Plan."
● This day is observed to raise awareness about Biological Diversity.
● The aim of International Day for Biological Diversity is to promote diversity issues.
● On December 20, 2000, the day was first observed on 22nd May.
● Bio means life; Diversity means a range of different things and Biodiversity means Diversity of
life.
International Day Of Action For Women’s Health 2024 - May 28
● Every year, International Day of Action for Women's Health is observed on May 28.
● This year(2024), International Day of Action for Women's Health falls on Tuesday.
● THEME: The International Day of Action for Women’s Health 2024 is yet to be announced.
● HISTORY: In 1987, South Africa was first recognized this day as the International Day of Action
for Women’s Health.
● In 1984, the Women’s Global Network for Reproductive Rights (WGNRR) was created to
organize the International Day of Action for Women’s Health.
International Everest Day 2024 - May 29
● International Everest Day 2024 is observed on May 29.
● This day is in the memory of two persons who climbed Mt. Everest in 1953.
● The Theme allocated for International Everest Day 2024 is yet to be released.
● International Mount Everest Day was celebrated in 2008, and it was the day Edmund Hillary
passed away that Nepal decided May 29 as International Everest Day.
International Day Of United Nations Peacekeepers 2024 - May 29
● The International Day of United Nations Peacekeepers is observed every year on May 29.
● The first United Nations Peacekeeping mission was first established in May 1948.
● This year(2024), the theme of International Day of United Nations Peacekeepers 2024 is “Fit for
the future, building better together”.
● In the first UN Peacekeeping Mission in 1948, 3,800 military, police and other personnel lost their
.
lives in the service of peace.

World No Tobacco Day 2024 - May 31
● World No Tobacco Day is observed every year on May 31.
● This day is also known as World Anti-Tobacco Day.
● World No Tobacco Day is to spread awareness to the people about the harmful effects of
tobacco which causes cancer, lung disease, etc.
● The theme for World No Tobacco Day 2024 is "Protecting children from tobacco industry
interference".
● In 1987, the World Health Assembly passed a resolution called “World No Smoking Day”.
● In 2008, on World No Tobacco Day, the World Health Organization (WHO) called for a ban on all
tobacco products, advertisements, promotions, and sponsorship.
NATIONAL NEWS
Government makes a push for e-commerce exports’
• The government has decided to extend benefits under the Remissions of Duties and Taxes on
Export Products (RoDTEP) scheme for shipments sent abroad via courier or e-commerce channels
from sectors like gems and jewellery, pharma, leather, textiles and handicrafts, Commerce and
Industry Minister Piyush Goyal announced.
• To enable the Micro, Small and Medium Enterprises to get RoDTEP benefits, particularly for
exports through courier and e-commerce route, the government will extend it to certain products,
which could help exports from MSMEs of anywhere between one billion to two billion dollars a
year.
Geneva-based UN-related body to review India’s human rights accreditation status:
• The National Human Rights Commission (NHRC) is preparing to defend the government’s human
rights processes at a meeting in Geneva, where a decision on whether India’s human rights body
will retain its “A status” is expected to be made.
• The NHRC’s ratings were put on hold in 2023 over concerns about its composition procedure, the
presence of police personnel in human rights investigations, and the lack of gender and minority
representation, and the decision over whether the NHRC is given an A rating or a B rating would
affect its ability to vote at the UN Human Rights Council and some UNGA bodies.
Telecom operators group asks government to ban the sale of unlicensed WiFi 6E routers
.
• A group representing telecom operators has sought a ban on the sale of WiFi 6E routers that use
the 6 GHz spectrum band for data transmission, requesting as the government has not yet
determined the utilisation of the frequencies.
• The Cellular Operators Association of India (COAI), whose members include Reliance Jio, Airtel,
and Vodafone Idea, claimed that the routers are being sold on e-commerce platforms such as
Amazon, Flipkart, and Moglix, as well as through offline retailers.
GCMMF’s ‘Manthan’ to be screened at Cannes Film Festival
• Shyam Benegal’s 1976 feature film “Manthan” has been selected for screening at the 77th Cannes
Film Festival, which will be held from May 14
• The Gujarat Cooperative Milk Marketing Federation (GCMMF) and the producer of the film had
joined hands with a not-for-profit organisation --- Film Heritage -- to restore the national award-
winning film in 4K.
• India became the largest milk producer in 1998
• Made with a budget of ₹10 lakh, this is a crowd-funded film.
Government cancels FCRA licences of 6 NGOs over 'violations'
• The Union home ministry has cancelled the Foreign Contribution Registration Act (FCRA) licences
of six non-governmental organisations (NGOs) for their alleged violation of the FCRA rules, misuse
of foreign grants, and religious conversion, among others.
• The cancellation came following a scrutiny by the Centre in March-April this year(2024).
• The NGOs whose registrations have been cancelled are CNI Synodical Board of Social Service,
Voluntary Health Association of India, Indo-Global Social Service Society, Church's Auxiliary for
Social Action, and Evangelical Fellowship of India.
SCOPE’s Art Exhibition cum Painting Competition adds colour to Public Sector Day celebrations
• Encouraging creative minds, artists and upcoming talent, the Standing Conference of Public
Enterprises (SCOPE) organised an Art Exhibition cum Painting Competition at SCOPE Social
Interaction Centre (SSIC), SCOPE Complex, New Delhi, as part of Public Sector Day
celebrations.
• Dr. Vasundhara Upmanyu, Joint Secretary, DPE, Ministry of Finance inaugurated the event in the
presence of Shri Atul Sobti DG, SCOPE, senior officials of PSEs and participants.
.
• The painting competition was held on the themes - ‘My Vision for India of tomorrow’, ‘Nation ‘Go
Green’, ‘Nation Building by Public Sector’ and ‘Unleash your imagination through brushes and
strokes.’
IFFCO gets the nod to launch two more nano-tech fertilisers
• Fertiliser major Iffco, which introduced nano liquid urea and nano liquid DAP, stated the central
government has approved its two new products nano liquid zinc and nano liquid copper for the
launch.
• These two products would help in mitigating deficiencies of zinc and copper in agriculture crops
and boost productivity.
• FCO (Fertiliser Control Order) approval has been granted for both these products.
DGCA deregisters all 54 aircraft leased to Go First after Delhi HC order
• The Directorate General of Civil Aviation (DGCA) has deregistered all 54 aircraft leased to the
now-bankrupt airline Go First, according to officials.
• This move comes in the wake of an order issued by the Delhi High Court on April 26.
• Go First filed for bankruptcy in May 2023.
• The Delhi High Court, on April 26, directed the DGCA to deregister planes leased to Go First
within five working days, providing much-needed relief to the lessors.
India among top 5 developing countries in aviation emissions in 2019: Study
• In 2019, India was among the top five economically developing countries in terms of carbon
dioxide (CO2) emissions from aviation, a new research has found.
• However, among the economically developing countries, India was found to be the third biggest
contributor with close to 3 per cent share in global CO2 emissions from aviation, following China
at 14 per cent and the United Arab Emirates (UAE) at more than 3 per cent.
• The research team at the Norwegian University of Science and Technology also found that
India's share in global CO2 emissions from domestic aviation was the third highest at 1.5 per
cent.
PM Narendra Modi’s photo removed from Covid vaccine certificates
• The Union health ministry has made a notable change to the CoWIN certificates for COVID-19
vaccinations by removing the image of Prime Minister Narendra Modi.
• Previously, these certificates prominently featured Modi's image along with a quote affirming
India's collective resolve to conquer coronavirus.
.
• While the quote – “Together, India will defeat COVID-19” – remains attributed to the prime
minister, his name has been omitted from the certificates, The Hindu reported.
Indian Institute of Astrophysics releases video of moon occulting Antares
• The Bengaluru-based Indian Institute of Astrophysics (IIA) has filmed the passing of the moon in
front of Antares, a bright red star.
• The moon passed in front of Antares on April 27, hiding it for roughly 40 minutes.
• IIA stated that this event was visible only from southern India.
• IIA filmed the event from its Bengaluru campus using a camera on an 8-inch telescope.
• While moving in its orbit roughly once a month, the moon will occasionally occult, or hide, bright
stars that are behind, and sometimes, even planets.
Free hospital care under PM-JAY touches Rs 86,000 crore
• Free hospitalisation benefits worth Rs 86,000 crore have been provided to beneficiaries of the
Pradhan Mantri Jan Arogya Yojana (PM-JAY) since the scheme was rolled out in September
2018.
• More than 65 million people have so far benefited from the PMJAY scheme which offers Rs
5,00,000-a-year free health cover.
• The scheme was made available for 107 million poor households in the country, roughly covering
the bottom 40% of the population.
• The Centre launched the scheme on September 23, 2018, to alleviate the suffering of the people
due to the rising cost of healthcare.
First constitution park was inaugurated in Pune
• Constitution Park, jointly developed by the Indian Army and Punit Balan Group, was inaugurated in
Pune.
• The park was inaugurated by GOC-in-C, Southern Command, Lt Gen Ajai Kumar Singh.
• This Constitution Park is a tribute to the founding leaders of the Constitution.
• This park is a symbol of unity and commitment towards values in the Constitution of India.
Centre may push for 12% GST for health insurance; lower rate is seen to widen cover
• To make health insurance more affordable and attractive, the Centre may push for a lower GST
tax rate to 12%, compared to 18% now, on health insurance premiums up to Rs 30,000.
.
• Going by the current market rates, a premium up to Rs 30,000 could buy health insurance sum
insured around Rs 10 lakh/annum for a family of four members, depending upon various factors
such as type of coverage, age of insured, and so on.
• A reduction in the tax rate could lead to a lowering of premium rates or offering additional health
cover options, depending on the requirements of people,
• After the GST rollout, a person must pay 18% GST when she buys a health insurance policy.
20 firms shortlisted under new EV subsidy scheme
• The Centre has given certification to over 20 vehicle OEMs to take part in the short-term e-mobility
promotion scheme EMPS.
• The process for granting EMPS certificates has been completed.
• The scheme is now expected to fully pick up pace and support EV adoption in the country
• The EMPS, which is valid for only four months (April–July 2024) with an outlay of Rs 500 crore,
aims to subsidise electric two-wheeler, three-wheeler, and e-rickshaw purchases by consumers.
Drone Destination signs pact with IFFCO for spraying agricultural products on 30 lakh acres of farmland
• Drone company Drone Destination has signed an agreement with cooperative major IFFCO for
spraying agricultural products on up to 30 lakh acres of farmland.
• According to company officials, under the agreement Drone Destination could get paid in the range
of Rs 400 to Rs 800 per acre at prevailing market rates, implying that the deal will fetch a revenue
of Rs 120 crore in the lower price band and up to Rs 240 at upper price band.
• The prevailing market rate of such agri spray is Rs 400-800 per acre depending upon the region
and the crop.
PM Vishwakarma: At 68%, women beneficiaries outshine men in skill training
• Under the Pradhan Mantri Vishwakarma Yojana, women surpassed men in participating in skills
training, with over 95 per cent of them choosing tailoring as their preferred trade.
• Introduced by Prime Minister Narendra Modi on September 17, 2023, the initiative has provided
training to 350,000 individuals so far.
• The states with the most beneficiaries under the programme are Karnataka (83,067), Gujarat
(56,221), Jammu and Kashmir (55,856), Andhra Pradesh (44,922), Assam (24,851), Maharashtra
(17,557), Uttar Pradesh (13,026), Madhya Pradesh (10,692), Rajasthan (7,846), and Chhattisgarh
(7,830).
.
• PM Vishwakarma is implemented as a Central Sector Scheme, fully funded by the Government of

India, with an initial outlay of Rs 13,000 crore.
Renewable energy accounted for 71% of India's new power generation in FY 24
• In India during FY 23-24, renewable energy (RE) contributed more than 71 per cent of the 26 GW
(GigaWatt) of new power generated in the country.
• According to the report by CEEW Centre for Energy Finance (CEEW-CEF), India's total installed
energy capacity has now reached 442 GW, with RE comprising approximately 33 per cent (144
GW) and hydro contributing 11 per cent (47 GW).
• The share of Coal in India's total installed capacity fell below the 50 per cent mark for the first time.
Government mulls relief on retrospective GST on e-gaming
• The government is considering granting relief to the online gaming industry by exempting them
from paying the Goods and Services Tax (GST) at the rate of 28% on the full face value of bets for
the pre-October 1, 2023 period.
• This would mean that the highly contentious “retrospective levy” of the tax would be annulled,
irrespective of the outcome of the Supreme Court case in this regard.
• The retrospective tax imposition of 28% on the full face value of bets has created havoc in the
online gaming industry, in view of the sheer magnitude of the tax demands involved.
Arabian Travel Mart 2024: Ministry Of Tourism Launches ‘Cool Summers Of India’ Campaign In Dubai
• The Ministry of Tourism, Government of India is participating in Arabian Travel Mart 2024, is being
held in Dubai.
• The event marks a significant step in strengthening India's presence in the Middle East tourism
market.
• Ministry of Tourism has launched the ‘Cool Summers of India’ campaign at Arabian Travel Mart.
• This digital campaign challenges the notion of India being too hot for summer travel, emphasizing
its offerings in hill resorts, including the Himalayas.
Department of Pharmaceuticals launches Meditech Stackathon 2024 in collaboration with CII
• The Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers launched the
MEDITECH STACKATHON 2024.
• MEDITECH STACKATHON 2024 was launched in New Delhi in collaboration with the
Confederation of Indian Industry (CII).
.
• Its goal is to transform the rapidly expanding MedTech industry in India by carefully examining the
value chain of certain medical products.
• India is the 4th largest market for medical devices in Asia and among the top 20 globally.
• India's MedTech industry holds immense potential, with projections estimating a growth rate of
28% annually, reaching a size of USD 50 billion by 2030.
Kutch Ajrakh, a traditional textile craft, has recently earned a Geographical Indication (GI) tag.
• The traditional artisans of ‘Kutch Ajrakh’ in Gujarat have been awarded the prestigious
Geographical Indication (GI) certificate by the Controller General of Patents, Designs, and
Trademarks (CGPDTM).
• This recognition celebrates the intricate textile craft that has been a part of Kutch's vibrant culture
for centuries.
• Ajrakh, a textile craft that has been deeply rooted in Gujarat's cultural tapestry, holds a revered
place in the regions of Sindh, Barmer, and Kutch, where its legacy spans millennia.
26th ASEAN-India Senior Officials’ Meeting Held In New Delhi
• The 26th ASEAN-India Senior Officials’ Meeting was held in New Delhi
• Shri Jaideep Mazumdar, Secretary (East), co-chaired the 26th ASEAN-India Senior Officials’
Meeting (AISOM), with H.E. Mr. Albert Chua, Permanent Secretary, Ministry of Foreign Affairs of
Singapore, in New Delhi.
• Singapore is the Country Coordinator of India for ASEAN-India Dialogue Relations.
• At the 26th AISOM, the gamut of ASEAN-India relations across the three pillars of engagement,
namely, political-security, economic and socio-cultural, as reflected in the ASEAN-India Plan of
Action (2021-2025), was reviewed.
India contributes $5,00,000 to U.N. Counter-Terrorism Trust Fund
• India has contributed $500,000 to the U.N. Counter-Terrorism Trust Fund, underscoring its
unwavering commitment to support multilateral efforts in the global fight against the scourge of
terrorism.
• India’s Permanent Representative to the United Nations Ambassador Ruchira Kamboj on May 7
handed over to Under Secretary General, United Nations Office of Counter-Terrorism (UNOCT)
Vladimir Voronkov the country's voluntary financial contribution of half a million dollars towards
the U.N. Counter-Terrorism Trust Fund (CTTF).
.
• United Nations Counter-Terrorism Trust Fund was established in 2009 and transferred to the UN
Office of Counter- Terrorism (UNOCT) in 2017
Global biofuel alliance sets up the three-pronged work plan
• Global Biofuel Alliance (GBA) has adopted a work plan focused on assessing country
landscapes, drafting policy frameworks, and conducting biofuel workshops.
• According to the International Energy Agency (IEA), biofuels have the potential to grow by 3.5-5-
times by 2050 due to Net-Zero targets, creating a huge opportunity for India.
Indian AI platform Hanooman launches in 98 global languages
• 3AI Holding Limited and SML India, announced the launch of ‘Hanooman’, India’s homegrown
multilingual GenAI platform in 98 global languages, including 12 Indian languages, to build Gen AI
ecosystem for India by leveraging the country’s diverse linguistic and cultural heritage.
• The AI tool has been developed by generative AI business SML India in partnership with 3AI
Holding, an Abu Dhabi-based investment company.
• The 12 Indian languages that the web version and app are currently available in include Hindi,
Marathi, Gujarati, Bengali, Kannada, Odia, Punjabi, Assamese, Tamil, Telugu, Malayalam and
Sindhi.
4th Meeting of ASEAN-India Trade in Goods Agreement Joint Committee

• The 4th Joint Committee meeting for the review of AITIGA (ASEAN-India Trade in Goods
Agreement) was held in Putrajaya, Malaysia and was co-chaired by Shri Rajesh Agrawal,
Additional Secretary, Department of Commerce, India and Ms. Mastura Ahmad Mustafa, Deputy
Secretary General (Trade), Ministry of Investment, Trade & Industry, Malaysia.
• The delegates from India and all 10 ASEAN countries participated in the discussions.
• The discussions for review of AITIGA, to make it more trade-facilitative and beneficial for
businesses across the region, started in May 2023.
• The Joint Committee undertaking the review work has met four times so far.
India likely to export almost 18 million tonnes of rice in 2024-25: USDA
● India will remain a leading player in the world rice market despite restrictions, according to a recent
projection by the United States Department of Agriculture (USDA).
● It accounts for almost 18 million tonnes of rice exports in 2024-25, which is around two million
tonnes more than the previous year.
.
● The global crop is primarily driven by an increase in production in India, China, Bangladesh, and
Indonesia.
● The global consumption is projected at a record 526.4 million tonnes, on the back of higher use in
India, the Philippines, Indonesia, and Bangladesh, offsetting a reduction for China.
Centre plans a unified portal for all digital public goods
● The government is planning a unified portal to list all its digital public goods (DPGs) such as
Aadhaar, Unified Payments Interface and Open Network for Digital Commerce in one place to
provide easy access to all the apps and services.
● The electronics and information technology is likely to be tasked with creating the portal and
coordinating with all the ministries and their respective departments and agencies to detail the digital
public infrastructure (DPI) created by them.
● The idea is to enable not just easy access for users but also promote ease of doing business as
multinational companies have also been seeking the services of these DPIs.
● According to estimates, the global market size of DPGs is likely to be $100 billion in the next five-six
years.
● As per EY estimates, the total cost per person for developing a DPG in countries with more than 50
million people is as low as 74 cents.
NTPC Talcher launches 'Girl Empowerment Mission' to support girls' education & development
● NTPC Talcher Thermal inaugurates its flagship corporate social responsibility (CSR) initiative, the
"Girl Empowerment Mission 2024".
● This one-month-long initiative aims to support 40 young girls from eight government schools
covering four Gram Panchayats by providing them with access to quality education, health, life skills
training, and mentorship.
14 People Given Citizenship Certificates For The First Time Under CAA
● The first set of citizenship certificates to 14 people was issued under the Citizenship (Amendment)
Act or CAA, nearly two months after the Centre notified it, initiating the process of granting Indian
nationality to persecuted non-Muslim migrants from Pakistan, Afghanistan and Bangladesh.
● Under the CAA, the qualification period for citizenship application has been reduced from 11 to 5
years for undocumented non-Muslim migrants from Pakistan, Bangladesh and Afghanistan who
came to India before December 31, 2014.
.
India records highest number of Internet shutdowns globally in 2023

● India witnessed the highest number of Internet shutdowns in the world in 2023, a record it has held
for the sixth straight year.
● The Internet was snapped 116 times in the country last year, according to the Keep It On coalition, a
grouping of civil society bodies that advocates against Internet blockades.
Indian Air Force tests BHISHM portable hospital for airdrop in Agra
● BHISHM Portable Hospital tested in Agra for airdrop from aircraft by the Indian Air Force.
● This is the first time that the Indian Air Force has tested this portable hospital.
● This test was done so that the portable hospital could be deployed anywhere to deal with
emergencies.
● According to the Ministry of Information and Broadcasting, BHISHM Portable Cubes are a part of a
broader initiative called "Project BHISHM" (Bharat Health Initiative for Sahyog, Hita and Maitri).
● It is designed to treat up to 200 casualties with an emphasis on quick response and comprehensive
care.
GAIL hires LNG ship from CoolCo
● State-owned gas utility GAIL (India) Ltd has hired a liquefied natural gas (LNG) carrier from NYSE-
listed Cool Company for 14 years to augment its transportation capability to meet India's rising gas
needs.
● The time charter for the LNG carrier will commence in early 2025 and GAIL will have the option to
extend it by two additional years beyond the firm 14-year period.
● GAIL presently has four LNG carriers in its fleet and the one coming from CoolCo will be the fifth.
● Last year, GAIL hired an LNG carrier from Japanese shipping company Mitsui OSK Lines.
● This was the second MOL Group LNG carrier serving GAIL.
● The first vessel, named GAIL Bhuwan, was chartered in 2021.
● The second vessel, taken in December 2023, was named GAIL Urja.
About GAIL
● GAIL Limited Headquarters: New Delhi, Sandeep Kumar Gupta; (Chairman & MD).
Cabinet Approves Ambitious IndiaAI Mission to Strengthen the AI Innovation Ecosystem
● The Government of India launched the IndiaAI Mission with a budget outlay of Rs.10,371.92 crore, a
comprehensive national-level program to democratize and catalyze the AI innovation ecosystem in
the country and ensure the global competitiveness of India’s AI startups and researchers.
.
● The IndiaAI mission will establish a comprehensive ecosystem catalyzing AI innovation through
strategic programs and partnerships across the public and private sectors.
● The Mission will be implemented by ‘IndiaAI’ Independent Business Division (IBD) under Digital India
Corporation (DIC).
Pharma PLI scheme gathers steam with investments of Rs 33,000 crore
● In less than three years since its launch, the production-linked incentive (PLI) scheme for the
pharmaceuticals sector seems to have taken off.
● The latest data by the department of pharmaceuticals (DoP) suggests that all three components of
the scheme — pharmaceuticals, bulk drugs and medical devices — have received substantial
interest from the industry.
● For instance, the pharmaceuticals category has seen investments of Rs 28,328 crore and generated
cumulative production of Rs 1.43 trillion as of April 2024.
Mobile PLI may be extended beyond 2026
● Smartphone PLI (production-linked incentive), the most successful of all 14 such schemes, may be
extended by a couple of years beyond 2025-26 when it officially ends
● The five-year PLI scheme, which started in 2020 ends in 2026, and each company has the flexibility
to choose any five consecutive years.
● While Apple has chosen the period of 2021-2026, for Samsung it’s between 2020-2025.
● Therefore, the thinking in the government is that a component scheme should replace the PLI in the
sector.
● The smartphone PLI has seen domestic production of phones rising to Rs 4.1 trillion in FY24 from
Rs 2.14 trillion in FY20, the year before the scheme was announced.
● The government launched PLI schemes for 14 sectors in 2021, such as telecommunication, white
goods, textiles, manufacturing of medical devices, speciality steel, high-efficiency solar PV modules,
automobiles, food products, advanced chemistry cell batteries, drones, and pharma.
Government likely to launch portal to unify insurance claim process
● The government is likely to launch the National Health Claim Exchange (NHCX) — a single portal to
submit and process health insurance claims across hospitals in the country — in the next two-three
months
● The platform is developed by the National Health Authority (NHA), in collaboration with the
Insurance Regulatory and Development Authority of India (Irdai), to ensure interoperability and
.
faster processing of health insurance claims.

● The NHA and Irdai last year joined hands to operationalise the NHCX.
● The Irdai, through a circular in June 2023, had advised all insurers and providers to onboard the
NHCX.
India and China have agreed to cooperate in efforts to pay for imports in local currency: Maldives
● India and China have agreed to cooperate in efforts to pay for imports in their respective currencies
instead of US dollars.
● This move would save the island nation almost 50 per cent of the annual $1.5 million import bill from
the two countries.
● Maldives’ Economic Development Minister Mohamed Saeed met Indian High Commissioner Munu
Mahawar recently to discuss the matter, following which the Indian High Commissioner said New
Delhi would cooperate in arranging for the settlement of import payments in Indian rupee.
● 'Maldives issue with India helping us': Sri Lanka tourism minister on boost in Indian travellers amidst
Maldives boycott calls.
Centre to Restore Support for Some Electric Two-Wheeler Makers, Blacklist Others
● The central government is considering reinstating financial support for electric two-wheeler
manufacturers Revolt Motors, Greaves Electric Mobility, and Amo Mobility under its Electric Mobility
Promotion Scheme 2024 (EMPS 2024).
● However, it plans to exclude Hero Electric, Okinawa Autotech, and Benling India from all future
government schemes,
● An initial investigation into the violation of vehicle localization norms mandated under the Faster
Adoption & Manufacturing of Electric Vehicles in India (FAME India) scheme resulted in notices
being issued for the recovery of Rs. 469 crore in subsidies distributed to these companies for sales
made between 2020 and 2023.
Uttar Pradesh tops in transmission line addition by state utilities
● According to the Central Electricity Authority (CEA), Uttar Pradesh has emerged as the leading state
in terms of adding transmission lines by state transmission utilities in FY24.
● In FY24, the Uttar Pradesh Power Transmission Corporation Ltd (UPPTCL) outperformed other state
utilities by adding 1,460 circuit kilometers (ckm) of transmission lines rated at 220kV or higher.
● The Gujarat Energy Transmission Corporation Ltd (GETCO) followed UPPTCL with an addition of
898 ckm by the end of FY24.
.
● Following Gujarat, Tamil Nadu, Andhra Pradesh, and Bihar ranked next in the addition of
transmission lines.
● The CEA, originally constituted under Section 3(1) of the repealed Electricity (Supply) Act, 1948,
now functions under Section 70 of the Electricity Act, 2003, overseeing and coordinating the
transmission infrastructure across the country.
New plant of Sun Pharma inaugurated in Bangladesh
● India has been a credible partner in the growth story of Bangladesh's pharmaceutical industry.
● A new plant of a leading Indian pharmaceutical company was recently inaugurated in Bangladesh.
● The new plant of Sun Pharma was jointly inaugurated by Salman F Rahman, Private Industry and
Investment Adviser to the Bangladesh Prime Minister, and Pranay Verma, Indian High
Commissioner to Bangladesh.
● The plant is located at the Meghna Industrial Economic Zone in the Sonargaon upazila of
Narayanganj district, near the river Meghna and adjacent to the Dhaka-Chittagong highway.
India Hosts 46th Antarctic Treaty Consultative Meeting
● India welcomes the 46th Antarctic Treaty Consultative Meeting (ATCM 46), dubbed the Antarctic
Parliament, held in Kochi from May 20-30. Organized by the National Centre for Polar and Ocean
Research
● Ministry of Earth Sciences-affiliated National Centre for Polar and Ocean Research, Goa,
orchestrates the gathering, uniting representatives from the treaty's 56 member nations.
● India’s prior hosting of ATCM was in New Delhi in 2007. The historic Antarctic Treaty, signed in 1959
by 12 nations, laid the groundwork for international cooperation in Antarctica, with membership
swelling to 56, including India, by 1983.
● Indian scientific forays into Antarctica trace back to 1981, culminating in the establishment of
Dakshin Gangotri (1983), followed by Maitri (1989) and Bharati (2012) research stations.
● The forthcoming Maitri II station, slated to commence operations by 2029, underscores India's
commitment to Antarctic research.
India Extends financial Support to Papua New Guinea After Devastating Landslide
● India pledges a swift financial aid package of $1 million to assist the victims of a catastrophic
landslide that struck the Enga province of Papua New Guinea, claiming the lives of over 2,000
people and causing widespread devastation.
● This humanitarian gesture underscores the robust ties between India and Papua New Guinea,
.
reflecting India's commitment to standing by its Pacific neighbour in times of need.

About New Guinea
● Capital: Port Moresby
● Currency: Papua New Guinean Kina
National Archives Of India Undertakes First Overseas Digitization Of Diaspora Records In Oman
● The Indian Embassy in Muscat and the National Archives of India (NAI) collaborate on a
groundbreaking project to archive historical documents of the Indian diaspora in Oman, titled "The
Oman Collection – Archival Heritage of the Indian Community in Oman."
● Running from May 19th to 27th, 2024, this project marks a significant milestone in preserving the
rich heritage of the Indian community in Oman.
● The project witnesses active involvement from 32 prominent Indian families from Gujarat, whose
roots in Oman extend back 250 years, showcasing their deep historical connection.
● The initiative receives backing from Oman's National Records and Archives Authority (NRAA),
reflecting a collaborative effort to safeguard historical records and deepen connections with the
Indian diaspora in Oman.
DoT and MHA strike down on SMS scammers
● The Department of Telecom (DoT) and the Ministry of Home Affairs (MHA) have initiated decisive
measures under the Sanchar Saathi program in response to a surge in SMS fraud.
● This comes in the wake of the detection of over 10,000 fraudulent text messages sent in the past
three months.
● The Indian Cyber Crime Coordination Centre (I4C) pinpointed the misuse of eight specific SMS
headers, leading to their immediate prohibition.
● Within the realm of telecommunications, "principal entities" refer to companies or legal bodies
that dispatch commercial SMS messages to telecom subscribers.
● The DoT's response included the blacklisting of the eight principal entities and the blocking of all
73 SMS headers and 1,522 content templates under their control.
Central Council for Research in Ayurvedic Sciences to Launches PRAGATI-2024
● The Central Council for Research in Ayurvedic Sciences (CCRAS) has launched the Pharma
Research in AyurGyan And Techno Innovation (PRAGATI-2024) initiative to foster research and
innovation in Ayurveda.
● PRAGATI-2024 aims to facilitate collaborative research between CCRAS and the Ayurveda drug
.
industry, fostering growth and innovation in the sector.
INTERNATIONAL NEWS
United Kingdom’s new ‘world first’ laws crack down on smart gadget cyber attacks
• The United Kingdom (UK) government has introduced "world first" laws requiring all internet-
connected smart devices to meet minimum security standards to protect consumers and
businesses from hacking and cyber-attacks.
• Under the new regime, manufacturers are prohibited from using weak, easily guessable default
passwords like "admin" or "12345".
• If a common password is used, users will be prompted to change it upon start-up to enhance
security.
United Nations Conference on Trade and Development Rebrands as "UN Trade and Development" to
Commemorate Its Anniversary
• The United Nations Conference on Trade and Development (UNCTAD) has been rebranded as
"UN Trade and Development" to mark its 60th anniversary.
• This rebranding reflects the organization's commitment to enhancing its impact and amplifying its
advocacy for developing countries.
• Significance of Rebranding:The rebranding initiative includes a new visual identity designed to
better reflect the organization's work and values.
About UNCTAD :
• Established : December 30, 1964
• Headquarters: Geneva, Switzerland
• Secretary General : Rebeca Grynspan
• The UNCTAD is a permanent intergovernmental organization that promotes the interests of
developing countries in world trade.
• UNCTAD’s work focuses on trade, development, finance, technology, investment, and sustainable
development.
World Trade Organization Celebrates 30 Years Since the Historic Marrakesh Agreement
• The World Trade Organization (WTO) commemorates the 30th anniversary of the Marrakesh
Agreement, a significant milestone in global trade history.
.
• The Marrakesh Agreement establishing the WTO was signed by 123 countries on 15 April 1994,
leading to the birth of the WTO on 1 January 1995.
• Impact on Global Trade:Over the past 30 years, the WTO has contributed to a significant
expansion in global trade.
• The agreement aimed to raise living standards, increase employment, and promote sustainable
development through trade.
About WTO :
• Founded: 1 January 1995
• Director General : Dr Ngozi Okonjo-Iweala
• Total members: 164 members (160 UN member states, the European Union, Hong Kong, Macao,
and Taiwan)
• The WTO is an intergovernmental organization that regulates and facilitates international trade.
Group of Seven Nations Agree to Phase Out Coal-Fired Power Plants by 2035
• Energy ministers from the Group of Seven (G7) wealthy countries reached a deal to shut down
their coal-fired power plants by 2035 at the latest, in a significant step towards the transition away
from fossil fuels.
• The accord will be included in the G7 energy ministers' final communique to be released at the end
of a two-day meeting in Turin.
• Significance for Climate Transition:The agreement aligns with the objectives set out by the
Conference of the Parties (COP28) United Nations climate summit, emphasizing a global transition
away from fossil fuels, especially coal, which is the most polluting among them.
Dubai Plans World's Largest Airport Terminal at Al Maktoum International
• Dubai has announced plans to build the world's largest airport terminal at Al Maktoum International
Airport, aiming to revolutionize the aviation industry and solidify Dubai's status as a major global
transportation hub.
• The ambitious project has been approved by Sheikh Mohammed bin Rashid Al Maktoum, Vice
President, Prime Minister, and Ruler of Dubai.
Nepal's Population Growth Rate Hits 80-Year Low at 0.92% Per Annum Over Past Decade
• Nepal's population growth rate has dropped to 0.92% per annum over the past decade, the lowest
in the last 80 years.
.
• The National Statistics Office (NSO) revealed this rate is less than 1% per year during the 10-year
review period.
• Population Figures:As per the NSO report, Nepal's population is approximately 29.2 million.
• Between mid-April 2011 and mid-April 2021, Nepal's population increased by 2.7 million.
About Nepal :
• President : Ram Chandra Poudel
• Prime Minister : Pushpa Kamal Dahal
• Capital : Kathmandu
• Currency : Nepalese rupee
Thailand Extends Visa Waiver Program for Indian and Taiwanese Tourists for Another 6 Months
• Thailand's cabinet approved a 6-month extension of the visa exemption program for tourists from
India and Taiwan to boost foreign tourist arrivals and support the country's economy.
• The extended visa waiver will run until November 11, 2024, after the existing program.
• Tourists from India and Taiwan can stay in Thailand without a visa for up to 30 days.
• Background and Impact of Visa Waiver: The extension follows the success of the initial waiver
introduced in November 2023.
• The Thai government under Prime Minister Srettha Thavisin aims to attract 80 million tourists by
2027.
About Thailand :
• Prime Minister : Srettha Thavisin
• Capital : Bangkok
• Currency : Thai baht
India Leads United Nation's Inaugural International Conference on Digital Public Infrastructure in New
Delhi
• The United Nations (UN) First International Conference on Digital Public Infrastructure was held
under India’s leadership to harness the technology to propel Sustainable Development Goals
(SDGs) and foster inclusivity.
• The Conference introduced India’s Digital Public Infrastructure (DPI) framework as a global
standard.
.
• The session was hosted by the Permanent Mission of India and the Ministry of Electronics and
Information Technology, in collaboration with the Indian Software Products Industry Round Table
(iSPIRT).
Ramcharitmanas, Panchatantra, and Sahṛdayāloka-Locana Added to United Nations Educational,
Scientific and Cultural Organization’s Memory of the World Asia-Pacific Regional Register
● The Ramcharitmanas, Sahrdayaloka-Locana, and Panchatantra have been included in the
United Nations Educational, Scientific and Cultural Organization’s (UNESCO) Memory of the
World Asia-Pacific Regional Register, marking a significant achievement for India.
● UNESCO has recognised a total of 20 items from the Asia Pacific region in its Memory of the
World Regional Register for the 2024 cycle.
● These included three each from China and Indonesia, and two each from Malaysia, Mongolia,
the Philippines, and Uzbekistan.
● The decision on the same was taken on May 7-8 in the 10th General Meeting of the Memory of
the World Committee for Asia and the Pacific (MOWCAP) in Ulaanbaatar, the capital of
Mongolia.
● Authors and Works:
➢ Ramcharitmanas: Written by Goswami Tulsidas in the 16th century, a retelling of the
Ramayana in the Awadhi dialect.
➢ Panchatantra: Attributed to Pt. Vishnu Sharma, penned around the 3rd century BCE,
known for its 'story within a story' structure.
➢ Sahrdayaloka-Locana: Written by Acharya Anandvardhan, commented upon by
philosopher Abhinava Gupta, focusing on Indian poetics and aesthetic appreciation.
● Role of IGNCA:
➢ The Indira Gandhi National Centre for the Arts (IGNCA) played a crucial role in securing
the inclusion of these works during the 10th MOWCAP meeting.
● MOWCAP Overview:
➢ In the Asia Pacific region, a specific branch called the Memory of the World Committee for
Asia and the Pacific (MOWCAP) was established in 1998.
➢ MOWCAP covers 43 countries, representing one of UNESCO's five regional programs.
➢ There are 494 inscriptions on the International MoW Register, as of May 2023, according
to the UNESCO website. MOWCAP Regional Register has inscribed 65 items from Asia-
.
Pacific countries.
About UNESCO :
● Formation : 16 November 1945
● Headquarters : Paris, France
● Director General : Audrey Azoulay
● Members : 194 member states and 12 associate members
● UNESCO is a specialized agency of the United Nations (UN) with the aim of promoting world
peace and security through international cooperation in education, arts, sciences and culture.
Venezuela Becomes 1st Country to Lose All Glaciers as Last One Downgraded to 'Ice Field'
● In a grim milestone, Venezuela has become the 1st country in modern history to lose all of its
glaciers after the Latin American country lost its last remaining glacier on the Pico Humboldt peak
which was downgraded by climate scientists as an ice field.
● New research shows that the Humboldt glacier in the Andes, which used to be very big, has
shrunk to less than 2 hectares, which means it is no longer a glacier but an ice field.
● Venezuela had been home to six glaciers in the Sierra Nevada de Mérida mountain range, which
lies at about 5,000m above sea level, but lost five of them by 2011.
About Venezuela :
● President : Nicolás Maduro
● Capital: Caracas
● Currency: Venezuelan bolívar.
● Venezuela is a country on the northern coast of South America with diverse natural attractions.
United Arab Emirates Cabinet Approves 10-Year Blue Visa for Exceptional Environmental Contributions
● The United Arab Emirates (UAE) Cabinet has approved a 10-year Blue Residence visa for
individuals who have made outstanding contributions to environmental protection, reflecting the
country's commitment to sustainability.
● The introduction of the Blue Visa is in line with the UAE's year of sustainability (2023–2024) and
its long-term objectives of promoting environmental protection and sustainable practices.
● Eligibility Criteria:The 10-year visa is specifically designed for individuals who have demonstrated
exceptional contributions and efforts towards environmental protection.
About UAE :
● President : Mohamed bin Zayed Al Nahyan
.
● Prime Minister : Mohammed bin Rashid Al Maktoum

● Capital : Abu Dhabi
● Currency : UAE dirham
South African Government Urges Faster Visa Issuance for Indian Tourists
● The South African government is developing mechanisms for the speedy clearance of visa
applications from India and is working on a proposal to introduce E-Visas for Indian tourists.
● In the first quarter of 2024, 16,000 Indian visitors travelled to South Africa.
● The initiative was announced during an event organised by South Africa Tourism.
● Presidential Directive: South African President Cyril Ramaphosa has requested a joint report
from the Ministers of Tourism, Home Affairs, and State Security on measures to expedite visa
clearance.
● Visa Waiver Proposal: The Tourism Ministry has proposed a 90-day visa waiver for passengers
from both China and India.
About South Africa :
● President : Cyril Ramaphosa
● Capital : Pretoria (executive), Cape Town (legislative), Bloemfontein (judicial)
● Currency : South African rand
World Health Organization Prequalifies Second Dengue Vaccine by Japanese Drugmaker Takeda
Pharmaceuticals
● The World Health Organization (WHO) has prequalified the second dengue vaccine developed
by Japanese drugmaker Takeda Pharmaceuticals.
● This live-attenuated vaccine, known as TAK-003, contains weakened versions of four serotypes
of the virus that cause dengue.
● This means that TAK-003 contains weakened forms of four types of dengue virus, which helps
the body build immunity without causing disease.
● TAK-003 can be given to children aged 6 to 16 years who have more chances of dengue and
intensity of transmission.
● According to WHO, the vaccine should be administered in a 2-dose schedule with an interval of 3
months between doses.
● Prior to TAK-003, WHO had prequalified the CYD-TDV vaccine developed by Sanofi Pasteur for
dengue.
.
Dengue Disease Overview :

● Dengue is a mosquito-borne disease that is life-threatening in many cases.
● It is spread by the bite of an infected mosquito.
● Approximately 3.8 billion people live in dengue-endemic regions, primarily in Asia, Africa, and the
Americas.
● Globally, there are between 100 and 400 million dengue cases reported annually.
About WHO :
● Headquarters : Geneva, Switzerland
● Director General : Tedros Adhanom Ghebreyesus
● Parent Organisation : United Nations Economic and Social Council
● The WHO is a specialized agency of the United Nations responsible for international public
health.
Ibu Volcano Erupts on Indonesia's Remote Halmahera Island
● The Ibu volcano on Indonesia's remote island of Halmahera erupted.
● Hundreds of people living near an erupting volcano in eastern Indonesia have been evacuated
after authorities raised the alert level to the highest level.
● The Ibu volcano spews ash and smoke up to 5,000 meters (16,400 feet) into the sky.
About Indonesia :
4th Meeting of ASEAN-India Trade in Goods Agreement Joint Committee Held in Putrajaya, Malaysia
● The 4th Joint Committee meeting for the review of AITIGA (ASEAN-India Trade in Goods
Agreement) was held in Putrajaya, Malaysia from 7-9 May 2024 .
● The Committee finalised its Terms of Reference and the Negotiating Structure for the review
negotiations in its first two meetings and initiated the negotiations for review of AITIGA from its
third meeting held from 18-19 February 2024 in New Delhi.
● The delegates from India and all 10 ASEAN countries participated in the discussions.
● Four of these Sub-Committees dealing with ‘National Treatment and Market Access’, ‘Rules of
Origin’, ‘Standards, Technical Regulations and Conformity Assessment Procedures’ and ‘Legal
.
and Institutional Issues’ also met physically in Putrajaya, Malaysia alongside the 4th AITIGA Joint
Committee.
● ASEAN is one of the major trade partners of India with a share of 11% in India’s global trade.
● Both sides would next meet for the 5th Joint Committee meeting from 29-31 July 2024 in Jakarta,
Indonesia.
● The 3rd meeting of AITIGA Joint Committee for undertaking the review of ASEAN-India Trade in
Goods Agreement (AITIGA) was hosted by India in Vanijya Bhawan, New Delhi from 16-19
February 2024.
About ASEAN:
● Association of Southeast Asian Nations (ASEAN) is a political and economic union of 10 states in
Southeast Asia.
● Member countries: Brunei Darussalam, Burma, Cambodia, Indonesia, Laos, Malaysia,
Philippines, Singapore, Thailand, and Vietnam.
Spain Becomes 99th Member Of International Solar Alliance
● Spain has become the 99th member of the International Solar Alliance.
● Spain handed over the International Solar Alliance Instrument of Ratification, during the meeting
of Ambassador José María Ridao Domínguez of Spain with the Head of Depository, Joint
Secretary in the External Affairs Ministry Abhishek Singh in New Delhi.
● India and France jointly launched the International Solar Alliance (ISA) during COP21 in Paris.
About ISA
● The ISA was conceived as a joint effort by India and France to mobilize efforts against climate
change through the deployment of solar energy solutions.
● 119 countries have till date signed the ISA Framework Agreement.
● 99 countries have ratified and submitted the necessary International Solar Alliance Instrument of
Ratification to become a full member.
● Headquarters of ISA: Gurugram, Haryana.
About Spain :
● Prime Minister: Pedro Sánchez
● Capital : Madrid
● Currency : Euro
Severe cyclone Remal to hit Bangladesh and adjoining West Bengal coasts between Sagar Island and
.
Khepupara
● The season's first severe cyclonic storm in the Bay of Bengal, 'Remal,' reached Bangladesh and
adjoining the West Bengal coasts.
● According to the IMD, the cyclone has reached a wind speed of 102 kilometres per hour.
● The Met office has warned of very heavy rainfall in the coastal districts of West Bengal, north
Odisha, Mizoram, Tripura, and south Manipur on May 26-27.
● This is the first cyclone in the Bay of Bengal this pre-monsoon season and will be named Remal,
according to a system of naming cyclones in the Indian Ocean region.
● This name is given by Oman
● A panel of the regional committee approved the list of names of cyclones formed in the Bay of
Bengal and the Arabian Sea.
● Its name is WMO/ESCAP Panel on Tropical Cyclones.
● The 2018 RMSC lists new cyclone names.
● At this time, 13 countries gave 13 names each.
Russia to Construct Central Asia's First Nuclear Power Plant in Uzbekistan
● Russia will build the first nuclear power plant in post-Soviet Central Asia, specifically in
Uzbekistan.
● The announcement was made by Uzbek President Shavkat Mirziyoyev during a meeting with
Russian President Vladimir Putin.
● Russia will contribute $400 million to a joint investment fund totaling $500 million to finance
projects in Uzbekistan.
● None of the five ex-Soviet Central Asian republics (Kazakhstan, Kyrgyzstan, Tajikistan,
Turkmenistan, Uzbekistan) currently have nuclear power plants.
● Both Uzbekistan and Kazakhstan are uranium producers and have expressed the need for
nuclear power to support their growing economies.
About Russia :
● President : Vladimir Putin
● Prime Minister : Mikhail Mishustin
● Capital : Moscow
● Currency : Ruble
About Uzbekistan :
.
● President : Shavkat Mirziyoyev

● Prime Minister : Abdulla Aripov
● Capital : Tashkent
● Currency : Uzbek som
STATE NEWS
Uttarakhand authority informs apex court about suspension of licenses for 14 Patanjali products
• The Uttarakhand State Licensing Authority (SLA) for Ayurvedic and Unani Services informed the
Supreme Court that it had "suspended with immediate effect" the manufacturing licenses for 14
products of Patanjali Ayurved Limited and Divya Pharmacy due to repeated violations under the
Drugs and Cosmetic Rules, 1945.
List of 14 Suspended Products:
1. 'Swasari Gold'
2. 'Swasari Vati'
3. 'Bronchom'
4. 'Swasari Pravahi'
5. 'Swasari Avaleh'
6. 'Mukta Vati Extra Power'
7. 'Lipidom'
8. 'Bp Grit'
9. 'Madhugrit'
10. 'Madhunashini Vati Extra Power'
11. 'Livamrit Advance'
12. 'Livogrit'
13. 'Eyegrit Gold'
14. 'Patanjali Drishti Eye Drop'.
About Uttarakhand:
• Capital: Dehradun
• Chief Minister: Pushkar Singh Dhami
• Governor: Gurmit Singh
.
• National Parks: Govind National Park, Nanda Devi National Park, Gangotri National Park, Rajaji
National Park, Jim Corbett National Park
Ambaji Marble from Gujarat Receives Geographical Indication (GI) Tag from Central Government
● Marble mined in Gujarat's Ambaji has been awarded the Geographical Indication (GI) tag by the
Central Government.
● Ambaji Marble is renowned for its stunning white appearance and unique natural patterns.
● Mined since the early medieval period from Ambaji in Gujarat’s Banaskantha district, it is one of
the most popular marbles in India.
● It’s to be noted that Ambaji is famous for its white marble as it has the maximum whiteness in the
range of 95.80 - 96.30 percent.
About Marble :
● Marble is a metamorphic rock formed from limestone under the heat and pressure of
metamorphism.
● Primarily composed of the mineral calcite (CaCO3) and may contain other minerals like clay
minerals, micas, quartz, pyrite, iron oxides, and graphite.
About GI Tag :
● A GI, a kind of Intellectual Property Rights (IPR), is primarily an agricultural, natural or
manufactured product (handicraft and industrial goods) originating from a definite geographical
territory.
● A GI is a label that is applied to products that have a specific geographical origin and that have
characteristics related to a particular location.
● The tag is valid for a period of 10 years after which it is renewed.
About Gujarat :
● Governor: Acharya Devvrat
● Chief minister: Bhupendrabhai Patel
● Capital: Gandhinagar
● National Park : Vansda National Park, Gir National Park, Marine National Park, Velavadar
National Park
● Wildlife Sanctuaries : Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary,
Shoolpaneshwar Wildlife Sanctuary
Uttarakhand Initiates ‘Pirul Lao-Paise Pao’ Scheme to Tackle Forest Fires
.
● The Uttarakhand government has launched the ‘Pirul Lao-Paise Pao’ campaign to address the
issue of forest fires.
● Chief Minister Pushkar Singh Dhami inaugurated the campaign in Rudraprayag district.
● The campaign encourages active participation from cooperatives, Yuva Mangal Dal, and Van
Panchayat.
● Oversight and Funding : The Uttarakhand Pollution Control Board oversees the campaign,
operating Pirul collection centers, and processing the collected material.
● The state government has allocated Rs 50 crore for the campaign, funding the payments to Pirul
collectors.
● Forest Area Statistics : According to the Indian State of the Forest Report 2021, Uttarakhand's
total recorded forest area is 24,305 square kilometres, covering 45.44% of the state’s
geographical area.
● Pine Tree Abundance : Pine trees, introduced by the British, are abundant in Uttarakhand
districts such as Almora, Bageshwar, Chamoli, Champawat, Dehradun, Garhwal, Nainital,
Pithoragarh, Rudraprayag, Tehri, and Uttarkashi.
About Uttarakhand:
● Capital: Dehradun
● Chief Minister: Pushkar Singh Dhami
● Governor: Gurmit Singh
● National Parks: Govind National Park, Nanda Devi National Park, Gangotri National Park, Rajaji
National Park, Jim Corbett National Park
Telangana Government to Unveil State Emblem on June 2
● Bharat Rashtra Samithi (BRS) working president K.T. Rama Rao opposed the Telangana
government's decision to exclude images of Charminar and Kakatiya Arch from the new state
emblem to be launched on June 2nd, the State formation day.
● The Congress government in Telangana plans to unveil a new state emblem on June 2nd,
arguing that the present emblem featuring Kakatiya Arch and Charminar reflects feudalism and
autocratic rule.
● The new emblem, designed by artist Rudra Rajesham, will reportedly include symbols of tribal
goddesses Sammakka and Sarakka, and the Nagoba festival of the tribals.
About Telangana:
.
● Capital: Hyderabad
● Governor: C.P. Radhakrishnan
● Chief minister: Revanth Reddy
● National Park : Mrugavani National Park, KBR National Park, Nehru Zoological Park
● Wildlife Sanctuary : Kinnerasani Wildlife Sanctuary, Eturnagaram Wildlife Sanctuary.
BUSINESS NEWS
NTPC Group installed capacity crosses 76GW mark; begins operation of 57-MW Rajasthan solar
project
• State-owned power giant NTPC Group's installed power generation capacity has crossed the 76
GW mark with the commissioning of a 57-MW solar power energy capacity in Rajasthan.
• Consequent upon successful commissioning and due approvals, the first part capacity of 57 MW
out of 90 MW Anta Solar PV Project at Anta, Rajasthan, is declared on commercial operation with
effect from April 26, 2024.
• The total installed and commercial capacity of NTPC on a standalone and group basis has reached
59,135 MW and 76,015 MW, respectively.
Kundan Green Energy gets approval for a 42 MW hydropower plant
• Kundan Green Energy has received approval for a 42 MW hydropower project in Okhali,
Uttarakhand.
• This project is part of an agreement with the Uttarakhand government to develop a total of 80 MW
greenfield hydropower capacity in the state, with an investment of ₹1,000 Crore.
• The project is scheduled for completion by 2028 and will increase the company's combined
hydropower capacity to 270 MW from the current 104 MW.
• Kundan Green Energy, a subsidiary of Kundan Group, is dedicated to advancing sustainable
energy solutions for India's energy security and transition to a greener future.
National Stock Exchange to Divest Digital Tech Business to Bahrain's Investcorp for Rs 1,000 Crore to
Focus on Core Operations
• The National Stock Exchange (NSE) announced its plan to sell its digital technology services
business NSEIT to Bahrain's Investcorp for Rs. 1,000 crores.
.
• NSEIT has clocked a compounded annual growth rate of over 50% in the US over the last 4 years
by increasing the number of clients across the financial services sector and will focus on significant
expansion in the country.
• Avendus Capital acted as the exclusive financial advisor to the NSE and NSEIT while Ernst &
Young LLP served as the financial and tax advisor to Investcorp.
About NSE :
• Founded : 1992
• MD and CEO : Ashishkumar Chauhan.
Digital crop survey on cards to fine-tune farm statistics
• India plans to bolster its farm statistics system by undertaking regular digital crop surveys, backed
by advanced analytics and artificial intelligence (AI), throughout the country to assess the precise
acreage.
• The move is expected to help the government firm up more realistic farm production forecasts,
which will enable it to initiate appropriate trade policy measures on time, inaccurate data frequently
prompts impulsive government responses aimed at curbing inflation and may result in trade
disruptions.
India's fossil fuel capacity grows 2.44% in FY24; non-fossil-fuel rises 11%
• India’s fossil fuel-based power generation capacity has increased by 2.44% to 243.22 GW in FY24
from 237.27 GW in March 2023.
• Non-fossil fuel-based capacity has increased by 10.79%.
• It has increased from 172.01 GW in 2022-23 to 190.57 gigawatt (GW) in 2023-24.
• The nuclear power capacity has risen to 8.18 GW from 6.78 GW in the last fiscal year.
• India's total power generation capacity increased by 6.22% to 441.97 GW over 416.06 GW.
Mineral Production in the Country Grows by 8 per cent in February, Compared to Last Year
• The index of mineral production of the mining and quarrying sector for February, 2024 (Base:
2011-12=100) at 139.6 is 8.0% higher as compared to the level in February, 2023.
• As per the provisional statistics of the Indian Bureau of Mines (IBM), the cumulative growth for the
period April-February, 2023-24 over the corresponding period of previous year is 8.2%.
Adani Green Secures USD 400 Million From International Banks For 750 MW Power Projects
.
• Adani Green Energy Ltd (AGEL), India’s largest and one of the world’s leading renewable energy
(RE) companies, announced USD 400 million in financing for its under-construction 750 MW solar
projects in Rajasthan and Gujarat by a consortium of five leading international banks.
• It will provide financing for projects that are expected to come online from November 2024
onwards.
Avaada Energy secures Rs 1,190 crore loan from SBI for solar project
• Avaada Energy has secured Rs 1,190 crore loan for a new solar project in Gujarat from the State
Bank of India.
• The financing, sanctioned and disbursed as a 20-year project loan facility, will support the
development of a 400 MWp utility-scale solar PV power project in the Surendra Nagar district of
Gujarat
• Power generated from the project will be procured by Gujarat Urja Vikas Nigam Limited (GUVNL),
an apex body of the government of Gujarat, engaged in the bulk purchase and sale of electricity.
BSNL should temporarily use Vodafone Idea’s 4G network for its subscribers
• BSNL Employees Union, wrote to the Minister of Communication, suggesting that the public sector
telco must be allowed to use Vodafone Idea’s 4G network temporarily to provide its own 4G
services.
• These statements come after BSNL’s 4G network rollout with Tata Consultancy Services as the
network vendor became inordinately delayed.
• BSNL lost 18 million subscribers in the financial year 2024 ending in March, where 2.3 million
subscribers left in March alone.
• The employees asked the government to consider allowing BSNL to use Vodafone Idea’s 4G
network, especially as it is the largest shareholder in the operator.
Mahindra, Tata Motors receive record patent approvals in FY24
• Domestic automobile majors Mahindra & Mahindra and Tata Motors have received a record
number of patent approvals for a wide spectrum of product and process innovations in the last
financial year.
• Mahindra & Mahindra (M&M) received 674 approvals, its best-ever annual performance, while Tata
Motors also witnessed the grant of 333 patents during the 2023-24 financial year.
• The auto major has so far been conferred 1,185 patents across multiple geographies.
Bharat Sanchar Nigam Limited 's 4G Subscriber Base Reaches 800,000 in North India
.
• Bharat Sanchar Nigam Limited (BSNL), a state-owned telecom service provider, has achieved a
4G subscriber base of 800,000 in its initial launch phase across North Indian regions, including
Punjab, Haryana, Himachal Pradesh, Uttarakhand, and western Uttar Pradesh.
• BSNL's 4G deployment is based on an indigenous network developed in collaboration with Tata
Consultancy Services (TCS) and the government’s Centre for Development of Telematics (C-
DOT).
About BSNL :
• Founded : 15 September 2000
• Headquarters : New Delhi, Delhi, India.
• BSNL is a prominent telecommunications company based in India, owned by the Government of
India.
• It operates as a central public sector undertaking.
• BSNL falls under the jurisdiction of the Department of Telecommunications, which is part of the
Ministry of Communications, Government of India.
BHEL Partners with HIMA West Asia FZE, Dubai, for Railway Signalling Business
• State-owned engineering firm Bharat Heavy Electricals (BHEL) has entered into a strategic
partnership agreement with HIMA West Asia FZE, Dubai (A wholly owned subsidiary of HIMA Paul
Hildebrandt GmbH, Germany) for railway signalling business.
• HIMA West Asia FZE, Dubai, is a wholly owned subsidiary of HIMA Paul Hildebrandt GmbH,
Germany.
• HIMA specializes in safety-related automation solutions for railways and process industries.
About BHEL :
• Founded : 1956
• Headquarters: New Delhi
• Chairman & Managing Director : Koppu Sadashiv Murthy
• The Government of India owns 63.17% of BHEL.
• BHEL is an Indian central public sector undertaking and the largest government-owned power
generation equipment manufacturer.
Fertilizer subsidy in FY24 exceeds Revised Estimates by over ₹6,500 crore
• The fertilizer subsidy in Fiscal Year 2023-24 (FY24) has exceeded Revised Estimates (RE) by
over ₹6,500 crore, the latest government data show.
.
• However, this is unlikely to impact the revised estimate of fiscal deficit.

• One possible reason for increase in subsidy is rise in input cost and operations cost mainly on
account of increase in natural gas prices.
• Data, as analysed by Businessine, showed subsidy on urea went up to over ₹1.30-lakh crore as
against RE of ₹1.29-lakh crore.
• However, it is still lower than the Budget Estimate of over ₹1.35-lakh crore.
GST collection breaches Rs 2 lakh crore milestone in April 2024
• The goods and services tax (GST) collections reached a record-breaking high of Rs 2.10 lakh
crore in April 2024, marking a 12.4% increase from the previous year.
• This unprecedented revenue reflects the country's strong economic momentum and showcases
the efficiency of its tax collection mechanisms.
• The detailed components of the GST revenue include Rs 43,846 crore collected through the
Central GST, Rs 53,538 crore through the State GST, and Rs 99,623 crore through the
Integrated GST, with Rs 37,826 crore coming from levies on imported goods.
FPSB India, IFSCA sign pact to promote GIFT IFSC as 'Global Finance Hub'
• Financial Planning Standards Board India has announced that it has signed a pact with the
International Financial Services Centres Authority (IFSCA), GIFT City, Gandhinagar, to promote
GIFT IFSC as a 'Global Finance Hub'.
• FPSB India and IFSCA aim to enhance the financial market ecosystem and nurture skilled
professionals for GIFT City's expanding financial workforce.
• Both organisations will jointly organise international and domestic events to raise awareness and
establish GIFT IFSC as a 'Global Finance Hub’
India sees incorporation of 185,000 companies in 2023-24
• More than 185,000 companies were registered in the country last fiscal, higher than the count
recorded in the year-ago period, and nearly 16,600 companies were set up in March this
year(2024).
• As per the data, 159,524 companies were registered with a collective paid-up capital of Rs
18,132.16 crore in 2022-23.
• At the end of March 2024, the country had a total number of 2,663,016 companies and out of them,
1,691,495 companies or 64 per cent were active.
.
• As many as 931,644 registered companies were closed, 2,470 were dormant entities, and 10,385
were under liquidation.
Investments through P-note surge to near 6-yr high at Rs 1.5 trillion
• Investments through participatory notes in the Indian capital markets reached Rs 1.5 lakh crore at
the end of February 2024, making it the highest level in nearly six years, driven by a strong
performance of the domestic economy.
• The latest data includes the value of P-note investments in Indian equity, debt, and hybrid
securities.
• Participatory notes (P-notes) are issued by registered foreign portfolio investors (FPIs) to overseas
investors who wish to be part of the Indian stock market without registering themselves directly.
TVS Capital's biggest fund yet could bet on ‘zero-stage’ startups
• TVS Capital has raised ₹1,700 crore in domestic money for its largest fund yet, its fourth, in a sign
of growing interest among Indian investors for private equity as an asset class.
• The fourth fund will have a total corpus of ₹3,000 crore, surpassing the size of TVS Capital’s
₹1,600-crore third fund.
• The fund is expected to focus on financial services firms and B2B startups.
• TVS Capital has previously invested in fintech startups including Digit Insurance, Five Star
Business Finance, and PhonePe.
• The firm plans to announce the first close of the fund next month.
Infosys Receives ISO 42001:2023 Certification for Artificial Intelligence Management System
• Infosys announced that it has been certified with ISO 42001:2023, the world’s first international
standard on AI management systems, by TUV India (part of TUV Nord Group), a leading
independent provider of technical quality and safety services.
• Infosys is among the first IT services companies globally to have earned the certification for
implementing an Artificial Intelligence Management System (AIMS) framework that fosters
responsible AI practices and adherence to regulatory requirements for enhanced efficiency and
accountability in AI initiatives.
• This AIMS framework is a part of Infosys Topaz Responsible AI Suite, a set of 10+ offerings built
around the Scan, Shield, and Steer framework.
About Infosys
.
• Infosys Limited is an Indian multinational information technology company that provides business
consulting, information technology and outsourcing services. The company was founded in Pune
and is headquartered in Bangalore.
• CEO: Salil Parekh .
Amazon unveils first electric seaport trucks amid push to slash tailpipe emissions
• Amazon.com unveiled the first of a dozen Volvo electric big rigs it plans to deploy this year(2024)
to pick up cargo from the nation's busiest container seaport in southern California.
• The e-commerce giant said it already has eight of those semi trucks in use at the Los
Angeles/Long Beach port complex, where every so-called drayage truck must be zero-emissions
by 2035.
• The effort is vital to the company's push to reach net-zero carbon emissions by 2040.
Bajaj to launch the world’s first CNG motorcycle on June 18, 2024
• Bajaj Auto is gearing up for the much-anticipated launch of its CNG-powered motorcycle on June
18, 2024.
• Rajiv Bajaj, Managing Director of Bajaj Auto, confirmed the imminent arrival of the motorcycle
during the launch event of the Pulsar NS400Z.
• With this upcoming model, Bajaj will be aiming to cater to cost-conscious customers amidst rising
fuel prices by introducing a portfolio of CNG-powered motorcycles - the first of which will be
debuting next month.
India's retail inflation eases marginally to an 11-month low of 4.83 per cent in April 2024
● India's retail inflation eased marginally to hit an 11-month low of 4.83 per cent on an annual basis in
April 2024 as against 4.85 per cent in the previous month (March 2024).
● A Reuters poll of 44 economists had estimated the number to come down to 4.80 per cent.
● The number has remained within the Reserve Bank of India's (RBI) tolerance band of 2-6 per cent.
● The Consumer Price Index (CPI)-based retail inflation was 4.85 per cent in March.
● It was 4.7 per cent in April 2023.
Pfizer, AstraZeneca to invest nearly $1 bn in France
● Pfizer and AstraZeneca announced new investments in France worth a total of nearly $1 billion,
ahead of the start of this year(2024)’s annual ‘Choose France’ business summit.
● Pfizer would invest 500 million euros ($538.5 million) in France to build up its research and
development work in the country, while AstraZeneca announced an investment of $388 million for its
.
site at Dunkirk.
● Their investment pledges came as President Emmanuel Macron prepared to kick off the annual
‘Choose France’ event aimed at wooing big overseas businesses and investors.
NFO launches set to hit a new record this year(2024)
● Mutual fund houses launched 10-12 equity new fund offers (NFOs) every month in the last three
years.
● That the flood shows no signs of subsiding is evident from the number in 2024.
● Already, 67 new schemes have been launched so far this year(2024), indicating an increase in
momentum.
● Almost half of these schemes are actively managed.
● For the first time in three decades, that is, ever since the private sector mutual funds started
operations in November 1993, the number of equity and hybrid NFOs crossed the 100-mark every
year between 2021 and 2023, according to data from Value Research.
Hindujas get IRDAI approval for RCap deal
● The Hinduja Group has received the insurance regulator’s approval to conclude the acquisition of
Reliance Capital’s (RCap) three insurance companies, a move that will help it complete the
resolution process of the debt-laden firm by the May 27 deadline.
● However, IndusInd International Holdings (IIHL), a group firm through which the Hinduja Group had
placed bids for RCap, now requires regulatory approvals for a proposed change in holding structure.
Sources said these approvals are expected “anytime now”.
● IRDAI has permitted transfer of RCap’s 26% stake in the insurance firms to Aasia Enterprises, a
private family firm with 90% stake held by Ashok P Hinduja (Hinduja Group chairman), 5% each by
Harsha A Hinduja (Hinduja Foundation trustee) and Shom A Hinduja (president, alternative energy
and sustainability at Hinduja Group).
Nayara Energy to set up two ethanol plants for ₹600 crore
● Russian energy giant Rosneft-backed Nayara Energy is planning to invest ₹600 crore to set up two
ethanol manufacturing plants in the country.
● Each plant will have a production capacity of 200 kilolitres of ethanol per day.
● These will be set up in Andhra Pradesh's Naidupeta and Madhya Pradesh's Balaghat, and are slated
for commissioning by 2026.
● The company will use broken rice and maize for feedstock.
.
● In the long run, the company plans to have five ethanol manufacturing plants.
● Nayara Energy, which runs a 20-million-metric-tonne capacity oil refinery at Vadinar in Gujarat, is set
to open a polypropylene unit in the same facility.
● The company is investing ₹6,000 crore to set up a petrochemical unit with an annual capacity of
450,000 tonnes.
● These investments will be made till 2026.
India's imports from FTA partners up 38% during 2019-24 fiscal years: GTRI
● India's imports of goods from countries with which it has a free trade agreement like the UAE, South
Korea, and Australia grew about 38 per cent during the 2019-24 fiscal year to $187.92 billion.
● From FY'2019 to FY'2024, India's imports increased by 37.97 per cent, from $ 136.20 billion to $
187.92 billion.
● On the other hand, the country's exports to the FTA (free trade agreement) partners rose 14.48 per
cent to $ 122.72 billion in 2023-24 from $ 107.20 billion in 2018-19.
● According to the data, India's exports to the UAE increased by 18.25 per cent to $ 35.63 billion in
2023-24 as against $ 30.13 billion in 2018-19, while imports surged 61.21 per cent, from $ 29.79
billion in FY2019 to $ 48.02 billion in the last fiscal.
● The FTA between India and the UAE came into effect in May 2022.
● Overall, India ranked 17th globally in exports, with a 1.8 per cent share in world trade.
ReNew inks initial pact with Societe Generale for $1 billion debt financing
● Energy firm ReNew announced that it has signed an initial pact with European bank Societe
Generale for up to $1 billion in financing as debt and advisory solutions over the next three years.
● ReNew has signed a Memorandum of Understanding (MoU) with Societe Generale, to support the
financing and development of the company's various strategic energy transition projects both in India
and globally.
● Both parties will leverage their respective expertise to strengthen the collaboration on utility-scale
energy projects including solar, wind, complex renewables, green hydrogen, energy storage and
solar modules manufacturing.
● ReNew has a clean energy portfolio of 15.6 GW on a gross basis as of May 9, 2024.
TVS Motor launches electric two-wheeler iQube in Bengaluru
● TVS Motor Company unveiled its new variant of the electric two-wheeler, TVS iQube with a 2.2 kWh
battery in Bengaluru.
.
● The company also said it is ready to deliver TVS iQube ST to customers in the city.
● According to Saurab Kapoor, vice-president of TVS Motor Company, the new variant launched in
Bengaluru comes with a 950 Watt charger.
● The fastest charging time is two hours and its top speed is 75 km per hour.
● In one charge it can go up to at least 100 km.
● This is the introductory price inclusive of EMPS subsidy and cashback, which is valid up to June 30,
2024.
TVS Motor Company begins operations in Italy
● TVS Motor Company (TVSM) unveiled operations in Italy via its branch office TVS Motor Italia
headed by Giovanni Notarbartolo di Furnari.
● The company will introduce a selection of its advanced, high-quality thermic and electric scooters
and motorcycles, the leading two and three wheeler manufacturer.
● TVS Motor Company is extending its operations in Italy through its branch office, TVS Motor Italia,
headed by Giovanni Notarbartolo di Furnari.
● TVS says Furnari brings comprehensive experience from senior managerial roles in major
automotive companies in Italy, Latin America, the UAE, and Europe.
Infosys Prize gets age limit, now only for researchers up to 40 years old
● The Infosys Science Foundation (ISF) announced changes to the Infosys Prize, shifting it to an
early-career focus.
● Economics is now a separate category, the upper age limit is set at 40, and laureates abroad are
encouraged to spend at least 30 days in India.
● As part of the new structure, ISF has lowered the prize winner age limit to 40 from 50 to spur
"transformative impact" and encourage early-career contributions.
● From 2024, the six categories are: Economics, Engineering & Computer Science, Humanities &
Social Sciences, Life Sciences, Mathematical Sciences, and Physical Sciences.
● Since its inception 15 years ago, ISF has recognised and awarded 92 brilliant minds across
disciplines in a demanding global environment.
● The awards will be announced in November followed by a ceremony that is slated to take place in
January 2025.
● N.R. Narayana Murthy, co-founder of Infosys. Kris Gopalakrishnan, president of I
Thomas Cook India launched TCPay, shares rise 2.26%
.
● Thomas Cook (India) Limited’s shares were up by 2.26 per cent after the company launched TCPay,
it is a service aimed at simplifying international money transfers.
● TCPay aims to change this by offering a digital interface that allows for paperless transactions.
● The service is further enhanced by Thomas Cook’s recently launched Video KYC process, which
enables customers to transfer funds conveniently from their homes.
● Thomas Cook reported that TCPay offers advantages, including 24x7 access, transfers, and a digital
interface accessible through Thomas Cook’s digital tools such as FXNOW (B2C app), Portal, and
Call Center for assistance.
IREDA incorporates a subsidiary in GIFT City, Gujarat
● The Indian Renewable Energy Development Agency Ltd (IREDA) has incorporated a wholly-owned
subsidiary in the International Financial Services Centre (IFSC) located in GIFT City, Gujarat.
● The subsidiary, “IREDA Global Green Energy Finance IFSC Limited,” was officially incorporated on
May 7, after receiving the No Objection letter from the Reserve Bank of India on February 8.
HP rebrands consumer, commercial PC portfolios, launches new AI logo
● Global personal computer (PC) manufacturer HP has announced the rebranding of its consumer
and commercial PC portfolios to simplify and streamline its product offerings.
● The company has also introduced a new logo for its artificial intelligence (AI) computers.
● Henceforth, HP’s consumer PCs will come with a prefix of ‘Omni’, while its commercial PCs will
be named ‘Elite’, followed by signifiers representing their respective product categories.
● HP has also unveiled a new Helix logo, which it said resembles the structure of deoxyribonucleic
acid to show its commitment to advanced AI capabilities in next-gen AI PCs.
About HP
● HP Inc. is an American multinational information technology company headquartered in Palo
Alto, California, that develops personal computers, printers and related supplies, as well as 3D
printing services.
Market cap of BSE-listed companies hits $5 trillion first time ever
● The market capitalisation of companies listed on BSE crossed $5 trillion for the first time, turning
the spotlight on valuations.
● This makes India the fifth country/region to join the exclusive $5-trillion m-cap club, alongside the
US, China, Japan and Hong Kong.
● The Indian stock market is ranked at the fifth spot in terms of market cap in the world.
.
● United States of America is in first place with a m-cap of $55 trillion.

● China is in second place with a m-cap of $9.4 trillion, Japan is in third place with $6.4 trillion and
Hong Kong's stock market is in fourth place with a m-cap of $5.4 trillion.
About BSE
● Bombay Stock Exchange (BSE) is the oldest and largest stock exchange in India.
● In 1875, eminent businessman Premchand Roychand officially founded the Native Share and
Stock Brokers Association which was later renamed the Bombay Stock Exchange.
● It is located on Dalal Street, Mumbai, and lists over 6000 companies.
● Investors can trade on the BSE share market via a brokerage fir For this, they need to pay a pre-
determined price to the broker.
● Sensex is the benchmark index of the BSE.
● It was launched on January 1, 1986, as a basket of 30 stocks representing the country's largest,
financially-sound companies listed on the BSE.
LinkedIn India, Satya Nadella, Others Fined INR 27 Lakhs For Breaching Beneficial Ownership Norms
● The Ministry of Corporate Affairs (MCA) has imposed fines to the tune of INR 27 Lakh on LinkedIn
India, the professional networking platform owned by Microsoft, and its CEO Satya Nadella, along
with eight other individuals, for violating significant beneficial ownership (SBO) norms under the
Companies Act, 2013.
● The penalties were detailed in a 63-page order issued by the Registrar of Companies (RoC) for the
National Capital Territory of Delhi and Haryana.
● The Registrar of Companies in its order stated that LinkedIn India and the individuals breached the
significant beneficial owner norms under the Companies Act, 2013
● A penalty of INR 7 lakh has been imposed on LinkedIn India, with INR 2 lakh each being slapped on
Nadella and Roslansky, as per the order.
India only nation among the top 5 to see growth in steel production
● India is the only country, among the top five steel-producing nations, to have seen a growth in
production in April, with the others seeing production drop by as much as 7% during the month.
● China, which is the world’s largest producer of steel, has seen its production in April fall more than
7% on year to 85.9 million tonne.
● Its production from January-April this year(2024), at 343.7 million tonne, is 3% lower as compared to
2023.
.
Fintech Infrastructure Provider Decentro Launches fully RBI-Compliant Next-Gen Payment Aggregator
stack for India
● Decentro, a fintech infrastructure provider in India, has launched Flow 2.0, a next-generation
payment stack designed to address comprehensive payment needs for businesses.
● The stack currently powers payments for clients like Shiprocket, Kodo, and Volopay, offering minimal
downtimes, disruptions and maximized business efficiency.
● Rohit Taneja, Co-founder and CEO of Decentro.f
UN upgrades India's expected economic growth rate to 6.9% for 2024 From 6.2%
● The United Nations has updated its growth rate forecast for the Indian economy in 2024 (January-
December) to 6.9 percent.
● This new forecast was included in the World Economic Situation and Prospects mid-2024 report,
released on May 16, 2024.
● This report is published by the United Nations Economic Analysis and Policy Division.
● In its January 2024 report, the UN had predicted a 6.2 percent growth rate for India in 2024.
● The primary reason for the improved outlook is attributed to strong public investment and resilient
private consumption.
● The January 2024 UN World Economic Situation and Prospects (WESP) report had predicted a
6.2 percent growth rate, now revised to 6.9 percent. However, the forecast for 2025 remains
unchanged at 6.6 percent.
● The report anticipates inflation in India to decline from 5.6 percent in 2023 to 4.5 percent in 2024.
The Reserve Bank of India's medium-term inflation target is between two and six percent.
● The UN World Economic Situation and Prospects report forecasts the global economy to grow by
2.7 percent in 2024 and 2.8 percent in 2025.
● The United States, the world's largest economy, is expected to grow by 2.3 percent in 2024,
while China, the second-largest economy, is projected to grow by 4.8 percent in 2024.
● The South Asia region is expected to grow by 5.8 percent in 2024, driven mainly by India's strong
performance and a slight recovery in the Sri Lankan and Pakistani economies. In 2025, the South
Asian economy as a whole is projected to grow by 5.7 percent.
Expected Growth Rate of the Indian Economy (2023-24, 2024-25, 2025-26)
Below are the GDP growth forecasts from various global and Indian financial agencies as of May 18,
2024:
.
Agency / GDP Growth GDP Growth GDP Growth

Organisation Forecast for 2023- Forecast for 2024- Forecast for 2025-
24 25 26
Reserve Bank of 8% 7% -
India
World Bank 7.5% 6.6% 6.5%
International 6.7% 6.5% 6.5%

Monetary Fund
Asian Development 7.6% 7% 7.2%

Bank
Moody's 6.8% (Jan-Dec 6.4% (Jan-Dec -

2024) 2025)
Morgan Stanley 7.9% 6.8% -
S&P Global 7.4% 6.8% 7%

United Nations 6.9% (Jan-Dec 6.6% (Jan-Dec -
2024) 2025)
OECD 6.3% 6.2% 6.5%

Fitch Rating 7.8% 7.0% -
CRISIL 7.6% 6.8% -

Citi Bank - 6.8% -
Standard Chartered - 7.0% -

Bank
India's internet economy likely to reach $1 trillion by 2030

● India's internet economy is on track for substantial expansion, with experts forecasting it to reach $1
trillion by 2030.
● This surge is chiefly steered by the e-commerce sector, projected to grow at a robust annual rate of
25% from $60 billion in FY2023 to $325 billion, positioning it as the third-largest globally.
.
The GST portal has introduced machine registration for pan masala and tobacco manufacturers as a
measure to combat tax evasion.
● In a bid to counter tax evasion within the pan masala and tobacco industries, the GST portal has
introduced new protocols and procedures for manufacturers to register their machinery and report
their monthly inputs and outputs.
● This initiative, stemming from recommendations by the GST Council, seeks to bolster compliance
efforts and curb illicit trade.
● To address evasion concerns, the GST portal has devised two forms specifically tailored for pan
masala and tobacco product manufacturers:
● Form GST SRM-I: Facilitating the registration and disposal of manufacturing machinery.
● Form GST SRM-II: Enabling the monthly reporting of inputs and outputs.
● These forms were introduced via a notification in January, in alignment with GST Council directives.
● Originally slated for implementation on April 1, the launch of this system was postponed to May 15.
● The Finance Act 2024 has amended the GST law to incorporate penalties for manufacturers who
neglect to register their packing machinery. Offenders may incur fines of up to ₹1 lakh, although the
precise penalty provisions have yet to be notified.
India’s merchandise exports to reach US$ 500 billion by FY25: FIEO
● The Federation of Indian Export Organisations (FIEO) anticipates that India's merchandise exports
will rebound to $500-510 billion in FY 25, following a 3% decline in the preceding fiscal period.
● Services exports are projected to add $390-400 billion, resulting in a total export figure of around
$890-910 billion.
● Notable sectors propelling this growth encompass engineering, advertising services, and the
expansion of global capability centers.
Broadening Economic Horizons: DP World Launches Free Trade Warehouse Zone in Chennai
● DP World, a dominant force in global logistics, has unveiled its largest free trade warehouse zone in
Chennai, India, cementing Tamil Nadu’s position as a leading center for economic advancement.
● The inauguration of the Chennai facility marks a significant milestone, demonstrating DP World’s
dedication to India’s burgeoning economic landscape.
● Ranjit Ray highlights Chennai’s strategic importance, citing its strong connections to key global
markets in South Asia, Africa, and Australia through maritime routes. With its proximity to major
ports such as Kattupalli, Ennore, and Chennai, the city emerges as a hub for logistics, enabling
.
smooth cargo transportation and trade facilitation.

● The Integrated Chennai Business Park (ICBP), covering over 6 lakh sq ft with potential for further
expansion, epitomizes DP World’s strategic vision to utilize Chennai’s infrastructure for fostering
economic prosperity.
In April 2024, the DPIIT reported over 7 million transactions on the ONDC platform.
● The Open Network for Digital Commerce (ONDC), initiated in 2021, has experienced significant
growth, with transactions surpassing 70 lakh in April of 2024.
● Led by the Department for Promotion of Industry and Internal Trade (DPIIT), ONDC strives to
democratize digital commerce and establish an equitable environment for businesses of all scales.
● The Department for Promotion of Industry and Internal Trade (DPIIT) disclosed that over 5 lakh
sellers have been integrated into the ONDC platform, with more than 70% representing small or
medium-sized enterprises.
● The ONDC entity, constituted as a not-for-profit organization under Section 8 of the Companies Act
2013, oversees the management and operation of the ONDC Network.
● Tasked with developing and upholding the foundational infrastructure, the entity delineates the
regulations and ethical standards for network participants via the ONDC Network Policy and the
ONDC Network Participant Agreement.
India's Foreign Exchange Reserves Surge by $2.56 Billion to Reach $644.15 Billion
● According to the Reserve Bank of India (RBI), India’s foreign exchange reserves witnessed a rise of
$2.56 billion, reaching a total of $644.15 billion by the week ending on May 10.
● This uptick follows a previous increase of $3.668 billion following three consecutive weeks of
decline.
● The reserves' foreign currency assets, which constitute a substantial portion, escalated by $1.488
billion to $565.648 billion.
● There was a notable increase in gold reserves, surging by $1.072 billion to $55.952 billion during the
mentioned week.
● India’s Special Drawing Rights with the International Monetary Fund (IMF) rose by $5 million,
reaching a total of $18.056 billion.
● India’s reserve position with the IMF experienced a slight decline of $4 million, totaling $4.495 billion
for the reporting week.
.
Ind-RA Projects GDP Growth Rate at 6.7% for Q4, Anticipates Around 7% in FY24
● The Indian economy demonstrated robust growth throughout the first three quarters of the 2023-24
fiscal year, with GDP expanding by 8.2% in the June quarter, 8.1% in the September quarter, and
8.4% in the December quarter.
● According to Sunil Kumar Sinha, principal economist at India Ratings and Research (Ind-RA), the
GDP growth rate is expected to reach 6.7% for the March quarter and approximately 6.9-7% for the
entire fiscal year.
● In its April monetary policy review, the Reserve Bank of India forecasted a GDP growth rate of 7%
for 2023-24.
● Sinha anticipates GDP to expand by 7.1% in the current fiscal year, maintaining the momentum
observed in the first half.
Fusion MicroFinance has successfully secured a $25 million loan from the US International
Development Finance Corporation (DFC).
● Fusion MicroFinance has secured a $25 million loan from the United States International
Development Finance Corporation (DFC) to support its expansion initiatives, with a primary focus on
empowering rural women entrepreneurs.
● The initial disbursement of $20 million, part of an eight-year loan, is intended to bolster business
operations and advance efforts towards financial inclusion.
India in trade deficit with nine of top 10 trading partners in 2023-24
● China emerged as India's largest trading partner with $118.4 billion in two-way commerce in 2023-
24, surpassing the USA.
● Bilateral trade between India and the US stood at $118.28 billion in 2023-24.
● The US had been India's top trading partner during 2021-22 and 2022-23.
● India has a free trade agreement with four of its top trading partners: Singapore, the UAE, Korea,
and Indonesia (as part of the Asian bloc).
● India recorded a trade surplus of $36.74 billion with the US in 2023-24.
● India's total trade deficit narrowed to $238.3 billion in the last fiscal year, compared to $264.9 billion
in the previous fiscal year.
GAIL's 10 MW green hydrogen plant in Madhya Pradesh inaugurated
● GAIL (India) Ltd, the nation's leading natural gas transmission and distribution firm, has achieved a
significant milestone with the commissioning of its first green hydrogen plant. Located in Vijaipur,
.
Madhya Pradesh, this marks the company's entry into the realm of new and alternative energy
sources.
● This innovative Green Hydrogen plant boasts a capacity to produce 4.3 Tons Per Day (TPD) of
hydrogen.
● It achieves this through 10 Megawatt (MW) PEM (Proton Exchange Membrane) Electrolyzer units,
utilizing the process of electrolysis of water powered by renewable energy sources.
The income Tax department sets the Cost Inflation Index at 363 for the financial year 2024-25
● The income tax department has announced the Cost Inflation Index (CII) for the fiscal year beginning
April 2024.
● This index is crucial for calculating long-term capital gains from the sale of immovable property,
securities, and jewellery.
● Purpose of the Cost Inflation Index : Taxpayers use the CII to compute gains from the sale of capital
assets, adjusting for inflation to reflect the true gain.
● The updated CII for 2024-25 shows an increase of 15 points from the previous year, indicating an
annual inflation rate of approximately 4.3%.
● The CII is notified annually under the Income-tax Act, 1961.
Market capitalisation to GDP ratio scales a 15-year high of 140.2%
● The market capitalisation (mcap) of all listed companies on the Bombay Stock Exchange (BSE) has
increased by 61 percent since the end of March 2023.
● This is in stark contrast to the estimated 10 percent growth in India's Gross Domestic Product (GDP)
at current prices for FY24.
● India's mcap-to-GDP ratio has soared to a 15-year high of 140.2 percent, a significant rise from 95.8
percent at the end of March 2023. As of May 21, the total valuation of all BSE-listed companies
reached $5 trillion (over Rs 414.46 trillion), compared to India's GDP at current prices of Rs 296.6
trillion for FY24.
● The current mcap-to-GDP ratio is just below the all-time high of 149.4 percent recorded at the end of
December 2007.
Tata Communications, Cisco to tap ‘$400-mn calling market in India’
● Tata Communications and Cisco join forces to tap into India’s burgeoning calling market, valued
between $300 to $400 million, with a yearly growth rate of 10 to 12%.
● Cisco and Tata Communications introduce Webex Calling solution in India, leveraging cloud-based
.
PSTN, facilitating the transition for businesses from on-premises phone systems to a global cloud
calling infrastructure.
● Integrating Webex Calling with Tata Communications’ Cloud PSTN reach and local regulatory
expertise in India promises enterprises an improved connectivity and collaboration experience,
fostering seamless business operations.
Reliance Industries to begin construction on India’s first multimodal logistics park near Chennai
● India’s first Multimodal Logistics Park, conceptualized 12 years ago and located at Mappedu near
Chennai, will finally see construction commence in June, led by Reliance Industries.
● In 2022, Reliance Industries won the bid for the Rs 1,424 crore project on 184.27 acres of land in
Tiruvallur district, surpassing Adani Group.
● A Memorandum of Understanding was signed in October 2021 among Tamil Nadu Industrial
Development Corporation, National Highways Logistics Management Limited, and Chennai Port
Trust.
LIC reports 2.5% rise in Q4 net profit to ₹13,762 Crore, announces dividend
● The Life Insurance Corporation of India (LIC) has reported a 2.5% year-on-year increase in net profit
for the March quarter of FY24, reaching ₹13,762 crore compared to ₹13,421 crore in the same
period last year.
● LIC, the country’s largest insurer, also announced an interim dividend of ₹6 per share.
● LIC’s overall Profit After Tax (PAT) for FY24 stood at ₹40,676 crore, up from ₹36,397 crore in the
previous fiscal year.
● LIC reported an improvement in its asset quality, with the gross non-performing asset (GNPA) ratio
decreasing to 2.01% in the final quarter of FY24, down from 2.56% in the corresponding period last
year.
● LIC’s total premium income for FY24 was ₹4,75,070 crore, marginally higher than the ₹4,74,005
crore recorded in FY23.
● LIC’s solvency ratio, a key measure of financial stability, improved to 1.98 as of March 31, 2024, up
from 1.87 a year earlier.
TATA AIG General Insurance Introduces Surety Insurance Bonds for Infrastructure Development
● TATA AIG General Insurance, a leading private insurer, launches Surety Insurance Bonds to bolster
infrastructure development, aligning with the government's allocation of 3.3% of GDP in FY 2024.
● These bonds, offered in conditional and unconditional formats, are tailored to streamline the
.
execution of infrastructure projects and commercial contracts in both government and private
sectors, addressing various project requirements effectively.
● A surety bond is a legally binding agreement involving three parties: the obligee, the principal, and
the surety.
Tata AIA Life Insurance introduces an instant Rs 1 lakh loan service, allowing policyholders to get funds
in just 1 minute
● Tata AIA Life Insurance introduces a pioneering service enabling policyholders to secure instant
loans, up to Rs. 1 lakh, via the MyDigiAccount portal, ensuring a hassle-free digital process.
● This initiative aims to furnish swift financial assistance while safeguarding the policy's coverage,
ensuring peace of mind for policyholders.
● Since its inception, the service has processed over 500 requests, disbursing approximately Rs. 5.5
crores, reflecting its growing popularity and utility.
● The new service extends loans up to Rs. 1 lakh without necessitating collateral or credit
assessments, offering competitive interest rates at 8.80% per annum, significantly lower than
conventional personal loan rates.
Reliance to buy Russian oil from Rosneft in roubles
● Reliance Industries Limited enters a pivotal one-year agreement with Russia's Rosneft, committing
to purchase a minimum of 3 million barrels of oil per month, denominated in roubles.
● This term deal empowers Reliance to acquire oil at discounted rates, providing a competitive edge
amidst expectations of extended supply cuts by the OPEC+ consortium.
● Reliance pledges to settle payments for the oil using Russia's rouble currency, facilitated by HDFC
Bank and Russia's Gazprombank.
Reliance-Backed Radisys Enters Telco Infra Business in Africa, Forms Consortium Including Nokia,
Tech Mahindra
● Radisys, backed by Reliance, leads a consortium named Next-Gen Infra Co (NGIC), partnering with
Nokia, Mahindra Tech, Ascend Digital, K-NET, and Mobile Network Operators (MNOs) AT Ghana
and Telecel Ghana to establish a 4G and 5G network for the Government of Ghana.
● The formation of NGIC is pivotal for fostering affordable, high-speed data access, aligning with
Ghana's vision of achieving 100% Digital Ghana by 2030.
● NGIC plans to collaborate with MNO partners to introduce affordable 4G/5G-enabled smartphones in
Ghana by the end of the current year, aiming to democratize access to advanced technology.
.
● The consortium's partnership aims to revolutionize various sectors such as education, healthcare,
and payment transactions, enriching the lives of Ghanaians through digitalization initiatives.
BANKING AND ECONOMY

Dividend from RBI in FY25 Expected the Government to Yield Rs 75,000-85,000 Crore
• The central government is likely to receive a dividend of Rs 75,000-85,000 crore from the Reserve
Bank of India (RBI) in the current financial year.
• This is slightly lower than the Rs 87,416 crore surplus transfer in FY24.
• The Centre has budgeted Rs 1.02 trillion in surplus transfer from the RBI and public sector banks
(PSBs) for FY25, but has not specified the breakup.
• Foreign Exchange Transactions and Impact on Earnings: Earnings on foreign exchange
transactions are expected to be lower due to reduced dollar sales.
About RBI :
• Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
Jammu and Kashmir Bank Reports Record Annual Profit of Rs 1,767 Crore for FY24
• Jammu and Kashmir (J&K) Bank reported a record net profit of Rs 1,767 crore for the fiscal year
2023-24.
• This represents a 48% increase over the previous record of Rs 1,197 crore achieved in the prior
fiscal year.
• Total Income Growth:The bank's total income increased by 10% to Rs 6,029.17 crore, compared to
Rs 5,502.09 crore in the previous fiscal year.
• Improved Asset Quality:The gross non-performing assets (NPAs) decreased to a decadal low of
4.08%.
About Jammu and Kashmir Bank :
• Founded : 1 October 1938
• Headquarters : Srinagar, Jammu and Kashmir, India
• MD & CEO : Baldev Prakash
.
Securities and Exchange Board of India Mandates Portfolio Management Services Providers to
Register with Association of Portfolio Managers in India
• The Securities and Exchange Board of India (SEBI) has made it compulsory for Portfolio
Management Services (PMS) providers to register with the Association of Portfolio Managers in
India (APMI).
• This requirement aims to enhance oversight and streamline operations in the financial sector.
• The new regulation aims to promote collective oversight of PMS distributors, fostering a more
efficient and transparent business environment for portfolio managers.
About SEBI :
• Established: 12 April 1988 as an executive body and was given statutory powers on 30 January
• Headquarters: Mumbai, Maharashtra
• Chairman: Madhabi Puri Buch
the Ministry of Finance, GoI.
Top 4 Credit Card Issuers in India Experience Market Share Decline in FY24: RBI Data
• The Reserve Bank of India (RBI) reported that the market share of the top four credit card issuers
in India declined during FY24 in terms of monthly card spends and total cards outstanding.
• The market share of the top 4 issuers-HDFC Bank, SBI Card, ICICI Bank, and Axis Bank dropped
to 71.98% as of March 2024, from 74.79% a year earlier.
• Credit Card Spends and Growth:Credit card spends surged 27% year-on-year (Y-o-Y) to Rs 18.26
trillion in FY24, up from nearly Rs 14 trillion in the year-ago period.
• Total Number of Credit Cards:The total number of credit cards issued by banks in India increased
to 101 million in March 2024, from 100.60 million at the end of February 2024.
RBI's Innovation Hub Collaborates with mysaltapp and FICCI Ladies Organisation to Release White
Paper on Women Entrepreneurs in Middle India
• The Reserve Bank of India’s Innovation Hub (RBIH) subsidiary collaborated with mysaltapp and
the FICCI Ladies Organisation to release a white paper titled "At The Helm: Women Entrepreneurs
Transforming Middle India."
• Main Findings on Funding for Women Entrepreneurs:The white paper revealed that only 3% of
women entrepreneurs in Tier 2 and Tier 3 cities have access to external funding.
.
• This indicates a significant gap in funding availability for women entrepreneurs in smaller cities
compared to major urban areas.
About RBIH :
• The Reserve Bank Innovation Hub is a wholly owned subsidiary of the Reserve Bank of India (RBI)
set-up to promote and facilitate an environment that accelerates innovation across the financial
sector.
Reserve Bank of India Issues Draft Framework for Lenders' Project Financing in Infrastructure and Real
Estate Sectors
• The Reserve Bank of India (RBI) issued a draft harmonised prudential framework for lenders’
financing of projects in infrastructure, non-infrastructure and commercial real estate sectors.
• It prescribed norms for restructuring of their exposure in projects under implementation on account
of change in date of commencement of commercial operations (DCCO).
• Income Recognition, Asset Classification, and Provisioning:The draft framework is titled "Income
Recognition, Asset Classification and Provisioning pertaining to Advances - Projects Under
Implementation (IRACP-PUIMP)."
Reserve Bank of India Proposes Stricter Regulations for Lending to Projects Under Implementation
• The Reserve Bank of India (RBI) proposed tighter rules to govern lending to projects under
implementation.
• The RBI’s draft rules include a classification of the projects as per their phase and higher
provisioning of up to 5% during the construction phase, even if the asset is standard.
• It can be noted that in the last credit cycle, project loans were seen to have led to a build-up of
stress on bank books.
About RBI :
Reserve Bank of India Permits Standalone Primary Dealers to Access Foreign Currency Borrowing
• The Reserve Bank of India (RBI) has allowed standalone primary dealers (SPDs) to borrow in
foreign currency from their parent companies and entities it has authorised.
• They can also access overdraft facilities in their nostro accounts for operational purposes.
.
• Definition of Nostro Account: A nostro account is a bank account held in a foreign country by a
domestic bank, denominated in the currency of that foreign country.
Foreign portfolio investors Registered with SEBI at GIFT International Financial Services Centre
Permitted to Issue Participatory Notes (P-notes)
• Foreign portfolio investors (FPIs) domiciled at the GIFT International Financial Services Centre
(IFSC) and registered with the Securities and Exchange Board of India (SEBI) are now permitted
to issue offshore derivative instruments (ODIs), commonly known as participatory notes (P-Notes).
• At present, the International Financial Services Centre Authority (IFSCA), the unified regulator for
GIFT City, allows banking units to issue pnotes.
• P-Notes, short for Participatory Notes, are financial instruments that enable foreign investors to
invest indirectly in Indian securities without having to register with the SEBI.
About SEBI :
About GIFT International Financial Services Centre :
• Founded : April 2015
• Headquarters : GIFT City, Gandhinagar in Gujarat
• GIFT IFSC is a financial centre and special economic zone in Gujarat International Finance Tec-
City (GIFT City) covering 106 ha (261 acres).
• It is regulated by the International Financial Services Centres Authority, an independent regulator
exclusive to the zone.
• GIFT City is a joint venture between the Government of Gujarat and IL&FS, a leading
infrastructure development and finance company in India.
Bank Certificate of Deposit (CD) Fundraising Drops by 74% in April 2024 Amid Eased Liquidity and
Reduced Loan Demand
.
• Fundraising by banks through Certificates of Deposit (CDs) declined by 74% in April 2024
compared to March 2024, attributed to eased liquidity tightness in the banking system and
moderated demand for loans.
• In April 2024, banks raised ₹32,860 crore through CDs, down from ₹1.27 trillion in March 2024.
• Nature of CDs: CDs are negotiable, unsecured money market instruments issued by banks as
Usance Promissory Notes against funds deposited at the bank.
Reserve Bank of India Reduces Margin Funding Limits from 50% to 30%
• The Reserve Bank of India (RBI) has issued directives to banks regarding their exposure to the
capital markets, emphasizing compliance with prescribed guidelines.
• The directive, titled "Banks' Exposure to Capital Market - Issue of Irrevocable Payment
Commitments (IPCs)", addresses the issuance of IPCs by custodian banks.
• Shift from T+2 to T+1: The RBI's directive is a response to changes in the stock exchange
settlement cycle, transitioning from T+2 to T+1 for equities.
Reserve Bank of India Revokes Acemoney (India's) Non-Banking Financial Company License for
Breaching Guidelines
• The Reserve Bank of India (RBI) has cancelled the license of Acemoney (India), a Delhi-based
non-banking financial company (NBFC), due to irregular lending practices and violation of RBI
guidelines.
• Violation of RBI Guidelines:
• The cancellation was based on multiple factors, including:
• Charging excessive interest rates.
• Failing to ensure confidentiality of customer information.
• The RBI also cited non-compliance with regulations pertaining to managing risks and code of
conduct in outsourcing financial services in digital lending operations through third-party apps.
About RBI :
• Deputy Governors : M.D.Patra; M Rajeshwar Rao; J Swaminathan and T Rabi Sankar
Reserve Bank of India Releases Draft Framework for Electronic Trading Platforms
.
• The Reserve Bank of India (RBI) has proposed a revised regulatory framework for Electronic
Trading Platforms (ETPs) due to increased integration of the onshore forex market with offshore
markets.
• Market makers too have been requesting the Reserve Bank to allow access to offshore ETPs
offering Indian Rupee (INR) products.
• An Electronic Trading Platform (ETP) is any electronic system, other than a recognized stock
exchange, on which transactions in eligible instruments are contracted.
• Eligible instruments include securities, money market instruments, foreign exchange instruments,
derivatives, or other instruments of similar nature.
Reserve Bank of India Introduces Two Vital Surveys to Gather Insights for Upcoming Monetary Policy
• The Reserve Bank of India (RBI) announced two key surveys, the 'Inflation Expectations Survey of
Households' and the 'Consumer Confidence Survey', to gather data for the upcoming bi-monthly
monetary policy.
• The next bi-monthly monetary policy meeting is scheduled for June 5-7, 2024.
• This survey captures subjective assessments of price movements and inflation from households
across 19 cities, including Guwahati, Hyderabad, Jaipur, Kolkata, Lucknow, and
Thiruvananthapuram.
About RBI :
• Deputy Governors : M.D.Patra; M Rajeshwar Rao; J Swaminathan and T Rabi Sankar
ICICI Bank's Market Cap Surpasses Rs 8 Trillion, Joins India's Top 5 Companies
• Shares of ICICI Bank surged over 5%, sending its market capitalisation past the `8-trillion mark
and into the league of the top 5 companies by market value.
• The private lender has become the second bank to cross this milestone, after HDFC Bank.
• Top Companies by Market Capitalization:
➢ Reliance Industries leads with a market capitalization of Rs 19.8 trillion.
➢ Tata Consultancy Services (TCS) is second with Rs 14 trillion.
➢ Among banks, HDFC Bank has a market capitalization of Rs 11.6 trillion, ICICI Bank Rs 8.14
trillion, and State Bank of India Rs 7.4 trillion.
.
About ICICI Bank :

• Established : 5 January 1994
• Headquarters : Mumbai , Maharashtra, India
Unified Payment Interface Transactions Slightly Decreased to Rs 19.64 Lakh Crore in April 2024 from
Rs 19.78 Lakh Crore in March 2024
• In April 2024, Unified Payment Interface (UPI) transactions decreased by 0.7% in value and 1%
in volume compared to March 2024.
• The value of transactions in April, 2024 stood at Rs 19.64 trillion, down from Rs 19.78 trillion in
March, 2024.
• The volume of transactions was 13.3 billion in April, compared to 13.44 billion in March.
• Year-on-year (Y-o-Y), UPI transactions increased by 50% in volume and 40% in value.
About UPI :
mobile application.
Securities and Exchange Board of India Allows Optional Nomination for Joint Mutual Fund Portfolios
• Capital markets regulator Securities and Exchange Board of India (SEBI) made the nomination
optional for jointly-held mutual fund accounts in a bid to promote ease of doing business.
• Fund houses are now permitted to have a single fund manager to oversee commodity and
foreign investments, which is expected to reduce management costs.
• Deadline for Compliance: Existing individual mutual fund holders have until June 30, 2024, to
nominate or opt out of nomination for their accounts.
About SEBI :
the Ministry of Finance, GoI.
.
Groww & Worldline Join India's Expanding Club of Online Payment Aggregators
• Financial services platform Groww and digital payment processing company Worldline
ePayments have secured a Reserve Bank of India (RBI) licence to operate as online payment
aggregators.
• An online payment aggregator licence allows companies to offer payment services for
merchants, typically e-commerce firms, by accepting various payment instruments from
customers.
• Groww has secured the licence for its UPI payments platform Groww Pay.
About Groww :
• Established : 2016 (Started Operations - 2017)
• CEO : Lalit Keshre
About Worldline :
• Headquarters : La Défense, France
• CEO : Gilles Grapinet
• Worldline SA is a French multinational payment and transactional services company.
NPCI International Payments Limited Signs Agreement with Bank of Namibia to Develop Instant
Payment System Similar to UPI
• NPCI International Payments Limited (NIPL) has signed an agreement with the Bank of Namibia
(BoN) to support them in developing an instant payment system like Unified Payment Interface
(UPI) for Namibia.
• Aim : To enhance digital financial services and bolster real-time Person-to-Person (P2P) and
Merchant payment transactions (P2M) in the African nation.
• By leveraging technology and experiences from India's UPI, the partnership seeks to help Namibia
modernise its financial ecosystem.
About NIPL :
• CEO : Ritesh Shukla
About Bank of Namibia :
.
• Established : July 1990

• Headquarters : Windhoek, Khomas Region, Namibia
• Governor Johannes Gawaxab
Reserve Bank of India Removes Restrictions on Bajaj Finance's 'eCOM' and 'Insta EMI Card' Lending
Products
• The Reserve Bank of India (RBI) has lifted restrictions on Indian non-banking financial company,
Bajaj Finance's 'eCOM' and 'Insta Existing Member Identification card (EMI card)' segments,
allowing the company to resume the sanction and disbursal of new loans in these segments.
• Reason for Restrictions:The RBI had imposed restrictions in November 2023 due to concerns
raised by the regulatory authority regarding these lending segments.
About Bajaj Finance :
• Founded : 25 March 1987
• Headquarters : Pune, Maharashtra, India
• Bajaj Finance, a subsidiary of Bajaj Finserv, is engaged in the lending and acceptance of deposits.
Bajaj Allianz General Insurance Launches 'Prive', a Unique Program Offering Unmatched Coverage and
Service Excellence
• Bajaj Allianz General Insurance, a leading private general insurer in India, has launched Prive, an
exclusive customer experience program designed to offer exceptional customer service and
coverage.
• Prive is an exclusive customer experience program crafted for a special segment of policyholders
Prive provides access to elevated and unmatched customer service at every touchpoint.
About Bajaj Allianz General Insurance :
• Headquarters: Pune, Maharashtra
• MD & CEO : Tapan Singhel
• It is a joint venture between Allianz SE, the world's leading insurer, and Bajaj Finserv Limited.
Reserve Bank of India Plans to Extend Operational Risk Norms to non-banking finance companies and
Cooperative Banks
• The Reserve Bank of India (RBI) released a guidance note on Operational Risk Management and
Operational Resilience in line with the Basel Committee on Banking Supervision (BCBS) for
regulated entities, which included non-banking finance companies and primary urban cooperative
banks, as well as central cooperative banks.
.
• The 2005 guidance on the issue, which will be repealed, was aimed only at commercial banks.
• The guidance note aims to promote and enhance the effectiveness of Operational Risk
Management among regulated entities (REs).
Reserve Bank of India Sets 8% Interest Rate for Floating Rate Savings Bond 2034
• The Reserve Bank of India (RBI) has announced an 8% interest rate on the Floating Rate Savings
Bond (FRSB) 2034.
• This is a variable rate bond, and the interest rate will be reset every six months.
• The Government of India is issuing a special type of bond called a Floating Rate Bond (FRB) that
matures in 2034.
• A floating rate bond is a debt instrument that does not have a fixed coupon rate, but its interest rate
fluctuates based on the benchmark the bond is drawn.
Scheduled Commercial Banks Record 16.3% Growth in Non-Food Bank Credit in FY24, Up from 15.4%
in FY23
• Scheduled commercial banks (SCBs) ended FY24 with a higher non-food bank credit growth of
16.3% against 15.4% in FY23.
• Credit growth in the year gone by was propelled by demand from sectors such as agriculture and
allied activities, industry and services.
• Influence of Risk Weight Changes on Personal Loans:The growth in personal loans moderated
due to the Reserve Bank of India (RBI) increasing the risk weights for consumer credit exposure by
25 percentage points in November 2023.
YES Bank Partners with ANQ to Launch Two Co-Branded Credit Cards, Pi and Phi
• YES Bank has partnered with Bengaluru-based financial services provider ANQ to launch two co-
branded credit cards, Pi and Phi.
• The partnership focuses on bridging the gap between traditional banking and the fintech industry,
offering innovative solutions to meet evolving consumer needs.
• It is a digital-only card designed to offer seamless credit on UPI for domestic transactions.
About Yes Bank :
• MD & CEO : Prashant Kumar
• Tagline : Experience our expertise
.
About ANQ:
• ANQ is a digital banking platform that uses decentralized finance (DeFi) to deliver next-
generation financial services.
Non-banking financial companies reach a 4-year peak in commercial paper issuances
• Commercial Paper (CP) issuances by non-banking financial companies (NBFCs) reached ₹1.2-
lakh crore during January-March 2024, a four-and-a-half-year high since July-September 2019.
• However, this is still significantly lower than the record high of ₹3.1-lakh crore observed in July-
September 2018.
• The increase in CP issuances is partially driven by the Reserve Bank of India's mandate to
increase risk weights on bank loans given to higher-rated NBFCs, leading to more CP issuance
as an alternative source of funding.
National Pension System (NPS) Assets Surge 27.85% Year-on-Year to Reach ₹11.73 Lakh Crore:
PFRDA Data
• As per the latest Pension Fund Regulatory and Development Authority (PFRDA) data, National
Pension System (NPS) assets under management (AUM) recorded a robust 27.85 per cent y-o-y
growth as of April 20, 2024 at ₹ 11.73 lakh crore (₹ 9.17 lakh crore).
• The overall AUM, including that of Atal Pension Yojana (APY), was flat compared to the end of
March 2024 level of ₹ 11.73 lakh crore.
About PFRDA :
• Chairman : Deepak Mohanty
• PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
• It operates under the jurisdiction of the Ministry of Finance in the Government of India.
Pension Fund Regulatory and Development Authority Introduces Measures to Enhance Transparency
in Rule-Making Process
• The Pension Fund Regulatory and Development Authority (PFRDA) has implemented a
mechanism to make and review regulations, aimed at bringing more transparency and certainty to
the rule-making process.
• This mechanism among other things provides that the regulator would be guided by an “economic
analysis” of the proposed regulations before they are accepted and operationalised.
.
• The “economic analysis” would include expected direct and indirect costs and benefits to
subscribers, the economy, and society, due to the proposed regulation.
IIHL Requests Reserve Bank of India Approval to Pledge 100% of RCap's Shares
• IIHL BFSI (India), linked to the Hinduja Group, has sought approval from the banking regulator
Reserve Bank Of India (RBI) to pledge 100% shares of Reliance Capital, which it acquired in a
bankruptcy resolution, to raise ₹8,000 crore.
• IndusInd International Holdings (IIHL), a holding company of IIHL BFSI (India), received approval
from the National Company Law Tribunal (NCLT) to acquire Reliance Capital for ₹9,661 crore.
• Purpose of Fund-Raise : The proposed ₹8,000 crore fund-raise will be used to pay lenders of Anil
Ambani's erstwhile bankrupt financial services company, Reliance Capital.
State Bank of India's Fourth Quarter Net Profit Surges 24% to ₹20,698 Crore
• State Bank of India (SBI) has achieved its highest standalone quarterly net profit of ₹20,698 crore
in the fourth quarter, driven by robust growth in non-interest income, including treasury income,
along with effective cost management strategies and write-back in provisions for standard assets
and other provisions.
• This quarterly net profit surpasses the previous year's figure of ₹16,695 crore, indicating a
substantial growth trajectory for the bank.
• SBI's net profit for the fourth quarter of FY24 (Q4FY24) more than doubled sequentially, witnessing
a remarkable 125% increase from ₹9,163.96 crore reported in the preceding December quarter.
About SBI :
ICICI Prudential Life Insurance Introduces ICICI Pru Platinum, a ULIP Linked to Distributors'
Commission and Customers' Assets Under Management
• ICICI Prudential Life Insurance has launched ICICI Pru Platinum, the company’s first unit-linked
product (ULIP) which aligns distributor payouts to their customers’ fund value.
• The distributor commissions are linked to their customers’ Assets under Management (AUM).
• Aim : To foster the sustained growth of assets under management while offering customers a cost-
and tax-efficient means of wealth accumulation over extended periods.
.
About ICICI Prudential Life Insurance Company Limited :

• Established : 2000 (started its operations in 2001)
• MD & CEO : Anup Bagchi
• The life insurance arm was established as a joint venture between ICICI Bank Limited and
Prudential Corporation Holdings Limited.
• In 2016, the company became the first insurance company in India to be listed on the domestic
stock exchanges.
Reserve Bank of India Expected to Transfer Rs 1 Trillion as Dividend to the Centre in FY25
• The Reserve Bank of India (RBI) is anticipated to transfer approximately Rs 1,00,000 crore to the
government in the fiscal year 2024-25, as per a report by the Union Bank of India.
• This projection suggests a slight increase from the Rs 87,400 crore transferred in the previous
fiscal year.
• The government has budgeted the dividend from RBI and PSU banks and financial institutions at
Rs 1,02,000 crore for FY25, compared to Rs 1,04,400 crore in FY24.
• In 2023, there was a positive surprise as the actual dividend exceeded the Budget Estimate,
which was only Rs 48,000 crore.
About RBI :
• Established: 1 April 1935
15 Non-Banking Financial Companies relinquish their Certificate of Registration to the Reserve Bank of
India
• The Reserve Bank of India (RBI) has announced the cancellation of certificates of registration
(CoR) for 15 Non-Banking Financial Companies (NBFCs), including Tata Capital Financial
Services and Revolving Investments, due to various reasons.
• The cancellation was carried out by the RBI under Section 45-IA (6) of the Reserve Bank of India
Act, 1934.
India and Ghana Agree to Implement Unified Payments Interface on Ghana's Interbank Systems
.
• India and Ghana have agreed to operationalize India's Unified Payment Interface (UPI) of the
National Payments Corporation (NPCI) on Ghana’s Ghana Interbank Payment and Settlement
Systems (GHIPSS) within 6 months.
• This was a key outcome from the fourth session of the India-Ghana Joint Trade Committee (JTC)
held in Accra.
• Bilateral Trade and Collaboration: The meeting also discussed opportunities for a Memorandum of
Understanding (MoU) on digital transformation solutions and Local Currency Settlement System.
About UPI :
mobile application.
About Ghana :
• President : Nana Akufo-Addo
• Capital : Accra
• Currency : Cedi
Indian Bank Q4FY24 Earnings: Net Profit Increases by 55% to Rs 2,247 Crore
• Indian Bank's net profit rose by 55% to Rs 2,247 crore in Q4FY24, compared to Rs 1,447 crore in
the same period of FY23.
• For the entire fiscal year, the bank's net profit increased by 53% to Rs 8,063 crore in FY24, from
Rs 5,282 crore in FY23.
• Growth in Total Income: Total income in Q4FY24 rose by 19% to Rs 16,887 crore, compared to Rs
14,238 crore in Q4FY23.
About Indian Bank :
• Established : 15 August 1907
• MD & CEO : Shanti Lal Jain
• Tagline : Your Own Bank/ Apka Apna Bank
RBI Reports Housing Credit Surging by Rs 10 Trillion in the Past 2 Years
.
• According to Reserve Bank of India’s ( RBI's) data on 'Sectoral Deployment of Bank Credit', Credit
outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a
record Rs 27.23 lakh crore in March 2024.
• This represents a significant rise from Rs 19.88 lakh crore in March 2023 and Rs 17.27 lakh crore
in March 2022.
• According to the data of the RBI on sectoral deployment of bank credit for March 2024, the credit
outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March
2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
CareEdge Predicts Bank Credit-to-Deposit Ratio to Exceed 81% in FY25
• The credit-to-deposit (CD) ratio of banks is expected to remain at over 81% in FY25 as credit
growth continues to remain above the growth in deposits.
• Role of Deposit Growth in FY25:Deposit growth is anticipated to play a crucial role in FY25.
• Banks are expected to focus on strengthening their liability franchise to ensure that the slower
growth in deposits does not limit credit expansion.
• Estimations for Deposit and Credit Growth in Current Financial Year:CareEdge Ratings estimates
deposit growth to be in the range of 13-13.5% during the current financial year.
IDBI Bank Faces ₹2.9 Crore GST Order for Excess Input Tax Credit Claims
• IDBI Bank has received a Goods and Services Tax (GST) demand order of ₹2.97 crore along with
interest and penalty for alleged excess availment of input tax credit (ITC).
• Components of the GST Demand:The total demand of ₹2.97 crore comprises:
• Tax demand of ₹1.42 crore.
• Interest amount of ₹1.41 crore.
• Penalty of ₹0.14 crore.
• The Dehradun state tax department has issued an order under the GST rules pertaining to 2018-
19 fiscal for alleged excess availment and utilisation of ITC.
About IDBI Bank :
• MD & CEO : Rakesh Sharma
Reserve Bank of India Accepts Only ₹10,513 Crore Worth of Offers for Government Securities Buyback
.
• The Reserve Bank of India (RBI) accepted offers to buy Government Securities (G-Secs) totalling
₹10,513 crore, even though the total bids received were 1.33 times the notified amount of ₹40,000
crore.
• The RBI received bids worth Rs 53,333 crore at the auction. Market participants said that the RBI
accepted bids only at Financial Benchmarks India Private Limited (FBIL) levels.
• FBIL is an organisation in India responsible for administering and publishing various financial
benchmarks, including interest rate benchmarks.
About RBI :
• Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
Small Finance Banks to Request Reserve Bank of India Guidance on Loan Book Diversification
• Small finance banks (SFBs) are likely to seek clarification from the Reserve Bank of India (RBI) on
loan portfolio diversification, as the regulator has not specified the extent of diversification that
should be seen as desirable.
• In the recent guidelines provided by the RBI for the voluntary transition of SFBs to universal banks,
the regulator indicated a preference for eligible SFBs with diversified loan portfolios.
• Current Status of SFBs: Presently, there are 11 SFBs in operation, with AU and Fincare merging
earlier in the year.
RBI Removes Restrictions on Bank of Baroda World App, Allowing Onboarding of New Customers
• The Reserve Bank of India (RBI) has allowed the Bank of Baroda (BoB) to onboard new customers
through the 'Bob World' mobile application, lifting a restriction imposed in October 2023 due to
material supervisory concerns.
• The restriction lasted over 6 months.
• The bank will now resume onboarding new customers on the Bob World application, adding that it
remains committed to ensuring adherence and compliance with regulatory guidelines.
About BoB :
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
.
• Tagline : India's International Bank

National Payments Corporation of India releases guidelines for onboarding merchants to BHIM Aadhar
Pay
• The National Payments Corporation of India (NPCI) has issued guidelines that put the
responsibility for verifying merchant details on acquiring banks for Bharat Interface for Money
(BHIM) Aadhaar Pay (BAP).
• Merchant Verification: Acquiring member banks are responsible for the merchants they onboard
directly or through aggregators/partners.
• Purpose of BHIM Aadhaar Pay: This service allows merchants to receive digital payments from
customers over the counter through Aadhaar Authentication.
About NPCI :
• Founded : 2008
India.
• It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) under
the provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment &
SEBI Extends Settlement Scheme Deadline for Stock Option Cases to June 10, 2024
• Capital markets regulator Securities and Exchange Board of India (SEBI) extended the settlement
scheme period till June 10, 2024, for entities involved in reversal trades in the stock options
segment on BSE in 2014 and 2015.
• The settlement scheme commenced on March 11 and was scheduled to conclude on May 10,
2024.
• SEBI introduced the ISO Settlement Scheme 2024 in March, offering a settlement opportunity to
entities involved in trade reversals in the stock options segment of BSE between April 1, 2014, and
September 30, 2015, who face pending adjudication proceedings.
About SEBI :
.

the Ministry of Finance (MoF), Government of India (GoI).
HDFC Life Launched "No Jhanjhat Life Insurance Fatafat Campaign" to Revolutionize Insurance
Purchase Experience
• HDFC Life has launched the "No Jhanjhat Life Insurance Fatafat" campaign to simplify and
expedite the process of purchasing life insurance through its online platform.
• Aim : To address India's low insurance penetration and significant protection gap by promoting a
simple and quick life insurance purchase experience.
• The campaign emphasizes the use of advanced technology to provide accessibility and
convenience to customers, making it easier to understand and buy life insurance online.
About HDFC Life :
• Founded : 2000
• MD & CEO : Vibha Padalkar
• Tagline : Sar Utha Ke Jiyo!
Ex-BharatPe COO Bahl's Eternal Capital unveils a Rs 120 crore venture capital fund
• Eternal Capital, founded by former BharatPe Chief Operating Officer (COO) Dhruv Dhanraj Bahl,
has launched its maiden venture capital (VC) fund with a target corpus of Rs 120 crore.
• The fund has a greenshoe option to raise an additional Rs 120 crore, allowing a total capacity of
Rs 240 crore.
• Regulatory Approval : Eternal Capital received approval from the SEBI for a Category-I Alternative
Investment Fund (AIF) in November 2023.
Indian Overseas Bank to Sell Two NPA Portfolios Worth Rs 13,472 Crore
• Indian Overseas Bank (IOB) has published sale notification pertains to the sale of 92 Non-
Performing Assets (NPAs) loans, collectively amounting to an aggregate Book Outstanding of Rs
13,471.68 crores, offered on portfolio basis in 2 lots through e-auction under the open auction
method.
.
• Aim : To enhance the bank's financial health, particularly as its Gross NPA levels have reduced
significantly from 11.69% in March 2021 to 3.90% by December 2023.
• Composition of Portfolios:The first portfolio includes 46 accounts financed under consortium
arrangements, three accounts under multiple banking arrangements, and two sole banking
ventures.
About IOB :
• Headquarters : Chennai, Tamil Nadu
Green Finance: India Raised ₹20,000 Crore Through Sovereign Green Bonds in FY24 Auction
• India auctioned sovereign green bonds (SGrB) worth ₹20,000 crore in FY24, a significant increase
from ₹16,000 crore in FY23.
• Purpose of these bonds : To mobilize resources for green infrastructure projects, primarily for
expanding renewable energy capacity.
• Reserve Bank of India's Role in Green Bonds:The RBI conducted four sovereign green bond
auctions worth ₹20,000 crore in FY24.
• The proceeds from these bonds may be used to finance or refinance eligible green projects.
ICICI Bank Facilitates Unified Payments Interface Payments for Non-Resident Indians in India Using
International Mobile Numbers
• ICICI Bank has enabled instant payment facility Unified Payments Interface (UPI) for its non-
resident Indian (NRI) customers in India through their international mobile numbers.
• This feature aims to enhance convenience for NRIs in India, allowing them to make everyday
payments with ease.
• Scope of Transactions:With this facility, NRIs can pay for utility bills, merchant transactions, and e-
commerce purchases through their international mobile numbers linked to their Non-Resident
External (NRE) or Non-Resident Ordinary (NRO) bank accounts with ICICI Bank in India.
About ICICI Bank Ltd :
.
• Tagline : Hum Hai na khayal apka

Agricultural Credit Exceeds Expectations, Surges by 15% to Reach Rs 24.83 Trillion in FY24
• According to the latest data from National Bank for Agriculture and Rural Development (NABARD),
commercial banks, cooperative banks, and Regional Rural Banks (RRBs) disbursed Rs 24.84
trillion in agricultural credit in 2023-24.
• This represents a 15% increase compared to the previous fiscal year (FY23).
• Credit Flow to Agri-Allied Sectors:Out of the total credit, Rs 2.72 trillion was allocated to agri-allied
sectors such as animal husbandry, dairy, poultry, and fisheries.
• Regional Distribution of Agricultural Credit:The 5 southern states-Andhra Pradesh, Telangana,
Karnataka, Tamil Nadu, and Kerala, received over Rs 12.5 trillion, or 50.5% of the total credit
disbursed, despite having only 17% of India's gross cropped area.
About NABARD :
• Chairman : Shri. Shaji K V
• It was established on the recommendations of B. Sivaraman Committee (by Act 61, 1981 of
• NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex
• It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).
Home Loan Outstanding Increases by Rs 10 Lakh Crore Over the Past 2 Years
• According to the Reserve Bank of India’s (RBI's) data on 'Sectoral Deployment of Bank Credit',
Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to
reach a record Rs 27.23 lakh crore in March this year(2024).
• The data also showed that the credit outstanding towards commercial real estate stood at Rs
4,48,145 crore in March 2024. It was at Rs 2,97,231 crore in March 2022.
• Industry experts believe the sector will reach the $1 trillion milestone by 2030.
Reserve Bank of India instructs NBFCs to maintain the Rs 20,000 limit for cash disbursement in gold
loans
• The Reserve Bank of India (RBI) has issued a caution to non-banking finance companies (NBFCs)
that offer gold loans, warning them against exceeding the Rs 20,000 limit for cash loan disbursal.
.
• The advisory refers to Section 269 SS of the Income Tax Act, 1961, which prohibits any individual
from receiving more than Rs 20,000 as a loan amount in cash.
• Reason for Cap: This move by the RBI aims to discourage cash transactions, promoting
transparency and traceability in financial transactions.
About RBI :
PhonePe Holds Nearly Half of UPI Market Share in April with 49% Domination
• Digital payments platform PhonePe has continued to be the number one player in the unified
payments interface (UPI) ecosystem with a market share of close to 49% in April 2024 across P2M
(person to merchant) and P2P (person to person) transactions.
• PhonePe has maintained the top position in UPI transactions for over 40 months since November
2020.
• UPI Transactions Data for April 2024:According to data issued by the National Payments
Corporation of India (NPCI), PhonePe clocked 6.5 billion transactions through UPI out of the total
13.3 billion transactions. In terms of value, the company clocked transactions worth Rs 10 trillion.
About PhonePe :
• Co Founder & CEO : Sameer Nigam
Setu Launches Sesame, India's First Domain-Specific Large Language Model for the Banking, Financial
Services, and Insurance Sector
• Setu, an Indian fintech company part of the Pine Labs Group, unveiled Sesame, India's first Large
Language Model (LLM) specifically designed for the banking, financial services, and insurance
(BFSI) sector.
• Sesame was developed in collaboration with Sarvam AI, an Indian AI research firm.
• Setu claims that Sesame represents a "ChatGPT moment" for the financial services sector,
indicating a breakthrough in AI technology for BFSI.
.
• The unveiling took place at Adbhut India, an event organised by the non-profit People+ai, in the
presence of Nandan Nilekani (co-founder and director of EkStep Foundation), Shankar Maruwada
(co-founder and chief executive officer of EkStep Foundation), Tanuj Bhojwani (head of
People+ai), and other prominent figures in fintech, AI, and digital public infrastructure.
About Setu :
• Founded : 2018
• Founderd : Sahil Kini and Nikhil Kumar.
• It operates in various fintech areas such as account aggregation, data gateway, identity
verification, embedded finance, Open Network for Digital Commerce (ONDC), WhatsApp
Business, and Bharat Bill Payment Service (BBPS).
• Setu was acquired by Pine Labs for about $70-$75 million in 2022
About Sarvam AI :
• Co Founders : Dr.Vivek Raghavan, Dr, Pratyush Kumar
Central Banks Make Significant Investments in Gold Amid Lingering Global Uncertainty
• According to the World Gold Council (WGC), central banks worldwide continued to increase their
gold reserves in March 2024 with significant purchases led by emerging market banks.
• Central banks accounted for 23% of the overall gold demand, totalling 1,238 tonnes in the March
quarter.
• Central banks collectively added 16 tonnes of gold to their reserves in March, matching the
additions seen in February, 2024.
About WGC :
• Headquarters : London, United Kingdom
• CEO : David Tait
SoftBank Leads $1 Billion Funding Round for UK Self-Driving Startup Wayve
• Wayve, a British self-driving technology startup, has secured $1.05 billion in a funding round led by
SoftBank Group.
• Nvidia, a new investor, and existing investor Microsoft also contributed to the Series C funding
round.
.
• Purpose of Funding: To accelerate the development and launch of Wayve's Embodied AI

technology, which can learn from and adapt to human behavior.
About Wayve :
• Founded : 2017
• President : Erez Dagan
• CEO : Alex Kendall
• Wayve's autonomous driving technology utilizes AI to enable vehicles to navigate unpredictable
situations, such as unexpected actions by drivers, pedestrians, or environmental elements.
About SoftBank Group :
• Headquarters : Tokyo, Japan
• Chairman & CEO : Masayoshi Son
• SoftBank Group Corp. is a Japanese multinational investment holding company which focuses on
investment management.
Insurance Regulatory and Development Authority of India imposes a fine of Rs 1 crore on Initial Public
Offering-bound Go Digit Insurance
• The Insurance Regulatory and Development Authority of India (IRDAI) imposed a penalty of Rs 1
crore on Go Digit General Insurance for non-disclosure of a change in the conversion ratio of
compulsorily convertible preference shares (CCPS).
• The insurance regulator had earlier issued a show cause notice after noticing that Go Digit had
changed its conversion ratio of 63,00,000 CCPS issued by Go Digit Infoworks Services Pvt Ltd
(GDISPL), the parent company of the general insurer, to FAL Corporation, owned by Fairfax
Group.
• This was shown in an amendment to the joint venture (JV) agreement dated August 11, 2023.
About IRDAI :
in India.
.
State Bank of India Becomes Inaugural Bank to Join International Bullion Exchange as Trading and
Clearing Member
● Public sector lender, State Bank of India (SBI), has become the first trading-cum-clearing
member (TCM) at the India International Bullion Exchange (IIBX) – the country’s first bullion
exchange in GIFT City Gandhinagar.
● This enables SBI’s IFSC Banking Unit (IBU) to trade on the IIBX platform.
● The Reserve Bank of India recently permitted IBUs to act as trading members and trading and
clearing members at IIBX as special category clients (SCCs) to import gold through the bullion
exchange.
● SBI's participation is expected to boost trading volumes in gold and silver at the IIBX.
About IIBX :
● IIBX is India’s first bullion exchange established in IFSC Gift City.
● IIBX is a platform that enables trading in bullion with adherence to OECD Due Diligence
Guidance for Responsible Supply Chain of Minerals from Conflict-Affected and High-Risk Areas
for establishing supply chain integrity.
● The following types of entities are eligible to become members of IIBX-
➢ Non-Resident Individual / Proprietorship Firm
➢ Registered Partnership Firm
➢ Private Limited Company and Public Limited Company
➢ Qualified Jewellers
➢ IBU Branches at GIFT City
➢ Foreign Bullion Suppliers who follow OECD guidelines
About SBI :
Piramal Group's Fund Management Arm Injects Rs 600 Crore into Annapurna Finance
● Piramal Alternatives, the fund management arm of the Piramal Group, invested Rs 600 crore in
Annapurna Finance Private Limited.
● This investment comprised Rs 300 crore for acquiring a 9.85% stake in Annapurna Finance and
.
another Rs 300 crore for subscribing to Annapurna’s optionally convertible debenture.

● The deal involved a combination of a secondary purchase of shares and providing Tier-2 capital
to Annapurna Finance.
● Purpose of Investment: The structured capital solution is aimed at fueling the risk-calibrated
growth of Annapurna Finance's assets under management.
About Annapurna Finance :
● Headquarters: Bhubaneswar, Odisha, India.
● MD & CEO: Gobinda Chandra Pattanaik.
● Annapurna Finance is a Non-Banking Financial Company (NBFC) primarily focused on
microfinance.
● It applied for a universal bank license to the Reserve Bank of India last year.
● Unitus Capital acted as the exclusive financial advisor to Annapurna Finance.
● Annapurna Finance offers secured and unsecured loans for the micro, small, and medium-sized
enterprise sector.
● Annapurna Finance is backed by marquee domestic and overseas investors, including Nuveen
Global Impact, Oman India Joint Investment Fund, and the Asian Development Bank.
About Piramal Alternatives :
● CEO : Kalpesh Kikani
Zomato to Relinquish RBI License for Online Payment Aggregator Operations
● Zomato, a prominent food tech company, revealed that its subsidiary Zomato Payments Private
Limited (ZPPL) has chosen to voluntarily surrender the certificate of authorization obtained from
the Reserve Bank of India (RBI) to function as an online payment aggregator under the Payment
and Settlements Systems Act 2007.
● In connection with this decision, Zomato has incurred an impairment loss of Rs 39 crore for its
investment in ZPPL, its fintech subsidiary.
● The firm received the RBI’s nod to carry out business as a payment aggregator and issuer of pre-
paid payment instruments in January, 2024.
What is a payment aggregator?
● A payment aggregator is a third-party service provider that enables customers to make and
businesses to accept payments online.
● Payment aggregators enable their clients to accept various payment methods such as debit
.
cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets, and e-mandates.
About RBI :
● Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
About Zomato :
● Founded : July 2008
● Headquarters : Gurgaon, Haryana, India
● MD & CEO : Deepinder Goyal
SEBI Mandates Mandatory Certification for Alternative Investment Fund Manager's Investment Team
● Capital markets regulator Securities and Exchange Board of India (SEBI) has amended rules to
make it mandatory for at least one key personnel within an investment team of an Alternative
Investment Fund (AIF) manager to obtain requisite certification.
● The new requirement aims to boost competency and professionalism in the AIF space.
About SEBI :
● Established : 12 April 1988 as an executive body and was given statutory powers on 30 January
● Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
● SEBI is the regulatory body for securities and commodity markets in India under the ownership of
South Indian Bank collaborates with Northern Arc Capital to establish new standards in the financial
sector
● South Indian Bank has formed an association with Northern Arc Capital aiming to explore and
maximise commercial prospects by combining efforts in loan origination, underwriting,
disbursement, collection, and reconciliation procedures.
● The collaboration will concentrate on co-lending and partnership lending activities, as well as
facilitating smooth loan transfers between banks and originators.
● This collaboration has been formalised with the signing of a Memorandum of Understanding
(MOU), demonstrating both institutions’ commitment to a mutually beneficial partnership.
.
● MD & CEO, Northern Arc Capital Ltd : Ashish Mehrotra

● Founded : 1929
● Headquarters : Thrissur in Kerala, India
● MD & CEO : P R Seshadri
HDFC Bank Introduces PIXEL Lineup of Digital Credit Cards
● HDFC Bank has launched "PIXEL," an end-to-end, mobile app-based customisable DIY digital
card range.
● PIXEL is aimed at customers characterised by digital fluency, unique preferences, and distinct
financial behaviours.
● PIXEL is a first-of-its- kind range of digital credit card series that offers seamless app-based
issuance, complete digital lifecycle management, user engagement and digital servicing.
● PIXEL will be offered in 2 variants – PIXEL Play and PIXEL Go.
● Both card variants offer up to 50 days credit-free period.
➢ PIXEL Play: A 'Build Your Own Card' variant offering customisable benefits including
merchants for accelerated cashbacks, card colour, and billing date.
● Targeted at users seeking digital customisation and credit card benefits.
➢ PIXEL Go: Designed for beginners entering the credit card world, offering flexibility in
payments through pay-in-parts.
● Banking tech company, Zeta, is the technology provider for Pixel.
About HDFC Bank Limited :
India Renews $50 Million Budgetary Assistance to Maldives for Another Year
● India has decided to extend its budgetary support to the Maldives government by rolling over a
$50 million treasury bill for another year.
● The State Bank of India (SBI) has subscribed for one more year to the $50 million Government
Treasury Bill, issued by the Ministry of Finance of Maldives, upon maturity of the previous
subscription.
.
● These treasury bills are subscribed by SBI under government-to-government, a unique

arrangement at zero cost (interest-free) to the Government of Maldives.
● The continuation of the subscription has been made at the special request of the Government of
Maldives to secure budgetary support from India.
What are Treasury bills (T-bills)?
● Treasury bills or T-bills are money market instruments.
● These are short term debt instruments issued by the Government of India.
● T-bills are issued in three maturities - 91-day, 182-day, and 364-day, and they are zero coupon
securities, paying no interest.
● They are issued at a discount and redeemed at face value upon maturity.
● The State Governments, eligible provident funds in India, Nepal Rashtra Bank, Royal Monetary
Authority of Bhutan (only in 91 Day T- Bills),Vnesheconom Bank (only in 91 Day TBills) and any
Person or Institution, specified by the RBI, in consultation with the Government, in this regard,
can participate on the non-competitive basis for Participation and Allotment of T-Bills.
● Individuals may also participate on a non-competitive basis as retail investors.
● For retail investors, the allocation will be restricted to a maximum of 5% of the aggregate nominal
amount of the issue, within the notified amount, as specified by the RBI, in consultation with the
Government of India, from time to time.
● Bills will be issued for a minimum amount of 10,000 and in multiples of 10,000 both on a
competitive basis, and on a non-competitive basis.
● The Bills will be issued in the form of Promissory Note/Credit to Subsidiary General Ledger
(S.G.L.) Account with the RBI.
● Treasury bills are issued at a discount to original value and the buyer gets the original value upon
maturity.
About Maldives :
● President : Mohamed Muizzu
● Capital : Malé
● Currency : Maldivian rufiyaa
Reserve Bank of India Data Reveals 40% Increase in Domestic Gold Reserves Over 5 Years
● India's gold reserve, held domestically, increased by 40% between March 2019 and March 2024,
as per the Reserve Bank of India's latest data.
.
● Total gold reserves witnessed a 34% uptick during the same period.
● RBI's Gold Holdings: According to the "Half Yearly Report on Management of Foreign Exchange
Reserves" by RBI, the central bank's gold holding rose by 27.46 metric tonnes in FY24 to reach
822.10 metric tonnes by the end of March 2024.
● In terms of USD value, the share of gold in total foreign exchange reserves increased to around
8.15%, totalling US $ 54.88 billion by March 2024.
● Composition of Gold Reserves: Out of RBI's total gold holdings, 408.31 metric tonnes were held
domestically, while 387.26 metric tonnes were kept in safe custody with the Bank of England and
the Bank for International Settlements (BIS).
● Report Structure: The report is divided into two parts: Part I contains the developments regarding
movement of foreign exchange reserves, information on the external liabilities vis-à-vis the
reserves, adequacy of reserves, etc., during the half-year under review.
● Objectives of reserve management, statutory provisions, risk management practices, information
on transparency and disclosure practices followed by the RBI with regard to reserve
management are covered in Part II.
● Reserve Increase: Reserves grew from USD 587.71 billion as of end-September 2023 to USD
646.42 billion as of end-March 2024 during the reviewed half-year period.
● Composition of Foreign Currency Assets (FCA) : Foreign Currency Assets stands at USD
570.95 billion are maintained as a multi-currency portfolio comprising major currencies, such as,
US dollar, Euro, Pound sterling, Japanese yen, etc. and are valued in terms of US dollars.
● Special Drawing Rights (SDR) and Reserve Tranche Position (RTP):SDR stands at USD 18.13
billion, with values in SDR million indicated in parentheses.
● RTP stands at USD 4.6 billion, representing the Reserve Tranche Position in the International
Monetary Fund (IMF).
● Short-Term Debt Ratio:The ratio of short-term debt (original maturity) to reserves decreased from
22% at end-September 2023 to 20.3% at end-December 2023.
● Investment and Deposit Breakdown:As of end-March 2024, out of the total FCA of USD 570.95
billion:
➢ USD 468.99 billion was invested in securities.
➢ USD 62.17 billion was deposited with other central banks and the Bank for International
Settlements (BIS).
.
➢ The balance of USD 39.79 billion comprised deposits with commercial banks overseas.
● Financial Transaction Plan of the IMF:During the reviewed half-year period, there was one
purchase transaction totalling USD 152.71 million and 8 repurchase transactions totalling USD
574.51 million under the Financial Transaction Plan of the IMF.
Paytm Shifts Focus to UPI Lite Wallet for Low-Value Payments
● One97 Communications, the parent company of Paytm, has launched the UPI Lite wallet to
simplify payments, particularly for low-value transactions.
● Transaction Limits: Users can make instant transactions of up to Rs 500 each using the UPI Lite
wallet.
● Additionally, they can add up to Rs 2,000 to their wallet twice a day, totalling Rs 4,000 daily.
● Leading banks such as Axis Bank, HDFC Bank, State Bank of India, and YES Bank are part of
this collaboration.
● Collaboration: One97 Communications Limited collaborates with prominent Payment System
Providers to establish a robust and reliable framework for the UPI Lite wallet.
● Transaction Limits According to NPCI: The UPI Lite wallet is designed for small transactions, with
transaction limits set by the National Payments Corporation of India (NPCI) at up to Rs 500 per
transaction.
About Paytm :
Insurance Regulatory and Development Authority of India Mandates Insurers to Extend Coverage to
Identified Gram Panchayats
● In a move that can bring insurance down to the grassroots, the Insurance Regulatory and
Development Authority of India (IRDAI) has mandated life and general insurers to extend cover
to certain identified Gram Panchayats.
● Per the master circular issued by the regulator on rural, social and motor third-party obligations,
the Life Insurance Council, in consultation with the Ministry of Panchayat Raj, will indicate the
minimum number of Gram Panchayats to each life insurer on mutually agreed parameters such
as market share, or any other parameter.
● A similar exercise will also be taken up by the General Insurance Council to identify the Gram
Panchayats for extending the health cover, Motor Third Party (MTP) insurance and the dwelling
.
shops.
● The new norms will be applicable from the current financial year.
● The new norms will also augur well for the recently-announced objective of achieving ‘Insurance
for All by 2047’ of IRDAI.
About IRDAI :
● Headquarters : Hyderabad, Telangana
● Chairperson : Debasish Panda
● The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government
of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance
industries in India.
Public Sector Banks' Aggregate Profit Surges by 35%, Exceeds Rs 1.4 Trillion in FY24
● Public sector banks' cumulative profit crossed Rs 1.4 trillion in the financial year ended March
2024, recording a growth of 35% over the previous year on a high base of Rs 1 trillion.
● The 12 Public Sector Banks (PSBs) together earned a net profit of Rs 1,04,649 crore in 2022-23.
● Out of the total profit of Rs 141,203 crore earned during the FY24, market leader State Bank of
India (SBI) alone contributed over 40% of the total earnings.
● SBI earned a profit of Rs 61,077 crore 22% higher than the previous financial year (Rs 50,232
crore).
● In percentage terms Delhi-based Punjab National Bank had the highest net profit growth with
228% to Rs 8,245 crore, followed by Union Bank of India with a 62% rise to Rs 13,649 crore and
Central Bank of India with a 61% increase to Rs 2,549 crore.
● Among the banks which recorded over 50% jump in net profit included Bank of India with a 57%
growth to Rs 6,318 crore while Bank of Maharashtra with a 56% rise to Rs 4,055 crore and
Chennai-based India Bank recorded a 53% improvement to Rs 8,063 crore.
● During the year, the only public sector bank out of 12 that reported a drop in profit was Punjab &
Sind Bank.
● Punjab & Sind Bank, headquartered in Delhi, reported a 55% decline in annual net profit,
dropping from Rs 1,313 crore in 2022-23 to Rs 595 crore in the fiscal year ending March 2024.
● The government has implemented a comprehensive 4R strategy: Recognising NPAs
transparently, Resolution and recovery, Recapitalising PSBs, and Reforms in the financial
.
ecosystem.
State Bank of India Raises Short-Term Retail Fixed Deposit Rates by 25-75 Basis Points
● State Bank of India (SBI) has raised interest rates on retail domestic term deposits (below ₹2
crore) by 25-75 basis points for deposits of less than 1-year tenor.
● SBI has also increased interest rates on domestic bulk term deposits (₹2 crore and above) by 10-
50 basis points on five out of eight maturity buckets.
● The new interest rates are effective from May 15, 2024.
● Retail Term Deposit Rates: SBI has increased interest rates on retail domestic term deposits
across various maturity buckets. For example:
➢ Deposits of 46 days to 179 days: Increased from 4.75% to 5.50% (75 bps hike)
➢ Deposits of 211 days to less than 1 year: Increased from 6.00% to 6.25% (25 bps hike)
● The bank’s highest interest rate is 7% on deposits of 2 years to less than 3 years.
● Bulk Deposit Rate Changes: The bank has also raised interest rates on domestic bulk term
deposits for various durations. For example:
PhonePe Teams Up with LankaPay to Encourage Unified Payments Interface Payments in Sri Lanka
● PhonePe, a leading fintech company based in Bengaluru, has partnered with Sri Lanka-based
LankaPay to enable Unified Payments Interface (UPI) transactions for PhonePe users in Sri
Lanka.
● PhonePe users travelling to Sri Lanka can now make payments using UPI's rails across
LankaPay's merchants throughout the country.
● Transactions will be conducted in Indian Rupees (INR), with currency exchange rates applied to
such transactions.
● Apart from the National Payments Corporation of India’s (NPCI) UPI, these transactions will be
facilitated by the LankaPay National Payment Network.
● LankaPay is owned by the Central Bank of Sri Lanka.
● The launch event of the payments service in Sri Lanka's capital saw the participation of notable
figures such as Santosh Jha, the High Commissioner of India to Sri Lanka, and Dr. Nandalal
.
Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL).

● In 2023, PhonePe announced its plans to offer UPI services in markets beyond India, including
the United Arab Emirates, Singapore, Mauritius, Nepal, and Bhutan, with NPCI acting as an
enabler in these markets to promote UPI services.
● CEO of LankaPay : Channa de Silva
About PhonePe :
● Founded : 2015
About Sri Lanka :
● Capitals: Colombo, Sri Jayawardenepura Kotte
● Currency: Sri Lankan Rupee
● Prime minister: Dinesh Gunawardena
Reserve Bank of India's Investment in IIFC's UK Arm Decreases by 20% in FY24
● According to the latest Half Yearly Report on Management of Foreign Exchange Reserve, the
Reserve Bank of India’s (RBI) investment in the state-owned India Infrastructure Finance
Company (IIFC) UK subsidiary decreased by a 5th from the previous year, reaching $932 million
in FY '2023-24.
● The central bank is required to invest a portion of its foreign exchange reserves, specifically $5
billion, in the company.
● This mandate came from demands by the government to support infrastructure funding.
● The subsidiary company is tasked with borrowing funds from the RBI and lending them to Indian
companies involved in infrastructure projects within India or co-financing their External
Commercial Borrowings for such projects, specifically for capital expenditure outside India.
EaseMyTrip Partners with the Small Industries Development Bank of India and the Uttarakhand
Tourism Development Board
● EaseMyTrip.com partners with the Small Industries Development Bank of India (SIDBI) and the
Uttarakhand Tourism Development Board (UTDB) to introduce a Homestay Entrepreneurship
Training Programme.
● The program aims to empower homestay owners along the Chardham Yatra route by enhancing
their hospitality skills and promoting eco-friendly practices.
.
● Launched in April and continuing through May, the training program targets 150 homestay
owners. It integrates classroom learning with practical sessions.
● Training sessions have been conducted in Joshimath (Badrinath), Guptkashi (Kedarnath), and
Ukhimath (Kedarnath), with pending sessions scheduled in Gangotri (Uttarkashi) and Yamunotri
(Uttarkashi).
● As of now, certificates have been awarded to 31 homestay owners in Joshimath, 25 in
Guptkashi, and 39 in Ukhimath.
About EaseMyTrip :
● Founded : 2008
● Co-founder and CEO : Nishant Pitti
About Small Industries Development Bank of India :
● Headquarters : Lucknow, Uttar Pradesh, India
● Chairman & MD : Sivasubramanian Ramann
● The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and
● It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
Asian Development Bank Grants $148 Million Loan to Enhance Power Supply in Sikkim
● Asian Development Bank (ADB) has approved a USD 148.5 million loan to help modernise and
enhance the reliability, quality and resilience of electricity supply in Sikkim.
● This project fully supports Sikkim’s Power for All initiative, ensuring round-the-clock uninterrupted
access to quality electricity for households, industries, businesses, and the public.
● The project will modernise Sikkim’s power distribution system by upgrading it with approximately
770 kilometres of climate-resilient medium-voltage underground and/or covered conductors.
● Additionally, it will replace 580 kilometres of ageing and low-capacity bare conductors with new
ones to increase distribution network capacity.
● It will upgrade 26 existing power substations, including the installation of a supervisory control
and data acquisition system, install 15,000 units of public street lighting in remote areas, and
conduct electricity conservation and safety awareness programmes in 28 villages.
About ADB :
.
Tata AIG General Insurance Collaborates with Aurm for Vault Services
● Aurm, an asset protection firm, has announced a strategic partnership with Tata AIG General
Insurance, to provide comprehensive insurance coverage to its customers for their valuables.
● Under this partnership, Aurm’s vaults will be fully insured for up to INR 25 lakh, courtesy of TATA
AIG, India’s general insurance provider.
● Aurm partners with banks and real estate companies to offer state-of-the-art safe deposit storage
facilities that are fully automated and available 24 hours a day, 365 days a year.
About Tata AIG General Insurance :
● CEO: Neelesh Garg.
● It is a joint venture company between TATA Group and American International Group (AIG).
TATA AIG Launches India’s First Satellite-based In-Orbit Third-Party Liability Insurance
● General insurance provider Tata AIG launched the ‘Satellite In-Orbit Third-Party Liability
Insurance’ policy to provide critical financial support to satellite manufacturers and operators in
the Indian space industry.
● The new insurance product, claimed to be India’s first, is designed to provide critical financial
protection for satellite manufacturers and operators.
● It is designed to offer comprehensive coverage for third-party bodily injury and property damage
in the event of an incident involving an orbiting satellite.
● With the privatisation of space launches, India aims to quintuple its share in the global launch
market, which is expected to reach $47.3bn (Rs3.95trn) by 2032.
Securities and Exchange Board of India Proposes Framework to Enable Domestic Mutual Funds to
Invest in Overseas Funds
● Market regulator Securities and Exchange Board of India (SEBI) proposed to allow investment by
domestic mutual funds in overseas funds that have limited exposure to Indian securities.
● Current Scenario : At present SEBI registered mutual funds are allowed to invest in overseas
.
securities, including American Depository Receipts (ADRs) / Global Depository Receipts (GDRs)
issued by Indian or foreign companies, equity of overseas companies listed on recognized stock
exchanges overseas.
● Proposed Guidelines:The Indian Mutual Fund schemes may invest in such overseas MF/Unit
Trust (UTs) that have exposure to Indian securities, provided that the total exposure to Indian
securities by such overseas MF/UTs shall not be more than 20% of their net assets.
● In case of a breach of the investment limit, the scheme will enter into an observance period of 6
months to correct the portfolio and no fresh investment or subscription will be allowed during this
period.
● Market Indices Exposure: As of April 30, 2024, the MSCI Emerging Markets Index (MEMI) has an
18.08% weightage to Indian securities.
● JP Morgan's 'Emerging Markets Opportunities Fund' holds approximately 15% of Indian
investments, according to its latest factsheet as of March 31, 2024.
● Current Restrictions:SEBI has imposed a ban on all overseas investments by mutual fund
schemes due to breaching the $7-billion investment limit set by RBI.
● Additionally, mutual funds have exhausted an additional $1-billion cap for exchange-traded funds
(ETFs).
Reserve Bank of India Plans Rs 1.25 Trillion 14-Day Variable Rate Reverse Repo (VRR) Auction
● The Reserve Bank of India (RBI) will conduct a 14-day Variable Rate Repo (VRR) auction for a
notified amount of Rs 1.25 trillion.
● A repo auction is conducted by the central bank to inject liquidity into the banking system.
● Currently, liquidity in the banking system is estimated to be in deficit of around Rs 1.20 lakh
crore, as per the RBI’s Money Market Operations as of May 15, 2024.
RuPay cardholders receive 25% cashback on in-store purchases in 7 countries until July 31
● National Payments Corporation of India’s (NPCI) RuPay card network has announced a limited-
time special cashback offer scheme for both RuPay credit and debit cardholders, from May 15 to
July 31, 2024.
● During the offer period, customers will receive 25% cashback on in-store point-of-sale purchases
made at merchants accepting cards on either ‘Discover’ network or ‘Diners Club International’
within Canada, Japan, Spain, Switzerland, United Arab Emirates (UAE), United Kingdom (UK)
and United States (US).
.
● The maximum cashback amount per transaction for a card during the offer period will be ₹2,500.
About NPCI :
● Founded : 2008
India.
● It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the
provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment &
YES BANK Introduces YES Grandeur for Premium Banking Services Catering to Elite and Emerging
Affluent Segments
● YES BANK has announced the launch of YES Grandeur, an exclusive banking programme
designed to address the unique financial and lifestyle needs of India’s fast-growing Emerging
Affluent segment.
● The Emerging Affluent segment is projected to grow by 2.3 times over the next decade,
according to BCG CCI Proprietary Income Model, indicating a significant shift in consumer
banking preferences driven by increased disposable income and refined consumer behaviours.
● The expansion of the Indian middle class, expected to nearly double to 61% by 2046-47 as per
the PRICE Report, along with rising incomes, will further shape future consumption patterns.
● YES Grandeur is aimed at catering to the evolving market dynamics where the affluent are
increasingly seeking personalised services that complement their lifestyle.
● With an eligibility threshold of Average Monthly Balance (AMB) of ₹5 Lakh or a Net Relationship
Value (NRV) of ₹20 Lakh, with additional consideration given to loan relationships, YES
Grandeur is positioned to enhance the banking experience for this discerning customer base.
About YES Bank :
● MD & CEO : Prashant Kumar
● Tagline : Experience our expertise
.
India 'sees' its 3rd unicorn of 2024 in logistics services platform Porter
● Homegrown logistics services platform Porter has likely become the 3rd unicorn (with valuation of
$1 billion and above) in India this year(2024) after a fresh internal round.
● The fresh round involved key individual investors who bought stock from the employee stock
ownership plan (ESOP) pool of the logistics provider, taking its valuation at $1 billion.
● Before Porter, India saw the birth of two unicorns -Ola's Krutrim AI and fintech firm Perfios - this
year(2024) amid global slowdown.
About Porter :
● Founded : 2014
● Founders : Pranav Goel, Uttam Digga and Vikas Choudhary
● The company launched an on-demand marketplace for various logistics services, including
trucks, bikes, and packers & movers.
New Point of Sale Deployment Slows to Lowest Growth Rate Since Demonetisation: RBI Data
● The convenience of Unified Payments Interface (UPI) platforms is increasingly favoured by
merchants and consumers, reducing the reliance on debit cards for cashless transactions.
● New PoS Terminal Deployment:The deployment of new point-of-sale (PoS) terminals grew at the
slowest pace in fiscal 2023-24 since demonetisation, according to RBI data.
● New PoS terminal deployment rose by 14% between March 2023 and 2024, compared to 28%
and 29% in the preceding two years.
● The highest growth rate in recent years was 82% in 2016-2017, following demonetisation when
the base was 1.38 million machines.
About UPI :
● Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single
mobile application.
● It is developed by the National Payments Corporation of India (NPCI).
● It was introduced in April 2016.
IFC Provides $500 Million Financing to HDFC Bank to Boost Microloans
● The International Finance Corporation (IFC) has extended $500 million in financing to HDFC
Bank to expand microloans for underserved women borrowers in India.
● Women, particularly microloan borrowers in semi-urban and rural areas, will benefit from
increased access to finance due to IFC's financing of up to $500 million to HDFC Bank.
.
● HDFC Bank will utilize IFC's financing for on-lending as microloans to Self-Help Groups (SHGs)
and Joint Liability Groups (JLGs) enrolled in the Sustainable Livelihoods Initiative (SLI).
About IFC :
● The International Finance Corporation is an international financial institution that offers
investment, advisory, and asset-management services to encourage private-sector development
in less developed countries.
● The IFC is a member of the World Bank Group and is headquartered in Washington, D.C. in the
United States.
SBI General Insurance Partners with CAMS to Launch Bima Central, a Groundbreaking Policyholder
Servicing Platform
● SBI General Insurance Company Limited, one of India’s top general insurance carriers, has
partnered with Bima Central, built by CAMS Insurance Repository, to launch the industry-first
policyholder servicing platform, Bima Central.
● Functionality of Bima Central:The platform allows consumers to aggregate their insurance
portfolios via an electronic Insurance Account (eIA).
● Users can manage their insurance policies effortlessly through a single digital portal, Bima
Central.
● Unique Feature: For the first time in the market, SBI General Insurance customers with an eIA
through CAMS Rep Bima Central will have immediate access to their insurance portfolio via the
SBI General Insurance Mobile App.
About SBI General Insurance Company Limited :
● Founded : 2009 (started operations in 2010)
● MD & CEO : Kishore Poludasu
● It is a joint venture between the State Bank of India (SBI) and the Insurance Australia Group
(IAG).
Bank of Maharashtra Leads PSU Lenders in Business Growth for FY24
● State-owned Bank of Maharashtra (BoM) recorded the highest growth rate last fiscal in terms of
total business and deposit mobilisation among public sector lenders at a time when most banks
are facing difficulty in achieving double-digit growth.
● The Pune-headquartered lender has registered a 15.94% rise in the total business (domestic) in
.
FY24, followed by the country's largest lender State Bank of India (SBI) with 13.12% growth.
● However, SBI's total business (deposit and advances) was about 16.7 times higher at Rs
79,52,784 crore compared to Rs 4,74,411 crore of Bank of Maharashtra (BoM) in absolute terms.
● Similarly, BoM continued to maintain its top spot in terms of growth in deposit mobilisation, with a
15.66% rise in FY24.
● It was followed by SBI (11.07%), Bank of India (11.05%) and Canara Bank (10.98%).
● Out of 12 public sector banks, only these four lenders could log a double-digit growth in deposits
in the financial year 2023-24.
● In terms of low-cost CASA deposits, the Bank of Maharashtra continued to top the chart with
52.73% growth, followed by the Central Bank of India with a 50.02% rise at the end of March
2024.
● With regard to loan growth, the Kolkata-based UCO Bank was a tad higher at 16.38%, followed
by BoM at 16.30%.
● SBI also reported 16.26% growth in advances in FY24.
● Loan growth of remaining public sector banks was lower than 16% during the fiscal.
● On the asset quality side, the Bank of Maharashtra and SBI reported the lowest gross non-
performing assets with 1.88% and 2.24%, respectively, as of March 31, 2024.
● In terms of net NPAs, BoM and Indian Bank reported the lowest numbers, with 0.2% and 0.43%,
respectively.
● In terms of capital adequacy ratio, the Bank of Maharashtra was leading PSBs at 17.38%,
followed by Indian Overseas Bank at 17.28% and Punjab & Sind Bank at 17.16 at the end of
FY24.
About BoM :
● Established : 16 September 1935
● Headquarters : Pune, Maharashtra
● MD & CEO : Nidhu Saxena
● Tagline : One Family One Bank
Indian Banking Sector Surpasses IT with Net Profit Exceeding ₹3 Lakh Crore in FY24, Up 39% YoY
● India's banking sector achieved a milestone as its net profit surpassed Rs 3 lakh crore for the first
time in FY24.
● The combined net profit of listed public and private sector banks surged by 39%, reaching Rs 3.1
.
lakh crore compared to Rs 2.2 lakh crore in FY23.

● The Rs 3 lakh crore figure is roughly equivalent to the cumulative quarterly profits of all listed
companies during the initial three quarters of the fiscal year.
● Performance of Public Sector Banks (PSBs):Public sector banks achieved a record net profit of
Rs 1.4 lakh crore, marking a 34% rise from the previous year.
● Performance of Private Sector Banks:Private sector banks saw their net profit increase by 42% to
nearly Rs 1.7 lakh crore, up from Rs 1.2 lakh crore a year ago.
● Individual Bank Performance:Punjab & Sind Bank was the only public sector bank out of 12 to
report a drop in profit during the year.
● Comparison with Other Companies: Reliance Industries still holds the highest annual profit of Rs
79,020 crore on a consolidated basis.
● Among the top 10 listed companies, TCS reported a net profit of Rs 43,559 crore for FY24,
followed by Indian Oil (Rs 39,618 crore), ONGC (Rs 38,828 crore), and Infosys (Rs 27,234
crore).
Securities and Exchange Board of India Overhauls Market Cap Calculation Method for LODR
Compliance
● Market regulator Securities and Exchange Board of India (SEBI) has modified the basis for the
computation of market capitalisation of listed companies under its Listing Obligations and
Disclosure Regulations (LODR) regulations.
● As against an earlier practice of determining the applicability of provisions linked to market
capitalisation on a single day’s market cap (currently calculated on March 31), SEBI has now
introduced a concept of ‘average market capitalisation’ for a defined period.
● Determination of Ranking:The ranking will be based on the average market capitalization figures
of listed entities during the preceding six months (July 1 to December 31).
● Reason for Modification:This modification aligns with the recommendations of a SEBI-appointed
expert committee, chaired by former wholetime member S K Mohanty, aiming to facilitate ease of
doing business.
About SEBI :
.

Policybazaar Introduces Claim Assurance Program to Expedite Motor Insurance Claims
● Online insurance marketplace Policybazaar has introduced its 'Claim Assurance Program' to
accelerate the motor insurance claims process.
● The program aims to provide swift and efficient claims support across more than 1000 PIN
codes, targeting both metropolitan areas and tier 2 and 3 regions.
● The initiative is part of Policybazaar's broader strategy to enhance its claims assistance across
all insurance verticals.
● Founders : Yashish Dahiya, Alok Bansal, Avaneesh Nirjar
● Policybazaar is an Indian insurance aggregator and multinational financial technology company.
● Policybazaar is the flagship subsidiary of PB Fintech Limited., which also owns the credit product
aggregator Paisabazaar.
HDFC Bank Offloads Entire 3.20% Stake in Protean eGov Technologies for Rs 150 Crore via Open
Market Transaction
● HDFC Bank, a private sector lender, sold its entire 3.20% stake in Protean eGov Technologies
for Rs 150 crore through an open market transaction.
● This transaction involved the sale of 12,94,326 shares.
● Nippon India Mutual Fund purchased 12.78 lakh shares, equivalent to a 3.16% stake in Protean
eGov Technologies, for Rs 148 crore.
● This acquisition indicates Nippon India Mutual Fund's interest in investing in the company.
About Protean eGov Technologies :
● Incorporated : December 1995
● Protean eGov Technologies, previously known as NSDL e-Governance Infra, is involved in
developing citizen-centric and population-scale e-governance solutions.
● The company's focus on e-governance solutions indicates its involvement in technology-driven
.
initiatives aimed at enhancing government services and citizen engagement.

About HDFC Bank Limited :
HSBC and Standard Chartered Obtain Stakes in Clearing Corporation of India-IFSC for Real-Time
Foreign Currency Settlement System at GIFT City
● British lenders HSBC and Standard Chartered have acquired stakes in the Clearing Corporation
of India-IFSC (CCIL IFSC), the proposed entity to operate a real-time foreign currency settlement
system at GIFT City.
● Through its branch in GIFT City, HSBC executed transaction documents on May 17, 2024 for the
acquisition of a 6.125% stake in the CCIL IFSC
● HSBC holds similar minority shareholdings in the National Payments Corporation of India and the
Clearing Corporation of India through earlier investments.
● Over the last few months, HSBC, and Standard Chartered Bank - the only two banks to execute
these so far - have been carrying out trades in an offshore derivative instrument (ODI) called
TRS through the GIFT City.
● SBI too acquired a 6.125% stake, while HDFC Bank informed exchanges on May 17 that the
bank has agreed to subscribe to equity shares of face value ₹10 for a consideration aggregating
to ₹ 12.25 crore over two or more tranches.
About HSBC :
● Headquarters : London, England, United Kingdom
● Group Chairman : Mark Tucker
RBI Data Reveals 62% Decline in Net foreign direct investment to $10.5 Billion in FY24
● Net foreign direct investment (FDI) flows into India dropped by 62.17% to $10.58 billion in FY24,
the lowest since 2007, compared to $27.98 billion in the previous year.
● The decline was primarily attributed to higher repatriation of capital and Indian companies’
investments abroad.
● Repatriation and Outward FDI:Out of the $70.9 billion gross FDI flows into India in FY24, $44.4
.
billion was repatriated through dividends, share sale, or disinvestment.

● Additionally, Indians invested $15.96 billion overseas during the same period.
● In FY23, gross FDI flows had been $71.3 billion.
● Of this, $29.3 billion had been repatriated, and India’s outward FDI had stood at $14 billion.
● Sector-wise Distribution:More than 60% of FDI equity flows were directed towards sectors such
as manufacturing, electricity, other energy sectors, computer services, financial services, retail,
and wholesale trade.
● Major Investor Countries:Over 80% of the FDI flows originated from countries such as Singapore,
Mauritius, the US, the Netherlands, Japan, and the United Arab Emirates (UAE).
● Global FDI Trends:The share of global FDI capital expenditure from G20 emerging markets
increased to 14.9% in 2023 from 8.2% in 2003.
About RBI :
RBI Bulletin Warns of Potential Debt Crisis Threatening Global Economic Stability
● A potential debt crisis casts an ominous shadow over the global economic landscape, per an
article in Reserve Bank of India’s (RBI) latest monthly bulletin.
● The International Monetary Fund’s (IMF) Global Debt Monitor reported that total global debt (both
private and public) has risen to $235 trillion, equivalent to 238% of global GDP.
● The article “State of the Economy” by RBI officials highlights concerns about fiscal prudence
possibly being neglected in 2024, as over half the world’s population will be participating in
elections.
RBI Bulletin: Sustainable Alignment with 4% Inflation Target Likely to Resume Only in H2 FY25
● According to an article in RBI’s latest monthly bulletin, A durable alignment with the 4% headline
inflation target is expected to recommence only in the second half of FY25 and sustain until the
numbers are closer to the target throughout 2025-26.
● Current Inflation Trends: The article "State of the Economy" by RBI officials noted a modest
easing of headline inflation to 4.8% in April 2024, down from 4.9% in March 2024, indicating an
uneven alignment with the target.
.
● Inflation Drivers: The prices of vegetables, cereals, pulses, meat, and fish are likely to keep
headline inflation elevated and closer to 5% in the near term.
● Economic Outlook: According to the OECD's latest economic outlook, India is projected to remain
the fastest growing major economy with a GDP growth of 6.6% in FY25.
● Economic Activity Index (EAI): The EAI indicated a rebound in economic activity in April 2024.
● Early estimates suggest that GDP growth for Q1 (April-June) 2024-25 is likely to be close to
7.5%.
Maldives Plans Launch of RuPay to Enhance Bilateral Ties with India
● Maldives intends to launch India's RuPay service, reflecting the strengthening of ties between the
two nations.
● The specific launch date for the RuPay service has not yet been disclosed.
● The upcoming launch of RuPay in Maldives is expected to enhance the value of the Maldivian
currency, the rufiyaa (MVR).
● The move is likely to help Male save almost 50% of the annual $1.5 million import bill from the
two countries.
● In July 2023, the Government of India declared that Maldives was among the 22 countries that
were permitted by the Reserve Bank of India to open Special Rupee Vostro Accounts (SRVAs)
as part of efforts to promote bilateral trade in local currencies.
About RuPay :
● RuPay, developed by the National Payments Corporation of India (NPCI), is India's first domestic
card payment network.
● It is widely accepted at ATMs, point-of-sale (POS) devices, and e-commerce platforms across
India.
About Maldives :
● President : Mohamed Muizzu
● Capital : Malé
● Currency : Maldivian rufiyaa
SEBI Establishes Guidelines to Manage Pricing Impact Following Company Rumor Verifications
● The Securities and Exchange Board of India (SEBI) has issued guidelines for calculating the
"unaffected price" after a listed entity verifies market rumours.
.
● Listed entities are required to verify market rumours upon observing material price movement in
their equity shares.
● Definition of Unaffected Price:The unaffected price is determined by excluding the effect on the
equity share price caused by the material price movement and the confirmation of the rumour.
● Applicability of Framework:The framework for considering the unaffected price will apply to the
top 100 listed entities starting June 1 and to the top 250 listed entities starting December 1.
● Timing of Rumour Confirmation:The unaffected price will only apply if the listed entity confirms
the rumour related to the transaction within 24 hours of the material price movement trigger.
● Validity Period of Unaffected Price:The unaffected price will be applicable for a period of either 60
days or 180 days, depending on the stage of the transaction.
Reserve Bank of India Board Approves Record Rs 2.11 Lakh Crore Surplus Transfer to Government for
FY24
● The Central Board of the Reserve Bank of India (RBI) approved the highest-ever surplus
transfer/dividend of Rs 2.11 lakh crore to the Central government for the accounting year 2023-
24.
● The decision on the surplus transfer was made during the 608th meeting of the Central Board of
Directors of the Reserve Bank of India, held in Mumbai, Maharashtra.
● Economic Capital Framework (ECF):The transferable surplus for the year 2023-24 was
determined based on the Economic Capital Framework (ECF).
● ECF provides a methodology for determining the appropriate level of risk provisions and profit
distribution as per Section 47 of the RBI Act 1934.
● Expert Committee and Recommendations:The ECF was adopted by the Reserve Bank on
August 26, 2019, based on the recommendations of the Expert Committee chaired by Dr. Bimal
Jalan.
● Contingent Risk Buffer (CRB):The Committee recommended maintaining the CRB within a range
of 6.5% to 5.5% of the RBI’s balance sheet to cover monetary, financial stability, credit, and
operational risks.
● Purpose of Contingent Risk Buffer (CRB):The CRB serves as the country’s savings for a financial
stability crisis, consciously maintained with the RBI due to its role as the Lender of Last Resort
(LoLR).
● It is a component of the RBI’s economic capital required to cover monetary and financial stability,
.
credit, and operational risks.

SEBI Relaxes Minimum Promoter Contribution Rules to Facilitate IPO Process
● The Securities and Exchange Board of India (SEBI) has permitted non-promoter shareholders to
contribute towards the shortfall in minimum promoters’ contribution in an initial public offering
(IPO) without being classified as promoters.
● Previous Minimum Promoter Contribution Norms:Previously, SEBI's norms required at least 20%
of promoters' shares to be locked in for a certain period post-listing after an IPO.
● Eligibility for Contribution:Non-promoter shareholders, excluding individuals holding more than
5% of the post-offer equity share capital, can now contribute towards the shortfall.
RBI Increases Gold Reserves by 24 Tonnes in First Four Months of 2024 as Hedge Against Geopolitical
Volatility
● The Reserve Bank of India (RBI) added 24 tonnes of gold to its stock of reserves in 4 months
from January to April, 2024 as a hedge against volatility amid geopolitical tensions.
● This addition is nearly 1.5 times the volume added throughout the entire year of 2023, which was
16 tonnes.
● Total Gold Reserves:As of April 26, 2024, the RBI held 827.69 tonnes worth of gold as part of its
foreign exchange reserves.
● This represents an increase from 803.6 tonnes held as of the end of December.
● Gold's Share in Foreign Exchange Reserves:The share of gold in the total foreign exchange
reserves rose from 7.75% as of the end of December 2023 to approximately 8.7% as of the end
of April 2024.
Reserve Bank of India Injects Rs 7.75 Trillion Liquidity Through 9 VRR Auctions in May, 2024
● The Reserve Bank of India (RBI) conducted a variable rate repo (VRR) auction of Rs 1.25 trillion,
bringing the total liquidity infused through 9 VRR auctions in May, 2024 to Rs 7.75 trillion.
● Banks placed bids worth Rs 11.4 trillion, which is nearly 47% higher than the RBI's notified
amount.
● Auction Details: During the latest VRR auction, the RBI received bids worth Rs 1.39 trillion
against the notified amount of Rs 1.25 trillion.
● Banks borrowed the amount at a weighted average rate of 6.56%.
● Purpose of Repo Auctions: A repo auction is conducted by the central bank to inject liquidity into
the system, allowing banks to obtain liquidity overnight through RBI’s marginal standing facility
.
when interbank liquidity is insufficient.

What is a Liquidity Adjustment Facility?
● A liquidity adjustment facility (LAF) is a tool used in monetary policy, mainly by the Reserve Bank
of India (RBI), which enables banks to borrow money through repurchase agreements (reposals)
or banks to lend to the RBI using reverse repo contracts.
● It was introduced as a part of the outcome of the Narasimham Committee on Banking Sector
Reforms of 1998.
Unclaimed bank deposits more than doubled during pandemic to over Rs 39,000 crore
● According to the data released by the Reserve Bank of India (RBI), As of December 2022,
unclaimed balances across various accounts, including current, savings, and fixed deposits
(FDs), reached Rs 39,900 crore, marking a substantial increase from Rs 18,379 crore recorded
in December 2019.
● By March 2023, unclaimed monies held solely by these banks amounted to Rs 42,270 crore,
despite concerted efforts through technological initiatives and public awareness campaigns.
What are Unclaimed Deposits?
● Balances in savings / current accounts which are not operated for 10 years, or term deposits not
claimed within 10 years from date of maturity are classified as “Unclaimed Deposits”.
● These amounts are transferred by banks to the “Depositor Education and Awareness” (DEA)
Fund maintained by the Reserve Bank of India.
● The depositors are, however, still entitled to claim the deposits at a later date from the bank(s)
where such deposits were held along with interest, as applicable.
● However, despite public awareness campaigns undertaken by banks as well as RBI from time to
time, the amount of Unclaimed Deposit is showing an increasing trend.
● Public sector banks hold the majority share of unclaimed deposits at Rs 33,303 crore,
representing 83% of the total unclaimed funds as of December 2022.
● State Bank of India (SBI) holds Rs 8,069 crore across 2.16 crore unclaimed accounts.
● Similarly, Punjab National Bank (PNB) has seen its unclaimed deposits surge almost fivefold
from 2019, reaching Rs 5,298 crore.
● Among private banks, ICICI Bank holds 31.8 lakh accounts amounting to Rs 1,074 crore in
unclaimed deposits, while HDFC Bank's unclaimed deposits have doubled since 2019, reaching
₹447 crore.
.
● RBI has also instructed banks to undertake regular reviews of large unclaimed amounts and
reach out to such customers.
Reserve Bank of India Imposes ₹3.1 Lakh Penalty on Hero FinCorp for Violating Fair Practices Code
Provisions
● The Reserve Bank of India (RBI) has levied a penalty of Rs 3.1 lakh on Hero FinCorp Limited for
non-compliance with specific provisions concerning fair practices code.
● RBI clarified that the penalty is not a judgement on the validity of transactions or agreements
made by the company with its customers.
section 58B of the Reserve Bank of India Act, 1934.
National Payments Corporation of India Releases Guidelines for Merchant Acquisition on BHIM Aadhar
Pay
● The National Payments Corporation of India (NPCI) has published guidelines for acquiring banks
to validate merchant details for BHIM Aadhaar Pay.
● BHIM Aadhaar Pay Functionality:BHIM Aadhaar Pay allows merchants to receive digital
payments from customers through Aadhaar Authentication over the counter.
● Merchant Monitoring:An Acquiring Member Bank must monitor its Merchant activity (viz., on-
boarding criteria, transaction monitoring & control, training, assessment of the portfolio metrics,
etc.) periodically.
What is meant by merchant acquirer?
● A merchant acquirer, also known as an acquirer or acquiring/merchant bank, is a financial
institution authorized by major card networks such as Mastercard or Visa to process credit and
debit card transactions for merchants.
● This bank plays a crucial role in the payment processing system, handling the acceptance and
settlement of card transactions on behalf of the merchants.
About BHIM Aadhaar Pay :
● BHIM Aadhaar Pay was launched by the Government of India (GoI) on April 14, 2017, as a
merchant-based mobile application for accepting payments from customers.
● Service Availability:The BHIM Aadhaar Pay service is currently available only in India and
operates 24x7 through merchants.
● Transaction Fees:NPCI does not charge any fees to merchants or customers for transactions
.
made on BHIM Aadhaar Pay.

● Bank Compatibility:BHIM Aadhaar Pay functions only with banks that are live on the BHIM
Aadhaar Pay service.
● Transaction Limits:For AEPS transactions and BHIM Aadhaar pay banks have put a
standardised limit of 5 cash withdrawal per month.
● There is a cap of INR 50,000 on total transactions per month for everyone.
● The maximum withdrawal limit for AEPS cash withdrawals is Rs. 10,000 per transaction.
● Uniformity and Security:While some banks may allow transactions totaling up to INR 50,000 in a
day, the limit of Rs. 10,000 per AEPS cash withdrawal ensures uniformity and security across
different banks.
"Fincare Small Finance Bank Limited" Removed from Second Schedule to RBI Act, 1934; Ceases
Banking Operations
● The Reserve Bank of India (RBI) informed that "Fincare Small Finance Bank Limited" has been
excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April
01, 2024, as the bank has ceased to carry on banking business with effect from April 01, 2024.
● The RBI approved the merger of Fincare Small Finance Bank Ltd with AU Small Finance Bank
Ltd.
● All branches of Fincare Small Finance Bank started functioning as branches of AU Small Finance
Bank Ltd. from April 1, 2024.
Definition of Scheduled Banks:
● Scheduled banks are listed in the second schedule of the RBI Act, 1934.
● These banks are required to have a minimum paid-up capital of at least Rs 5 lakhs.
Types of Scheduled Banks:
● Scheduled banks include both scheduled cooperative banks and scheduled commercial banks.
● Scheduled commercial banks encompass urban cooperative banks and state cooperative banks
among other non-similar groups.
About Fincare Small Finance Bank Limited :
● MD & CEO : Rajeev Yadav
BharatPe and PhonePe Resolve Long-Standing Trademark Dispute Over 'Pe' Suffix
.
● BharatPe Group and PhonePe Group have amicably settled all long-standing legal disputes
related to the use of the trademark with the suffix 'Pe'.
● The fintechs have been engaged in a legal dispute across multiple courts for the past 5 years.
● Further, both entities will undertake other necessary steps to comply with the obligations under
the settlement agreement in respect of all cases before the Delhi and Bombay High Courts.
Background on BharatPe:
● BharatPe, a brand name of Resilient Innovations, was established in 2018.
● It introduced India’s first UPI interoperable QR code for zero MDR payment acceptance service.
● BharatPe also operates the card acceptance terminal called BharatPe Swipe and has 1.3 crore
registered merchants across over 450 cities.
Background on PhonePe Group:
● PhonePe Group's digital payments app, PhonePe, was launched in August 2016.
● The platform boasts 53.5 crore registered users and a digital payments acceptance network of
3.9 crore merchants..
About BharatPe :
● Founded : 2018
● Chairman : Rajnish Kumar
● BharatPe is an Indian fintech company that sells digital payment and financial services to small
About Phoepe :
● Headquarters : Bengaluru, Karnataka, India.
● Founder and CEO : Sameer Nigam
Reserve Bank of India Scrutiny Raises Investor Caution in Fintech Sector
● The Reserve Bank of India (RBI) is urging fintech firms towards calibrated growth, leading
investors to adopt a cautious approach.
● In a recent meeting, the RBI instructed lending-focused fintechs to reduce their growth rates.
● Firms growing at over 30% have been advised to limit their growth to 15-20%, as per industry
sources.
.
● Investment Trends:Investment in the fintech segment decreased to $203 million in the first four
months of 2024 from $1572 million a year ago, indicating a more selective investment approach.
● QED Investors' Involvement:QED Investors has invested approximately $150 million in Indian
fintechs, including Jupiter (digital banking platform), FPL Technologies (OneCard credit card
issuer), and OneScore (digital credit score platform).
South African Regulator Imposes Fine on SBI Branch
● The Prudential Authority of the South African Reserve Bank has imposed a financial penalty of
10 million rand (₹4.5 crore) on the State Bank of India's South Africa branch.
● Payment Details:The penalty includes an immediately payable portion of 5.50 million rand, which
has already been paid by the SBI branch in South Africa.
● The remaining 4.50 million rand is suspended for 36 months, conditional on compliance within
this period.
● Reason for Penalty:The penalty was imposed under Section 45C of South Africa's Financial
Intelligence Centre Act 38 of 2001 (FIC Act).
● In 2018, another public sector lender, Bank of Baroda, had wound up its South Africa operations
after being hauled up by authorities for transactions in accounts controlled by the Gupta Brothers.
About South African Reserve Bank (SARB) :
● Established : 30 June 1921
● Headquarters : Pretoria, South Africa
● Governor : Lesetja Kganyago
Burgan Bank Chooses TCS BaNCS for Core Banking Transformation
● Tata Consultancy Services (TCS) has signed a deal to modernize the core banking technology of
Burgan Bank, a leading commercial bank in Kuwait.
● The bank will deploy TCS BaNCS to consolidate multiple standalone legacy applications into a
contemporary universal banking solution that drives innovation and strengthens customer
relationships.
● The TCS BaNCS solution will enable the bank to manage higher transaction volumes, enhance
automation, and improve staff productivity.
● With TCS BaNCS's rich set of APIs, Burgan Bank will provide an integrated solution to its
diversified customer base across corporate, retail, and private banking segments.
.
About Burgan Bank :

● Established : 27 December 1975
● Headquarters : Kuwait City
● CEO : Raed Al Haqhaq
● It is Kuwait's second-largest conventional bank by assets.
About TCS :
● Founded : 1968
● Chairman : Natarajan Chandrasekaran
● CEO : K. Krithivasan
SEBI Expands Scope of Self-Regulatory Organisations for Social Impact Assessors
● The Securities and Exchange Board of India (SEBI) has identified self-regulatory organizations
(SROs) for social impact assessment of entities listed on the Social Stock Exchange (SSE).
● Under the SSE framework, non-profit organisations can raise funds for social causes.
● Current Certification:Individuals qualified by the National Institute of Securities Market and
registered with SRO under the Institute of Chartered Accountants in India can act as social
impact assessors.
● Newly Identified SROs:SEBI has also identified:
➢ ICMAI Social Auditors Organization (ICMAI SAO) under the Institute of Cost Accountants
of India.
➢ ICSI Institute of Social Auditors (ICSI ISA) under the Institute of Company Secretaries of
India.
What is a Social Impact Assessor?
● An individual registered with a self-regulatory organization (SRO) under the Institute of Chartered
Accountants of India or other approved agencies.
● Must have qualified a certification program conducted by the National Institute of Securities
Market (NISM).
What is the social stock exchange?
● SSE is a novel concept in India and it is a separate segment of the existing stock exchange,
which helps social enterprises to garner funds from the public through the stock exchange
mechanism.
.
Eligible Social Enterprises:

● Entities eligible for participation in SSE include non-profit organizations (NPOs) and for-profit
social enterprises.
● Must have social intent and impact as their primary goal.
What Is a Self-Regulatory Organisation (SRO)?
● A self-regulatory organisation (SRO) is an entity such as a non-governmental organisation, which
can create and enforce stand-alone industry and professional regulations and standards
independently.
● An SRO shall be set up as a not-for-profit company registered under Section 8 of the Companies
Act, 2013.
Reserve Bank of India Fines ICICI Bank ₹1 Crore, YES Bank ₹91 Lakh for Regulatory Violations
● The Reserve Bank of India (RBI) imposed a penalty of ₹1 crore on ICICI Bank and fined Yes
Bank ₹91 lakh for non-compliance with regulatory directions.
● ICICI Bank was penalized for non-compliance with certain directions related to 'Loans and
Advances – Statutory and Other Restrictions'.
● Yes Bank faced a penalty for violating norms concerning 'Customer Service in Banks' and
'Unauthorized Operation of Internal/Office Accounts'.
● The penalties were imposed by RBI under the powers conferred by section 47A read with section
46 of the Banking Regulation Act, 1949
About ICICI Bank :
● Established : 5 January 1994
● MD & CEO : Sandeep Bakhshi
About Yes Bank :
● Tagline : Experience our expertise
Insurance Regulatory and Development Authority Limits Audit Firms' Engagement with Insurers to 4
Years
● The Insurance Regulatory and Development Authority of India (IRDAI) has reduced the
.
engagement period of statutory auditors with insurance companies from 10 years to 4 years.
● Objective:The updated guidelines are designed to improve corporate governance in the
insurance sector by ensuring regular rotation and independence of audit firms.
● After completing a four-year term, audit firms must observe a mandatory three-year cooling-off
period.
● The new guidelines aim to enhance audit quality by ensuring a fresh review of financial
statements every 4 years, reducing the potential for complacency.
About IRDAI :
SEBI fines IOC, GAIL, ONGC for fourth consecutive quarter over director appointment failures
● Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum
Corporation Ltd (BPCL), Oil and Natural Gas Corporation (ONGC), Oil India Ltd (OIL), GAIL
(India) Limited, and Mangalore Refinery and Petrochemicals Ltd (MRPL) have been fined for the
4th consecutive quarter for failing to meet listing requirements regarding the number of directors
on their board.
● Stock exchanges imposed a cumulative fine of Rs 34 lakh on these companies for non-
compliance in the March quarter, as per exchange filings.
● Reason for Fines:The fines were imposed because these companies did not have the requisite
number of independent directors or the mandated women director, as required by listing norms.
● Fine Amounts:Each of the companies, except ONGC, faced a fine of Rs 536,900 for the fourth
quarter.
● ONGC's fine amount was Rs 182,900.
SEBI Reduces Commodity Derivatives Delivery Period to 3 Days
● The Securities and Exchange Board of India (SEBI) has reduced the deliverable period for
commodity derivatives to 3 days from the previous 5 days.
● Objective: To improve liquidity in delivery-based commodity derivatives.
.
● The new regulation will be effective from July 1, 2024, for contracts with staggered delivery
scheduled after this date.
● Reason for Change: The decision was based on representations from market participants and
recommendations from the Commodity Derivatives Advisory Committee.
What is the Staggered Delivery Period?
● Staggered delivery is the period before contract expiry when buyers and sellers with open
positions can indicate their intent to give or take delivery.
● All compulsory delivery commodity futures contracts must include a staggered delivery period.
● The SEBI had fixed a minimum duration for the staggered delivery (now 3 days and earlier 5
days) in 2019 after it noticed that different exchanges were following different delivery schedules.
Reserve Bank of India Launches PRAVAAH Portal, Retail Direct App, and FinTech Repository for G-
Secs
● The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, introduced 3 significant
initiatives, namely the PRAVAAH portal, the retail direct mobile app, and a fintech repository.
About PRAVAAH Portal :
● PRAVAAH (Platform for Regulatory Application, VAlidation and AutHorisation) is a secure and
centralised web-based portal for any individual or entity to seek authorisation, license or
regulatory approval on any reference made by it to the RBI.
● Currently, the portal offers access to 60 application forms across various regulatory and
supervisory departments of the RBI.
About Retail Direct Mobile App :
● The Retail Direct Mobile App will provide retail investors seamless and convenient access to the
retail direct platform and provide ease of transacting in government securities (G-Secs).
● The app will enable investors to buy and sell instruments/government securities (Government
Dated Securities, State Development Loans, Treasury Bills and Sovereign Gold Bonds,) on the
go, at their convenience.
About RBI Retail Direct Scheme :
● Launched in November 2021, the RBI Retail Direct Scheme allows individual investors to
maintain gilt accounts with the RBI and invest in government securities.
● Investors can participate in primary auctions and buy/sell securities through the NDS-OM
platform, ensuring direct access to the government securities market.
.
● Convenience and Safety:The scheme aims to provide a safe, simple, and secure platform for
investors to manage their investments conveniently.
● Payments for investments can be made conveniently using a savings bank account through
internet banking or Unified Payments Interface (UPI).
● Non-resident retail investors are also eligible to invest in government securities under the Foreign
Exchange Management Act, 1999.
● The scheme allows investors to start with a minimum investment of Rs. 10,000, with the flexibility
to invest up to Rs. 2 crores per security.
● The scheme covers a broad range of tenures, from 1 year to 40 years, offering investors flexibility
in aligning their investments with their financial objectives.
Launch of FinTech and EmTech Repositories :
● RBI Governor Shaktikanta Das inaugurated a fintech repository aimed at capturing essential
information about FinTech entities, their activities, and technology uses.
● Simultaneously, a related repository focusing on RBI-regulated entities' adoption of emerging
technologies, called EmTech Repository, was also launched.
● Objective of the Repositories:The FinTech Repository and EmTech Repository aim to gather
crucial data about FinTech entities and regulated entities' adoption of emerging technologies.
● These repositories are secure web-based applications managed by the Reserve Bank Innovation
Hub (RBIH), a wholly-owned subsidiary of the RBI.
Capital Market Regulator Securities and Exchange Board of India Establishes Guidelines on
Subordinate Units within Infrastructure Investment Trusts
● The Securities and Exchange Board of India (SEBI) has introduced amendments to the
Infrastructure Investment Trust (InvIT) regulations to permit the issuance of subordinate units by
privately placed InvITs.
● These subordinate units can only be issued to the sponsors, their associates, and the group
upon acquiring an infrastructure project.
● However, the issuance cannot exceed 10% of the acquisition price of the infrastructure project.
● SEBI has designed a framework incorporating risk mitigation measures for subordinate units
within InvITs.
● The total number of outstanding subordinate units within an InvIT cannot surpass a cap of 10%.
● According to SEBI, the minimum time period between the issuance of subordinate units and the
.
entitlement date for reclassification of the subordinate units to ordinary units would be 3 years.
What is Infrastructure Investment Trusts (InvIT)?
● An Infrastructure Investment Trust (InvITs) is a Collective Investment Scheme similar to a mutual
fund, which enables direct investment of money from individual and institutional investors in
infrastructure projects to earn a small portion of the income as a return.
● The InvIT is designed as a tiered structure with Sponsor setting up the InvIT which in turn invests
into the eligible infrastructure projects either directly or via special purpose vehicles (SPVs).
● The InvITs are regulated by the SEBI (Infrastructure Investment Trusts) Regulations, 2014.
Reserve Bank of India Mandates Full-Fledged Money Changers to Maintain Foreign Currency Note
Value at a Minimum 75% of Purchased Value on a Quarterly Basis
● The Reserve Bank of India (RBI) has instructed full-fledged money changers to ensure that the
value of foreign currency notes sold to the public is not less than 75% of the value of such notes
bought from other money changers on a quarterly basis.
● These directions by the RBI are effective from July 1, 2024.
● Purpose of RBI's Directive:To ensure that foreign currency balances held by full-fledged money
changers remain at reasonable levels and to prevent the accumulation of idle balances.
● The RBI's directions have been issued under Section 10(4) and Section 11(1) of the Foreign
Exchange Management Act, 1999 (42 of 1999).
Poonawalla Fincorp Introduces Co-Branded 'IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum
Credit Card'
● Poonawalla Fincorp Limited, in collaboration with IndusInd Bank, has launched the co-branded
'IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card', a card designed to
redefine and elevate the banking experience of customers.
● With this co-branded credit card launch, Poonawalla Fincorp marks a significant milestone in
their ongoing commitment to providing tailored financial solutions to meet the evolving needs of
their customers.
About Poonawalla Fincorp Limited :
● Founded : 1988
● Chairman : Adar Poonawalla
.
● Managing Director : Abhay Bhutada

● Nature of Business:Cyrus Poonawalla Group promoted Non-deposit taking systemically
important non-banking finance company (ND-SI-NBFC), registered with the Reserve Bank of
India (RBI).
● Listing: Listed on both the BSE Limited (BSE) and the National Stock Exchange of India Limited
(NSE).
● Identity: The letter "P" represents Passion, Principles, Purpose, People, and Possibilities
About IndusInd Bank Limited
● Founded: April 1994
● Headquarters: Mumbai, Maharashtra
● CEO: Sumant Kathpalia
● Tagline: "We care Dil se; we make you feel Richer"
Reserve Bank of India Imposes Business Restrictions on Edelweiss Asset Reconstruction Company
and ECL Finance
● The Reserve Bank of India (RBI) imposed business restrictions on Edelweiss Asset
Reconstruction Company (EARCL) and ECL Finance due to material concerns observed during
supervisory examinations.
● EARCL is barred from acquiring financial assets, and ECL Finance is prohibited from undertaking
structured transactions for its wholesale exposures.
● The action is based on material concerns observed during supervisory examinations, primarily
arising from the group entities’ conduct.
● The structures against the Edelweiss Group companies follow similar measures taken by the RBI
against JM Financial Products and IIFL Finance.
● The RBI also observed that security receipts (SRs) in the case of both ECL and EARCL had
been incorrectly valued.
● The RBI also encountered incorrect reporting to the Central Repository for Information on Large
Credits (CRILC) system.
● Besides, the entities had not adhered to the Know Your Customer (KYC) guidelines by ECL, the
RBI observed.
● In April 2024, Kotak Mahindra Bank was barred from taking on new customers through its online
and mobile banking channels and issuing fresh credit cards due to deficiencies in its IT systems.
.
● Restrictions were also imposed on Bank of Baroda and Paytm Payments Bank.
What is a Security Receipt?
● Security receipts are instruments issued by asset reconstruction companies (ARCs) as
consideration for their purchase of distressed assets from banks/Non-Banking Financial
Companies (NBFCs).
About Edelweiss Asset Reconstruction Company (EARC) :
● EARC is sponsored by Edelweiss, a leading diversified financial services conglomerate in India,
and CDPQ Private Equity Asia Pte Limited (CDPQ).
● EARC specializes in acquiring Non-Performing Assets (NPAs) from banks and financial
institutions.
● The company resolves NPAs through strategies outlined in the Securitization and Reconstruction
of Financial Assets and Enforcement of Security Interests Act, 2002 (SARFAESI).
● EARC operates two distinct business divisions: Wholesale Assets and Retail Assets.
HDFC Bank to Discontinue SMS Alerts for Unified Payments Interface Transactions Below ₹100
● HDFC Bank has informed the customers it will stop sending SMS alerts for any UPI (Unified
Payments Interface) payment spent below Rs 100 or receipt of money less than Rs 500.
● As per the bank, this step will be effective from June 25, 2024.
● From this date, SMS notifications will be pushed only for transactions above Rs 100 (for money
sent/paid) and above Rs 500 (for money received).
● Reason for Change: The decision is due to the high cost of sending bulk messages, which costs
banks a few crores of rupees daily due to the large volume of UPI transactions, averaging around
₹40 crore per day.
What is UPI?
● UPI, or Unified Payments Interface, has become the backbone of digital transactions in India.
● The UPI was introduced in India on April 11, 2016, by Dr Raghuram G Rajan, Governor, RBI at
Mumbai, Maharashtra and developed by the National Payments Corporation of India (NPCI).
● It allows you to instantly transfer money between any two parties’ bank accounts.
● UPI transactions require the authorisation of a Personal Identification Number (PIN), a 4-6 digit
pass code set by the customers as a security measure to ensure safe and approved
transactions.
● For normal UPI the transaction limit is up to Rs 1 Lakh per transaction.
.
● 3 prominent UPI applications are the Walmart-owned PhonePe, Google Pay and Paytm.
● Besides India, the popular digital payment method has spread to seven countries.
● These include Bhutan, France (for e-commerce), Mauritius, Nepal, Singapore, Sri Lanka, and
UAE.
● The share of UPI in digital payments in India has reached close to 80% in 2023.
● India accounts for nearly 46% of the world's digital transactions (as per 2022 data).
About HDFC Bank :
Reserve Bank of India Fines HSBC Rs 36.38 Lakh for Foreign Exchange Management Act Regulation
Violations
● The Reserve Bank of India (RBI) imposed a fine of Rs 36.38 lakh on foreign lender HSBC for
Foreign Exchange Management Act (FEMA) violations.
● The violations pertain to the reporting requirements under the Liberalised Remittance Scheme of
FEMA, 1999, which HSBC did not follow.
What is the Foreign Exchange Management Act (FEMA)?
● The Foreign Exchange Management Act, 1999 (FEMA), is an Act of the Parliament of India "to
consolidate and amend the law relating to foreign exchange with the objective of facilitating
external trade and payments and for promoting the orderly development and maintenance of
foreign exchange market in India"
● This new Act is in consonance with the frameworks of the World Trade Organisation (WTO).
● It also paved the way for the Prevention of Money Laundering Act, 2002 which came into effect
on July 1, 2005.
About HSBC :
● Headquarters : London, England, UK
● Group Chairman : Mark Tucker
● Group Chief Executive : Noel Quinn
Asian Development Bank Pledges $2.6 Billion in Sovereign Loans to India
● The Asian Development Bank (ADB) committed $2.6 billion in sovereign lending to India in 2023
.
for projects that aim to strengthen urban development, support industrial corridor development,
promote power sector reforms, build India’s climate resilience, support horticulture, and enhance
connectivity.
● The loans aim to foster India's structural transformation, job creation, infrastructure
enhancement, green growth, and socioeconomic inclusiveness, and integrate smart technologies
and innovations.
● ADB also extended $23.53 million in technical assistance and $4.1 million in grants under the
sovereign portfolio.
What is Sovereign Debt?
● Sovereign debt is the government debt of a country, a sovereign nation.
● It is also referred to as government debt, national debt, public debt, or country debt.
● The sovereign debt of a country consists of all its debt liabilities to both domestic and foreign
creditors.
About ADB :
Axis Bank Collaborates with Mastercard to Introduce NFC Soundbox
● Axis Bank, in partnership with Mastercard, has introduced the NFC Soundbox, a new payment
solution.
● The NFC Soundbox serves as an all-in-one payment solution, enabling users to accept Bharat
QR, UPI, Tap & Pay, and Tap + Pin payments.
● Axis Bank claims to be the first bank in India to offer a Soundbox capable of accepting Tap + Pin
payments, facilitating transactions exceeding Rs 5000 via card instruments.
About Axis Bank :
● Tagline : Badhti Ka Naam Zindagi
.
About Mastercard :
● Founded : 1966
● Headquarters : New York, U.S
● CEO : Michael Miebach
AWARDS AND HONOUR

Palestinian journalists covering Gaza awarded 2024 UNESCO/Guillermo Cano World Press Freedom
Prize
• Palestinian journalists covering the Gaza conflict have been named as laureates of the 2024
UNESCO/Guillermo Cano World Press Freedom Prize, following the recommendation of an
international jury of media professionals.
• The ongoing conflict in Gaza is having grave consequences for journalists.
• Since 7 October 2023, UNESCO has condemned and deplored the deaths of 26 journalists and
media workers in the line of work, based on information from its international NGO partners.
Chhattisgarh Activist Alok Shukla to Receive Goldman Prize for Leading Hasdeo Arand Movement
• Alok Shukla, convener of Chhattisgarh Bachao Andolan (CBA), will be awarded the 2024 Goldman
Environmental Prize, also known as the Green Nobel, for his efforts to protect Hasdeo Arand, one
of India's largest contiguous stretches of dense forest spanning 170,000 hectares with 23 coal
blocks.
• Alok Shukla led a successful community campaign that saved 445,000 acres of biodiversity-rich
forests from 21 planned coal mines in the central Indian state of Chhattisgarh.
The Hindu wins three awards at the 6th International Newspaper Design Competition
• The Hindu’s explainer page on Neeraj Chopra’s craft and success, “The science behind Neeraj’s
skills”, published on September 3, 2023, has won three awards at the 6th International Newspaper
Design Competition organised by newspaperdesign.in.
• The Hindu won the ‘Best of show’ award; ‘Gold’ in the ‘Best of Sports Page’ category; and an
award of excellence in the ‘Best of Double Spread’ category.
Author Ruskin Bond receives Sahitya Akademi Fellowship
• Eminent English author Ruskin Bond was awarded the prestigious Sahitya Akademi Fellowship at
Mussoorie.
• Bond was named a recipient of Akademi’s highest honour in September 2021.
.
• However, due to his ill health, he could not be given the honour in person.
• Born on 19 May 1934 in Kasauli, Himachal Pradesh, Bond has been actively writing for more than
50 years and has written in various genres of literature, including short stories, children’s books,
novels, autobiographical works and non-fiction.
Meryl Streep to receive Honorary Palme d’Or at Cannes
• Veteran actor Meryl Streep will receive the honorary Palme d'Or at the opening ceremony of the
77th Cannes Film Festival on 14th May.
• She will also be the guest of honour at the ceremony, which will take place on the stage of the
Grand Theatre Lumiere on 14th May.
• The Hollywood icon, who won the best actress prize at Cannes in 1989, will join the kickoff of the
77th edition at the Grand Theatre Lumiere.
• Meryl is one of the most-feted actors in Hollywood history, with a record 21 Oscar nominations and
three wins.
Pulitzer 2024 winners announced
• The Pulitzer Prizes, administered by Columbia University in New York, garnered attention this
year(2024) amid student demonstrations against the war in Gaza.
• The Pulitzer board conferred awards celebrating excellence in journalism and literary works.
• Among this year(2024)'s winners are publications like The New York Times and ProPublica, along
with authors including Jayne Anne Phillips and Jonathan Eig.
Oxford Bookstore Honors Bhavi Mehta with 9th Book Cover Prize and Reveals Art Book Prize 2024
• Oxford Bookstores announced Bhavi Mehta as the winner of the 9th edition of the Oxford
Bookstore Book Cover Prize at a celebratory event hosted at the India Habitat Centre.
• Mehta won the prize for the book jacket of “The Book Beautiful” published by Hachette India and
authored by Pradeep Sebastian.
• The winner was felicitated with a trophy, certificate and 1 Lakh Indian Rupees cash prize by Dr.
Alka Pande, Museum curator, art historian, author and jury chair; Dr. Shashi Tharoor, well-known
author, politician and Member of Parliament; H.E Ms. May-Elin Stener, Ambassador of Norway to
India, Ms. Anja Riedeberger, Director Information Services South Asia Goethe-Institut / Max
Mueller Bhavan and Mr. Swagat Sengupta, CEO, Apeejay Oxford Bookstores, in the presence of
designers, publishers, artists and literary enthusiasts from the industry.
Assam's Purnima Devi Barman Receives 'Green Oscar' Whitley Gold Award 2024
.
• Dr Purnima Devi Barman won the GBP 1,00,000 Whitley Gold Award from the Whitley Fund for
Nature (WFN), which supports grassroots conservation leaders from around the world, at a Royal
Geographical Society awards ceremony in London
• A wildlife biologist from Assam has been honoured with a leading UK wildlife charity award for her
conservation efforts of the endangered Greater Adjutant Stork and its wetland habitat.
• The Whitley Awards also celebrated six other grassroots conservationists – from Guyana, Papua
New Guinea, Bhutan, Cameroon, Nepal and Brazil – for their
locally-led solutions to the global biodiversity and climate crises.
India to host 'Bharat Parv' at 77th Cannes Film Festival
• India is set to host a 'Bharat Parv' at the 77th Cannes Film Festival for eminent dignitaries and
delegates from around the world to showcase the myriad creative opportunities in the country.
• It will be for the first time that the country will host a “Bharat Parv” at the Cannes Film Festival to
engage with film celebrities, filmmakers, directors, producers, buyers and sales agents from
across the world.
• The official poster and trailer of the 55th India International Film Festival , to be held in Goa on
November 20 to 28, will also be unveiled at the Bharat Parv.
IN-SPACe honoured with Geospatial World Forum Leadership Award
● The Indian National Space Promotion and Authorization Centre (IN-SPACe) has been honoured with
the Geospatial World Forum (GWF) Leadership Award for “Public Policy: Enabling Industry
Development.”
● The award was presented at the 2024 Geospatial World Forum in Rotterdam in a special ceremony.
● The award recognizes IN-SPACe’s contributions to the global geospatial industry through its ground-
breaking work in fostering the growth and development of India’s space sector and support to non-
government entities working in the space economy.
● Dr Pawan Goenka, Chairman, IN-SPACe.
● Since 2007, the awards have celebrated the achievements of over 200 organizations, highlighting
their dedication to advancing geospatial technologies and applications
Pawan Sindhi Honoured With Global Pride Of Sindhi Award 2024
● Pawan Sindhi received the coveted Global Pride of Sindhi Award 2024 on an occasion attended by
renowned saints, Mahatmas, and sadhus.
● The event commemorated Mr. Sindhi's outstanding achievements in society and commitment to
.
serve humanity.
● The Global Pride of Sindhi Award 2024 is a well-deserved distinction for Pawan Sindhi,
acknowledging his remarkable efforts to positively impact society.
Dr Soumya Swaminathan to be awarded honourary doctorate by Canada’s McGill University
● Dr Soumya Swaminathan, most recently WHO’s Chief Scientist, has been named among the 10
exceptional individuals who will receive honorary degrees from Canada's prestigious McGill
University as part of the Spring 2024 Convocation ceremonies.
● In 2017, Swaminathan joined the World Health Organisation (WHO) as Deputy Director General
(Programmes), and, in March 2019, was named its first Chief Scientist, a role she filled through the
Covid-19 pandemic until late 2022.
Chandrakant Satija Honored with Global Excellence Award 2024 for Outstanding Contributions in
Education
● Chandrakant Satija, the Founder and CEO of Chandra Admission Consultants, wins the Global
Excellence Award 2024 for being the “Most Trusted Admission Consultant in Vidarbha Region”.
● Chandrakant Satija, a renowned educationist and the Founder and CEO of Chandra Admission
Consultants was honored with the Global Excellence Award 2024 at a grand event held at Sahara
Star Hotel in Mumbai on May 12th.
● The award was presented to him by the famous Bollywood actress Shilpa Shetty Kundra.
● He was adjudged as the Most Trusted Admissions Consultant in Vidarbha Region.
International Booker Prize 2024 goes to Kairos, a romance amid the fall of the Berlin Wall
● German author Jenny Erpenbeck and translator Michael Hofmann won the International Booker
Prize for fiction for “Kairos,” the story of a tangled love affair during the final years of East
Germany’s existence.
● The International Booker Prize is awarded annually for the finest single work of fiction from
around the world which has been translated into English.
● This prize began life in 2005 as the Man Booker International Prize.
● It was initially a biennial prize for a body of work and there was no stipulation that the work
should be written in a language other than English.
POWERGRID gets global recognition for Learning & Development, receives ATD Best Awards for the
third time
● Power Grid Corporation of India Limited (POWERGRID), a Maharatna Central Public Sector
.
Enterprise under the Ministry of Power, Government of India, has been conferred the prestigious
ATD BEST Awards 2024 for its strategic approach to talent development driving business results.
● The ATD BEST Awards, established by the Association for Talent Development (ATD), USA, is one
of the most esteemed international recognitions in the field of Learning and Development (L&D).
● It honors organizations that leverage talent development as a strategic business tool and
demonstrate enterprise-wide success through effective employee development practices.
● This is the third time POWERGRID has been honoured with the ATD BEST Award, having
previously received it in 2021 and 2023.
● Power Grid Corporation of India Limited is an Indian central public sector undertaking under the
ownership of the Ministry of Power, Government of India. Sh. Ravindra Kumar Tyagi is the Chairman
and Managing Director of Power Grid Corporation of India Limited (POWERGRID)
NTPC gets global recognition for Talent Development, secures 3rd rank at ATD BEST Awards 2024
● NTPC has achieved an impressive milestone by securing the 3rd rank globally at the ATD BEST
Awards 2024, this being the highest ranking among all Indian companies.
● Notably, NTPC is the only PSU to have received this prestigious award seven times in the past eight
years.
● The ATD BEST Awards, established by the Association for Talent Development (ATD), USA, is one
of the most esteemed international recognitions in the field of Learning and Development (L&D).
About NTPC
● NTPC Limited, formerly known as National Thermal Power Corporation, is an Indian central Public
Sector Undertaking under the ownership of the Ministry of Power and the Government of India, who
is engaged in the generation of electricity and other activities.
● CEO: Gurdeep Singh
Sri Sri Ravi Shankar has been awarded the first stamp marking the 200-year anniversary of Indian
Origin Tamils in Sri Lanka.
● Renowned spiritual leader Sri Sri Ravi Shankar received the inaugural stamp commemorating the
200-year anniversary of Indian Origin Tamils (IOT) in Sri Lanka.
● This momentous event took place with the esteemed presence of Governor Senthil Thondaman of
the Eastern Province of Sri Lanka.
India’s Historic Show At Cannes- Payal Kapadia Wins Grand Prix Award For Her Film ‘All We Imagine
As Light’
.
● India’s performance at the 77th Cannes Film Festival has been phenomenal with two filmmakers, an
actress and a cinematographer winning top awards at the world’s leading film festival.
● Palme d'Or Nomination: "All We Imagine as Light" marks the first Indian film nominated in 30 years.
● Grand Prix Win: Kapadia's film secures second place, making history for Indian cinema.
● Alumni Achievement: Payal Kapadia becomes first Indian to win Grand Prix, representing FTII.
● La Cinef Triumph: FTII student Chidananda S Naik wins top prize for "Sunflowers Were the First
Ones to Know."
● Prestigious Tribute: Santosh Sivan honored as first Asian with Pierre Angénieux Tribute award.
● Best Actress Awardee: Anasuya Sengupta makes history with "The Shameless" in 'Un Certain
Regard' category.
● Independent Filmmaker Spotlight: Maisam Ali shines with "In Retreat" screened at ACID Cannes
sidebar.
● Top Honors: Palme d'Or and Grand Prix remain the most coveted prizes at Cannes.
Indian Peacekeeper Major Radhika Sen was Honored with the Military Gender Advocate Award
● Major Radhika Sen, an Indian peacekeeper, receives the prestigious Military Gender Advocate
Award for her exceptional contributions during her deployment with the United Nations Mission in
Congo (MONUSCO).
● UN Secretary-General Antonio Guterres announces the award, lauding Major Sen as "a true role
model" for her outstanding dedication and service.
● Hailing from Himachal Pradesh, Major Radhika Sen served as the commander of the Indian battalion
in the eastern part of the Republic of Congo from March 2023 to April 2024.
● India maintains a significant presence in UN peacekeeping efforts, ranking 11th in contributions of
female military peacekeepers. Major Radhika Sen's recognition adds to India's legacy of
peacekeeping excellence.
● The Military Gender Advocate of the Year Award, presented annually to a peacekeeper nominated
by Force Commanders and Heads of Mission from all peacekeeping operations, highlights Major
Sen's remarkable leadership.
● Major Suman Gawani from India also received this esteemed award in 2019, underscoring India's
enduring commitment to global peacekeeping efforts and bringing honor to the nation.
NHPC receives 'The Economic Times HR World Future Ready Organization Award 2024-25', a
prestigious recognition.
.
● NHPC, India’s premier hydropower company, has been honoured with the esteemed ‘The
Economic Times HR World Future Ready Organization Award 2024-25’.
● This significant accolade underscores NHPC’s steadfast dedication to nurturing a workforce
prepared for the future and its strategic approach to human resource management.
● The award recognizes NHPC’s holistic endeavours in enhancing employee skills, implementing
Environmental, Social, and Governance (ESG) measures, advocating for Diversity, Equity &
Inclusion (DE&I), and embracing continual technological advancements.

Raymond Reappoints Gautam Hari Singhania as Managing Director for Another 5 -Year Term
• Raymond's board of directors approved the reappointment of Gautam Hari Singhania as Managing
Director for another 5 years, starting July 1, 2024.
• Singhania took over the reins of Raymond Limited as chairman and managing director in
September 2000.
• Nawaz Modi-Singhania, Gautam Hari Singhania's estranged wife, was removed from the boards of
three privately held companies within the Raymond Group:
• JK Investors (Bombay) Limited (JKI).
• Raymond Consumer Care Limited (RCCL).
• Smart Advisory and Finserve.
About Raymond Limited :
• Founded : 1925
• Raymond Ltd is the largest integrated manufacturer of fabric in the world.
Sanjaya Kumar Mishra Appointed as Head of GST Appellate Tribunal
• The Appointment Committee of Cabinet (ACC) has approved the appointment of Sanjaya Kumar
Mishra, former Chief Justice of Jharkhand High Court, as the President of the Goods and Services
Tax Appellate Tribunal (GSTAT) for a 4-year term.
• The eligibility criteria was being a judge of the High Court, or serving a retired District Judge or
Additional District Judge with 10 years of combined experience, or Lawyer with 10 years of
experience with substantial experience in litigation in matters relating to indirect taxes.
About Sanjaya Kumar Mishra :
.
• Mishra, 62, is from Odisha and served as a judge in the Uttarakhand High Court and hails from
Odisha.
• He has held positions like District & Sessions Judge in Sundergarh and Dhenkanal, and Special
Judge (CBI) in Bhubaneswar.
• He was also the Registrar General of the Orissa High Court.
• In February 2023, he became the 14th Chief Justice of the Jharkhand High Court.
Subodh Kumar (IAS) Appointed as Director in Ministry of Ayush
• Subodh Kumar (IAS) has been appointed as Director in the Ministry of Ayush.
• The order was issued by the Department of Personnel and Training (DoPT).
• The tenure will continue until October 8, 2024, or until further orders, whichever is earlier.
• He is a 2010-batch Indian Administrative Service (IAS) officer from the Tamil Nadu cadre.
• Prior to this appointment, he was on 'Compulsory wait' in the Ministry of Food Processing
Industries.
About Ministry of Ayush :
• Cabinet Minister : Sarbananda Sonowal
• Minister of State : Mahendra Munjapara
• Secretary : Rajesh Kotecha
RBI Approves Appointment of Sanjeev Nautiyal as Managing Director of Ujjivan Small Finance Bank
• The Reserve Bank of India (RBI) approved the appointment of Sanjeev Nautiyal as Managing
Director (MD) and Chief Executive Officer (CEO) of Ujjivan Small Finance Bank.
• His term will be for three years, effective from 1 July 2024.
• Before taking charge as MD and CEO, Sanjeev Nautiyal will join the bank as President during the
interim period.
• He will succeed Ittira Davis, the current Managing Director and CEO of Ujjivan Small Finance
Bank.
• Sanjeev Nautiyal currently is the independent director of Life Insurance Corporation (LIC) and acts
as an advisory in various organizations.
About Ujjivan Small Finance Bank Limited :
• Part time Chairman : Banavar Anantharamaiah Prabhakar
.
• Tagline : Building A Better Life

• Ujjivan Financial Services holds an 80% stake in Ujjivan SFB.
• The bank is licensed under Section 22(1) of the Banking Regulation Act, 1949, to conduct small
finance bank business.
• It obtained Scheduled Bank status from the RBI in August 2017.
Ujjivan Small Finance Bank Appoints Carol Furtado as Executive Director
• Ujjivan Small Finance Bank has appointed Carol Furtado as executive director for a 3-year term,
effective from May 1, 2024.
• The Reserve Bank of India (RBI) has approved this appointment.
• Furtado has been with Ujjivan Small Finance Bank since its inception, holding significant roles
such as Chief Human Resource Officer, Head of Operations and Service Quality, and Chief
Business Officer (CBO).
• Before joining Ujjivan, Furtado worked at the ANZ group, Bank Muscat, and Centurion Bank Ltd.
About Ujjivan Small Finance Bank Limited :
• Ujjivan Financial Services holds an 80% stake in Ujjivan SFB.
• The bank is licensed under Section 22(1) of the Banking Regulation Act, 1949, to conduct small
finance bank business.
• It obtained Scheduled Bank status from the RBI in August 2017.
Atanu Chakraborty Reappointed as HDFC Bank Chairman for a 3-Year Term
• The Reserve Bank of India (RBI) has approved the re-appointment of Atanu Chakraborty as the
Part-Time Chairman of HDFC Bank for a period of 3 years from May 05, 2024 to May 04, 2027
(both days inclusive)
• Chakraborty served the Government of India for 35 years as a member of the Indian
Administrative Service (IAS) in the Gujarat cadre.
• He was the Secretary of the Ministry of Finance, Department of Economic Affairs (DEA) during the
financial year 2019-2020.
About HDFC Bank :
• Founded : August 1994
.

Jeremiah Manele Takes Oath as New Prime Minister of Solomon Islands
• Jeremiah Manele, a former foreign minister, was elected as the new Prime Minister of Solomon
Islands by the nation's lawmakers.
• He won with 31 votes, defeating his rival Mathew Cooper Wale, who secured 18 votes.
• Manele is the first member of Parliament from Isabel Province to become Prime Minister of
Solomon Islands.
• Manele replaced Manasseh Sogavare, who served 4 terms as Prime Minister (2000-2001, 2006-
2007, 2014-2017, and 2019-2024).
About Solomon Islands :
• Capital : Honiara
• Currency : Solomon Islands dollar
Paytm Money Appoints Rakesh Singh as Chief Executive Officer, Succeeding Varun Sridhar
• Paytm Money, the wholly-owned subsidiary of One97 Communications, has appointed Rakesh
Singh as the new Chief Executive Officer (CEO) after Varun Sridhar resigned from the role.
• Sridhar served as CEO of Paytm Money since 2020 and has transitioned to a different role within
the company.
• Rakesh Singh joined Paytm Money a month before he was appointed CEO.
About Paytm Money :
Bhushan Singh (IRTS) Appointed as Secretary of the National Jute Board
• The Central Government has approved the appointment of Bhushan Singh Indian Railway Traffic
Service (IRTS) as Secretary (at Director level) of National Jute Board, Kolkata under the Ministry of
Textiles.
• According to an order issued from the Department of Personnel and Training (DoPT), Singh has
been appointed to the post for a period of 5 years or until further orders, whichever is earlier.
About National Jute Board :
• Headquarters : Kolkata, West Bengal
• The NJB was established under the National Jute Board Act, 2008 (Act No. 12 of 2009), with its
operations commencing on April 1, 2010.
.
• This formation led to the consolidation of the former Jute Manufactures Development Council and
the National Centre for Jute Diversification into the National Jute Board (NJB).
Sushil Sharma Assigned Additional Role as Chairman & Managing Director of SJVN Limited
• Sushil Sharma has been given the additional charge as Chairman & Managing Director (CMD) of
SJVN Limited for a period of 3 months or until further orders.
• Presently, he is serving as Director (Projects) in the organisation.
About SJVN Limited :
• Headquarters : Shimla, Himachal Pradesh, India
• SJVN, formerly known as Satluj Jal Vidyut Nigam, is an Indian public sector undertaking involved
in hydroelectric power generation and transmission.
• It was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the
Government of India (59.92%) and the Government of Himachal Pradesh (26.85%).
Bharat Biotech Co-Founder Krishna Ella Appointed as President of Indian Vaccine Manufacturers
Association
• The Indian Vaccine Manufacturers Association (IVMA) announced Dr. Krishna M Ella, Co-Founder
and Executive Chairman of Bharat Biotech, as the association’s new president for two years from
April 2024-2026.
• He takes over from Adar C. Poonawalla, CEO of Serum Institute of India (SII), who served as
IVMA president from 2019 to 2024.
• Leadership Transition:Under Dr Ella's leadership, the IVMA aims to fortify collaboration between
vaccine manufacturers, researchers, and policymakers to accelerate the development of new
vaccines and improve production processes.
About IVMA :
• IVMA is a non-government, not-for-profit, industry-led, and industry-managed organisation.
• It aims to promote and articulate the views and concerns of the vaccine industry, fostering an
environment conducive to vaccine development and immunisation in India.
• The organisation plays a key role in driving collaboration, research, and public-private partnerships
within the vaccine sector.
Air Marshal Nagesh Kapoor Named Chief of Indian Air Force's Training Command
• Air Marshal Nagesh Kapoor was appointed as the Air Officer Commanding-in-Chief (AOC-in-C)
of the Training Command (TC) for the Indian Air Force (IAF).
.
• Kapoor was commissioned into the Fighter stream of the Indian Air Force on December 6, 1986.
• He is a Qualified Flying Instructor and a Fighter Combat Leader with over 3,400 hours of flying
experience.
• He served as Defence Attaché in Pakistan, showcasing his diplomatic skills.
Kotak Mahindra Bank's Joint Managing Director Manian Resigns After 29 Years with the Bank
• KVS Manian, joint Managing Director (MD) at Kotak Mahindra Bank, has stepped down from his
position with immediate effect.
• He had joined Kotak Mahindra Bank in 1995 and had a 29-year-long career with the bank, during
which he led various divisions, including Consumer, Commercial, Wholesale, and Private
Banking businesses.
• Manian, a whole-time director at the bank, was promoted to the position of joint MD effective
March 1, 2024, after the bank appointed new MD and CEO Ashok Vaswani.
About Kotak Mahindra Bank :
Pro-China Leader Sogavare Withdraws from Solomon Islands' Prime Minister Race
• Solomon Islands Prime Minister Manasseh Sogavare has withdrawn from consideration for
another term as leader after his ruling party failed to win a majority in elections, in a potential blow
to China’s growing ties with the Pacific nation.
• Sogavare was replaced by Foreign Minister Jeremiah Manele as the Ownership, Unity and
Responsibility Party’s candidate for prime minister.
• Sogavare's ruling party won only 15 out of a possible 50 seats in the parliamentary elections held
in April.
About Solomon Islands :
• Capital : Honiara
• Currency : Solomon Islands dollar
Justice Dinesh Kumar Assumes Role as Presiding Officer of Securities Appellate Tribunal
.
• Justice (retired) Dinesh Kumar has been appointed as the Presiding Officer of the Securities
Appellate Tribunal (SAT).
• He will serve a 4-year term after retiring as Chief Justice of the Karnataka High Court in February
2024.
• His appointment fills a 4-month vacancy following the retirement of the previous presiding officer,
Justice Tarun Aggarwal, in December 2023.
About SAT :
• SAT is a statutory and autonomous body created as per provisions of section 15K of the Securities
and Exchange Board of India (SEBI) Act, 1992
Jio Financial Appoints Standard Chartered's Head Kusal Roy as Unit Chief Executive Officer
• Mukesh Amabni’s new financial services company, Jio Finance Limited., is in talks to appoint Kusal
Roy, the current country manager of Standard Chartered Plc India, as the Chief Executive Officer
(CEO) of one of its units.
• KV Kamath was appointed as non-executive chairman before the firm separated from Reliance
Industries, Ambani’s flagship company.
• Additionally, Charanjit Attra was hired from State Bank of India to serve as the chief operating
officer.
About Jio Financial Services :
• Jio Financial Services is an Indian financial services company that was originally a subsidiary of
Reliance Industries (RIL).
• Its subsidiary Jio Finance holds an NBFC license from the RBI.
• Another subsidiary, Jio Payments Bank, is also a payments bank registered in India.
Reserve Bank of India Names R Lakshmi Kanth Rao as Executive Director
• The Reserve Bank of India (RBI) appointed R Lakshmi Kanth Rao as executive director (ED).
• In his role as Executive Director, Shri Rao will oversee several key departments:
• Deposit Insurance and Credit Guarantee Corporation
• Right to Information Act (RTI)
• Department of Communication
Wipro Names Vinay Firake as Chief Executive Officer for Asia Pacific, India, Middle East & Africa
Strategic Market Unit
.
• Wipro, an IT major, has named Vinay Firake as the Chief Executive Officer (CEO) of the Asia
Pacific, India, Middle East, and Africa (APMEA) strategic market unit (SMU), effective
immediately.
• Mr. Firake will report to Srini Pallia, Wipro's CEO and Managing Director, and will also join
Wipro's executive board.
• Firake succeeds Anis Chenchah, who is stepping down from the role to explore opportunities
outside the organization.
About Wipro :
Vice Admiral Sanjay Bhalla Assumes Role as Indian Navy's Chief of Personnel
• Vice Admiral Sanjay Bhalla, assumes charge as the Chief of Personnel of the Indian Navy.
• He was commissioned in the Indian Navy on 01 Jan 1989.
• In a career spanning 35 years, he has held a number of specialist, staff and operational
appointments, both afloat and ashore.
• He specialised in Communication and Electronic Warfare.
Visa Names Sujai Raina as the New Country Manager for India
• Digital payments platform Visa has appointed Sujai Raina as the country manager for India.
• In addition to his responsibilities as Country Manager, he will continue to lead business
development for Visa in India.
• Raina joined Visa in 2020 and previously served as Vice President and Head of Business
Development, India.
About Visa Inc :
• Founded : September 18, 1958
• Headquarters : San Francisco, California, United States
• CEO : Ryan McInerney
.
• Visa Inc is an American multinational payment card services corporation.

John Swinney Set to Succeed Humza Yousaf as Scotland's First Minister
• Scottish National Party (SNP) veteran John Swinney was elected as its new leader and is set to
replace Humza Yousaf as Scotland’s first minister after he emerged as the sole contender in the
contest to pick a new premier.
• He has served as an ally to former First Minister Nicola Sturgeon, holding the position of her
deputy for a record 9 years.
• Born in Edinburgh in April 1964, Swinney joined the SNP at a young age, rising through the party's
ranks quickly.
About SNP :
• Founded : 1934
• The SNP is a Scottish nationalist and social democratic political party.
• The SNP currently holds 43 seats in the UK parliament.
Dr. Mallika Nadda Appointed Chairperson of Special Olympics Asia Pacific Advisory Council for a 3-
Year Term
• Dr. Mallika Nadda, President of Special Olympics Bharat, has been appointed as the chairperson
of the Special Olympics Asia Pacific Advisory Council for a three-year term, effective from May 1,
2024, until March 31, 2027.
• Role in Special Olympics Asia Pacific: As the chairperson of APAC, Mallika Nadda will stand to be
a cohesive voice of the entire Special Olympics Asia Pacific region that runs across 34 countries.
• Nadda would serve as the SO Bharat representative on the APAC where Special Olympics Bharat
enjoys a permanent seat.
About Special Olympics Bharat :
• Founder : Denzil Keelor
• Special Olympics Bharat is a National Sports Federation also registered under the Indian Trust Act
1882 in 2001 and is accredited by Special Olympics International to conduct Special Olympics
Programs in India.
Afghan Consul General Zakia Wardak Resigns in Mumbai Following 'Gold Smuggling' Incident at Airport
• Zakia Wardak, the Consul General of Afghanistan in Mumbai, has resigned from her post.
.
• Her move comes within 10 days after being reportedly intercepted by the Directorate of Revenue
Intelligence (DRI) at the Chhatrapati Shivaji Maharaj International Airport, Mumbai on the charge of
smuggling 25 kgs of gold from Dubai.
• Under the Customs Act, 1962, individuals caught smuggling gold worth over ₹1 crore are subject to
arrest and criminal prosecution.
• Gold worth ₹18.60 crore was recovered from Ms. Wardak.
About Afghanistan :
• Prime Minister : Hasan Akhund
• Capital : Kabul
• Currency : Afghani
Chinese President Xi Appoints Senior Diplomat Xu Feihong as New Ambassador to India
• Chinese President Xi Jinping has appointed Xu Feihong as the new Ambassador to India after a
delay of 18 months.
• Xu's appointment coincides with the ongoing Lok Sabha elections in India.
• The appointment was confirmed by the Chinese Foreign Ministry, despite not being formally
announced in Beijing.
• Xu, previously serving as Ambassador to Afghanistan and Romania, is slated to assume his
responsibilities in New Delhi shortly.
About China:
• Currency: Renminbi
Vijay Kumar Goel (IRSME) Appointed as Director at the Ministry of Development of Northeastern
Region
• Vijay Kumar Goel, an officer from the Indian Railway Service of Mechanical Engineers (IRSME),
has been selected for the position of Director in the Ministry of Development of Northeastern
Region (MDoNER).
• The appointment was made under the Central Staffing Scheme by the Department of Personnel &
Training (DoPT).
• The tenure for this position is 5 years from the date of taking over charge or until further orders,
.
About MDoNER :
• Cabinet Minister : G. Kishan Reddy
• Minister of State : B. L. Verma
B Sudarshan Appointed as Executive Director (Refinery) of Mangalore Refinery and Petrochemicals
Limited
• B Sudarshan has been appointed as the Executive Director (Refinery) of Mangalore Refinery and
Petrochemicals Ltd (MRPL).
• Sudarshan hails from Mysore.
• He joined MRPL on December 3, 1993, as a Senior Engineer (Instrumentation Maintenance).
• He has previously held the esteemed position of Group General Manager (Marketing Projects) and
served as the head of MRPL’s Bengaluru office.
About MRPL :
• Headquarters : Mangalore, India
• MRPL is a schedule ‘A’ Miniratna, Central Public Sector Enterprise (CPSE) under the Ministry of
Petroleum & Natural Gas.
First Woman IPS Officer, R. Chandranathan Nongrang, Appointed as Meghalaya's Police Chief
● Idashisha Nongrang, a 1992 batch Indian Police Service (IPS) officer, has been appointed as the
Director General of Police (DGP) of Meghalaya, making history as the first woman to hold the
position.
● Nongrang will assume office on May 20, 2024, following the retirement of the current DGP, L.R.
Bishnoi, on May 19, 2024.
● Nongrang, a member of the Khasi tribe — one of Meghalaya’s three major tribal communities is
currently serving as the Director General of Meghalaya Civil Defence and Home Guards.
● Appointment Process : The Meghalaya Security Commission, chaired by Chief Minister Conrad
K. Sangma, oversaw the appointment and selected Nongrang from a list of three candidates
approved by the Union Public Service Commission (UPSC).
● India witnessed its first female state DGP in 2004 when Kanchan Chaudhary Bhattacharya, a
1973 batch IPS officer, was appointed as the DGP of Uttarakhand marking a significant
milestone in the nation’s policing history.
About Meghalaya :
.
● Governor : Phagu Chauhan

● Chief Minister : Conrad Sangma
● Capital : Shillong
● National Parks : Balpakram National Park, Nokrek National Park
Ippopay Appoints Former RBI Regional Director as Senior Advisor
● Chennai-based fintech firm Ippopay Technologies has appointed former Reserve Bank of India
(RBI) regional director SMN Swamy as a senior advisor.
● Swamy, who has held leadership roles across RBI offices in Chennai, Thiruvananthapuram,
Bengaluru, Hyderabad, Ahmedabad and Mumbai over a decade-long career, brings deep
regulatory and banking operations experience to Ippopay.
About Ippopay :
● Incorporated : 2020
● Founder & CEO : Mohan Karupaaiah
● The company focuses on facilitating digital payments for small merchants, with an emphasis on
driving UPI-based transactions in tier III and IV cities as well as rural areas.
Ajitkumar V Sontakke (IOFS) Named Chief Vigilance Officer of Nuclear Power Corporation of India
Limited
● The Appointments Committee of the Cabinet (ACC) has approved the appointment of Ajitkumar
Vasantrao Sontakke (IOFS) as the Chief Vigilance Officer (CVO) of Nuclear Power Corporation
of India Limited (NPCIL) .
● The appointment was made under the Department of Atomic Energy, Government of India.
● The appointment is effective for a period up to May 20, 2027, with a maximum admissible tenure
of 7 years away from the cadre at a stretch, from the date of assuming the charge of the post or
until further orders.
● He is currently serving as Deputy Secretary in the Ministry of Home Affairs.
About NPCIL :
● Founded : September 1987
● The NPCIL is an Indian public sector undertaking.
● It is wholly owned by the Government of India and is responsible for the generation of electricity
from nuclear power.
.
● NPCIL is administered by the Department of Atomic Energy (DAE).

Dilip Sanghani Re-Elected as Indian Farmers Fertiliser Cooperative Chairperson for 2nd Consecutive
Term; Balvir Singh Continues as Vice Chairman
● Senior BJP leader and former cabinet minister Dilip Sanghani has secured his position as the
chairman of the Indian Farmers Fertiliser Cooperative (IFFCO) for the second consecutive term.
● Sanghani's re-election took place during a recent board meeting of IFFCO, where 21 directors
unanimously appointed him as the chairman.
● Dilip Sanghani, hailing from Amreli, has a noteworthy association spanning four decades with
various national and international farmers' organizations.
● Alongside Sanghani's re-election, Balwinder Singh, a farmer leader from Uttar Pradesh, has been
appointed as the vice-chairman of IFFCO.
About IFFCO :
● Headquarters : New Delhi, Delhi, India.
● MD & CEO : Dr. Udai Shanker Awasthi
● IFFCO, is a multi-state cooperative society engaged in the manufacture and marketing of
fertiliser.
Melinda Gates to Resign as Co-Chair of Bill & Melinda Gates Foundation
● Melinda French Gates, one of the world’s preeminent philanthropists, announced that she would
resign as co-chair of the Bill & Melinda Gates Foundation (BMGF) which she has helped lead
since 2000.
● Since its establishment nearly 25 years ago, the BMGF has disbursed nearly $78 billion in grant
payments, reflecting its substantial influence in philanthropy and global development.
● Her last day of work at the foundation will be June 7,2024.
● As part of her separation agreement from her former husband, Bill Gates, she will receive an
additional $12.5 billion for her charitable endeavors.
About Bill & Melinda Gates Foundation :
● Headquarters : Seattle, Washington, United States
● CEO : Mark Suzman
● The BMGF is an American private foundation founded by Bill Gates and Melinda French Gates.
.
● The foundation is one of the most powerful and influential forces in global public health, having
spent more than $50 billion over the past two decades to bring a business approach to
combating poverty and disease.
● Notably, it has played a pivotal role in initiatives to eradicate polio and malaria.
Kanimozhi Re-elected as President of The Hindu Office and National Press Employees' Union for 3rd
Term
● Lok Sabha MP Kanimozhi has been unanimously elected as the president of The Hindu Office
and National Press Employees’ Union for her 3rd consecutive term.
● 5 other office-bearers were also elected unopposed.
● M. Kamalanathan has been elected as the general secretary for the 6th consecutive time.
● Other newly elected office-bearers include R. Arun and S. Vadivel as vice-presidents, C.
Chandran as joint secretary, and N. Balaji as treasurer.
● The following 12 members were unanimously elected executive committee members: B. Rajan
Boopathy, K. Ramesh, J. Kathiresan, V. Aravind Kumar, B. Balavel, R. Girish, M. Sampath
Kumar, K. Gopaal, G. Rajendran, P. Kumaravel, P.S. Venkoba Rao and S.A. Karthikeyan.
● All members will hold their respective offices for a period of 3 years, from 2024 to 2027.
Singapore's Lawrence Wong Takes Oath as New Prime Minister After 2 Decades
● Lawrence Wong has been sworn in as Singapore's new Prime Minister, succeeding Lee Hsien
Loong after his two-decade tenure.
● Lawrence Wong took his oath of office at the Istana government office, officially assuming the
role of Prime Minister.
● The transition of power marks a significant moment in Singapore's political landscape, with
Lawrence Wong becoming only the second person outside of the Lee family to lead the nation.
● Alongside Wong, members of his cabinet were also sworn in, including his predecessor Lee
Hsien Loong, who now serves in the advisory role of senior minister.
● Wong, the 4th prime minister in Singapore's history, must lead the PAP to the next general
elections, which are not due until November 2025 but could be called as early as this year(2024).
About Singapore :
● President : Tharman Shanmugaratnam
● Prime Minister : Lawrence Wong
● Currency : Singapore dollar
.
Corteva Agriscience Names Subroto Geed as New President for South Asia
● Corteva Agriscience, an agriculture solutions company, has appointed Subroto Geed as the
President of South Asia.
● In his role, Geed will lead the South Asia business of Corteva Agriscience, focusing on driving
growth for the company's Seed and Crop Protection businesses.
About Corteva, Inc. (also known as Corteva Agriscience) :
● Founded : 2019
● Headquarters : Indianapolis, Indiana United States
● CEO : Chuck Magro
● It is a major American agricultural chemical and seed company that was the agricultural unit of
DowDuPont prior to being spun off as an independent public company.
Apurva Sahijwani Appointed as Managing Director and Chief Executive Officer of Avendus Wealth
Management
● Avendus Wealth Management announced Apurva Sahijwani as its new Managing Director (MD)
and Chief Executive Officer (CEO).
● Sahijwani brings over 25 years of extensive experience in private banking and wealth
management to his new role.
● Prior to this, he led Burgundy Private, Axis Bank's private banking arm, in his previous position.
About Avendus Group :
● Avendus Group is a prominent financial services firm, focussed on Investment Banking,
Institutional Equities, Wealth Management, Credit Solutions, and Asset Management.
● The company is an advisor to India's Ultra High Net Worth Individuals (UHNIs) and family offices.
● Co-founder & CEO of Avendus : Gaurav Deepak
Senior advocate Kapil Sibal Elected as President of Supreme Court Bar Association
● Senior advocate Kapil Sibal was elected as a president of the Supreme Court Bar Association
(SCBA).
● This is the 4th time Kapil Sibal will serve as the SCBA president.
● His previous terms were during 1995-96, 1997-98, and 2001.
● A total of 2,330 advocates voted out of 2,850 members in the voter list. Sibal received 1,066
votes, Pradeep Rai got 689 votes, and the current president Adish Agarwala received 307 votes.
● Other candidates for the SCBA president post included Priya Hingorani, Tripurari Ray, and
.
Neeraj Srivastava.
● Kapil Sibal will take over from the incumbent president, senior advocate Adish C. Aggarwala.
● Senior advocate Pradeep Rai was the runner-up.
● Advocate Vikrant Yadav was elected SCBA secretary.
About SCBA :
● The SCBA is an Indian bar association, comprising the practising lawyers of the Supreme Court
of India.
Justice Bidisha Banerjee was Designated as Head of Department of NCLT Kolkata Bench by President
Chief Justice Ramalingam Sudhakar
● Justice Bidisha Banerjee has been designated as the Head of the Department (HoD) of the
National Company Law Tribunal (NCLT), Kolkata Bench by the President of NCLT, Chief Justice
Ramalingam Sudhakar.
● Justice Banerjee took charge as HoD after Justice Rohit Kapoor demitted office on May 3, 2024.
● Justice Bidisha Banerjee is the first woman to be appointed as Head of the NCLT Kolkata Bench
and the second woman Judicial Member after Ms. Manorama Kumari.
● She is the 5th HoD of the NCLT Kolkata Bench.
About NCLT :
● The NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
● The tribunal was established under the Companies Act 2013 and was constituted on 1 June 2016
by the government of India and is based on the recommendation of the V. Balakrishna Eradi
committee on law relating to the insolvency and the winding up of companies
Rushabh Gandhi Appointed as New MD & CEO of IndiaFirst Life Insurance
● IndiaFirst Life Insurance’s board has approved the appointment of Rushabh Gandhi as the
managing director (MD) and chief executive officer (CEO) for 5 years effective July 1, 2024, or
the date of regulatory approvals, whichever is earlier.
● The new appointment is subject to the approval of the Insurance Regulatory and Development
Authority of India (IRDAI).
● R M Vishakha, the current MD and CEO of the life insurer, will retire on June 30, 2024.
● He is currently the deputy chief executive officer of the insurer.
About IndiaFirst Life Insurance :
● Headquartered in Mumbai, Maharashtra
.
● IndiaFirst Life Insurance is one of India’s youngest life insurance companies.

David Salvagnini Appointed as National Aeronautics and Space Administration’s 1st Chief Artificial
Intelligence Officer
● The National Aeronautics and Space Administration (NASA) appointed David Salvagnini as the
agency’s first chief artificial intelligence (AI) officer, in an extension of his current role as the chief
data officer.
● Before Salvagnini's appointment, NASA's Chief Scientist Kate Calvin served as the acting
responsible AI official.
Responsibilities :
● Salvagnini will lead NASA's efforts in the responsible use of AI both in space and on Earth,
aiming to benefit all humanity.
● He will align the strategic vision and planning for AI usage across NASA.
● His role includes championing AI innovation, supporting the development, and managing risks
associated with AI tools, platforms, and training.
● In his expanded capacity, Salvagnini will continue NASA’s collaboration with other government
agencies, academic institutions, industry partners, and other experts to ensure the agency is on
the cutting edge of AI technology.
About NASA :
● Headquarters : Washington, D.C, United States
Indian Space Research Organization Chief Somanath Reveals SFO Technologies' Zero Emission
Initiative
● Indian Space Research Organization (ISRO) Chairman and Secretary, Department of Space,
Government of India, S Somanath unveiled the carbon reduction initiative of SFO Technologies,
the flagship company of the NeST Group.
● Besides planting a sapling at the first private SEZ in India, NeST HiTek Park to mark the
occasion, he also unveiled a replica of Chandrayaan at the campus highlighting the cooperation
of SFO Technologies and ISRO.
● The Carbon Reduction initiative of the NeST Group aims to achieve a 50% reduction by 2035
and zero emissions by 2040.
.
● NeST Group Chairman and Managing Director : N. Jehangir

About ISRO :
ITC Chairman Sanjiv Puri, Assumes Role as Confederation of Indian Industry President, Succeeds R
Dinesh
● Sanjiv Puri, chairman and managing director of consumer goods major ITC Limited., has taken
over as president of the Confederation of Indian Industry (CII) for the 2024-25 period.
● He takes over from R Dinesh, Chairman of TVS Supply Chain Solutions.
● Rajiv Memani, Chairman of the India region of EY, has been appointed as the President-
Designate of CII for the year 2024-25.
● R Mukundan, Managing Director and CEO of Tata Chemicals Limited, has taken over as the Vice
President of CII for the 2024-25 period.
About CII :
● Director General : Chandrajit Banerjee
● The CII is a non-governmental trade association and advocacy group.
Taiwan's Ruling DPP's Lai Ching-Te Sworn In As New President
● Lai Ching-te of Taiwan’s ruling Democratic Progressive Party (DPP) has been sworn in as the
self-governing island’s new President.
● Lai succeeds Tsai Ing-wen to lead Taiwan amid increasing threats from China, which claims the
island as its territory.
● Lai Ching-te is the third member of the DPP to assume the office of president.
● He is also the third incumbent ROC (Republic of China) vice president to succeed to the
presidency and the first to assume the office through election instead of immediate succession.
● Taiwan has had an independent government since 1949, separate from the People's Republic of
China.
● Vice President Hsiao Bi-khim was also officially sworn in alongside President Lai.
● She previously served as Taiwan’s de facto ambassador to the US from 2020 to 2023 and held
.
positions as a DPP lawmaker for several terms.

About Taiwan :
● Capital : Taipei
● Currency : New Taiwan dollar
Vedanta Aluminium CEO John Slaven Named Vice-Chairman of International Aluminium Institute
● Vedanta Aluminium announced that its Chief Executive Officer (CEO), John Slaven, has been
appointed as Vice-Chairman of the International Aluminium Institute (IAI).
● In his new role, Slaven will lead global initiatives aimed at promoting the crucial role of aluminium
in enabling the energy transition to zero carbon.
About IAI :
● The IAI is the sole organisation representing the global primary aluminium industry.
● Its mission is to increase awareness of the industry’s operations, advocate for responsible
production, and emphasise the significant environmental benefits of aluminium.
● The IAI’s membership includes the world’s leading bauxite, alumina, and aluminium companies
and maintains extensive global data on the industry, with over 40 years of analysis on production,
consumption, energy use, and environmental impact.
About Vedanta Aluminium :
● Vedanta Aluminium is a leading producer of aluminium, manufacturing 2.37 million tonnes in
FY24.
● It also produces value-added aluminium products that are critical in core industries.
Government Appoints Shri Ramesh Babu V as Member of Central Electricity Regulatory Commission
● Shri Ramesh Babu V. has been appointed as a Member of the Central Electricity Regulatory
Commission (CERC).
● He took the oath of office and secrecy, which was administered by the Union Minister for Power
and New & Renewable Energy, Shri R. K. Singh.
About CERC :
● The CERC was established by the Government of India under the provisions of the Electricity
Regulatory Commissions Act, 1998.
● It serves as the Central Commission for the purposes of the Electricity Act, 2003, which has
replaced the ERC Act, 1998.
.
● The Commission comprises a Chairperson and three other Members, with the Chairperson of the
Central Electricity Authority serving as an ex-officio Member.
Major Functions of CERC:
● CERC regulates the tariff of generating companies owned or controlled by the Central
Government and other generating companies with composite schemes across multiple states.
● It also regulates inter-state transmission of electricity and determines tariffs for inter-state
transmission.
● Additionally, CERC issues licenses for inter-state transmission and trading, adjudicates disputes,
advises the Central Government on national electricity and tariff policies, promotes competition
and efficiency in the electricity industry, and encourages investment in the sector.
To Lam Elected as the New President of Vietnam
● To Lam, the Minister of Public Security, has been approved by Vietnam’s National Assembly as
the country's next President for the 2021-2026 tenure.
● His appointment follows the resignation of former President Vo Van Thuong amid a corruption
crackdown.
● To Lam is the 3rd President of Vietnam in less than 18 months, indicating a period of political
transition in a country known for its stable politics.
● He is considered the third most powerful figure in Vietnam, following the Party Chief and the
Prime Minister.
● Other Key Appointments:Tran Thanh Man, 61, was nominated as the new Chairman of the
National Assembly, succeeding Vuong Dinh Hue.
● The party also appointed four new politburo members.
● Vietnam's Leadership Structure:Consists of four key positions: the Communist Party General
Secretary, the President, the Prime Minister, and the Head of the National Assembly.
About Vietnam :
● Prime Minister : Phạm Minh Chính
● Capital : Hanoi
● Currency : Vietnamese đồng
Vice Admiral Gurcharan Singh was Appointed as Commandant of the National Defence Academy
● Vice Admiral Gurcharan Singh assumed the appointment of Commandant, National Defence
Academy (NDA) from Vice Admiral Ajay Kocchar.
.
● An alumnus of the National Defence Academy (Khadakwasla), he was commissioned into the
Indian Navy on 01 July 1990.
● As a specialist in Gunnery and Missiles, he has served onboard Indian Naval Ships Ranjit and
Prahar.
About NDA :
● Location : Khadakwasla, Pune, Maharashtra, India
● The NDA is the joint defence service training institute of the Indian Armed Forces, where cadets
of the Indian Army, Indian Navy, and Indian Air Force train together before they go on to their
respective service academy for further pre-commission training.
Air India appoints Sanjay Sharma as chief financial officer
● Air India announced the appointment of Sanjay Sharma as the Chief Financial Officer (CFO) with
effect from June 10, 2024.
● Sharma will succeed Vinod Hejmadi, who is retiring after more than three decades with Air India.
● Sanjay Sharma will report directly to Air India's CEO and MD, Campbell Wilson
About Air India :
● Founded : 15 October 1932 (Commenced operations-29 July 1946)
● Chairman : N. Chandrasekaran
● MD & CEO : Campbell Wilson
● Air India is the flag carrier airline of India.
● It is owned by Air India Limited, a Tata Group enterprise and operates a fleet of Airbus and
Boeing aircraft serving 102 domestic and international destinations.
World Economic Forum Founder Klaus Schwab to Step Back from Executive Role
● Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), will step
down from day-to-day management and take up the role of Chairman of the Board of Trustees by
January 2025 after over 50 years of leadership.
● The leadership transition will be completed before the next Davos gathering in January 2025.
● Purpose of Transition: This move is part of a planned "governance evolution" aimed at
transitioning the WEF from a founder-managed organization to one where the president and the
managing board assume full executive responsibility.
About World Economic Forum :
.
● Headquarters : Cologny, Canton of Geneva, Switzerland

● President : Børge Brende
● Origins: Founded in 1971 by Klaus Schwab as the European Management Forum.
● The WEF is an international advocacy non-governmental organization and think tank.
● The forum is best known for its annual gathering of political and business leaders in Davos,
Switzerland.
● It was initially designed as a place for European business leaders and government officials to
gather and discuss increasing their competitiveness with the UUS.
● WEF's Recent Themes and Initiatives:WEF's theme for 2023 annual conference was
"Cooperation in a Fragmented World," emphasizing the need for global leaders to address
economic, energy, and food crises while fostering sustainability.
Appointments Committee of Cabinet Approves One-Month Extension for Chief of Army Staff General
Manoj Pande Until June 30, 2024
● The Appointments Committee of Cabinet (ACC) approved a one-month extension for Chief of the
Army Staff (COAS) General Manoj C. Pande.
● The extension is beyond his normal age of superannuation (May 31, 2024) and extends his
service up to June 30, 2024, under Rule 16 A (4) of the Army Rules 1954.
● General Pande attained the age of 62 on May 6, 2024 and was originally due to retire on May 31,
2024.
● Extensions of service for Army chiefs are rare.
● An example is the extension of Army chief General G G Bewoor's term in the 1970s, which some
believe prevented Lt General P S Bhagat from becoming the new Army chief.
● General Bewoor was succeeded by General T N Raina.
● Norms for Army Chief Appointment:Typically, the most senior Army commander or the Army vice
chief is appointed as the Army chief upon the retirement of the serving COAS.
● The Army chief retires either after completing 3 years in the appointment or on reaching the age
of 62, whichever comes first.
.
Saudi Arabia Appoints Faisal bin Saud Al-Mejfel as First Ambassador to Syria Since 2012
● Saudi Arabia appointed Faisal bin Saud Al-Mejfel as its ambassador to Syria, marking the
kingdom's first envoy to Damascus since the closure of the Saudi embassy in 2012 during the
Syrian civil war.
● Riyadh severed ties with Damascus in 2012 during the Syrian civil war.
● Faisal al-Mujfel's appointment comes over a year after Syria was readmitted to the 22-member
Arab League.
About Saudi Arabia :
● Prime Minister : Mohammed bin Salman Al Saud
● Capital : Riyadh
● Currency : Saudi riyal
About Syria :
● President : Bashar al-Assad
● Prime Minister : Hussein Arnous
● Capital : Damascus
● Currency : Syrian pound
Andhra Native Jaya Badiga Appointed as Judge in US County Superior Court
● Indian-American attorney Jaya Badiga, a certified family law specialist, has been appointed as a
Judge in the Sacramento County Superior Court in the US state of California.
● Badiga, born in Vijayawada, Andhra Pradesh, is the first Telugu woman to be appointed as a
judge in the United States.
● Governor Gavin Newsom of California made the appointment, filling the vacancy left by the
retirement of Judge Robert S. Lapham.
● Raj Singh Badhesha of Fresno County was also appointed as a Judge in the Fresno County
Superior Court by Governor Newsom.
● Badhesha, a Democrat, fills the vacancy created by the retirement of Judge Jon N. Kapetan.
● Badhesha is the 1st Sikh to be appointed to the Fresno County bench and the 1st Sikh judge in
California who observes the practice of wearing the Sikh headdress known as the dastar or pagri.
About Sacramento County Superior Court :
.
● Location : Sacramento
● The Superior Court of California, County of Sacramento, alternatively called the Sacramento
County Superior Court, is the California Superior Court located in Sacramento with jurisdiction
over Sacramento County.
French Automaker Citroen Appoints MS Dhoni as Brand Ambassador in India
● French automaker Citroen has appointed former India cricket captain Mahendra Singh Dhoni as
its brand ambassador in India.
● Dhoni will mark his debut innings with Citroen in a campaign that will soon go live.
About Citroën :
● Citroën is a French automobile brand.
● The "Automobiles Citroën" manufacturing company was founded in 4 June 1919 by André
Citroën.
Reserve Bank of India Approves Appointment of PK Sinha as Part-time Chairman of ICICI Bank
● The Reserve Bank of India (RBI) has granted its approval for the appointment of Pradeep Kumar
Sinha as the Part-time Chairman of ICICI Bank. for a term of 3 years, starting from July 1, 2024.
● Pradeep Kumar Sinha will step into the position vacated by G. C. Chaturvedi, who is due to retire
as Non-Executive Part-time Chairman on June 30, 2024, at the close of business hours.
About ICICI Bank :
Cabinet Committee Extends Tenure of DRDO Chief Dr Samir V. Kamat by One Year Until May 31, 2025
● The Appointments Committee of Cabinet (ACC) approved a one-year extension in service for Dr.
Samir V Kamat, Secretary of the Department of Defence R&D and Chairman of DRDO, extended
his term to May 31, 2025, beyond his normal retirement date of May 31, 2024.
● Dr. Kamat has been in his current position since August 2022, succeeding Dr. G. Satheesh
Reddy, who became the Scientific Adviser to the Defence Minister.
About ACC :
● Formed : January 26, 1950
.
About DRDO :
● The DRDO is an agency under the Department of Defence Research and Development in the
Ministry of Defence of the Government of India (GoI).
P K Tripathi Appointed as Secretary of Lokpal & R K Goyal Named as Secretary of Department of
Justice
● Senior bureaucrat Pradip Kumar Tripathi has been appointed as the Lokpal Secretary as part of
a secretary-level reshuffle effected by the Centre.
● Tripathi, a 1987-batch Indian Administrative Service officer (IAS), is currently Secretary
(Coordination) in the Cabinet Secretariat.
● Border Management Secretary Raj Kumar Goyal has been appointed as Secretary, Department
of Justice under the Ministry of Law & Justice.
● Rajendra Kumar, Director General of Employees’ State Insurance Corporation (ESIC), will be the
Border Management Secretary in place of Goyal.
Other Appointments:
● Amit Yadav: New Delhi Municipal Council (NDMC) chairperson Amit Yadav has been named as
Officer on Special Duty in the Department of Social Justice & Empowerment.
● Rakesh Ranjan: Rakesh Ranjan, currently serving as Special Secretary in the Department of
Agriculture and Farmers Welfare, has been appointed as Chairman of the Staff Selection
Commission (SSC).
About Lokpal :
● Established : 19 March 2019
● Chairperson : Ajay Manikrao Khanwilkar
● Motto : Do not be greedy for anyone's wealth
● A Lokpal is an anti-corruption authority or body of ombudsman who represents the public interest
in the Republic of India.
● The term "Lokpal" was coined by Dr. L.M.Singhvi in 1963.
Santosh Desai joins Nykaa's Board as Independent Director
.
● FSN E-Commerce Ventures, known as Nykaa, has appointed Santosh Desai as an Independent
Director on its board, effective from July 15, 2024.
● The appointment is for a period of 3 years, subject to shareholder approval.
● Currently, Desai serves on the boards of Think9 Consumer Technologies, Dainik Jagran Group,
and Breakthrough.
About Nykaa :
● Executive chairperson, founder, and CEO : Falguni Nayar
● Nykaa is an Indian e-commerce company, sells beauty, wellness and fashion products through
its website, mobile app, and over 100 physical stores.
● Nykaa’s current board of directors comprises 10 members.
National Asset Reconstruction Company Board Recommends P Santhosh for MD & CEO Role
● The board of the National Asset Reconstruction Company (NARCL) has proposed P Santhosh
for the position of managing director (MD) and chief executive officer (CEO) of the state-owned
bad bank.
● Santhosh's recommendation is for a 3-year term.
● Santhosh has been serving as NARCL's acting CEO since January, stepping into the position
after N Sundar's unexpected departure before the end of his term.
● According to media reports, NARCL had acquired 18 accounts with outstanding loans totaling
₹92,500 crore as of March 31, 2024.
● Among the acquired assets is the ₹32,000-crore debt of bankrupt Srei Infrastructure Finance and
Srei Equipment Finance, both acquired under the insolvency and bankruptcy process.
About NARCL :
● Chairman : Mr. Diwakar Gupta
● Formation: Incorporated in July 2021 as a 'bad bank' to address stressed assets of commercial
banks.
● Regulatory Status: Registered with the Reserve Bank of India as an Asset Reconstruction
Company under the Securitisation and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002.
● Scope: Initial focus on handling stressed assets worth Rs 2 lakh crore from commercial banks.
.
● NARCL is the only ARC that makes offers under the 15:85 structure wherein 15% of the
consideration is cash and the balance 85% is security receipts (SR).
● The government provides guarantees for any shortfall in recovery, with SRs worth ₹30,600 crore
guaranteed, accessible if redemption falls short.
Procter & Gamble India Names Mrinalini Srinivasan as Chief Financial Officer
● Procter & Gamble Hygiene and Health Care, one of P&G India’s listed entities that includes
brands like Vicks and Whisper, announced the appointment of Mrinalini Srinivasan as the
company’s chief financial officer (CFO) effective June 29, 2024.
● Srinivasan will succeed Prashant Bhatnagar, who is stepping down after nearly 28 years of
service with the company.
About Procter & Gamble Hygiene :
● Procter & Gamble Hygiene is one of India’s fastest growing Fast-Moving Consumer Goods
(FMCG) companies with a strong presence in the health and personal care sector.
Ministry of Home Affairs Grants 3-Month Extension to Delhi Chief Secretary Naresh Kumar's Tenure
● The Ministry of Home Affairs (MHA) approved the extension of Delhi Chief Secretary Naresh
Kumar's tenure by 3 months.
● Naresh Kumar's retirement, which was originally scheduled for the end of May 2024, has been
postponed until August 31, 2024.
● The extension is granted by invoking Rule 3 of AIS(CS-RM) Rules, 1960, relaxing Rule 16(1) of
AIS (DCRB) Rules, 1958.
● Cabinet Minister : Amit Shah
● Minister of State : Nityanand Rai, Nisith Pramanik, Ajay Kumar Mishra
Sony Pictures Networks India Appoints Disney’s Gaurav Banerjee as New Chief Executive Officer,
Succeeding NP Singh
● Sony Corporation appointed Gaurav Banerjee as the new CEO of its India unit, Sony Pictures
Networks India (SPNI), replacing NP Singh, who resigned after 25 years with the company.
● Banerjee previously worked at Disney Star, where he oversaw content for Hindi entertainment
and Disney+ Hotstar, and served as the business head for Star Bharat, as well as Hindi and
English movies, kids & infotainment, and regional (east) channels.
● Sony operates 26 channels in India, covering general entertainment, sports, and movies, and
.
also runs a streaming service.

About Sony Pictures Networks India (SPNI) :
● Culver Max Entertainment Private. Limited., trading as Sony Pictures Networks India (SPN or
SPNI), is an Indian media conglomerate owned by Sony Pictures Television.
About Sony Group Corporation :
● Headquarters : Kōnan, Minato, Tokyo, Japan
● Chairman & CEO : Kenichiro Yoshida
MOUS AND AGREEMENT

THDCIL-UJVNL Joint Venture TUECO Signs MoU with Nagar Nigam Haridwar for Waste to Green
Energy Plant
• In a significant move towards sustainable development, THDCIL-UJVNL Energy Company Limited
(TUECO), a collaboration between THDC India Ltd. & UJVN Ltd., has sealed a Memorandum of
Understanding (MoU) with Nagar Nigam Haridwar to establish a Waste to Green Energy Plant,
valued at Rs. 140 crores.
• This transformative initiative aims to convert 400 Tons Per Day of Municipal Solid Waste into 140
Tons of Green Charcoal.
India-UK logistic exchange agreement fosters historic visit of UK Royal Navy vessels to Chennai
• The UK’s maritime prowess took centre stage as the Littoral Response Group (LRG) made its
inaugural stop in Chennai on March 26, 2024, marking the commencement of its deployment to the
Indian Pacific region.
• Comprising the Royal Fleet Auxiliary (RFA) Argus and RFA Lyme Bay, the LRG engaged in
maritime exercises with the Indian Navy upon entering the Arabian Sea.
• The vessels underwent essential maintenance at the Larsen & Toubro shipyard in Kattupalli near
Chennai.
• Notably, this marks the first instance of a Royal Navy vessel undergoing maintenance at an Indian
shipyard, an outcome of the logistics-sharing agreement inked between the UK and India in 2022.
NHPC Limited to collaborate with a Norwegian company for implementation of Floating Solar Energy
.
Technology in India
• NHPC Limited, the largest organization for hydropower development in India, has signed a
Memorandum of Understanding with M/s Ocean Sun, a Norwegian company operating as a
technology provider to the floating solar industry.
• As per the MoU, NHPC and Ocean Sun will explore key areas of cooperation for the demonstration
of Ocean Sun’s floating solar energy technology based on photovoltaic panels.
• The panels would be mounted on hydro-elastic membranes, at relevant sites to be identified by
NHPC.
• The agreement is in continuation of efforts towards sustainable development and addition of
renewable energy capacity by NHPC, which is engaged not only in hydropower development but
also in various renewable energy projects such as solar, wind and green hydrogen projects.
Tata Motors ties up with South Indian Bank for commercial vehicle finance
• Tata Motors has tied up with South Indian Bank to offer financing solutions to its commercial
vehicle customers and dealerships.
• As part of the Memorandum of Understanding (MoU), South Indian Bank will offer financing
solutions across the auto major's entire commercial vehicle portfolio.
• For our customers, easy access to financing solutions for their commercial vehicles is one of the
key priorities for their operations.
• Our alliance aims to empower fleet owners and dealerships to achieve their business goals.
RailTel signs MoU with tech firm for KAVACH implementation projects
• The railways inked an agreement with a tech firm for "exploring and delivering" train collision
avoidance system KAVACH implementation projects in India as well as other countries,
according to a statement.
• The Memorandum of Understanding (MoU) for this purpose was signed between RailTel
Corporation of India Limited and Quadrant Future Tek Limited.
India, New Zealand look to boost collaboration in pharma, digital trade, payment systems
• India and New Zealand are looking to increase collaboration in goods and services sectors like
pharmaceuticals, digital trade, and cross-border payment systems to promote bilateral trade.
• Issues to promote trade through these collaborations were discussed during the recent visit of
Commerce Secretary Sunil Barthwal to New Zealand from April 26-27.
• Deliberations also included increasing cooperation in kiwi fruit as well as the dairy sector.
.
Tata Power Renewable Energy signs pact with SJVN for 460 MW clean energy project
• Tata Power Renewable Energy Ltd (TPREL) has signed an agreement with state-owned SJVN Ltd
to set up a 460 MW Firm and Dispatchable Renewable Energy (FDRE) project.
• An FDRE plant enables round-the-clock power supply, assisting power distribution companies
(discoms) in fulfilling their Renewable Purchase Obligations (RPOs) and Energy Storage
Obligations (ESOs).
• The plant is expected to generate nearly 3,000 million units (MUs) of power and offset 2,200
million kgs of CO2 emissions annually.
About SJVN
• SJVN, formerly known as Satluj Jal Vidyut Nigam, is an Indian public sector undertaking involved
in hydroelectric power generation and transmission.
• It was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the
Government of India and the Government of Himachal Pradesh.
India, Nigeria to finalise Local Currency Settlement System Agreement
• India and Nigeria have agreed to an early conclusion of a local currency settlement system
agreement to further strengthen economic ties between the two countries.
• According to the Department of commerce, a seven-member delegation from India led by
Additional Secretary in the Commerce Ministry Amardeep Singh Bhatia visited Abuja, Nigeria for
the second session of India-Nigeria Joint Trade Committee (JTC) on April 29-30.
• It was held after a gap of five years.
• These countries include Belarus, Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia,
Mauritius, Myanmar and the United Kingdom.
• Nigeria is India's 2nd largest trading partner in Africa.
India's first Astro Tourism Campaign: Uttarakhand Tourism announces 'Nakshatra Sabha'
• The Uttarakhand Tourism Development Board has joined hands with Starscapes, a leading astro-
tourism company, to introduce Nakshatra Sabha, a new initiative to provide a comprehensive Astro
Tourism experience to people.
• The campaign will offer a range of activities, including stargazing, special solar observations,
astrophotography contests, camping under the stars, and more.
• Scheduled to kick off in early June at George Everest in Mussoorie, Nakshatra Sabha will continue
until mid-2025, featuring a series of immersive events at various locations across Uttarakhand.
.
China signs MOU with Airbus to deepen aviation cooperation

• China's state planner signed a memorandum of understanding (MOU) with Airbus (AIR.PA), opens
new tab on deepening aviation cooperation.
• President Xi Jinping and his French counterpart President Emmanuel Macron released joint
statements and reached interdepartmental agreements on several areas including artificial
intelligence, the Middle East and agriculture during his trip to France.
• China has historically signalled large jet orders timed to coincide with state visits, but the
negotiations between Airbus and China's CASC buying agency are likely to go down to the wire
and are not guaranteed to result in a deal, the people said.
INOX Air Products and Asahi India Glass sign MoU for Green Hydrogen
• INOX Air Products, a manufacturer of industrial and medical gases, has signed a Memorandum of
Understanding (MoU) with Asahi India Glass Limited (AIS) for a 20-year offtake agreement to
supply green hydrogen to AIS’s greenfield float glass facility in Soniyana, Chittorgarh, Rajasthan.
• The company stated that this will be India’s first-ever green hydrogen plant for the float glass
industry.
• The plant will have a capacity to generate up to 190 tonnes of green hydrogen per annum through
the electrolysis process.
Indian Coast Guard Partners With Jindal Steel & Power For Indigenous Marine Steel Supply
• Indian Coast Guard (ICG) and Jindal Steel & Power (JSP) signed a memorandum of
understanding (MoU) in New Delhi for the supply of indigenous marine-grade steel to enhance the
local content in shipbuilding.
• Through this partnership, both entities have committed to fostering indigenisation, enhancing
capabilities to produce and use these items in the nation’s interest.
• The MoU underscores the importance of public-private partnerships in addressing complex
security challenges, emphasising the need for collaboration between government agencies and the
private sector.
About ICG
• The Indian Coast Guard is a coast guard of India with jurisdiction over its territorial waters including
its contiguous zone and exclusive economic zone.
• It was formally established on 1 February 1977 by the Coast Guard Act, 1978 of the Parliament of
India. It operates under the Ministry of Defence.
.
• Rakesh Pal- Director General of the Indian Coast Guard.

India-Moldova Visa Waiver Agreement for holders of diplomatic and official passports
• India and Moldova signed an agreement which after coming into force, will allow diplomatic and
official passport holders of either country to travel to the other without a visa.
• This agreement will add "further momentum" to the friendly and cordial relations between the two
countries.
• Shri Pavan Kapoor, Secretary (West), Ministry of External Affairs of the Republic of India and
H.E. Mrs. Ana Taban, Ambassador Extraordinary and Plenipotentiary of the Republic of Moldova,
on behalf of their respective governments, signed an agreement on visa waiver for diplomatic
and official passports, on 10 May 2024.
About Moldova
• Capital: Chișinău,
• Currency: Moldovan Leu.
Government Inks MoU With Mahindra Group To Skill 500 Women In Drone Operation
• The Ministry of Skill Development and Entrepreneurship (MSDE) signed a Memorandum of
Understanding (MoU) with Mahindra & Mahindra Ltd to conduct two Pilot Projects under the
Drone Didi Yojana.
• Launched earlier this year(2024), the scheme aims to train 15,000 women to operate drones for
agricultural purposes such as fertilising the crop, monitoring crop growth and planting seeds,
thereby creating new livelihood opportunities for women through imparting skills in new
technology areas.
• Under this partnership, MSDE and M&M will conduct two Pilot Projects at the National Skill
Training Institute (NSTI), situated in Hyderabad and Noida, to skill 500 women in exclusive
batches of 20 women each.
ICG signs MoU with private sector for manufacturing & supply of indigenous marine-grade aluminium
for construction of ships
• Indian Coast Guard (ICG) and Hindalco Industries inked a Memorandum of Understanding (MoU)
in New Delhi for the manufacturing and supply of indigenous marine-grade aluminium to Indian
public and private shipyards for the construction of ships.
• The MoU will also provide benefits such as quarterly pricing, priority in supplies and Turnover
discount.
.
• The ICG fleet is presently operating 67 ships with aluminium hull with capability of operating in
shallow waters.
About ICG
• The Indian Coast Guard is a coast guard of India with jurisdiction over its territorial waters
including its contiguous zone and exclusive economic zone.
• It was formally established on 1 February 1977 by the Coast Guard Act, 1978 of the Parliament
of India. It operates under the Ministry of Defence.
• Rakesh Pal - Director General of the Indian Coast Guard.
About Hindalco
• Hindalco Industries Limited an Indian aluminium and copper manufacturing company, is a
subsidiary of the Aditya Birla Group. Its headquarters are at Mumbai, Maharashtra, India.
Uttar Pradesh government plans to promote agri startups, introduce AI in farming
• The Uttar Pradesh government has partnered with the agriculture industry to bolster agri startups
and introduce artificial intelligence (AI) in farming to boost the rural economy and ‘smart farming’
practices.
• The Yogi Adityanath government is also planning to host a global farmers’ summit ‘Krishi Bharat’
in November 2024 in association with the Confederation of Indian Industry (CII).
Krishikalpa in partnership with NABARD launches programme for farmers
• Krishikalpa, a not-for-profit organisation for farmer producer organisations (FPOs) has launched
an accelerator program in collaboration with the National Bank for Agriculture and Rural
Development (Nabarad) with an aim to support 30 FPOs distributed across Karnataka.
• The program comprises two FPOs with revenue exceeding ₹1 crore, ten FPOs generating
between ₹50 lakh to ₹1 crore, another ten FPOs with revenue ranging from ₹10 lakh to ₹50 lakh,
and eight FPOs generating between up to ₹10 lakh, per Krishikalpa.
IFFCO ties up with Marut Drones for DaaS; to service five lakh acres in AP, Telangana
• The Indian Farmers Fertiliser Cooperative Limited (IFFCO) has signed an agreement with Marut
Dronetech Private Limited to launch Drone-as-a- Service (DAAS) operations in Andhra Pradesh
and Telangana.
• One of the key components of this tie-up is the creation of demand for rural entrepreneurs who
have already invested in drone technology.
Kochi Metro Rail Ltd partners with Google Wallet for ticketing ease
.
• Google and Kochi Metro Rail Limited have announced their partnership between Google Wallet
and KMRL in enhancing the digital ticketing options for metro users.
• The integration of services between Google Wallet and KMRL is powered by Prudent
Technologies.
• The arrival of Google Wallet in India marks an important milestone in Android’s India journey,
bringing innovative and convenient experiences to simplify peoples’ daily lives.
About Google
• Founders: Larry Page, Sergey Brin
• Parent organization: Alphabet Inc.
• CEO: Sundar Pichai (2 Oct 2015–)
• CMO: Lorraine Twohill
• Founded: 4 September 1998, Menlo Park, California, United States
Greenko firm inks deal with Norwegian co
● Hyderabad-based Greenko has entered into an agreement with Norway’s Yara Clean Ammonia for a
10 year pact to supply renewable ammonia to the Norwegian firm, which is the world’s largest trader
and distributor of ammonia.
● Greenko will supply green ammonia from Phase 1 of its ammonia production facility in Kakinada,
India.
● The company signed the term sheet through its green ammonia production arm AM Green -- earlier
Greenko ZeroC.
● This translates to a supply of 500,000 tonnes of green ammonia over a decade, beginning the fourth
quarter of calendar year 2026.
● Yara Clean Ammonia is headquartered in Oslo, Norway.
● It operates the largest global ammonia network with 15 ships and has, through Yara, access to 18
ammonia terminals and multiple ammonia production and consumption sites across the world.
UAE-India CEPA Council and Indian Chamber of Commerce Forge Strategic Partnership
● To enhance economic and trade relations, the UAE-India CEPA Council (UICC) and the Indian
Chamber of Commerce (ICC) have signed a Memorandum of Understanding (MoU).
● The main aim is to promote awareness of the UAE-India bilateral economic partnership and the
benefits of the UAE-India CEPA.
● The MoU established a comprehensive collaboration between the UICC and the ICC, focusing on
.
public promotion, and increasing awareness.

● This partnership will boost trade volumes and bring the benefits of favourable trade policies to
enterprises.
Bharti Airtel communications and Google Cloud to deliver cloud solutions to India
● Bharti Airtel announced a long-term collaboration with Google Cloud to deliver cloud solutions to
Indian businesses.
● Airtel will also leverage Google Cloud’s generative artificial intelligence capabilities to transform its
customer experiences and interactions across mobile, broadband, and digital television.
● These capabilities will be extended to the telecommunications company's business-to-business
customers in India and globally.
About Bharti Airtel :
● Chairman : Sunil Bharti Mittal
● MD & CEO : Gopal Vittal
About Google Cloud Platform :
● Launched : April 7, 2008
● CEO : Thomas Kurian
● GCP, offered by Google, is a suite of cloud computing services that provides a series of modular
cloud services including computing, data storage, data analytics, and machine learning,
alongside a set of management tools.
FICCI, IESA sign contract to foster innovation in the semiconductor industry
● The Federation of Indian Chambers of Commerce and Industry (FICCI) and the India Electronics
and Semiconductor Association (IESA) have signed a Memorandum of Understanding to promote
innovation, support the semiconductor and electronics industry, and strengthen supply chains.
● The MoU, signed on April 14, establishes a framework for long-term collaboration between the two
organisations.
● This collaboration will focus on establishing a joint task force on semiconductors and future critical
technologies.
Pine Labs ties up with largest bank in Dubai, set to offer payment solution
● Indian merchant payment company Pine Labs has partnered with Emirates NBD, one of the major
.
banks in the Middle East, North Africa and Turkey (MENAT) region to deploy its payment solutions
to the bank's business clients.
● Emirates NBD will offer Pine Labs' newly launched credit issuing platform to deliver merchant
acquiring solutions for its corporate and institutional clients, initially in the United Arab Emirates, then
across the Kingdom of Saudi Arabia and Egypt.
● These solutions will enable the bank’s clients to improve their digital payment solutions for both
online and in-store payments.
About Pine Labs
● Pine Labs is an Indian company that provides point-of-sales systems and payment systems.
● Founded in 1998.
● B Amrish Rau, CEO, Pine Labs.
India and Zimbabwe agree to extend regulatory cooperation in digital transformation solutions
● The delegates of India and Zimbabwe held the third session of the India-Zimbabwe Joint Trade
Committee (JTC) in Delhi.
● During the session, both sides reviewed the bilateral trade and noted the vast potential that exists
between the two countries.
● India and Zimbabwe have agreed to explore an opportunity to ink a pact for regulatory cooperation in
tele-medicines, rough diamonds, and fast payment systems.
About Zimbabwe
● Zimbabwe is a landlocked country in southern Africa known for its dramatic landscape and diverse
wildlife,
● Capital: Harare,
● Currency: United States Dollar.
Indian Oil signs second long-term LNG deal with France's Total Energies
● Indian Oil Corporation Ltd signed a long-term contract with French energy giant TotalEnergies in
France for supply of LNG (liquefied natural gas).
● Under the contract, TotalEnergies would supply 1 million metric tonne per annum (mmtpa) of LNG to
IOCL for a period of around 10 years.
● This is the second long-term contract between the two companies in the past one year.
● Around the same period last year, the public sector refining and marketing major also signed an
agreement with Abu Dhabi National Oil Company (ADNOC) for the supply of 1.2 mmtpa of LNG
.
starting 2026.
● Chairperson: Shrikant Madhav Vaidya, Headquarters: New Delhi.
DRDO to collaborate with IIT Bhubaneswar for AI-driven surveillance, other projects
● Defence Research and Development Organisation (DRDO) will collaborate with the Indian Institute
of Technology (IIT) Bhubaneswar for artificial intelligence (AI) driven surveillance and other projects .
● A meeting was held between DRDO and IIT Bhubaneswar officials recently.
● During the meeting, nine sanctioned projects of the ECS Cluster of DRDO were handed over to IIT
Bhubaneswar while another 7 projects are in the process to be sanctioned with Rs 18 crore funding.
India inks 10-year deal to operate Iran's Chabahar port
● India signed a 10-year contract with Iran to develop and operate the Iranian port of Chabahar, the
Narendra Modi-led government said, strengthening relations with a strategic Middle Eastern nation.
● India has been developing the port in Chabahar on Iran's south-eastern coast along the Gulf of
Oman as a way to transport goods to Iran, Afghanistan and central Asian countries, bypassing the
port of Karachi and Gwadar in its rival Pakistan.
● U.S. sanctions on Iran, however, slowed the port's development.
● The long-term deal was signed between Indian Ports Global Limited (IPGL) and the Port & Maritime
Organisation of Iran, authorities in both countries said.
● Under the agreement, IPGL will invest about $120 million while there will be an additional $250
million in financing, bringing the contract's value to $370 million, said Iranian Minister of Roads and
Urban Development Mehrdad Bazrpash.
● IPGL first took over operations of the port at the end of 2018 and has since handled container traffic
of more than 90,000 TEUs and bulk and general cargo of more than 8.4 million tonnes
Amazon India to bring tribal artisans from Visakhapatnam on its e-commerce marketplace
● Amazon India announced signing a Memorandum of Understanding (MoU) with Visakhapatnam
Forest Tribals to help tribal artisans from Visakhapatnam sell authentic handcrafted products to a
global audience via its e- commerce platform.
● The key focus of the tie-up is to offer visibility and enable revenue generation through the forest
produce manufactured by the tribals through listing on Amazon, thereby generating job
opportunities.
● Launched in 2017, the Amazon Karigar program enables small businesses and specialized
micro-entrepreneurs like weavers, artisans, and artisans to benefit from e-commerce, grow their
.
businesses.
DAHD and UNDP signs MoU on Digitalization of Vaccine Cold Chain Management, Capacity Building,
and Communication Planning
● The Department of Animal Husbandry & Dairying (DAHD), Ministry of Fisheries, Animal
Husbandry & Dairying signed a memorandum of understanding (MoU) with the United Nations
Development Programme (UNDP) on digitalisation of vaccine cold chain management, capacity
building, and communication planning.
● India is the most populous country in the world with 142.86 Crore people,53.57 Million farm
animals and 85.18 Million poultry.
● The vaccine cold chain management process will be monitored with the help of new age
technology and artificial intelligence through the Animal vaccine Intelligence Network (AVIN)
developed by UNDP.
● Notably, UNDP and DAHD will jointly work on Strengthening Animal Health with One Health
approach at centre.
● The United Nations Development Programme (UNDP) was set up by the United Nations in 1965
by merging the United Nations Expanded Programme of Technical Assistance with the United
Nations Special Fund.
Tata Steel signs grid agreement to make its UK project green
● Tata Steel has signed an agreement with National Grid Plc's Electricity System Operator to build
the power infrastructure required to switch its Port Talbot site to a green steel project.
● The deal will see the British grid operator build the new electrical framework capable of powering
the Indian company's 3.2 million-ton electric arc furnace by the end of 2027.
● Last year, the UK agreed to pay up to £500 million ($635 million) to help Tata Steel overhaul the
country's biggest steelworks and keep it running - one of several hefty subsidies to persuade
companies to stay in Britain.
India, UK agree to deepen counter-terror cooperation
● India and the UK strongly condemned terrorism in all its forms including the cross-border
movement of terrorists and emphasised the need for strengthening international cooperation to
combat the menace comprehensively.
● The challenge of terrorism and ways to deal with it figured prominently at the 16th meeting of the
India-UK joint working group on counter-terrorism that took place in Delhi
.
● The Indian delegation at the talks was headed by KD Dewal, joint secretary for counter terrorism
in the MEA.
● Chris Felton, the head of the counter terrorism network for Asia and Oceania of the UK, led the
British delegation.
Reliance's agreement with Norway's Nel to speed up new energy investments
● Reliance Industries Ltd (RIL) has signed an agreement with Norway's Nel ASA to source
technology for producing green hydrogen.
● This move is part of billionaire Mukesh Ambani's strategic shift toward green energy.
● RIL entered into a technology licensing agreement with Nel ASA.
● This agreement grants RIL an exclusive license to use Nel's alkaline electrolysers in India and
permits RIL to manufacture these electrolysers for its own use globally.
● Nel ASA holds a 10-15 percent global market share in electrolysers, with deliveries of 350MW to
400MW expected in 2023-2024.
New WIPO Treaty on Genetic Resources Disclosure
● Members of the World Intellectual Property Organization (WIPO) have agreed that patent
applicants must disclose the country of origin or source of genetic resources if their inventions
are based on these materials or associated traditional knowledge.
● The treaty will provide additional protection for Indian genetic resources and traditional
knowledge, which are currently vulnerable to misappropriation in countries without disclosure
obligations.
● Presently, only 35 countries have some form of disclosure obligations, often non-mandatory.
● WIPO is a specialized United Nations agency based in Geneva, established in 1967.
NSDC and ILO sign MoU to advance skill development and lifelong learning
● The National Skill Development Corporation (NSDC) and the International Labour Organization
(ILO) join forces under the Ministry of Skill Development & Entrepreneurship (MSDE) to bolster
skill development and lifelong learning initiatives in India and beyond.
● This partnership empowers individuals worldwide by providing them with essential competencies
and qualifications, fostering employability and sustainable economic growth.
● The Memorandum of Understanding (MoU) was inked by Shri Ved Mani Tiwari, CEO and MD of
NSDC, and Mr. Sangheon Lee, Director of the Employment Policy, Job Creation, and Livelihoods
Department at ILO.
.
About the International Labour Organization (ILO)

● Established in October 1919 under the League of Nations, the ILO stands as one of the UN's
oldest and first specialized agencies,
● Headquartered in Geneva, Switzerland.
OpenAI signs content deal with NewsCorp for AI training
● News Corp has partnered with OpenAI to revolutionize news dissemination through AI
technologies.
● This collaboration will allow OpenAI to utilize both current and archived news content from News
Corp’s extensive portfolio over several years.
● Sam Altman-led OpenAI has signed content and product partnerships with The Atlantic and Vox
Media, helping the artificial intelligence firm to boost and train its products.
CET, IIT Madras bag patent for inventing a non-intrusive voltage measuring device
● The Indian Institute of Technology Madras (IIT Madras) and the College of Engineering
Thiruvananthapuram (CET) have achieved a significant breakthrough in electrical measurement
technology.
● Their collaborative efforts have resulted in a patented device capable of measuring voltage
without physical contact, marking a substantial advancement in the field of electrical engineering.
● The Indian Patent Office has granted a patent for the project titled "An instrumentation system
with a fully non-intrusive probe for AC voltage measurement.
What is a Contactless voltage measurement device?
● A contactless voltage measurement device, also known as a non-contact voltage tester (NCVT),
is a tool designed to detect electrical voltage without requiring direct contact with conductors.
● They are capable of distinguishing between alternating current (AC) and direct current (DC)
power and operate by detecting changes in electromagnetic fields. Advanced features in NCVTs
enable users to adjust sensitivity levels for precise detection of electronic devices.
PERSON IN NEWS
Gopi Thotakura Makes History as 1st Indian Space Tourist on Blue Origin’s Private Astronaut Launch
● Indian expatriate Gopi Thotakura made history as he became the first Indian space tourist and
the second Indian to venture into space as part of the crew for Amazon founder Jeff Bezos' Blue
Origin's NS-25 mission.
.
● The Blue Origin successfully completed its 7th human spaceflight and the 25th flight for the New
Shepard program.
● Andhra-born Gopi Thotakura was a part of the crew among five other crew members.
List of other Crew Members :
1. Ed Dwight: Former Air Force aviator, became the oldest person in space at 90 years old.
2. Mason Angel: Founder of Industrious Ventures.
3. Sylvain Chiron: Spearheaded Brasserie Mont Blanc, a craft brewery in France.
4. Kenneth L. Hess: Software engineer and entrepreneur.
5. Carol Schaller: Retired Certified Public Accountant (CPA).
● Note : Wing Commander Rakesh Sharma, a former Indian Air Force pilot, was the first Indian
citizen to fly to space in 1984.
● Blue Origin’s 7th human flight, NS-25, lifted off from Launch Site One in West Texas .
● To date, Blue Origin has facilitated the journey of 31 individuals aboard the New Shepard, a
compact and fully reusable rocket system named in homage to Alan Shepard, the first American
in space.
About New Shepard :
● New Shepard is a fully reusable sub-orbital launch vehicle developed for space tourism by Blue
Origin.
● It is named in homage to Alan Shepard, the first American in space, and is designed to transport
astronauts and research payloads beyond the Karman line.
America's First Black Astronaut Candidate, Ed Dwight, Becomes Oldest Person to Reach Space
● Ed Dwight, a 90-year-old artist and former Air Force test pilot who was denied a chance to
become the first African American astronaut six decades ago, finally rocketed into space, fulfilling
a cherished dream in a brief up-and-down flight out of the lower atmosphere.
● President John F. Kennedy initially chose Ed Dwight, an Air Force pilot, to be the candidate for
NASA's inaugural Astronaut Corps.
● The Soviets launched the first black astronaut, Arnaldo Tamayo Mendez, a Cuban citizen of
African descent, 3 years before NASA selected its first black astronaut.
● Prior to Ed Dwight, "Star Trek" actor William Shatner held the record as the oldest person to go
into space in 2021.
.
● Ed Dwight became the new record holder for the oldest person in space after his quick trip from
West Texas.

State Bank of India Receives Government Approval to Exit YES Bank
• The State Bank of India (SBI) has received government approval to divest its entire 25.02% stake
in YES Bank, following the end of a lock-in period in March 2024.
• SBI is likely to sell its stake in YES Bank via a block deal, a common method for selling large
volumes of shares.
• The block deal could be valued between Rs 5,000 crore and Rs 7,000 crore, with no taxes
applied to the sale.
About SBI :
Carlyle Group Sells 2% Stake in YES Bank for Rs 1,441 Crore through Open Market
• Carlyle Group divested nearly a 2% stake in private sector lender Yes Bank for Rs 1,441 crore
through an open market transaction.
• US-based Carlyle Group, through its affiliate CA Basque Investments, offloaded shares in Yes
Bank through a bulk deal on the National Stock Exchange (NSE).
• CA Basque Investments sold 59.4 crore shares, amounting to a 1.98% stake in Yes Bank.
• After the stake sale, the Carlyle Group’s shareholding in Yes Bank has declined to 7.13% from
9.11%.
About The Carlyle Group Inc :
• Founded : 1987
• CEO : Harvey Schwartz
• The Carlyle Group Inc. is a multinational private equity, alternative asset management and
financial services corporation.
About YES Bank :
.
• Founded : 2004
• Tagline : Experience Our Expertise
KKR to Acquire India's Healthium Medtech from Apax Partners for Rs 7,000 Crore ($838.60 Million)
• Global investment firm KKR announced acquiring Bengaluru-based medical devices company
Healthium Medtech from an affiliate of funds advised by private equity firm Apax Partners.
• The acquisition is valued between Rs 6,500 crore and Rs 7,000 crore (around $839 million).
• A special-purpose vehicle owned by KKR-managed funds will acquire a controlling interest in
Healthium Medtech.
• Regulatory Approvals and Timeline: The transaction is subject to regulatory approvals and is
expected to close in the third quarter of the calendar year 2024.
About Healthium MedTech :
• Founded in India : 1992
• CEO : Anish Bafna
• Healthium is the 4th-largest surgical suture manufacturer in the world with a market share of about
18% in India.
• It is present in more than 90 countries.
TVS Holdings to Purchase 80.74% Stake in Home Credit India for ₹554 Crore
• TVS Holdings Limited (TVSH), Premji Invest, and other associates will collectively acquire a
100% equity stake in Home Credit India Finance Private Limited for a total consideration of ₹680
crore.
• TVSH will purchase 80.74% stake from Netherlands-based Home Credit India B.V. and Czech
Republic-based Home Credit International A.S. for ₹554 crore, while the remaining 19.26% stake
will be acquired by Premji Invest and other associates.
• Upon signing a sale and purchase Agreement, TVS Holdings and Home Credit will seek
approvals from the Competition Commission of India (CCI) and the Reserve
Bank of India (RBI), respectively.
About TVS Holdings Ltd :
• Founded : 1962
.
• MD : Sudarshan Venu
Vedanta to Complete Full Acquisition of Japanese Display Glass Major AvanStrate
• Billionaire Anil Agarwal-led Vedanta Limited has acquired an additional 46.57% stake in
Japanese display major AvanStrate Inc for $78.3 million through its wholly owned subsidiary,
Cairn India Holdings Ltd.
• With this acquisition, Vedanta's total holding in AvanStrate has risen to 98.2%.
• The transaction is expected to be completed by June 2024.
• Vedanta had previously acquired a controlling stake in AvanStrate in 2017 for $158 million.
About AvanStrate Inc :
• Headquarters : Tokyo, Japan
• It is a leading manufacturer of glass substrates primarily used in the production of electronic
devices such as televisions, laptops, smartphones, tablets, wearables, and other electronic
displays.
• It has production facilities in Taiwan and Korea.
Reserve Bank of India Permits Quant Mutual Fund to Increase Stake in RBL Bank to 9.98%
● The Reserve Bank of India (RBI) has allowed Quant Mutual Fund to hike its stake in RBL Bank to
9.98%.
● As of May 10,2024 Quant MF, through its various schemes, owned 4.68% equity share capital in
the private sector lender.
● The approval granted on Monday is subject to certain conditions and provisions under the
Banking Regulation Act, 1949, among others.
● The shareholding has to be increased by May 12, 2025.
About RBL Bank :
● Founded : 1943
● MD & CEO : R. Subramania kumar
● RBL Bank, formerly known as Ratnakar Bank Limited, is an Indian private-sector bank.
India's Khanij Bidesh Set to Procure Lithium Asset in Australia in FY25
● Khanij Bidesh India Limited (KABIL) is in the process of acquiring a lithium block in Australia this
year(2024).
● KABIL is owned by three public sector undertakings - National Aluminium Company Ltd (Nalco),
.
Hindustan Copper Ltd (HCL), and Mineral Exploration and Consultancy Ltd (MECL).
● Recently, the Registered Office of KABIL has been inaugurated in New Delhi.
● Lithium is the most important mineral for the energy transition.
● It is a fundamental part of lithium-ion batteries, which power electric vehicles and battery energy
storage systems.
● Australia is one of the leading producers of Lithium and Cobalt.
About Australia :
● Prime Minister : Anthony Albanese
● Capital : Canberra
● Currency : Australian Dollar
Life Insurance Corporation of India Shares Jump 6% Following SEBI's Extension of Deadline to Meet
Minimum Public Holding Requirements Until May 2027
● The Securities and Exchange Board of India (SEBI) has granted the State-owned Life Insurance
Corporation of India (LIC) an additional 3 years until May 2027 to comply with minimum public
shareholding norms.
● Following the announcement, LIC's shares witnessed a significant surge of more than 6%,
reflecting investor optimism.
● The revised timeline for the Corporation to achieve 10% public shareholding is on or before May
16, 2027.
● Post LIC’s May 2022 IPO, the government of India owns 96.50% of the insurer.
● The decision aligns with Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957,
which mandates achieving 10% public shareholding within 5 years from the date of listing.
● As per SEBI norms, LIC was required to achieve 10% public shareholding within two years of
listing in the capital market.
About LIC:
● Established: 1st September 1956
● Chairman : Siddhartha Mohanty
Reserve Bank of India Greenlights Appointment of Mr. Pradeep Natarajan as Whole Time Director of
IDFC FIRST Bank Limited
● The Reserve Bank of India (RBI) has granted approval for Pradeep Natarajan to assume the
.
position of Whole Time Director at IDFC FIRST Bank Limited.

● As per the RBI's directive, Natarajan will serve as the bank's Executive Director for the 3-year
tenure in this pivotal role.
● Headquarters: Mumbai, Maharashtra
● CEO: V. Vaidyanathan
● IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of
institution.
Shriram Finance to Divest Housing Finance Unit to Warburg Pincus for Rs 4,630 Crore
● Shriram Finance, the largest auto-focused non-bank lender, has agreed to sell its entire 85%
stake in its housing finance subsidiary to Warburg Pincus for Rs 4,630 crore.
● The decision marks Shriram Finance's exit from the housing finance sector after 13 years of
operations.
● The Shriram Group, founded by industry veterans Ramamurthy Thyagarajan, AVS Raja and T
Jayaraman in April 1974, had invested Rs 665 crore so far into the company and is exiting with a
hefty profit.
● The parent Shriram Finance, which is mainly into commercial vehicle financing, owns 84.82% in
the housing finance arm, while 14.94% stake is held by the San Francisco-based private equity
player Valiant, which will also completely exit the group and Warburg will snap them up.
SBI Acquires 6.125% Stake in CCIL IFSC, Enhances Presence in GIFT City
● State Bank of India (SBI) has executed transaction documents to acquire a 6.125% stake in CCIL
IFSC Limited for ₹6.125 crore.
● CCIL IFSC will be incorporated with an authorised capital of ₹200 crore and paid-up capital of
₹100 crore.
● It will operate the foreign currency settlement system and act as a clearing house and system
operator at the International Financial Services Centre (IFSC) within the Gujarat International
Finance Tec City (GIFT City).
● The indicative period for completing the transaction, which involves acquiring 61.25 lakh equity
shares at ₹10 each, is up to six months from the date of execution of transaction documents.
ICICI Bank to Acquire Small Stake in New Entity to be Established in GIFT-IFSC
.
● ICICI Bank has entered into a memorandum of understanding (MoU) in relation to an investment
in the equity shares of a company to be incorporated (Target Entity) as a subsidiary of The
Clearing Corporation of India (CCIL) along with seven (7) other shareholders.
● Post investment, ICICI Bank will hold 6.125% shareholding in the Target Entity through the
acquisition of 6,125,000 equity shares of face value Rs 10 each.
● The Target Entity, to be incorporated in GIFT-IFSC, will set up and operate the Foreign Currency
Settlement System (FCSS) and act as a clearing house and system operator for the same.
About ICICI Bank :
Disney to Sell 30% Stake in Tata Play to Tata Group, Valuing Company at $1 Billion
● Walt Disney Co has sold its minority stake in Tata Play to Tata Group, indicating a strategic shift
in its focus.
● Disney aims to concentrate on merging its Indian unit with Mukesh Ambani’s media arm,
highlighting the importance of strategic alliances and mergers in the media industry.
● The transaction valued Tata Play Limited. at approximately $1 billion, showcasing the valuation
process involved in corporate transactions.
● As per the deal, Tata Group takes full control of the TV platform after buying the 29.8% stake
from Disney.
About Tata Play :
● Tata Play was incorporated in 2001- a joint venture between Tata Group and TFCF Corp.
● The company provides pay television via set-top boxes and over-the-top video streaming through
its app, as per Tata Sons’s website.
● Tata Group raised its stake in Tata Play to over 70% after buying out Temasek Holding Pte’s
stake earlier this year(2024). .
● Temasek first invested in Tata Sky, as it was known at the time, in 2007.
Google to Acquire Minority Stake in Flipkart in New Funding Round
● Internet major Google has proposed an investment of around $350 million (about Rs 2,900 crore)
to buy a minority stake in e-commerce company Flipkart during a fresh funding round.
● Funding Round Details:Flipkart is raising $1 billion in its ongoing funding round.
.
● Valuation:As of January 31, 2024, Flipkart was valued at $35 billion based on equity transactions
conducted by its parent firm Walmart.
● Walmart's Shareholding:In FY24, Walmart increased its shareholding in Flipkart by 10% to
approximately 85% by investing $3.5 billion.
About Google :
● Founded : September 4, 1998
● Headquarters : California, United States
● CEO : Sundar Pichai
About Flipkart :
● Founded : 2007
● Founders : Binny Bansal and Sachin Bansal
● CEO : Kalyan Krishnamurthi
DEFENCE NEWS
India to Collaborate with United Kingdom to Develop Electric Propulsion System for Domestic Warships
• India is planning to develop an electric propulsion system for its domestic warships in partnership
with the United Kingdom (UK).
• Discussions are ongoing between the Indian and UK governments regarding the agreement.
• Letter of Intent and Government-to-Government Agreement:The UK sent a letter of intent last
month for a government-to-government agreement, indicating its willingness to support India in
developing this capability.
About UK :
• Prime Minister: Rishi Sunak
• Capital: London
• Currency: Pound sterling
Defence Research and Development Organisation Successfully Flight-Tests Supersonic Missile-
Assisted Torpedo Release System Off Odisha Coast
• The Defence Research and Development Organisation (DRDO) announced the successful flight
test of the Supersonic Missile-Assisted Release of Torpedo (SMART) system from Dr APJ Abdul
Kalam Island off the coast of Odisha.
.
• SMART is a next-generation missile-based lightweight torpedo delivery system.

• It is designed and developed by DRDO to enhance the anti-submarine warfare capability of the
Indian Navy.
About DRDO :
• Chairman : Samir V Kamat
• The DRDO is the premier agency under the Department of Defence Research and Development
in the Ministry of Defence (MoD) of the Government of India (GoI).
India and France Set to Conduct 7th Edition of Exercise 'Shakti' from May 13-26, 2024
• The 7th edition of the India-France Joint Military Exercise “Shakti” is scheduled to commence
from May 13, to 26, 2024 at the Joint Training Node, Umroi in Meghalaya.
• The exercise aims to enhance the joint military capacity of both India and France to undertake
Multi-Domain Operations in a Sub Conventional scenario.
• It also seeks to facilitate the development of interoperability, bonhomie, and camaraderie
between the Armed Forces of both nations.
About France :
• President : Emmanuel Macron
• Prime Minister : Gabriel Attal
• Capital : Paris
• Currency : Euro
Parivartan Chintan II, a Two-Day Conference on Jointness and Integration of Armed Forces, Concludes
in New Delhi
• The two-day “Parivartan Chintan II’ was held in New Delhi under the chairmanship of the Chief of
Defence Staff, Gen Anil Chauhan.
• The event was attended by the officers from the three Services Headquarters, Department of
Military Affairs, Headquarters Integrated Defence Staff and members of various sub-committees
of the Chiefs of Staff Committee (COSC), mandated to oversee the initiatives undertaken and to
generate novel ideas to give impetus to the ongoing process of Theaterisation.
Indian Army's Western Command and the Indian Air Force Collaborated for Joint Exercise Gagan
Strike-II in Punjab
.
• The Indian Army’s Kharga Corps, part of the Army’s Western Command, concluded a 3-day joint
military exercise Gagan Strike-II with the Indian Air Force (IAF) in Punjab.
• Aim : To validate various force multipliers supporting ground offensives by strike corps and
integrated operations between the Army and Air Force.
• Lt-Gen Manoj Kumar Katiyar, General Officer Commanding-in-Chief, Western Command, and the
General Officer Commanding, Kharga Corps, reviewed the exercise.
About Indian Army :
Indian Army Set to Receive Inaugural Hermes-900 Drone, Enhancing Border Surveillance Along
Pakistan
● The Indian Army is set to receive the first Hermes-900 Starliner drone, also known as the Drishti-
10 drone, on May 18, 2024, enhancing its surveillance capabilities along the Pakistan border.
● The Hermes-900 known as the Drishti-10 drone is being supplied to Indian forces including
Indian Army and Navy by Adani Defence Systems.
● The first of the two drones to be acquired by the Indian Army would be handed over to the force
on May 18, 2024 in Hyderabad.
● The supplies are part of the deal signed under the emergency powers given to forces by the
Defence Ministry.
● The Indian Army has ordered two drones, with the first delivered to the Navy in January.
● The second drone will go to the Army, and the third and fourth will be supplied accordingly.
● The Indian Army is already operating the Heron Mark 1 and Mark 2 drones and has also placed
orders for the Drishti-10 or the Hermes-900 drones under the last tranche of the emergency
procurements approved by the government for the forces.
● Adani Defence had signed a deal with the Israeli firm Elbit for the transfer of technology for the
drones and stated that it has indigenized 70% of the birds and will work to increase it further.
● The Indian Army has also inducted more satellite communication-enabled birds from Israel, as it
has a few Heron Mark 2 birds in direct deals with Israeli Aircraft Industries.
About Indian Army :
.
Defence Ministry Announces Act for Unified Tri-Service Military Discipline

● The Inter-Services Organisations (Command, Control and Discipline) Act has been notified
through a Gazette Notification to be enforced with effect from May 10, 2024.
● In order to bolster effective command, control and efficient functioning of Inter-Services
Organisations (ISOs), the bill was passed by both Houses of Parliament during the Monsoon
Session of 2023.
● The Bill received the assent of the President on August 15, 2023.
● Purpose and Empowerment:The Act empowers Commanders-in-Chief and Officers-in-Command
of ISOs to exercise control over service personnel under their command for maintaining discipline
and administration effectively.
● Previous Governance:Prior to this Act, service personnel of the Air Force, Army, and Navy were
governed by the Air Force Act, 1950, the Army Act, 1950, and the Navy Act, 1957 (the Service
Acts) respectively.
India-U.S. Joint Urban Terrorism Counter-Terrorism Exercise Concludes in Kolkata
● The National Security Guard (NSG) is conducting joint counter-terror mock drills with the US
Special Operations Forces (SOF) at multiple locations in Kolkata, to enhance interoperability and
coordination between the two special forces.
● This marks the 7th edition of the annual Indo-US joint counter-terrorism exercise 'Tarkash'.
● The exercise commenced on April 22 at the Kolkata hub of NSG and will conclude on May 15,
2024.
● The 3-week exercise encompassed intense training and mock drills in urban counter-terrorism
scenarios.
Objective of the exercise :
● To enhance interoperability and coordination between the two special forces in conducting
coordinated counter-terror operations in urban environments.
● It aims to improve bilateral cooperation between India and the US in combating terrorism in all its
forms and manifestations.
.
● The previous edition of Tarkash - considered crucial in terms of security challenges being faced
by both countries in the current global scenario - was conducted at Chennai in Jan 2023.
About NSG :
● The National Security Guard, commonly known as Black Cats, is a counter-terrorism unit of India
under the Ministry of Home Affairs.
● It was established on October 16, 1984, following Operation Blue Star, to combat terrorist
activities and protect states against internal disturbances.
● Director-General : Shri Nalin Prabhat
Indian Army Establishes One of the World's Highest Tank Repair Facilities at 14,500 Feet
● The Indian Army has established one of the world's highest tank repair facilities at an altitude of
14,500 feet near the China border in Nyoma.
● Two armoured vehicle maintenance and repair facilities have been set up by the Indian Army in
Nyoma to ensure operational readiness of the combat fleet, especially in rugged terrain and
challenging weather conditions.
● These facilities are crucial for maintaining the combat fleet, which includes around 500 tanks and
infantry combat vehicles in Eastern Ladakh, ensuring they remain operationally ready.
Indian Army to Receive Igla-S Air Defence Systems Partially Assembled in India
● The Indian Army is set to receive Russian Igla-S very short-range air defence systems
(VSHORAD) under the fourth tranche of Emergency Procurements (EP).
● These systems were contracted in 2023, with deliveries beginning by the end of May 2024.
● The Army is also set to receive the first of two Israeli Hermes-900 Medium Altitude Long
Endurance Unmanned Aerial Vehicles (UAV) assembled by Adani Defence Systems and
Technologies Limited (ADSTL) in Hyderabad next month.
About Igla-S :
● The Igla-S systems are being assembled by ADSTL in India under technology transfer from
Rosoboronexport, the Russian defense export agency.
● The Army contracted 48 Igla-S launchers, 100 missiles, 48 night sights, and one missile testing
station under a ₹260 crore contract.
● Igla-S is a man-portable air defence system (MANPADS) developed by Russia.
About Indian Army :
.

Indo-Russian Joint Venture Delivers 27,000 Ak-203 Assault Rifles to Indian Army
● The Indian Army has received 27,000 Kalashnikov AK-203 assault rifles, produced at the
Russian-Indian joint venture IRRPL (Indo-Russian Rifles Private Limited) in the Indian central
state of Uttar Pradesh (UP).
● An additional 8,000 rifles will be handed over in the next two weeks.
● Currently, the indigenisation level is around 25%.
● Replacement of INSAS: The Indian Army is replacing the indigenous INSAS (Indian National
Small Arms System) rifles with modern rifles.
● Previous Procurement: The Army has already inducted 66,400 of the 72,400 SIG-716 assault
rifles procured from Sig Sauer (U.S.) in February 2019 for ₹700 crore.
● Under an over ₹5,000-crore contract signed in July 2021, over 6.1 lakh AK-203 assault rifles are
to be manufactured in India with technology transfer from Russia, by a joint venture Indo-Russian
Rifles Private Limited (IRRPL).
About IRRPL :
● The IRRPL was set up in 2019 between the erstwhile Ordnance Factory Board [now Advanced
Weapons and Equipment India Limited (AWEIL) and Munitions India Limited (MIL)] from India
and Rosoboronexport (RoE) and Kalashnikov concern of Russia.
About Indian Army :
● Established : 1st April, 1895
Chief of Defence Staff General Anil Chauhan Participates in Exercise Cyber Suraksha – 2024
● Chief of Defence Staff (CDS) Gen Anil Chauhan attended ‘Exercise Cyber Suraksha – 2024’, on
May 22, 2024, and underscored the importance of strengthening India’s cyber defence
capabilities.
● The exercise, conducted by the Defence Cyber Agency, spans from May 20 to May 24, 2024.
● Its primary goal is to enhance the cyber defence capabilities of all cybersecurity organizations
and promote synergy among stakeholders.
● Focus Areas:The exercise aims to develop cyber defence skills, techniques, and capabilities
among participants.
.
● It emphasizes the sharing of best practices and collaboration among various military and national
organizations.
Indian and French Military Engage in Joint Exercise 'Shakti
● The Indian and French armies are actively participating in the 7th edition of the Joint Exercise
Shakti.
● The exercise focuses on sharing critical skills in jungle survival and mountain operations.
● It is held biennially and takes place from May 13-26 in Umroi, Meghalaya.
● The primary objective of the exercise is to enhance the capabilities of both militaries for multi-
domain operations in semi-conventional scenarios.
● It aims to facilitate the sharing of best practices in tactics, techniques, and procedures for
conducting joint operations.
● Participant Details:The Indian contingent consists of 90 members, primarily from the Rajput
Regiment, along with personnel from other military branches.
● The French side has deployed 90 soldiers, mainly from the 13th Foreign Legion Half-Brigade.
● The last edition was conducted in France in November 2021.
About France :
● President : Emmanuel Macron
● Prime Minister : Gabriel Attal
● Capital : Paris
● Currency : Euro
Defence Research & Development Organisation Successfully Flight-Tests RudraM-II Air-to-Surface
Missile from Su-30 MK-I off Odisha Coast
● The Defence Research & Development Organisation (DRDO) successfully flight-tested the
RudraM-II air-to-surface missile from the Su-30 MK-I platform of the Indian Air Force (IAF) off the
Odisha coast at approximately 1130 hours.
● The flight test met all trial objectives, validating the missile's propulsion system and control &
guidance algorithm.
.
About RudraM-II :
● RudraM-II is an indigenously-developed solid-propelled air-launched missile system meant for
Air-to-Surface role to neutralise many types of enemy assets.
● The RudraM-II missile possesses a range of 300 km and is equipped with precision target-
seeking capabilities.
● It is adaptable for use on multiple platforms, including the Mirage 2000.
● Additionally, it can achieve speeds of up to Mach 5.5 and carry a payload of 200 kg.

China Launches Chang'e-6, the World's 1st Mission to Collect Moon Samples
• China launched the Chang'e-6 lunar probe atop the Long March-5 Y8 carrier rocket from the
Wenchang Spacecraft Launch Site in Hainan Province, China.
• Objective:The mission aims to collect samples from the far side of the moon, making it the first of
its kind in human history.
• It is part of China's ambitious space program, which plans to send a crewed lunar mission by 2030
• The Chang'e-6 mission will land in South Pole-Aitken Bason on the far side of the moon.
About China :
• President : Xi Jinping
• Capital : Beijing
• Currency : Renminbi
National Aeronautics and Space Administration Engineers Restore Voyager 1, the Pioneering
Spacecraft Exploring Beyond the Solar System
• Engineers have partially restored a 1970s-era computer on National Aeronautics and Space
Administration’s (NASA’s) Voyager 1 spacecraft after five months of long-distance troubleshooting,
building confidence that humanity's first interstellar probe can eventually resume normal
operations.
• Voyager 1 Spacecraft is a space probe launched by NASA on September 5, 1977, about two
weeks after its twin Voyager 2.
• Launched nearly 47 years ago, Voyager 1 is flying on an outbound trajectory more than 15 billion
miles (24 billion kilometres) from Earth, and it takes 22.5 hours for a radio signal to cover that
distance at the speed of light.
.
About NASA :
• Headquarters : Washington, D.C, United States of America
• Administrator : Bill Nelson
China Launches First of Eight Hangor-Class Submarines Built for Pakistan
• China has launched the first of the eight Hangor-class submarines to be built for its all-weather ally
Pakistan to provide it with state-of-the-art warships, adding a new dimension to their growing
bilateral military cooperation.
• The development comes as part of the agreement between Islamabad and Beijing under which the
latter had agreed to provide the former with 8 state-of-the-art advanced submarines.
• Of the 8 submarines, 4 are being built by WSIG (Wuhan Shipbuilding Industry Group) in China,
and the other 4 at Karachi Shipyard & Engineering Works (KS&EW) in Pakistan under a Transfer
of Technology (ToT) agreement.
About China:
Indian-Origin Astronaut Sunita Williams Set to Pilot Boeing's Starliner on Her 3rd Space Mission
• The National Aeronautics and Space Administration’s (NASA’s) Boeing Crew Flight Test will
launch Indian-origin astronaut Sunita Williams and her colleague Butch Wilmore on their third
space mission to the International Space Station (ISS).
• The astronauts will launch aboard Boeing’s Starliner spacecraft atop an Atlas V rocket from Cape
Canaveral’s Space Launch Complex-41 on May 7, 2024.
• This mission marks the first crewed trip on Boeing's Starliner spacecraft and its third orbital flight
test overall.
About NASA :
• Headquarters : Washington, D.C, United States of America
• Administrator : Bill Nelson
China's 3rd Aircraft Carrier, Fujian, Concludes Inaugural 8-Day Sea Trial
• China’s 3rd aircraft carrier, Fujian, has successfully completed its 8-day maiden sea trials.
.
• During the trial, the carrier tested its propulsion, electrical systems, and other equipment, achieving
expected results.
• The carrier set sail from Jiangnan Shipyard in Shanghai on May 01, 2024.
• Fujian is an 80,000-tonne supercarrier equipped with electromagnetic catapults for launching
aircraft, making China the 2nd country after the U.S. to deploy a supercarrier with this technology.
About China:
Indian Space Research Organisation Successfully Conducts Hot Testing of Liquid Rocket Engine
• Indian Space Research Organisation (ISRO) has accomplished the significant achievement of
conducting a successful hot test of a liquid rocket engine that was produced using additive
manufacturing (AM) technology.
• The test lasted 665 seconds and involved the utilization of the PS4 engine, which is part of the
PSLV upper stage.
• AM, also known as 3D printing, involves layer-by-layer material addition to create objects from
digital models, allowing for complex designs and efficient material usage.
• PS4 Stage Details : The PS4 stage is the fourth, and topmost, stage of the PSLV rocket, featuring
two liquid engines.
About ISRO :
• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath
Google introduces Google Wallet for Android users in India
• Google announced the launch of the Google Wallet app in India, providing users with a centralized
platform to save travel tickets, gift cards, event passes, and other digital documents.
• It however does not support payment features such as saving credit cards or debit cards in the
wallet for on-tap payments.
• This Wallet app offers fast and secure access to everyday essentials, enabling people to
conveniently store and retrieve important digital documents like boarding passes, loyalty cards,
movie tickets, and more.
.
About Google :
• Headquarters : California, United States
• CEO : Sundar Pichai
Japan Reveals World’s Inaugural 6G Device, Boasting 20 Times the Speed of 5G
• A Japanese consortium unveiled the world’s first high-speed 6G prototype device.
• The prototype device can transmit data at a remarkable speed of 100 gigabits per second
(Gbps), covering a distance of more than 300 feet.
• This represents a significant advancement over current 5G technology, boasting a 20x
improvement.
• The prototype device was a result of collaboration among Japan’s leading telecom companies,
including DOCOMO, NTT Corporation, NEC Corporation, and Fujitsu.
About Japan :
• Prime Minister: Fumio Kishida
• Capital: Tokyo
• Currency: Japanese yen
Boeing Starliner Launch, Carrying Astronaut Sunita Williams to Space, Postponed
• The launch of the Boeing Starliner, which was set to take astronaut Sunita Williams to space for a
3rd time, has been postponed due to a technical glitch.
• The Boeing Starliner is a partially reusable crew capsule, officially known as CST-100 (Crew
Space Transportation).
• On its first crewed test flight, Boeing’s Starliner spacecraft would be carrying two NASA astronauts
and will be launched on an Atlas V rocket from the Kennedy Space Center to the International
Space Station (ISS).
• The two NASA astronauts are Barry “Butch” Wilmore and Sunita William.
ISRO Completes First Ignition Test of Semi-Cryogenic Engine Pre-Burner Ignition Test Article at
Mahendragiri
• The Indian Space Research Organisation (ISRO) completed the first ignition test on the Semi
Cryogenic Pre-Burner Ignition Test Article (PITA) at the ISRO Propulsion Complex (IPRC) in
Mahendragiri, Tamil Nadu (TN).
.
• Purpose of the Semi-Cryogenic Engine:ISRO is developing a 2000 kN thrust semi-cryogenic

engine that operates on a combination of Liquid Oxygen (LOX) and Kerosene.
• The engine is intended to enhance the payload capability of Launch Vehicle Mark 3 (LVM3) and
future launch vehicles.
About ISRO :
Micron Tech's India-made semiconductor chips set for global debut in 2025
• The first India-made semiconductor chips will be produced from Micron Technology's packaging
unit in Sanand, Gujarat, in the first half of 2025.
• Export-Oriented Production:Most chips produced at the Sanand facility will be exported, positioning
the plant as a significant contributor to the global semiconductor market.
• The chips are intended for a range of applications, including data centers, smartphones,
notebooks, and Internet of Things (IoT) devices.
About Micron Technology, Inc :
• Founded : October 5, 1978
• Headquarters : Boise, Idaho, United States
• President & CEO : Sanjay Mehrotra
• Micron Technology, Inc. is an American producer of computer memory and computer data storage
including dynamic random-access memory, flash memory, and USB flash drives.
Tata Consultancy Services To Set Up 1st-of-its-Kind Human-Centric Artificial Intelligence Center of
Excellence in France
● Tata Consultancy Services (TCS) , a global leader in IT services, consulting, and business
solutions, has announced the creation of a Global Artificial Intelligence (AI) Center of Excellence
in Paris, during the Choose France Summit, hosted by President Emmanuel Macron.
● The center will focus on designing and evolving AI to address business efficiencies and societal
priorities, particularly in areas like brain-computer interface, empathy in machines, and AI's role in
arts and culture.
● The new AI center will be situated in the upcoming TCS PacePort™ in the La Défense area of
Paris.
.
● Inauguration is scheduled for June 2024, making it the 7th such facility in TCS' global Pace
network, joining locations like Amsterdam, London, New York, Pittsburgh, Toronto, and Tokyo.
About TCS :
● Founded : 1968
Extreme Solar Storm Causes Spectacular Aurora Display in Remote Indian Village of Hanle, Ladakh
● An extremely strong solar storm that hit Earth prompted a stunning display of colours in various
parts of the world, including one of the remotest villages in India, Hanle - located in Ladakh.
What are Auroras?
● Auroras are natural lights that appear as bright, swirling curtains in the night sky.
● They manifest in various colors such as blue, red, yellow, green, and orange.
● Geographical Distribution:Auroras primarily occur near the poles of both the northern and
southern hemispheres throughout the year.
● At times, they can expand to lower latitudes, creating spectacular displays visible to more
populated areas.
● Terminology:In the northern hemisphere, auroras are known as aurora borealis, while in the
southern hemisphere, they are called aurora australis.
● Solar Storm Source:The solar storms or coronal mass ejections originated from the AR13664
region of the sun.
● This region produced several high-energy solar flares, some of which are travelling towards Earth
at a speed of 800 km/s.
National Aeronautics and Space Administration Unveils Plans to Construct First Railway System on the
Moon
● The National Aeronautics and Space Administration (NASA) is preparing to send astronauts back
to the moon and has announced its plan to construct the first lunar railway system, known as
FLOAT (Flexible Levitation on a Track).
● Engineers at Nasa 's Jet Propulsion Laboratory (JPL) in California are currently developing the
FLOAT system.
● It will consist of magnetic robots levitating over a three-layer film track to reduce abrasion from
.
dust on the lunar surface.

● Carts will be mounted on these robots and will move at roughly 1.61 kilometres per hour.
● Notably, FLOAT will be part of NASA's Artemis program, which seeks to return astronauts to the
moon for the first time since 1972.
● The space agency has set a target landing date of September 2026 to place astronauts on the
lunar surface.
Google Unveils New Personal AI Assistant at I/O Event, Potential Successor to Google Assistant
● As part of its suite of announcements during its high-profile I/O event, Google announced a brand
new personal AI Assistant that could be the successor to the Google Assistant.
● It’s called “Project Astra” and it’s powered by Gemini AI.
● Project Astra is powered by Gemini AI, Google's advanced artificial intelligence technology.
● Project Astra can see the world around you and answer questions about it.
● It can answer real-time questions fed to it through various modalities: text, video, images, and
speech.
About Google :
● Headquarters : California, U.S
Serum Institute of India ships its inaugural batch of malaria vaccine doses to Africa
● Pune-based Serum Institute of India (SII), has shipped its first batch of malaria vaccines-
R21/Matrix-M to Africa.
● The initial shipment will be sent to the Central African Republic (CAR), followed by other African
countries such as South Sudan and Democratic Republic of Congo in the next coming days.
● Allocation Details:In total, 1,63,800 doses of the R21/Matrix-M malaria vaccine have been
specifically allocated for the CAR region.
● Collaborative Development:The vaccine has been developed in collaboration with the University
of Oxford and Novavax’s Matrix-M adjuvant.
● Authorization and Efficacy:This is the second malaria vaccine authorized for use in children in
malaria-endemic regions.
● The R21/Matrix-M marks the culmination of 30 years of malaria vaccine research at the
University of Oxford's Jenner Institute.
.
● It received support from various organizations including the European and Developing Countries
Clinical Trials Partnership (EDCTP), the Wellcome Trust, and the European Investment Bank
(EIB).
About WHO :
● Headquarters : Geneva, Switzerland
● Director General : Tedros Adhanom Ghebreyesus
● Parent Organisation : United Nations Economic and Social Council
● The WHO is a specialized agency of the United Nations responsible for international public
health.
Astronomers Successfully Identify Rocky Planet with Atmospheric Composition
● Astronomers identified rocky planets beyond our solar system with an atmosphere.
● 55 Cancri e is classified as a super-Earth, meaning it is larger than Earth but smaller than
Neptune.
● It is an exoplanet also known as Janssen and is a super-Earth.
● It is located in our Milky Way galaxy about 41 light-years from Earth, in the constellation Cancer.
● Orbit and Temperature: It orbits its star at one-25th the distance between our solar system's
innermost planet Mercury and the sun. As a result, its surface temperature is about 3,140
degrees Fahrenheit.
● Mass and Diameter : It completes a full orbit every 18 hours or so.55 Cancri e has a mass about
8.8 times that of Earth and a diameter approximately twice the size of our planet.
● Discovery : 55 Cancri e was discovered in 2004.
● NASA’s James Webb Telescope : NASA’s James Webb Telescope: The telescope has been in
the works for years. NASA led its development with the European Space Agency (ESA) and the
Canadian Space Agency.
● It was launched aboard a rocket on December 25, 2021.
● Light-Year Conversion: One light-year equals approximately 9.5 trillion kilometres, serving as a
significant unit of distance measurement in astronomy.
Japan and United States Ink Deal to Collaborate on Hypersonic Missile Interceptor Development
● Japan and the United States (US) are planning to develop interceptors to shoot down hypersonic
missiles by the 2030s under a contract signed by the two countries.
.
● The plan, which will reportedly cost more than $3 billion, was first announced in August when the
nations' leaders met at a summit with South Korea in Camp David outside Washington.
● The Japanese government has already included 75 billion yen ($480 million) in its 2024 budget
for development of the interceptors.
● Hypersonic missiles fly at more than five times the speed of sound and have irregular
trajectories, making them difficult to intercept.
About Japan :
● Capital: Tokyo
Spacetech Startup GalaxEye Conducts SAR Technology Test on National Aerospace Laboratories
Pseudo Satellite
● Bengaluru-based space technology startup GalaxEye has successfully tested its all-weather, all-
time prolonged aerial surveillance technology, which could enhance India's defense capabilities.
● GalaxEye tested its synthetic aperture radar (SAR) technology on a subscale high altitude
pseudo-satellite (HAPS) developed by the National Aerospace Laboratories (NAL).
● HAPS functions as high-flying drones operating in the stratosphere, providing capabilities for
prolonged aerial surveillance.
● HAPS can be stationed at approximately 18 km above Earth's surface, where the atmosphere
transitions into space. They can be manoeuvred to hover over specific countries or regions.
● HAPS are typically solar-powered and capable of carrying payloads weighing up to 40 kg.
● Unlike conventional aircraft flying at altitudes of 3 to 8 km, electric HAPS platforms have an
endurance of 2 to 3 hours and can remain stationary in one location for up to 7 days.
● Co-founder of Galaxeye : Suyash Singh
National Aeronautics and Space Administration Prepares to Launch PREFIRE Mission to Study Earth's
Polar Regions
● The National Aeronautics and Space Administration (NASA) is gearing up to launch its latest
.
mission, the Polar Radiant Energy in the Far-Infrared Experiment (PREFIRE).

● This mission involves deploying twin shoebox-size climate satellites aimed at studying the Arctic
and Antarctic regions.
● The first cubesat, named "Ready, Aim, PREFIRE," is scheduled for launch on May 22,2024 while
the second, "PREFIRE and ICE," will follow a few days later.
● The primary goal of the PREFIRE mission is to investigate the amount of heat radiated from
Earth's polar regions into space and its impact on the global climate.
● PREFIRE aims to fill this gap by measuring how efficiently far-infrared heat is emitted by snow,
sea ice, and clouds.
● Collaboration and Management: The PREFIRE mission is a collaborative effort between NASA
and the University of Wisconsin-Madison.
● NASA's Jet Propulsion Laboratory manages the mission and provides the spectrometers, while
Blue Canyon Technologies built the CubeSats.
About NASA :
Elon Musk Introduces SpaceX's Satellite Internet Service in Indonesia
● Elon Musk and Indonesian Health Minister Budi Gunadi Sadikin launched SpaceX's satellite
internet service, Starlink, for Indonesia's health sector.
● The aim is to improve internet access in remote parts of Indonesia.
● Starlink was launched at three Indonesian health centers, including two in Bali and one on the
remote island of Aru in Maluku.
● Indonesia is the 3rd country in Southeast Asia where Starlink will operate.
About Starlink Project Overview :
● Starlink is a satellite network project developed by SpaceX, aimed at providing low-cost internet
to remote locations.
● It consists of a mega-constellation of satellites, with plans to expand up to 42,000 satellites,
currently totaling 5,800 in orbit.
● The satellites operate in Low Earth Orbit (LEO) at altitudes ranging from 350 km to 1,200 km,
reducing latency in internet services.
.
About Indonesia :
● Currency : Indonesian rupiah (Rp)
Microsoft Unveils 'Copilot+' PCs with Unique 'Recall' AI Functionality
● Microsoft is innovating by introducing a new category of personal computers with AI features,
emphasizing its efforts to integrate emerging technologies into its products.
● The move reflects Microsoft's strategy to compete with tech giants like Alphabet and Apple,
highlighting the importance of innovation and competition in the technology sector.
● Chief Executive Satya Nadella unveiled the new "Copilot+" PCs, showcasing the leadership role
in driving innovation and product development within Microsoft.
About Microsoft :
● Founded : April 4, 1975
● Headquarters : Washington, United States
● Chairman & CEO : Satya Nadella
Google Partners with Foxconn to Manufacture Pixel Smartphones in Tamil Nadu
● Internet major Google will partner with iPhone manufacturer Foxconn to produce its ultra-
premium Pixel smartphones for the first time in Tamil Nadu (TN).
● The move aims to scale up Google's Pixel smartphone business in India to tap into the growing
demand for premium smartphones in the world's second-largest smartphone market.
● Production Targets:Dixon aims to produce 1 lakh Pixel units monthly, intending to export 25-30%
as it endeavors to expand its market presence in India, the second-largest smartphone market
globally.
● Drone Assembly and Delivery:Google's subsidiary, Wing LLC, may commence drone assembly
in Tamil Nadu.
● Wing LLC offers a drone delivery service in the US, Europe, and Australia with a fleet of
lightweight, autonomous drones.
● Announcement and Production Start:In 2023, Google announced plans to start manufacturing
Pixel 8 smartphones in India.
● Tamil Nadu's Electronics Export Leadership:Tamil Nadu leads India in electronics exports,
contributing $9.56 billion, almost a third of the national exports.
.
About Google :
About Tamil Nadu :
● Governor : R. N. Ravi
● Chief Minister : M. K. Stalin
● Capital : Chennai
● National Parks : Mukurthi National Park, Gulf Of Mannar Marine National Park
● Wildlife Sanctuaries : Mudumalai Wildlife Sanctuary, Vallanadu Sanctuary, Mundanthurai
Sanctuary
SpaceX Deploys first batch of satellites for New US Spy Constellation
● SpaceX has launched the first batch of operational spy satellites as part of a new American
intelligence network.
● The Falcon 9 rocket, operated by SpaceX, lifted off from Vandenberg Space Force Base in
Southern California for this launch.
● It marks the first deployment of the NRO's comprehensive system featuring responsive collection
and rapid data delivery.
About SpaceX :
● Founded : March 14, 2002
● Headquarters : Hawthorne, California, United States
● CEO : Elon Musk
● SpaceX, is an American spacecraft manufacturer, launch service provider and satellite
communications company.
Indian Army Collaborates with Indian Oil Corporation Limited for Hydrogen Fuel Cell Bus Technology
Trials
● Indian Army has collaborated with Indian Oil Corporation Limited (IOCL) for demonstration trials
of Hydrogen Fuel Cell Bus technology.
● A Memorandum of Understanding (MoU) was signed between the Indian Army and the IOCL in
the presence of General Manoj Pande, Chief of the Army Staff (COAS) and Mr Shrikant Madhav
Vaidya, Chairman of Indian Oil.
.
● During the event, one Hydrogen Fuel Cell Bus was received by the Indian Army.
● This marks the commencement of a mutually beneficial partnership between the Indian Army and
IOCL.
● The Hydrogen Fuel Cell Bus has a seating capacity of 37 passengers.
● It promises an impressive mileage of 250-300 km on a full 30 kg onboard tank of Hydrogen fuel.
What is a hydrogen fuel cell?
● A hydrogen fuel cell uses the chemical energy of hydrogen to produce electricity.
● It is a clean form of energy with electricity, heat and water being the only products and by-
products.
● Fuel cells offer a variety of applications, from transportation to emergency back-up power, and
can power systems as large as a power plant or as small as a laptop.
● Fuel cells provide advantages over traditional combustion-based technologies, including greater
efficiencies and lower emissions.
About Indian Army :
About IOCL :
● Chairman : Shrikant Madhav Vaidya
● Indian Oil Corporation Limited (IOCL or IOC), trading as IndianOil, is an Indian oil and gas
company under the ownership of the Ministry of Petroleum and Natural Gas, Government of
India.
Tata Consultancy Services and Indian Institute of Technology-Bombay Collaborate to Develop India's
First Quantum Diamond Microchip Imager
● Tata Consultancy Services (TCS) has joined forces with the Indian Institute of Technology
Bombay (IIT Bombay) to create India's inaugural Quantum Diamond Microchip Imager.
● This collaboration aims to develop a tool for assessing the quality of semiconductors.
● This collaboration is aligned with the government of India’s National Quantum Mission.
.
● The imager capitalizes on defects within diamond structures, specifically Nitrogen-Vacancy (NV)
centers, to achieve its functionality.
● Notably, IIT Bombay was TCS' inaugural academic partner for its Co-Innovation Network (COIN),
aimed at promoting industry-academia collaboration to pioneer innovative solutions.
What is National Quantum Mission India?
● The National Quantum Mission India is an initiative led by the Department of Science and
Technology, Government of India, aimed at advancing scientific and industrial research in
quantum technologies.
● This mission aligns with the nation's goals under Digital India, Make in India, Skill India, and
sustainable development.
● In a significant move, the Union Cabinet of the Government of India has approved the National
Quantum Mission with a budget of INR 6003.65 crore (approximately $730.3 million) for the
period from 2023-24 to 2030-31.
About TCS :
● Founded : 1968
BOOKS AND AUTHOR

First True Copy of 'Indulekha' Painting Unveiled at Kilimanoor Palace on Ravi Varma's 176th Birth
Anniversary
• On the occasion of the 176th birth anniversary of Ravi Varma, the first true copy of the ‘Indulekha’
painting was released at the Kilimanoor Palace.
• Ravi Varma was born in 1848 at Kilimanoor Palace, near Trivandrum.
• A copy of Raja Ravi Varma’s pioneering artwork Indulekha, based on the novel by O. Chandu
Menon has been placed in the art gallery of Kilimanoor Royal Palace.
The Winner’s Mindset: Shane Watson shows ways to combat fear of failure
• Australian all-rounder Shane Watson recently launched the book ‘The Winner’s Mindset’ which
talks about how to get success even in the darkest period of life.
.
• According to the book, having a winner’s mindset means believing in yourself, setting goals, and
never giving up, no matter how tough things get.
• Watson notes that in September 2015, he was planning to announce his retirement from cricket
although he was in good shape.
• His form deteriorated following the bouncer incident which took Australian batter Philip Hughes’
life the year before (2014).
RANKING AND INDEX

UAE top destination for Indian migrants hosts 3.47 million:
• The United Arab Emirates (UAE) is the top destination for Indian migrants, according to a report by
a United Nations agency.
• The International Organisation for Migration (IOM), announced that India received over $111 billion
in remittances in 2022, the largest in the world, becoming the first country to reach and even
surpass the $100 billion mark.
• The International Organisation for Migration (IOM), in its World Migration Report 2024: in 2022,
India, Mexico, China, the Philippines and Egypt were the top five remittance recipient countries.
• India was well above the rest, receiving more than $111 billion, the first country to reach and even
surpass the $100 billion mark.
About IOM
• The International Organization for Migration is a United Nations related organization working in the
field of migration.
• Headquarters: Grand-Saconnex, Switzerland,
• IOM Director General :Amy Pope
India ranks below Pakistan at 159 among 180 countries in the World Press Freedom Index: 'Unofficial
state of emergency'
• India ranked 159 among 180 countries in the latest annual World Press Freedom Index released
by Reporters Without Borders (RSF, short for Reporters sans frontières in French), an international
non-profit organization.
• India had ranked 161 in the 2023 list.
• Meanwhile, Pakistan ranked seven spots above India at 152.
• It had ranked 150 in 2023.
.
• Norway topped the ranking, while Denmark was on the second rank in World Press Freedom
Index. Sweden ranked third on the list.
China largest trading partner of India in FY24 with $118.4 bn; the US second with $118.3 bn
• According to the data of economic think tank GTRI, China has emerged as the largest trading
partner of India with $118.4 billion in two-way commerce in 2023-24, slightly edging past the US.
• The bilateral trade between India and the US stood at $118.3 billion in 2023-24. Washington was
the top trading partner of New Delhi during 2021-22 and 2022-23.
• China was India's top trading partner from 2013-14 till 2017-18 and also in 2020-21.
• Before China, the UAE was the country's largest trading partner.
• The US was the largest partner in 2021-22 and 2022-23.
UAE tops global fibre connectivity with 99.3 pc penetration
● The UAE has once again been recognized as the global leader in Fibre to the Home (FTTH)
penetration.
● This marks the eighth consecutive year the country has held this top position with a penetration rate
of 99.3 percent, as reported by the FTTH Council in its latest annual report.
● The report analysed data from 20 countries that have exceeded 50 percent FTTH availability and
compared global statistics on fiber optic network penetration.
● It placed the UAE above Singapore (97.1 percent), Hong Kong (95.3 percent), China (92.9 percent),
and South Korea (91.5 percent).
India losing edge in higher education, 33 institutions' ranking dips: CWUR
● According to the Center for World University Rankings (CWUR), as many as 65 Indian universities
and institutes from India, led by the Indian Institute of Management Ahmedabad, are among the top
2000 globally but the country is losing its competitiveness in higher education on the international
stage.
● In the 2024 edition of the Global 2000 list by the CWUR, 32 Indian institutions moved up the ladder,
while 33 saw a fall.
● IIM-A, the country’s top institute stood at 410th rank globally, as compared to 419 last year.
● It was followed by the Indian Institute of Science (501) and the Indian Institute of Technology
Bombay (568).
● The rankings are based on the analysis of 62 million outcome-based data points on four factors:
Quality of education (25%), Employability (25%), Quality of faculty (10%), Research (40%).
.
● In Asia, the University of Tokyo was the highest-ranked institution, at 13th spot globally.
● Globally, Harvard emerged as the top university for the thirteenth year in a row.
China remains leading import partner for India in FY24 at $101.74 billion
● China retained its spot as top import partner for India in 2023-24 with goods inflows increasing 3.29
percent (year-on-year) to $101.74 billion, opposed to an overall 5.66 per cent decline in the country’s
imports.
● High-tech items such as telecom and smartphone parts, laptop and PCs, as well as industrial inputs
such as plastic, iron and steel and chemicals contributed substantially to the imports.
● Total goods imports by India in 2023-24 fell 5.66 per cent to $675.44 billion.
● Russia vaulted to the second spot amongst India’s top import sources, surpassing the UAE and the
US, in 2023-24.
● India’s import from Russia rose 34 per cent to $61.44 billion during the fiscal comprising mostly oil.
● The UAE slipped one spot to the third place with imports from the country declining 9.8 per cent to
$48.01 billion.
● The US, too, slid a rank to the fourth spot with imports from the country falling 19.83 per cent to
$40.77 billion.
India participated in the 19th Session of the United Nations Forum on Forests in New York
● The 19th Session of the United Nations Forum on Forests (UNFF) was organized from May 6th to
10th May 2024.
● In this session, India highlighted significant advancements in forest conservation and sustainable
forest management.
● Between 2010 and 2020, India ranks third in the net gain in average annual forest area.
● The report on International Forest Governance was launched at the 19th Session of the United
Nations Forum on Forests (UNFF19),has revealed the rising trend of the ‘climatisation’ of forests.
● It is the first global synthesis report on international forest governance in the last 14 years.
● The report analyses developments in international forest governance since 2010, when the IUFRO-
led Global Forest Expert Panel (GFEP) published its last global assessment.
● India also shared information about the ‘Green Credit Program’, which is designed to incentivize
entities to take up tree plantation and restoration of degraded forest lands.
● The recent celebrations marking 50 years of Project Tiger and 30 years of Project Elephant
underscore India’s commitment to species conservation and habitat protection.
.
● India also highlighted the creation of the International Big Cat Alliance at this session.
Mumbai and Delhi feature among the World's Top 50 Wealthiest cities, surpassing Washington DC
● Henley and Partners, a leader in residence and citizenship planning, recently unveiled a list of the
World's Wealthiest Top 10 cities and Rising Wealth Hubs, highlighting cities that attract high-net-
worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more.
● Mumbai and Delhi's inclusion in the top 50 wealthiest cities underscores India's economic progress
and urban development.
● On the list they ranked above, Washington, DC the capital city of the World's richest country.
● Mumbai and Delhi join other global financial hubs, such as New York, London, and Tokyo, in the list
of top 50 wealthiest cities.
● The Bay Area tech hub, Tokyo, Singapore, London, Los Angeles, Paris, Sydney, Hong Kong, and
Beijing complete the top 10. These cities offer diverse opportunities and amenities, attracting affluent
individuals and businesses.
India Climbs To 39th Position In World Economic Forum’s Travel & Tourism Development Index
● India has climbed to the 39th position in the World Economic Forum’s Travel & Tourism
Development Index 2024, while the US topped the list.
● India also ranks the highest in South Asia among the lower-middle-income economies.
● Earlier, India was ranked 54th in the 2021 published index.
● On an overall index score of 7, where 1 is the worst, and 7 the best, India scored 4.25.
● After the US, Spain, Japan, France and Australia figure among the top five in the 2024 list.
● The index, prepared in collaboration with the University of Surrey, showed India is highly price-
competitive (18th) and boasts competitive Air Transport (26th) and Ground and Port (25th)
infrastructure.
● The biennial index analysed the travel and tourism sectors of 119 countries around a range of
factors and policies.
● The index is comprised of five dimensions, 17 pillars and 102 individual indicators, distributed
among the 5 different pillars - Business Environment, Safety and Security, Health and
Hygiene,Health and Hygiene, Human Resources and Labour Market, ICT Readiness.
● In 2024, Japan (3rd) is the top performer in the APAC region, with Australia (5th) and China (8th)
ranking in the global top 10.
● China also has the region’s largest and the world’s second-largest T&T economy, while India
.
(39th) has the largest T&T sector in South Asia and scores as the TTDI’s top lower-middle-
income economy.
Oxford Economics’ Global Cities Index: At 350, Delhi highest ranked Indian city
● Delhi has scored the 350th rank in the Oxford Economics’ Global Cities Index, which has compared
the world's 1000 largest cities on parameters ranging from economics to human capital.
● The list of 1000 largest cities, spread across 163 different countries, also feature several other Indian
cities, including Bengaluru, Mumbai and Chennai.
● However, no Indian city could make the Top 300.
● The national capital is the best performing Indian city on the list.
● The index contains 27 indicators across five categories
⮚ Economics(30%),
⮚ Human Capital(25%),
⮚ Quality of Life(25%),
⮚ Environment(10%),
⮚ and Governance (10%), which are aggregated to create an overall score for each city.
● New York ranks first on the index, followed by London, San Jose, Tokyo, Paris, Seattle, Los
Angeles, San Francisco, Melbourne and Zurich.
● In India, Bengaluru is ranked 411, Mumbai 427, Chennai 472, Kochi 521, Kolkata 528, Pune 534,
Thrissur 550, Hyderabad 564 and Kozhikode 580.
● Sultanpur, also in Uttar Pradesh, holds the lowest position among Indian cities, coming in at the
1,000th spot.
● Ranked 578, Pakistan's Islamabad and Rawalpindi were the best performing cities of the country.
Over 50% of world’s mangroves at risk of collapse, climate change leading factor: IUCN
● More than half of the world's mangrove ecosystems are at risk of collapse, with nearly one in five
facing severe risk, according to the findings of the first global mangrove assessment.
● According to the study done using the International Union for Conservation of Nature's (IUCN) Red
List of Ecosystems -- a global standard for measuring the health of ecosystems, climate change
threatens one-third (33 per cent) of the mangrove ecosystems.
About IUCN
● Founded in 1948, IUCN has become the global authority on the status of the natural world and the
measures needed to safeguard it.
.
● Headquarters: Gland, Switzerland.

World Bank Report - 'Water For Shared Prosperity' Highlights Global Water Access Disparities
● The World Bank report, titled “Water for Shared Prosperity,” was released at the 10th World Water
Forum in Bali, Indonesia.
● It underscores the widening gap in access to water resources and services, exacerbated by factors
like population growth, urbanization, and climate change.
● In 2022, 2.2 billion people lacked access to safely managed drinking water services, while 3.5 billion
lacked access to safely managed sanitation.
● Over 800 million people globally are at high risk of drought, with double that number living in flood-
prone areas.
● The Democratic Republic of the Congo holds over half of Africa’s total water resources.
About World Water Forum
● World Water Forum is a large-scale international event that focuses on the discussion and
development of solutions to global water-related challenges.
● It is held every three years.
● The first forum took place in Marrakesh, Morocco in March 1997.
● It is organized by the World Water Council, an international organization.
SPORTS NEWS
Official Anthem for ICC Men’s T20 World Cup 2024, ‘Out of this World’, released by Sean Paul and Kes
• The International Cricket Council (ICC) released the official anthem for the Men’s T20 World Cup
2024.
• The anthem titled ‘Out Of This World’ features Grammy award winning artist Sean Paul and Soca
superstar Kes.
• The anthem, produced by Michael "Tano" Montano, was launched with a music video.
• It includes eight-time Olympic gold medalist Usain Bolt, cricket stars Chris Gayle, Ali Khan,
Shivnarine Chanderpaul and other Caribbean celebrities.
Iga Swiatek Beats Aryna Sabalenka to Win Madrid Open
• World number one Iga Swiatek edged Aryna Sabalenka 7-5, 4-6, 7-6(7) in a gripping and gruelling
Madrid Open final to win the title for the first time
.
• Top-ranked Iga Swiatek came through “the most intense and crazy final” she has ever contested to
avenge her loss to Aryna Sabalenka in last year’s Madrid final with a gruelling three-hour 11-
minute victory in the Spanish capital.
• Swiatek, who picked up the 20th title of her career, and ninth at the WTA 1000 level, has now won
her last eight consecutive finals and joins Elena Rybakina with a tour-leading 30 victories this
season.
Max Verstappen Takes Pole For Miami GP After Sprint Race Win
• Red Bull's Max Verstappen continued his domination of Formula One, taking pole position for
Miami Grand Prix after clinching the sprint race earlier.
• The reigning world champion and championship leader, who has won four out of five Grand Prix
races this season, secured his seventh straight pole position with another dominant drive.
• Ferrari's Charles Leclerc, whose fastest lap was 0.141 seconds behind Verstappen, will start
second with his teammate Carlos Sainz in third place and Verstappen's Red Bull partner Sergio
Perez fourth.
India to Organize BWF World Junior Badminton Championships 2025 in Guwahati
• The Badminton World Federation (BWF) announced that India will host the 2025 BWF World
Junior Championships at the National Centre of Excellence in Guwahati.
• It will be the first time since 2008 that the prestigious Badminton World Federation (BWF) event will
be held in India.
• India last hosted the event in Pune.
• The exact dates for the 2025 BWF World Junior Championships will be announced later.
About BWF :
• Headquarters : Kuala Lumpur, Malaysia
• President : Poul-Erik Høyer Larsen
• The BWF is the international governing body for the sport of badminton recognised by the
International Olympic Committee (IOC).
Asian Carrom Championship: Indian Players Captured Both Men’s And Women’s Doubles Titles At
Male, Maldives
• Rashmi Kumari outplayed Shainy Sebastian to clinch the women's title in the 6th Asian carrom
championship which concluded in Maldives.
.
• It was the fourth Asian crown for the three-time World Champion Rashmi, who had recently won
her 12th National title in Gwalior.
• Men Final: Mohd.Ghufran bt K. Srinivas
• Women Final: Rashmi Kumari bt Shainy Sebastian
Red Bull confirms design chief Adrian Newey to leave in 2025
• Adrian Newey, regarded as the greatest F1 designer and a chief architect of Red Bull’s
dominance, is set to end his Red Bull stay in the “first quarter” of 2025.
• Red Bull confirmed that design chief Adrian Newey will leave the Formula 1 team in early 2025
after 19 years.
• It was widely reported last week that the 65-year-old was set to quit following a controversy
involving allegations about team principal Christian Horner.
• The announcement is expected to start a bidding war for Newey’s services, with Ferrari, soon to
be joined by Lewis Hamilton, in pole position.
NADA India organizes #PlayTrue Campaign to create awareness about clean sports
• The National Anti-Doping Agency (NADA), India concluded the #PlayTrue Campaign, with a
turnout of more than 12,133 participants.
• The campaign commemorated WADA’s Play True Day and aimed at fostering awareness about
the importance of clean sports and anti-doping practices in India, received overwhelming
participation and support from athletes, coaches, and sports enthusiasts nationwide.
• The #PlayTrue Campaign highlights NADA India's commitment to equipping athletes, coaches,
and the entire sporting community with a thorough understanding of anti-doping regulations,
empowering them to champion clean play in India.
Manika Batra Stuns World No 2 at WTT Saudi Smash, Claims Career-Best Singles Win
• Top Indian woman paddler Manika Batra claimed the biggest scalp of her career as she accounted
for World No. 2, Wang Manyu of China in four games in a Women's singles Round of 32 clash in
WTT Saudi Smash.
• Manika came back after losing the first game to win the next three to stun the top Chinese player
and win the match 6-11, 11-5, 11-7, 12-10 in the 38-minute encounter played at Infinity Arena in
King Abdullah Sports City.
• The 28-year-old Indian had started her campaign in Saudi Smash with a 3-0 win over Andreea
Dragoman of Spain in the first round.
.
Rublev Battles Illness To Claim Madrid Open Title

• Andrey Rublev won the Madrid Open with a hard-fought 4-6, 7-5, 7-5 victory over Felix Auger-
Aliassime to secure his second title of the year, despite battling with illness.
• The Russian world number eight said he was “almost dead every day” and could barely sleep this
week after securing a career second Masters 1000 victory.
• Rublev had lost four consecutive matches before arriving in the Spanish capital but came from a
set down to beat his Canadian opponent.
Asian Games Test Event: Indian pugilists win five gold medals
• Indian pugilists testing their water for the upcoming Asian Games in August proved their worth and
emerged with a massive tally of ten medals, including five gold, one silver and four bronze medals
at the Asian Games Test Event, here in Jakarta.
• Even though seven of the ten participating Indian pugilists were guaranteed bronze medals at the
start of the tournament, three Indian boxers displayed ruthlessness as they romped past their
opponents in dominating fashion to clinch the gold.
China down Indonesia to claim Thomas and Uber Cup double
• China completed a Thomas and Uber Cup double as both men’s and women’s teams beat
Indonesia to win their respective world team championship finals in Chengdu.
• The men, who won 3-1, lifted China’s first Thomas Cup since they beat Japan in 2018 -- and their
11th in all.
• The 2024 Thomas & Uber Cup was the 33rd edition of the Thomas Cup and the 30th edition of the
Uber Cup, the biennial international badminton championship contested by the men and women's
national teams of the member associations of Badminton World Federation.
ISL final: Mumbai City FC break Mohun Bagan Super Giant hearts with a come-from-behind win at Salt
Lake
• Mumbai City FC beat Mohun Bagan Super Giant 3-1 at the Salt Lake Stadium to emerge as the
Indian Super League (ISL) 2023-24 Cup Winners at the final in Kolkata.
• Indian Super League (ISL) 2023-24 was 10th season of ISL.
• ISL Cup final was played at the Vivekananda Yuba Bharati Krirangan in Kolkata.
• Golden Glove: Phurba Lachenpa (Mumbai City FC), Golden Boot: Dimitrios Diamantakos (Kerala
Blasters FC)
• Emerging Player of the League: Vikram Partap Singh (Mumbai City FC).
.
• Player of the League: Dimitrios Petratos (Mohun Bagan Super Giant).

Dharamshala Cricket Stadium gets India’s first ‘hybrid pitch’
• India’s first-ever “hybrid pitch” was unveiled at the picturesque Himachal Pradesh Cricket
Association (HPCA) stadium in Dharamshala, marking a significant milestone for the sport in the
country.
• The introduction of the SISGrass hybrid pitch is expected to lift the quality of the sport played on
Indian pitches.
• SISGrass designs, constructs and supplies hybrid and synthetic cricket match pitches and practice
net areas for a wide variety of organisations, including international cricket venues, local cricket
clubs, schools, and universities.
Tripura’s First International Cricket Stadium Set To Be Ready By February 2025
• Tripura Cricket Association (TCA) is set to inaugurate the state’s first international cricket stadium
in Narsingarh, located in the West Tripura district, with a one-day international match or an IPL
(Indian Premier League) T20 encounter.
• Subrata Dey, the secretary of TCA, announced that the stadium is expected to be operational for
hosting major cricket events by February 2025.
• It will be the northeastern state’s first stadium.
• It is being constructed with a budget of Rs 200 crore.
• BCCI and Tripura Cricket Association have joined hands to construct this stadium. Its construction
was started in 2017.
Lando Norris wins historic maiden victory at F1 Miami Grand Prix
• The 24-year-old British Formula 1(F1) driver Lando Norris finally won his maiden F1 title by
winning the Miami Grand Prix held at the Miami International Autodrome in Miami, Florida, in the
United States of America.
• He also broke the dominance of the Red Bulls Max Verstappen, who won four out of six races of
the 2024 F1 season.
• Lando Norris, who is currently with McLaren’s team, made his debut in the F1 circuit at the
Australian Grand Prix in 2019.
About F1 :
• The Formula One motor car racing is organised by The Fédération Internationale de l'Automobile
(FIA).
.
• The FIA was set up in 1904.

• The 2024 Formula One season consists of 24 Grand Prix races.
International Chess Federation Awards Grandmaster Title To Indian Chess Prodigy Vaishali Ramesh
Babu
• Indian Chess Prodigy, Vaishali Ramesh Babu has been awarded the title of Grandmaster by FIDE.
• Vaishali is the third Indian female Grandmaster, joining Koneru Humpy and Harika Dronavalli.
• Vaishali's accomplishment, as the 84th Indian grandmaster and 42nd woman from any country to
become a GM, has already been widely recognized.
• In January 2024, she was presented with the Arjuna Award.
West Indies player Devon Thomas banned for five years under an anti-corruption code
• The International Cricket Council imposed five years of ineligibility from all cricket on West Indies
player Devon Thomas after he accepted breaching seven counts of the anti-corruption codes of Sri
Lanka Cricket , the Emirates Cricket Board and the Caribbean Premier League .
• The ICC announced the period of ineligibility in its capacity as the Designated Anti-Corruption
Official under the relevant codes, ruling that the last 18 months of the period of ineligibility would be
suspended.
Japan Triumphs at the AFC U-23 Asian Cup, Secures Olympic Berth
• The Japanese men's under-23 football team made history by winning the AFC U-23 Asian Cup for
the second time.
• They defeated Uzbekistan in a thrilling final match held at the Jassim bin Hamad Stadium in Doha,
Qatar.
• This victory also secured Japan's qualification for the 2024 Paris Olympics.
• The 6th edition of the AFC U-23 Asian Cup took place in Qatar from April 15 to May 3, 2024.
• The top three teams automatically qualified for the upcoming Paris Olympics.
• Japan emerged as the champions, winning the gold medal, while Uzbekistan took home the silver
medal.
New Zealand's Colin Munro retires from international cricket after T20 WC snub
• New Zealand's Colin Munro, announced his retirement from international cricket after he was not
included in the national team for the upcoming T20 World Cup.
• Munro played one Test, 57 ODIs and 65 T20Is for the Kiwis amassing a total of 3010 runs, but it
was in the shortest format the left-hander made a name for himself.
.
Doha Diamond League: Neeraj Chopra finishes second with a throw of 88.36m
• Olympic and world champion Neeraj Chopra finished second at the Doha Diamond League
meeting javelin throw event as his big final effort of 88.36m fell short by two centimetres of Jakub
Vadlejch's winning effort.
• The 26-year-old Chopra trailed Czech Republic veteran Vadlejch -- who won the title with his third
round throw of 88.38m -- all through the competition.
• Two-time world champion Anderson Peters took the third sport with a best throw of 86.62m.
Indian Contingent Bags 43 Medals At ASBC Asian U-22 And Youth Boxing Championships In Astana,
Kazakhstan
• The Indian contingent won 43 medals in the ASBC Asian U22 and Youth Boxing Championship in
Astana, Kazakhstan.
• In both categories, the Indian contingent won 12 gold, 14 silver and 17 bronze medals.
• The Indian under-22 team finished with 21 medals including 7 gold, 5 silver and 9 bronze medals.
• The youth category finished with 22 medals including 5 gold, 9 silver and 8 bronze medals.
UWW suspends Bajrang Punia for dope sample refusal to NADA
• The world wrestling governing body United World Wrestling (UWW) has provisionally suspended
Tokyo bronze medallist Bajrang Punia till 31st December 2024.
• The UWW has cited the suspension of Bajrang Punia by the National Anti-Doping Agency (NADA)
of India as the reason for the provisional suspension.
• It puts into jeopardy his participation in the 2024 Paris Summer Olympics.
About UWW
• United World Wrestling is the international governing body for the sport of amateur wrestling; its
duties include overseeing wrestling at the World Championships and Olympic.
• Headquarters: Corsier-sur-Vevey, Switzerland,
• Founded: 1912.
Dominic Thiem, the winner of the US Open, announces his retirement from tennis
• Austrian tennis player Dominic Thiem announced that he will retire at the end of this season.
• The 30-year-old, who won the US Open men’s singles title in 2020, said that recurring problems
due to his wrist injury forced him to arrive at this decision.
• Thiem has won 17 career titles, the most recent being the US Open win in 2020.
• The Austrian achieved a career-highest ranking of 3 in March 2020.
.
• He is currently ranked 117th.

Indian Gymnast Srishti Khandagale Wins Silver medal at Asian Championships
• In Trampoline, India’s Srishti Khandagale scripted history by becoming the first-ever Indian to win a
medal at the Asian Trampoline Gymnastics Championships.
• She clinched the silver medal in the Women’s Individual Age group category at the 6th Asian
Trampoline Gymnastics Championship held in Hong Kong, China.
• However, she did not qualify for the upcoming Paris Olympics, as she was competing in an age
group event.
• Kazakhstan’s Dolgopolova secured the gold medal, while Hong Kong’s S Hung won the bronze.
Legendary Nepal Mountaineer Climbs Mount Everest For Record 29th Time
● Nepal's Kami Rita Sherpa also known as 'Everest Man' broke his record by climbing the world's
highest peak, Mount Everest for the 29th time.
● The 54-year-old Sherpa climber and guide in the last spring season had climbed the 8848.86 meters
tall highest peak two times within a week setting a record for the 28th summit.
● Legendary Nepal Mountaineer Climbs Mount Everest For Record 29th Time the record-setting
climber reached the summit of Everest at 7:25 AM (NST).
T20 World Cup to stream and broadcast with sign language, audio description
● In a first for Indian sports streaming, the ICC Men’s T20 cricket World Cup will be streamed with
Hindi audio description and Indian Sign Language (ISL) for visually and hearing impaired viewers,
Disney+ Hotstar, the streaming service with the rights to stream the tournament this year(2024)
announced.
● Reports peg the tournament’s media value between ₹1,600–2,000 crore.
● This is the first time that the T20 World Cup will be telecast with sign language and descriptive
commentary making cricket more immersive for its deaf, hard-of-hearing and visually-impaired
users.
Puma India signs up as an official kit partner for the Athletics Federation of India , which will equip over
400 Indian athletes
● Puma India has signed up as the official kit sponsor of the sports body, Athletics Federation of India
(AFI).
● Under this multi-year deal, the sports brand will exclusively supply performance kits, speed suits and
travel gear to all athletes under AFI and who represent India in track & field, jumps, throws, cross
.
country running and marathons at both domestic and international tournaments.

● However, this kitting partnership does not include Olympics, Asian Games and Commonwealth
Games.
● Arne Freundt, CEO, PUMA SE.
● Established in 1946, the AFI is the apex body for running and managing athletics in India and is
affiliated with the World Athletics, Asian Athletics Association, and Indian Olympic Association.
Table Tennis, Manika Batra Becomes First Indian Woman To Break Into Top 25 Of World Women’s
Singles Rankings
● India’s women’s table tennis player Manika Batra became the first Indian woman to enter the top 25
of the world women’s singles rankings.
● After the success of the Saudi Smash, Manika Batra rose to her career-best ranking of 24.
● She also equalled G. Sathyan’s five-year-old record for the highest rank achieved by an Indian in
singles table tennis.
● She won three medals at the 2015 Commonwealth Table Tennis Championships.
● Manika Batra won the gold medal at the 2018 Commonwealth Games in individual and team
categories.
● She was awarded the Major Dhyan Chand Khel Ratna in 2020.
Homecoming hero Neeraj Chopra takes the accolade and applause at Federation Cup
● Olympic champion Neeraj Chopra won the gold medal in men's javelin throw at the 27th National
Federation Senior Athletics Competition in Bhubaneswar.
● Neeraj struggled in the early stages of the competition as he stood second after three rounds.
● He took the lead in the fourth round with an effort of 82.27 metres.
● DP Manu, of Karnataka came second with 82.06m effort, while Uttam Balasaheb Patil of
Maharashtra was third with 78.39m.
● Local man and Asian Games silver medallist Kishore Jena finished fifth with a disappointing 75.49m.
● Jena had qualified for the Paris Olympics when he threw 87.54m for the Asian Games silver medal
in Hangzhou, China last year.
Brazil Declared Host Of 2027 Women’s World Cup At FIFA Congress
● Brazil was declared the host of the 2027 Women’s World Cup at the FIFA Congress, beating the
joint bid of Belgium, Netherlands and Germany to become the first South American country to hold
the tournament.
.
● The 74th FIFA congress, making its debut in Premier League-mad Thailand, made its choice by
open vote for the first time as the organisation seeks to move on from the corruption and shady
dealing that dogged it in the past.
● Brazil hosted the men’s football World Cups in 1950 and 2014; now it’s time for women.
● This will be the first Women's World Cup to be held in South America.
● The FIFA Women's World Cup has seen five nations crowned champions, with the 2023 title going
to Spain.
● FIFA President: Gianni Infantino.
Coca-Cola India announces its first-ever partnership with Hockey India, for the National Women's
Hockey League
● The Coca-Cola India Foundation, announces its first-ever partnership with Hockey India, for the
National Women's Hockey League 2024.
● The 1st Phase of the tournament commenced on 30thApril, and it will conclude on 9thMay 2024, in
Ranchi, Jharkhand
● The National Women's Hockey League features teams that secured top-eight positions in Pune's
recently concluded 14th Hockey India Senior Women National Championship 2024.
● The participating athletes represent various states, including Haryana, Maharashtra, Jharkhand,
Madhya Pradesh, Bengal, Mizoram, Manipur, and Odisha.
● In line with Coca-Cola India's commitment to sports, the three-year collaboration underscores its role
in positively shaping the sports and gender equality landscape.
● The partnership also aligns with the company's #SheTheDifference campaign, an initiative to
celebrate, uplift, and support women.
Martín Wins the 2024 French Grand Prix

● Jorge Martin extended his lead in the championship with a thrilling victory in the French MotoGP at
Le Mans
● The Spaniard, who won the sprint, battled the entire race with rival Francesco Bagnaia before Marc
Marquez arrived late to steal second place.
● Pramac Ducati rider Martin heads the standings with 129 points, 38 ahead of Bagnaia who moved
into second spot.
Japanese Men's Hockey Team Etched Its Name In History Books By Clinching Its Maiden Sultan Azlan
.
Shah Trophy Title

● The Japanese men's hockey team made history when it won the Sultan Azlan Shah Trophy for the
first time.
● The match against Pakistan concluded in a 2-2 tie after regulation time, forcing a penalty shootout.
● Japan triumphed, defeating Pakistan 4-1 in a nail-biting shootout at the Azlan Shah Stadium in Ipoh,
Malaysia.
● The 2024 edition of the famous competition featured six teams: Japan, Pakistan, Canada, South
Korea, New Zealand, and Malaysia, who hosted the event. Japan won the championship, with
Pakistan finishing second.
Malaysia came in third, followed by New Zealand, South Korea, and Canada in the final standings.
About The Sultan Azlan Shah Trophy

● The Malaysia Hockey Confederation organizes the Sultan Azlan Shah Trophy, which invites six
countries to compete.
● It began as a biennial competition in 1983 but grew in popularity to become an annual event in 1999.
● The trophy is named after Sultan Azlan Shah, the former Sultan of Perak, Malaysia, who was a
hockey pioneer in Asia and served as president of the Asian Hockey Federation from 1990 to his
death in 2014.
● The competition takes place every year in Ipoh, Malaysia's capital of Perak. Australia is the
competition's most successful team, having won ten times, followed by India with five wins and
Pakistan with three.
Maximus Magnus Carlsen wins ten in-a-row to become a clear champion at Superbet Rapid and Blitz
2024
● Magnus Carlsen won ten games in a row to win the Grand Chess Tour Superbet Rapid and Blitz
2024.
● He scored 26/36, finishing a half point ahead of Wei Yi (CHN).
● Despite being 2.5 points ahead of Carlsen, he scored 1.5/2 in the first two games, then he lost to
Jan-Krzysztof Duda (POL).
● He drew the last two games against Anish Giri (NED) and Arjun Erigaisi to become a clear
champion.
● Duda finished third scoring 19.5/36.
.
● R Praggnanandhaa scored a crucial victory against Wei in the penultimate round.

● He scored 19/36 to finish fourth.
● Arjun fifth 18/36.
Chess: P Shyaamnilkhil becomes India's 85th Grandmaster
● P Shayaamnikhil became India's 85th Grandmaster by completing his third and final GM norm in the
just-concluded Dubai Police Masters chess tournament, ending a 12-year-wait for the player who
took to the sport as an eight-year-old.
● Shyaamnikhil needed just one win and eight draws to complete the long-overdue GM title which he
achieved in the tournament.
● The 31-year-old conjured the requisite 2500 ELO rating points, the minimum requirement to be a
GM, way back in 2012 with two Grandmaster norms but for the third one, he had to wait for 12 years.
UN Proclaims 25th May As World Football Day
● The United Nations General Assembly has proclaimed 25th May as the World Football Day, by
adopting a resolution during the 80th plenary meeting of the General Assembly in New York.
● The year 2024 marks the 100th anniversary of the first international football tournament in history
with the representation of all regions as part of the 1924 Summer Olympic Games, held in Paris.
● The resolution was passed unanimously by the 193-member General Assembly.
● Taher M. El-Sonni, Permanent Representative of the State of Libya to the United Nations,
introduced the draft resolution under Sport for Development and Peace: building a peaceful and
better world through sport and the Olympic ideal during the meeting.
Italian Open: Iga Swiatek wins third title after beating Sabalenka in the final
● Iga Swiatek defeated Belarusian Aryna Sabalenka in the final by 6-2, 6-3 to win her third Italian
Open title.
● After Serena Williams, Swiatek became the first woman to win the Madrid and Rome titles back to
back.
● It is the 21st title of Iga Swiatek’s career.
● Alexander Zverev of Germany won the Men’s title after defeating Chile’s Nicolas Jarry by 6-4, 7-5.
● Marcel Granollers and Horacio Zeballos clinched Men’s doubles while Sara Errani and Jasmine
Paolini won the Women’s doubles title.
● Italian Open, also known as the Rome Masters is a professional tennis tournament.
Para Worlds: Deepthi Jeevanji Smashes World Record, Yogesh Kathuniya Clinches Silver
.
● Para-athlete Deepthi Jeevanji of India created a world record of 55.07 seconds in the category of
women’s 400m T20 at the ongoing Para Athletics World Championship 2024 in Kobe, Japan.
● Jeevanji won the gold medal in the women's 400-meter T20 category with a timing of 55.06 seconds.
Jyoti Ratre, 55, becomes the oldest Indian woman to conquer Mount Everest
● Jyoti Ratre, an entrepreneur and fitness enthusiast from Madhya Pradesh, has become the oldest
Indian woman to conquer Mount Everest.
● Ratre's accomplishment comes precisely six years after Sangeeta Bahl, at 53, earned the title of
‘India’s oldest woman to climb Mount Everest' on May 19, 2018.
● This was Ratre's second attempt to summit the highest peak in the world.
Dipa Karmakar becomes the first ever Indian gymnast to win a gold medal at the Asian Championships
● Dipa Karmakar won the gold medal in the vault event, making her the first Indian gymnast to secure
the continental title at the Asian Women's Artistic Gymnastics Championships in Tashkent.
● The 30-year-old Dipa, who placed eighth with a score of 12.650 in the qualification round, achieved
an identical score of 13.566 in both of her attempts during the final, resulting in an overall score of
13.566.
● Dipa was followed by North Koreans Kim Son Hyang, who scored 13.466 after a 0.100 penalty, and
Jo Kyong Byol, who scored 12.966.
Indian mixed 4x400m team sets National record
● In a remarkable display of athleticism, the Indian mixed 4x400m relay team comprising Muhammed
Ajmal, Jyothika Sri Dandi, Amoj Jacob, and Subha Venkatesan clinched the gold medal at the 2024
Asian Relay Championships held in Bangkok, Thailand.
● The quartet achieved this feat by clocking an impressive time of 3:14.12, thereby surpassing the
previous national record of 3:14.34.
● Notably, this record-breaking performance betters the mark set by Ajmal, Vithya Ramraj, Rajesh
Ramesh, and Subha, who secured a bronze medal at the Asian Games in Hangzhou the preceding
year.
IOC launches ‘Let’s move India’ campaign with Reliance Foundation and Abhinav Bindra
● The International Olympic Committee (IOC) has teamed up with the Reliance Foundation and the
Abhinav Bindra Foundation to introduce the "Let's Move India" campaign, encouraging everyone to
rally behind the Olympians gearing up for the Paris Olympics.
● This initiative aims to inspire the public to show their support for the athletes competing in the
.
upcoming Olympic Games in Paris.

● Abhinav Bindra, India's first individual Olympic gold medalist and a member of the IOC Athletes'
Commission, has joined forces with the IOC for this endeavor.
Women's Tennis Association Multi-Year Partnership with Saudi Arabia’s PIF
● The Women’s Tennis Association (WTA) has agreed to a multi-year partnership with Saudi Arabia’s
Public Investment Fund (PIF).
● This landmark deal marks PIF as the first-ever naming partner of the WTA rankings.
● With this agreement, PIF now becomes the naming partner for both the WTA and ATP rankings,
having entered a strategic partnership with the ATP in February.
● The partnership follows the announcement that Saudi Arabia will host the WTA Finals for the next
three years.
About the Women's Tennis Association
● The Women's Tennis Association is the principal organizing body of women's professional tennis.
● It governs the WTA Tour, the worldwide professional tennis tour for women.
● Founded by Billie Jean King
● The WTA is headquartered in St. Petersburg, Florida, United States.
Charles Leclerc achieves a historic victory at the Monaco Grand Prix.
● Charles Leclerc, the Ferrari driver, has made history by becoming the first Monegasque driver to win
the Monaco Grand Prix since Louis Chiron in 1931, ending a remarkable drought of 92 years.
● McLaren's Oscar Piastri finished second, trailing Leclerc by 7.1 seconds, while Ferrari's Carlos Sainz
secured third place.
2024 Grand prix Winners:
GRAND PRIX WINNER CAR
Bahrain Max Verstappen RED BULL RACING HONDA

RBPT
Saudi Arabia Max Verstappen RED BULL RACING HONDA

RBPT
Australia Carlos Sainz FERRARI
.
Japan Max Verstappen RED BULL RACING HONDA

RBPT
China Max Verstappen RED BULL RACING HONDA
RBPT
Miami Lando Norris MCLAREN MERCEDES
Emilia Romagna Max Verstappen RED BULL RACING HONDA

RBPT
Monaco Charles Leclerc FERRARI
Dipa Karmakar secured a historic gold medal at the Asian Gymnastics Championships.
● Historic Achievement: Dipa Karmakar secures India's first-ever gold at the Asian Championships.
● Dipa scored an average of 13.566 points, clinching gold in the women's vault.
● Silver and bronze medals claimed by North Korean athletes with impressive scores.
Hayley Matthews And Muhammad Waseem Named ICC Players Of The Month For April 2024
● Hayley Matthews, the captain of the West Indies team, has been awarded the ICC Women’s Player
of the Month for her outstanding all-round performances that were instrumental in the West Indies’
triumph in Pakistan across both the ODI and T20I series.
● Matthews clinched her third ICC Women’s Player of the Month title following a series of remarkable
all-round performances in April, amassing 451 runs and claiming 12 wickets across ODIs and T20Is.
Muhammad Waseem: ICC Men’s Player of the Month
● Muhammad Waseem, the captain and opener for the UAE team, has been honoured as the ICC
Men’s Player of the Month for his remarkable batting prowess that propelled the UAE to victory in the
ACC Premier Cup.
● Waseem becomes the first UAE player to claim this accolade, courtesy of a series of powerful
batting performances that led his team to clinch the ACC Premier Cup in Oman.
OBITUARIES
Former Union Minister Sreenivasa Prasad Passes Away
.
• V. Srinivas Prasad, Bharatiya Janata Party (BJP) Member of Parliament (MP) and former Union
Minister, passed away at the age of 76 in Bengaluru, Karnataka.
• Prasad was born on August 6, 1947, in Ashokapuram, Mysore, in the Kingdom of Mysore, India.
• He first contested Assembly elections as an independent in 1974.
• He joined the Janata Party in 1976, then switched to the Congress in 1979.
Renowned U.S. Author of 'The New York Trilogy', Paul Auster, Passed Away
• Paul Auster, the prolific American novelist behind the acclaimed “New York Trilogy," has passed
• Paul Auster was born in Newark, New Jersey.
• Auster wrote more than 30 books and was shortlisted for the Booker Prize and voted into the
American Academy of Arts and Letters.
Titanic' and 'Lord of the Rings' Actor Bernard Hill Passed away
• Bernard Hill, actor known for his roles in "The Lord of the Rings" and "Titanic," passed away at the
age of 79.
• Hill was born in Blackley, Manchester, England.
• Hill portrayed Théoden, King of Rohan, in "The Lord of the Rings" film trilogy.
• He played Captain Edward Smith, the captain of the Titanic, in the 1997 film "Titanic."
• He also played Luther Plunkitt, Warden of San Quentin Prison, in Clint Eastwood's film "True
Crime."
Argentina's World Cup-winning Coach César Luis Menotti Passed Away

• The legendary coach who led Argentina to its first World Cup title in 1978, César Luis Menotti, has
passed away at the age of 85.
• Known as "El Flaco" ("Slim"), Menotti played for several prominent clubs including Rosario Central,
Boca Juniors, and Santos.
• He began his coaching career with Newell’s Old Boys and won the Argentine championship with
Huracan in 1973.
Renowned Hollywood Mentor and 'King of the Bs', Roger Corman, Passed Away
• Roger Corman, the “King of the Bs” who helped turn out such low-budget classics as “Little Shop
of Horrors” and “Attack of the Crab Monsters” and gave many of Hollywood’s most famous actors
and directors early breaks, has passed away at the age of 98.
.
• Roger Corman was born on April 5, 1926, in Detroit, Michigan, United States.
• He was an American film director, producer, and actor.
• Known by various monikers such as "The Pope of Pop Cinema," "The Spiritual Godfather of the
New Hollywood," and "The King of Cult."
Former Deputy Chief Minister of Bihar, Sushil Kumar Modi, Known as 'Bihar's Bhamashah', Passes
Away
● Senior Bharatiya Janata Party (BJP) leader and former Bihar Deputy Chief Minister Sushil Kumar
Modi passed away in New Delhi at the age of 72.
● Sushil Kumar Modi was born on January 5, 1952, in Bihar.
● He served as the Deputy Chief Minister of Bihar from 2005 to 2013 and again between 2017 and
2020.
Former Gujarat Governor and Longtime Congress Leader Kamla Beniwal Passed away
● Veteran Congress leader and former governor of Gujarat Kamla Beniwal passed away at the age
of 97.
● Kamla Beniwal was born on January 12, 1927, in Gorir, Jhunjhunu district, Rajputana Agency,
British India.
● She joined the Indian National Congress at 15 and actively participated in the Quit India
Movement.
● She became Rajasthan's first woman minister in 1954 at the age of 27.
● For a decade, from 1980 to 1990, she was a cabinet minister in the Rajasthan government.
● Beniwal served as a minister in various capacities, including Deputy Chief Minister of Rajasthan
in 2003.
● Kamla Beniwal made history as the first woman governor of any northeastern state.
● Apart from Gujarat, she served as the governor of Tripura and Mizoram.
● Beniwal received the Tamra Patra Award from former Prime Minister Indira Gandhi in recognition
of her significant contribution to the freedom struggle.
Former Indian Newspaper Society President Naresh Mohan passes away
● Distinguished media veteran and former President of the Indian Newspaper Society (INS),
Naresh Mohan, passed away at the age of 82.
● Mohan served as the president of the INS during the term 1990-91.
● He also served as executive president at Hindustan Times, chairman at United News of India and
.
as member of the Press Council of India.

About INS :
● Founded : 1939
● President : Rakesh Sharma
● INS acts as the central organisation for newspapers in India, and plays a major role in protecting
and promoting freedom of the press in the country.
Nobel Prize-winning author Alice Munro Passed away
● Alice Munro, first Canadian author to win the Nobel Prize in literature, has passed away at the
age of 92 in Ontario.
● Alice Munro was born on July 10, 1931 in Ontario.
● The Nobel committee called Munro a “master of contemporary short stories”.
Awards & Honors :
● She was one of Canada's most renowned writers and received the Nobel Prize in Literature in
2013.
● Her first major break-through came in 1968, when her short story collection, Dance of The Happy
Shades, about life in the suburbs of western Ontario, won Canada’s highest literary honour, the
Governor General’s Award.
● It was the first of three Governor General’s Awards she would win in her lifetime.
● In 2009, Munro won the Man Booker Prize International Prize for lifetime achievement.
Former ICICI Bank Chairman and Legendary Banker N Vaghul Passed Away
● Legendary Indian banker and former chairman of ICICI Bank Narayanan Vaghul passed away in
Chennai at the age of 88.
● Vaghul was born in Madras (present-day Chennai) in British India in 1936.
● Between 1981 and 1985 he headed the development bank ICICI Ltd. as its Chairman & CEO.
● He was a recipient of the Padma Bhushan, India's third highest civilian honour, in 2010.
Iranian President Ebrahim Raisi Passed away in Helicopter Crash
● Iran’s 8th President Ebrahim Raisi tragically died in a helicopter crash in the mountainous
northwestern region of Iran.
● Along with Raisi, his foreign minister Hossein Amirabdollahian was also killed.
● In the aftermath of his death, Mohammad Mokhber, 68, was appointed as the Interim President
.
of Iran for a period of 50 days

● Raisi, who was seen as a prominent figure in Iran's political arena, was often considered a
potential successor to Supreme Leader Ayatollah Ali Khamenei.
● Ebrahim Raisi was born on 14 December 1960 in the Noghan district of Mashhad.
Vicco Chairman Yashwant Pendharkar Passed Away
● Yashwant Pendharkar, chairman of ayurvedic cosmetics giant Vicco Laboratories, passed away
at the age of 85 in Nagpur.
● He became the Chairman of the Vico Company in 2016.
● During his tenure, the company received many export-related awards including the prestigious
'Brand of the Year 2023' award.
About Vicco Group :
● Founded : 1952
● Vicco Laboratories, initially known as Vishnu Industrial Chemical Company, is renowned for
manufacturing Indian Ayurvedic herbal hygiene, healthcare, and other products such as herbal
toothpaste and herbal tooth powder.
Kabosu, Dog Behind 'Doge' Meme And The Face Of Dogecoin, Passed away
● Kabosu, the famous Shiba Inu dog behind Dogecoin and various meme tokens, has passed
away.
● Atsuko Sato, the owner, announced the death of the 18-year-old dog, who gained internet fame
as the inspiration for the "Doge" meme.
● Kabosu, a Shiba Inu dog, became widely known due to a viral photograph, which originated the
Doge meme.
● This photograph also influenced the creation of cryptocurrencies like Dogecoin, Shiba Inu, and
FLOKI, causing ripples in the cryptocurrency market.
About Doge (meme) :
● Doge is an Internet meme that gained popularity in 2013, featuring a Shiba Inu dog with
multicoloured text in Comic Sans font.
● Kabosu's image is the most frequently used in the meme, though variations with other Shiba Inus
are also popular.
● The Doge meme, based on a 2010 photograph of Kabosu, was named Know Your Meme's "top
.
meme" of 2013 due to its widespread popularity.

Two-Time PGA Tour Champion Grayson Murray Passed away
● Two-time PGA Tour winner Grayson Murray passed away at the age of 30.
● Grayson Colby Murray was an American professional golfer from Raleigh, North Carolina.
● Murray was regarded as one of the world’s best junior players, winning three IMG Junior World
titles in 2006, 2007, and 2008.
● He won two PGA Tour events: the 2017 Barbasol Championship and the 2024 Sony Open in
Hawaii.
About PGA Tour :
● Founded : December 2, 1929 (broke from PGA in 1968)
● Commissioner : Jay Monahan
● The PGA Tour is the organizer of professional golf tours in the United States and North America.
.
Important Monthly Current Affairs Capsule – June 2024
.
2. NATIONAL NEWS 10
4. STATE NEWS 63
5. BUSINESS NEWS 75
14. SPORTS NEWS 249
16. OBITUARIES 262
.
IMPORTANT DAYS
World Milk Day 2024: June 1
• Every year on June 1, World Milk Day is commemorated.
• This year’s theme will focus on celebrating the vital role dairy plays in delivering quality nutrition to
nourish the world. Dairy is an accessible, affordable, and nutrient-dense food, and an essential part
of balanced diets across the world.
• In 2001, World Milk Day was established by the Food and Agriculture Organisation of the United
Nations to recognize the importance of milk as a global food, and to celebrate the dairy sector.
Telangana Formation Day 2024: June 2

• On June 2nd, Telangana Formation Day 2024 is observed by the Telangana people.
• It is a national event celebrated annually on June 2nd to celebrate the day when Telangana was
formed from the state of Andhra Pradesh.
• In 2014, the bill was introduced in the Indian Parliament, and the same year, the Andhra Pradesh
Reorganisation Act was passed.
• According to the bill, Telangana would be formed by 10 districts in northwestern Andhra Pradesh.
World Bicycle Day 2024: June 3

• World Bicycle Day is celebrated all over the globe every year on the 3rd of June to recognize the
versatility and uniqueness of the bicycle, as well as its reliability and sustainability as a mode of
transportation.
• The celebration of World Bicycle Day honours the bicycle for providing people with a distinctive,
durable, and sustainable mode of transportation.
• The theme of World Bicycle Day 2024 is “Encouraging good health, fairness, and sustainability
through cycling.
International Day of Innocent Children Victims of Aggression: June 4

• Every year on June 4th, the International Day of Innocent Children Victims of Aggression
acknowledges the pain that children around the world suffer.
• In 1982, the International Day of Innocent Children Victims of Aggression was established on
August 19.
• In 1997, U.N.O.D.C. was established.
.
World Environment Day 2024: June 5

• Every year on June 5th, World Environment Day raises public awareness about various concerns
such as increasing deforestation, which contributes to global warming.
• Organised by: United Nations General Assembly (UNGA)
• Theme: “Land Restoration, Desertification and Drought Resilience”
• The first World Environment Day was celebrated in 1973 with the theme “Only One Earth”.
Russian Language Day is celebrated on 6 June at the UNESCO Headquarters

• The UN Russian Language Day is celebrated on 6 June – the birthday of the great Russian poet
Alexander Pushkin.
• This Day was set by the decision of the UN Department of Public Information in 2010.
• Its celebration, along with the days of the other official UN languages, was welcomed by the UN
General Assembly in 2017 and supported by the UNESCO 215th Executive Board (2022).
• It is the second time (first was in 2023) when the Russian Language Day is celebrated at the
Organization’s Headquarters.
World Food Safety Day 2024: June 7
• Every year on June 7th, World Food Safety Day is commemorated.
• Theme: “Food safety: prepare for the unexpected”
• World Food Safety Day was established by the United Nations General Assembly in December
2018.
• It was first celebrated on June 7, 2019.
• The World Health Organization (WHO) and the Food and Agriculture Organization (FAO) of the
United Nations play a key role in promoting this day and its activities.
World Brain Tumour Day 2024: June 8

• Every year on June 8th, World Brain Tumor Day is commemorated.
• The day raises awareness of brain tumours and educates people about them.
• The theme of World Brain Tumour Day 2024 is 'Brain Health and Prevention'.
• The history of World Brain Tumour Day goes back 24 years when it was first observed in the year
2000 by a Leipzig-based NPO Deutsche Hirntumorhilfe e.V or German Brain Tumour Association.
World Oceans Day 2024: June 8
.
• Every year on June 8th, World Ocean Day is commemorated to raise awareness of the ocean's vital
role in human life and ways to conserve it across the world.
• The theme for World Oceans Day 2024 is “Awaken New Depths”.
• In 1992, during the Earth Summit in Rio de Janeiro, the notion of World Ocean Day was introduced.
• On June 8, 2009, The United Nations General Assembly formally designated the day with Resolution
63/111.
World Day Against Child Labour 2024: June 12

• World Day Against Child Labour 2024 is observed all over the world on June 12th as an awareness
event to protect children against labour.
• The theme for World Day Against Child Labour 2024 is – Let's act on our commitments: End Child
Labour!
• In 1919, The International Labour Organization (ILO) was founded to promote social justice and
establish International Labor Standards. ILO has 137 states as members.
Russia Day: June 12

• Russia Day is a national holiday in Russia observed every year on June 12.
• On December 25, 1991, the country was renamed the Russian Federation.
• The festival to mark this occasion in the world’s largest country, however, has undergone two name
changes since then.
• And although it was not a national holiday, it was initially termed ‘Independence Day.’
International Albinism Awareness Day 2024

• International Albinism Awareness Day is observed on 13 June every year to raise awareness
about albinism, a rare, genetically inherited condition that causes a lack of pigmentation in the
skin, resulting in uncharacteristically light hair, skin, and eyes.
• This year's theme for International Albinism Awareness Day is “10 years of IAAD: A decade of
collective progress.”
World Blood Donor Day 2024: June 14

• Every year, World Blood Donor Day is observed on June 14. This year, World Blood Donor Day
falls on Friday.
.
• In 1940, a scientist called Richard Lower performed a blood transfusion between two dogs
without any ill effects.
• In 2005, The World Health Assembly announced June 14 to be observed as World Blood Donor
Day every year.
• The theme of this year's World Blood Donor Day Is - 20 years of celebrating giving: thank you,
blood donors.
Global Wind Day 2024: June 15

● Global Wind Day, which is observed on 15 June every year, raises awareness about the importance
of wind energy and its power to alter the globe.
● In 2007, The European Wind Energy Association (EWEA) organized the first Wind Day.
● In 2009 the EWEA joined forces with the Global Wind Energy Council (GWEC) and made it a
worldwide event.
World Elder Abuse Awareness Day 2024: June 15

● On June 15th, every year the world commemorates World Elder Abuse Awareness Day.
● This day is marked in order to raise awareness about the plight of the elderly who are abused and
harmed.
● The theme of World Elder Abuse Awareness Day 2024 is 'Spotlight on Older Persons in
Emergencies.'
● In 1978, SAGE was formed and the Advocacy and Services for LGBT elders were created.
● In 1983, The first book on elder abuse, “Abuse and Maltreatment of the Elderly: Causes and
Interventions”, was published.
World Day to Combat Desertification and Drought: June 17

● Every year on June 17th, the World Day to Combat Desertification and Drought is commemorated to
increase public awareness about the critical need to combat desertification and drought.
● The theme of this year's World Day to Combat Desertification and Drought is - 'United for Land. Our
Legacy. Our Future. "
● In 1994, The UN General Assembly established the United Nations Convention to Combat
Desertification (UNCCD) - the legally binding international agreement linking environment,
.
development and sustainable land management.

● In 2007, the UN General Assembly declared the decade of 2010 to 2020 as the United Nations
Decade for Deserts and the fight against Desertification.
Autistic Pride Day 2024: June 18

● Every year on June 18th, the globe celebrates Autistic Pride Day to raise awareness that autism is a
condition, not a disease.
● Aspies for Freedom established Autistic Pride Day in 2005 by Aspies for Freedom to improve public
awareness and celebrate the similarities and differences among persons with autism.
● Aspies For Freedom (AFF) is a grassroots advocacy and solidarity organisation dedicated to
increasing public awareness of the autism rights movement.
● AFF's mission is to inform the public that autism is not necessarily a handicap and that there are
benefits as well as drawbacks
World Sauntering Day 2024: June 19

● On the 19th of June every year, World Sauntering Day is observed each year all over the world to
encourage people to slow down and appreciate the world around them and connect with nature.
● In 1979, W.T. Rabe established World Sauntering Day.
● He was the one who started this holiday in the 1970s.
● This day was created in response to jogging's growing popularity. W.T. Rabe, it appears, has also
devised a few sauntering norms.
● The purpose of commemorating this day is to encourage people to take a break, enjoy life, and
appreciate what they have.
World Sickle Cell Awareness Day 2024: June 19

● Every year on June 19th, World Sickle Cell Day is commemorated to raise awareness of the human
Sickle Cell illness.
● The theme of 2024 is “Hope Through Progress: Advancing Care Globally.”
● The UN declared the day, and it has served to raise awareness of the condition, its organization, the
care and measures that should be taken, and the treatment that should be given to someone who is
suffering from it.
.
● The United Nations General Assembly declared World Sickle Cell Day in 2008 to promote
awareness of sickle cell illness.
World Refugee Day 2024: June 20

● Every year on June 20th, World Refugee Day is commemorated to raise awareness of the plight of
refugees and the difficulties they face.
● World Refugee Day traces its origins to Resolution 55/76 of the United Nations General Assembly,
adopted on December 4, 2000.
● This resolution was introduced to raise awareness about the increasing global refugee population
and to commemorate the 50th anniversary of the 1951 Refugee Convention.
● The 1951 Refugee Convention emerged in the aftermath of World War II and established the
foundational legal framework for protecting and ensuring the rights of refugees.
World Hydrography Day 2024: June 21

● Every year on June 21st, World Hydrography Day is commemorated to promote awareness about
the importance of hydrography, safe navigation, and maritime environmental conservation
● The theme of 2024 is “Hydrographic Information - Enhancing Safety, Efficiency and Sustainability in
Marine Activities”.
● The International Hydrographic Bureau was founded in 1921 to provide a forum for states to confer
on issues such as safe navigation, technical standards, and the conservation of the maritime
environment.
● The international commemoration of World Hydrography Day began in 2006.
● The day honors hydrographers' efforts and raises awareness about the vital importance of
hydrography in people's lives.
International Yoga Day 2024: June 21

● Every year on the 21st of June, International Yoga Day is commemorated to create awareness
about the relevance and advantages of yoga in everyone's life.
● The 2024 theme, "Yoga for Self and Society”.
● On December 27, 2014, The Prime Minister proposed that the UN General Assembly commemorate
International Yoga Day with the goal of boosting public awareness about the relevance of yoga
around the world.
.
● On June 21, 2015, the first International Yoga Day was observed all around the world.
World Music Day 2024: June 21

● On 21st June, World Music Day 2024 is celebrated all over the globe to celebrate music among the
public.
● Fête de la Musique was held in Paris in 1982 to commemorate World Music Day. This day was
arranged by two members of the French Minister of Culture, Jack Lang, a French politician, and
Maurice Fleuret, a composer, music journalist, radio producer, and arts administrator.
International Widow’s Day 2024: June 23

● International Widows Day is observed all over the universe each year on the 23rd of June to
draw attention to widows' voices and experiences and galvanize the exceptional support they
need.
● Widows had to immolate themselves on their late husband's funeral pyre before 1827.
● In 2005, the Loomba Foundation established International Widow's Day in honor of Loomba's
mother, who became a widow on June 23, 1954.
● The main aim of International Widow’s day is to provide education to the widows’ children,
provide them with healthcare facilities, and develop various resources and policies to empower
widows.
United Nations Public Service Day 2024: June 23

● The United Nations Public Service Day is celebrated on June 23 of every year to celebrate the
value and virtue of public service to the community; highlight the contribution of public service in
the development process; recognize the work of public servants, and encourage young people to
pursue careers in the public sector.
● Every year on June 23rd, the United Nations Public Service Day is observed to emphasize the
importance and virtue of public service to the community, to acknowledge their commitment to
the development process through public service, and to encourage youngsters to choose a
career in the public sector.
● By approving resolution 57/277 on December 20, 2002, the United Nations General Assembly
declared June 23rd as United Nations Public Service Day.
.
International Olympic Day 2024: June 23

● Olympic Day Run or International Olympic Day is celebrated on June 23 all around the world.
● The day embraces all through pure Olympic values.
● The theme for Olympic Day 2024 is 'Let's Move and Celebrate', aiming to inspire people
worldwide to engage in daily physical activity. Abhinav Bindra, India's first individual gold
medallist at the Olympics, shared his thoughts on his social media handle.
● Venezuela, Belgium, Canada, Switzerland, Portugal, Greece, Austria, the United Kingdom, and
Uruguay commemorated the first Olympic Day on June 23, 1948.
● The National Olympic Committee picked June 23 to commemorate the International Olympic
Committee's (IOC) formation on the same day in 1894.
International Day against Drug Abuse & Illicit Trafficking 2024: June 26
● Every year on June 26th, the International Day Against Drug Abuse and Illicit Trafficking 2024 is
commemorated to raise awareness about the impact and negative consequences that drugs
have on society.
● 2024 THEME: “The evidence is clear: invest in prevention”
● On December 7, 1987, the United Nations General Assembly established June 26 as
International Day Against Drug Abuse and Illicit Trafficking. During the early twentieth century,
the global epidemic of drug usage was already recognized.
World Asteroid Day 2024: June 30
● World Asteroid Day, observed annually on June 30, is a global event aimed at raising awareness
about asteroids and the potential hazards they pose to our planet.
● This day serves as a reminder of the importance of scientific research and international
collaboration in detecting and mitigating asteroid impacts.
NATIONAL NEWS
Global unemployment rate is expected to fall slightly to 4.9% in 2024: ILO
.
• According to the International Labour Organization (ILO), the global unemployment rate is expected
to decrease slightly to 4.9% this year from 5.0% in 2023, despite persistent inequalities in labour
markets.
• In January, the ILO, a United Nations agency, forecasted unemployment to rise to 5.2% due to an
anticipated increase in joblessness in advanced economies.
• However, the latest revision attributes the adjustment to lower-than-expected unemployment rates in
China, India, and high-income countries reported so far this year.
DoT allows separate numbering series exclusively for service and transactional voice calls
• In its ongoing effort to combat Unsolicited Commercial Communication (UCC), the government has
introduced a dedicated numbering series, 160, exclusively for service and transactional voice calls
per the Telecom Commercial Communication Customer Preference Regulation (TCCCPR), 2018.
• Entities such as government (Centre/State) and Regulators will be assigned numbers with a prefix of
1600, while Financial Entities regulated by RBI, Sebi, PFRDA, and IRDA will have a prefix of 1601.
CDRI launches $8 million funding initiative for disaster resilient infrastructure in small island developing
states
• During the UN 4th International Conference on Small Island Developing States (SIDS) in Antigua
and Barbuda, the Coalition for Disaster Resilient Infrastructure (CDRI), headquartered in New Delhi,
announced a Call for Proposals aimed at funding projects to enhance infrastructure resilience in
SIDS.
• The funding appeal, amounting to $8 million, was unveiled at the SIDS4 Conference in Antigua and
Barbuda as part of CDRI's Infrastructure for Resilient Island States Programme (IRIS).
• IRIS has been honoured with the 2024 UN SIDS Partnership Award, acknowledging its role in
fostering sustainable development in SIDS through innovative and impactful partnerships.
India assumes the chair of Colombo Process for 2024-26

• India's assumption of the chairmanship for the regional grouping Colombo Process marks the first
time since its inception in 2003.
• The Colombo Process is a regional consultative forum consisting of 12 member states across Asia.
• India has assumed the Chair of the Colombo Process for the term 2024-26, marking its first tenure in
this position since the establishment of the forum.
BIMSTEC-India Marine Research Network BIMReN Launched
.
• The Government of India has launched BIMReN (BIMSTEC-India Marine Research Network), a
joint initiative of the Ministry of External Affairs (MEA) and the Bay of Bengal Programme-Inter
Governmental Organization (BOBP-IGO).
• The aim is to foster sustainable development of the blue economy by connecting researchers and
research institutions in BIMSTEC countries.
• BIMReN seeks to promote collaborative research and development in the blue economy sector
through the following initiatives:
About BIMSTEC
• The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is
an international organization consisting of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka,
and Thailand.
• Formed on 6 June 1997 through the Bangkok Declaration,
• its headquarters is located in Dhaka, Bangladesh.
After Dearness Allowance, the government hikes the gratuity limit for central govt employees by 25%
• The government has decided to raise the gratuity limit for central government employees by 25%,
effective January 1, 2024.
• The new limit has increased from ₹20 lakhs to ₹25 lakhs.
• Understanding Gratuity
• Gratuity refers to the amount paid by an employer to an employee in recognition of their long and
meritorious service.
• It is provided under the Payment of Gratuity Act, 1972, and is granted to employees who have
completed at least five years of continuous service with the employer.
Centre Launches New Mobile Number Series For Service, Transactional Calls
• The Centre has launched a new numbering series, 160xxxxxxx, specifically for service or
transactional calls.
• This initiative aims to help citizens easily identify legitimate calls and curb unsolicited voice calls
from telemarketers using 10-digit mobile numbers.
• Currently, the 140xxxxxxx series is allocated to telemarketers for promotional, service, and
transactional calls.
.
Supreme Court reconstitutes committee on gender sensitisation

• The Supreme Court of India has reconstituted its Gender Sensitisation and Internal Complaints
Committee in line with the Gender Sensitisation and Sexual Harassment regulations of 2013.
India to Host 81st IATA Annual General Meeting in 2025

• India is set to host the prestigious annual general meeting (AGM) of the International Air Transport
Association (IATA) in 2025, marking a significant milestone after 42 years.
• The IATA AGM is widely regarded as one of the most significant events in the aviation industry's
calendar, bringing together key stakeholders to discuss pressing issues and innovations shaping
the sector.
• IndiGo, India's largest airline by market share, will be the host airline for the AGM and the
accompanying World Air Transport Summit.
• The event is scheduled to take place in Delhi from June 8 to 10, 2025.
Over 1 lakh farmers voluntarily gave up their PM-Kisan benefits last year(2023)
• According to the Union Ministry of Agriculture and Family Welfare, 116,000 farmers have
voluntarily surrendered their benefits under the Pradhan Mantri Kisan Samman Nidhi (PM-
Kisan) scheme from June 2023 to May 2024 period across the country.
• Of the 116,000 farmers who have voluntarily given up the scheme maximum are from Bihar
followed by Uttar Pradesh and Rajasthan.
Following are the top states where farmers have surrendered their PM-Kisan benefit
➢ Bihar -.29176 farmer’s families
➢ Uttar Pradesh -26.593 farmer's families
➢ Rajasthan -10,343 farmer’s families
➢ Maharashtra-7,825 farmer's families
➢ Jharkhand- 6,215 farmer’s families
National Pension System assets surge 28% to ₹12.16 lakh crore
.
• National Pension System’s (NPS) assets under management (AUM) have touched ₹12.16 lakh
crore as of May 25, the latest data from the Pension Fund Regulatory and Development Authority
(PFRDA) showed.
• The AUM is up by 28 per cent from ₹9.52 lakh crore a year ago.
• The overall AUM, including Atal Pension Yojana (APY), was also higher than the March 2024
level of ₹11.73 lakh crore.
• In August last year, the NPS assets had touched ₹10 lakh crore.
NOTA gets over 1.7 lakh votes in Indore LS seat, breaks previous record of Gopalganj
• Following the Congress' appeal to electors in Madhya Pradesh's Indore to select the 'None of the
Above' option, it has so far got more than 1.7 lakh votes in the Lok Sabha seat, breaking the
previous NOTA record of Gopalganj in Bihar.
• NOTA gives an option to voters to reject all candidates in a constituency.
• In the 2019 elections, the Gopalganj Lok Sabha seat in Bihar recorded the maximum NOTA
votes at 51,660, about 5 per cent of the total votes polled in the constituency.
CBIC initiates process to replace 80 years old Central Excise Act

• Ahead of the formation of the new Government, the Central Board of Indirect Taxes and Custom
(CBIC) released a draft of a new Bill to amend the Central Excise Act.
• The proposed Bill, once enacted, will replace 8 decades’ Act - the Central Excise Act.
• The Bill comprises twelve chapters, 114 (one hundred and fourteen) sections and two schedules.
• The existing Act has 11 chapters with over 110 Sections and 4 Schedules.
• Post introduction of GST, Central Excise is levied mainly on petroleum products.
Coal and Lignite PSUs Lead the Way in Land Restoration and Sustainability
• The Ministry of Coal has unveiled a report detailing the strides made by Coal and Lignite Public
Sector Undertakings (PSUs) in land restoration and sustainability.
• According to a press release by the Ministry of Coal, amidst rising energy demands, these PSUs
have ramped up coal production and made notable progress in environmental preservation through
comprehensive land reclamation and greening efforts.
.
• This global focus aligns seamlessly with the Ministry of Coal’s newly released report, “Greening
Initiative in Coal & Lignite PSUs,” which showcases the ambitious efforts of coal and lignite PSUs in
transforming mined-out areas into vibrant green spaces.
DoT to undertake MSME survey to push industry 4.0 applications

• The Department of Telecommunications has launched a comprehensive survey aimed at
understanding and resolving the challenges encountered by Micro, Small, and Medium Enterprises
(MSMEs) in adopting new technologies.
• This initiative seeks to establish a robust ecosystem that harnesses the potential of cutting-edge
technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and the
integration of 5G and 6G networks.
• Over 60 days, the survey will cover five sectors each in North and South India. It is designed to
unveil sector-specific requirements across a minimum of ten industries.
NHAI invites global bids for GNSS-based electronic toll collection

● NHAI has invited expressions of interest (EoIs) from around the world for the implementation of
GNSS-based electronic toll collection (ETC) on National Highways.
● Objective: The aim is to provide a seamless and barrier-free tolling experience for users of National
Highways.
● Technology Description: GNSS-based Electronic Toll Collection (ETC) is a barrier-free method that
utilizes Global Navigation Satellite System (GNSS) technology.
● Functionality: The system tracks vehicles and calculates tolls based on the distance travelled on
tolled highways.
ECI reports 65.79 per cent overall voter turnout: Lok Sabha elections 2024
● The Election Commission reported an overall voter turnout of 65.79 percent in the General Elections
2024 at the polling stations.
● Seven Phases: The elections were conducted in seven phases from April 26 to June 1, with the
counting of votes taking place on June 4.
● Total Voters: A total of 64.2 crore voters exercised their franchise in the 2024 elections.
● Highest Turnout: Lakshadweep recorded the highest voter turnout of 84.16 percent, followed by
Assam with 81.56 percent and Tripura with 80.93 percent.
.
NHRC seeks report on ‘sale of underage girls’ as part of ‘Nata Pratha’

● The National Human Rights Commission (NHRC) has issued a notice to Uttar Pradesh, Madhya
Pradesh, Rajasthan, and Gujarat following a 2020 case where a father sold his daughter for 2.5
lakhs. The girl was later found dead.
● Complaint: The father lodged a complaint with the NHRC upon discovering his daughter's dead
body.
● Details: The incident originated from a marriage deal called 'Nata Pratha' where the girl was
allegedly sold as part of the deal.
About NHRC
• Establishment: NHRC is a statutory body constituted on October 12, 1993, under the Protection of
Human Rights Act, 1993 (PHRA).
• Mandate: NHRC is responsible for protecting and promoting human rights, including rights relating to
life, liberty, equality, and dignity as guaranteed by the Constitution and international covenants.
• NHRC Type: NHRC is a statutory body established in 1993.
• POCSO Act: The Protection of Children from Sexual Offences Act, 2012, is a legislative measure
aimed at safeguarding children from sexual abuse and exploitation.
Shri Narendra Modi Takes Oath As Prime Minister For Record 3rd Time
• Prime Minister Shri Narendra Modi took the oath of office for an unprecedented third consecutive
term as the head of a coalition government.
• Ceremony Details: The swearing-in ceremony included the induction of several leaders from the
National Democratic Alliance (NDA) partners, showcasing the BJP’s commitment to its allies.
• Age and Achievement: At the age of 73, Modi matched the record of India’s first Prime Minister,
Jawaharlal Nehru, who won three consecutive general elections in 1952, 1957, and 1962.
Indian tripartite delegation at the 112th session of International Labour Conference (ILC)
• The Indian tripartite delegation, led by Secretary (Labour & Employment), Ms. Sumita Dawra,
actively participated in the 112th session of the International Labour Conference (ILC) of the
International Labour Organisation (ILO) in Geneva, Switzerland.
• Ms. Dawra, a 1991 Batch IAS officer from Andhra Pradesh Cadre, currently serves as Special
Secretary in the Ministry of Commerce and Industry.
.
• She oversees the Logistics division of DPIIT and is responsible for implementing the Prime
Minister’s flagship programme – PM GatiShakti National Master Plan.
• With a background in serving Andhra Pradesh at both district and state levels, she brings extensive
experience in development and welfare programmes.
Full list of Union government ministers with portfolios

Minister Portfolios
Prime Minister Narendra Modi Prime Minister; Ministry of Personnel, Public
Grievances and Pensions; Department of Atomic
Energy; Department of Space; All important policy
issues; and All other portfolios not allocated to any
Minister.
Nirmala Sitharaman Finance; Corporate Affairs

Amit Shah Home Affairs; Cooperation
S. Jaishankar External Affairs
Rajnath Singh Defence
Nitin Gadkari Road Transport and Highways
Dharmendra Pradhan Education
Piyush Goyal Commerce; Industry
Manohar Lal Khattar Housing; Urban Affairs; Power
H. D. Kumaraswamy Ministry of Heavy Industries and Steel
J.P. Nadda Health and Family Welfare; Minister of Chemicals

and Fertilizers.
Sarbananda Sonowal Ports; Shipping; Waterways

Annpurna Devi Women; Child Development
Kiren Rijiju Parliamentary Affairs; Minority Affairs
Dr. Mansukh Mandaviya Labour; Employment; Youth Affairs; Sports
G. Kishan Reddy Coal; Mines
.
Pralhad Joshi Consumer Affairs; Food and Public Distribution;

New and Renewable Energy
Jual Oram Tribal Affairs

Giriraj Singh Textiles
Jyotiraditya M. Scindia Communications; Development of North Eastern
Region
Dr. Virendra Kumar Social Justice; Empowerment
Chirag Paswan Food Processing Industries.
Bhupender Yadav Environment; Forest; Climate Change
Ashwini Vaishnaw Railways; Information; Broadcasting; Electronics;

Information Technology
Rajiv Ranjan Singh alias Lalan Singh Panchayati Raj; Fisheries; Animal Husbandry;
Dairying
Hardeep Singh Puri Petroleum; Natural Gas
Kinjarapu Rammohan Naidu Civil Aviation
C R Patil Jal Shakti
Gajendra Singh Shekhawat Culture; Tourism
Shivraj Singh Chouhan Agriculture; Farmers Welfare; Rural Development
Jitan Ram Manjhi Micro, Small and Medium Enterprises.
list of Ministers of State (Independent Charge) and their portfolios

Minister Portfolios
Dr. Jitendra Singh Science and Technology; Earth
Sciences; Prime Minister’s Office;
Personnel, Public Grievances and
Pensions; Atomic Energy; and
Department of Space.
Jayant Chaudhary Ministry of Skill Development and
Entrepreneurship; Ministry of Education.
.
Rao Inderjit Singh Ministry of Statistics and Programme

Implementation; Ministry of Planning;
and Culture.
Jadhav Prataprao Ganpatrao Ministry of Ayush; Ministry of Health and
Family Welfare.
Arjun Ram Meghwal Law and Justice; Ministry of
Parliamentary Affairs.
list of Ministers of State and their portfolios:

Minister Portfolios
Ajay Tamta Ministry of Road Transport and Highways
Anupriya Patel Ministry of Health and Family Welfare; Ministry of Chemicals
and Fertilizers
B. L. Verma Ministry of Consumer Affairs, Food and Public Distribution;
Ministry of Social Justice and Empowerment
Bandi Sanjay Kumar Ministry of Home Affairs

Bhagirath Choudhary Ministry of Agriculture and Farmers Welfare
Bhupathi Raju Srinivasa Ministry of Heavy Industries; Ministry of Steel
Varma
Durgadas Uikey Ministry of Tribal Affairs
Dr. Chandra Sekhar Ministry of Rural Development; Ministry of Communications
Pemmasani
George Kurian Ministry of Minority Affairs; Ministry of Fisheries, Animal
Husbandry and Dairying
Harsh Malhotra Ministry of Corporate Affairs; Ministry of Road Transport and
Highways
Jitin Prasada Ministry of Commerce and Industry; Ministry of Electronics and
Information Technology
Kamlesh Paswan Ministry of Rural Development
Kirtivardhan Singh Ministry of Environment, Forest and Climate Change; Ministry
of External Affairs
.
Krishan Pal Cooperation

L. Murugan Ministry of Information and Broadcasting; Ministry of
Parliamentary Affairs
Murlidhar Mohol Ministry of Cooperation; Ministry of Civil Aviation
Nimuben Jayantibhai Ministry of Consumer Affairs, Food and Public Distribution
Bambhaniya
Nityanand Rai Home Affairs
Pabitra Margherita Ministry of External Affairs; Ministry of Textiles
Pankaj Chaudhary Finance
Prof. S. P. Singh Baghel Ministry of Fisheries, Animal Husbandry and Dairying; Ministry
of Panchayati Raj
Ram Nath Thakur Ministry of Agriculture and Farmers Welfare
Ramdas Athawale Ministry of Social Justice and Empowerment
Raksha Nikhil Khadse Ministry of Youth Affairs and Sports
Raj Bhushan Choudhary Ministry of Jal Shakti
Ravneet Singh Ministry of Food Processing Industries; Ministry of Railways
Satish Chandra Dubey Ministry of Coal; Ministry of Mines

Savitri Thakur Ministry of Women and Child Development
Shantanu Thakur Ministry of Ports, Shipping and Waterways
Shripad Yesso Naik Ministry of Power; Ministry of New and Renewable Energy
Sanjay Seth Ministry of Defence

Sukanta Majumdar Ministry of Education; Ministry of Development of North
Eastern Region
Suresh Gopi Ministry of Petroleum and Natural Gas; Ministry of Tourism
Sushri Sobha Karandlaje Ministry of Micro, Small and Medium Enterprises; Ministry of
Labour and Employment
Tokhan Sahu Ministry of Housing and Urban Affairs
V. Somanna Jal Shakti; Ministry of Railways
.
India may sustain 6.5-7% GDP growth between FY26 & FY30, says UBS
• India is expected to sustain a potential growth rate of 6.5 percent -7 percent year-on-year (Y-o-Y)
between 2025-26 and 2029-30, UBS Securities.
• During FY25, India is expected to grow at 7 percent as post-pandemic recovery in the capital
expenditure (capex) cycle, driven by government spending and strong residential real estate
demand is likely to continue, stated Tanvee Gupta Jain, chief India economist at UBS Securities.
PM Awas expansion: Centre to spend Rs 4 trillion

• The construction of 30 million houses in both rural and urban areas under the Pradhan Mantri
Awas Yojana (PMAY) is likely to cost the Central exchequer about Rs 4 trillion, while the state
governments will have to spend another Rs 2.5 trillion, according to official sources.
• The monies would be spent over a period of four-to-five years.
• So far, the PMAY, launched in 2015, has enabled the construction of as many as 26 million
houses.
• The Union Cabinet approved the construction of 20 million more houses under PMAY-Gramin
and 10 million under PMAY-Urban.
It's official: Uttrakhand's Joshimath is now Jyotirmath again

• The mythological city of Joshimath in Uttarakhand has been officially renamed Jyotirmath.
• The decision was announced by the state government after getting approval from the Centre.
• Fulfilling a promise made a year ago, Uttarakhand Chief Minister Pushkar Singh Dhami
announced to change of the official name of Joshimath tehsil in Chamoli district to its historical
title, Jyotirmath.
• The name change was initially proposed by local residents and several organisations during a
ceremony held at Ghat in Chamoli district last year, where the decision to rename the ancient
name of Jyotirmath back to it was formally announced.
MNRE and IREDA host a conference in Bhubaneswar highlighting Odisha's Green Energy Potential
• The Ministry of New & Renewable Energy (MNRE), in collaboration with the Indian Renewable
Energy Development Agency Ltd. (IREDA), organized a pre-event conference for Global Wind
Day at the Welcome Hotel in Bhubaneswar.
.
• According to the National Institute of Wind Energy (NIWE), India’s onshore wind potential is
estimated at 1,164 GW at 150 meters above ground level, with Odisha’s potential of 12 GW.
• In his keynote address, Shri Pradip Kumar Das, CMD, IREDA highlighted Odisha’s significant
green energy potential and the promising opportunities within the state.
BrahMos celebrates 23 years of milestones in missile technology

• BrahMos commemorated the 23rd anniversary of its first successful test launch, a
groundbreaking moment in the history of defence technology.
• It was on 12 June 2001 that the BrahMos supersonic cruise missile soared into the skies from the
Integrated Test Range (ITR) in Chandipur, marking the beginning of a new era in missile
technology.
• The missile was developed by BrahMos Aerospace, a joint venture between India’s Defence
Research and Development Organisation (DRDO) and Russia’s NPO Mashinostroyenia (NPOM).
Government to Launch 21st Livestock Census with Mobile Technology

• The government announced that it will initiate the 21st livestock census from September to
December 2024, utilizing mobile technology for the first time to gather detailed data on a wide
range of animal species across the country.
• This comprehensive enumeration will encompass all villages and urban wards, covering various
species such as cattle, buffalo, Mithun, yak, sheep, goat, pig, horse, pony, mule, donkey, camel,
dog, rabbit, elephant, and poultry birds like fowl and duck, held by households and enterprises.
India Needs Up to USD 215 Billion for 2030 Renewable Energy Goal
● India will need investments between USD 190 to 215 billion to achieve its goal of 500 gigawatts
(GW) of renewable energy capacity by 2030, according to Moody's Ratings.
● This expenditure highlights the significant financial commitment necessary for the nation's
infrastructure companies amid its energy transition driven by robust economic growth.
● Government Policies and Regulatory Stability: Moody's emphasizes that supportive government
policies and a stable regulatory environment will be crucial in maintaining credit quality and
bolstering investor confidence, facilitating the necessary capital influx.
.
India: Second-Largest Emitter of Nitrous Oxide Globally

● India ranks as the second-largest emitter of nitrous oxide (N2O) globally, a greenhouse gas
significantly more potent than carbon dioxide in terms of atmospheric heating.
Key Points from the Study:

Publication: The study was published in the Journal Earth System Science Data, providing a global
assessment of N2O emissions.
Global Ranking: In 2020, India accounted for nearly 11% of global man-made N2O emissions, second
only to China, which contributed 16%.
N2O Concentrations: Atmospheric N2O levels reached 336 parts per billion in 2022, about 25% higher
than pre-industrial levels.
CO2 Comparison: Carbon dioxide levels were 417 parts per million in 2022, highlighting the immediate
focus on CO2 emissions for climate change mitigation.
Top Five Countries Emitting Nitrous Oxide (N2O)
Here are the top five emitter countries of nitrous oxide (N2O), a potent greenhouse gas:
1. China: 16.7%
2. India: 10.9%
3. United States: 5.7%
4. Brazil: 5.3%
5. Russia: 4.6%
Centre extends scheme by another year to digitize patients' health record

● The Centre has extended the scheme for digitizing patients' health records and linking them with the
Ayushman Bharat Digital Health Account (ABHA ID) by one year.
● The scheme aims to promote digital healthcare services and encourage public adoption of the
Ayushman Bharat Digital Mission (ABDM).
● Initially set to conclude on 30th June, the Digital Health Incentive Scheme (DHIS) will now continue
until 30th June 2025 or until funds are available unless discontinued earlier.
● Under DHIS, hospitals receive Rs. 20 per patient for digitizing their health records and linking them
with ABHA IDs.
● Currently, approximately 633 million ABHA IDs have been generated nationwide. The objective is to
expand this voluntary digital health ID initiative to cover every individual in the country.
.
PFRDA selects NEC Corp India as the system integrator

● Pension regulator PFRDA has chosen NEC Corporation India as the System Integrator (SI) for its
digital platform, PFRDA-TRACE, for a period of six years.
● NEC Corporation India is set to play a pivotal role in PFRDA’s journey of digital transformation.
Project Background
● Initiative by PFRDA: In February, PFRDA initiated the selection process for appointing an SI for
PFRDA-TRACE under its Technology Architecture (TARCH) project.
● Shortlisting Process: By April, PFRDA had shortlisted four bidders for technical evaluation, which
included Bahwan Cybertek, Inspira Enterprise India, NEC Corporation India, and Trigyn
Technologies.
PFRDA-TRACE Platform
● Functionality: PFRDA-TRACE, or Tracking, Reporting, Analytics, and Compliance E-platform, aims

to streamline regulatory and supervisory compliance reports from intermediaries.
● It facilitates data sharing with PFRDA, monitors functions, and supports workflow for PFRDA
departments.
● Phase and Integration: PFRDA-TRACE constitutes the second phase of the TARCH project,
focusing on digitization and automation of operational processes.
● The TARCH project will adopt a modular approach with API-based platforms:
o Website Revamp and Chatbot
o PFRDA Online Intermediary Supervision Engine (POISE)
o PFRDA Repository and Information Systems Management: Data and Analytics Platform
(PRISM)
o PFRDA Intranet: Internal Digitalization (PINTRA)
Union Jal Shakti Ministry Unveils Real-Time Ecological Monitoring System
● The Union Jal Shakti Ministry has introduced an innovative e-flow ecological monitoring system for
real-time river quality monitoring of Ganga.
● This system is expected to significantly enhance the planning and oversight of various projects, river
.
water quality, and other essential parameters.
Development and Purpose

● Developed by the National Mission for Clean Ganga, a branch of the Jal Shakti Ministry, the
Environmental Flows (E-Flows) Monitoring System was inaugurated in the presence of Jal Shakti
Minister C.R. Patil.
Key Features and Functions
● Key features include monitoring the performance of Sewage Treatment Plants (STPs) to ensure they
operate at their designated capacity.
● The Namami Gange programme, a flagship initiative of the Ministry, initially focused on cleaning the
Ganga and now extends to its tributaries.
Significance of the Launch

● The introduction of the E-flow Monitoring System represents a major advancement towards
maintaining a continuous and sustainable flow of the Ganga River.
● By utilizing data from quarterly reports by the Central Water Commission, the system will monitor
crucial parameters such as in-flow, out-flow, and mandated E-flow across 11 projects along the
Ganga Main Stream.
47% of urban Indians faced financial fraud in last 3 years:

● According to the survey, 47% of urban Indians reported being victims of financial fraud themselves
or within their families over the past three years.
● A recent survey by LocalCircles reveals alarming statistics about financial frauds in urban India.
Credit Card Fraud: A Common Concern

● Among those affected, 43% experienced fraudulent activities involving their credit cards.
● A significant number, 1 in 2 victims, encountered unauthorized charges from both domestic and
international merchants and websites.
Challenges with UPI Transactions

● Meanwhile, 30% of respondents faced fraud through UPI transactions. Shockingly, 4 in 10 victims
reported that links or QR codes intended for payment acceptance instead resulted in unauthorized
debits from their accounts.
PM Modi to release Rs 20,000 crore of PM-Kisan Samman fund into 9.26 crore bank accounts of
.
farmers
● Prime Minister Narendra Modi is set to release the 17th instalment of the Pradhan Mantri Kisan
Samman Nidhi (PM-KISAN) scheme in Uttar Pradesh.
● This instalment, amounting to over Rs 20,000 crores, will be distributed through Direct Benefit
Transfer to approximately 9.26 crore beneficiary farmers.
PM-KISAN: A Game-Changer for Farmer Welfare

● Since its inception, the PM-KISAN scheme has disbursed a staggering Rs 3.04 lakh crore to more
than 11 crore eligible farmer families, demonstrating its significant impact and extensive reach.
New Initiatives in UP and Bihar

● During his visit to Uttar Pradesh and Bihar on June 18-19, Prime Minister Modi will unveil several
key initiatives.
● Among them, he will confer certificates to over 30,000 women from Self Help Groups (SHGs),
formally recognizing them as Krishi Sakhis.
● These women will play pivotal roles in the Krishi Sakhi Convergence Program (KSCP), empowering
them as Para-extension Workers and advancing rural transformation.
Empowering Women through the "Lakhpati Didi" Program

● The certification aligns with the objectives of the "Lakhpati Didi" Program, aimed at fostering
economic self-sufficiency among rural women.
Inauguration of Nalanda University's New Campus

● Additionally, Prime Minister Modi will inaugurate the new campus of Nalanda University in Rajgir,
Bihar.
● The university, a collaborative endeavour involving India and East Asia Summit (EAS) countries, will
feature state-of-the-art facilities and significant capacity.
About The Pradhan Mantri Kisan Samman Nidhi

● The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), a Central Sector Scheme, aims at providing
financial assistance to all cultivable landholding farmer families across the country, subject to certain
exclusion criteria.
● The PM-KISAN Scheme was launched in Feb. 2019.
● Under the Scheme, an amount of Rs. 6000/- is transferred annually in three equal instalments of
Rs.2000/- directly into the Aadhaar Seeded bank accounts of the farmers.
.
● The Government of India has disbursed over Rs 2.60 Lakhs Crores to more than 11 Cr farmers.
● The state of West Bengal joined the Scheme from the 8th instalment (April-July, 2021) as initially, the
State desired that the funds under the PM-KISAN Scheme be transferred to the State Government
for onward disbursement to the farmers through the State Government.
India Aims for 250 Vande Bharat Sleeper Trains by 2029

● Railways Minister Ashwini Vaishnaw announced that trials for Vande Bharat sleeper trains will
commence within the next two months, with operations expected to begin six months thereafter.
● These self-propelled trains are set to provide enhanced features surpassing those of Rajdhani
Express trains.
Expansion Plans
● The minister outlined plans to introduce approximately 250 Vande Bharat sleeper trains by 2029,
marking a significant expansion in India's rail network.
Government Subsidy and Operational Costs

● Vaishnaw highlighted the financial dynamics of rail ticket pricing, noting that while a product costing
Rs 100 might typically be sold for Rs 105-110, the government subsidizes Rs 55 per rail ticket.
● This results in an annual subsidy burden of Rs 59,000 crore for the government.
Current Rail Operations

● During his address, Vaishnaw mentioned that Indian Railways operated 19,837 trains during the
recent summer season, transporting nearly 40 million passengers nationwide.
Railway officials inspect the world's highest bridge, Chenab Rail Bridge in J&K
● Indian Railway officials has conducted a comprehensive inspection of the newly constructed world's
highest railway bridge over the Chenab River in Jammu and Kashmir.
● This engineering marvel, linking Sangaldan in Ramban district to Reasi, is set to launch train
services soon, according to Northern Railway officials.
● Railway Minister Ashwini Vaishnaw announced the successful trial, highlighting its importance for
the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project.
Project Overview
● Currently, train services operate from Kanyakumari to Katra and from Baramulla to Sangaldan in the
Kashmir Valley.
.
● The USBRL project, including the crucial 48.1 km Banihal-Sangaldan section, is scheduled for
completion by the end of this year.
● Prime Minister Narendra Modi inaugurated the USBRL project on February 20, 2024, underscoring
its strategic significance for regional connectivity and development.
About the Chenab rail bridge project

● Phase I of the project, covering the 118 km long Qazigund-Baramulla section, was inaugurated in
October 2009.
● Subsequent phases saw the inauguration of the 18 km long Banihal-Qazigund section in June 2013
and the 25 km long Udhampur-Katra section in July 2014.
● The Chenab Rail Bridge, constructed 359 metres (around 109 feet) above the Chenab River in the
Jammu and Kashmir region, is some 35 metres taller than the Eiffel Tower.
● The 1,315 metre-long bridge is part of a broader project which aims to make the Kashmir valley
accessible by the Indian Railway network.
Shivraj Singh Chouhan to boost Agri and Rural Development coordination, eyes 90,000 Krishi Sakhis
● Shivraj Singh Chouhan indicated his plan to build a synergy between the two ministries, which the
previous ministers in the NDA government probably missed.
● The initiative involves creating a team of 90,000 Krishi Sakhis, women associates in the agricultural
sector, who will guide farmers in adopting new technologies and modern farming practices.
● Currently, 34,000 Krishi Sakhis have already received training, to reach 90,000.
Collaboration with Self-Help Groups

● Most Krishi Sakhis are recruited from self-help groups overseen by the Rural Development ministry.
● Following a memorandum of understanding (MoU), the Agriculture ministry has been closely
coordinating with the Rural Development ministry.
Financial Empowerment through Training

● Upon completion of their training, Krishi Sakhis are expected to earn an additional income of Rs
60,000-80,000 annually by assisting farmers with various agricultural activities.
Rollout of the Krishi Sakhi Programme

● The Krishi Sakhi programme has been initiated in 12 states: Gujarat, Tamil Nadu, Uttar Pradesh,
Madhya Pradesh, Chhattisgarh, Karnataka, Maharashtra, Rajasthan, Odisha, Jharkhand, Andhra
Pradesh, and Meghalaya.
.
● This initiative not only aims to empower women in agriculture but also promises to enhance
agricultural productivity through the adoption of modern practices facilitated by trained Krishi Sakhis.
Implementation of Three New Criminal Laws Scheduled for July 1

● From July 1,2024, India will witness the enforcement of three new criminal laws: Bharatiya Nyaya
Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya Sakshya Act.
● These laws, replacing the Indian Penal Code, Code of Criminal Procedure, and Evidence Act, bring
innovative ideas to address contemporary challenges.
Key Points:
● Legislative Background: Passed by Parliament in December and granted presidential assent the
same month, these laws were scheduled for implementation from February 25, following a deferred
notification by the Centre.
● Training Initiatives: Preparations for the laws' implementation are underway, focusing on training
stakeholders for effective enforcement.
● Objectives: The new laws aim to modernize criminal justice procedures and enhance citizen security
under the framework of Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and
Bharatiya Sakshya Act.
● This transition marks a significant reform in India's legal framework, aiming to meet contemporary
legal challenges effectively.
Ministry of Heavy Industries Proposes Ambitious Plans for FAME 3.0

● The Ministry of Heavy Industries (MHI) is gearing up to launch the third iteration of the flagship
government scheme, Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME)
3.0, expected to be announced in the Union Budget 2024.
● According to sources familiar with the matter, the new phase aims to significantly boost electric
vehicle (EV) adoption with a budget ranging from Rs 12,600 crore to over Rs 30,000 crore.
Key Proposals:
● Inclusion of Alternative Fuel Vehicles: One proposal seeks to incorporate vehicles powered by
alternative sources such as hydrogen and biofuels, expanding the scope beyond conventional
electric vehicles.
● Budget Allocation: The scheme is anticipated to be allocated a substantial budget, reflecting the
government's commitment to promoting sustainable mobility solutions.
.
● Strategic Objectives: FAME 3.0 aims to accelerate the adoption and manufacturing of EVs, fostering
innovation and infrastructure development in the sector.
About FAME:
● FAME stands for Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India.
● It's a government-backed scheme.
● It seeks to promote the use of electric vehicles in India.
● The scheme was introduced in 2015 and is divided into two phases: FAME India Phase I and
FAME India Phase II.
Government's 100 Days Programme to Launch National Mission on Oilseeds

● The Union government is set to announce its 100 days programme, which is expected to feature the
long-awaited National Mission on Oilseeds.
● This initiative, spearheaded by the Agriculture Ministry, aims to significantly increase domestic
oilseeds production.
● The target is to raise production by an additional 2-3 million tonnes by 2025-26, surpassing the
current output of approximately 40-41 million tonnes.
● This initiative underscores the government's commitment to enhancing agricultural productivity and
achieving greater self-reliance in the crucial sector of edible oils.
Key Objectives:
● Reducing Import Dependency: The primary goal of the National Mission on Oilseeds is to lower
India's dependency on imported edible oils.
● Production Enhancement: By boosting domestic production, the mission aims to enhance India's
self-sufficiency in oilseed cultivation.
● Strategic Timeline: The target timeline for achieving the production increase is set for 2025-26,
aligning with broader agricultural objectives.
Indian Railways Sets Record in Limca Book of Records
● Indian Railways has achieved a significant milestone by entering the prestigious Limca Book of
Records for organizing the largest public service event across multiple venues in India.
● The event, orchestrated by the Ministry of Railways garnered participation from an impressive
40,19,516 people spread across 2,140 venues nationwide.
● This recognition not only celebrates Indian Railways' organizational capabilities but also
.
commemorates its ongoing efforts to enhance connectivity, infrastructure, and public services across
the country under the leadership of Prime Minister Narendra Modi.
Event Details:
● Purpose: The event was convened for the inauguration of road over/road under railway bridges and
for laying the foundation stones of railway stations. It was graced by the presence of Prime Minister
Shri Narendra Modi, underscoring its national importance and scale.
NHAI to Enhance Green Cover Along the National Highways with Miyawaki Plantations
● The National Highways Authority of India (NHAI) has embarked on a pioneering initiative to establish
Miyawaki plantations along various stretches of National Highways, aimed at enhancing ecological
restoration and biodiversity.
Objective and Method:
● Miyawaki Plantation Method: NHAI will implement the Miyawaki method, a Japanese technique
for creating dense, native forests in a short span of time. This approach is renowned for its ability
to foster biodiversity, enhance groundwater recharge, and serve as effective barriers against
sound and dust.
● Benefits: By focusing on indigenous plant species adapted to local climate and soil conditions,
NHAI aims to maximize the environmental benefits of these plantations. These forests are
expected to grow ten times faster than traditional forests, thereby accelerating the restoration
process.
● Locations: NHAI has identified over 53 acres of land adjacent to National Highways in and
around Delhi-NCR for Miyawaki plantations. Key sites include:
o 4.7 acres along the Haryana section of Dwarka Expressway
o 4.1 acres near Sohna on the Delhi – Vadodara section of Delhi-Mumbai Expressway
o Approximately 5 acres each at Chabri and Kharkhara interchanges on NH 152D (Ambala

– Kotputli corridor)
o Over 12 acres at Shamli bypass on NH-709B
.
o 9.2 acres at Duhai interchange on the Eastern Peripheral Expressway near Ghaziabad
o 5.6 acres near the Meerut-Najibabad section of NH-34 in Uttar Pradesh
Centre Approves ₹50 Lakh Grants Each For 7 Startups In Technical Textiles To Boost Innovation And
Sustainability
● The Ministry of Textiles is advancing its agenda in Technical Textiles by endorsing startups to propel
innovation and sustainability, emphasizing transformative developments for the sector's future.
● Rachna Shah, Secretary of the Ministry of Textiles, articulated this during the 7th meeting of the
Empowered Programme Committee of the National Technical Textiles Mission in New Delhi.
Key highlights of the initiative include:
1. National Technical Textiles Mission (NTTM):
o The mission aims to stimulate innovation and entrepreneurship in Technical Textiles.
o It supports young innovators, scientists, technologists, and startup ventures to translate

their ideas into commercial products.
o Focus areas include developing functional prototypes and commercializing technologies to

enhance India's self-reliance in Technical Textiles.
2. GREAT Scheme:
o The Empowered Programme Committee has approved 7 startup proposals under the
GREAT (Grant for Research and Entrepreneurship across Aspiring Innovators in
Technical Textiles) scheme.
o Each startup can receive a maximum fund support of Rs 50 lakhs from the government.
3. Approved Startups and Focus Areas:
o Under the NTTM, a total of 8 startup proposals have been sanctioned.
o These startups are dedicated to various domains such as sustainability, composites, high-
performance textiles, Meditech (medical textiles), and smart textiles.
o The goal is to drive substantial advancements in these critical sectors through innovative
solutions and entrepreneurial initiatives.
.
Union Cabinet Approves MSP Hike for Kharif Crops for 2024-25 Season
● The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved an increase in the
Minimum Support Prices (MSP) for all 14 Kharif crops for the 2024-25 crop season, which spans
from July to June.
● This decision aligns with PM Modi's vision of policy continuity to support farmers and boost their
income during his third term in office.
● Financial Impact:
o Farmers will receive around ₹2 trillion as MSP, which is ₹35,000 crore more than the previous
season, as announced by Union Railways Minister Ashwini Vaishnaw.
● Significant Increases:
o Oilseeds: Nigerseed and sesamum saw the highest MSP increase by ₹983 and ₹632, set at
₹8,717 and ₹9,267 per quintal, respectively.
o Pulses: Tur (arhar) received a substantial hike of ₹550, now standing at ₹7,550 per quintal.
● MSP for Major Crops:
o Paddy: Raised by ₹117 to ₹2,300 per quintal for the common grade variety and to ₹2,320 for
grade A.
o Cereals: Jowar, bajra, ragi, and maize MSPs have been increased to ₹3,371-3,421, ₹2,625,
₹4,290, and ₹2,225 per quintal, respectively.
o Pulses: Moong (green gram) and urad (black gram) MSPs are now ₹8,682 and ₹7,400 per
quintal, increased by ₹124 and ₹450, respectively.
o Oilseeds: Groundnut, sunflower seed, and yellow soybean MSPs are now ₹6,783, ₹7,280,
and ₹4,882 per quintal, increased by ₹406, ₹520, and ₹292, respectively.
o Cotton: MSP for medium staple and long staple varieties increased by ₹501 to ₹7,121 and
₹7,521 per quintal, respectively.
Types of Cropping patterns:

● Rabi crops are those which are grown in the winter season like wheat, gram, mustard, pea, etc.
.
● Kharif crops are sown in the rainy season. These include rice, sugarcane, cotton, etc.
● Zaid crops are the summer crops such as cucumber, watermelon, etc.
Inauguration of New Nalanda University Campus by Prime Minister Narendra Modi
● Prime Minister Shri Narendra Modi inaugurated the new campus of Nalanda University near Rajgir,
Bihar.
● The event was marked by significant dignitaries and symbolic actions, emphasizing the university's
revival and its international significance.
● The inauguration of the new Nalanda University campus marks a significant milestone in India’s
educational landscape, reaffirming its commitment to fostering global collaboration in academia,
research, and cultural heritage.
● Location and Establishment: The modern Nalanda University (NU) is situated near the ancient ruins
of Nalanda, Bihar. It was established by an Act of the Parliament of India with the aim to revive the
historical glory of Nalanda as an international institution for intellectual, philosophical, historical, and
spiritual studies.
● Historical Context: The foundation for NU was laid during the 2nd East Asia Summit (Philippines,
2007) and furthered in the 4th East Asia Summit (Thailand, 2009). The Nalanda University Act was
passed in 2010, with substantial construction efforts initiated under the leadership of Prime Minister
Narendra Modi from 2017 onwards, aligning with India’s ‘Act East’ Policy.
● Participating Countries: Alongside India, 17 other countries are involved in this initiative: Australia,
Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, Indonesia, Laos, Mauritius, Myanmar,
New Zealand, Portugal, Singapore, South Korea, Sri Lanka, Thailand, and Vietnam. Ambassadors
from these nations attended the inaugural ceremony, underscoring the international cooperation and
support for Nalanda University.
MeitY seeks inputs from industry, and think tanks on digital competition bill
● The Ministry of Electronics and Information Technology (MeitY) recently engaged with prominent
think tanks to gather feedback on the draft Digital Competition Bill (DCB) and its potential
implications for India's startup ecosystem.
● Here are the key points from the meeting and the current perspectives on the bill:
.
Meeting with Think Tanks:
1. Participants and Discussions:
o The meeting included representatives from think tanks such as Chase India, CUTS
Institute for Regulation and Competition, Centre for Competition and Law, Centre for
Digital Future, and others.
o MeitY officials, along with members from the Competition Commission of India (CCI),
solicited inputs on how the proposed Digital Competition Bill would impact domestic
startups.
o The ministry sought insights on whether further consultations are necessary and how
evidence selection should be approached under the bill.
India Approves Plan to Invest $9B to Build Mega Port Near Mumbai
● The Indian government has approved the construction of Vadhavan Port, positioned north of
Mumbai on the west coast, with aspirations for it to rank among the top 10 ports globally upon
completion.
● Vadhavan Port represents a major infrastructure initiative by the Indian government to bolster trade
connectivity and operational efficiency on the west coast, thereby positioning itself as a key player in
global maritime trade routes.
● Vadhavan Port will be situated less than 100 miles north of Mumbai, strategically located to serve as
a crucial trade gateway between India, the Middle East, and Europe.
● Vadhavan Port is designed with a natural draft of up to 20 meters (65 feet), enabling it to
accommodate the world's largest ships. This deep draft capability is a significant advantage over
existing ports in the region.
● The cabinet has approved a substantial investment exceeding $9.1 billion for the port's construction,
which will be jointly owned by the port authority and the Maharashtra Maritime Board.
Government Monetises ₹1.56 Lakh Crore in 2023-24 under National Monetisation Pipeline
● In the fiscal year 2023-24, the government monetised assets worth ₹1.56 lakh crore under the
National Monetisation Pipeline (NMP), falling short of the target of ₹1.8 lakh crore.
● The NMP aims to monetise the central government's brownfield infrastructure assets with an
.
estimated potential of ₹6 lakh crore over four years from FY22 to FY25.
Performance Over the Years
● For the first two years, 2021-22 and 2022-23, the NMP had a combined target of around ₹2.5
lakh crore, of which ₹2.30 lakh crore was achieved.
● The target for 2023-24 was the highest among the four years, and the achievement of ₹1.56 lakh
crore represents about 159 per cent of the amount monetised in 2021-22.
Sector-wise Monetisation in FY24
● Road Transport and Highways: ₹40,314 crore
● Coal: ₹56,794 crore
● Power: ₹14,690 crore
● Mines: ₹4,090 crore
● Petroleum and Natural Gas: ₹9,587 crore
● Urban Development: ₹6,480 crore
● Shipping: ₹7,627 crore
● Overall, these ministries achieved 70 per cent of their monetisation targets.
● Union Minister for Finance and Corporate Affairs on 23 August 2021 launched the asset
monetisation pipeline of Central ministries and public sector entities as 'National Monetisation
Pipeline'.
DGCA Advisory Circular on Gender Equality in the Civil Aviation Sector

● The Directorate General of Civil Aviation (DGCA) has issued a comprehensive advisory circular
focused on promoting gender equality within the civil aviation sector in India.
Principles and Objectives

● Constitutional and International Commitments: Aligned with the principles of gender equality
enshrined in the Constitution of India and the vision of the International Civil Aviation
Organisation (ICAO).
● Targeted Representation: Aims to achieve a representation of at least 25% women in various

positions within the aviation industry by 2025.
.
Government of India approves new transmission schemes worth ₹13,595 crore to evacuate 4.5 GW RE
power each from Rajasthan and Karnataka
● The Government of India has sanctioned new Inter State Transmission System (ISTS) schemes
to evacuate 9 GW of renewable energy (RE) power from Rajasthan and Karnataka.
● These projects will be executed through the Tariff Based Competitive Bidding (TBCB) mode.
● These initiatives are part of India's plan to achieve 500 GW of RE capacity by 2030, with 200 GW
already connected.
● These schemes aim to enhance the transmission infrastructure for renewable energy, facilitating
India's goal of significantly expanding its renewable energy capacity by 2030.
Scheme Details
Rajasthan Renewable Energy Zone (REZ) Power Evacuation
● Capacity: 4.5 GW of RE power
● Sources:
o Fatehgarh Complex: 1 GW
o Barmer Complex: 2.5 GW
o Nagaur (Merta) Complex: 1 GW
● Destination: Mainpuri Region, Fatehpur, and Orai in Uttar Pradesh
● Completion Period: 2 years
● Cost: ₹12,241 crore
Karnataka System Strengthening Scheme
● Capacity: 4.5 GW of RE power
● Sources:
o Koppal Area
o Gadag Area
● Completion Date: June 2027
.
A high-level committee led by former ISRO chief to work on reforms in examinations & NTA
● The Union Education Ministry has constituted a high-level committee of experts to ensure the
transparent, smooth, and fair conduct of examinations.
● The committee, led by Dr. K. Radhakrishnan, former Chairman of ISRO, will provide
recommendations on several key areas:
● Reform in Examination Mechanism: The committee will analyze the end-to-end examination
process and suggest measures to improve efficiency and prevent breaches.
The committee comprises seven members, including:
● Dr. K. Radhakrishnan, Former Chairman, ISRO (Chairperson)
● Dr Randeep Guleria, Former Director, AIIMS Delhi
● Govind Jaiswal, Joint Secretary, Ministry of Education
● Prof. B J Rao, Vice Chancellor, Central University of Hyderabad
● Prof. Ramamurthy K, Professor Emeritus, IIT Madras
● Pankaj Bansal, Co-Founder, People Strong, and Board Member, Karmayogi Bharat
● Prof. Aditya Mittal, Dean Student Affairs, IIT Delhi
PFRDA targets ₹15 lakh crore Assets Under Mgmnt in FY25

● The Pension Fund Regulatory and Development Authority (PFRDA) has set ambitious targets for
the growth of Assets under Management (AUM) for the National Pension Scheme (NPS) in the
fiscal year 2024-25.
● PFRDA aims to achieve Rs 15 lakh crore in Assets under Management (AUM) by the end of the
financial year 2024-25.
● Currently, as of the latest update, the AUM stands at Rs 12.3 lakh crore.
1. Growth Factors: Mohanty highlighted that the growth of the AUM depends significantly on
contributions from subscribers and the performance of the financial markets. With normal market
movements expected, PFRDA anticipates reaching the targeted Rs 15 lakh crore mark by March
2025.
2. Subscriber Expansion: In the upcoming fiscal year (FY25), PFRDA plans to onboard 11 lakh new
.
subscribers from the private sector under the NPS. This is an increase from 9.7 lakh private
sector subscribers added in FY24.
3. Current Subscriber Base: As of June 8, 2024, the NPS has approximately 1.5 crore subscribers.
Out of these, 93 lakh are government employees, and 56.5 lakh are from the private sector,
encompassing both corporate and individual subscribers.
The government enhances allocation for the Fertilizer Sector under the SIGHT Programme of the
National Green Hydrogen Mission (NGHM)
● The Ministry of New & Renewable Energy (MNRE) is spearheading the National Green Hydrogen
Mission (NGHM), aiming to achieve a production capacity of 5 million tonnes per annum of Green
Hydrogen by 2030.
● This initiative aligns with India's goal of becoming self-reliant through clean energy and serves as
a significant step towards the global clean energy transition.
National Green Hydrogen Mission (NGHM)
● Objective: To achieve a production capacity of 5 million tonnes per annum of Green Hydrogen by
2030.
● Launch Date: January 4, 2023.
● Financial Outlay: ₹19,744 crores up to FY 2029-30.
● SIGHT Programme - Component II
● Component II: Incentive for Procurement of Green Ammonia Production (under Mode 2A):
● Focus: Primarily caters to the fertilizer sector.
● Initial Allocation: 5,50,000 tonnes per annum of Green Ammonia.
● Amended Allocation: Increased by 2 lakh tonnes per annum to a new total of 7,50,000 tonnes per
annum.
Delhi’s IGI Airport launches fast-track immigration programme for Indian passport holders and OCI
cardholders
● Union Home Minister Amit Shah inaugurated the ‘Fast Track Immigration-Trusted Traveller
Programme (FTI-TTP)’ at Delhi Airport’s Terminal 3, aimed at enhancing the travel experience for
Indian nationals and OCI cardholders.
Overview of FTI-TTP
● Objective: Provide faster, easier, and more secure travel experience for Indian passport holders
.
and OCI cardholders.

● Implemented by: the Ministry of Home Affairs (MHA), Ministry of Civil Aviation, and Bureau of
Immigration.
● Inspiration: Similar to the Global Entry Program of the United States Department of Homeland
Security.
● Benefits:Allows use of dedicated e-gates at Terminal 3 to bypass regular immigration queues.
About FTI-TTP
● Fast Track Immigration - Trusted Travellers' Programme (FTI-TTP) has been initiated to speed
up the Immigration clearance process for eligible persons from the following categories:
● 1. Indian Nationals
● 2. Foreign Nationals holding OCI Card
Less than 2% of taxpayers served CGST notices
● Finance Minister Nirmala Sitharaman recently addressed concerns regarding GST (Goods and
Services Tax) assessments and issued updates following the GST Council meeting.
● Notice Statistics: Only 1.96% of active GST assessees (1,14,939 out of 58,62,882) received
notices from the Central GST administration as of December 31, 2023.
● Interest and Penalty Waiver: Waiver proposed on interest and penalties for demand notices
under Section 73 of the CGST Act for the period from 2017-18 to 2019-20, conditional upon full
remittance by March 2025.
Tribal Affairs Ministry to Review ₹72,000 Crore Great Nicobar Project

● Union Tribal Affairs Minister Jual Oram has announced that his ministry will scrutinize the forest
clearance documentation related to the ₹72,000-crore infrastructure project on Great Nicobar
Island.
● The project, pushed by the NDA government, will undergo a comprehensive assessment to
determine the next course of action.
High-level govt committee flags payment delay concerns in PLI schemes
● A high-level government committee has expressed concerns regarding delays in payments to
companies participating in the Production Linked Incentive (PLI) schemes.
● The committee, chaired by the Cabinet secretary and comprising representatives from DPIIT,
NITI Aayog, the Department of Economic Affairs, and Department of Financial Services, has
.
highlighted the need for corrective actions to ensure smooth implementation of the PLI schemes.
● Financial Allocation and Implementation Status : Three years ago, the government allocated Rs
1.97 trillion across 14 PLI schemes targeting sectors such as mobiles, drones, solar, telecom,
textile, and automobiles.
What is the Production Linked Incentive Scheme (PLI)?
● The PLI scheme was conceived to scale up domestic manufacturing capability, accompanied by
higher import substitution and employment generation.
● Launched in March 2020, the scheme initially targeted three industries:
⮚ Mobile and allied Component Manufacturing
⮚ Electrical Component Manufacturing and
⮚ Medical Devices.
Informal entities in manufacturing lost 5.4 million jobs in 7 years
● According to an analysis of the Annual Survey of Unincorporated Sector Enterprises (ASUSE) by
the National Statistical Office (NSO), unincorporated enterprises in the manufacturing sector
experienced significant declines between July 2015-June 2016 and October 2022-September
2023.
● During this period, the manufacturing sector witnessed a reduction of nearly 1.8 million
unincorporated establishments, marking a decline from 19.7 million to 17.82 million enterprises.
● Correspondingly, the sector shed approximately 5.4 million jobs, with employment falling from
36.04 million to 30.6 million workers.
Centre likely to issue green bonds worth over ₹25,000 crore in FY25
● The upcoming Union budget for FY25 is anticipated to include a proposal to issue sovereign
green bonds amounting to approximately ₹25,000 crore to ₹30,000 crore.
● This issuance is planned as part of the government's borrowing schedule for the fiscal year, with
a significant portion likely to be offered during the second half
● This move underscores the government's commitment to scaling up green finance initiatives,
responding to market demand for sustainable investment opportunities.
● Green bonds serve as fixed-income investments aimed at financing projects with positive
environmental impacts, aligning investor financial goals with environmental sustainability.
Railway capex allocation may touch Rs 2.6 trillion
.
● According to a senior official in the Ministry of Railways, the gross budgetary support (GBS) is
likely to either maintain the same level as announced in the Interim Budget or potentially increase
to Rs 2.6 trillion.
● In the Interim Budget for 2024-25, Finance Minister Nirmala Sitharaman had already allocated Rs
2,52,200 crore as GBS to the railways, supplemented by an additional Rs 10,000 crore from
extra-budgetary resources (EBR).
What is GBS?
● The government’s support to the Central plan is called Gross Budgetary Support.
● The Central plan forms the annual expenditure of the government and is incurred keeping the
objectives of 5-year plans in mind.
● Budgetary Support is earmarked for meeting the planned outlays of the Central government
during the financial year.
What is EBR?
● Extra budgetary resources (EBRs) are those financial liabilities that are raised by Public Sector
Undertakings for which repayment of entire principal and interest is done from Government
budget. Such borrowings are made by state-owned firms to fund government schemes but are
not part of the official budget calculations.
India to host council meeting of International Sugar Organisation in New Delhi
● India, as the Chair of the International Sugar Organisation (ISO), will host the global body's
annual sugar meet in New Delhi from June 25 to June 27.
● The main inauguration event is scheduled for June 25 and will be officiated by Food Minister
Pralhad Joshi.
● Internal meetings of the ISO will follow on June 26-27.
Role of the International Sugar Organisation (ISO)
● The ISO serves as a crucial intergovernmental organization dedicated to enhancing the global
sugar market. It represents:
.
● 87% of world sugar production

● 64% of world sugar consumption With a membership comprising approximately 88 nations,
including India, the ISO facilitates cooperation and dialogue among diverse countries.
Seven years of GST: Households Emerge Top Beneficiaries

● The Goods and Services Tax (GST), introduced on July 1, 2017, replaced 17 local taxes and
fees across India.
● Over nearly seven years since its implementation, GST has led to notable reductions in tax rates
for various products and services crucial to everyday life.
● Tax Reductions: Data from the Central Board of Indirect Taxes and Customs (CBIC) indicates
that post-GST implementation, the tax burden on many household essentials has decreased.
About CBIC:
● Central Board of Indirect Taxes and Customs (erstwhile Central Board of Excise & Customs) is a
part of the Department of Revenue under the Ministry of Finance, Government of India.
● Shri Sanjay Kumar Agarwal is Chairman, Central Board of Indirect Taxes & Customs and Special
Secretary to the Government of India.
Ashwini Vaishnaw reviews the advanced version of Indian Railways’ Kavach, directs officials to ensure
installation in mission mode
● Railway Minister Ashwini Vaishnaw recently reviewed the progress of the enhanced Automatic
Train Protection System (ATP), Kavach 4.0, at Rail Bhawan.
● Kavach 3.2 is currently operational on high-density routes.
● Indian Railways initiated ATP technology adoption in 2016 with the Train Collision Avoidance
System(TCAS).
About KAVACH:
● The KAVACH is an indigenously developed Automatic Train Protection (ATP) system by the
Research Design and Standards Organisation (RDSO) in collaboration with the Indian industry.
Initial development of Kavach started in 2012 under the name Train Collision Avoidance System
(TCAS) and completed development in 2022.
What is TCAS?
● The Train Collision Avoidance System (TCAS) being implemented on Indian Railways has been
.
designed in a manner to prevent Signal Passing at Danger (SPAD) cases, unsafe situations
arising due to overspeed and train collisions in station areas as well as block section.
What is ATS?
● Automatic train stop or ATS is a system on a train that automatically stops a train if certain
situations occur (unresponsive train operator, earthquake, disconnected rail, train running over a
stop signal, etc.) to prevent accidents. In some scenarios, it functions as a type of dead man's
switch.
Centre imposes stock limit on Wheat until 31st March 2025 in all States and UTs
● The Government of India has implemented stock limits on wheat across various entities including
Traders/Wholesalers, Retailers, Big Chain Retailers, and Processors in all States and Union
Territories.
● Purpose : Aims to regulate and stabilise wheat availability and prices across the country.
● Implementation DetailsEffective Date: The Removal of Licensing Requirements, Stock Limits and
Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2024 is effective from June
24, 2024.
● Duration: Applicable until March 31, 2025.
● Stock Limits : Traders/Wholesalers: Limited to 3000 MT.
● Retailers: 10 MT per retail outlet.
● Big Chain Retailers: 10 MT per outlet and 3000 MT at all depots.
● Processors: 70% of Monthly Installed Capacity (MIC) multiplied by remaining FY 2024-25
months.
MEA rendered 16.5 mn passport-related services in 2023

● In 2023, the Ministry of External Affairs (MEA) of India delivered 16.5 million passport-related
services, marking a significant annual growth of nearly 15%.
● External Affairs Minister S Jaishankar praised the efficiency of service delivery during the 12th
Passport Seva Divas, commemorating the Passports Act's enactment on June 24, 1967.
● Passport Seva Kendras (PSKs) and POPSKs: Operates a network of 533 application processing
centers, including 440 post office passport seva kendras (POPSKs) and 93 PSKs across 37
regional Passport Offices (RPOs) nationwide.
.
CAG inaugurates India's first 'Chadwick House: Navigating Audit Heritage' Museum at Shimla
● The Comptroller and Auditor General of India inaugurated the 'Chadwick House: Navigating Audit
Heritage Museum’ in Shimla, marking a significant milestone in preserving and celebrating the
institution's rich legacy and contributions to India's governance.
● Museum Location and Historical Significance : Location: Chadwick House, a historic landmark in
Shimla.
● Historical Significance: Mahatma Gandhi stayed here in 1946 during his visit for the Cabinet
Mission. In 1950, it became a training school for the Indian Audit and Accounts Service.
Critical minerals: first six blocks awarded, 21 more on offer

● Union Mines Minister G. Kishan Reddy initiated a new round of auctions for mining rights in 21
blocks rich in critical and strategic minerals.
● Additionally, winners for six blocks from the previous auction held in November were announced.
● Future Plans : Offshore Minerals: Plans to commence auctions for 10 offshore blocks within the
first 100 days in office.
India is hosting the 64th ISO Council Meeting from 25th-27th June 2024
● India is hosting a significant global event in the sugar sector, the 'ISO Council Meeting,' in New
Delhi from June 25th to 27th, 2024.
● Given its status as the world's largest consumer and the second-largest producer of sugar, India
has been nominated as the Chair of the International Sugar Organization (ISO) for 2024.
● A workshop titled 'Sugar and Biofuels – Emerging Vistas' will be held on June 25, 2024, at Bharat
Mandapam.
About the International Sugar Organization (ISO)
● The International Sugar Organization (ISO) is a UN-affiliated body headquartered in London, with
about 85 member countries accounting for nearly 90% of the world's sugar production.
● The ISO aims to bring together major sugar-producing, consuming, and trading nations to foster
mutual understanding and a progressive approach to sugar sector issues.
● The organization also focuses on biofuels, particularly ethanol, as sugarcane is the second major
feedstock for ethanol production globally.
India Hosts 'India Africa Postal Leaders Meet' to Strengthen Postal Sector Ties
.
● The ‘India Africa Postal Leaders Meet’ took place in India from June 21st to 25th, 2024.
● This event aimed to fortify relationships between postal administrations of African nations and
India.
● Initiative Under Universal Postal Union: This meeting was part of the “South-South and
Triangular Cooperation” program by the Universal Postal Union, supported by India Post and the
United States Postal Service.
● Backdrop of Strategic Initiatives: This significant gathering comes on the heels of India’s strategic
initiatives, such as the 'Voice of Global South Summit,' the India-Africa Forum, and the inclusion
of the African Union in the G20 during India’s 2023 Presidency.
Dr. Jitendra Singh Launches "One Week One Theme" Campaign to Showcase India's Scientific
Achievements
● Union Minister Dr Jitendra Singh, holding multiple significant portfolios, launched the "One Week
One Theme" (OWOT) campaign.
● This initiative highlights India's recent accomplishments across various scientific and
technological domains.
● Campaign Objective: It aims to integrate the efforts of all CSIR labs working on similar projects to
reduce overlap and optimize resources.
● The OWOT initiative under the Council for Scientific and Industrial Research (CSIR) aims to
make innovation inclusive for all.
● Eight Key Themes: The campaign focuses on eight major themes:
1. Energy and Energy Devices
2. Chemicals and Petrochemicals
3. Aerospace, Electronics, and Strategic Sectors
4. Civil Infrastructure and Engineering
5. Agriculture, Nutrition, and Biotech
6. Healthcare
7. Mining, Minerals, Metals, and Materials
.
8. Ecology, Environment, Earth, Ocean Sciences, and Water
Launch of 4th Tranche Auction of Critical Minerals by Union Minister of Coal and Mines
● Union Minister of Coal and Mines, Shri G. Kishan Reddy, along with Minister of State for Coal
and Mines, Shri Satish Chandra Dubey, launched the 4th tranche of the auction of critical and
strategic minerals at Scope Convention Centre, CGO Complex, New Delhi.
● The 4th tranche includes 21 blocks of critical minerals. This comprises 11 fresh blocks across
Arunachal Pradesh, Chhattisgarh, Jharkhand, Karnataka, Rajasthan, and Uttar Pradesh,
featuring minerals like Graphite, Glauconite, Phosphorite, Potash, Nickel, PGE, Phosphate, and
Rare Earth Elements (REE).
● The Ministry of Mines allocated funds for R&D projects in the mining and metallurgy sector,
disbursing grants to 24 R&D institutes and 10 startups, totalling ₹12.37 Cr. and ₹11.26 Cr.,
respectively.
Telecom Act gets partially notified, govt can now intercept, and stop messages
● Certain sections of the Telecommunications Act, of 2023 from 26th June 2024, will be enforced,
focusing on public safety, emergency response, and regulatory enhancements.
● Message Interception: Section 20 (2) grants authority to the government to intercept messages
during public safety emergencies, expanding interception capabilities across government
agencies.
New Rules and Penalties:
● Telecom Infrastructure Rights: Authorities can install telecom infrastructure on private land under
specific conditions, even if the landowner objects.
● Advertisement Consent: Telecom companies must obtain user consent for receiving advertising
messages, with penalties for unauthorized commercial messages potentially leading to telco
suspensions.
● SIM Ownership: Possessing more than 9 SIM cards incurs fines up to Rs 2 lakh.
● Digital Bharat Nidhi: The Universal Service Obligation Fund transitions to Digital Bharat Nidhi,
emphasizing digital connectivity initiatives.
Satellite-Based Toll Collection Initiative on Indian National Highways
.
● The Ministry of Road Transport and Highways aims to implement satellite-based toll collection
across all national highways in India in the coming years.
● By December 2024 , the Global Navigation Satellite System (GNSS) framework will be
operational on 5,000 kilometres of national highways.
● The government plans to establish a case study with the initial 5,000-kilometer pilot by the end of
FY25 to assess feasibility and effectiveness.
● Current Toll Revenue: Presently, 75% of the National Highways Authority of India’s (NHAI) toll
revenue of Rs 54,000 crore is generated from commercial vehicles, with the remaining from
personal vehicles.
What is GNSS?
● Global navigation satellite system (GNSS) is a general term describing any satellite constellation
that provides positioning, navigation, and timing (PNT) services on a global or regional basis.
Revamped Affordable Housing Scheme in Union Budget Focuses on Urban Areas
● Government Initiative: The upcoming Union Budget is expected to introduce a reworked

affordable housing scheme targeting Economically Weaker Sections (EWS), Low Income Group
(LIG), and Middle Income Group (MIG) in urban areas, according to sources from the Housing
and Urban Affairs Ministry.
Expansion of PMAY:
● Cabinet Approval: The Cabinet, under Prime Minister Narendra Modi's leadership, approved an
additional three crore houses under the Pradhan Mantri Awas Yojana (PMAY), with one crore
allocated for urban areas (PMAY-Urban).
● PMAY-U 2.0: The new scheme, tentatively named PMAY-U 2.0, will build upon the experiences
and outcomes of the current PMAY, operational since June 2015 and ending in December 2024.
● The revamped scheme aims for improved targeting of beneficiaries to ensure all eligible
individuals receive housing assistance promptly.
India’s Nuclear Power Capacity To Cross 13 GW By 2029
● India’s nuclear power generation capacity is poised to cross 13 GWe by 2029, according to Dr.
Jitendra Singh, Union Minister of State (Independent Charge), Department of Atomic Energy.
.
● Dr. Jitendra Singh, Union Minister of State (Independent Charge), Department of Atomic Energy,
revealed key developments and projections regarding India's nuclear power capacity during a
recent high-level meeting on June 25, 2024.
● Current Capacity: India's installed nuclear power generation capacity stands at 7.48 GWe.
● Future Projection: Expected to increase to 13.08 GWe by 2029.
Urban Affairs Ministry to revamp affordable housing scheme

● The Pradhan Mantri Awas Yojana (Urban), launched in 2015, is set to be revamped with new
features.
● The scheme aims to provide affordable housing for the urban poor and will continue until
December 2024.
● Three New Categories for Assistance The revamped PMAY-U 2.0 will include three categories:
Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group
(MIG).
● A key focus will be ensuring timely assistance to beneficiaries to avoid past delays.
Trained cops, new apps: Centre readies for the rollout of three criminal laws
● Parliament passed three new laws in its winter session: Bharatiya Nyaya Sanhita (BNS) 2023,
Bharatiya Nagarik Suraksha Sanhita 2023, and Bharatiya Sakshya Adhiniyam 2023.
● These laws, replacing the Indian Penal Code, the Code of Criminal Procedure, and the Indian
Evidence Act respectively, are set to be implemented from July 1, 2024.
● The National Informatics Centre (NIC) has developed three apps — eSakshya, NyayShruti, and
eSummon — to facilitate electronic videography, photography of crime scenes, judicial hearings,
and delivery of court summons.
NHAI lowers construction target by 22% for FY25

● The National Highways Authority of India (NHAI) aims to construct 5,000 km of highways in the
current financial year(2024).
● This target is 22% lower than the 6,444 km constructed last year.
● In the previous financial year, NHAI constructed 6,444 km of highways, a 20% increase from the
5,544 km built in 2022-23.
● So far, NHAI has completed 762.3 km of highways, with a total of 1,288 km constructed in April-
May 2024, compared to 1,465 km in the same period last year.
.
I&B Ministry looking to simplify the self-declaration certificate process for ads
● The Information & Broadcasting Ministry is addressing challenges raised by industry bodies
regarding the mandatory self-declaration certificate (SDC) for advertisements.
● A meeting held recently with industry representatives highlighted difficulties in obtaining SDCs,
including portal glitches and procedural complexities.
CSIR-CIMFR Launches Two-Day Workshop on Gasification Challenges and Opportunities- “CARING-

2024”
● The Central Institute of Mining and Fuel Research (CSIR-CIMFR) has launched its two-day
workshop, CARING-2024, focused on coal gasification.
● This event, hosted at the CSIR-CIMFR Digwadih Campus on June 26-27, 2024, has attracted
over 75 participants from leading organizations such as Coal India Limited (CIL), Steel Authority
of India Limited (SAIL), Jindal Steel and Power Limited (JSPL) Angul, Hindalco Industries, and
Thermax, among others.
73rd meeting of Network Planning Group under PM GatiShakti evaluates eight key infrastructure
projects
● The 73rd meeting of the Network Planning Group (NPG), held in New Delhi and chaired by Shri
Rajeev Singh Thakur, Additional Secretary of DPIIT, focused on evaluating eight significant
infrastructure projects.
● These projects spanned across the Ministry of Railways (MoR) and the National Industrial
Corridor Development Corporation (NICDC), aiming to bolster connectivity, enhance logistics,
and promote industrial growth across various regions of India.
Projects Evaluated:
1. Ministry of Railways Projects:
o Manmad to Jalgaon Railway Line (160 kms)
o Bhusawal to Burhanpur and Khandwa Railway Lines (130.5 kms)
Dr. Chandra Shekhar Kumar, Additional Secretary, represents India at CLGF Annual Board Meeting in
Colombo
● Additional Secretary, Ministry of Panchayati Raj, Dr. Chandra Shekhar Kumar represented India
at the three-day meeting of CLGF Annual Board in Colombo, Sri Lanka during 25th – 27th June
.
2024.
● The conference facilitated regional exchange and priority setting for ongoing initiatives in
Commonwealth Asia.
● Prime Minister of Sri Lanka, Shri Dinesh Gunawardena inaugurated CLGF’s Commonwealth
Women in Local Government Network South Asia Regional Meeting on “Reinforcing Social
Resilience through Women’s Political Representation”.
DG, RPF launches Sangyaan App- A Comprehensive application for legal reference
● The Director General of Railway Protection Force (RPF) Shri Manoj Yadava launched the mobile
application-Sangyaan App, designed and developed by the Tech Team of RPF to provide in-
depth information on three new Criminal Acts: the Bharatiya Nyaya Sanhita (BNS) 2023, the
Bharatiya Nagarik Suraksha Sanhita (BNSS) 2023, and the Bharatiya Sakshya Adhiniyam (BSA)
2023.
● To provide detailed information to personnel, the Director General of the Railway Protection
Force also released a 'Handbook on Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023' in both
e-book and print formats. This handbook addresses the practical application of the Act in the
Force's operations.
Curtain Raiser for Launch of geoportals Bhuvan Panchayat (Ver. 4.0) & National Database for
Emergency Management (NDEM Ver. 5.0) by Union Minister Dr. Jitendra Singh
● Dr Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology,
Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic
Energy, Department of Space, Personnel, Public Grievances and Pensions, will inaugurate two
Geoportals in New Delhi.
● The Indian Space Research Organisation (ISRO) has developed these geospatial databases and
geoportals to support governance, sustainable development, and disaster management across
India.
● Bhuvan Panchayat (version 4.0): This portal is designed for decentralized planning under the
Ministry of Panchayati Raj.
● National Database for Emergency Management (NDEM version 5.0): This portal supports
disaster management efforts under the Ministry of Home Affairs.
.
Seven CSIR labs inaugurated One Week One Theme Campaign on Energy and Energy Devices
theme
● The One Week One Theme (OWOT) Campaign was inaugurated by Hon’ble Union Minister of
State for S&T Dr. Jitendra Singh, alongside DG CSIR Dr. N. Kalaiselvi at India Habitat Centre,
Delhi.
● Following the inauguration, all CSIR labs have begun organizing programs focusing on the
OWOT theme of Energy and Energy Devices within their respective institutes.
● 7 CSIR labs initiated activities aligned with this theme.
1. CSIR-Central Institute of Mining and Fuel Research (CSIR-CIMFR), Dhanbad
2. CSIR-National Geophysical Research Institute (CSIR-NGRI), Hyderabad
3. CSIR- Central Salt and Marine Chemicals Research Institute, (CSIR-CSMCRI) Bhavnagar,
4. CSIR-Central Electrochemical Research Institute, (CSIR-CECRI) Karaikudi,
5. CSIR -Central Mechanical Engineering Research Institute, (CSIR-CMERI) Durgapur,
6. CSIR-Central Glass & Ceramic Research Institute, (CSIR-CGCRI) Kolkata,
7. CSIR-National Chemical Laboratory, (CSIR-NCL) Pune.
● The OWOT campaign spans 8 themes identified by CSIR, with all 37 CSIR labs scheduled to
conduct specific programs corresponding to each theme.
Health Ministry launches dashboard to aid quick monitoring of public health standards compliance
● The Union Health Ministry launched a dashboard that will aid the national, state and district
health facilities in quickly monitoring compliance concerning Indian Public Health Standards
(IPHS) and taking action accordingly.
● It also rolled out a virtual National Quality Assurance Standards (NQAS) assessment for
Ayushman Arogya Mandirs (AAM) and a spot food licence and registration initiative for food
vendors.
● The launch of the spot food licence initiative is a ground-breaking new functionality for the instant
issuance of licenses and registrations through the Food Safety and Compliance System
(FoSCoS).
● FoSCoS is a state-of-the-art, pan-India IT platform designed to address all food safety regulatory
needs.
Central Railway instals first-ever floating solar plant of Indian Railways
.
● The Central Railway has installed a floating solar plant of 10 MWp capacity in the Igatpuri Lake
located in the Western Ghats, a first-of-its-kind initiative by the Indian Railways, senior officials
stated.
● According to the Central Railway officials, the plant is committed to leveraging renewable energy
sources, utilising solar power, installing wind-energy resources, providing adequate passenger
amenities and contributing significantly towards the railways' goal of a "green Earth".
● Besides, the officials stated moving towards its ultimate goal of zero carbon emission by 2030,
the Central Railway has commissioned 12.05-MWp solar plants by utilising the rooftop of railway
stations and buildings, out of which, 4-MWp solar plants were provided last year.
Nearly 2 lakh women benefit from ITC’s ‘Climate Smart Agriculture’ programme
● ITC has extended its ‘Climate Smart Agriculture’ programme to nearly 2 lakh women in the
country.
● The annual report of the company for 2023-24 stated it has launched a comprehensive ‘Climate
Smart Agriculture’ programme across 19 States to enable a transformation journey from ‘low
yield low resilient’ areas to ‘high yield and high resilient’ villages through a package of agronomy
practices, climate resilient varieties, precision farming, water management and appropriate
mechanisation.
● According to the report, 27.94 lakh acres and over 10.5 lakh farmers, including 1.95 lakh women
farmers, have been covered under ITC’s ‘Climate Smart Agriculture’ programme till date.
● In addition to promotion of ‘Climate Smart Agriculture’ practices at scale in core agricultural
catchments, ITC also has a ‘Climate Smart Village’ (CSV) programme.
Government amends the EPS rule to provide withdrawal benefits to members having less than 6
months of service
● The Centre tweaked the Employees’ Pension Scheme (EPS), 1995, to ensure that members with
less than 6 months of contributory service can also withdraw funds.
● Every year, lakhs of EPS members leave the scheme prior to rendering the requisite 10 years of
contributory service for pension.
● These members are given withdrawal benefit as per the provisions of the scheme.
.
● The new amendment will benefit more than 7 lakh EPS members every year who leave the
scheme with less than 6 months of contributory service.
● The Employee's Pension Scheme (EPS) was introduced in the year 1995 with the main aim of
helping employees in the organised sector.
● The Employees' Provident Fund Organisation (EPFO) administers the system, which assures
that employees receive a pension after they reach the age of 58.
● The scheme's benefits are available to both existing and new EPF members.
● Both the employee and the employer contribute 12% of the employee's basic salary
and Dearness Allowance (DA) to the EPF.
INTERNATIONAL NEWS
India's 1st Woman United Nations Representative Ruchira Kamboj Retires After 35 Years of Service
• India's first woman Permanent Representative to the United Nations, Ruchira Kamboj, retired after
35 years of service.
• She served as an Indian envoy in Bhutan, South Africa, and the United Nations Educational,
Scientific and Cultural Organization (UNESCO).
• Kamboj was the All India women’s topper of the 1987 Civil Services batch and the topper of the
1987 Foreign Service batch.
About United Nations :
• Headquarters : New York City, United States
• Membership : 193 member states, 2 observer states
• Secretary General : António Guterres
• The United Nations (UN) is a diplomatic and political international organization whose stated
purposes are to maintain international peace and security, develop friendly relations among
nations, achieve international cooperation, and serve as a centre for harmonizing the actions of
nations.
India,United States, Japan, South Korea, and European Union Unveil Biopharmaceutical Alliance
● South Korea, India, the United States, Japan, and the European Union (EU) have collaborated to
establish an alliance aimed at creating a resilient supply chain in the biopharmaceutical sector.
.
● The inaugural meeting of the Biopharmaceutical Alliance took place in San Diego during the Bio
International Convention 2024.
● Representatives from government officials, as well as bio and pharmaceutical companies from
the participating countries, attended the meeting.
About South Korea :
● President : Yoon Suk Yeol
● Prime Minister : Han Duck-soo
● Capital : Seoul
● Currency : Korean Republic won
● Capital : Washington, D.C.
About Japan :
● Capital: Tokyo
Australia to Introduce Mobility Arrangement for Talented Early-professionals Scheme Migration

Program for Indian Nationals Starting November 1, 2024
• The Australian Federal Budget Document has announced the implementation date for the
Mobility Arrangement for Talented Early-professionals Scheme (MATES) for Indian Nationals.
• The MATES Migration Scheme will come into effect from November 1, 2024 providing a new
mobility pathway for 3,000 Indian graduates and early career professionals.
• Under the MATES scheme Indian graduates and early career professionals (aged 18 to 30
years) with knowledge and skills in targeted fields of study, will be offered a new temporary
mobility pathway, to live and work in Australia for up to 2 years.
About Australia :
• Prime Minister - Anthony Albanese
• Capital - Canberra
• Currency : Australian Dollar
.
World Health Organization Unveils 1st Patient Safety Rights Charter at Global Ministerial Summit
• The World Health Organization (WHO) unveiled its inaugural Patient Safety Rights Charter at the
Global Ministerial Summit on Patient Safety.
• Purpose : The Charter delineates patients' rights within the realm of safety, assisting
stakeholders in crafting legislation, policies, and guidelines to bolster patient safety.
• The Charter emphasizes that every individual deserves safe healthcare, aligning with
international human rights standards irrespective of age, gender, ethnicity, religion, disability, or
socioeconomic status.
About WHO :
• Headquarters : Geneva, Switzerland
• Director General : Tedros Adhanom Ghebreyesus
• Parent organization : United Nations Economic and Social Council
• The WHO is a specialized agency of the United Nations responsible for international public
health.
IUCN launches GSAP SKILLS - the Global Species Action Plan Online Knowledge Platform
• Recently, the GSAP SKILLS Platform was launched at the 4th meeting of the Subsidiary Body on
Implementation, Convention on Biological Diversity.
• Global Species Action Plan(GSAP), the Species Conservation Knowledge, Information, Learning,
Leverage and Sharing (SKILLS) platform brings the GSAP’s content online and allows the
updating of technical tools and resources in real time.
• It aims to facilitate global collaboration and partnership, connecting decision-makers, species
conservation practitioners and experts at all levels.
India to remain fastest-growing among largest economies, says World Bank
• The World Bank retained its growth forecast for India at 6.6 percent for FY25.
• “India will remain the fastest-growing of the world’s largest economies, although its pace of
expansion is expected to moderate. After a high growth rate in FY 2023/24, steady growth of 6.7
percent per year, on average, is projected for the three fiscal years beginning in FY 2024/25,” the
multilateral bank stated in its latest biannual Global Economic Prospects.
.
• For FY26 and FY27, the World Bank projected India’s economy to grow at 6.7 percent and 6.8
percent, respectively.
UN Declares 2025 International Year of Quantum Science, Technology

• A General Assembly meeting of the United Nations (U.N.) has announced that 2025 will be
the International Year of Quantum Science and Technology.
• The year-long global initiative aims to strengthen national basic sciences and science education
capacities and celebrate the impacts of quantum science on technology, culture and
understanding of the natural world.
• 2025 marks 100 years since Erwin Schrödinger developed wave mechanics and Werner
Heisenberg, Max Born and Pascual Jordan developed matrix mechanics, the first way of
expressing quantum physics using a mathematical formula.
PM Modi in Italy for G7 Summit opening Summit Venue

• The G7 summit will take place at the luxury resort of Borgo Egnazia in Italy's Apulia region from
June 13 to 15.
• The discussions are expected to focus on the ongoing war in Ukraine and the conflict in Gaza
• US President Joe Biden, French President Emmanuel Macron, Japanese Prime Minister Fumio
Kishida, and Canadian Prime Minister Justin Trudeau are among the prominent leaders attending
the summit.
India may sign FTA with Oman in the first 100 days of PM Modi's third term
• India may be finalising a Free Trade Agreement (FTA) with Oman within the first 100 days of
Prime Minister Narendra Modi’s third term, according to a report.
• The news comes after Modi announced that the strategic ties between the two nations are ‘set to
reach new heights’, a sentiment echoed during a review meeting chaired by Commerce Minister
Piyush Goyal.
• The Sultan of Oman, Haitham bin Tarik congratulated Modi on his third term.
• The FTA discussions between India and Oman gained momentum following a meeting between
Modi and Sultan bin Tarik in New Delhi on December 16, 2023.
United Nations Lists Hamas and Israel for Violations of Children's Rights
.
● The United Nations has added Israel's military, Hamas and Palestinian Islamic Jihad's armed
wing for the first time to its list of offenders for violating children’s rights.
● These three entities, along with Sudan's warring parties, have been identified for the killing and
maiming of children.
● Report on Children in Armed Conflict:The report titled "Children in Armed Conflict" highlighted
that children were killed and maimed in unprecedented numbers.
● UN Secretary-General's Statement:UN Secretary General António Guterres noted that the
conflict between Israel and Palestinian groups has led to grave violations of children's rights on
an unprecedented scale and intensity, especially in Gaza.
● Increase in Violations:The conflict in Gaza has resulted in a 155% increase in "grave violations"
against children.
● Verified Violations:In 2023, the UN verified more than 8,000 grave violations against 4,247
Palestinian children and 113 Israeli children.
● This list includes entities from various conflicts, such as Myanmar's Kachin Independence Army
and Russia during its war with Ukraine.
About United Nations (UN) :
● Headquarters : New York City, USA
● Membership : 193 member states, 2 observer states
China has 500 nuclear warheads according to SIPRI Report

● China has beaten its fellow superpowers when it comes to growing its stockpile of nuclear
warheads, a European think tank stated in a report.
● According to SIPRI, China has increased its nuclear warheads from 410 in 2023 to 500 at the
start of this year.
● North Korea has increased its warheads by two-thirds over the past year, going from 30 in 2023
to 50 this year, per the think tank.
● To be sure, China's and North Korea's growing nuclear stockpiles still cannot compare to what
the US and Russia have.
● In terms of total inventory, the US has 5,044 warheads while Russia has 5,580, and their
combined stockpile makes up almost 90% of the world's nuclear weapons, per SIPRI.
.
● China could have over 1,000 warheads by 2030

● Expanding its nuclear arsenal isn't China's only military goal.
● The country has also been focused on bolstering its naval capabilities.
● According to a 2021 US Navy Institute report, China has the world's largest navy, with over 355
vessels in its fleet.
● In July, leaked US Navy intelligence revealed that China's shipbuilding capacity is 232 times
greater than the US.
Alembic Pharmaceuticals Receives USFDA Approval for Generic Dabigatran Etexilate Capsules
● Alembic Pharmaceuticals Ltd has secured final approval from the US Food & Drug Administration
(USFDA) for its generic Dabigatran Etexilate capsules in 75 mg and 150 mg dosages.
● The company also received tentative approval for the 110 mg dosage.
● These capsules are used to reduce the risk of stroke and blood clots in adults with specific medical
conditions.
● Alembic Pharmaceuticals' approval from the USFDA marks a significant milestone, enhancing its
product portfolio in the US market and providing a cost-effective alternative to the brand-name drug
Pradaxa for patients requiring anticoagulant therapy.
● The approved Abbreviated New Drug Application (ANDA) for Dabigatran Etexilate capsules is
therapeutically equivalent to the Reference Listed Drug (RLD) product, Pradaxa Capsules by
Boehringer Ingelheim Pharmaceuticals, Inc.
● The approved dosages are 75 mg, 110 mg (tentative), and 150 mg.
External Affairs Minister Jaishankar And Sri Lanka President Commission Maritime Rescue
Coordination Centre
● External Affairs Minister (EAM) Jaishankar met Sri Lankan President Wickremesinghe and
commissioned the Maritime Rescue Coordination Centre (MRCC).
● Purpose : To enhance maritime security and coordination in Sri Lanka, funded by a USD 6 million
grant from India.
● This was Jaishankar’s first bilateral visit overseas after being re-appointed in the Cabinet.
● Wickremesinghe was among seven world leaders who attended the swearing-in ceremony of
Prime Minister Narendra Modi on June 9, 2024.
.
● Details of MRCC:The MRCC was commissioned with a $6 million grant from India.
● The MRCC includes a centre at Navy headquarters in Colombo and a sub-centre in Hambantota.
About Sri Lanka :
● President : Ranil Wickremesinghe
● Prime Minister : Dinesh Gunawardena
● Capital : Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
● Currency : Sri Lankan rupee
Srinagar Named 4th Indian 'World Craft City' by World Craft Council, Following UNESCO Creative City
Network Recognition
● Srinagar, a City in Jammu and Kashmir has become the 4th Indian city to be recognised as a
‘World Craft City’ by the World Craft Council (WCC), 3 years after it was designated as part of the
UNESCO Creative City Network (UCCN) for crafts and folk arts.
● The J&K administration applied for this recognition in 2021 alongside the UNESCO designation.
● The WCC tag for Srinagar will help artisans in the long term by enhancing global recognition and
demand for our handicrafts.
Other Recognized Indian Cities :
● Jaipur (City in Rajasthan) Malappuram (City in Kerala) and Mysore (City in Karnataka) are the
other Indian cities that have previously been recognised as World Craft Cities.
About WCC :
● Founded : June 1964.
● Founders : Aileen Osborn Vanderbilt Webb, Margaret M. Patch, and Kamaladevi Chattopadhyay.
● Leadership: The presidency changes every four years, and the current headquarters (2021-2024)
is in Kuwait.
● Current president is Saad al-Qaddumi.
● Mission: WCC is a non-governmental organization working to empower artisans and safeguard
craft heritage globally.
Kerala's Kozhikode Named India's First UNESCO 'City of Literature'
● Kozhikode in north Kerala, known for its rich cultural heritage, was officially declared as India's
first United Nations Educational, Scientific and Cultural Organization (UNESCO) 'City of
Literature'.
● This prestigious recognition, part of the UNESCO Creative Cities Network (UCCN), celebrates
.
cities worldwide for their commitment to creativity as a strategic factor for sustainable urban
development.
● In October 2023, Kozhikode had earned a place in the 'Literature' category of the UCCN.
● The Kerala government also announced that from this coming year(2024), June 23 will be
celebrated as the 'City of Literature' Day of Kozhikode, a place known for literary greats like the
late S K Pottakkad and Vaikom Muhammed Basheer.
● On this day, special awards will be announced in 6 categories.
1. Comprehensive contribution.
2. Women writers.
3. Young writers.
4. Children’s literature.
5. Translations from Malayalam to other languages.
6. Translations from other languages to Malayalam.
Other Indian Cities in UCCN:
● Srinagar and Jaipur: Crafts and Folk Arts.
● Mumbai: Film category.
● Chennai and Varanasi: Music category.
● Hyderabad: Gastronomy category.
About UNESCO :
● Members : 194 member states and 12 associate members
● UNESCO is a specialized agency of the United Nations (UN) with the aim of promoting world
About UCCN :
● UCCN is a flagship city programme of UNESCO launched in 2004 to promote cooperation
among cities which have recognized culture and creativity as strategic drivers of sustainable
urban development.
Finland to Launch World's First Bird Flu Vaccinations for Humans
● Finland is the first country to start offering preemptive bird flu vaccinations to certain workers
.
exposed to animals.
● Target Population: Vaccines will be administered to workers at fur and poultry farms, lab
technicians handling bird flu samples, veterinarians working as animal control officers, and
people working in sanctuaries for wild birds, livestock farms, and animal by-product processing
plants.
● Age Group: The vaccine is available to those aged 18 and over who are at higher risk of
contracting avian influenza.
● Number of Vaccines Secured: Finland has secured vaccines for 10,000 people through a joint
EU procurement effort.
● Source of Vaccines: The joint EU procurement effort included up to 40 million doses for 15
nations from CSL Seqirus.
About Finland :
● President : Alexander Stubb
● Prime Minister : Petteri Orpo
● Capital : Helsinki
● Currency : Euro
Apple Becomes 1st Company Charged With Violating EU's Digital Markets Act Rules
● The European Union (EU) has initiated a new investigation into Apple's support for alternative
iOS marketplaces in Europe under the Digital Markets Act (DMA).
● The investigation focuses on Apple's App Store "steering" policies, which allegedly violate the
DMA aimed at promoting competition.
● Apple is the first company to be charged with violating the DMA, a law enacted in 2022 to
empower EU regulators to mandate changes in business practices of major online platforms.
About Apple Inc :
● Founded : April 1, 1976
● Chairman : Arthur Levinson
● CEO : Tim Cook
Paraguay Joins as the 100th Full Member of the International Solar Alliance
● Paraguay has become the 100th country to join as a full member of the International Solar
Alliance (ISA).
.
● Ambassador of Paraguay, H.E. Mr. Fleming Raul Duarte, handed over the Instrument of
Ratification during a meeting with Shri Abhishek Singh, Joint Secretary (ED & MER) and Head of
Depository, in New Delhi.
● Spain became the 99th member of the ISA earlier this year, as it handed over the Instrument of
Ratification on May 21, 2024.
About ISA :
● Launched on 30 November 2015 by Prime Minister Shri Narendra Modi and President of France,
H.E. Mr. Emmanuel Macron during COP21 in Paris.
● Headquarters : Gurugram, Haryana, India
● Director General : Dr. Ajay Mathur
● The ISA aims to accelerate the deployment of solar energy globally in support of Climate Action.
● 119 countries are now signatories to the ISA Framework Agreement.
● Out of these, 100 have finished the ratification process and become full members.
● One of the significant driving philosophies of ISA is "One Sun One World One Grid" (OSOWOG).
About Paraguay :
● President : Santiago Peña
● Capital : Asunción
● Currency : Guaraní
STATE NEWS
Kerala Introduces Artificial Intelligence Learning in School Textbooks
● Kerala has introduced Artificial Intelligence (AI) learning in the Information & Communication
Technology (ICT) textbook of Class 7.
● This initiative aims to familiarise over 4 lakh students with AI in the upcoming academic year.
● AI Program Activity:In the 'Computer Vision' chapter, students will create an AI program that can
recognize up to seven human facial expressions.
About Kerala:
● Capital: Thiruvananthapuram
● Chief Minister: Pinarayi Vijayan
● Governor: Arif Mohammad Khan
.
● National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park,
Silent Valley National Park, Indira Gandhi National Park
Hyderabad No Longer Serves as Joint Capital for Telangana and Andhra Pradesh
• Hyderabad, one of the bustling metropolitan cities of the country, ceased to be the common
capital of Telangana and Andhra Pradesh on June 2, 2024, as per the Andhra Pradesh
Reorganisation Act, 2014.
• Starting from June 2, 2024, Hyderabad is the capital city of Telangana only.
• Hyderabad was made the capital city of both Telangana and Andhra Pradesh for a period of 10
years following the bifurcation of undivided Andhra Pradesh in 2014.
Bihar's Nagi and Nakti Bird Sanctuaries Designated as Ramsar Wetlands
● Bihar's Nagi and Nakti bird sanctuaries have been added to the global list of wetlands of
international importance under the Ramsar Convention.
● With the addition of Nagi and Nakti bird sanctuaries, the total number of Ramsar sites in India has
increased to 82.
● These two wetlands are situated in Bihar's Jamui district, specifically in the Jhajha forest range.
● These two wetlands are man-made reservoirs situated in the Jhajha forest range of Jamui.
● Both sites were declared as Wetlands of International Importance on World Environment Day,
celebrated on June 5, 2024.
About Bihar :
● Governor : Rajendra Arlekar
● Chief Minister : Nitish Kumar
● Capital : Patna
● National Park : Valmiki National Park
● Wildlife Sanctuary : Bhimbandh Sanctuary, Kaimur Wildlife Sanctuary
Himachal Pradesh Government Raises Prize Money for Winners of International Sporting Events
● The Himachal Pradesh (HP) government, under Chief Minister Thakur Sukhvinder Singh Sukhu,
has significantly raised the prize money for medal winners in various international sporting
events.
● The prize money for gold medal winners in the Olympics, Winter Olympics, and Paralympics has
been increased from Rs 3 crore to Rs 5 crore.
.
● Similarly, silver medalists will now receive Rs 3 crore instead of Rs 2 crore, and bronze medalists
will be awarded Rs 2 crore instead of Rs 1 crore.
About Himachal Pradesh :
● Governor : Shiv Pratap Shukla
● Chief Minister : Sukhvinder Singh Sukhu
● National Park : Great Himalayan National Park
● Wildlife Sanctuary : Kalatop Wildlife Sanctuary, Chail Wildlife Sanctuary, Manali Wildlife
Sanctuary
Rajasthan Chief Minister Bhajan Lal Sharma Announces ₹2,000 Increase in Kisan Samman Nidhi
Assistance to Farmers Following BJP’s Poor Performance in Lok Sabha Polls
● The Rajasthan State government, following the BJP's poor performance in the Lok Sabha
election, announced a ₹2,000 increase in the annual honorarium paid to farmers under the Union
government’s Kisan Samman Nidhi.
● With the state government's contribution, the amount given to each farm household has been
raised from ₹6,000 to ₹8,000 per year.
● Government's Commitment to Farmers: Chief Minister Bhajan Lal Sharma emphasized the
government's commitment to 'Annadata Utthan' (farmers' upliftment), indicating a proactive
stance towards supporting agricultural communities.
About Rajasthan :
● Governor: Kalraj Mishra
● Capital: Jaipur
● National Park: Keoladeo National Park, Ranthambore National Park
● Wildlife Sanctuary: Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary
Chief Minister M.K. Stalin Launches 'Chief Minister’s Mannuyir Kaathu Mannuyir Kaappom' Scheme to
Enhance Soil Health in Tamil Nadu
● Chief Minister M.K. Stalin inaugurated the ‘Chief Minister’s Mannuyir Kaathu Mannuyir Kaappom’
scheme to improve soil health across Tamil Nadu (TN).
● Financial Outlay: The scheme is implemented with an initial outlay of ₹206 crore.
● Allocation for Green Manure: ₹20 crore has been allotted specifically for the preservation of soil
.
fertility through the use of green manure.

● Implementation Phase: The scheme will be rolled out in phases.
● The first phase, scheduled for 2024-25, aims to distribute green manure seeds covering about 2
lakh acres.
● Beneficiaries: Over 2 lakh farmers are expected to benefit from the distribution of green manure
seeds in the initial phase.
● Support for Farmers: As part of the scheme, tractors are being made available to farmers at a
nominal cost. 90 tractors and rotavators have been acquired for this purpose at a cost of ₹10.25
crore.
● Youth Training Program: A program organized by the Agricultural Engineering Department
includes training youths in tractor driving skills.
● Tractors were flagged off for this purpose at the event.
About Tamil Nadu :

● Governor: R. N. Ravi
● Chief minister: M. K. Stalin
● Capital: Chennai
● Dance : Bharatnatyam, Karakattam
● National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of
Mannar Marine National Park
● Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird
Sanctuary
● Tiger Reserve: Anamalai Tiger Reserve
● Biosphere Reserve : Agasthyamalai Biosphere Reserve
Assam Introduces Monthly Allowance to Prevent Child Marriage and Promote Education
● Assam Chief Minister Himanta Biswa Sarma announced that his government will provide monthly
stipend to all girl students from class 11 to post-graduation over the next 5 years.
● This move is aimed to prevent child marriages.
● The scheme, 'Nijut Moina', was approved by the cabinet, which estimated that Rs 1,500 crore
would be required in 5 years to give the incentives to around 10 lakh girls.
.
● A married girl will not get the benefit.

● The only exception will be those married girls who are enrolled in PG courses, they will also
benefit.
● All girls studying in classes 11 and 12 will get Rs 1,000 every month, it will be Rs 1,250 for
degree students and Rs 2,500 for girls doing post-graduation.
● Except for daughters of ministers, MLAs and MPs, and those students studying in private
colleges, all girls irrespective of their financial background will be included in the scheme.
● This amount will be received by the students on the 11th of every month and the burden on the
parents will be reduced to a large extent and they will be able to send their daughters to college
and university.
About Assam :
● Governor : Gulab Chand Kataria
● Chief Minister : Himanta Biswa Sarma
● Capital: Guwahati
● National Park: Kaziranga National Park, Manas National Park, Nameri National Park
● Wildlife Sanctuary: Garampani Wildlife Sanctuary, Laokhowa Wildlife Sanctuary, Bornadi Wildlife
Sanctuary
Jharkhand Government Announces Waiver of Farm Loans Up to ₹2 Lakh

● The Jharkhand government, led by Chief Minister Champai Soren, plans to waive farm loans up
to ₹2 lakh.
● This is an increase from the previous waiver amount of ₹40,000.
● The free electricity quota for households will be raised from the current 125 units to 200 units.
Other Initiatives :
● Support for Unemployed Youth : Financial Support : The government aims to support
unemployed youth by offering loans of ₹25 lakh with a 40% subsidy to facilitate the establishment
of businesses for sustainable livelihoods.
● Education Sector InitiativesTeacher Recruitment:The recruitment process for 40,000 assistant
teachers is underway and expected to be completed by September.
● Recruitment of tribal and regional language teachers is scheduled to begin next month.
● Development Projects and Housing SchemeDevelopment Projects:Inaugurated and laid
.
foundation for 182 development projects valued at ₹152.76 crore.

● Housing Scheme:The state government initiated construction and distribution of houses under
the Abua Awas Yojana for tribal communities.
About Jharkhand :
● Governor : C. P. Radhakrishnan
● Chief Minister : Champai Soren
● Capital : Ranchi
● Tiger Reserve : Palamu Tiger Reserve
● Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake
Bird Wildlife Sanctuary
Madhya Pradesh Finalizes Preparations for Second Cheetah Habitat at Gandhi Sagar Sanctuary
● The Madhya Pradesh (MP) government has completed its preparations for the reintroduction of
the cheetahs in the Gandhi Sagar Wildlife Sanctuary, which will be the second home for
cheetahs in India, after the Kuno National Park (KNP).
● Under the ambitious cheetah reintroduction project, 8 Namibian cheetahs were released into
enclosures at KNP in MP’s Sheopur district on September 17, 2022.
● Later (in February 2023), 12 more cheetahs were brought from South Africa.
Why is Gandhi Sagar an ideal habitat for cheetahs?
● According to MP’s wildlife officials, the sanctuary makes for perfect cheetah habitat, as it looks
like Maasai Mara - a national reserve in Kenya known for its savanna wilderness and wildlife.
About the Gandhi Sagar Wildlife Sanctuary :
● The sanctuary (notified in 1974) is spread across (an area of 368.62 sq km) the districts of
Mandsaur (187.12 sq km) and Neemuch (181.5 sq km) in western MP, right on the border with
Rajasthan.
● The Chambal River cuts the sanctuary into two almost equal halves and the Gandhi Sagar dam
(constructed on the river in 1960) lies within the area of the sanctuary.
● Preparations for the Introduction of Cheetahs in Gandhi Sagar : A 64 sq km area has been
developed for the cheetahs at a cost of Rs. 17.72 crores.
● A soft release enclosure (boma) of 1 sq km, with four equal partitions, has been constructed to
provide a suitable and secure habitat.
.
● The Chairperson of the Cheetah Steering Committee was tasked to oversee and evaluate the
overall readiness of the WLS to “ensure that the sanctuary is adequately equipped and prepared
to support the successful integration and conservation of cheetahs within its natural landscape”.
About MP :
● Governor : Mangubhai C. Patel
● Chief Minister : Mohan Yadav
● Capital : Bhopal
● National Park : Satpura National Park, Kanha National Park, Bandhavgarh National Park
● Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
Karnataka Governor inaugurates National Yoga Olympiad 2024 in Mysuru

● Karnataka Governor inaugurated the ninth National Yoga Olympiad (NYO) 2024, at the
convocation hall of Karnataka State Open University (KSOU), in Mysuru.
● Yoga has been a part of Indian culture and tradition since ancient times.
● The importance of yoga is mentioned in our scriptures and it is a part of the whole world
today. That is why India is considered as 'Guru of Yoga', stated Governor of Karnataka
Thawar Chand Gehlot.
● On September 27, 2014, Prime Minister Narendra Modi called upon all the countries of the
world to adopt yoga and proposed to celebrate Yoga Day every year.
● The proposal was adopted and implemented by the United Nations General Assembly in
90 days.
● Since then, International Yoga Day has been celebrated on June 21, in our country and
the world, Gehlot stated.
● More than 400 students and 100 teachers are participating in the three-day NYO, at the
Regional Institute of Education (RIE) of National Council National Council of Educational
Research and Training (NCERT), Mysuru.
● The theme for NYO 2024 is 'Yoga for Self and Society'.
Maharashtra Budget Announces Major Sops Ahead of Assembly Polls: ₹1,500 Monthly for Women, 3
Free LPG Cylinders Annually
● Maharashtra Deputy Chief Minister Ajit Pawar, who holds the finance portfolio, presented a Rs
.
20,051 crore revenue deficit budget for the current fiscal even as he announced several sops for
women, youths and farmers, among other sections, entailing an expenditure of more than Rs
80,000 crore.
● An outlay of Rs 1.92 lakh crore was proposed under the scheme expenditure in the annual plan
2024-25.
Schemes and Benefits
● Mukhyamantri Majhi Ladki Bahin Yojana
➢ Target Group: Women aged 21 to 60 years.
➢ Benefit: Monthly allowance of Rs 1,500.
➢ Purpose: Ensuring overall development and empowerment of women, including economic
independence, self-reliance, health, and nutrition.
➢ Annual Allocation: Rs 46,000 crore.
➢ Implementation: From July 2024.
● Mukhyamantri Annapurna Yojana
➢ Benefit: Three free LPG cylinders per household per year.
➢ Purpose: Improving women's health by ensuring access to clean cooking fuel.
➢ Beneficiaries: 52,16,412 families.
● Stipend for Youths
➢ Benefit: Rs 10,000 per month.
➢ Purpose: Skill training for youths to enhance employability.
● Punyashlok Ahilyadevi Holkar Mahila Startup Scheme
➢ Objective: Support small women entrepreneurs.
➢ Implementation: Launch scheduled for this year.
● Reimbursement of Tuition and Examination Fees for Professional Courses
➢ Beneficiaries: Girls from OBC communities and economically weaker sections (annual
family income up to Rs 8 lakh).
➢ Courses Covered: Engineering, architecture, pharmacy, medicine, and agriculture.
➢ Benefit: Full reimbursement of fees.
➢ Impact: Benefits 2.05 lakh girls, starting from academic year 2024-25.
➢ Cost: Approximately Rs 2,000 crore from the state exchequer.
● Magel Tyala Scheme
.
➢ Initiative: Providing solar power pumps to 8.5 lakh farmers.

➢ Objective: Solarizing agricultural electricity grids to provide free daytime electricity.
➢ Benefit: Free electricity for agriculture pumps up to 7.5 horse power capacity.
➢ Support: 44.06 lakh cultivators to benefit.
➢ Provision: Rs 14,761 crore subsidy allocated.
● Mukhyamantri Yuva Karyaprashikshan Yojana
➢ Purpose: Skill training program for youths.
➢ Training Scope: Industrial and non-industrial establishments.
➢ Beneficiaries: 10 lakh youths annually.
➢ Stipend: Up to Rs 10,000 per month per trainee.
➢ Cost: Estimated expenditure of Rs 10,000 crore.
● VAT Reduction on Diesel and Petrol
➢ Region: Mumbai, Thane, and Navi Mumbai.
➢ Reduction: VAT reduced from 24% to 21%.
➢ Impact: Decrease in diesel price by around Rs 2 per litre and petrol by 65 paise per litre.
➢ Cost: Rs 200 crore impact on state exchequer.
About Maharashtra :
● Governor: Ramesh Bais
● Chief Minister: Eknath Shinde
● Capital: Mumbai
● National Park: Tadoba National Park, Navegaon National Park
● Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife
Sanctuary
● UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco
Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves
Jharkhand Cabinet Approves Financial Aid Scheme for 4.5 Million Women
● The Jharkhand Cabinet approved the 'Mukhya Mantri Bahan Beti Maiqui Swabalamban
Protsahan Yojana,' a financial assistance scheme for 45 lakh women in the state.
● Under the scheme, each eligible woman will receive Rs 1,000 per month.
.
● The state government will bear Rs 5,500 crore annually for this initiative.
● Eligibility Criteria: The scheme is applicable to women aged 21 to 50 years.
About Jharkhand :
● Chief Minister : Champai Soren
Telangana Chief Minister A Revanth Reddy announces Rs 2 lakh loan waiver for state farmers
● The Telangana state cabinet has approved a proposal to waive up to 2 lakh rupees worth of crop
loans for each farmer in the state by August 15, 2024.
● This fulfils a promise made by the Congress party before the Assembly elections last year.
● Eligibility and Timeline:Crop loans taken between December 12, 2018, and December 9, 2023,
are eligible for the waiver.
● Financial Implications:The estimated cost for the crop loan waiver is Rs 31,000 crore.
● It is expected to benefit around 40 lakh farmers in Telangana.
● Comparison with Previous Schemes:The previous government's crop loan waiver scheme cost
Rs 28,000 crore to the state treasury.
● Previous waivers by the BRS government:
➢ First term: Rs 16,000 crore (cut-off date: March 31, 2014).
➢ Second term: Rs 12,000 crore (cut-off date: December 11, 2018).
● Rythu Bharosa and Committee Formation : The Cabinet also approved setting up a Cabinet sub-
committee headed by Deputy Chief Minister M. Bhatti Vikramarka to prepare guidelines for the
implementation of Rythu Bharosa in place of Rythu Bandhu, with a deadline to submit its report
by July 15.
About Telangana :
● Chief Minister : Anumula Revanth Reddy
● Capital : Hyderabad
.
● National Parks : Mrugavani National Park, KBR Park

● Wildlife Sanctuaries : Pranahita wildlife sanctuary, Shivaram wildlife Sanctuary, Nagarjuna
Sagar-Srisailam Tiger Reserve, Kinnerasani Wildlife Sanctuary
Patna High Court Overturns Bihar Government's Increase in Reservation for Backward Classes from
50% to 65%
● The Patna High Court set aside amendments passed by the Bihar legislature in 2023, which
sought to increase reservation for Backward Classes (BC), Extremely Backward Classes (EBC),
Scheduled Castes (SC), and Scheduled Tribes (ST) from 50% to 65% in educational institutions
and government jobs.
● A Public Interest Litigation (PIL) challenging the increase in reservation was filed on November
27, 2023.
● After hearings, the court reserved its decision on March 11, 2024, and announced its decision on
June 20, 2024, overturning the amendments.
What is meant by Public Interest Litigation (PIL)?
● Public Interest Litigation (PIL) refers to legal action initiated in a court of law to safeguard the
broader interests of the public.
● It addresses issues impacting the public at large, such as environmental pollution, terrorism, road
safety, and construction hazards.
About Bihar :
● Capital : Patna
● Wildlife Sanctuaries : Gautam Budha Wildlife Sanctuary, Pant Wildlife Sanctuary, Kaimur Wildlife
Sanctuary
Kerala Assembly Approves Resolution to Rename State to ‘Keralam’
● The Kerala Legislative Assembly unanimously passed a resolution on June 24 to change the
name of the state from 'Kerala' to 'Keralam'.
● The resolution, moved by Chief Minister Pinarayi Vijayan, called for invoking Article 3 of the
.
Indian Constitution to effectuate this change in the First Schedule.

● Article 3 of the Indian Constitution: The resolution invokes Article 3, which deals with the
formation of new states and the alteration of areas, boundaries, or names of existing states
● Ongoing Name Change Requests:West Bengal has also been seeking a name change to
Bangla, which would move it up in the alphabetical listing of Indian states.
About Kerala:
Hemis Tseschu Festival Commences in Ladakh

● The Hemis Monastic Festival, also known as Hemis Tseschu, is an annual celebration of Tibetan
Buddhism in Ladakh, India.
● In 2024, the festival will be held on June 16th and 17th.
● The festival marks the birth anniversary of Guru Padma Sambhava.
About Ladakh :
● Lieutenant Governor : B. D. Mishra
● Capital : Leh, Kargil
Telangana to Establish Integrated Gurukul Schools in Every Assembly Constituency for Modern
Education
● The Telangana government is planning to set up 'integrated residential campuses', comprising
Scheduled Castes (SC), Scheduled Tribes (ST), Backward Class (BC), and minority residential
schools, in all assembly constituencies.
● The decision to establish integrated campuses instead of separate SC, ST, BC, and minority
residential schools.
● The integrated campuses would be set up as pilot projects in Kodangal (CM's assembly
segment) and Madhira (represented by deputy CM).
About Telangana :
.
● National Park : Mrugavani National Park, KBR Park
● Wildlife Sanctuary : Pranahita wildlife sanctuary, Shivaram wildlife Sanctuary
BUSINESS NEWS
PwC to become OpenAI's largest enterprise customer amid genAI boom
• PwC will become the largest customer and the first reseller of OpenAI's enterprise product as
businesses accelerate their adoption of generative artificial intelligence.
• PwC plans to roll out ChatGPT Enterprise, a version of the Microsoft-backed AI startup's chatbot
designed for large companies.
• The firm will provide ChatGPT Enterprise to its 75,000 U.S. employees and 26,000 UK employees,
enhancing their capabilities with advanced AI tools.
• OpenAI is led by CEO Sam Altman and is headquartered in San Francisco.
Dhaksha uses Dassault’s platform to accelerate the development of new drones

• French tech firm Dassault Systemes announced that Dhaksha Unmanned Systems Pvt Ltd, a
Chennai-based drone manufacturer, has adopted its Modsim modeling and simulation tools on the
3DEXPERIENCE platform to develop and launch next-generation drones at lower costs.
• Dhaksha, a subsidiary of Murugappa Group’s Coromandel International, has already developed
agriculture drones using Modsim and will deliver a new set of drones to its customers next month.
India’s GDP Exceeds Estimates, Grows At 8.2% In FY24 And 7.8% In Q4

• India's real GDP grew by 7.8% in the fourth quarter (January-March) of FY 2023-24, propelling the
full-year growth to an impressive 8.2%.
• Economists' Surprise: Higher-than-Expected Growth
• The Q4 growth rate of 7.8% surpassed economists' highest estimates of 7.3-7.4%, indicating a
stronger-than-anticipated economic performance.
India's fiscal deficit improves to 5.6% of GDP in FY24, lower than target of 5.8%
• India's fiscal deficit stood at Rs 16.54 lakh crore in FY24, below the budgetary target of Rs 17.86
lakh crore, achieving 95.3% of the target.
.
• The central government's fiscal deficit was 5.6% of GDP in FY24, lower than the revised estimate
of 5.8%.
• Total Expenditure: Total expenditure was Rs 44.43 lakh crore, or 99% of the targeted amount for
the year.
• The fiscal deficit for April 2024 stood at Rs 2.1 lakh crore, or 12.5% of the full-year target.
REC board approves raising borrowing limit in foreign currency to $24 bn

• State-owned REC Ltd has approved an increase in its foreign currency borrowing limit to $24
billion from $20 billion.
• Despite the increase in foreign currency borrowing, the overall borrowing limit in Indian rupees
remains at Rs 6 lakh crore.
• The board has also approved raising up to Rs 1,45,000 crore through the private placement of
unsecured/secured non-convertible bonds/debentures.
About REC Ltd
• REC Ltd, operating under the Ministry of Power, is a non-banking finance company, public financial
institution, and infrastructure financing company.
India received the highest FDI from Singapore in 2023-24; Mauritius second biggest investor
• India received the highest foreign direct investment (FDI) from Singapore in 2023-24, even as
overall overseas capital inflows into the country contracted by approximately 3.5% due to global
economic uncertainties.
• Despite a 31.55% decrease in FDI from Singapore to $11.77 billion in 2023-24, India attracted the
maximum inflows from that country, continuing the trend since 2018-19.
• While FDI from Mauritius decreased to $7.97 billion in the last fiscal year, the United States
emerged as the third-largest investor in India in 2023-24 with $4.99 billion.
• Other significant investors include the Netherlands, Japan, the UAE, UK, Cyprus, Germany, and
the Cayman Islands.
Russia Emerges as India's Top Oil Supplier for Second Consecutive Year
.
• Russia has solidified its position as the leading oil supplier to India for the fiscal year 2023/24,
marking the second consecutive year of dominance and reshaping market dynamics by reducing
the market share of Middle Eastern and OPEC producers to historic lows.
• Russian oil constituted approximately 35% of India's total crude imports, amounting to 4.7 million
barrels per day (bpd) during the fiscal year ending on March 31.
• Iraq maintained its position as the second-largest oil supplier to India, with Saudi Arabia, UAE,
Qatar, and the US following suit in the fiscal year 2023/24 ranking.
RIL to build Global Economic Hub in Navi Mumbai

• Reliance Industries Limited (RIL) is set to establish a global economic hub in Navi Mumbai,
having secured sub-leases on approximately 3,750 Acres of land for an estimated INR 13,400
Crore.
• The lease duration is 43 years, following a memorandum of understanding signed with
the Maharashtra Government back in 2018.
• The land, initially allotted to the Navi Mumbai SEZ (NMSEZ) in 2006, will be used to develop an
integrated industrial area.
• RIL aims to create a world-class integrated digital services industrial area through global
partnerships.
Netherlands Becomes India's Third Largest Export Destination In 2023

• The Netherlands has emerged as India's third largest export destination after the US and UAE in
2023-24, with key exports including petroleum products, electrical goods, chemicals, and
pharmaceuticals.
• India’s trade surplus with the Netherlands rose to USD 17.4 billion in the last fiscal year.
• This development comes amid a dip in India's overall merchandise shipments by over 3 per cent,
according to the commerce ministry data.
• Significant exports to the Netherlands included petroleum products valued at USD 14.29 billion,
along with electrical goods, chemicals, and pharmaceuticals.
About Netherlands:
• Capital: Amsterdam
• Currency: Euro
.
• Prime Minister: Mark Rutte
Volvo to issue world's first EV battery passport ahead of EU rules

How green is your green car:
• Even as electric vehicles (EVs) are touted as the best for the planet, the components - especially
in the batteries - may not quite be.
• As such, Volvo is set to issue the world's first EV battery passport that will record the source of
components and raw materials, and list out the carbon footprint of the company's flagship EX90
electric SUV.
• The passport has been worked out by Volvo in partnership with UK-based startup Circulor.
CBDC usage soars 39-fold among retail users, plunges in wholesale
• The outstanding amount for Central Bank Digital Currency (CBDC) in the wholesale segment
crashed while its usage in the retail segment climbed 39 times in the past year.
• In the wholesale segment, the outstanding amount stood at ₹8 lakh in March 2024, down from ₹10.6
crore last year.
• In the retail segment, the amount climbed to ₹234 crore in March 2024, up from ₹6 crore last year.
• India's CBDC, the Digital Rupee (e₹), is a digital form of its official currency, introduced after the
FY23 budget.
NSE creates a world record for handling 1,971 crore transactions in a single day
• The National Stock Exchange of India, the country's largest stock exchange and the world's largest
derivatives exchange, made history by registering the highest-ever transactions in a single day.
• The exchange handled 1,971 crore orders and 28.55 crore trades, marking a significant milestone in
its operational history.
• Earlier, NSE Indices Ltd, a subsidiary of NSE, launched India's first thematic index to track the
electric vehicle and new-age automobiles segment, showcasing the exchange's commitment to
innovation and diversification.
About NSE
• National Stock Exchange of India Limited is one of the leading stock exchanges in India, based in
Mumbai.
.
• NSE is under the ownership of various financial institutions such as banks and insurance
companies.
• Founded: 1992; 32 years ago
• Chairperson: Girish Chandra Chaturvedi
• MD & CEO: Ashishkumar Chauhan
Adani Solar retains Top Performer ranking in Kiwa PVEL’s PV Module Reliability Scorecard for the
seventh year
● Adani Solar, the solar photovoltaic (PV) manufacturing arm of the Adani Group, has been
recognized as a Top Performer in the 10th Edition of Kiwa PVEL's PV Module Reliability Scorecard.
● Independent Laboratory: Kiwa PVEL is an independent laboratory serving the downstream solar
industry.
● Annual Scorecard: Their annual scorecard highlights manufacturers that have produced PV modules
demonstrating noteworthy results in independent testing.
Coca-Cola Announces Rs 700 Crore Investment in Telangana with New Plant

• The renowned beverage giant, Coca-Cola is set to bolster its manufacturing capacity with a new
greenfield plant in Telangana's Peddapalli district.
• Hindustan Coca Cola Beverages (HCCB), the company's wholly owned bottling arm, will spearhead
the establishment of the plant, having already identified potential sites for the facility.
• During discussions with a delegation including Industries and IT Minister D. Sridhar Babu and R&B
and Cinematography Minister Komatireddy Venkatreddy at Coca Cola's headquarters in Atlanta,
United States, Head of Fiscal Policy Jonathan Rief and other senior executives shared plans for the
new plant.
Ola Electric gets Sebi's nod to launch IPO
• Ola Electric has received approval from the markets regulator Securities and Exchange Board of
India (SEBI) for its initial public offering (IPO).
• The Bhavish Aggarwal-led electric vehicle (EV) company plans to raise Rs 5,500 crore through
the IPO in a combination of a fresh issue of shares and an offer for sale, stated sources aware of
the development.
.
• Ola Electric had filed its Draft Red Herring Prospectus (DRHP) with the SEBI in December 2023.
• If things go as planned, the company will become the first one from the Indian two-wheeler EV
industry to go public.
India to clock highest growth in tech spending in 2024 in APAC: Report
• India’s technology spending this year is estimated to grow by 8 percent – the highest in Asia
Pacific (APAC), stated.
• India’s technology spending will reach around $54.5 billion (around Rs 4.49 trillion), according to
Forrester’s ‘Asia Pacific Tech Market Forecast, 2023 to 2027’.
• Technology spending in APAC will grow at a compound annual growth rate (CAGR) of 6.4
percent to 7.4 percent per year from 2024 to 2027, reaching $876 billion in 2027.
Insurtech startup Kenko Health stares at shutdown
• Insurtech startup Kenko Health is on the verge of shutting its operations due to an ongoing
shareholder battle within the company, according to the public.
• Kenko Health, backed by Peak XV Partners (formerly Sequoia Capital India) and Orios Venture
Partners, is in need of funds to meet requirements put forth by the insurance regulator.
• The startup was close to raising capital from the Hero Group, but a few existing investors who
risked significant stake dilution at the proposed valuation could not agree on a deal, people close
to the development stated.
Nabard may raise Rs 30,000 crore through bonds in FY25, says CRISIL
• National Bank for Agriculture and Rural Development (Nabard) is planning to raise up to Rs
30,000 crore through bonds in the current financial year (FY25) to support lending operations,
according to rating agency CRISIL.
• The money raised through the market covering bonds and money market instruments had about
51.5 percent share in total borrowings by Nabard at the end of March 2024.
• The government-owned development finance institution’s (DFI’s) total borrowings stood at Rs
7.89 trillion as of March 2024, according to CRISIL analysis.
Snapdeal signs MOU with Bhashini to Boost Digital Inclusion in India

• E-commerce platform Snapdeal has signed a Memorandum of Understanding (MOU) with Digital
India Bhashini, an Independent Business Division established by the Ministry of Electronics and
.
Information Technology (MeitY) within Digital India Corporation (DIC) to address the diverse
linguistic landscape of India, the company stated.
• The MOU was signed between Bharat Venishetti of Snapdeal and Amitabh Nag, chief executive
officer of Bhashini.
• The collaboration aims to leverage Artificial Intelligence (AI) to develop products and services
focusing on voice-first technology for nine vernacular languages to enhance language translation
efforts to promote digital inclusion in India.
The Pharma sector will cross $130-bn mark by 2030

• Hyderabad, which is known as the pharma hub of India, is home to 214 USFDA approved
facilities in the city and as the growth of the pharma market is coming from complex molecules, it
will force companies to invest and build future state-of-the art labs, stated Dr Reddy’s
Laboratories Limited’s official.
• The pharmaceutical sector in India is expected to reach $65 billion by 2024, and $130 billion by
2030.
Adani group strengthens hold in defence sector, inks pact with UAE firm Edge Group
• The Gautam Adani-group stepped up its presence in the defence segment by joining hands with
Edge Group, one of the world’s leading advanced technology and defence group. Group arm
Adani Defence & Aerospace signed the milestone agreement with the UAE company.
• A press statement from the conglomerate stated the agreement aims
• to establish a global platform leveraging the defence and aerospace capabilities of both
companies to bring together their respective product portfolios and cater to the requirements of
global and local customers.
Amazon To Invest Billions In Taiwan Cloud Infrastructure, Expanding AWS Presence In Asia
• Amazon Web Services (AWS) announced it will launch an AWS infrastructure Region in Taiwan
by early 2025.
• The new AWS Asia Pacific (Taipei) Region will give developers, startups, entrepreneurs, and
enterprises, as well as education, entertainment, financial services, and nonprofit organizations,
.
greater choice for running their applications and serving end users from data centers located in
Taiwan, ensuring that customers who want to keep their content in Taiwan can do so.
India's CPI inflation eases to a 12-month low of 4.75 per cent in May 2024
• India's consumer price inflation eased to a 12-month low of 4.75 per cent in May 2024, compared
to the same month of the previous year as declining fuel and cooking oil prices helped to bring
down the burden on household budgets, figures released by the Ministry of Statistics.
• CPI inflation had come down to 4.83 per cent in April, which was an 11-month low and the
declining trend is continuing.
• "Spices has shown a considerable decline at sub-group level in year-on-year inflation as
compared to April 2024. Among the groups, inflation corresponding to 'Clothing & Footwear',
'Housing', and 'Miscellaneous' has decreased since last month,” the Ministry stated.
Industrial production declines to a three-month low of 5% in April 2024

• The Index of Industrial Production (IIP) in India slowed to 5 per cent in April 2024, a three-month
low, as against 5.4 per cent in March, revealed the data provided by the Ministry of Statistics and
Programme Implementation (MoSPI).
• The IIP growth rate was recorded at 4.6 per cent in April 2023, the government stated in a press
release.
• The previous high of IIP was recorded at 11.9 per cent in October 2023, which slowed to 2.5 per
cent in November, 4.2 per cent in December and 4.1 per cent in January 2024.
PLI Scheme To Attract Investment Of Rs 3-4 Lakh Crore In 4 Years; Private Sector Capital Expenditure
May Increase: ICRA
● The Production Linked Incentive (PLI) scheme is anticipated to attract investments worth Rs 3-4 lakh
crore over the next four years and create 2 lakh jobs, according to a top executive at ICRA.
● The scheme is poised to launch large-scale projects in sectors such as semiconductor, solar
modules, and pharmaceutical intermediaries.
● Investment Projections: The PLI scheme is expected to draw investments ranging from Rs 3-4 lakh
crore.
● Job Creation: Approximately 2 lakh jobs are forecasted to be generated through upcoming projects.
.
● Tax Breaks for Increased Capex: To stimulate private sector capex to record levels, the government
may consider providing tax breaks to enhance disposable income among individuals.
● This strategy aims to bolster economic growth and industrial expansion across key sectors in India.
Finance Minister Smt. Nirmala Sitharaman-led GST Council to meet on June 22

● The 53rd meeting of the GST Council is set to convene on June 22, 2024, in New Delhi, marking the
first session under the newly re-elected government.
● Led by Finance Minister Nirmala Sitharaman, this meeting comes ahead of the final Budget
presentation for FY25, pivotal for setting the agenda of Modi 3.0 government's priorities for Viksit
Bharat.
● Union Budget 2024 Feedback: Discussion and feedback from state finance ministers on the Union
Budget of 2024.
● New Policy Initiatives: Deliberation on key policy initiatives anticipated under the new government's
tenure.
● This session is crucial for shaping fiscal policies and addressing industry challenges as India
navigates its economic landscape under renewed leadership.
Dassault Systèmes Aims for $1 Billion Revenue from India by 2027

● Dassault Systèmes, the technology arm of the Paris-based Dassault Group, has set an ambitious
target of achieving $1 billion in revenue from India by 2027.
● The company, renowned for its virtual twin technology across various industries, sees India as a
rapidly growing market.
Key Points:
● Revenue Projection: Dassault Systèmes anticipates reaching $1 billion in revenue from India by
2027, leveraging the fast-growing demand for virtual twin solutions.
● Global Perspective: Globally, the company reported revenue close to 7 billion euros in 2023,
highlighting its substantial presence and capabilities.
● Virtual Twin Technology: Dassault Systèmes offers virtual twin technology across industries such as
aerospace, healthcare, automotive/EV manufacturing, and consumer goods.
● This technology enables iterative product development and evaluation in a simulated environment,
minimizing costs and time.
● Post-Pandemic Insights: A joint study by Dassault Systèmes and Nasscom revealed a significant
.
increase in virtual twin implementations among mid-sized enterprises post-pandemic, underscoring

its growing relevance and adoption.
IFC Partners with Brookfield for 550 MW Solar Power Project in Rajasthan
● The International Finance Corporation (IFC) has committed to partially finance a 550 MW solar
power project in Bikaner, Rajasthan, developed by Brookfield Asset Management.
● With an investment of $105 million through long-term non-convertible debentures allocated to the
project’s special purpose vehicles, IFC aims to support India's renewable energy goals and facilitate
competitive tariffs for commercial and industrial (C&I) consumers across the country.
● Project Scope: The solar power project will generate 550 MW and supply electricity to C&I
consumers under long-term power purchase agreements (PPAs) and through the merchant market
via exchanges.
● Green Energy Corridor: The project will be integrated into India's inter-state transmission system,
contributing to the nation's green energy corridor initiative.
● IFC's First Hybrid Offtake Structure in Asia-Pacific: This investment marks IFC's first in the region
using a hybrid offtake structure, combining corporate PPAs with C&I consumers and merchant
market sales.
● India's Renewable Energy Ambitions: India aims to scale up its non-fossil fuel capacity to 500 GW by
2030, fostering a conducive environment for significant investments in renewable energy.
Impact and Outlook:

● With over $10 billion in annual investments attracted between 2017 and 2022, India's renewable
energy sector is poised for continued growth, expecting annual investments to reach $25 billion by
2030.
UK Surpasses China to Become India's 4th Largest Export Market

● In a significant development, the United Kingdom has overtaken China to become India's fourth-
largest export market as of May 2024.
● This shift reflects a notable increase in exports to the UK compared to the previous year.
Key Points:
● Export Growth: India's exports to the UK surged, reaching $1.37 billion in May 2024, marking a one-
third increase.
.
● Comparison with China: While exports to the UK grew significantly, exports to China also increased
but at a slower rate of 3%, totaling $1.33 billion.
● Previous Ranking: The UK was previously ranked sixth in India's export markets, indicating a
substantial rise in its position.
● The United States (US) continued to remain India's largest export destination, with 13 per cent
growth, followed by the United Arab Emirates (UAE), which saw 19 per cent jump.
● Export to the Netherlands, which is also India’s third-largest export market, soared to $2.19 billion
with nearly 44 per cent growth in May 2024.
IFC To Invest $105m In Brookfield’s Bikaner Solar Power Project

● The International Finance Corporation (IFC) has committed $105 million to partially finance a
significant solar power project in Bikaner, Rajasthan.
● This investment by IFC underscores its commitment to fostering sustainable development through
renewable energy projects in India, leveraging innovative financing mechanisms to drive impactful
outcomes in the energy sector.
1. Project Details:
o The solar power project is being developed by Brookfield Asset Management.
o It aims to generate 550 MW of solar power.
o The project's special purpose vehicles, responsible for implementation, will receive funding
through long-term non-convertible debentures from IFC.
2. About International Finance Corporation (IFC):
o Established in 1956, IFC is a member of the World Bank Group.
o It supports private sector development in developing countries by investing in equity and

debt instruments of private enterprises.
o IFC's initiatives contribute to economic growth, job creation, and environmental

sustainability in its member countries.
.
Indian Fintech and Digital Lending Firms See Significant Growth in FY23-24
● The Fintech Association for Consumer Empowerment (FACE) reported substantial growth in the
Indian fintech and digital lending sector for the fiscal year 2023-24.
● These firms processed and sanctioned over 10 crore loans, with disbursements amounting to
₹1,46,517 crore.
● This impressive growth underscores the expanding role of fintech and digital lending firms in
providing accessible financial solutions across India.
● The increase in both the volume and value of loans indicates a robust demand for digital lending
services, reflecting the sector's rising importance in the financial ecosystem
● Overall Growth:
o Loans Processed: Over 10 crore loans were processed and sanctioned.
o Total Disbursements: The total disbursements reached ₹1,46,517 crore.
● Year-on-Year Increase:
o Disbursement Volume: Increased by 35% year-on-year.
o Disbursement Value: Grew by 49% year-on-year.
● Average Loan Size:
o The average ticket size for loans in FY23-24 was ₹12,648, up from ₹11,094 in the previous
fiscal year.
● Quarterly Performance:
o Q4 FY23-24: Member companies disbursed 2.69 crore loans worth ₹40,322 crore.
o Average Ticket Size in Q4: ₹13,418.
o Quarterly Growth Rate: A 3% increase over Q3 FY23-24.
CIL ties up with private sector to revive unviable mines

● Coal India Limited (CIL) has undertaken a significant initiative to monetize 23 discontinued
underground coal mines by awarding them to private sector operators under a revenue-sharing
.
model.
● This decision stems from the recognition that these mines, though possessing good quality coal
reserves, were deemed financially unviable for continued operation by the state-owned company
● This strategic move by CIL not only aims to optimize the utilization of coal reserves but also fosters
private sector participation in the mining sector, leveraging their expertise and investment
capabilities to enhance productivity and operational efficiency in the coal mining industry.
e-WAY Bill Generation Reaches 10.32 Crore in May 2024, Second Highest on Record
● In May 2024, e-WAY bill generation soared to 10.32 crore, marking the second-highest figure
recorded since its introduction.
● This spike, unusual for May, likely stems from increased demand for electronic and cooling
products.
● This surge underscores the evolving landscape of indirect taxation under GST, where digital
integration and enforcement measures enhance transparency and regulatory oversight.
● Previous Peaks: March 2024 saw the highest e-WAY bill generation at 10.35 crore, with the
second-highest recorded in October 2023 at 10.03 crore.
What is an e-Way Bill?
● An e-Way Bill is an electronic document required for the movement of goods worth more than
INR 50,000 across state borders and within states in India. It is generated on the e-Way Bill
portal and serves as a permit for transporting goods.
● The e-Way Bill system is a significant component of India's Goods and Services Tax (GST)
framework, aimed at streamlining the movement of goods and reducing tax evasion.
● It is a critical initiative to modernise and digitise the transportation of goods under the GST
regime, promoting ease of doing business and improving tax compliance in India.
Visakhapatnam Port Leads in Marine Products Shipments

● Visakhapatnam Port has emerged as India's top port for marine products shipments in FY24,
handling 3,14,199 tonnes valued at ₹17,983.99 crore ($2,194 million).
Top Ports and Shipments

● Chennai and Kolkata: Chennai handled 1,01,903 tonnes valued at ₹6,120 crore, while Kolkata
.
managed 94,559 tonnes valued at ₹4,452 crore.
● Overall Contribution: Together, these ports contributed significantly to India's marine products
export sector, as reported by Marine Products Export Development Authority (Mpeda).
● Record Volume: India achieved an all-time high in seafood exports, shipping 17,81,602 tonnes
valued at ₹60,523.89 crore during FY24.
● Major Export Destinations: The US and China were primary importers, with frozen shrimp being
the top export item despite challenges in overseas demand.
Launch of Mirae Asset Nifty EV and New Age Automotive ETF

● Mirae Asset Mutual Fund has introduced India’s first Exchange Traded Fund (ETF) focusing on
the Electric Vehicles (EV) and New Age Automotive segment.
● Mirae Asset’s Nifty EV and New Age Automotive ETF presents investors with an opportunity to
capitalize on the burgeoning electric vehicles and new-age automotive sectors in India.
● By tracking the Nifty EV and New Age Automotive Total Return Index, the ETF aims to provide
exposure to innovative companies driving advancements in the automotive industry.
● This initiative underscores Mirae Asset’s commitment to facilitating long-term capital appreciation
while aligning with future trends in sustainable mobility and technology.
About ETF
● Exchange-traded funds (ETFs) are investment companies that allow investors to pool their
money into a fund that invests in assets like stocks, bonds, or other assets. ETFs are registered
with the SEC and can be traded throughout the day on a national securities exchange. They
combine features of mutual funds with the ability to trade.
NSE’s new theme indices offer fresh investment opportunities

● The National Stock Exchange’s subsidiary, NSE Indices Limited, has launched a new thematic
index called the Nifty India Tourism Index.
● This index is designed to capture the performance of travel and tourism-related stocks within the
Nifty 500 Index.
● According to NSE, the introduction of this index aligns with the Indian government’s ongoing
efforts to bolster tourism, a sector that significantly contributes to the nation's economy,
accounting for approximately $199.6 billion to the GDP.
● The Nifty India Tourism Index will enable the creation of investment products that allow asset
.
managers to invest in the tourism industry.

● In the last six months, NSE has launched nine thematic indices, including:
● Nifty200 Value 30 Index
● Nifty500 LargeMidSmall Equal-Cap Weighted Index
● Nifty500 Multicap India Manufacturing 50:30:20 Index
● Nifty500 Multicap Infrastructure 50:30:20 Index
BIS launches two new safety standards for EVs in India
● The Bureau of Indian Standards (BIS) has introduced new safety guidelines to enhance the
safety and performance of electric vehicles (EVs) in India.
● These guidelines apply to a range of vehicles, including two-wheelers, four-wheelers, goods
trucks, e-rickshaws, and e-karts.
Key Highlights of the New BIS Guidelines:
1. Categories Covered:
o L Category: Two-wheelers.
o M Category: Four-wheelers.
o N Category: Goods trucks.
Recommendations of the 53rd GST Council Meeting

● The 53rd GST Council met under the Chairpersonship of Union Minister for Finance & Corporate
Affairs Smt. Nirmala Sitharaman in New Delhi.
Recommendations relating to GST rates on Goods
Changes in GST rates of goods
● A uniform rate of 5% IGST will apply to imports of ‘Parts, components, testing equipment, tools
and tool-kits of aircrafts, irrespective of their HS classification to provide a fillip to MRO activities
subject to specified conditions.
● All milk cans (of steel, iron and aluminium) irrespective of their use will attract 12% GST.
● GST rate on ‘carton, boxes and cases of both corrugated and non-corrugated paper or paper-
board’ (HS 4819 10; 4819 20) to be reduced from 18% to 12%.
.
● All solar cookers whether single or dual energy source, will attract 12% GST.
● To amend existing entry covering Poultry keeping Machinery attracting 12% GST to specifically
incorporate “parts of Poultry keeping Machinery” and to regularise past practice on ‘as is where
is’ basis in view of genuine interpretational issues.
● To clarify that all types of sprinklers including fire water sprinklers will attract 12% GST and to
regularise the past practice on ‘as is where is’ basis in view of genuine interpretational issues.
● To extend IGST exemption on imports of specified items for defence forces for a further period of
five years till 30th June, 2029.
● To extend IGST exemption on imports of research equipment/buoys imported under the
Research Moored Array for African-Asian-Australian Monsoon Analysis and Prediction (RAMA)
programme subject to specified conditions.
● To exempt Compensation Cess on the imports in SEZ by SEZ Unit/developers for authorised
operations w.e.f. 01.07.2017.
● GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many
indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service
Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.
Indian deep tech startups count surges in 2023, funding drops 77%: Nasscom
● In 2023, India experienced a remarkable surge in deep tech startups, solidifying its position as
the third-largest hub globally for such ventures.
● Here are the key highlights and challenges outlined in the report by Nasscom and Zinnov:
● Funding Winter: Despite the growth in numbers, there's a concerning trend of reduced funding. In
2023, Indian deep tech startups raised approximately $850 million, a steep decline of 77% from
$3.7 billion raised in 2022.
India Inc cut back on dividends in FY24 despite record profit
● Despite a significant surge in corporate profitability, listed firms in FY24 experienced a decline in
dividend payouts.
● The total dividend payout decreased by 4.7% year-on-year (Y-o-Y), amounting to Rs 4.03 trillion,
down from the previous year's record high of Rs 4.23 trillion in FY23.
CBIC to issue detailed clarification on GST applicability for corporate guarantees, including distribution
of liability and valuation rules
● The Central Board of Indirect Taxes & Customs (CBIC) is set to issue a comprehensive
.
clarification on the application of GST concerning corporate guarantees provided by related

parties for loans from banks or financial institutions.
● Scope of Circular: The upcoming circular aims to address several key issues, including the
distribution of GST liability when multiple guarantors are involved and the tax responsibility in
cases with foreign guarantors.
● Recommendations by GST Council: Recently recommended amendments to Rule 28(2) of the
CGST Rules will be covered, particularly focusing on retrospective applicability from October 26,
2023.
PLI projects: Steel Min fast-tracks visa approvals for Chinese experts
● India's Steel Ministry is streamlining visa procedures for Chinese technicians and experts
involved in The Production Linked Incentive (PLI) projects for speciality steel.
● The Ministry plans to monitor and report progress on speciality steel-making schemes under the
PLI initiative.
Investment Trends in FY24
● Revised expected investment for FY24 was ₹16,000 crore.

● Actual investments were ₹14,500 crore, 10% lower than anticipated.
● Previous commitments were ₹21,000 crore.
● The Production Linked Incentive (PLI) Scheme is a government program that offers incentives to
companies that manufacture goods in India. The scheme aims to increase domestic
manufacturing, investments, and exports in various sectors
GST Exemption Granted To Platform Tickets And Essential Railway Services

● GST Council proposes exemption for specific services offered by Indian Railways to the general
public and intra-railway transactions.
● GST exemption proposed for:
➢ Platform tickets
➢ Retiring rooms
➢ Waiting rooms
➢ Cloakroom facilities
➢ Battery-operated car services
● Key DecisionsMeasures aimed at easing compliance and providing relief to taxpayers.
.
● Next Meeting : Tentative schedule for mid to late August.
India’s coal consumption surpasses North America & Europe combined in 2023
● India's coal consumption exceeds that of Europe and North America combined, marking a
significant shift in global energy dynamics.
● Statistical Review of World Energy: Released by Energy Institute (EI), in collaboration with
KPMG and Kearney, covering comprehensive global energy data for 2023.
● Global Energy Consumption: Reached a record high of 620 Exajoules (EJ), driven by increased
use of coal and oil, pushing global fossil fuel consumption to 505 EJ.
● Europe: Experienced a 7% decline in gas demand, with LNG imports surpassing piped gas for
the second consecutive year.
● Russia: Reduced its share of EU gas imports from 45% in 2021 to 15% in 2023.
Vedanta mulls first dollar bond sale of $500 million

● Vedanta Ltd., led by billionaire Anil Agarwal, is contemplating its debut overseas bond issuance,
aiming to raise at least $500 million.
● The company is currently discussing the plan with lenders and seeking legal advice on the
potential sale.
● The bond sale could reach up to $1 billion depending on investor interest, as per sources familiar
with the matter.
Upcoming Budget Likely to Revise India's Nominal GDP Growth Forecast
● The finance ministry is poised to revise upwards its nominal gross domestic product (GDP)
growth forecast for 2024-25 in the upcoming Budget, indicating robust economic expansion.
● Originally set at 10.5 per cent in the interim budget, the revised projection may range from 10.5
per cent to 11 per cent, driven by accelerated growth trends.
Adani Green Energy's Ambitious Investment Plans for Renewable Expansion
● Adani Green Energy, a prominent player in renewable power, has announced plans to invest Rs
2 trillion by 2030 to expand its capacity significantly.
● Current Capacity: 10.9 GW
● Targeted Expansion: To increase capacity to 50 GW by 2030
● Funding Details:Equity Contribution: Already secured 25% equity contribution
.
25% share by Indian liners could save $50 billion annually, says FIEO
● Exporters recently met with Finance Minister Nirmala Sitharaman to present their key requests
and priorities ahead of Budget 2024, Aim for a 25% share by an Indian shipping line to potentially
save $50 billion annually by 2030 reported by the Federation of Indian Export
Organisations(FIEO)
● Creation of an Indian Shipping Line: Objective: Address the rising outward remittance on
transport services due to increasing exports.
About FIEO:
● Founded: 1965
● President: Ashvini Kumar
● Vice President: Khalid M Khan
● Director General & CEO: Dr. Ajay Sahai
Businesses in Tamil Nadu, Uttar Pradesh, Maharashtra lead in GST return filing
● According to the data from GSTN, Uttar Pradesh (UP), Tamil Nadu, and Maharashtra are the top
states in filing GST returns every month, showcasing robust economic activity and compliance
levels:
1. Uttar Pradesh (UP):
a. Reported over 908,900 GST returns in April (GSTR-3B).
b. Demonstrates significant transaction volume and economic activity.
2. Tamil Nadu:
a. Recorded over 880,200 GST returns in the same period.
b. Strong industrial base contributing to regular GST filings.
3. Maharashtra:
a. Positioned third with over 798,600 GST returns filed in April.
b. Leads in filings during the last month of every quarter, including smaller businesses under
special schemes.
.
Visa, Mastercard $30 billion swipe-fee deal blocked by US judge

● A US District Judge, Margo Brodie, has rejected a proposed $30 billion antitrust settlement
involving Visa and Mastercard, aimed at addressing fees charged to merchants who accept their
credit and debit cards.
● The announced decision significantly affects ongoing litigation and negotiations between the card
networks and merchants.
● Antitrust Litigation Background: The settlement was intended to resolve litigation dating back to
2005 concerning interchange fees, also known as swipe fees, paid by merchants to accept Visa
and Mastercard.
Union Minister Dr. Jitendra Singh announced grant of 'Mini RATNA' status (Category-1) for Central
Electronics Limited (CEL)
● Union Minister Dr. Jitendra Singh announced that Central Electronics Limited (CEL) has been
granted "Mini RATNA" status (Category-1).
● The announcement was made during CEL's Golden Jubilee celebration at its Ghaziabad
campus.
● CEL celebrated its 50th year with a net profit of approximately Rs 58 crore, a significant
achievement.
India's remittance growth may slow down 50% in 2024 on lower inflow from Gulf: World Bank
● The World Bank forecasts a significant slowdown in India-bound remittance growth, from 7.5%
last year to 3.7% in 2024.
● This decline is attributed to reduced inflows from Gulf Cooperation Council (GCC) countries,
impacted by declining oil prices and production.
● For 2024, the World Bank estimates $124 billion, with a slight increase to $129 billion in 2025.
● India remains the top global recipient of remittances, surpassing countries like Mexico, China, the
Philippines, and Pakistan.
● The country hosts 18.7 million emigrants, reflecting its significant diaspora worldwide.
Flipkart group launches super. money to re-enter India's fintech space

● Flipkart has introduced a beta version of its fintech app, super. money, available on the Play
Store.
.
● The platform aims to capitalize on India's growing digital financial services sector.
● Apart from Unified Payments Interface (UPI) payments, super. money offers services such as
credit, deposits, and credit cards.
UltraTech picks up 23% in India Cements as sector battle hots up

● UltraTech Cement, led by Kumar Mangalam Birla, has announced the acquisition of a 23% stake
in Chennai-based India Cements Ltd (ICL) for Rs 1,889 crore.
● This move comes amidst a competitive drive to strengthen its position in the cement sector.
● Stake Acquisition: UltraTech Cement acquired 70.56 million shares of India Cements Ltd at an
average price of Rs 268 per share in two block deals.
7 years of GST: Avg monthly mop up surged by 87% despite certain challenges
● The Goods and Services Tax (GST) system in India has shown signs of stability, as evidenced
by consistent growth in tax collections over its seven-year history.
● Average monthly GST collection rose from ₹90,000 crore during the first year of its
implementation-2017-18 to 1.68 trillion during 2023-24, representing an 87 per cent rise.
BHEL bags Rs 13,300 crore order to set up 1600 MW-thermal power project
● Bharat Heavy Electricals Ltd (BHEL), a state-owned engineering firm, has secured a significant
contract worth Rs 13,300 crore from Damodar Valley Corporation (DVC) to establish a 1600 MW
thermal power plant in Koderma, Jharkhand.
● This project aligns with the central government's objective of bolstering the nation's energy
security.
● Project Scope: BHEL will undertake the engineering, procurement, and construction (EPC) for
the Koderma Thermal Power Station (2X800MW) in Jharkhand.
GAIL fast-tracks net zero carbon goal to 2035 from 2040
● GAIL (India) Ltd has revised its target to achieve net zero carbon emissions to 2035, advancing it
by five years from the initially set goal of 2040. The board of directors of GAIL approved this
advancement.
● This decision follows an extensive study undertaken by GAIL to enhance its sustainability goals
.
and align with India’s broader Net Zero commitments, the Maharatna company stated.
● India’s largest gas utility plans to achieve this ambitious goal through a strategic approach
involving electrification of NG-based equipment, renewable energy, battery energy storage
systems (BESS), compressed biogas (CBG), green hydrogen, CO2 valorisation initiatives and
afforestation.
About GAIL:
● The Gas Authority of India Ltd. was incorporated in August 1984 as a Public Sector Undertaking
(PSU) of the Government of India under the Ministry of Petroleum & Natural Gas (MoP&NG) to
build, operate and maintain HVJ gas pipeline.
● Headquartered in New Delhi.
Core sector growth slows to 6.3% in May 2024
● The eight key infrastructure sectors’ growth rose 6.3 per cent in May 2024 on healthy expansion
in the production of coal, natural gas, and electricity, though the growth rate is lower than in April
2024.
● The production of the eight sectors grew 6.7 per cent in April.
● The growth of these core sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel,
cement and electricity — was 5.2 per cent in May 2023.
● The central government’s fiscal deficit was only at 3 per cent of the annual estimates at the end
of May.
Indian government bonds to enter JP Morgan Bond index
● In a significant development for domestic fixed-income markets, Indian government bonds are
now included in JPMorgan Chase & Co’s emerging markets bond index as of June 28, 2024.
● This follows an announcement made in September 2023, paving the way for substantial inflows
of foreign capital into the Indian economy.
● IGBs issued by the Reserve Bank of India (RBI) under the Fully Accessible Route (FAR) will be
included in the global indices.
● According to JPMorgan, the average maturity of the Indian bonds included is seven years, with a
yield-to-maturity (YTM) of 7.09%.
.
● The bonds with the highest weightage in the index (over 0.5%) include 7.18 GS 2033, 7.30 GS
2053, and 7.18 GS 2037.
● India has become the 25th market to be included in the index since its launch in June 2005.
Interest equalisation scheme for exporters extended for 2 months
● The interest equalisation scheme for exporters, which allows access to bank credit at a
subsidised rate, will be extended only for the MSME sector beyond June 30, 2024 for two months
till August, as per a government notification.
● “Claims of non-MSME exporters are not to be entertained beyond June 30, 2024,” a trade notice
issued by the Directorate General of Foreign Trade stated.
● The two-month continuation of the scheme for the MSME sector comes with an outlay cap of
₹750 crore, the notice added. All other terms and conditions remain the same.
Interest equalisation scheme:
● Interest Equalisation scheme was first implemented on 1st April 2015, to provide pre- and post-
shipment export credit to exporters in rupees.
● It was initially valid for 5 years, up to 31.3.2020. The scheme has been continued thereafter,
including a one-year extension during COVID and further extensions and fund allocations.
BANKING AND ECONOMY

PhonePe introduces a secured lending platform in collaboration with multiple NBFCs
● Bengaluru-based fintech firm PhonePe has launched secured loans in partnership with various
non-banking finance companies (NBFCs).
● The Walmart-owned company is offering 6 credit products to its customers to begin with – loan
against mutual funds, gold loan, two-wheeler and four-wheeler loans, home loan, loan against
property and education loan.
● The launch comes at a time when the Reserve Bank of India has asked consumer lending
platforms to go slow on unsecured lending.
About Phonepe :
● Founded : 2015
.
Ministry of Finance Directs State Bank of India to Establish Committee to Address Co-Lending
Challenges
● The Finance Ministry has instructed the State Bank of India (SBI) to establish a six-member
committee to address challenges associated with the co-lending business model.
● Objectives of the Committee : To tackle issues related to co-lending, enhance credit flow to
Micro, Small, and Medium Enterprises (MSMEs), and regulate the rapid growth in consumer
loans.
● Minister of State : Bhagwat Karad, Pankaj Choudhar
About SBI :
Securities and Exchange Board of India Reduces Approval Time for Brokers for Internet-Based Trading
to 7 Days
● Markets regulator Securities and Exchange Board of India (SEBI) significantly reduced the time
taken by stock exchanges to grant approval to stock brokers for internet-based trading to 7 days
from the current 30 days.
● Aim : To enhance the ease of doing business in the securities market.
● The new guidelines will be applicable with immediate effect.
● Application Process:Brokers are required to apply to the respective stock exchange for formal
permission to offer internet-based trading services.
About SEBI :
.

Capital Small Finance Bank and ICICI Lombard Form Bancassurance Partnership to Offer General
Insurance Products
● Capital Small Finance Bank (CSFB), a small finance bank, has forged a bancassurance tie-up
with ICICI Lombard General Insurance Company Ltd.(ICICI Lombard), a private general insurer.
● Through this collaboration, CSFB will leverage its network and customer base to distribute ICICI
Lombard’s suite of general insurance products, including health, motor, home, travel and rural
insurance.
● This partnership will empower the bank’s customers to be adequately risk covered and access
our wide suite of innovative and tech-driven insurance solutions.
● Currently, CSFB has 177 branches spread over 5 States and 1 Union Territory.
About Capital Small Finance Bank :
● Founded : 2000; licensed in 2016
● Headquarters : Jalandhar, Punjab, India
● Chairman : Madan Gopal Sharma
● MD & CEO : Sarvjit Singh Samra
● Capital Small Finance Bank (formerly Capital Local Area Bank) is an Indian first small finance
bank.
About ICICI Lombard General Insurance Company Limited :
● Founded : 2001
● Chairman & Managing Director : Sanjeev Mantri
● It is a joint venture between ICICI Bank (64% stake)- India’s second-largest bank, and Fairfax
Financial Holdings Limited (36%)- a financial services company based in Toronto.
4 European Union Banks-Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas,
Request RBI Approval for Third-Party Transaction Model
.
● Four prominent European banks, which also serve critical custodian roles in local sovereign debt
trade, have approached the Reserve Bank of India (RBI) seeking approval for a third-party
transaction model.
● The European banks involved in this initiative are Credit Agricole, Societe Generale, Deutsche
Bank, and BNP Paribas.
● The banks seek RBI's approval due to the absence of established regulations governing such
arrangements.
About Credit Agricole :
● Headquarters : Montrouge, France
● CEO : Philippe Brassac
About Societe Generale :
● CEO : Slawomir Krupa
About Deutsche Bank :
● Founded : 10 March 1870
● Headquarters : Germany
● CEO : Christian Sewing
About BNP Paribas :
● CEO : Jean-Laurent Bonnafé
JM Financial Asset Reconstruction Companies Capital Adequacy Drops Below Reserve Bank of India
Standards
● JM Financial Asset Reconstruction Companies (JMFARC’s) capital adequacy fell below
regulatory requirements following a provision of Rs 846.86 crore for expected credit loss on
distressed loans in FY24.
● The existing shareholders, including promoter JM Financial, will infuse up to Rs 1,000 crore in
equity to shore up capital.
● This is to meet regulatory norms and support business growth.
.
● The ARC’s capital adequacy ratio (CAR) fell to 2.91% in March 2024 from 24.67% in March
2023.
Reserve Bank of India Cancels 1st-Ever 10-Year Green Bond Auction

• In a first, the Reserve Bank of India (RBI) cancelled the auction of 10-year green bonds as traders
refused to pay greenium.
• This decision highlights the challenges in pricing and trading green bonds in the market.
• Greenium signifies the premium investors are willing to pay for green bonds because of their
sustainability impact.
• It signifies the lower yield investors accept for these securities, which are aimed at financing
environmentally sustainable projects.
Unified Payment Interface Network Sets New Record with 14.04 Billion Transactions Processed in May
2024 Up from 13.3 Billion in April
• The Unified Payments Interface (UPI) network operated by the National Payments Corporation of
India (NPCI) has set a new record by processing 14.04 billion transactions in May,2024 compared
to 13.3 billion in April, 2024.
• By value, UPI transactions totalled ₹20.45 lakh crore in May, compared to ₹19.64 lakh crore in
April.
• These figures represent a 49% increase in volume and a 39% increase in value compared to May
2023.
About UPI :
• Unified Payments Interface (UPI) is an Indian instant payment that powers multiple bank accounts
into a single mobile application.
Reserve Bank of India Reports 15.3% Growth in Bank Credit for April 2024
• The banking sector observed a notable increase in credit growth during the first month of fiscal
2024, primarily driven by advancements in the agriculture sector, as per the Reserve Bank of India
(RBI).
.
• Non-Food Bank Credit: On a year-on-year (y-o-y) basis, non-food bank credit expanded by 15.3%
in April 2024, slightly lower than the growth rate of 16.2% recorded a year earlier.
Canara Bank to Divest 14.50% Stake in Canara HSBC Life Insurance Through Initial Public Offering
• Canara Bank has approved the initiation of the process to dilute its 14.50% stake in its subsidiary,
Canara HSBC Life Insurance Company Limited., through an initial public offering (IPO).
• IPO Details:The bank intends to list Canara HSBC Life Insurance on stock exchanges
(BSE/NSE) via an IPO.
• The exact size of the issue, timing, and other modalities will be determined later.
• Capital Raising Approval:Canara Bank's Board has also approved raising Rs 8,500 crore through
debt instruments (Additional Tier I / Tier II Bonds) for the financial year 2024-25.
About Canara Bank :
About Canara HSBC Life Insurance :
• Founded : 2008
• MD & CEO : Anuj Mathur
• It was a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings
Limited (26%) and Punjab National Bank (23%).
Reserve Bank of India Transfers 100 Tonnes of Gold from the United Kingdom to Indian Vaults, for 1st
Time Since 1991
• The Reserve Bank of India (RBI) has transferred around 100 tonnes or 1 lakh kilograms of gold
from the United Kingdom to its vaults in India.
• This is the largest gold transfer since early 1991, and the central bank plans to move more gold in
the coming months.
• Domestic Vault Locations:Domestically, gold is stored in vaults located in the RBI’s old office
building on Mumbai’s Mint Road and in Nagpur.
.
Reserve Bank of India Establishes Framework for Self-Regulatory Organizations in Fintech Sector
• The Reserve Bank of India (RBI) released the final framework for recognising self-regulatory
organisations (SROs) in the financial technology sector (SRO-FT), encouraging entities to have a
representative membership from the fintech sector.
• Membership:SRO-FTs can include membership from fintech entities currently regulated by the
RBI, such as non-banking financial companies-account aggregators (NBFC-AA) and NBFC-peer-
to-peer (P2P) lending platforms, excluding banks.
Reserve Bank of India Annual Report Reveals 166% Surge in Bank Frauds to Over 36,000 Cases in
FY24
• In the financial year 2023-24 (FY24), there were 36,075 reported bank frauds, marking a significant
increase of nearly 166% from the 13,564 cases reported in FY23.
• Despite the increase in the number of fraud cases, the amount involved decreased by 46.7% year-
on-year (Y-o-Y) in FY24 to Rs 13,930 crore, compared to Rs 26,127 crore in FY23.
• Fraud Trends:Private sector banks reported more fraud cases overall, but public sector banks
consistently accounted for the highest total fraud amount.
Insurance Regulatory and Development Authority of India Supports 100% Cashless Claim Settlement in
Health Insurance
• The Insurance Regulatory and Development Authority of India (IRDAI) has issued a new health
insurance circular that seeks to improve services for policyholders by reducing settlement times
and ensuring cashless claim processes.
• The regulator wants insurers to achieve 100% cashless claim settlement in a time-bound manner,
minimising the need for reimbursement claims to exceptional
circumstances.
• Master Circular on Health Insurance:IRDAI issued a comprehensive Master Circular on Health
Insurance Products, consolidating 55 previous circulars.
About IRDAI :
.

in India.
Lenders Leverage Lower Infrastructure Defaults to Convince Reserve Bank of India

• Lenders are planning to approach the Reserve Bank of India (RBI) with a proposal to lower
provisioning for infrastructure loans.
• They argue that the probability of default (PD) in the infrastructure sector has consistently fallen
to 2% or even less over the past 5 years.
• The main reason for the PD decreasing to 2% over the past 5 years is the reduction in disputes
related to large infrastructure projects.
• Prior to 2015, many infrastructure project loans turned into NPAs due to court rulings in 2G
spectrum cases and disputes in coal, iron ore mining, and thermal power projects.
Bank of India Introduces 666-Day Fixed Deposit Scheme Offering 7.80% Annual Returns for Senior
Citizens
• Bank of India (BoI) has launched a special fixed deposit plan called '666 Days - Fixed Deposit',
offering attractive returns on deposits for a tenure of 666 days.
• The FD scheme offers very attractive returns on deposits as high as 7.95% per annum for super
senior citizens for 666 days for a deposit amount of less than Rs 2 crore.
• Super senior citizens are those who are 80 years of age or above.
About Bank of India :
• Established : 7 September 1906
• MD & CEO : Rajneesh Karnatak
• Tagline : Relationship beyond Banking
Jio Financial Services Launches Beta Version of 'JioFinance' App Featuring UPI and Digital Banking
Services
.
• Jio Financial Services, a Non-Banking Financial Company (NBFC), launched its application –
“JioFinance” app (in beta mode), which will offer a range of financial services and will also offer
loans against mutual funds among other services in the future.
• Key features of the application include instant digital account opening and streamlined bank
management with the "Jio Payments Bank Account" feature.
• This app seamlessly integrates digital banking, UPI transactions, bill settlements, insurance
advisory, and offers a consolidated view of accounts and savings, all in one user-friendly
interface.
About Jio Financial Services Limited :
• Independent Director and Non-executive chairman : Mr. Kundapur Vaman Kamath
• Jio Financial Services is an Indian financial services company that was originally a subsidiary of
Reliance Industries.
• It is carved out from Reliance Industries Ltd, is engaged in the business of investing and
financing, insurance broking, payment bank and payment aggregator and payment gateway
services.
• The company is in the process of seeking shareholders' nod for raising the foreign direct
investment limit in the company up to 49%.
• The company is a systemically important non-deposit-taking Non-Banking Financial Company
(NBFC) registered with the Reserve Bank of India (RBI).
L&T Finance Limited Partners with PhonePe to Offer Secured Lending Products
• L&T Finance Limited. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) of
the country, has forged a strategic partnership with PhonePe, India’s leading fintech company
offering a wide range of financial services and products.
• The collaboration amongst both the Companies is aimed at broadening the range of financial
products and offering secured lending to customers across Housing and Two-wheeler Financing.
About L&T Finance :
• MD & CEO : Sudipta Roy
.
About Phonepe :
Securities and Exchange Board of India Introduces 'Saarthi 2.0' Mobile App for Investor Education on
Personal Finance
• Capital markets regulator Securities and Exchange Board of India (SEBI) has launched a mobile
app, ‘Saarthi 2.0’, focused on personal finance for investors.
• The app provides comprehensive tools to simplify complex financial concepts and enhance
investor education.
• User-Friendly Interface: The updated 'Saarthi' app introduces a user-friendly interface for investors.
• Financial Calculators: The app includes financial calculators to assist users in various financial
calculations.
About SEBI :
State Bank of India Becomes 1st Public Sector Bank and 7th Indian Company to Surpass Rs 8 Trillion
Market Capitalization
• The State Bank of India (SBI) became the 1st public sector bank and the 7th Indian company to
cross the Rs 8 trillion market capitalization (m-cap).
• HDFC Bank and ICICI Bank are the only other lenders with m-cap of over Rs 8 trillion.
• Stock Performance and Rally:Share Surge: SBI's shares surged by 9.5% amid a broad-based rally
in the equity market ahead of election results.
• Recent Growth: In the last year, SBI's stock has increased by nearly 55%, and the Nifty PSU Bank
index has almost doubled.
.
About SBI :
Alternative Investment Fund Welcome Securities and Exchange Board of India’s Proposed
Amendments to Valuation Norms
• The alternative investment fund (AIF) industry has welcomed recent suggestions by the Securities
and Exchange Board of India (SEBI) to change the valuation norms, aiming to resolve valuation
issues and relax guidelines.
• SEBI proposed that the valuation of unlisted securities held by AIFs be carried out according to
guidelines issued by the eligible industry association, rather than Mutual Fund (MF) Regulations.
• The proposal is open for public comment until June 13, 2024.
Over the Past 5 Years, Six PSU Banks Have Issued 1,071 Look-Out Circulars Targeting Defaulters
• In their bid to recover money stuck with absconding wilful defaulters, 6 public sector banks (PSUs)
have issued 1,071 look-out circulars (LOCs) since 2018 to prevent them from fleeing to other
countries.
• The State Bank of India (SBI), the largest commercial bank in India, has issued the highest number
of LOCs among the PSU banks, totalling 583.
• RTI applications were filed with 11 PSU banks, but 3 banks-Canara Bank, UCO Bank, and Bank of
Baroda (BoB)-refused to provide the data.
IRDAI Releases Comprehensive Circular on Corporate Governance for Insurers

• The Insurance Regulatory and Development Authority of India (IRDAI) issued a master circular on
corporate governance for insurers.
• Corporate governance refers to the system of rules, practices, and processes by which a company
is directed and controlled.
• It ensures ethical operation and serves the best interests of all stakeholders.
.
• Objectives of Corporate Governance:The primary goal is to ensure accountability, fairness, and

transparency in the company’s relationship with stakeholders.
About IRDAI :
in India.
• It has been established for overall supervision and development of the Insurance sector in India.
• The powers and functions of the Authority are laid down in the IRDA Act, 1999 and Insurance Act,
1938.
Axis Bank and Bajaj Allianz General Insurance Form Bancassurance Alliance to Enhance Insurance
Reach and Financial Inclusion
• Axis Bank, a private sector bank, and Bajaj Allianz General Insurance, a private general insurer,
have entered a strategic bancassurance partnership to boost insurance penetration and financial
inclusion in the country.
• Under this Bancassurance tie-up, a comprehensive suite of Bajaj Allianz General Insurance
products will be distributed through Axis Bank’s network of 5,250 plus branches.
• This collaboration will strengthen Bajaj Allianz General Insurance’s distribution reach, enabling it to
cater to a broader customer base and offer varied insurance solutions to diverse demographics.
About Axis Bank :
About Bajaj Allianz General Insurance :
• Headquarters : Pune, Maharashtra
• MD & CEO : Tapan Singhel
Reserve Bank of India Absorbs ₹44,430 Crore of Surplus Liquidity Through 2 variable rate reverse repo
.
Auctions
• The Reserve Bank of India (RBI) absorbed surplus liquidity aggregating ₹44,430 crores through
two variable rate reverse repo (VRRR) auctions of three days tenor.
• The aforementioned amount was deployed by banks even as the central bank was ready to
absorb a total of ₹1-lakh crore (notified amount).
• First Auction:
• Notified amount: ₹50,000 crore.
• Funds deployed by banks: ₹41,730 crore.
• Weighted Average Rate (WAR): 6.48%.
• Second Auction:
• Notified amount: ₹50,000 crore.
• Funds deployed by banks: ₹2,700 crore.
• WAR: 6.49%.
Punjab National Bank Collaborates with IIFCL to Offer Financing for Infrastructure Projects
• Punjab National Bank (PNB), a public sector bank, and India Infrastructure Finance Company Ltd
(IIFCL), a state-owned entity, signed a Memorandum of Understanding (MoU) to provide long-
term financial support for viable infrastructure projects.
• The MoU represents a milestone in creating new lending opportunities for infrastructure projects
in India.
• The MoU was exchanged between Atul Kumar Goel, MD & CEO of PNB, and Padmanabhan
Raja Jaishankar, Managing Director of IIFCL.
SEBI Establishes Committee to Review Ownership and Economic Structure of Clearing Corporations
• The Capital markets regulator Securities and Exchange Board of India (SEBI) has set up a
committee to review the ownership and economic structure of clearing corporations and suggest
measures to ensure that clearing corporations function as resilient, independent, and neutral risk
managers.
• The ad-hoc committee would be chaired by Usha Thorat, former Deputy Governor of the Reserve
Bank of India (RBI).
.
• The decision has been taken in the wake of the substantial growth of Indian securities markets in
recent years and the importance of clearing corporations as central risk management institutions.
About SEBI :
Adani One and ICICI Bank Launched 2 Co-Branded Credit Card Variants
• Adani One,the digital platform of the Adani Group, and ICICI Bank have collaborated to introduce
two new co-branded credit cards in association with Visa.
• This partnership signifies the Adani Group's entry into the retail financial sector.
• The newly launched credit cards come in two variants: Adani One ICICI Bank Signature Credit
Card and Adani One ICICI Bank Platinum Credit Card.
• The Adani One ICICI Bank Signature Credit Card has an annual fee of Rs 5,000 and offers
joining benefits worth Rs 9,000.
• Cardholders can earn up to 7% Adani reward points on purchases made within the Adani Group
ecosystem.
About ICICI Bank Limited :
• MD & CEO: Sandeep Bakhshi.
Securities and Exchange Board of India’s Rumour Verification Rules Now Apply to Top 100 Listed
Companies
• Amid the mayhem over exit poll prediction, market regulator Securities and Exchange Board of
India (SEBI) has implemented the much awaited market rumour verification regulation on top 100
companies.
.
• Rule Requirement: Under the SEBI’s rule, these companies will have to ‘confirm, deny, or clarify
any reported event or information in the mainstream media that is not general in nature and that
indicates that rumours of an impending specific material event’ are circulating among the
investors in 24 hours from the reporting of the information.
Reserve Bank of India Monetary Policy Highlights : RBI Maintains Repo Rate at 6.5% and Boosts FY25
GDP Growth Forecast to 7.2%
● The Reserve Bank of India (RBI) Governor, Shaktikanta Das, announced the second bi-monthly
monetary policy for 2024-25.
● This marks the first RBI policy announcement after the Lok Sabha election results of 2024.
● The RBI Governor-headed 6-member Monetary Policy Committee (MPC) decided to keep the
benchmark repo rate unchanged at 6.5% for the 8th consecutive time by a 4:2 majority.
● The repo rate, which is the rate at which the RBI lends to commercial banks to address shortfalls
in funds, is a key tool the central bank uses to manage liquidity in the economy.
About RBI :
Reserve Bank of India Penalties Increase by 88% Over Last 3 Years, Know Your Customer and Anti-
Money Laundering Violations Lead the List
● The Reserve Bank of India (RBI) has increased the number of penalties on financial institutions
by 88% over the past 3 years (from 2021 to January 2024).
● Know Your Customer (KYC) and Anti-Money Laundering (AML) violations are the most common
infractions leading to penalties.
● The RBI has collected Rs 78.6 crore in penalties over 3 years, with 261 penalties imposed in
2023 alone, according to Signzy, a fintech firm specializing in regulatory compliance.
Financial Intelligence Unit Imposes Rs 1.66 Crore Fine on Axis Bank for Failing to Detect Fraudulent
National Security Guard Account
.
• The Financial Intelligence Unit (FIU) has imposed a fine of over Rs 1.66 crore on Axis Bank for
its failure to detect and report suspicious transactions related to a fraudulent account created in
the name of the National Security Guard (NSG).
• The penalty was issued under Section 13 of the Prevention of Money Laundering Act (PMLA).
• This section empowers the Director of FIU to impose monetary penalties on reporting entities,
such as Axis Bank, for non-compliance with obligations under the PMLA.
About Axis Bank :
• Tagline : Badhti Ka Naam Zindagi ("Progress is the Name of Life")
Securities and Exchange Board of India Imposes Fine on PTC India Financial Services Limited
Chairman & Managing Director, Arm PFS, and Former MD
• Securities and Exchange Board of India (SEBI) restrained PTC India Financial Services Limited's
(PFS) acting chairman Rajib Kumar Mishra from holding the director's post in any listed firm for 6
months and imposed a penalty of Rs 10 lakh on him for corporate governance lapses.
• Mishra is also the chairman and managing director of PTC India Ltd, a promoter firm of PFS.
• SEBI imposed a fine of ₹25 lakh on Pawan Singh.
About SEBI :
Reserve Bank of India Grants Mobile Wallet License to Neobanking Startup Jupiter
• Tiger Global and Peak XV Partners-backed neobanking startup Jupiter has secured a prepaid
payments instrument licence from the Reserve Bank of India (RBI).
• With the PPI licence, Jupiter can now offer digital wallets to users. These wallets enable:
.
• UPI payments
• Fund transfers
• Bill payments
Reserve Bank of India May Permit Change in Trusteeship for Asset Reconstruction Companies
● The Reserve Bank of India (RBI) may allow Security Receipts (SR) holders to change the
trusteeship of Asset Reconstruction Companies (ARCs).
● Aim : To enable ARCs to retain stressed assets without necessarily acting as trustees, which is
expected to expedite the resolution process for distressed assets.
● Security Receipt (SR) is an instrument like a pass through certificate which is issued by ARCs to
investors, which represent rights of the investors over realisations from underlying assets.
● Banks, non-banking financial companies (NBFCs) and foreign portfolio investors are the holders
of SRs issued by ARCs.
Muthoot Microfin Forms Strategic Co-Lending Partnership with State Bank of India
● Muthoot Microfin Limited has entered into a partnership with State Bank of India (SBI) for co-
lending to members of joint liability groups (JLGs) engaged in agricultural and allied activities as
well as other income-generating enterprises.
● Under the agreement, Muthoot Microfin and SBI will co-lend to members of Joint Liability Groups
(JLGs) who are engaged in agricultural and allied activities as well as other income-generating
enterprises.
● The loan amounts will range from a minimum of ₹10,000 to a maximum of ₹3 lakh, aimed at
boosting rural women entrepreneurs.
About Muthoot Microfin Limited :
● Founded : 2010
● Headquarters : Kochi, Kerala
● Managing Director : Thomas Muthoot
● CEO : Sadaf Sayeed
● Muthoot Microfin Limited is an Indian microfinance institution, & It is a part of Muthoot Pappachan
Group.
.
Insolvency and Bankruptcy Board of India Releases New Guidelines for Appointing Insolvency
Professionals as Resolution Professionals
● The Insolvency and Bankruptcy Board of India (IBBI) has issued a new set of guidelines to
streamline the process for appointing insolvency professionals (IPs) as interim resolution
professionals, liquidators, and bankruptcy trustees.
● Under the new guidelines, issued on June 5, a panel of IPs will be set up, which will be effective
from July 1, 2024, to December 31, 2024.
● Aim : To enhance the efficiency and effectiveness of the insolvency resolution process by
ensuring a ready pool of qualified professionals available for immediate appointment.
About IBBI :
● Chairperson : Ravi Mittal
● Parent Department : Ministry of Corporate Affairs
● IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency
Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
● It was established on 1 October 2016 and given statutory powers through the Insolvency and
Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.
PhonePe Partners with Sri Lankan Ride-Hailing Service PickMe to Enable Unified Payments Interface
Payments
● Fintech firm PhonePe has partnered with ride-hailing platform PickMe to facilitate Unified
Payments Interface (UPI)-based payments for Indian travellers in Sri Lanka.
● Enhancing Convenience for Indian Travellers:The partnership with PickMe reflects PhonePe's
commitment to providing convenient and trusted payment solutions for Indian travellers visiting
Sri Lanka.
● It eliminates the hassle of navigating payments in a new country by offering the ease and security
of UPI payments for rides.
● Support for Digital Transformation:The collaboration aligns with PhonePe's mission to drive
digital transformation in Sri Lanka's transportation sector by introducing modern payment
methods.
About Phonepe :
.
● Founded : 2015
About PickMe :
● Founded : March 2014
● Headquarters : Colombo, Sri Lanka
● CEO : Jiffry Zulfer
● Chairman : Ajith Gunewardene
● PickMe is a Sri Lankan taxi hailing and delivery app developed by Digital Mobility Solutions (Pvt)
Ltd.
Reserve Bank of India Annual Report: Nearly 80% of Digital Transactions Conducted via UPI
● According to the Reserve Bank of India’s (RBI) annual report, nearly four out of five digital
payments in the country were conducted on the Unified Payments Interface (UPI) in the financial
year 2024 (FY24).
● Growth of UPI:UPI's share of total digital payments increased from 73.4% in FY23 to 79.7% in
FY24.
● In FY20, UPI's share was 36.8% compared to the total volume of digital payments.
● Volume of Digital Transactions:The volume of digital payments in FY24 reached 164.4 billion
transactions, a 44% year-on-year increase from 113.9 billion transactions in FY23.
Securities and Exchange Board of India Honoured with 'Best Conduct of Business Regulator' Award by
The Asian Banker
● The Securities and Exchange Board of India (SEBI) has been awarded the 'Best Conduct of
Business Regulator' in the Asia Pacific region by The Asian Banker.
● This recognition acknowledges SEBI's efforts in enhancing the regulatory framework for securities
markets in India.
● The award was received by SEBI’s Whole Time Member Kamlesh Chandra Varshney in a ceremony
held in Hong Kong.
● Introduction of T+1 Settlement:In 2021, India introduced T+1 settlement in a phased manner, which
was fully implemented from January 2023.
.
About SEBI :
Securities and Exchange Board of India Introduces Penalty Framework for Surveillance Lapses
● The Securities and Exchange Board of India (SEBI) came out with a framework on “financial
disincentives” for market infrastructure institutions that would impose a penalty ranging from ₹1 lakh
to ₹1 crore for each instance of surveillance lapse during the financial year.
● Penalty Structure:
● First Instance:Penalty ranges from ₹1 lakh (annual revenue < ₹300 crore) to ₹25 lakh (annual
revenue > ₹1,000 crore).
● Second Instance:Penalty ranges from ₹2 lakh to ₹50 lakh.
● Third Instance Onwards:Penalty ranges from ₹4 lakh to ₹1 crore.
● The new framework will come into effect from July 1, 2024.
Reserve Bank of India Raises Limit for Bulk Fixed Deposits to Rs 3 Crore from Rs 2 Crore
● The Reserve Bank of India (RBI) hiked the threshold for bulk fixed deposits to Rs 3 crore from
existing Rs 2 crore.
● Bulk fixed deposits typically earn slightly higher interest rates compared to retail term deposits
due to banks offering different rates as part of their liquidity management.
● Retail Fixed Deposits: Single rupee term deposits of up to Rs 2 crore with Scheduled
Commercial Banks (excluding Regional Rural Banks) and Small Finance Banks will now be categorised
as retail fixed deposits.
● The definition of bulk deposits has been revised to include 'Single Rupee term deposit of Rs 3
crore and above' for Scheduled Commercial Banks (excluding Regional Rural Banks) and Small
Finance Banks.
Reserve Bank of India Proposes Simplified Foreign Exchange Management Act Guidelines for Export
.
and Import of Goods and Services

● While changing dynamics of international trade, the Reserve Bank of India (RBI) is planning to
rationalise the Guidelines for Export and Import of Goods and Services under the Foreign Exchange
Management Act (FEMA), 1999.
● The move will further promote ease of doing business and provide greater operational flexibility to
authorised dealer banks.
● According to the Ministry of Commerce and Industry, India’s exports touched a new high of $776.68
billion in FY24, slightly surpassing the $776.40 billion recorded in the preceding fiscal year.
● The country achieved the highest monthly merchandise exports of $41.68 billion in March.
About FEMA :
● FEMA came into force on June 1, 2000, as a successor to the Foreign Exchange Regulation Act,
or FERA, of 1973, with changing economic conditions in a post-liberalisation India.
● Objective : To facilitate external trade and payments and promote the orderly development and
maintenance of the foreign exchange market in India.
● FEMA deals with provisions relating to procedures, formalities, dealings, etc. of foreign exchange
transactions in India.
● FEMA's head office is known as the Enforcement Directorate and is located in Delhi.
● FEMA is applicable throughout India and equally applicable to agencies and offices located
outside India, which are owned or managed by an Indian Citizen.
Securities and Exchange Board of India cautions ICICI Bank regarding its promotional activities for the
scheme of arrangement aimed at delisting I-Sec equity shares
● The Securities and Exchange Board of India (SEBI) has issued an administrative warning to ICICI
Bank regarding its outreach efforts related to the delisting of ICICI Securities (I-Sec) equity shares.
● SEBI received numerous complaints from I-Sec shareholders, claiming they received multiple calls
and messages from bank officials urging them to vote in favour of the delisting scheme.
● The term "delisting" of securities means permanent removal of securities of a listed company from a
stock exchange.
● As a consequence of delisting, the securities of that company would no longer be traded at that
stock exchange.
About ICICI Bank :
.
● Founded: 5 January 1994

● MD & CEO Sandeep Bakhshi.
Sundaram Mutual Fund Rolls Out New Business Cycle Fund

● Sundaram Mutual has launched a new fund offer (NFO), Sundaram Business Cycle Fund, an open-
ended equity scheme following a business cycles-based investing theme.
● This scheme focuses on capitalizing on various business cycles that drive economic change.
● By strategically investing across these cycles during their upswings, the fund aims to generate
substantial long-term growth for investors.
● Asset Allocation: At least 80% of the fund's assets will be invested in equity and related instruments
selected based on the current business cycle.
Ashv Finance Collaborates with HDFC Bank for Co-Lending Micro, Small and Medium Enterprises
Loans
● Micro, Small and Medium Enterprises (MSME) focused non-banking financial company Ashv
Finance, a part of the Aavishkaar Group, has entered into a co-lending agreement with HDFC Bank
to offer unsecured business loans to micro and small enterprises (MSEs).
● The co-lending deal is part of Ashv Finance’s focus on growing co-lending partnerships for lending to
MSMEs.
● This tie-up validates our data-led model to underwrite MSME businesses and is yet another bit of
effort towards the country’s “Make in India” initiative, as it percolates more and more towards
MSMEs in India.”
About Ashv Finance :

● MD : Nikesh Kumar Sinha
About HDFC Bank :
Reserve Bank of India Permits Investors and Companies to Invest in Overseas Funds
.
● The Reserve Bank of India (RBI) has amended the Foreign Exchange Management (Overseas
Investment) Directions, 2022, facilitating investments in overseas funds.
● The amendment lifts several restrictions, allowing Indian investors and companies to invest in
overseas funds, including those in the United States and Singapore, without any limitations.
● The move follows an amendment by the RBI regarding Overseas Portfolio Investments (OPIs).
About RBI :
Punjab National Bank to Open Representative Office in Dubai, Expanding Overseas Footprint
● State-owned Punjab National Bank (PNB) plans to open a representative office in Dubai, as part
of its plan to expand its global footprint.
● The board of directors of PNB has approved the decision to open a representative office in
Dubai, and the bank is currently in the process of seeking regulatory clearance for this initiative.
● As of March 31, 2024, PNB already has a presence in 6 countries through various subsidiaries,
joint ventures, and representative offices.
About PNB :
● Headquarters : Dwarka, Delhi, India
● Managing Director : Atul Kumar Goel.
Reserve Bank of India Allows Automatic Replenishment of UPI Lite Wallets for Customers
● The Reserve Bank of India (RBI) has proposed a facility to promote small-value digital payments
by allowing customers to automatically replenish their UPI Lite wallets.
● Currently, the UPI Lite has a daily limit of Rs 2,000, while the upper limit for a single payment is
Rs 500.
● UPI Lite is a simplified version of the Unified Payments Interface (UPI).
Reserve Bank of India to Establish Digital Payments Intelligence Platform to Combat Fraud
.
● The Reserve Bank of India (RBI) announced creating a dedicated platform to address digital
payment frauds in India.
● There has been a significant increase in digital payment frauds in recent years, prompting the
RBI to take proactive measures.
● Statistics on Fraud Cases : According to the annual report by the RBI, as many as 36,075 digital
frauds were reported in banks, marking an increase of nearly 166% from the 13,564 cases
reported in FY23.
Reserve Bank of India Announces Launch of 3rd Global Hackathon – HaRBInger 2024
● The Reserve Bank of India (RBI) is organising its 3rd global hackathon – ‘HaRBInger 2024 –
Innovation for Transformation’.
● Themes: The 3rd edition of the hackathon will focus on two themes: 'Zero Financial Frauds' and
'Being Divyang Friendly'.
● The first two editions of the hackathon were completed in the year 2022 and 2023.
● The first edition, “HARBINGER 2021 - Innovation for Transformation”, centred on 'Smarter Digital
Payments'.
● The second edition, “HARBINGER 2023 - Innovation for Transformation”, launched on February
14, 2023, focused on 'Inclusive Digital Services'.
Securities and Exchange Board of India to Revise Selection Criteria for Futures and Options Stocks
● The market watchdog Securities and Exchange Board of India (SEBI) has come up with a
consultation paper for reviewing the eligibility criteria of stocks that can be included in the futures
and options (F&O) segment.
● SEBI had previously established a framework in 2018 for selecting stocks eligible for trading in
the F&O segment.
● Proposed MWPL Increase: SEBI proposes to increase the Market Wide Position Limit (MWPL) to
Rs 1,250 crore - Rs 1,750 crore, considering the significant rise in overall market capitalization
since 2018.
State Bank of India Grants ₹2,030 Crore in Co-Lending Partnership with Non-Banking Finance
Companies
.
● The State Bank of India (SBI) has established co-lending tie-ups with 23 non-banking finance
companies (NBFCs) and housing finance companies (HFCs) to expand its outreach to the
unserved and under-served populations.
● SBI launched an end-to-end digital platform for credit underwriting, sanction, disbursement, and
collections for NBFC co-lending.
● This platform enables digital processing and management of loans in partnership with NBFCs.
About SBI :
SBI Mutual Fund Surpasses Rs 10 Trillion in Assets, Becoming the First Fund House to Achieve This
Milestone
● SBI Mutual Fund, India's largest asset management company (AMC) based on assets under
management (AUM), has become the 1st mutual fund house in the country to surpass Rs 10 lakh
crore in Average Assets Under Management (AAUM).
● Overall Mutual Fund Industry AUM: According to data from the Association of Mutual Funds of
India (AMFI), the total assets under management (AUM) of the mutual fund industry, including
open-ended and closed-end funds, stood at Rs 58.91 lakh crore as of May end, compared to Rs
57.26 lakh crore in April.
About SBI Mutual Fund :
● Founded: June 29, 1987
● MD & CEO: Shamsher Singh
● Joint Venture: Between the State Bank of India (SBI) and Amundi, a European asset
management company.
Mutual Fund Equity Inflows Reach Record High Amidst Investor Response to Market Volatility
● Inflows into equity schemes of mutual funds surged by 83% to ₹34,697 crore in the last month,
up from ₹18,917 crore in April.
.
● This marks a new high, surpassing the ₹30,000 crore mark for the first time.
● The thematic HDFC Manufacturing fund collected ₹9,563 crore through a New Fund Offer (NFO)
in May 2024.
● Overall, thematic funds received investments totaling ₹19,213 crore, compared to ₹5,166 crore
previously.
Dubai's Indian Business and Professional Council Partners with National Payments Corporation of India
and Reserve Bank of India to Highlight Advances in Digital Payments and Currency Settlement
Mechanisms
● The Indian Business and Professional Council (IBPC) in Dubai, in collaboration with
representatives from the National Payments Corporation of India (NPCI) and the Reserve Bank
of India (RBI), held a conclave to showcase advancements in digital payments and currency
settlement mechanisms.
● Objective of the Conclave : To enhance economic cooperation and facilitate seamless cross-
border transactions between India and the United Arab Emirates (UAE).
● The conclave was held at the Taj Dubai and highlighted the Local Currency Settlement (LCS)
framework, a significant outcome of Prime Minister Narendra Modi's visit to the UAE earlier in
2024..
About NPCI :
● Founded : 2008
India.
State Bank of India Introduces 'SME Digital Business Loans' with 45-Minute Sanction Time
• State Bank of India (SBI) has launched 'SME Digital Business Loans' to cater to small and
medium enterprises (SMEs).
.
• The product offers an end-to-end sanction turnaround time of up to 45 minutes, representing a

significant advancement in digitalization.
• SME Digital Business Loans leverages technology and an ecosystem of APIs (application
programming interface) to streamline the lending process.
• SBI has identified the micro, small, and medium enterprise (MSME) sector as a key area for the
bank's growth and profitability over the next 5 years.
About SBI :
Exim Bank Extends USD 23.37 Million Line of Credit to Government of Guyana
• The Export-Import Bank of India (Exim Bank) has provided a Government of India-supported Line
of Credit (LoC) of USD 23.37 million to the Government of the Co-operative Republic of Guyana
(GO-GUY).
• Purpose of the LoC : To facilitate the procurement of two Hindustan 228-201 aircraft from
Hindustan Aeronautics Limited.
• Agreement Details:An agreement was signed on March 15, 2024, between Exim Bank and the
GO-GUY for the implementation of the LoC.
About Export-Import Bank of India (Exim Bank) :
• Founded : 1 January 1982 (under the Export-Import Bank of India Act, 1981)
• Chairman & MD : Ms. Harsha Bangari
• The Exim Bank is a specialized financial institution in India.
• The bank's primary function is to finance, facilitate and promote India's international trade.
• It is owned by the Government of India and operates as a statutory corporation.
Union Bank of India Board Approves Rs 10,000 Crore Capital Raise through Equity and Debt
Issuance
.
• Union Bank of India's board of directors, in a meeting held on June 11, 2024, approved a
proposal to raise funds amounting to Rs 10,000 crore.
• Modes of Fundraising:The board approved raising equity capital up to Rs 6,000 crore through
public issue (further public offer), rights issue, private placements including qualified institutions
placements, preferential allotment, or a combination thereof, subject to necessary approvals.
• Additionally, the approval includes raising Basel-III compliant Additional Tier-1 (AT-1) bonds up to
Rs 2,000 crore and Tier-2 bonds up to Rs 2,000 crore, including foreign currency-denominated
AT1/Tier-2 Bonds.
About Union Bank of India :
• MD & CEO : A. Manimekhalai
• Tagline : Good People to Bank with
SBI Mutual Fund Raises Stake in Kotak Mahindra Bank to Over 5%

• India's largest asset management company (AMC) based on assets under management (AUM),
SBI Mutual Fund has increased its stake in Kotak Mahindra Bank to over 5%.
• Kotak Mahindra Bank disclosed in a regulatory filing that the investment house bought 21.57 lakh
shares in the open market on June 5.
• SBI Mutual Fund claimed that with the new investment, its ownership of Kotak Mahindra Bank
climbed to 5.01%.
• Founded: June 29, 1987
• MD & CEO: Shamsher Singh
• Joint Venture: Between the State Bank of India (SBI) and Amundi, a European asset
management company.
• SBI Mutual Fund is an Indian asset management company introduced by the State Bank of India
(SBI).
About Kotak Mahindra Bank Limited :
• Founded : 1985
.

• MD & CEO : Ashok Vaswani
Ministry of Finance Sets ₹10 Crore Cap on Dispute Value for Arbitration
• The Union Finance Ministry has recommended capping arbitration clauses in government
contracts to disputes involving amounts less than ₹10 crore.
• Arbitration is a dispute resolution mechanism between investors and brokers, or between
brokers.
• It is overseen by the Financial Industry Regulatory Authority (FINRA), with decisions that are final
and binding.
• Arbitration differs from mediation, where parties negotiate a voluntary, non-binding settlement
unless agreed upon by all parties.
• Minister of State : Pankaj Choudhary
Export-Import Bank of India (India Exim Bank) Opens East Africa Representative Office in Nairobi to
Boost India's Business Presence in Africa
• Export-Import Bank of India (India Exim Bank) has inaugurated its East Africa Representative
Office in Nairobi.
• The objective is to expand India's business presence in Africa, particularly in resource-rich and
demographically young regions.
• Apart from Nairobi, the Bank has offices in Abidjan, Côte d'Ivoire, and Johannesburg, South
Africa.
Integration of Unified Payment Interface Boosts Distribution of RuPay Credit Cards

● Integration of the Unified Payments Interface (UPI) with RuPay credit cards has significantly
boosted the distribution and issuance of these domestic cards.
● Around 30% of new credit cards issued in the country now are on the RuPay network.
● In comparison, RuPay cards accounted for around 5% of the new credit card issuance in 2022-
23, before the Reserve Bank of India allowed linking UPI with these cards.
.
● American card payment majors Visa and Mastercard dominate the domestic credit card market.
● NPCI announced interchange fees on credit cards for UPI transactions in October 2023, with
exemptions for small merchants.
● Merchant Discount Rate (MDR) applies to UPI-linked RuPay credit card transactions above Rs
2,000, while transactions below Rs 2,000 are exempt.
● Regulatory Impact: In March 2023 directive from RBI directed towards offering multiple network
options to customers at the time of card issuance, benefiting the RuPay card network.
About UPI :
● UPI is a system that powers multiple bank accounts into a single mobile application.
Moody's Forecasts Commercial Banks' Credit Growth to Slow to 12-14% in FY25

● The pace of credit growth of commercial banks in India is expected to moderate in the current
financial year (FY25) to 12-14% due to challenges in raising resources and regulatory concerns
on unsecured credit.
● The moderation of credit growth will be faced by the non-banking finance companies also,
according to global rating agency Moody's and its Indian Unit ICRA.
● Previous Year's Credit Growth:In FY24, banks reported a credit growth of 16.3%, excluding the
impact of the HDFC merger with HDFC Bank.
● The RBI data highlights a 3.1% gap between credit and deposits growth rates as of May 17,
2024, which widens to 6.2% when considering merger effects.
● NBFC Sector Outlook:NBFCs, excluding housing and infrastructure financing, are projected to
grow their assets under management (AUM) at a relatively muted rate of 17-19% in FY25,
compared to higher growth rates in previous years.
● Asset quality and earnings of NBFCs may weaken, with non-performing assets (NPAs) expected
to increase by up to 30 basis points and earnings declining by 20-40 basis points from FY24
levels.
About Moody's Ratings :
● Founded : 1909
● Headquarters : New York City, United States
.
About ICRA Limited :

● Founded : 1991
● Headquarters : Gurugram, Haryana
● Managing Director & Group CEO : Ramnath Krishnan
State Bank of India Plans to Raise Up to $3 Billion Through Debt in Fiscal Year 2025
● India's largest lender State Bank of India (SBI), announced that its board has approved a plan to
raise to $3 billion through debt in the current financial year.
● The funds will be raised in single or multiple tranches via public offering and/or private placement
of senior unsecured notes.
● These notes will be denominated in US dollars or any other major foreign currency.
● The purpose of the fund utilization was not disclosed in the announcement.
● The fundraising will be conducted under Regulation S (RegS) and Rule 144A, which are
regulations governing securities offerings in international markets.
● Several other state-run banks including Canara Bank, Punjab and Sind Bank, and Punjab
National Bank also have plans to raise funds through debt this fiscal year.
About SBI :
Reserve Bank of India's Automated Sweep-In and Sweep-Out System Glitch Disrupts Lending and
Borrowing Operations
● The Automated Sweep-In and Sweep-Out System (ASISO), utilized by banks for managing daily
liquidity requirements with the Reserve Bank of India (RBI), experienced its first malfunction
since its inception nearly four years ago.
● This system is crucial as it allows banks to borrow from RBI's Marginal Standing Facility (MSF)
and deposit funds at its Standing Deposit Facility (SDF).
● The malfunction prompted the RBI to investigate the cause to ensure operational reliability.
● Regulatory Requirements for Banks:Indian banks are mandated to deposit 4.5% of their net
.
deposits with RBI.

● They must maintain at least 90% of this requirement on a daily basis, ensuring liquidity stability in
the banking system.
● The Marginal Standing Facility (MSF) offers banks a way to access funds from the central bank
during liquidity shortfalls.
What is ASISO?
● Introduction of ASISO:ASISO was introduced in 2020 during the Covid-19 pandemic to automate
the process of liquidity management for banks in India.
● Functionality and Importance:ASISO automates the procedure for overseeing banks' liquidity,
playing an essential role in their daily liquidity management.
● It helps maximize the use of human resources by giving qualified participants more flexibility in
handling their cash reserve ratio (CRR) balances at the end of the day.
Reserve Bank of India Imposes ₹1.45 Crore Fine on Central Bank of India, ₹96.4 Lakh Fine on
Bangladesh's Sonali Bank for Violations
● The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,45,50,000 (₹1.45 crore)
on the Central Bank of India (CBI), citing deficiencies in regulatory compliance.
● The penalty follows the findings of the Statutory Inspection for Supervisory Evaluation (ISE 2022)
conducted by the RBI with reference to the bank’s financial position as of March 31, 2022.
● Legal Provisions Invoked:The penalty has been imposed under the provisions of Section
47A(1)(c), read with Sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.
● Also RBI has imposed a monetary penalty of ₹96.40 Lakh on Sonali Bank PLC (Public Limited
Company).
● Reason for Penalty: The penalty results from contraventions of regulatory requirements
● Legal Provisions Invoked:The penalty is imposed under Section 47A(1)(c) read with Section
46(4)(i) of the Banking Regulation Act, 1949 (BR Act) and Section 25(1)(iii) read with Section
23(4) of the CIC (R) Act.
About CBI :
● Founded : 21 December 1911
● MD & CEO : Matam Venkata Rao
.
About Sonali Bank PLC :

● Founded : 1972
● Headquarters : Motijheel, Dhaka, Bangladesh
● Current Chairman : Ziaul Hasan Siddiqui
● Current MD & CEO : Md Afzal Karim
● First Chairman and Managing Director of Sonali Bank : G.M. Chowdhury
State Bank of India Completes $100 Million Foreign Bond Issuance

● The State Bank Of India (SBI) has concluded the issuance of $100 million foreign bonds which
will be issued through SBI’s London branch on June 20 2024.
● The bonds are senior unsecured floating rate notes (FRN) with a maturity period of 3 years.
● These notes have a coupon rate of SOFR + 95 basis points (bps).
● The reference rate for these particular FRNs is the Secured Overnight Financing Rate (SOFR), a
benchmark interest rate for dollar-denominated loans.
What are Floating Rate Notes?
● Floating Rate Notes (FRNs) are fixed income securities that pay a coupon determined by a
reference rate which resets periodically.
Key Characteristics of FRNs:
● Interest Rate: The rate may change ("float") over time, linked to the reference rate.
● Maturity: Typically, FRNs mature within a short-term period, often around 2 years.
● Interest Payments: Interest is paid periodically, often four times a year.
● Fluctuating Payments: As the reference rate resets, the interest payment received fluctuates over
time.
What Is the Secured Overnight Financing Rate (SOFR)?
● The SOFR is a benchmark interest rate for dollar-denominated derivatives and loans that
replaced the London Interbank Offered Rate (LIBOR).
Insurance Regulatory and Development Authority Issues Master Circular to Ease Compliance Burden
on Insurers
● Insurance regulator Insurance Regulatory and Development Authority (IRDAI) has issued a
.
master circular on submission of returns for insurers, including foreign reinsurance branches
(FRBs), on the 202 regulatory returns to be filed.
● Superseding 10 circulars issued since 2014, the master circular lists the operational guidelines
on the regulations issued post a comprehensive review of regulatory framework for the insurance
sector.
● It consolidates 37 regulations related to returns into 7 and introduces 2 new regulations, effective
from April 1, 2024.
● The move towards principle-based regulations aims to facilitate a favourable environment for
ease of doing business and reduce the compliance burden.
● The circular collates 60 regulatory returns required under the new regulations/operational
guidelines.
● Additionally, 142 returns are required to be filed with IRDAI periodically (quarterly, half-yearly,
and annual).
● The master circular is divided into 3 parts.
1. Part 1: Deals with returns specified in the regulations and corresponding master circulars.
These returns monitor the fulfilment of regulatory objectives and the performance of
insurers.
2. Part 2: Pertains to business statistics collected through a business analytics project or
email. This data helps understand business growth, distribution channels, demography,
product segments, persistence, and renewability.
3. Part 3: Repeals various previous circulars, rendering them inapplicable subsequent to the
new master circular.
About IRDAI :
Reserve Bank of India Receives Risk Manager of the Year Award 2024 from London-based Central
.
Banking
● The Reserve Bank of India (RBI) has been awarded the Risk Manager of the Year Award 2024
by London-based Central Banking.
● RBI was recognized for improving its risk culture and awareness and for implementing a new
enterprise-wide risk management (ERM) framework across the organisation.
● Executive Director Shri Manoranjan Mishra received the award on behalf of the RBI.
● Rolling out the new ERM framework was challenging due to RBI’s large size, with over 12,000
staff members.
● The previous ERM framework dated back to 2012, making the update necessary.
What is ERM?
● Enterprise Risk Management (ERM) is the process of planning, organizing, directing, and
controlling the activities of an organization to minimize the harmful effects of risk on its capital
and earnings.
● ERM includes managing financial, strategic, and operational risks, as well as risks associated
with accidental losses.
● ERM is designed to identify and manage risks across an entire organization and its extended
networks, using a holistic, company-wide approach rather than individual business units
managing risk separately.
About RBI :
Baroda BNP Paribas Mutual Fund Introduces Baroda BNP Paribas Manufacturing Fund
● Baroda BNP Paribas Mutual Fund has launched the Baroda BNP Paribas Manufacturing Fund,
which is an open-ended equity scheme predominantly investing in manufacturing themes.
● The NFO of the scheme is currently open for subscription and will close on June 24,2024.
● After the initial offer period, the scheme will reopen for continuous sale and repurchase within 5
business days from the date of allotment.
● The scheme will be benchmarked against Nifty India Manufacturing TRI.
.
● It will be managed by Jitendra Sriram.

● Asset Allocation Strategy:The scheme's asset allocation includes:
➢ 80-100% in equity and equity related instruments of companies with a manufacturing
theme.
➢ 0-20% in other equity and equity related instruments.
➢ 0-20% in debt and money market instruments.
➢ 0-10% in units of mutual funds.
➢ 0-10% in units issued by Real estate investment trusts (REITs) and Infrastructure
Investment Trusts (InvITs).
About Baroda BNP Paribas Mutual Fund :
● CEO : Suresh Soni
Reserve Bank of India Broadens Overseas Portfolio Investment Opportunities

● The Reserve Bank of India (RBI) issued a circular regarding overseas investments, permitting
resident individuals and listed companies to invest in offshore funds managed by regulated fund
managers.
● Purpose of Circular : To align India's overseas investment rules with the diverse fund structures
available abroad, thereby facilitating more diverse and efficient investment opportunities for
Indian investors.
● Previously, Indian regulations allowed investments only in foreign funds that were regulated.
● Amendment Details:The amended paragraph reads as follows: “The investment (including
sponsor contribution) in units or any other instrument (by whatever name called) issued by an
investment fund overseas, duly regulated by the regulator for the financial sector in the host
jurisdiction, shall be treated as OPI [overseas portfolio investments].
● Flexibility Introduced:The amendment introduces flexibility in the choice of jurisdiction and the
legal structure of the fund. It allows for investments not only in offshore fund units but also in
various fund structures like limited partnerships, Limited Liability Company (LLCs), Variable
Capital Company (VCCs) and corporations.
Banks to Urge Reserve Bank of India to Offer Incentives for Green Financing
● Banks plan to request the Reserve Bank of India (RBI) to incentivise green financing, including
.
considering this category of lending, irrespective of loan limit, as priority sector lending (PSL) or
excluding infrastructure sector exposure from overall credit for the purpose of arriving at annual
PSL target.
Definition of Green Finance:
● According to the G20 Green Finance Synthesis Report, Green finance is defined as financing of
investments that deliver environmental benefits in the broader context of environmentally
sustainable development.
● Current Cap on Renewable Energy Projects:Currently, there is a cap of ₹30 crore for the
inclusion of renewable energy projects under PSL.
● Challenges for Bigger Banks:Smaller banks can achieve PSL targets more easily as they are
less involved in infrastructure financing.
● Bigger banks, which finance large infrastructure projects, face challenges as their base for the
annual PSL target increases each year.
● Priority Sector Lending (PSL) Guidelines : PSL guidelines specify 8 categories of priority sectors
viz., (i) Agriculture; (ii) MSME; (iii) Export Credit; (iv) Education; (v) Housing; (vi) Social
Infrastructure; (vii) Renewable Energy; and (viii) Others.
● Banks must achieve a PSL target of 40% of the previous year’s Adjusted Net Bank Credit or the
credit equivalent amount of Off-Balance Sheet Exposure, whichever is higher as of the previous
year-end.
CAMS Insurance Repository Services Introduces insurance portfolio management platform - Bima
Central
● CAMSRep (CAMS Insurance Repository Services), a wholly-owned subsidiary of the Company

and a leading Insurance Repository launches Bima Central, a revolutionary one-stop platform for
simplifying insurance portfolio management.
● Aim of Bima Central : To simplify insurance portfolio management by aggregating policy benefits,
ensuring claim-readiness, and providing easy access to policy servicing.
Features of Bima Central :
● Users can manage Life, Health, and Motor policies through their secure eInsurance Account
(eIA) opened with CAMSRep.
.
● Features include simplified policy information, renewals & reminders, profile management
(personal data and nominee information), policy calendar, and more.
● Access and Availability:Policyholders with an existing eInsurance Account (eIA) with CAMSRep
can access Bima Central to manage their policies across various insurers.
● Insurance Partners:SBI General is the anchor insurer partnering with Bima Central.
● Other insurers like ICICI Prudential Life, Star Union Daichi, TATA AIA, and Aditya Birla Health
are also in the process of integrating their services with the platform.
● CEO of CAMSRep : Vivek Bengani
Kotak Mahindra Life Insurance and Mahindra Finance Form Partnership to Provide Life Insurance
Products
● Kotak Mahindra Life Insurance Company Limited (Kotak Life) has partnered with Mahindra &
Mahindra Financial Services Limited (Mahindra Finance) to offer life insurance solutions to
customers.
● The agreement was signed by Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance
Company, and Raul Rebello, Managing Director & CEO, Mahindra Finance.
● The partnership aims to benefit over 10 million customers of Mahindra Finance by providing a
wide range of tailor-made life insurance solutions from Kotak Life.
● These life insurance offerings will be distributed by Mahindra Finance through its extensive
network of more than 1,400 branches spread across all states and Union Territories (UTs).
● Founded : 2001
● Managing Director : Mahesh Balasubramanian
About Mahindra & Mahindra Financial Services Limited (MMFSL) :
● Founded : 1991
● Vice Chairman & President : Ramesh Iyer
City Union Bank Launches Digital Lending Platform for Micro, Small and Medium Enterprises
● The City Union Bank (CUB) has introduced digital lending processes tailored for Micro, Small,
.
and Medium Enterprises (MSMEs).

● This includes instant loans for MSMEs and retail secured loans such as housing loans, affordable
home loans, loans against property, and auto loans.
● Turnaround Time:Loans ranging from ₹5 crore to ₹7.50 crore are disbursed to MSMEs within a
turnaround time of 24-48 hours, showcasing rapid processing capabilities.
● Loan Book Composition:As of March 2024, MSME and agriculture sectors constitute 56% of
CUB's total loan book, indicating a significant focus on these segments.
● Recruitment and Capability Enhancement:To enhance competitiveness, CUB has hired
approximately 10 executives at the Assistant General Manager (AGM) level and above.
● These recruitments aim to strengthen capabilities in retail banking, analytics, credit management,
and operations.
● Strategic Goals and Customer Segmentation:
➢ Strategy 1: Targeting existing customers who have loans with other financial institutions.
➢ Strategy 2: Focusing on existing depositors and customers seeking new loans.
➢ Strategy 3: Attracting new customers.
What do you mean by digital lending?
● Digital lending in India refers to the provision of loans facilitated through online platforms and
digital channels, bypassing traditional brick-and-mortar institutions.
● It involves the use of technology such as mobile apps, websites, and data analytics to streamline
the lending process, from application to disbursal.
About CUB :
● Founded : 1904
● Headquarters : Kumbakonam, Tamil Nadu, India
● MD & CEO : Dr. N. Kamakodi
Reserve Bank of India Revokes Purvanchal Co-operative Bank's License in Ghazipur
● The Reserve Bank of India (RBI) has cancelled the licence of Purvanchal Co-operative Bank,
Ghazipur, Uttar Pradesh as it does not have adequate capital and earning prospects.
● The Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh, has
been instructed to issue an order for winding up the bank and appoint a liquidator.
.
● Impact on Depositors:Upon liquidation, depositors will be entitled to receive deposit insurance

claim amounts up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation
(DICGC).
● Approximately 99.51% of depositors are expected to receive the full amount of their deposits
from DICGC.
● RBI also informed that DICGC (as on May 30, 2024) has already paid Rs 12.63 crore of the total
insured deposits based on the willingness received from the depositors concerned of the bank.
Public Sector Unit Banks Maintain Dominance in Indian Banking Landscape: SBI Report
● The Public Sector Banks (PSBs) in India hold a dominant position in the banking sector by
accounting for more than 50% of the banking business in terms of market share, branches, and
Automated Teller Machines (ATMs), highlights a report by the State Bank of India.
● The report indicates that public sector banks hold over 63% of the total ATMs in the country,
whereas private banks manage only 35%.
● Deposit Share: Public sector banks hold 59% of total deposits in the country, indicating higher
public trust compared to private banks' 32% share.
● Digital Banking: PSBs are leaders in digital banking with over 54% of credit cards issued,
surpassing private banks' 37.8% share.
● Efficiency: PSBs operate at an efficiency rate of 82.76%, higher than private banks' 79.59%,
demonstrating their operational effectiveness.
● State Bank of India (SBI): SBI stands out as the leading PSB, holding the highest share of
deposits, operating the largest ATM network, and issuing the most credit cards.
● Sector Growth: The banking sector has shown a 6% growth in Total Factor Productivity (TFP),
primarily driven by efficiency improvements rather than technological advancements.
● Role of Private Banks: While PSBs dominate, private banks contribute significantly by offering
diverse services and competing in the market.
● Diversification: Besides PSBs and private banks, the emergence of payment banks, small
finance banks, and Regional Rural Banks (RRBs) has diversified the banking sector, enhancing
financial inclusion.
Mutual Fund Houses Introduce Thematic Funds Focused on Thriving Manufacturing Sector
.
● The mutual fund industry is all set to ride the manufacturing wave as a theme for investment.
● The National Democratic Alliance government, under Prime Minister Narendra Modi, is
continuing incentive policies aimed at boosting corporate investments, particularly in
manufacturing.
● New Fund Offers (NFOs):Motilal Oswal Asset Management and Invesco India MF have filed
papers with SEBI to launch thematic funds focused on manufacturing.
● Mahindra Manulife AMC and Baroda BNP Paribas are also launching new fund offers on
manufacturing by the end of the month.
● Fund Performance and Assets:HDFC AMC raised ₹9,563 crore through its manufacturing fund
launched last month.
● Canara Robeco Manufacturing Fund, launched in March, already has an AUM (Assets Under
Management) of ₹1,374 crore as of May-end.
● Number of Funds:Currently, there are 8 manufacturing funds, with 3 of them being passively
managed.
● Returns:Over the last six months, manufacturing funds have provided an average return of 34%,
with Quant Manufacturing Fund offering the highest return at 36%.
● Passive funds like Mirae Asset Nifty India Manufacturing ETF FoF and Navi Nifty India
Manufacturing Index Fund delivered returns of 60% over the last year.
● Kotak Manufacture in India Fund recorded a 54% return in the same period.
● Government Initiatives:The government aims to increase the manufacturing sector's contribution
to GDP from 17% to 25% through initiatives like 'Make in India' and 'Atmanirbhar Bharat'.
RBI monitoring F&O frenzy in India along with Sebi: Shaktikanta Das
● The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) are
keeping a close watch on the surging volume in the equity derivatives segment whose volumes
have even dwarfed the nominal GDP of the country.
● Options and futures volumes are larger than the nominal GDP of the country stated RBI
Governor Shaktikanta Das.
● He further highlighted the fact that SEBI is actively addressing the issue and will take appropriate
actions if needed. The discussions took place within the framework of the Financial Stability and
.
Development Council (FSDC).

● India's nominal GDP or GDP at Current Prices was estimated to be Rs 295.36 lakh crore in the
year 2023-24, according to the Ministry of Statistics and Programme Implementation website.
● The combined average F&O turnover for BSE and NSE stood at Rs 362 trillion in FY24.
● Data from the Futures Industry Association (FIA), a global trade organisation for the derivatives
market, shows that India’s National Stock Exchange (NSE) occupies the numero uno position in
terms of the number of options contracts traded only to be followed by another Indian bourse –
BSE.
● In April 2024, NSE saw a total of nearly 8,494 million contracts being traded with options
contracts accounting for the bulk of the share. BSE, on the other hand, saw 2,224 million
contracts being traded in April.
Changes in regulations:
● Meanwhile, a recent SEBI discussion paper suggested that the regulator has proposed stricter
eligibility criteria for stocks in the futures and options segment, aiming to update a framework
unchanged since 2016.
● SEBI's discussion paper has further proposed new criteria for selecting stocks in futures and
options trading, aiming to ensure sufficient liquidity and market interest.
● The SEBI discussion paper proposed that stocks must have traded on 75 percent of trading
days, with at least 15 percent participation from active derivatives traders.
● Additional requirements included daily turnover thresholds and limits on open contracts to
mitigate risks like market manipulation and volatility.
What is F&O (Futures and Options)?
● Futures and options are financial derivatives that allow traders to speculate on the price
movements of an underlying asset without actually owning it.
● Futures contracts obligate the buyer to purchase an underlying asset, while the seller must
deliver it at a predetermined price and date.
● In options contracts, the buyer has the right, but not the obligation, to buy or sell the underlying
asset at a predetermined price and date, while the seller must honour the contract if the buyer
chooses to exercise their option.
.
Budget to usher in minimum corporate tax rule under ‘Pillar-2’
● The Central government is likely to announce India’s adoption of the “Pillar-2” tax regime
anchored by the Organisation for Economic Cooperation and Development (OECD) in the
coming Budget, as part of the country’s efforts to support and benefit from the global system
combating tax avoidance.
● The Finance Bill, 2024, passed after the interim Budget presentation, will be amended after the
tabling of the full Budget in the second half of July to this effect, an official said, on condition of
anonymity.
● The Pillar 2-GloBE Rules – which provides for a global minimum tax for “multinational
enterprises” (MNEs), aims to deter profit shifting by ensuring that these firms maintain a minimum
Effective Tax Rate (ETR) of 15% across all jurisdictions in which they operate.
● MNEs, as per the rules, are defined as those entities with a global turnover exceeding 750 million
euros.
● To make Pillar 2 operational in India, the Centre would have to amend the tax laws to include the
rules, namely Qualified Domestic Minimum Top-up Tax (QDMTT), Income Inclusion Rule (IIR),
Undertaxed Profits Rule (UTPR), and Subject to Tax Rule (STTR).
Pillar-2 regime:
● The pillar-2 regime, in simple words, aims to prevent MNEs from shifting profits to low-tax
jurisdictions.
● Since January 1, 2024, over 27 countries (of 130 that signed the multilateral convention) have
incorporated the pillar-2 rules in their domestic laws.
Shivalik Small Finance Bank raises Rs 100 Cr in equity investment
● Noida-based Shivalik Small Finance Bank has raised Rs 100 crore in equity co-led by global
venture capital firm Lightspeed and Sanjay Nayar-founded Sorin Investments, with participation
from existing investors Accel and Quona.
● The bank plans to use the funding to enhance its tech stack, strengthen its team, and further
develop its product proposition to build a digital-first bank for small businesses and underserved
segments.
● In 2022, the bank had raised Rs 111 crore in equity co-led by global venture capital firms Accel
and Quona Capital.
.
● The bank is the first Small Finance Bank in India to have transitioned from an Urban Cooperative
Bank with over 25 years of experience in offering retail banking products and services.
About Shivalik Small Finance Bank:
● Shivalik became the first Small Finance Bank in India to transition from an Urban Co-operative
bank namely Shivalik Mercantile Co-operative Bank (SMCB).
● Founded in 1998 by Mr. Yashvir Kumar Gupta, with Mr. Suveer Kumar Gupta serving as its MD &
CEO, till transition into Shivalik Small Finance Bank (SSFB).
● Mr. Suveer Kumar Gupta, who played a crucial role in this transition, not only served as the first
MD & CEO of SSFB but also continues to contribute as an Advisor to the Board.
● Headquartered in Noida.
SBI to raise up to ₹20000 crores to fund infra projects

● State Bank of India (SBI), the country's largest lender, plans to raise Rs 20,000 crore through
long-term bonds in the current financial year for funding infrastructure projects and affordable
housing units.
● In a filing with stock exchanges, the lender stated its central board had, at its meeting on
Wednesday, approved issuing long-term bonds to raise to Rs 20,000 crore through a public issue
or private placement during 2024-25.
● A senior SBI executive stated that the bank had raised Rs 20,000 crore in two previous financial
years (FY23 and FY24).
● In September 2023, it had placed a 15-year infrastructure bond at a coupon of 7.49 per cent.
● The bank has already announced plans to raise up to $3 billion of long-term funds from the
international market through a public offer and/or private placement of senior unsecured notes in
the US dollar or any other major foreign currency in the current financial year.
● Of this, major exposures were to the power sector (Rs 2.04 trillion), ports and roads (Rs 1.12
trillion) and telecom (Rs 30,376 crore).
● In its annual report for FY24, SBI stated the government had further raised its budgetary
allocation towards capital expenditure from Rs 10 trillion in FY24 to Rs 11.11 trillion for the
current financial year.
● The Government of India has introduced various initiatives to strengthen the economy, such as
.
the National Infrastructure Pipeline (NIP) with targeted investments of $1.4 trillion, the National
Monetisation Pipeline (NMP), and Performance-linked Schemes (PLI).
RBI invites applications for recognition of SROs for NBFCs

● The Reserve Bank of India (RBI) invited applications for recognition of SROs for the NBFC
sector.
● The applications are invited under the aegis of RBI’s ‘Omnibus Framework for recognition of Self-
Regulatory Organisations for Regulated Entities of the Reserve Bank’ dated March 21, 2024.
● According to the RBI, the SRO for NBFC sector is primarily envisaged for NBFCs in the
categories of Investment and Credit Companies (NBFC-ICCs), Housing Finance Companies
(HFCs) and Factors (NBFC-Factors).
● However, the SRO may also have other categories of NBFCs as its members.
● The recognized SRO shall have a good mix of NBFC-ICCs, HFCs and NBFC-Factors as its
members.
● The RBI has also highlighted that the failure to achieve the aforesaid membership, within two
years of the grant of recognition as SRO, would render the SRO liable for revocation of the
recognition granted.
Terms of recognition of SROs:
● As per the details laid down by the RBI, the applicant should achieve a minimum net worth of Rs
2 crore within a period of one year after recognition as an SRO, or before commencement of
operations as an SRO, whichever is earlier.
● A maximum of two SROs for the NBFC sector will be recognised, subject
to the applicants fulfilling the prescribed criteria to the satisfaction of the Reserve Bank.
● The guidelines as given in the omnibus framework for recognition of SRO for REs of the Reserve
Bank, shall be adhered to for application, recognition and functioning of the SRO.
Self-Regulatory Organization (SRO):
● A self-regulatory organization (SRO) is an entity such as a non-governmental organization, which
has the power to create and enforce stand-alone industry and professional regulations and
standards on its own.
● In the case of financial SROs, such as a stock exchange, the priority is to protect investors by
establishing rules, regulations, and setting standards of procedures that promote ethics, equality,
.
and professionalism.
RBI Cancels Licence Of Mumbai-based The City Co-operative Bank
● The Reserve Bank cancelled the licence of The City Co-operative Bank, Maharashtra for lacking
adequate capital and earning prospects.
● The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has
also been asked to issue an order for winding up the bank and appoint a liquidator, RBI stated.
● According to RBI, the cooperative bank ceases to carry on banking operations with effect from
the close of business hours on June 19, 2024.
● On liquidation, every depositor would be entitled to receive a deposit insurance claim amount of
his/her deposits up to a monetary ceiling of Rs 5 lakh only from Deposit Insurance and Credit
Guarantee Corporation (DICGC).
● “As per the data submitted by the bank, about 87 per cent of the depositors are entitled to receive
the full amount of their deposits from DICGC,” RBI stated.
● As of June 14, 2024, DICGC has already paid Rs 230.99 crore of the total insured deposits
based on the willingness received from the depositors concerned of the bank.
Zurich Insurance acquires majority stake in Kotak General Insurance
● Zurich Insurance Company Ltd. (“Zurich”) announced the successful completion of acquiring a
majority stake in Kotak Mahindra General Insurance Company Limited (“Kotak General
Insurance”) from Kotak Mahindra Bank Limited (“Kotak”), following the receipt of all necessary
regulatory approvals.
● Zurich has acquired a 70% stake in Kotak General Insurance for a total consideration of Rs.
5,560 crores (i.e., USD 670 million), through a combination of fresh growth capital and share
purchase.
● The transaction marks the largest foreign investment in India’s general insurance market and is
the first by a foreign insurer since the foreign direct investment (FDI) limit was raised from 49% to
74% in 2021.
● With this entry, Zurich is fully committed to fostering the development and expansion of India’s
insurance sector in keeping with the Insurance Regulatory and Development Authority of India’s
.
(IRDAI) goal of achieving “Insurance for All” by 2047.

● The transaction was announced in November 2023 and was subject to customary conditions
precedent including regulatory approvals from the Reserve Bank of India, Insurance Regulatory
and Development Authority of India, and the Competition Commission of India. All necessary
approvals have been received.
About Zurich Insurance:
● Formation: 1872
● Headquarters: Zurich, Switzerland
● Chairman: Michel Lies
● CEO: Mario Greco
ADB approves $170 mn loan to strengthen health system in India
● Multi-lateral development lender Asian Development Bank (ADB) approved a USD 170 million
(over Rs 1,418 crore) policy-based loan to improve India's health system preparedness and
capacity to respond to future pandemics.
● The Strengthened and Measurable Actions for Resilient and Transformative Health Systems will
support the government's National Health Policy 2017, which aims to provide quality health care
services to all, ADB stated in a statement.
● This policy-based loan will help fill the gaps in policy, legislative, and institutional governance and
structures and contribute to India's goal of providing universal access to quality and affordable
healthcare services to strengthen pandemic preparedness and response, it stated.
● The programme will strengthen disease surveillance systems to effectively respond to public
health threats.
About Asian Development Bank:
● Formation: 19 December 1966

● Headquarters: Manila, Philippines
● Membership: 68 Countries
● President: Masatsugu Asakawa (from 17 January 2020)
.
IPPB ties with Ria Money Transfer to set up 25,000 centres
● India Post Payments Bank (IPPB) announced a partnership with Ria Money Transfer to facilitate
international remittances, particularly for rural customers. The service will include doorstep cash
delivery.
● The collaboration with Ria Money, which is part of Euronet Worldwide Inc., will enable
international inward money transfer services at over 25,000 post offices with immediate effect.
● IPPB plans to expand the services to over 100,000 locations owned by India Post.
● Around 50-60% of the new centres would be set up in top states.
● The move aims to expand IPPB's digital payment channels to serve its 90 million customers.
● Transactions by IPPB customers have increased tenfold to 10 million per day over the past three
and a half years, with 80-90% of these transactions serving its rural customer base, and 5-10%
catering to semi-urban areas.
● According to IPPB data, Singapore and Malaysia are the top countries for remittances to India.
● To ensure paperless doorstep delivery of remittances to customers, Ria Money Transfer and
IPPB are training postmen using modules on biometric systems.
About India Post Payment Bank:
● Formation: 30 January 2017

● Headquarters: New Delhi, India
● Under: India Post, Department of Post, Ministry of Communications, Government of India
● MD & CEO: Shri. R. Viswesvaran
About Ria Money Transfer:
● Formation: 1987
● Headquarters: California, US
● CEO: Juan Bianchi
Securities and Exchange Board of India Strengthens Initial Public Offering Pricing Rules to Prevent
Manipulation
● The Securities and Exchange Board of India (SEBI) has imposed additional measures and
.
surveillance to curb manipulation in the process involved in computing the opening price for a
stock on the day of its listing following an initial public offering (IPO).
● The measures aim to enhance the surveillance mechanism at stock exchanges and ensure fair
and transparent trading practices during the pre-open call auction sessions for IPOs and relisted
stocks.
What is an Initial Public Offering?
● Initial Public Offering (IPO) is the process by which private companies sell their shares to the
public intending to raise equity capital from public investors.
Key Highlights :
● Duration and Structure of New Session:The new pre-auction session lasts 60 minutes from 9 am
to 10 am.
● The session is divided as follows:
➢ 45 minutes: Order entry, order modification, and order cancellation.
➢ 10 minutes: Order matching and trade confirmation.
➢ 5 minutes: Buffer period to transition from pre-open to normal trading session.
● Implementation Timeline:The new rules will take effect after 90 days from the issuance of the
SEBI circular.
● Reason for Changes: Addressing issues related to the cancellation of large orders placed at
higher prices just before the call auction session closes, which could create false demand and
supply, potentially manipulating stock prices.
About SEBI :
Tata Communications Secures $250 Million Sustainability Loan from DBS, ANZ, and EDC
● Tata Communications has secured a $250 million sustainability-linked loan (SLL) from ANZ, DBS
.
Bank, and Export Development Canada (EDC).

● The loan has a maturity period of 5 years.
● Purpose and Focus : To support Tata Communications in achieving carbon emission reduction
targets, which are critical for its long-term sustainability performance.
● Coordination and Framework:ANZ acted as the lead sustainability coordinator for the loan.
● DBS Bank and EDC served as joint sustainability coordinators.
● Sustainability-linked loans (SLLs) tie the interest rate to the borrower's achievement of predefined
sustainability targets or performance metrics.
About Tata Communications Limited :
● Founded : March 1986
● MD & CEO : Amur Swaminathan Lakshminarayanan
Government Seeks Exemption for Sovereign Funds from Reserve Bank of India's Alternate Investment
Fund Regulations-Sources Report
● The Indian government has requested the Reserve Bank of India (RBI) to exempt sovereign
funds from the recent tightened rules on investments in alternate investment funds (AIFs).
● In December,2023 RBI mandated banks and non-banking financial companies to increase
provisions for AIF investments, including those involving sovereign funds, particularly if they were
lenders to the projects funded by these AIFs.
● These rules were aimed at preventing the evergreening of loans but were partially relaxed in
March.
● The government has written to the RBI seeking special dispensation for sovereign-backed funds
– including a fund called Special Window for Affordable and Mid-Income Housing (SWAMIH) set
up to rescue stressed real estate projects, citing its “socio-economic purpose”.
About SWAMIH :
● SWAMIH, set up in 2019 to provide debt financing for stalled housing projects, is managed by
SBICAP Ventures, a wholly-owned subsidiary of the government-owned State Bank of India
(SBI).
What are the alternative investment funds?
● Alternative Investment Fund or AIF is a privately pooled investment vehicle that invests in
.
alternative asset classes such as private equity, venture capital, hedge funds, real estate,
commodities, and derivatives.
About RBI :
Indian Deposits in Swiss Banks Drop by 70% to Reach 4-Year Low of ₹9,771 Crore
● Funds parked by Indian individuals and firms in Swiss banks, including through local branches
and other financial institutions, fell sharply by 70% in 2023 to a 4-year low of 1.04 billion Swiss
Francs (₹9,771 crore), annual data from Switzerland's central bank showed .
● This decline marks the second consecutive year of reduction, following a peak of CHF 3.83 billion
in 2021.
● It reflects a downward trend since its peak in 2006, except for intermittent increases in certain
years.
● These are official figures reported by banks to the Swiss National Bank (SNB) and do not
indicate the quantum of the much-debated alleged black money held by Indians in Switzerland.
● Global Rankings and Assets:India ranked 67th in terms of funds held by foreign clients in Swiss
banks, down from 46th place in 2022.
● Assets held by Indian clients in Swiss banks decreased by 63% in 2023, marking the lowest level
in over two decades.
● Comparison with Other Countries:While the United Kingdom (UK) topped the charts for foreign
clients' money in Swiss banks at CHF 254 billion, it was followed by the US (CHF 71 billion) at
the second spot and France (CHF 64 billion) at the third place.
● These three were followed in the top 10 by West Indies, Germany, Hong Kong, Singapore,
Luxembourg and Guernsey.
● Pakistan also saw a dip to CHF 286 million (from CHF 388 million), while Bangladesh witnessed
a sharp plunge from CHF 55 million to CHF 18 million.
Pension Fund Regulatory and Development Authority to Launch New Life Cycle Fund Option by
.
September
● Pension Fund Regulatory and Development Authority (PFRDA) chairman Deepak Mohanty
announced that the regulator would introduce new life cycle fund options with up to 50% equity
by September for NPS (non-government) subscribers.
What Is a Life-Cycle Fund?
● Life-cycle funds are asset-allocation funds in which the share of each asset class is automatically
adjusted to lower risk as the desired retirement date approaches.
● Changes to NPS : The tapering age will be increased to 45 years from the existing 35 years and
some more changes will be adopted to provide greater exposure to equity markets.
● The new scheme will be effective in the next quarter, maybe in August or September.
● Current NPS Choices:Currently, the National Pension System (NPS) offers two choices-active
and auto to subscribers for creating the pension portfolio.
➢ Active Choice: Subscribers decide allocation across equity, corporate bonds, and
government securities.
➢ Auto Choice: Three options: Aggressive fund (75% equity), Moderate fund (50% equity),
Conservative fund (25% equity).
● Equity allocation starts tapering off after age 35, with a maximum of 20% equity at age 50 and
15% by age 55.
● Atal Pension Yojana (APY) Updates : APY saw 1.24 crore new subscribers in 2023-24, with 52%
being women.
● Total APY subscribers now stand at 6.6 crore since inception, gaining popularity among women
and the younger generation.
● It is the highest ever in a fiscal year since the scheme's inception.
About PFRDA :
● Chairman : Deepak Mohanty
● PFRDA is the regulatory body for the overall supervision and regulation of pensions in India.
● It operates under the jurisdiction of the Ministry of Finance in the Government of India.
● It was established based on the recommendations of the Indian government Old Age Social and
Income Security (OASIS) report and was part of the establishment of the Indian National Pension
.
Scheme.
State Bank of India reports Rs 26 trillion formalised into India's economy during FY16-FY23
● According to a report released by the State Bank of India (SBI), India has formalised Rs 26 trillion
of its economy between FY16 and FY23, as the share of the informal economy fell to 23.7% from
25.9% during the 7-year period.
● The report estimated the share of the informal economy by using the recently released Annual
Survey of Unincorporated Sector Enterprises (ASUSE).
● Assuming manufacturing as a proxy for industry gross value added (GVA) and trade and other
services sector for services GVA, the size of the total informal economy has declined in these 7
years.
● Growth in Informal GVA:Total informal Gross Value Added (GVA) increased significantly from Rs
18.6 trillion in FY16 to Rs 58.4 trillion in FY23.
● Informal agriculture contributed the highest at Rs 43 trillion, followed by informal services (Rs
11.8 trillion) and informal industry (Rs 3.6 trillion) in FY23.
● Share of Informal Sectors in GVA:Informal agriculture's share in total GVA rose to 95.9% in FY23
from 94.8% in FY11.
● Approximately 44% of India's population spends less than $3.65 per day according to World
Bank data.
About SBI :
Insurance Regulatory and Development Authority of India Directs Insurance Companies to Cease
Selling ULIPs as Investment Products
● The Insurance Regulatory and Development Authority of India (IRDAI) has instructed life
insurance companies not to market unit-linked Insurance plans (ULIPs) as investment products.
What is the meaning of Unit Linked Insurance Plan?
● A ULIP is an insurance plan that offers the dual benefit of investment to fulfil your long-term
.
goals, and a life cover` to financially protect your family in case of an unfortunate event.
● According to IRDAI, which has issued the Master Circular on Protection of Policyholders’
Interests, Operations, and Allied Matters of Insurers Regulations, 2024, this data will be available
in one portal along with the individual websites of the insurers.
● Grievance Redressal Mechanism :Insurers must establish a tech-based, robust mechanism for
grievance redressal to achieve efficient and speedy resolutions, aiming for "zero grievances."
About IRDAI :
State Bank of India Distributes Rs 6,959 Crore Dividend to Government; Bank of Maharashtra Provides
Rs 857 Crore for FY24
● The country's biggest lender State Bank of India (SBI) paid a dividend of Rs 6,959 crore for the
financial year 2023-24 to the government.
● The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman
Dinesh Kumar Khara in the presence of Financial Services Secretary Vivek Joshi.
● SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24, higher than Rs
11.30 per equity distributed for the previous year.
● State-owned Bank of Maharashtra (BoM) presented Rs 857 crore dividend cheque to Finance
Minister Nirmala Sitharaman.
● The bank declared a dividend of Rs 1.40 per equity share (14 per cent) for FY24.
● The Government of India holds an 86.46 per cent stake in the Pune-based bank.
About BoM :
● Headquarters : Pune, Maharashtra India
.
SBI Mutual Fund to Launch Silver ETF and Fund-of-Fund; New Fund Offer Begins June 27, 2024
● SBI Mutual Fund announced the launch of the SBI Silver Exchange Traded Fund (ETF) and the
fund of fund route to it- SBI Silver ETF Fund of Fund.
● The NFO for these funds opens on June 27,2024 with a minimum application amount of ₹5,000
per application.
● Investment Strategy:SBI Silver ETF: This ETF will primarily invest between 95-100% in silver and
silver-related instruments.
● SBI Silver ETF Fund of Fund: This fund will invest between 95-100% of its assets in units of SBI
Silver ETF.
● The remaining assets will be invested in Government securities, tri party repo, and units of liquid
mutual funds.
● MD & CEO : Shamsher Singh
● It is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a
European asset management company.
India and Cambodia Discuss Investment Treaty and UPI Collaboration to Boost Trade and Tourism
● India and South East Asian nation Cambodia are negotiating collaboration in Unified Payment
Interface-based (UPI) digital payment to promote trade and tourism.
● Both sides also deliberated upon diversification of the trade basket by identifying new products,
bilateral investment treaty, recognition of Indian pharmacopoeia and collaboration in the pharma
sector.
● These issues among others were discussed during the second meeting of the India-Cambodia
Joint Working Group on Trade and Investment (JWGTI), in New Delhi on June 19, 2024.
● The meeting was co-chaired by the Joint Secretary, Department of Commerce, Ministry of
Commerce and Industry, Government of India, Siddharth Mahajan and Director General for
International Trade, Ministry of Commerce, Kingdom of Cambodia, Long Kemvichet.
● Pharmacopoeia is a set of standards and quality specifications for ingredients, preparation and
.
dosage forms of medicines manufactured, sold, consumed and exported in a country.

● Indian Pharmacopoeia Commission (IPC) is an autonomous institution under the Ministry of
Health and Family Welfare which sets standards for all drugs that are manufactured, sold and
consumed in India.
● The JWGTI was first held in July 2022 virtually.
● This was the first physical meeting after it was institutionalised.
● Cambodia is a member of the 10-nation Asean bloc.
● Asean (Association of southEast Asian Nations) members include Brunei, Cambodia, Indonesia,
Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
● India has a free trade agreement with Asian and it was implemented in 2009.
About Cambodia :
● Prime Minister : Hun Manet
● President : Hun Sen
● Capital : Phnom Penh
● Currency : Cambodian riel
Banks Bid Rs 1.6 Trillion in Variable Rate Repo Auction Amid Tightening Liquidity
● The Reserve Bank of India (RBI) received bids worth Rs 1.6 trillion from banks against the
notified amount of Rs 1 trillion at the variable rate repo (VRR) auction, showing the high demand
for cash from lenders due to tight liquidity.
● Banks borrowed the amount at a weighted average rate of 6.62%.
● This tightness in liquidity is temporary and the situation will improve in the next couple of weeks.
Reserve Bank of India updates guidelines for priority sector lending
● The Reserve Bank of India (RBI) has revised its priority sector guidelines to encourage banks to
provide small loans in economically disadvantaged districts with low average loan sizes.
● The new norms discourage lending in districts with high average loan sizes.
● Weightage System Implementation:Effective from FY25, fresh priority sector loans in districts
with low loan availability (less than Rs 9,000 per person) will receive a weightage of 125%.
● In districts with high loan availability (more than Rs 42,000 per person), the weightage for loans
.
will be reduced to 90%.

● Majority of districts, except outliers with low or high credit availability, will retain the current
weightage of 100%.
● District Ranking and Incentive Framework:Districts will be ranked based on per capita credit flow
to the priority sector.
● An incentive framework will be established for districts with lower credit flow to the priority sector
to encourage more lending.
● Conversely, a disincentive framework will apply to districts with higher priority sector credit flow to
regulate lending.
China urges Visa and Mastercard to reduce transaction fees
● China is pushing for Visa and Mastercard to lower their bank card transaction fees in the country
to encourage spending by foreign visitors.
● The Payment & Clearing Association of China is proposing lowering the fees charged on foreign
card transactions to 1.5% from between 2% and 3%.
● Currently, merchants bear the transaction fees imposed by Visa and Mastercard, often passing
these costs to customers through higher prices.
● Financial Market Impact:Both Visa and Mastercard stocks have seen positive performance in the
current year, with each gaining over 6%.
About Visa :
● Headquarters : San Francisco, California, United States
● CEO : Ryan McInerney
About Mastercard :
● Founded : 1966
● Headquarters : New York, United States
● CEO : Michael Miebach
Reserve Bank of India Announces URL Update for 'Database on Indian Economy' Portal
● The Reserve Bank of India (RBI) has announced an update to its 'Database on Indian Economy'
(DBIE) portal.
.
● The domain address for accessing the portal will change to https://data.rbi.org.in, as per an RBI
press release.
● The DBIE portal has been a cornerstone of public access to economic data since its launch on
November 1, 2004.
● It now serves as an expansive repository for a wide range of economic and financial statistics,
including regular and ad hoc statistical publications.
● The portal also hosts the ‘SAARC Finance Database’ and the ‘Banking Outlet Locator’.
● It is an integrated repository of current and historical data, and is frequently accessed by citizens
as well as Indian and global analysts and researchers.
● The introduction of the Centralised Information Management System (CIMS) in June 2023
marked an enhancement to the RBI's data management capabilities.
Government Considers Establishing New Bank to Address Credit Gap for Micro, Small and Medium
Enterprises
● The government is considering a proposal to set up a separate bank for direct lending to the
micro, small and medium enterprises (MSMEs) to deepen credit flows to the under-penetrated
sector and thereby boost economic activity and job creation.
● Large banks don’t understand the requirements of the MSMEs.
● Current Credit Scenario:Currently, the Small Industries Development Bank of India (SIDBI)
largely provides refinancing to banks that lend to MSMEs, which helps reduce the cost of finance
for these units.
SIDBI Background:
➢ Established under an Act of Parliament in 1990.
➢ Majority shareholders include the Government of India (20.85%), State Bank of India (15.65%),
Life Insurance Corporation of India (13.33%), and National Bank for Agriculture and Rural
Development (9.36%).
➢ Accesses low-cost funds provided by banks against shortfalls in meeting their priority sector
lending (PSL) targets.
➢ Micro and small enterprise (MSE) Refinance allocation for FY24 was Rs 84,000 crore.
What do you mean by MSME?
● MSME was introduced by the Government of India in agreement with the MSMED (Micro, Small,
.
and Medium Enterprises Development) Act of 2006.

● As per this act, MSMEs are the enterprises involved in the processing, production, and
preservation of goods and commodities.
Classification of MSMEs?
CLASSIFICATION Micro Small Medium
Manufacturing Investment in Plant Investment in Plant Investment in Plant

Enterprises and and Machinery or and Machinery or and Machinery or
Enterprises Equipment: Equipment: Equipment:
rendering Services
Not more than Rs.1 Not more than Rs.10 Not more than Rs.50
crore and Annual crore and Annual crore and Annual
Turnover ; not more Turnover ; not more Turnover ; not more
than Rs. 5 crore than Rs. 50 crore than Rs. 250 crore
What is Credit Penetration?

● Credit penetration is a metric that assesses the proportion of a population utilizing credit cards or
other credit products.
● It serves as an indicator of financial inclusion and can be evaluated alongside other metrics such
as branch penetration and deposit penetration.
About Small Industries Development Bank of India :
Reinsurance and Coinsurance Exempt from Taxation

● The Goods and Services Tax (GST) Council has clarified that reinsurance and coinsurance are
not considered as the supply of a service and hence are not liable for GST.
● This spells a significant breather to insurance companies facing thousands of crores in tax
demands.
.
● This decision provides relief to insurance companies facing tax demands amounting to
approximately Rs 12,000 crore.
What is coinsurance and reinsurance?
● Coinsurance, in this instance, refers to insurers sharing insurance-bearing liabilities.
● Reinsurance is the cover an insurer buys to insure itself through the payment of premiums.
● Background and Industry Concerns:The Directorate General of Goods and Services Tax
Intelligence (DGGI) had issued notices to about 20 insurance companies for non-payment of
GST on coinsurance and reinsurance premiums.
● The General Insurance Council had lobbied the government for clarity, arguing that GST should
be levied only once in the insurance chain to avoid double taxation.
● GST Council's Decision:The GST Council clarified that coinsurance premiums apportioned by the
lead insurer to the coinsurer for supplying insurance services are considered "no supply" under
Schedule III of the CGST Act, 2017.
● Exemption of compensation cess on imports at special economic zones for authorized
operations, effective from July 1, 2017.
SBI Chairman Dinesh Kumar Khara Announces Plan to Establish 400 New Branches Nationwide in
FY25
● As a part of the network expansion plan, State Bank of India (SBI) is planning to open 400
branches across the country in the current financial year.
● The country's biggest lender opened 137 branches last fiscal.
● Of the total, 59 new rural branches were launched.
● SBI has a network of 22,542 branches across the country as of March 2024.
● SBI Payment Services Private Limited: SBI Payment Services Private Limited, which is in the
merchant acquiring business, is 74% owned by SBI, while the remaining stake is with Hitachi
Payment Services.
Insolvency and Bankruptcy Board of India to Strengthen Creditors' Rights over Personal Guarantors
● The Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to the
Insolvency Resolution Process for Corporate Process regulations, to enhance efficiency and
reduce costs, and sought stakeholder inputs by July 10, 2024.
.
● These amendments are expected to enhance the efficiency and transparency of the Corporate
Insolvency Resolution Process (CIRP), and benefit creditors and other stakeholders involved in
the CIRP.
● Valuation for Small Entities : For companies with an asset size of up to Rs 1,000 crore and micro,
small and medium enterprises (MSMEs), the board proposes to appoint only one registered
valuer for providing the estimates of the fair value and the liquidation value.
About IBBI :
● Chairman : Ravi Mittal
● Parent Department : Ministry of Corporate Affairs
● The IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency
● It was established on 1 October 2016 and given statutory powers through the Insolvency and
Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016.
Five Public Sector Banks Expected to Launch Qualified Institutional Placements (QIPs) in FY25 to Meet
SEBI Requirements
● Five state-owned banks(UCO Bank, Central Bank of India, Punjab & Sind Bank, Bank of
Maharashtra, and Indian Overseas Bank) are planning qualified institutional placements or QIPs
in the second half of FY25 to reduce the government's stake to comply with the Securities and
Exchange Board of India’s (SEBI) mandate of a maximum 75% government holding.
● The quantum of share sale is expected to be between 5% and 10% of the bank's paid-up equity
capital initially, with further sales staggered over the next two years.
● Public Shareholding Compliance:PSBs have sought a two-year extension from SEBI to achieve
the 25% minimum public shareholding requirement, similar to the extension granted to LIC to
achieve 10% public shareholding by May 2027.
● Current Public Shareholding: Public shareholding in the five PSBs (UCO Bank, Central Bank of
India, Punjab & Sind Bank, Bank of Maharashtra, and Indian Overseas Bank) ranges from 1.75%
to 13.54%.
Securities and Exchange Board of India Considers Stricter Scrutiny for Stocks Entering Futures &
.
Options Segment
● The Securities and Exchange Board of India (SEBI) will consider a proposal to tighten rules on
the inclusion of stocks in the derivatives segment at its board meeting on June 27, 2024.
● The focus is on addressing concerns about excessive and risky trading in illiquid equity
derivatives.
● Background and Consultation:In the June 8, 2024 consultation paper, Sebi sought feedback on
revising eligibility criteria for stocks in futures and options (F&O).
● Objective is to ensure stocks in derivatives are liquid and traded widely to mitigate manipulation
risks.
What are F & O (futures and options)?
● Futures and options are the major types of stock derivatives trading in a share market.
● These are contracts signed by two parties for trading a stock asset at a predetermined price on a
later date.
● Such contracts try to hedge market risks involved in stock market trading by locking in the price
beforehand.
Insurer Niva Bupa Plans $360-million Initial Public Offering : Reuters Report
● Indian health insurer Niva Bupa Health Insurance Company Limited (Niva Bupa) plans to raise
$360 million through an Initial Public Offering (IPO).
● The IPO could potentially value Niva Bupa at up to $2.5 billion.
What is an Initial Public Offering?
● Initial Public Offering (IPO) is the process by which private companies sell their shares to the
public intending to raise equity capital from public investors.
● Fund Allocation Use of Funds:
➢ $96 million will be raised by issuing new shares.
➢ $264 million worth of shares will be sold by existing investors.
About Niva Bupa :
● Founded : 2008
● It is a joint venture between Fettle Tone LLP (an affiliate of True North Fund VI LLP), an Indian
private equity firm, and the UK-based healthcare services expert, Bupa Singapore Holdings Pte.
.
Limited.
Kotak Mahindra Bank Plans to Open Up to 200 New Branches in FY25

● Kotak Mahindra Bank plans to open approximately 175 to 200 new branches in the financial year
2024-25.
● This decision comes after the Reserve Bank of India (RBI) restricted the bank from acquiring new
customers through digital channels.
● In April 2024 the RBI barred Kotak Mahindra Bank from adding new customers via its online and
mobile banking platforms.
About Kotak Mahindra Bank :
● Founded : 1985
● Tagline : Let's make money simple
Paytm Expands Travel Reach, Forms Partnerships with Skyscanner and Google Flights
● One97 Communications (parent company of Paytm) has partnered with global travel aggregators
including Skyscanner, Google Flights, and Wego to expand its presence in the travel segment.
● These partnerships aim to enhance Paytm's travel booking capabilities and offerings.
● Paytm has onboarded three new international carriers: Cambodia Angkor Air, SalamAir, and
FlyDubai.
● This expansion is in response to a 19% year-on-year increase in flight bookings on Paytm Travel
during Q4FY24.
● The initiative initially included Singapore Airlines and Qatar Airways on the NDCx platform, and
expanded with the recent onboarding of Eva Airways.
About Paytm :
● Founder & CEO : Vijay Shekhar Sharma
Canara Bank's official X account breached, investigation in progress
.
● Canara Bank, one of the country’s prominent public sector banks, has issued a notice confirming
the hacking of their official X handle.
● The concerned teams are investigating the matter and working closely with X to regain access to
Canara Bank's X handle at the earliest.
● X will hand over control of the page to the bank only after completing Standard Operating
Procedure (SOP).
About Canara Bank :
● MD & CEO : K. Satyanarayana Raju
● Tagline : Together We Can
Banks Request Clarity from Reserve Bank of India Regarding Credit Card Network Regulations
● Several banks have sought clarity from the Reserve Bank of India (RBI) regarding the
implementation of guidelines issued on March 6,2024 which mandate offering customers the
option to choose from multiple card networks for credit cards.
● The RBI's directive requires banks and non-banking financial companies (NBFCs) to provide this
choice both at the time of issuance and renewal.
● Objective of the Guidelines: To promote customer choice and eliminate exclusive agreements
between card issuers and networks.
● This directive will take effect from September 6, 2024.
● Applicability:The RBI guidelines will be applicable to only those credit card issuers with a number
of active cards issued greater than 10 lakh and exempt card issuers who issue credit cards on
their own authorised card network.
● Provisions of the Guidelines:Card issuers must allow eligible customers to choose from multiple
card networks (e.g., Diners Club International, MasterCard, NPCI-Rupay, Visa) at the time of
initial issuance.
● Major issuers like HDFC Bank, SBI Card, ICICI Bank, and Axis Bank fall under this category.
ICICI Bank Market Cap Surpasses $100 Billion, Becomes 6th Indian Company to Achieve Milestone
.
● ICICI Bank’s market capitalization crossed the $100 billion mark for the first time.
● It became the 6th Indian company to achieve this milestone.
● ICICI is the second-largest bank in India by market capitalization, after HDFC Bank.
● It is also the fifth-largest entity by market value.
● In December 2020, ICICI Bank's market capitalisation crossed $50 billion, and within 10 months,
it exceeded $75 billion in October 2021.
● Currently, Reliance Industries is leading the list with a market capitalisation of $236 billion,
followed by TCS with a market value of $166 billion.
Other Companies in the $100 Billion Club:

● ICICI Bank joins Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, and
Infosys.
About ICICI Bank :
Reserve Bank of India Reports 2.1 Percentage Point Decline in Short-Term Debt's Share of Total
External Debt
● At the end of March 2024, India’s external debt was US$ 663.8 billion, an increase of US$ 39.7
billion over the end of March 2023.
● Excluding the valuation effect of US$ 8.7 billion due to the appreciation of the US dollar, the
external debt increase would have been US$ 48.4 billion.
● Debt to GDP Ratio:The external debt to GDP ratio declined to 18.7% at the end of March 2024
from 19.0% at the end of March 2023.
● Long-Term Debt:Long-term debt (original maturity above one year) was US$ 541.2 billion at the
end of March 2024, an increase of US$ 45.6 billion over the end of March 2023.
● Short-Term Debt:The share of short-term debt (original maturity up to one year) in total external
debt declined to 18.5% at end-March 2024 from 20.6% at end-March 2023.
● Short-term debt on a residual maturity basis constituted 42.9% of total external debt and 44.1%
of foreign exchange reserves at the end of March 2024, down from 44.0% and 47.4%,
.
respectively, at the end of March 2023.

● Currency Composition:
➢ US dollar-denominated debt: 53.8% of total external debt.
➢ Indian rupee-denominated debt: 31.5%.
➢ Yen-denominated debt: 5.8%.
➢ Special Drawing Rights (SDR): 5.4%.
➢ Euro-denominated debt: 2.8%.
● Debt by Sector:
➢ The share of outstanding debt for non-financial corporations: 37.4%.
➢ Deposit-taking corporations (except the central bank): 28.1%.
➢ General government: 22.4%.
➢ Other financial corporations: 7.3%.
● Debt Components:
➢ Loans: 33.4% of total external debt.
➢ Currency and deposits: 23.3%.
➢ Trade credit and advances: 17.9%.
➢ Debt securities: 17.3%.
● Debt Service:Debt service obligations (principal and interest payments) increased to 6.7% of
current receipts at the end of March 2024 from 5.3% at the end of March 2023.
Ixigo and PhonePe Expand Partnership to Include Flight and Bus Booking Services
● Travel booking platform ixigo has expanded its exclusive partnership with PhonePe to offer flight
and bus bookings on the fintech platform's app.
● Previously, the partnership focused on providing booking services for trains.
● The expanded partnership aims to provide a more comprehensive travel booking experience for
over 54 crore PhonePe users.
About ixigo :
● Founded : June 2007
● Headquarters : Gurugram, Haryana, India
● Chairman, MD & Group CEO : Aloke Bajpai
.
About Phonepe :
● Founded : 2015
Securities and Exchange Board of India Releases Guidelines on Structure and Responsibilities of
Market Infrastructure Institutions Committees
● Markets regulator Securities and Exchange Board of India (SEBI) revised its oversight framework
for stock exchanges and other market infrastructure institutions (MIIs), defining the structure and
responsibilities of various statutory committees to enhance governance.
● These guidelines are on the recommendations of Sebi's Committee on Strengthening
Governance of MIIs.
● Categories of Statutory Committees: Statutory committees of MIIs are categorized into functional,
oversight, and investment committees.
● Functional committees include Member Committee, Nomination and Remuneration Committee,
Oversight Committees, Standing Committee on Technology Regulatory Oversight Committee,
Risk Management Committee, and Investment Committee.
● Composition Guidelines:Committees should include Key Management Personnel (KMP), Non-
Independent Directors (NIDs), Independent External Professionals (IEPs), and Public Interest
Directors (PIDs).
● Implementation Timeline:The new guidelines will be effective within 30 days of the issuance of
the circular by Sebi.
Reserve Bank of India Reports Current Account Balance Records Surplus of 0.6% of GDP in Q4 FY24
● India's current account recorded a surplus of $5.7 billion, equivalent to 0.6% of gross domestic
product (GDP), in the January-March 2024 quarter.
● This marks a significant improvement from a deficit of $1.3 billion (0.2% of GDP) in Q4 FY2023
and a deficit of $8.7 billion (1% of GDP) in Q3 FY24.
What is the meaning of current account deficit?
● The current account deficit is the difference between exports and imports of goods and services.
.
● It is a key indicator of the country’s external sector.

● Full-Year Current Account Deficit (FY24):For the full fiscal year FY24, India's current account
deficit moderated to $23.2 billion, or 0.7% of GDP, down from $67 billion (2% of GDP) in FY23.
● Foreign Exchange Reserves:India's foreign exchange reserves increased by $30.8 billion in Q4
FY24 on a balance of payments basis, reflecting a robust accretion.
Co-Lending Committee Set to Submit Report to Finance Ministry in July 2024

● The Department of Financial Services (DFS) under the finance ministry instructed the State Bank
of India (SBI) to form a committee on co-lending in May 2024.
● The committee aims to encourage co-lending partnerships between commercial banks and non-
banking financial companies (NBFCs) by addressing business model issues.
● Composition and Leadership:The committee is chaired by Surender Rana, Deputy Managing
Director of SBI.
● It includes representatives from Punjab National Bank, Union Bank of India, Central Bank of India
(from the banking sector), and 3 NBFCs.
● NBFCs are required to retain a minimum of 20% share of individual loans on their books as per
regulatory norms.
What is meant by co-lending?
● Co-lending is an arrangement where multiple lenders partner to provide loans to borrowers.
● This helps increase lending capacity and reduces risk for individual lenders.
● Each lender sets their own terms and conditions.
● Co-lending is used in various industries like real estate, small business loans, and personal
loans.
● Minister of State: Pankaj Choudhary
● Finance Secretary : T. V. Somanathan
S&P Maintains India's FY25 GDP Growth Projection at 6.8%, Below RBI Forecast
● S&P Global Ratings retained India's Gross Domestic Product (GDP) growth forecast for the
current financial year (FY 2024-25) at 6.8%.
.
● High interest rates and lower fiscal spur are tempering demand in non-agricultural sectors,
influencing the growth forecast.
● This forecast is lower than the Reserve Bank of India's (RBI) projection of 7.2% growth for the
same period.
● Previous Fiscal Year Performance:India's economy grew by 8.2% in the fiscal year 2023-24,
exceeding expectations.
● Future Projections:For FY 2025-26 and FY 2026-27, S&P projected growth rates of 6.9% and
7%, respectively.
● Comparison with Other Agencies:
➢ Fitch estimates India's growth at 7.2% for FY 2024-25.
➢ The Asian Development Bank (ADB) estimates a 7% growth rate.
➢ Moody's Ratings and Deloitte India project a 6.6% growth rate.
➢ Morgan Stanley forecasts a 6.8% growth rate.
About S&P Global Ratings :
● Headquarters : New York City, New York, United States.
● President : Martina Cheung
● S&P Global Ratings, previously known as Standard & Poor's, is an American credit rating agency
(CRA) and a division of S&P Global.
● It publishes financial research and analysis on stocks, bonds, and commodities.
State Bank of India Secures ₹10,000 Crore Through 15-Year Infrastructure Bonds at 7.36% Interest
Rate
● The State Bank of India (SBI) has raised Rs 10,000 crore through 15-year infrastructure bonds to
fund projects in sectors like power, roads etc.
● The coupon rate for bonds is 7.36%.
● With the current issuance, the total outstanding Long-Term Bonds issued by the country’s largest
bank is at Rs 49,718 crore.
● The issuance will help in developing a long-term bond curve and encourage other banks to issue
bonds of longer tenor.
● Regulatory Exemptions:The funds raised through infrastructure bonds are exempt from
regulatory reserve requirements such as Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio
.
(CRR).
Securities and Exchange Board of India Provides Flexibility, Eases 'Trading Plan' Regulations for
Insiders
● The Securities and Exchange Board of India (Sebi) has made it significantly easier for insiders to
trade in shares of their companies by amending the Prohibition of Insider Trading (PIT)
regulations.
● The amended norms provide flexibility in the ‘trading plan’ of a company’s key managerial
personnel and will come into effect after 3 months.
Definition of Insiders:
● Insiders are individuals within a company who have access to Unpublished Price-Sensitive
Information (UPSI), typically senior management and officials.
Key Amendments:
● Reduction in Cooling-Off Period: The time required for insiders to inform the board about their
buy/sell decision has been reduced from six months to four months.
● Price Limits: Insiders can now set price limits within a range of 20% (both upper and lower) from
the closing price on the day they submit the trading plan.
● Cancellation of Trading Plan: Insiders have the flexibility to cancel the trading plan.
● Execution Flexibility: They can choose not to execute trades if the execution price falls outside
the predetermined limits set in the trading plan.
DBS Group Forecasts India's Gross Domestic Product Growth of 7.1% in 2024
● DBS Group expects India's Gross Domestic Product (GDP) growth to be resilient at 7.4% for the
April-June 2024 quarter.
● This forecast is higher than the RBI's projection of 7.3% for the same period.
● For the entire calendar year 2024, DBS Group forecasts India's GDP growth at 7.1%.
● Current Account Trends : Narrowing Deficit (FY23 vs. FY24): DBS Group notes India's current
account deficit narrowed to -0.7% of GDP (approximately $23 billion) in FY24, an improvement
from -2.0% of GDP (around $67 billion) in FY23.
About DBS Bank Limited :
.
● Headquarters : Singapore
● Chairman : Peter Seah
● CEO : Piyush Gupta
RBI Introduces 'Finquiry' Initiative for Direct Engagement of Fintechs with Regulator
● The Reserve Bank of India (RBI) has launched an exclusive 2-hour window called 'Finquiry’ for
fintechs to visit the FinTech department of the RBI in Mumbai, Maharashtra.
● Aim : To provide a platform for fintechs to seek clarity and discuss fintech-related queries directly
with RBI officials.
● RBI has opened the window from 26th June and this will be available on the last working
Wednesday of every month from 3 to 5 pm.
Federal Bank Introduces UPI-Enabled RuPay Wave Credit Card

● Federal Bank, in partnership with the National Payments Corporation of India (NPCI), has
launched the RuPay Wave Credit Card, which will allow customers to utilise Unified Payments
Interface (UPI)-powered transactions on the RuPay network.
● This card combines the features of RuPay credit cards with the functionality of UPI payments.
● Cardholders can link the RuPay Wave Credit Card to their UPI applications, enabling
transactions via mobile devices.
● In August 2023, SBI Card announced linking its credit cards on the RuPay platform with UPI, in
collaboration with NPCI.
About Federal Bank :
● Headquarters : Aluva, Kochi, Kerala, India
● MD & CEO : Shyam Srinivasan
● Tagline : Your Perfect Banking Partner
About NPCI :
● Founded : 2008
.
India.
ACE Collaborates with Bank of Baroda for Construction Equipment Financing

● Action Construction Equipment Limited. (ACE), a prominent player in India’s construction
equipment manufacturing sector, has entered into a Memorandum of Understanding (MoU) with
Bank of Baroda (BoB) to facilitate financing solutions for construction equipment businesses.
● The MoU was signed by Mr. Manish Handa, VP & Business Head of the Earthmoving Equipment
Division at ACE, and Mr. Dhrubashish Bhattacharya, Head of MSME & Co-Lending at Bank of
Baroda.
What is meant by Equipment Financing?
● Definition: Equipment financing is a credit facility that helps businesses finance equipment and
machinery needs.
● Uses: Funds can be used to buy, lease, upgrade, or repair equipment quickly.
About Action Construction Equipment Limited :
● Founded : 1995
● Headquarters :Faridabad, Haryana, India
● Chairman & MD : Vijay Agarwal
SEBI Constitutes 15-Member Working Group to Review Derivative Trading Norms
● The Securities and Exchange Board of India (Sebi) has formed a working group to review
derivatives trading norms with an aim of enhancing investor protection and risk management.
● The 15-member panel will be headed by G Padmanabhan, former executive director of Reserve
● Tasks Assigned : It will be tasked with market development and regulation to enhance risk
architecture of exchange-traded derivatives and investor protection.
Reserve Bank of India Highlights Concerns Over Delinquencies in Non-Banking Finance Companies
.
Consumer Credit
● While there has been an improvement in the overall credit quality of consumer credit, the
Reserve Bank of India's Financial Stability Report highlighted 3 areas of concern regarding
consumer loans from non-banking finance companies (NBFC).
● Delinquency Levels and Borrower Profiles:First, delinquency levels among borrowers with retail
loans below Rs 50,000 remain high.
● The report particularly pointed to NBFC-fintech lenders, which have the highest share in
sanctioned and outstanding amounts and also have the second highest delinquency levels, only
below that of small finance banks.
● Vintage Delinquency in Personal Loans:Second, vintage delinquency, which is a measure of
slippage, remains relatively high in personal loans at 8.2%.
● Borrower Behaviour and Loan Stacking:The third aspect, the report says, is that a little more than
half of the borrowers in this segment have three live loans at the time of origination and more
than one-third of the borrowers have availed more than three loans in the last six months.
What is delinquency in banking?
● If an account is delinquent, it means that payments have not been made on time.
● This can refer to things like credit card bills, loan payments, or utility bills.
AU Small Finance Bank Plans to Raise Rs 11,000 Crore Through Combination of Equity and Debt
● The board of directors of AU Small Finance Bank Limited. approved plans to raise Rs 11,000
crore through equity and debt instruments.
● Rs 5,000 crore will be raised through qualified institutional placement (QIP) and other modes,
subject to regulatory approvals.
● Another Rs 6,000 crore will be raised via debt instruments such as bonds and non-convertible
debentures, approved by the RBI.
About AU Small Finance Bank Limited :
● Founded : 1996
● AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank and
.
India’s largest tech-led small finance bank.
Reserve Bank of India Introduces SAARC Currency Swap Framework for 2024-2027
● The Reserve Bank of India (RBI), with the Government of India’s concurrence, has decided to put
in place a revised framework on currency swap arrangement for SAARC (South Asian
Association for Regional Cooperation) countries for the period 2024 to 2027.
● SAARC has 8 member countries (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal,
Pakistan and Sri-Lanka).
● INR Swap Window : Under the Framework for 2024-27, a separate INR Swap Window has been
introduced with various concessions for swap support in Indian Rupee.
● The total corpus of the Rupee support is ₹250 billion.
● USD/Euro Swap Window : The RBI will continue to offer swap arrangements in US$ and Euro
under a separate US Dollar/ Euro Swap Window with an overall corpus of US$ 2 billion.
● Currency Swap: A currency swap is an agreement in which two parties exchange the principal
amount of a loan and the interest in one currency for the principal and interest in another
currency.
About SAARC :
● Headquarters : Kathmandu, Nepal
● Secretary General : Golam Sarwar
Indian Banks' Non-Performing Loan Ratio Hits 12-Year Low: Reserve Bank of India Report
● According to the RBI's Financial Stability Report, the gross non-performing asset (GNPA) ratio of
Indian banks fell to a 12 year low of 2.8% in March 2024 and is expected to reduce further down
to 2.5% by the end of the financial year 2024-25.
What is the gross non-performing asset ratio for banks?
● This ratio refers to the proportion of the total value of bad loans, which are bank loans that are
unlikely to be repaid (also known as gross non-performing assets), to the total assets the bank
has or the total loans it has given.
● A lower GNPA ratio means the number of loans that may go unpaid are less and can be a
.
positive indicator.
● In September, the ratio was 3.2%, highlighting a significant improvement now.
What is the net non-performing asset ratio for banks?
● The net non-performing asset (NNPA) ratio also declined to 0.6% this March, compared to 0.8%
last September.
● The NNPA ratio is the proportion of bad loans which the bank has actually created a provision
for, compared to the total assets of the bank.
● Stress Scenario:Under severe stress scenarios, GNPA ratios may increase:
➢ Public Sector Banks (PSBs): From 3.7% (March 2024) to 4.1% (March 2025).
➢ Private sector banks (PBs): From 1.8% to 2.8%.
➢ Foreign banks (FBs): From 1.2% to 1.3%.
About Financial Stability Report (FSR) :
● Published by RBI, the FSR assesses the resilience of the Indian financial system and identifies
risks to financial stability.
● It reflects the collective assessment of the Financial Stability and Development Council (FSDC)
Sub-Committee.
RBL Bank Plans to Raise ₹6,500 Crore Through Qualified Institutional Placement and Debt Securities
● Indian private lender RBL Bank will raise up to Rs 6,500 crore ($779 million) through a
combination of qualified institutional placement (QIP) of shares and debt sale.
● The bank will raise Rs 3,500 crore through QIP and Rs 3,000 crore through issue of debt
securities via private placement.
● This will be RBL's first share issue via institutional placement since 2021 when the bank saw an
abrupt management transition and the central bank increased scrutiny of the lender by
temporarily appointing a director on its board amid reports of a large share of unsecured
borrowing on its books.
Purpose of Fundraising:
● RBL Bank aims to bolster its capital base to support a targeted 20% growth in its loan book over
the next two financial years.
About RBL Bank :
● Established : August 1943
.

● MD & CEO : R Subramaniakumar
National Council of Applied Economic Research’s Monthly Economic Review Projects FY25 Gross
Domestic Product Growth Near 7.5%
● The National Council of Applied Economic Research’s (NCAER) Monthly Economic Review
suggests that Gross domestic product (GDP) growth for 2024-25 (FY25) could range between
higher than 7% and close to 7.5%.
● This optimism is supported by strong economic activity in the first quarter, focused policy
initiatives on investment and growth, and expectations of a normal monsoon.
About NCAER :
● President : Nandan M. Nilekani
● Director General : Poonam Gupta
● NCAER is India’s oldest and largest independent, non-profit, economic policy research think
tank.
Reserve Bank of India Increases Ways and Means Advances Limits for States/UTs by 28% to ₹60,118
Crore
● The Reserve Bank of India (RBI) increased the Ways and Means Advances (WMAs) limits (or
financial accommodation) of State governments and Union territories (UTs) by 28% to ₹60,118
crore from ₹47,010 crore (fixed in April 2022).
● The revised WMA limit is effective from July 1, 2024.
● Reason for Revision:The limits have been revised based on the recommendations made by the
group constituted by the RBI, consisting of select state finance secretaries to take account of the
expenditure data of states for recent years.
● The last review of WMA, Special Drawing Facility (SDF), and Overdraft (OD) schemes for state
governments/UTs was announced on April 1, 2022.
● SDF availed by state governments/UTs is linked to their investments in marketable securities
issued by the government, including auction treasury bills (ATBs).
.
● A State Government account can be in overdraft for a maximum of 14 consecutive working days
with a limit of 36 days in a quarter.
About WMAs :
● Definition and Purpose : WMA is a mechanism used by Reserve Bank of India (RBI) under its
credit policy to provide to States, banking with it, to help them tide over temporary mismatches in
the cash flow of their receipts and payments.
● Introduction and Legal Framework:The WMA scheme was introduced in 1997.
● Guided by Section 17(5) of the RBI Act, 1934.
● Advances are repayable within three months from the date of making the advance.
● Interest Rates:Interest is charged at the existing repo rate.
● If the WMA exceeds 90 days, it is treated as an overdraft, with an interest rate 2 percentage
points higher than the repo rate.
● Eligibility and Objective:Section 17(5) of the RBI Act allows the RBI to make WMA to both the
Central and State Governments.
● The objective is to bridge the interval between expenditure and receipts.
● Types of WMA:
➢ Normal WMA: Clean advances without any collateral.
➢ Special WMA (Special Drawing Facility (SDF)): Secured advances provided against the
pledge of Government of India dated securities.
Reserve Bank of India Reports Rs 3.4 Lakh Crore Increase in Home Loan Outstanding Over 12 Months
● Housing loan outstanding expanded at a faster pace even as the growth in the personal loan
segment decelerated on a year-on-year basis in May 2024.
● Accelerated Growth in Housing Loans:Housing loan outstanding grew by 16.9% (Rs 3.40 lakh
crore) to Rs 23.49 lakh crore in May 2024, compared to 13.8% (Rs 20.09 lakh crore) in May
2023.
● Moderation in Personal Loans:Growth in personal loans slowed to 17.8% (y-o-y) in May 2024
from 19.1% in May 2023, mainly due to decelerated growth in other personal loans.
● Sector-Specific Credit Growth:Agriculture and Allied Activities:Credit growth to agriculture and
allied activities accelerated to 21.6% (y-o-y) to Rs 21.39 lakh crore in May 2024, from 16.0% in
May 2023.
.
Reserve Bank of India Imposes ₹29.6 Lakh Fine on HSBC for Violating Credit Card Regulations
● The Reserve Bank of India (RBI) imposed a monetary penalty of ₹29.60 lakh on The Hongkong
and Shanghai Banking Corporation Limited (HSBC) for non-compliance with specific RBI
directions.
● Non-Compliance Details:HSBC failed to comply with RBI directions on ‘Credit Card, Debit Card,
and Rupee Denominated Co-branded Prepaid Card operations of Banks’, reiterated in the
‘Reserve Bank of India (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022’.
● Specifically, HSBC did not ensure proper calculation methods to prevent negative amortisation
while computing the Minimum Payment Due in certain credit card accounts.
● Regulatory Provisions:The penalty was imposed under Section 47A(1)(c) read with Section
46(4)(i) of the Banking Regulation Act, 1949.
What is Minimum Payment Due?
● The Minimum Payment Due (MPD) is the least amount that must be paid on a credit card bill
each month to avoid late fees and penalties.
● Typically, it is a percentage of the total outstanding balance on the credit card.
About HSBC :
● Founded: 3 March 1865
● Headquarters: London, United Kingdom
SEBI Increases Basic Demat Account Limit to Rs 10 Lakh to Encourage Participation

● Securities and Exchange Board of India (SEBI) increased the threshold for the Basic Services
Demat Account (BSDA) to Rs 10 lakhs from the current Rs 2 lakhs to boost participation of small
investors in the securities market.
● The new guidelines will come into force from September 1,2024.
● Objective : To encourage small investors to trade in the stock market and ensure their financial
inclusion.
What is meant by BSDA?
● A basic service demat account, or BSDA, is a more basic version of a regular demat account.
● The facility was introduced by markets regulator Sebi in 2012 to reduce the burden of demat
.
charges on investors with small portfolios.

Eligibility Criteria :
● The investor must have only one demat account as the sole or first holder.
● The investor must have only one BSDA across all depositories.
● The value of securities in the BSDA must not exceed Rs 10 lakh for debt and non-debt securities
combined.
World Bank Sanctions $1.5 Billion Loan for India's Green Hydrogen Initiative
● The World Bank has approved a $1.5-billion loan to help India accelerate its low-carbon energy
development.
● The funds will be used to promote a market for green hydrogen, electrolysers, and increased
renewable energy penetration.
● This is the second round of funding from the World Bank towards India's green energy initiatives,
following the $1.5 billion First Low-Carbon Energy Programmatic Development Policy Operation
in June 2023.
● Alignment with Initiatives: This operation aligns with the Government of India’s energy security
and the World Bank’s Hydrogen for Development (H4D) partnership.
● Partnership and Financing: The financing for this operation includes:
➢ $1.46 billion loan from the International Bank for Reconstruction and Development (IBRD).
➢ $31.5 million credit from the International Development Association (IDA).
About World Bank :
● The World Bank is an international financial institution that provides loans and grants to the
governments of low- and middle-income countries for the purpose of pursuing capital projects.
AWARDS AND HONOUR

NIMHANS Receives WHO Nelson Mandela Award for Health Promotion 2024
.
• The National Institute of Mental Health and Neuro Sciences (NIMHANS), Bengaluru, India’s
premier mental health institution, has been honoured with the prestigious Nelson Mandela Award
for Health Promotion for 2024 by the World Health Organization (WHO).
• This accolade acknowledges the remarkable contributions of individuals, institutions, and
organizations to health promotion.
Indian-American Bruhat Soma from Florida wins Scripps National Spelling Bee
• Bruhat Soma, a 12-year-old Indian-American seventh-grader from Florida, emerged victorious at
the prestigious Scripps National Spelling Bee.
• Continuing the tradition of excellence within the small ethnic community, Bruhat demonstrated
exceptional spelling prowess by correctly spelling
• 29 words in the tiebreaker round, earning him over $50,000 in cash and prizes.
• The 2024 Scripps National Spelling Bee witnessed a thrilling tiebreaker between Bruhat and
Faizan Zaki.
Nar Singh, Rohini Lokhande win Dilip Bose lifetime achievement award
• The All India Tennis Association (AITA) has announced the Dilip Bose award for lifetime
achievement to coach Nar Singh.
• The award along with a cash prize of Rs.50,000 will be presented during the 11th National
coaches workshop to be held at the PYC Hindu Gymkhana in Pune on June 7 and 8.
• The secretary general of AITA, Anil Dhupar, announced a new lifetime achievement award for
women coaches.
Vellayan Subbiah of TII was named EY World Entrepreneur of the year 2024
● Vellayan Subbiah, Executive Vice-Chairman of Tube Investments of India (TII) and Chairman of
Cholamandalam (Chola) Investment and Finance Co. Ltd., was named the EY World Entrepreneur
Of The Year 2024.
● Event: The award ceremony was held in Monaco’s Salle des Etoiles.
● Competition: Vellayan was selected from nearly 5,000 programme participants, including 51 winners
from 47 countries and jurisdictions.
● Historical Win: He is the fourth winner from India in the award’s 24-year history, making India the
only country among EY regions to win the global entrepreneurship award four times.
.
WisdomNext to push generative AI play for Tata Consultancy Services
● Tata Consultancy Services (TCS) has launched TCS WisdomNext, a platform that consolidates
multiple generative artificial intelligence (GenAI) services into a single interface.
● Objective: The platform allows organizations to adopt next-gen technologies at scale within
regulatory frameworks and at lower costs.
● AI.Cloud Integration: TCS WisdomNext will be part of the newly-formed AI.Cloud unit of TCS.
● SaaS Features: The platform includes software-as-a-service (SaaS) capabilities, enabling customers
to:
Films with Transgender focus win big at KASHISH 2023

• The short film "Mehroon" secured two prestigious awards at the KASHISH International Film Festival
in Mumbai.
• Director: Abu Sohel Khondekar (she/they), a transwoman and queer filmmaker, directed the film and
received significant accolades.
• KASHISH QDrishti Film Grant 2023: Abu Sohel Khondekar won this grant to create "Mehroon."
• Special Jury Mention: After the film's screening on May 19, 2024, at Liberty Cinema, Mumbai,
Khondekar received the Special Jury Mention for the Riyad Wadia Award for Best Emerging Indian
Filmmaker.
MIFF 2024 Launches Inaugural Documentary Film Bazaar

● The 18th Mumbai International Film Festival (MIFF) 2024 witnessed the inauguration of its first-ever
Documentary Film Bazaar, marking a significant milestone for the festival as the leading platform for
non-feature films in South Asia.
● The Documentary Film Bazaar, a pioneering initiative, aims to elevate the documentary film industry
by providing filmmakers with a unique platform to connect with buyers, sponsors, and collaborators.
● Held from June 16 to 18, 2024, at the NFDC complex, this groundbreaking event has attracted
nearly 200 projects from 10 countries, spanning 27 languages.
The Bazaar features three main verticals:
● Co-production Market: Showcasing 16 projects to connect filmmakers with potential collaborators

and financiers globally.
● Work-in-Progress (WIP) Lab: Featuring 6 projects in rough-cut stages, providing crucial feedback
.
and mentorship.
● Viewing Room: Exhibiting 106 completed documentaries, short films, and animations to curated
delegates for distribution and funding opportunities.
● The Bazaar hosts stalls from diverse organizations such as Maharashtra Film, Stage and Cultural
Development Corporation Ltd., and features international representation from countries like Sri
Lanka, Belarus, Iran, and Argentina, facilitated by the Union Ministry of Tourism.
Vinod Ganatra Receives Nelson Mandela Lifetime Achievement Award
● Vinod Ganatra, a distinguished children’s filmmaker from India, has been honoured with South
Africa’s prestigious 'Nelson Mandela Lifetime Achievement Award' for his exceptional contributions
to children’s cinema.
● The award was bestowed upon him at the 7th Nelson Mandela Children’s Film Festival, making him
the first Indian to receive this esteemed recognition.
● Vinod Ganatra’s receipt of the Nelson Mandela Lifetime Achievement Award underscores his
significant impact on children’s cinema and his dedication to storytelling that inspires and educates
young audiences.
● His contributions have not only enriched Indian cinema but also resonated globally, earning him
acclaim and admiration across borders.
About the Nelson Mandela Lifetime Achievement Award:
● Named in honor of Nelson Mandela (1918-2013), the first black President of South Africa.
● Mandela was a pivotal figure in the fight against apartheid, dedicating his life to promoting peace,
equality, and justice.
● He spent 27 years in prison for his activism before becoming South Africa’s President in 1994,
symbolizing the end of apartheid.
● Mandela’s legacy includes his leadership in reconciliation and advocacy for human rights
worldwide.
● The award named after him recognizes individuals who have made profound contributions to
their fields and society at large, embodying Mandela’s spirit of perseverance and dedication to
positive change.
.
RailTel Receives ET Government PSU Leadership & Excellence Award 2024
● RailTel was honoured with the ET Government PSU Leadership & Excellence Award 2024 in the
'Leadership in Digital Transformation' category.
● The award ceremony took place during the 5th ET Govt National PSU Summit 2024, where Dr.
Jitendra Singh presented the prestigious accolade.
● Achievements Recognized: The award acknowledges RailTel's exceptional contributions in digital
transformation within the public sector.
● RailTel was recognized for successfully implementing the Hospital Management Information
System (HMIS) across 709 healthcare facilities of Indian Railways.
GRSE Ltd. Receives Sustainable Governance Champion Award
● Garden Reach Shipbuilders & Engineers (GRSE) Ltd. was honoured with the "Sustainable
Governance Champion Award" at the Outlook Planet Sustainability Summit & Awards 2024.
● Commitment to Sustainability: This accolade underscores GRSE's steadfast dedication to
sustainable practices and governance excellence.
● The award recognizes GRSE's proactive efforts in embedding sustainability into its core
operations, fostering innovation, and promoting environmental stewardship, particularly within the
maritime and defence sectors.
Sanjana Thakur Wins 2024 Commonwealth Short Story Prize
● Sanjana Thakur has been named the overall winner of the 2024 Commonwealth Short Story
Prize.
● The prize, valued at £5,000 (approx. $8,664.38 Cdn), recognises the best piece of unpublished
short fiction from the Commonwealth's 56 member states.
● Thakur’s story, Aishwarya Rai, initially won the Asia category before being selected as the overall
winner.
About the Prize
● The Commonwealth Short Story Prize is awarded annually.

● It selects the best short fiction from five regional winners: Africa, Asia, Canada and Europe,
Caribbean, and Pacific.
Dr Usha Thakur Awarded the 12th Vishwa Hindi Samman In the Hindi Samvad Event
.
● Dr Usha Thakur was awarded the 12th Vishwa Hindi Samman in a Hindi Samvad event
organised by the Embassy of India in Nepal recognising her contribution in development of Hindi
literature.
● She has translated more than 40 literature in Hindi and Nepali and strengthened Hindi language.
● This award is given by the Ministry of External Affairs, Government of India.
● 12th World Hindi Conference was held in Fiji in 2023.

PV Sindhu Named Brand Ambassador for Greenday's Better Nutrition, a Biofortified Staples Brand
• PV Sindhu, two-time Olympic medallist and world champion shuttler, has invested in and become
the brand ambassador for Greenday's 'Better Nutrition' brand.
• The collaboration aims to address micronutrient deficiencies in India through biofortified foods,
benefiting both consumer health and farmer livelihoods.
• The partnership between Sindhu and Greenday aims to improve consumer health and enhance
farmer prosperity by promoting the nutritional value of staple crops.
About Greenday :
• Founder & CEO : Prateek Rastogi
• Greenday, founded by Indian Institute of Management Ahmedabad alumni Rastogi and
Aishwarya Bhatnagar, works with farmers to cultivate nutrient-dense crop varieties.
Serie A Champions Inter Appoint Giuseppe Marotta as Club's New President

• Giuseppe Marotta, Inter Milan's current sporting Chief Executive Officer (CEO), is set to become
the club's new president.
• Marotta's appointment follows the nomination by Inter Milan's new owners, Oaktree, a US-based
investment firm.
• Marotta, considered the architect of Inter’s recent return to football’s top table, will replace
outgoing president Steven Zhang following a shareholders’ meeting in Milan in which a new
board will also be appointed.
About Inter Milan :
.
• Football Club Internazionale Milano, commonly referred to as Internazionale or simply Inter, and
colloquially known as Inter Milan in English-speaking countries,is an Italian professional football
club based in Milan, Lombardy.
• Inter is the only Italian side to have always competed in the top flight of Italian football since its
debut in 1909.
Businesswoman Halla Tomasdottir Elected as New President of Iceland
• Halla Tomasdottir, a businesswoman and Chief Executive Officer (CEO) of B Team, has been
elected as the 7th President of Iceland.
• Tomasdottir will assume office on August 1, 2024, replacing the current President Gudni
Johannesson, who did not seek re-election after two-four-year terms in office.
• She will be the 2nd woman to hold the office after Vigdis Finnbogadottir, who was the first woman
in the world to be democratically elected as president in 1980.
About Iceland :
• Prime Minister : Bjarni Benediktsson
• Capital : Reykjavík
• Currency : Icelandic króna
• According to a World Economic Forum report in 2023, Iceland is the most gender-equal country
in the world.
Dr. Helen Mary Roberts Becomes First minority community Woman to Achieve Brigadier Rank in
Pakistan Army
• Dr Helen Mary Roberts, serving in the Pakistan Army Medical Corps, has made history by
becoming the first woman from the minority community to achieve the rank of brigadier in the
Muslim-majority country.
• Before Brigadier Roberts, Major General Nigar Johar had broken gender barriers in June 2020 by
becoming the country’s first female officer to be promoted to the rank of lieutenant general.
• Pakistan is a Muslim-majority country, with Muslims comprising 96.47% of the population,
followed by Hindus (2.14%), Christians (1.27%), Ahmadi Muslims (0.09%), and others (0.02%),
according to data from the Pakistan Bureau of Statistics in 2021.
Government Appoints Saurabh Garg as Full-Time Secretary of Ministry of Statistics and Programme
.
Implementation
● Saurabh Garg, a 1991-batch Odisha cadre IAS officer, has been appointed as the full-time
Secretary of the Ministry of Statistics and Programme Implementation (MoSPI).
● Prior to this, Garg was holding additional charge as Secretary, MoSPI.
● Before Garg, the MoSPI Secretary was GP Samanta, who held the position until April 15, 2024.
● Garg also currently serves as Secretary, Department of Social Justice & Empowerment, and has
been given charge of Secretary, National Statistical Commission (NSC).
Shah Rukh Khan Named New Brand Ambassador for Muthoot Pappachan Group
● Muthoot Pappachan Group (MPG), popularly known as Muthoot Blue, has roped in Shah Rukh
Khan as its brand ambassador.
● This strategic collaboration represents a significant milestone for MPG, reinforcing its brand
presence, and a new way of connecting with a diverse audience across the country.
About Muthoot Pappachan Group :
● Founded : 1887
● Headquarters : Thiruvananthapuram, Kerala, India
● Chairman : Thomas John Muthoot
● Muthoot Pappachan Group is the promoter of leading Non-Banking Financial Companies
(NBFCs) including Muthoot FinCorp Limited (flagship Company of the Group), Muthoot Microfin
Limited, Muthoot Capital Services Limited and Muthoot Housing Finance Company Limited.
● CEO of Muthoot FinCorp : Shaji Varghese
Airtel Names Sharat Sinha as New Chief Executive Officer of Airtel Business
● Telecommunications services provider Bharti Airtel has appointed Sharat Sinha as the Chief Executive
Officer (CEO) of Airtel Business, effective June 3, 2024, who will be reporting to Gopal Vittal, CEO and
Managing Director, Airtel.
● He will also be a part of the Airtel Management Board.
● Sinha joins Airtel Business from Checkpoint Software Technologies, where he served as President of
Pacific.
.

About Airtel Business :

● Airtel Business is the business-to-business arm of Bharti Airtel, offering a diverse portfolio of products
services such as data connectivity, voice and messaging, conferencing, cloud, data centre, security,
Internet of things, enterprise mobility and many more.
Claudia Sheinbaum Secures Landslide Victory to Become Mexico's 1st Female President
• A climate scientist and former mayor of Mexico City, Claudia Sheinbaum secured a sweeping win
to become Mexico's first female president.
• She succeeded her mentor and outgoing leader, Andres Manuel Lopez Obrador, whose strong
support among the impoverished contributed to her victory
• Sheinbaum clinched the presidency with an estimated vote share ranging from 58.3% to 60.7%,
according to a swift sample count by Mexico's electoral body.
• This marks a historic high in Mexico's democratic record for vote percentage.
• Sheinbaum is the first woman to win a general election in the United States, Mexico, or Canada.
About Mexico :
• Capital: Mexico City
• Currency: Mexican Peso
• Mexico, officially the United Mexican States, is a country in the southern portion of North America.
Vijaya Bharathi Sayani Appointed as Acting Chairperson of National Human Rights Commission
• Smt. Vijaya Bharathi Sayani, Member of the National Human Rights Commission (NHRC), has
been authorized to act as the Chairperson of NHRC by the President, under Section 7(1) of the
Protection of Human Rights Act, 1993.
• This appointment is effective from June 2, 2024, until the appointment of a new Chairperson to fill
the vacancy.
• Sayani will replace Justice (Retd) Arun Kumar Mishra, who completed his three-year tenure as the
eighth Chairperson of NHRC on June 1, 2024.
About NHRC :
• Establishment: NHRC is a statutory body established on October 12, 1993, under the Protection of
Human Rights Ordinance of September 28, 1993.
.
• Headquarters: New Delhi, Delhi, India.

• Mandate: NHRC is responsible for the protection and promotion of human rights, which are defined
by the act as "Rights Relating To Life, liberty, equality, and dignity of the individual guaranteed by
the constitution or embodied in the international covenants and enforceable by courts in India."
• Composition:
• NHRC consists of:
• Chairperson
• Five members (excluding the ex-officio members)
Indian Railway Service of Mechanical Engineering, Sushil Kumar Singh Appointed as Chairperson of
Deendayal Port Authority
• Appointment of Sushil Kumar Singh as Chairperson of Deendayal Port Authority (DPA), Kandla
approved by the Appointments Committee of the Cabinet.
• Mr. Singh is from the Indian Railway Service of Mechanical Engineering (IRSME) with the batch of
1992.
• The appointment falls under the Ministry of Ports, Shipping, and Waterways.
• Singh's tenure extends until January 31, 2027, or until further orders, whichever is earlier.
• The appointment is significant for the management and development of the Deendayal Port
Authority.
Mohan Charan Majhi Takes Oath as Odisha’s Chief Minister
• Mohan Charan Majhi, a four-time Member of the Legislative Assembly (MLA) and tribal leader,
was sworn in as the first Bharatiya Janata Party (BJP) Chief Minister of Odisha.
• Majhi is the third tribal Chief Minister of Odisha, following Hemanand Biswal and Giridhar
Gamang, since the state was formed in 1936.
• K. V. Singh Deo, a six-time MLA from Patnagarh, and Prabhati Parida, a first-time MLA from
Nimapara, were sworn in as Deputy Chief Ministers.
• The two leaders will serve as Deputy Chief Ministers in the State’s first BJP government.
About Odisha :
• Governor : Raghubar Das
• Chief Minister : Mohan Charan Majhi
• Capital : Bhubaneswar
.
• National Park : Bhitarkanika National Park, Simlipal National Park

• Wildlife Sanctuaries : Gahirmatha Marine Wildlife Sanctuary, Baisipalli Wildlife Sanctuary
• Ramsar Sites : Ansupa Lake, Bhitarkanika Mangroves, Chilika Lake (first Indian wetland of
international importance under the Ramsar Convention), Hirakud Reservoir, Satkosia Gorge,
Tampara Lake
Pema Khandu Poised to Serve 3rd Term as Chief Minister of Arunachal Pradesh
• Bharatiya Janata Party (BJP) leader Pema Khandu has been sworn in as the Chief Minister of
Arunachal Pradesh for his 3rd consecutive term.
• Along with him, BJP's Chowna Mein was sworn in as the deputy chief minister for the second
term.
• The swearing-in ceremony held at DK State Convention Centre in Itanagar was attended by
Union Ministers Amit Shah, JP Nadda, Kiren Rijiju, and Assam Chief Minister Himanta Biswa
Sarma.
• Khandu, 44, became Chief Minister for the first time in 2016.
About Arunachal Pradesh :
• Governor : Kaiwalya Trivikram Parnaik
• Chief Minister : Pema Khandu
• Capital : Itanagar
• National Parks : Mouling National Park, Namdapha National Park
• Wildlife Sanctuaries : Dibang Wildlife Sanctuary, Eagle Nest Wildlife Sanctuary
Chandrababu Naidu Sworn in as Andhra Pradesh Chief Minister for 4th Term
• Nara Chandrababu Naidu, the chief of the Telugu Desam Party (TDP), was sworn in as Chief
Minister of Andhra Pradesh for the 4th time.
• The oath-taking ceremony took place at Kesarapalli IT Park near Vijayawada, in Krishna district,
AP.
• While setting this record, he broke the one set by his father-in-law and party founder NT Rama
Rao, a three-time chief minister of the state.
About AP :
• Capital : Amaravati
.
• National Park : Papikonda National Park, Rajiv Gandhi (Rameshwaram) National Park, Sri
Venkateswara National Park
• Wildlife Sanctuaries : Coringa Wildlife Sanctuary, Kambalakonda Wildlife Sanctuary, Krishna
Wildlife Sanctuary, Gundla Brahmeswaram Wildlife Sanctuary
Prem Prabhakar Appointed as Managing Director and Chief Executive Officer of SBICAP Ventures
Limited
• Prem Prabhakar has been appointed as the new Managing Director and Chief Executive Officer
of SBICAP Ventures Limited (SVL).
• In his new role, Prabhakar will be responsible for overseeing the strategic direction, operational
efficiency and overall growth of the company.
• Prabhakar brings over 24 years of extensive experience in the banking sector.
• Prior to this appointment, he served as General Manager at the State Bank of India (SBI).
Harsh Pati Singhania was Elected as 1st Vice-Chair of the International Chamber of Commerce.
• Harsh Pati Singhania, Chairman and Managing Director (CMD) of JK Paper Limited and Director
of JK Organisation, has been elected as the First Vice-Chair of the International Chamber of
Commerce (ICC), Paris.
• The election took place during the World Council meeting on June 11 in Paris, France.
About the International Chamber of Commerce (ICC):
• Headquarters: Paris, France
• Current Chair: María Fernanda Garza
• The ICC is the largest and most representative business organization in the world.
• Represents over 45 million businesses globally.
• Known as the "voice of world business."
PNB MetLife Names Sameer Bansal as New MD and CEO, Succeeding Ashish Srivastava
● PNB MetLife India Insurance has appointed Sameer Bansal as the Managing Director (MD) and
Chief Executive Officer (CEO) effective from July 1, 2024, subject to regulatory approvals.
● He will succeed Ashish Srivastava, who will become the MD for MetLife Inc.’s Global Shared
Services team in India.
.
● Bansal has over 25 years of experience in financial services, including extensive and successful
experience in leading Distribution through Bancassurance, Agency, Digital, Employee Benefits
and Direct marketing business models.
About PNB MetLife Insurance :
● Founded: 2001
● MD & CEO: Ashish Kumar Srivastava
● PNB MetLife Insurance is a joint venture between MetLife International Holdings LLC (46%
stake) and Punjab National Bank (30% stake).
● Product Offerings:PNB MetLife offers various insurance products focusing on Child Education,
Family Protection, Long-Term Saving, and Retirement.
● The company has a wide range of protection and retirement products available through its sales
channel of over 19,500 financial advisors and multiple bank partners.
● Market Presence:PNB MetLife caters to over 590 group relationships in India, demonstrating a
significant presence in the Indian insurance market.
N. Chandrababu Naidu Set to Swear In as Andhra Pradesh Chief Minister on June 12
● N. Chandrababu Naidu, the national president of the Telugu Desam Party (TDP), will take oath as
the Chief Minister of Andhra Pradesh on June 12, 2024, at Kesarapalli IT Park in Gannavaram,
Krishna District, Andhra Pradesh (AP).
● The oath-taking ceremony will be attended by National Democratic Alliance (NDA) Prime Ministerial
candidate Narendra Modi, along with several senior NDA leaders and Chief Ministers from other
states.
● The NDA secured victory in 164 out of the total 175 Assembly constituencies. The TDP won 135
seats, the Jana Sena Party (JSP) secured 21 seats, and the Bharatiya Janata Party (BJP) won 8
seats, while the YSR Congress Party (YSRCP) secured 11 seats.
About Andhra Pradesh

● Capital: Amaravati
● Governor: S. Abdul Nazeer
● National Park : Papikonda National Park, Rajiv Gandhi (Rameswaram) National Park
● Wildlife Sanctuary : Coringa Wildlife Sanctuary, Gundla Brahmeswaram Wildlife Sanctuary,
Koundinya Wildlife Sanctuary
.
Cameroon's Philemon Yang Elected as President of Upcoming General Assembly Session

● Philemon Yang, former Prime Minister of Cameroon, has been elected as the President of the
upcoming 79th session of the UN General Assembly (UNGA), scheduled to begin in September,
2024.
● Yang will succeed Denis Francis of Trinidad and Tobago, the president of the 78th UNGA session.
● Yang served as Cameroon's Prime Minister from 2009 to 2019 and has been serving as the Grand
Chancellor of National Orders at the Presidency of the Republic since 2020.
● He also served as Cameroon's high commissioner to Canada from 1984 to 2004 and has chaired
the Panel of Eminent Africans of the African Union since February 2020.
About United Nations General Assembly :

● Established in 1945 under the Charter of the United Nations, the General Assembly is the main
policy-making organ of the Organisation.
● Headquarters : New York City, United States
● President : Dennis Francis
● It provides a unique forum for multilateral discussion of the full spectrum of international issues
covered by the Charter.
Competition Commission of India Appoints IRS Officer Inder Pal Singh Bindra as Secretary
● The Competition Commission of India (CCI) has appointed an Indian Revenue Service (IRS)
officer, Inder Pal Singh Bindra as its new Secretary.
● Bindra's appointment as CCI Secretary is on a deputation basis for a period of 3 years.
● Bindra will replace Anupama Anand, who has resigned after being appointed in September 2023
for a period of 3 years.
● Prior to his appointment as CCI Secretary, Bindra was posted as an officer in the income tax
department.
About CCI :
● Founded : 14 October 2003
● Chairman : Ravneet Kaur
● The CCI is the chief national competition regulator in India.
.
● It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the
Prem Singh Tamang Sworn in as Sikkim Chief Minister:
● Prem Singh Tamang, the leader of Sikkim Krantikari Morcha (SKM), has taken oath as Chief
Minister of Sikkim for a second consecutive term.
● Governor Lakshman Prasad Acharya administered the oath of office and secrecy during a
ceremony held at Paljor Stadium, where Tamang and his Council of Ministers were sworn in.
● SKM secured an overwhelming victory in the assembly polls, winning 31 out of 32 seats, while
the opposition Sikkim Democratic Front (SDF) managed only one seat.
Kamal Kishore Soan Assumes Role as Director General of Employees’ State Insurance Corporation
● Kamal Kishore Soan, a senior IAS officer from the 1998 Jharkhand Cadre, has taken on the
additional role of Director General of the Employees' State Insurance Corporation (ESIC) while
continuing as Additional Secretary and Director General, Labour Welfare in the Ministry of Labour
& Employment.
● He has extensive experience in governance and management across various departments in
Jharkhand, including Land Revenue Management, District Administration, Agriculture, Health,
Building Construction, Transport, Finance, Energy, Water Resources, and Social Justice &
Empowerment.
About ESIC :
● Formed: 24 February 1952
● Headquarters: New Delhi, Delhi
● ESIC is a significant statutory social security body operating under the Ministry of Labour and
Employment, Government of India, tasked with providing social security to workers.
Vice Chief of the Army Staff Lieutenant General Upendra Dwivedi Named the 30th Chief of Army
Staff
.
• The Government has appointed Lieutenant General Upendra Dwivedi, presently serving as Vice
Chief of the Army Staff, as the 30th Chief of the Army Staff with effect from the afternoon of June
30, 2024.
• The present Chief of the Army Staff Gen Manoj C Pande, demits office on June 30, 2024.
• The term of Chief Pande was extended in a rare move by a month due to ongoing Lok Sabha
polls in the country.
• Gen Pande was to retire from service on May 31, 2024.
• Minister of State : Sanjay Seth
Jyoti Vij was appointed as the new director general of the Federation of Indian Chambers of Commerce
and Industry
• The Federation of Indian Chambers of Commerce (FICCI) announced the appointment of Jyoti
Vij as FICCI's director general.
• Shailesh Pathak, Secretary General of FICCI, has resigned from his position citing personal
reasons.
• Jyoti Vij is a seasoned industry professional with over 30 years of experience working with
leading Indian industry chambers.
About FICCI :
• Founded : 1927
• President : Dr Anish Shah
• The FICCI is a non-governmental trade association and advocacy group based in India
Ajit Doval Reappointed as National Security Advisor, PK Mishra to Remain Principal Secretary to Prime
Minister
● Ajit Doval has been reappointed as the National Security Advisor and PK Mishra as the Principal
Secretary to the Prime Minister with effect from June 10,2024 in a resounding vote for continuity
under Narendra Modi’s 3rd term as the Prime Minister.
.
● Both Doval and Mishra will be assigned the rank of a cabinet minister in the table of precedence
during their term in office.
● The Appointments Committee of the Cabinet (ACC) has also approved the reappointment of Amit
Khare and Tarun Kapoor as advisors to the PM, in the Prime Minister's Office, for 2 years.
About ACC :
● Established : January 26, 1950
● Chairperson : Narendra Modi (Prime Minister of India)
Delhi Metro Rail Corporation Appoints Manuj Singhal as New Director of Infrastructure
● Manuj Singhal, an Indian Engineering Service (IES) officer of the 1994 batch, has been
appointed as the new Director (Infrastructure) at Delhi Metro Rail Corporation (DMRC).
● He will oversee maintenance activities related to civil, electrical, signal, AFC (Automatic Fare
Collection), telecom, rolling stock, and solar power systems at DMRC.
About DMRC :
● Chairman : Manoj Joshi
● The DMRC is a centre-state joint venture that operates the Delhi Metro and Noida Metro.
Cyril Ramaphosa Re-Elected as South African President for 2nd Term
● The South African parliament re-elected Cyril Ramaphosa, the African National Congress’s
(ANC) President, as the President of South Africa during the first sitting of the National Assembly
of the 7th Parliament.
● ANC has reached a broad agreement with the main opposition and other parties to form a
coalition government, aiming to end a political deadlock after the ANC lost its 30-year majority in
an election two weeks ago.
● The election took place on May 29,2024 with 339 ballot papers issued and counted, including 12
invalid ballots.
.
● Ramaphosa secured 283 votes, while Julius Malema, leader of the Economic Freedom Fighters
(EFF), received 44 votes.
● This marks Ramaphosa’s second term as South Africa’s president, having first taken office on
February 15, 2018, and re-elected on May 22, 2019, following the 2019 elections.
About South Africa :
● Capital : Pretoria (executive), Cape Town (legislative), Bloemfontein (judicial)
● Currency : South African rand
BJP's Tesam Pongte Elected as the new Speaker of Arunachal Pradesh Assembly
● Tesam Pongte, Member of the Legislative Assembly (MLA) from Changlang North, has been
elected unanimously as the Speaker of the 8th Arunachal Pradesh Legislative Assembly as there
was no other nomination received for the post.
● The special session of the Assembly started with the election of the Speaker.
● BJP’s Kardo Nyigyor, who was elected from the Likabali Assembly constituency, was also
elected uncontested as the Deputy Speaker of the House.
About Arunachal Pradesh :
● Governor : Kaiwalya Trivikram Parnaik
● Chief Minister : Pema Khandu
● Capital : Itanagar
● National Parks : Mouling National Park, Namdapha National Park
● Wildlife Sanctuaries : Dibang Wildlife Sanctuary, Eagle Nest Wildlife Sanctuary
Paytm Names Former-SEBI Whole-Time Member Rajeev Agarwal as Independent Director

● Rajeev Krishnamuralilal Agarwal has been appointed as Non-Executive Independent Director at
One 97 Communications Limited (OCL), the company that owns the Paytm brand.
● Neeraj Arora has stepped down as Non-Executive Independent Director of One 97
Communications Limited due to other commitments and personal reasons.
About Paytm :
.
Global Wind Energy Council India Appoints Girish Tanti from Suzlon Group as New Chairman
● Suzlon Vice Chairman Girish Tanti has been elected as the Chair of Global Wind Energy Council
India (GWEC India).
● He was elected Vice-Chair of GWEC in April, 2024.
● Responsibilities: As Chair of GWEC India, Tanti will play a crucial role in collaborating with
national and state governments to establish policy frameworks and drive momentum in India's
wind energy sector, encompassing both onshore and offshore wind projects.
● India ranks as the world’s 4th-largest wind market with significant onshore wind capacity (46 GW)
and a prominent manufacturing hub for wind energy components.
● Note : Global Wind Day or World Wind Day is a worldwide event that is held on June 15.
● GWEC India Chair : Girish Tanti
About GWEC :
● Headquarters : Brussels, Belgium
● CEO : Ben Backwell
● Membership: Represents over 1,500 companies, organizations, and institutions in more than 80
countries, including manufacturers, developers, suppliers, research institutes, and renewable
energy associations.
● GWEC is a member-based organisation that represents the entire wind energy sector.
Sudhakararao Papa going to be the next Director (Enterprise) of BSNL
● Sudhakararao Papa is set to be the next Director (Enterprise) of Bharat Sanchar Nigam Limited
(BSNL).
● He has been recommended for the post by the Public Enterprises Selection Board (PESB) panel
on June 15.
● Presently, he is serving as Chief General Manager (Chennai Telecom District Circle) in the same
organisation.
● As Director (Enterprise) of BSNL, Papa will be a member of the Board of Directors and reports to
the Chairman and Managing Director (CMD).
.
● He will act as head of the Enterprise Business unit and will be responsible for business from big
corporate customers and small & medium enterprises (SMEs).
● He will be responsible for all aspects of the business including product design, product pricing,
sales, marketing, customer service etc.
Dhanlaxmi Bank appoints Ajith Kumar KK as MD and CEO

● Private sector Dhanlaxmi Bank stated it has appointed Ajith Kumar KK as Managing Director
(MD) of the bank.
● He will take charge on June 20, Kerala-based Dhanlaxmi Bank stated in a regulatory filing.
● The board at its meeting approved the appointment of Ajith Kumar KK as Managing Director &
CEO of the bank for a period of three years with effect from June 20, 2024, and on such
remuneration as approved by RBI vide letter dated April 18, it stated.
● The bank will seek approval of the shareholders for the stated appointment within the prescribed
time period in accordance with the applicable provisions of the Companies Act, 2013 and SEBI
regulation.
● He is presently the Chief Human Resources Officer at Federal Bank in the cadre of president
President Appoints Bhartruhari Mahtab, 7-time Member of Parliment, as Pro-Tem Speaker of Lok
Sabha
● President Droupadi Murmu appointed Bhartruhari Mahtab, a 7-term Member of Parliament (MP)
from Cuttack, as the pro-tem Speaker of the 18th Lok Sabha.
● This appointment was made under Article 95(1) of the Constitution to perform the duties of the
Speaker until the election of a Speaker.
Role of Pro-tem Speaker:
● The Speaker is the Presiding Officer of Lok Sabha and thus have some key duties related to the
day-to-day proceedings of the House.
● Since the Speaker has to be elected by a simple majority in the House, until then, a pro-tem
Speaker is chosen to perform the Speaker’s duties, including the oath-taking of MPs.
● The word ‘pro-tem’ means ‘for the time being’ or ‘temporarily’.
Government Appoints Atul Kumar Chaudhary as Secretary of Telecom Regulatory Authority of India
.
● The government has appointed Atul Kumar Chaudhary as the new Secretary of the Telecom
Regulatory Authority of India (TRAI).
● The position was vacant following the superannuation of V Raghunandan on May 31, 2024.
● As the new Secretary of the telecom regulator, Chaudhary would have major responsibilities to
steer some of the guidelines and policies, along with the stakeholders in terms of quality of
services, especially on pesky (unsolicted calls) and new Broadcasting Policy.
About TRAI :
● Established : 20 February 1997
● Chairperson : Anil Kumar Lahoti
● The TRAI is a regulatory body set up by the Government of India under section 3 of the Telecom
Regulatory Authority of India Act, 1997.
● It is the regulator of the telecommunications sector in India.
Bharat Electronics Names Manoj Jain as New Managing Director and Chairman
● Bharat Electronics Limited (BEL) has appointed Manoj Jain as the new Chairman and Managing
Director of the company.
About BEL :
● Founded: 1954
● BEL is an Indian Government-owned aerospace and defence electronics company.
● It primarily manufactures advanced electronic products for ground and aerospace applications.
● BEL is one of sixteen PSUs under the Ministry of Defence of India.
● It has been granted Navratna status by the Government of India.
● As of 31 March 2024, the Government of India held a 51.14% stake in the company.
GST Rate Rationalisation Panel Reformed with Bihar Deputy CM Chaudhary as Convenor
● Bihar Deputy Chief Minister Samrat Chaudhary has been appointed as the convenor of the
Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalisation.
● Samrat Chaudhary will replace Finance Minister of Uttar Pradesh Suresh Khanna.
Composition of Reconstituted Panel:
.
● Members include:
➢ Uttar Pradesh Finance Minister Suresh Kumar Khanna
➢ Goa Transport Minister Mauvin Godinho
➢ Rajasthan Medical and Health Services Minister Gajendra Singh
➢ West Bengal Finance Minister Chandrima Bhattacharya
➢ Karnataka Revenue Minister Krishna Byre Gowda
➢ Kerala Finance Minister K N Balagopal
● Reason for Reconstitution:The reconstitution was necessary to include Samrat Chaudhary in the
panel after the JD(U)-BJP alliance formed the government in Bihar, and Chaudhary was given
the finance portfolio, replacing Vijay Kumar Chaudhary.
● The primary aim of this reconstituted GoM will be to streamline GST rates, review exemptions,
and boost GST revenues.
● This is the second time that the GST rate rationalisation panel was reconstituted.
● The GoM was originally set up in September 2021, under the Karnataka Chief Minister Basavaraj
Bommai.
● Rate rationalization entails the possibility of reassigning items across different tax slabs.
Bank of Baroda Names Tennis Star Sumit Nagal as Brand Ambassador
● Bank of Baroda (BoB) has appointed Indian tennis player Sumit Nagal as its brand endorser.
● The appointment reflects the bank’s strategy of supporting emerging Indian athletes, especially
on the global stage.
● In January 2024, Nagal made history by becoming the first Indian in 35 years to defeat a seeded
player in a Grand Slam men’s singles match at the Australian Open.
● Bank of Baroda's Other Brand Ambassadors:Sumit Nagal joins other esteemed brand
ambassadors of Bank of Baroda, including PV Sindhu and Shafali Verma.
About Bank of Baroda :
● Headquarters : Vadodara, Gujarat, India
● MD & CEO : Debadatta Chand
● Tagline : India’s International Bank
National Testing Agency Director General Subodh Kumar Singh Removed, Pradeep Singh Kharola
.
Assumes Additional Charge Of NTA’s DG

● Amid the NEET-UG, UGC NET, and CSIR UGC NET cancellation and postponement, the
Ministry of Education (MoE) has appointed retired Indian Administrative Officer Pradeep Singh
Kharola as the new director general of the National Testing Agency (NTA) till the appointment of
a regular incumbent.
● Subodh Kumar Singh, the previous National Testing Agency (NTA) DG, has been removed and
placed on compulsory wait in the Department of Personnel and Training (DoPT) amid
controversy over exam irregularities.
● The Education Ministry has also set up a 7-member panel headed by former ISRO chief K
Radhakrishnan to review the agency's functioning and recommend exam reforms.
● The other constituent members include Dr. Randeep Guleria, Former Director, AIIMS Delhi, Prof.
B J Rao, Vice Chancellor, Central University of Hyderabad, Prof. Ramamurthy K, Professor
Emeritus, Department of Civil Engineering, IIT Madras, Pankaj Bansal, Co-Founder, People
Strong and Board Member- Karmayogi Bharat, Prof. Aditya Mittal, Dean Student Affairs, IIT
Delhi, Govind Jaiswal, Joint Secretary, Ministry of Education.
New Law to Curb Malpractices:
● The Centre has implemented a stringent law targeting malpractice and irregularities in
competitive exams.
● Offenders could face a maximum jail term of 10 years and a fine of up to ₹1 crore.
About National Testing Agency (NTA) :
● The National Testing Agency (NTA), established in November 2017 under the Indian Societies
Registration Act, 1860, is an autonomous body tasked with conducting various entrance
examinations for admissions to higher educational institutions.
● It is an autonomous body under the Ministry of Education of India.
Exams Conducted by NTA:
● NEET: National Eligibility cum Entrance Test for medical courses.
● JEE: Joint Entrance Examination for engineering courses.
● CTET: Central Teacher Eligibility Test.
● GATE: Graduate Aptitude Test in Engineering.
● GPAT: Graduate Pharmacy Aptitude Test.
.
● GMAT: Graduate Management Admission Test.

● CAT: Common Admission Test for management courses.
● UGC-NET: University Grants Commission National Eligibility Test for lectureship and JRF.
● CSIR-UGC NET: Council of Scientific and Industrial Research National Eligibility Test.
ESAF Small Finance Bank Chief Paul Thomas Elected as Chairperson of Sa-Dhan
● Paul Thomas, Managing Director (MD) & Chief Executive Officer (CEO) of ESAF Small Finance
Bank, has been elected as Chairperson of the board of Sa-Dhan.
● He was previously the co-chair of the Association.
What is Sa-Dhan?
● Sa-Dhan is an association of Microfinance and Impact Finance Institutions.
● Sa–Dhan is registered under the Societies Act of 1860.
● Regulatory Role: It is an RBI-appointed Self-Regulatory Organization (SRO) for Microfinance
Institutions.
● Formation and Purpose: Sa-Dhan is the first and largest association of community development
finance institutions in India formed over two decades back for supporting and strengthening the
agenda of fostering Inclusive Impact Finance in India.
Intelligence Bureau Chief Tapan Kumar Deka Receives One-Year Extension
● The Appointments Committee of the Cabinet (ACC) approved a year’s extension in service to
Tapan Kumar Deka, Director, Intelligence Bureau (IB).
● The extension is effective beyond June 30, 2024, or until further orders, whichever is earlier.
● The extension is in relaxation of the provisions of FR 56 (d) and Rule 16 (1A) of All India Services
(Death cum Retirement Benefits) Rule, 1958.
About Intelligence Bureau (IB) :
● Founded : 1887
● The Intelligence Bureau (IB) is India's internal security and counterintelligence agency under the
Ministry of Home Affairs.
RBI Appoints Arun Kumar Singh as Additional Director of Bandhan Bank
● The Reserve Bank of India (RBI) has appointed Arun Kumar Singh as an additional director on
the board of Bandhan Bank.
● His appointment is effective from 24 June 2024 for a period of one year, or until further orders,
.
About Bandhan Bank :
● Founded : 2015
● MD & CEO : Chandra Shekhar Ghosh
Sony Pictures Networks India Appoints Gaurav Banerjee from Disney Star as New Managing Director
and Chief Executive Officer
● Sony Pictures Networks India (SPNI) announced the appointment of former Disney executive
Gaurav Banerjee as its Managing Director (MD) and Chief Executive Officer (CEO), effective on
or before August 26,2024 pending regulatory approvals.
● Banerjee will succeed N. P. Singh, who will move into the role of Non-Executive Chairman after a
25-year tenure.
● N. P. Singh will transition to his new role only after Banerjee takes charge, supporting the
transition through the end of the fiscal year.
About Sony Pictures Networks India :
● Founded on September 18, 1995.
● Headquarters: Mumbai, Maharashtra, India.
● Operates as Culver Max Entertainment Pvt. Ltd., trading as Sony Pictures Networks India (SPN
or SPNI).
● Owned by Sony Pictures Television, part of the Indian media conglomerate.
J.P. Nadda Appointed as Leader of the House in Rajya Sabha
● Union Minister for Health and Family Welfare and Bharatiya Janata Party (BJP) president JP
Nadda has been appointed as the Leader of the House in the Rajya Sabha.
● Nadda replaces Union Minister Piyush Goyal, who recently won the Lok Sabha election and took
oath on Monday as a member of the Lower House of Parliament.
● In the Cabinet, Mr. Nadda is also in charge of the Chemicals and Fertilizers portfolio.
● Congress president Mallikarjun Kharge is the Leader of the Opposition in the Rajya Sabha.
● Besides Mr. Nadda, 11 other members of the Upper House of Parliament are in the Union
Council of Ministers.
About Rajya Sabha :
● The Rajya Sabha, also known as the Council of States, is the upper house of the bicameral
.
Parliament of India.
● The total allowed capacity is 250 (238 elected, 12 appointed) according to article 80 of the Indian
Constitution.
● The current potential seating capacity of the Rajya Sabha is 245 (233 elected, 12 appointed),
after the Jammu and Kashmir (Reorganisation) Act.
● Article 84 of the Constitution provides the qualification to be elected as a member of Rajya
Sabha:
➢ He must be a citizen of India.
➢ An individual needs to complete 30 years of age.
S N Subrahmanyan takes over as Chairman of LTIMindtree following A M Naik's resignation
● Global technology consulting and digital solutions company LTIMindtree has appointed veteran S
N Subrahmanyan, (Vice-Chairman) as Chairman with eﬀect from June 27,2024.
● He succeeds A M Naik, who announced his decision to step down at the company's 28th Annual
General Meeting.
About LTIMindtree Limited :
Om Birla, National Democratic Alliance Candidate, Re-elected as Lok Sabha Speaker
● Om Birla, a member of the National Democratic Alliance (NDA) and MP from Kota, has been re-
elected as the Speaker of the Lok Sabha.
● He previously served as the Speaker in the previous Lok Sabha term.
● Om Birla's re-election makes him the first person in 25 years to hold the position for a second
term.
● The motion for his election, moved by Prime Minister Narendra Modi and seconded by Defence
Minister Rajnath Singh, was adopted through voice votes.
About Lok Sabha :
● The Lok Sabha is the lower house of India's bicameral Parliament.
● It represents the people of India and has significant legislative and oversight functions.
● The upper house is known as the Rajya Sabha.
Aditya Birla Sun Life Asset Management Company Reappoints Balasubramanian as Managing Director
.
● A Balasubramanian has been reappointed as Managing Director (MD) and Chief Executive
Officer (CEO) of Aditya Birla Sun Life Asset Management Company (ABSL AMC) for three years,
starting from 25th July, 2024.
About Aditya Birla Sun Life AMC :
● Founded : 1994
● Ownership: Co-owned by Aditya Birla Capital and Sun Life (India) AMC Investments Inc.
● Primary Role: ABSL AMC functions as the investment manager for Aditya Birla Sun Life Mutual
Fund.
Ministry of Home Affairs Appoints Manish Kumar Gupta as Principal Secretary (Home)
● Manish Kumar Gupta, a senior IAS officer of the 1991-batch AGMUT cadre, has been appointed
as Principal Secretary (Home) by the Ministry of Home Affairs (MHA).
● He succeeds Ashwani Kumar, another AGMUT cadre officer, who has been appointed as the
Commissioner of the Municipal Corporation of Delhi (MCD).
● Principal Secretary (Home) is one of the two posts in addition to the Chief Secretary of Delhi
reserved for Centre-appointed bureaucrats on the three-member National Capital Civil Services
Authority that was created following the enactment of the Government of National Capital
Territory of Delhi (Amendment) Act, 2023.
About MHA :
● Union Minister : Amit Shah
● Minister of State : Nityanand Rai, Bandi Sanjay Kumar
Dutch Prime Minister Mark Rutte Named New North Atlantic Treaty Organization Leader
● Mark Rutte, currently the Dutch Prime Minister, will succeed Jens Stoltenberg as the Secretary
General of the North Atlantic Treaty Organization (NATO).
● He will assume office on October 1, 2024, succeeding Stoltenberg who served for 10 years.
● Rutte will be the 4th Dutchman to head the alliance since it was founded upon the ashes of World
War II to face off against the Soviet Union.
About NATO :
.
● Membership : 32 states (30 European and 2 North American)

● NATO is an intergovernmental political and military alliance of North American and European
countries.
European Union Leaders Reappoint von der Leyen for Second Term as Commission Chief
● European Union leaders agreed to nominate Ursula von der Leyen of Germany for a second five-
year term as president of the European Commission.
● At a summit in Brussels, the bloc's 27 national leaders also picked former Portuguese premier
Antonio Costa as the future chair of their European Council meetings and selected Estonian
Prime Minister Kaja Kallas as the next EU foreign policy chief.
About European Commission :
● The European Commission (EC) is part of the executive of the European Union (EU).
● It operates as a cabinet government, with 27 members of the Commission (directorial system,
informally known as "Commissioners").
CURRENT AFFAIRS : PERSON IN NEWS

Maharashtra Farmer Siddhesh Sakore Honoured as Land Hero by United Nations Convention to
Combat Desertification
● Siddhesh Sakore, a farmer and the founder of AGRO RANGERS, from Maharashtra, has been
named Land Hero by the United Nations Convention to Combat Desertification (UNCCD).
● On the occasion of World Desertification and Drought Day, June 17, the UNCCD announced the
names of 10 Land Heroes in a programme in Bonn, Germany.
● Apart from Siddhesh Sakore, other Land Heroes are from Brazil, Costa Rica, Germany, Mali,
Moldova, Morocco, the Philippines, the US, and Zimbabwe.
● Global Context: Land degradation affects up to 40% of the world's land and nearly half the
world's population, with the highest costs borne by indigenous communities, rural households,
smallholder farmers, and especially youth and women.
● Youth Engagement: Engaging youth in land restoration could create an estimated 600 million
jobs over the next 15 years, contributing to economic growth and environmental sustainability.
About UNCCD :
.
● Establishment: June 17, 1994.

● Headquarters: Bonn, Germany.
● Executive Secretary: Ibrahim Thiaw.
● Membership: Comprises 197 parties, including 196 countries and the European Union.
● Rio Conventions: The UNCCD is one of the three Rio Conventions, alongside the United Nations
Convention on Biological Diversity (UNCBD) and the United Nations Framework Convention on
Climate Change (UNFCCC).
● Mandate: The UNCCD aims to combat Desertification, Land Degradation, and Drought (DLDD)
by promoting sustainable land management practices, restoring degraded ecosystems, and
supporting communities affected by these issues.
MOUS AND AGREEMENT

MEA, MeitY and CSC e-Governance Services India Ltd sign MoU to provide eMigrate services through
Common Services Centres
• A Memorandum of Understanding (MoU) has been established between the Ministry of External
Affairs (MEA), Government of India, the Ministry of Electronics and Information Technology (MeitY),
Government of India, and CSC eGovernance Services India Limited.
• This collaboration aims to synchronize the efforts of CSC SPV and MEA to deliver eMigrate services
through Common Service Centers (CSCs) across the country.
L&T Finance partners with PhonePe to offer home & mobility financing solutions
• Leading NBFC L&T Finance has forged a strategic partnership with FinTech major PhonePe to
expand the range of financial products and offer secured lending options to customers.
• The partnership will introduce housing finance and two-wheeler finance solutions, empowering
individuals seeking home and mobility financing options.
• Borrowers will now have the opportunity to explore and choose from a variety of offerings from L&T
Finance, allowing them to optimize their financial strategies.
Armed Forces Medical Services & IIT Hyderabad ink MoU for Collaborative Research and Training
• The Armed Forces Medical Services (AFMS) has signed a memorandum of understanding (MoU)
with the Indian Institute of Technology (IIT) Hyderabad to collaborate on research and training.
.
• The MoU aims to foster innovation and research in developing novel medical devices and
addressing health issues specific to soldiers serving in varied terrains.
• This collaboration marks a significant milestone in leveraging advanced technology and research
to enhance the health and well-being of military personnel.
Japan Airlines and IndiGo Agree on Codeshare Partnership; enables JAL to expand reach to 14 IndiGo
destinations in India
• IndiGo and Japan Airlines (JAL) have entered into a codeshare partnership to provide customers
with increased travel options between Japan and India.
• This collaboration promises to significantly benefit customers by expanding travel options between
the two countries.
• It will facilitate smoother connectivity and more seamless travel experiences.
• Initially, the partnership will focus on strengthening Japan Airlines' connectivity into India.
Nokia, Gati Shakti Vishwavidyalaya ink pact to partner on 5G, 6G research

• Finnish telecom giant Nokia has agreed with Gati Shakti Vishwavidyalaya (GSV) to conduct joint
research focusing on 5G/6G communications within the transportation and logistics domain.
• Under the partnership, Nokia and GSV, a university under the Ministry of Railways, will explore
research opportunities in 5G/6G communications, emphasizing air, land, and sea transportation
applications.
• The collaboration will extend to areas such as standards development, smart factory automation,
and AI/GenAI labs.
The Department of School Education signs MoU with the National Book Trust to develop an institutional
framework for Rashtriya e-Pustakalaya
• The Department of School Education, Ministry of Education, Government of India, has entered into
a Memorandum of Understanding (MoU) with the National Book Trust, operating under the
Department of Higher Education, Ministry of Education, to establish a robust institutional
framework for the Digital Library Platform, Rashtriya e-Pustakalaya.
• 24/7 Accessibility: Rashtriya e-Pustakalaya will be accessible round-the-clock, transcending
geographical barriers and ensuring wider access to books.
.
Air India teams up with Delhi Metro, DIAL

• Air India in its latest collaboration with Delhi Airport and Delhi Metro is all set to offer check-in
services at two metro stations in the national capital for international passengers.
• Flyers can now check in their luggage at the metro stations.
• Passengers will need to check in their luggage at the Shivaji Stadium and New Delhi stations.
• Once they have checked in, baggage will get transferred to the flight through a sophisticated
automated system managed by Delhi International Airport Ltd (DIAL) AND Delhi Metro Rail
Corporation (DMRC).
Ministry of Health & Family Welfare and Ministry of Defence sign MoU to set up dedicated Tele MANAS
cell for armed forces
• A memorandum of understanding (MoU) was signed between the Ministry of Health and Family
Welfare (MoHFW) and the Ministry of Defence (MoD) to collaborate on operating a special cell of
Tele MANAS, the National Telemental Health Helpline, as a pilot project for two years at the Armed
Forces Medical College in Pune.
• The special Tele-MANAS Cell was inaugurated on December 1, 2023, at the Armed Forces Medical
College in Pune by Chief of Defence Staff, General Anil Chauhan.
• The collaboration aims to address the mental health and well-being of Armed Forces personnel and
their families.
• The initiative provides a toll-free number, 14416, in each State and Union Territory (UT) for easy
access to mental health support.
Dubai Conclave Unveils Major Advancements In India-UAE Digital Payments

• The Indian Business and Professional Council (IBPC) in Dubai, in collaboration with representatives
from the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI),
hosted a conclave.
• The event took place at the Taj Dubai.
• Objective: The conclave aimed to enhance economic cooperation and facilitate seamless cross-
border transactions.
• Local Currency Settlement (LCS) Framework: The LCS framework was a significant focus,
stemming from Prime Minister Narendra Modi's visit to the UAE earlier this year.
.
MCL Partners With AIIMS Bhubaneswar To Enhance Health Facilities

• Mahanadi Coalfields Limited (MCL) launched the "Aarogya" initiative, a significant Corporate Social
Responsibility (CSR) endeavor aimed at enhancing healthcare facilities in Odisha.
• MCL solidifies its commitment by signing a Memorandum of Understanding (MoU) with the All India
Institute of Medical Sciences (AIIMS), Bhubaneswar, to implement the "Aarogya" project.
• The "Aarogya" project, valued at Rs 18.22 crore, focuses on improving access to superior
healthcare, particularly in cancer treatment.
HCLTech renews deal with German cooperative apoBank for $278 million
• HCL Technologies (HCLTech) has expanded its partnership with Deutsche Apotheker- und
Ärztebank eG (apoBank), Germany's largest cooperative primary bank, in a deal valued at USD
278 million over 7.5 years, as disclosed in a regulatory filing.
• With this agreement, HCLTech will implement an outcome-oriented managed services model
aimed at delivering resilient, scalable, and high-quality digital foundation services.
• Thomas Runge, apoBank's COO, cited HCLTech's extensive Avaloq expertise and in-depth
understanding of apoBank as key reasons for the partnership.
About ApoBank:
• Industry: Cooperative Banking
• Founded: 1902
• Headquarters: Dusseldorf, Germany
Wadhwani Foundation partners with top institutes to boost innovation hubs in India
• New Delhi, Not-for-profit tech organisation Wadhwani Foundation stated it has signed
agreements with technical education body AICTE as well as four IIT and other premier
institutions to set up a network of innovation hubs across the the country.
• The agreements have been signed with AICTE (All India Council for Technical Education), IIT
Bombay, IIT Delhi, IIT Kanpur, IIT Hyderabad, IISc Bangalore, and C-CAMP to establish
Wadhwani Innovation Network Centers of Excellence (WIN-COEs) to accelerate the
commercialisation of academic innovations.
Oracle partners with Tamil Nadu to empower youth with IT skills
.
● Oracle has collaborated with the Tamil Nadu Skill Development Corporation to provide IT skills and
capabilities to the youth in the state, aiming to improve their employment prospects.
● Oracle’s specialised skills development program will be integrated into the Naan Mudhalvan
initiative, offering employment-linked skills training to over 200,000 students in Tamil Nadu.
● Tamil Nadu is one of India’s top 12 states with a rapidly growing youth population, making this
initiative particularly impactful.
About Oracle Corporation

● Oracle Corporation, an American multinational computer technology company, is headquartered in
Austin, Texas, United States.
Samsung partners with Paytm to bring travel, entertainment services to Samsung Wallet
● Samsung has partnered with One 97 Communications Limited (OCL), the parent company of fintech
firm Paytm, to introduce flight, bus, movie, and event ticket booking services on the Samsung Wallet.
Objective of Collaboration
● The partnership aims to enhance consumer convenience by directly offering a seamless booking
experience through the Samsung Wallet app.
● Users can access these new booking services by updating their Samsung Wallet app via the Galaxy
Store.
About Samsung Wallet

● Since its launch in 2017, Samsung Wallet has become a popular mobile tap-and-pay solution in
India, continuously evolving to meet user needs.
Jammu & Kashmir Elevates Agricultural Partnership With New Zealand

● Jammu & Kashmir has expanded its existing Memorandum of Cooperation (MoC) with New Zealand
into a comprehensive strategic agreement aimed at advancing the agricultural sector.
Utilizing New Zealand's Expertise

● The partnership leverages New Zealand's renowned capabilities in breeding technology, sustainable
farm management, and advanced disease control within the sheep sector on a global scale.
Transformational Impact
.
● This collaboration is poised to revolutionize and rejuvenate the sheep and goat sectors in the Union
Territory through extensive training programs and the adoption of innovative and sustainable farming
practices.
Enhancing Local Farming Practices

● The agreement underscores the adoption of New Zealand’s cutting-edge techniques to elevate local
sheep farming practices in Jammu & Kashmir.
MEA and SBI Join Forces to Enhance Digital Payments for Indian Migrant Workers
● The Ministry of External Affairs (MEA) and the State Bank of India (SBI) have formalized a
Memorandum of Understanding (MoU) to integrate SBI’s payment gateway, SBIePay, with the
eMigrate portal.
● This collaboration aims to strengthen digital payment services for Indian migrant workers, recruiting
agents, and portal users.
Facilitating Safe and Legal Migration

● Launched in 2014, the eMigrate portal facilitates transparent emigration processes by connecting
foreign employers, registered agents, and insurance providers.
● This integration with SBIePay expands payment options for emigration-related fees, including UPI,
credit/debit cards, and NEFT through net banking, with zero transaction charges.
Enhanced Efficiency and Compliance

● The initiative aims to simplify financial transactions associated with overseas employment, promoting
efficiency and compliance with emigration regulations.
● Leveraging SBI’s robust payment infrastructure underscores MEA’s commitment to secure and
lawful migration pathways for Indian workers.
India and Gambia Extend MoU on Personnel Administration and Governance Reforms
● The Department of Administrative Reforms and Public Grievances (DARPG), under the Ministry of
Personnel, Public Grievances and Pensions, Government of India, has extended its Memorandum of
Understanding (MoU) with the Public Service Commission of the Republic of the Gambia.
● The extension, effective from July 8, 2024, continues the collaboration for another five years.
● This extended partnership aims to enhance governance and administrative efficiencies, drawing
from India's policy initiatives and digital transformation strategies.
.
● MoU Extension: Originally signed on July 8, 2021, for three years, the MoU focuses on refurbishing
personnel administration and governance reforms.
● Signing Ceremony: The extension was signed by Shri V. Srinivas, Secretary of DARPG, and H.E.
Mr. Mustapha Jawara, High Commissioner of Gambia, in a ceremonial function held at CSoI, New
Delhi.
● Objectives: The agreement aims to:
⮚ Strengthen bilateral partnership through sharing best practices in administrative reforms and
good governance.
⮚ Conduct webinars, research publications, and capacity building programs.
⮚ Implement good governance practices such as performance management systems,

contributory pension schemes, and e-recruitment in government.
About The Gambia:
● Location: A small West African country, bounded by Senegal, with a narrow Atlantic coastline.
● Capital: Banjul.
● Currency: Gambian Dalasi.
India and U.S. to Finalize Agreement on Critical Minerals Cooperation
● India and the U.S. are set to rapidly conclude a bilateral agreement aimed at enhancing cooperation
on critical minerals.
● This collaboration involves the U.S. Department of Commerce and the Indian Ministry of Commerce
and Industry, along with the Ministry of Mines, focusing on bolstering supply chains for essential
minerals such as graphite, gallium, and germanium.
● This agreement underscores the growing importance of critical minerals in global supply chains and
technological advancements, highlighting India and the U.S.'s commitment to working together
towards a secure and sustainable future.
● The agreement will emphasize India's significant role in the mineral security partnership.
● The initiative, part of the India-U.S. Initiative for Critical and Emerging Technology (iCET) dialogue,
.
covers a wide range of technological fields including artificial intelligence, quantum computing,
semiconductors, and wireless telecommunications.
● Launched in January 2023, iCET is designed to strengthen the strategic partnership between India
and the U.S. in both technological and defense sectors.
● The initiative is led by the National Security Councils of both countries, with National Security
Advisor (NSA) Ajit Doval and his U.S. counterpart Jake Sullivan co-chairing the recent review
meeting.
Russia's Putin and North Korea's Kim sign mutual defence pact
● In a significant development, North Korea and Russia have agreed to a mutual defence pact during
Russian President Vladimir Putin's recent visit to North Korea, marking his first in 24 years.
● Overall, the pact between North Korea and Russia marks a significant development in regional and
international geopolitics, with implications for security dynamics in Northeast Asia and broader global
relations.
EESL ties up with APEPDCL to promote energy efficiency, conservation

● Energy Efficiency Services Ltd (EESL) has entered into a strategic partnership with Andhra
Pradesh Eastern Power Distribution Company Ltd (APEPDCL) to promote energy efficiency
initiatives within the power distribution sector.
● The collaboration between EESL and APEPDCL represents a significant stride towards
promoting energy efficiency in the power distribution sector.
● The partnership aims to implement the 'Energy Efficient Appliance Programme' to enhance
energy efficiency and promote energy conservation among residential and institutional
consumers of APEPDCL.
CERT-In and Mastercard India sign MoU for collaboration in cyber security to enhance India’s cyber-
resilience in Financial Sector
● The Indian Computer Emergency Response Team (CERT-In), under the Ministry of Electronics
and Information Technology, Government of India, has partnered with Mastercard to enhance
cybersecurity within the financial sector through cooperation and information sharing.
● The partnership between CERT-In and Mastercard marks a significant step in fortifying
cybersecurity defences within India's financial sector.
.
● By pooling their expertise and resources, both entities aim to foster a secure digital environment,
protect against evolving cyber threats, and promote confidence in financial transactions
nationwide.
● CERT-In serves as the national agency for incident response under Section 70B of the
Information Technology Act, 2000, operating a 24x7 incident response Help Desk.
Tata Steel, ICAR-NRRI join Odisha government to reclaim acidic soils in the state
● Tata Steel and the Odisha government have embarked on a sustainable agricultural initiative
aimed at reclaiming acidic soils in the state using industrial waste as soil amendments.
● The collaboration between Tata Steel and the Odisha government under the SAFAR initiative
signifies a significant step towards sustainable agriculture and environmental stewardship.
Project Name: SAFAR
● Objective: "Economic and Environment-Friendly Utilisation of Basic Slag and Fly Ash as Soil
Amendments to Reclaim Acid Soils of Odisha (SAFAR)."
● Implementation: Spearheaded by the Indian Council of Agricultural Research (ICAR)-National

Rice Research Institute (ICAR-NRRI) in Cuttack, Odisha.
MSDE partners with the Australian Government to energise the Agriculture Sector of India with
emerging skills
● The Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with the
Australian Government, recently hosted a productive roundtable focusing on the outcomes of the
Australia-India Critical Agriculture Skills Pilot Project.
● Led by Shri Atul Kumar Tiwari, Secretary of MSDE, and Mr. Mathew Johnston, Minister
Counsellor of Education and Research at the Australian High Commission, the roundtable aimed
to discuss the project's achievements and future prospects for scaling and replicating its success
in other sectors.
Tata Electronics and Synopsys Collaborate on Semiconductor Technology
● Tata Electronics has entered into a memorandum of understanding (MoU) with US-based chip
design leader Synopsys to enhance process technology and foundry design capabilities at
India’s first semiconductor fab in Dholera.
Areas of Collaboration:
● Technology CAD Flow: Establishing a robust Technology Computer-Aided Design (TCAD) flow
.
for precise technology transfer.
● Process Design Kits (PDK) and Design Enablement: Developing essential kits and enabling
designs for efficient semiconductor manufacturing.
● Tata Electronics plans India’s first fab in Dholera, Gujarat, with an investment of Rs 91,000 crore.
IIT-Madras and University of Leeds launch Joint Centre of Excellence in Sustainability

● The Indian Institute of Technology Madras (IIT Madras) and the University of Leeds, UK have
signed a Memorandum of Understanding (MoU) to establish the Joint Virtual Centre of
Excellence on Sustainable Development (VCoE-SD).
● This collaborative initiative aims to foster impactful research and innovation towards achieving
sustainable development goals.
Sri Lanka To Sign Debt Restructuring Agreements With India & Japan
● Sri Lanka is set to sign agreements with India and Japan to restructure bilateral debt, marking
significant progress in its economic recovery efforts.
● Sri Lanka’s Foreign Minister, M.U.M. Ali Sabry, was quoted by agencies as saying that Sri Lanka
President Ranil Wickremesinghe had given an update on the progress in the matter to all
members of the Cabinet
● Current Status: Sri Lanka has been in negotiations with the Paris Club, India, and China since
declaring sovereign default in 2022.
● Financial Support: India's substantial assistance of over USD 4 billion was pivotal during Sri
Lanka's economic crisis, addressing forex shortages and essential supply disruptions.
ONGC and IOCL Sign MoU for Small-Scale LNG Plant
● State-run Oil and Natural Gas Corporation Limited (ONGC) has signed a memorandum of
understanding (MoU) with Indian Oil Corporation Limited (IOCL) to establish a small-scale
Liquefied Natural Gas (LNG) plant near the Hatta Gas Field in the Vindhyan Basin.
Upgrading the Vindhyan Basin
● Current Status: Category II Basin
● Post-Plant Status: Upgraded to Category I Basin
o Category I Basins: Proven hydrocarbon resources with established commercial
.
production.
o Category II Basins: Contingent resources yet to be converted to recoverable reserves and

commercial production.
About ONGC
● Founded: August 14, 1956, by the Government of India.
● CEO: Arun Kumar Singh
● Headquarters: Delhi, India
● Ownership: Central public sector undertaking under the Ministry of Petroleum and Natural Gas,
Department of Animal Husbandry and Dairying signed an agreement with the National Dairy
Development Board for execution of works of Upgradation of Biocontainment Facility and associated
repair works
● The Department of Animal Husbandry and Dairying (DAHD), Ministry of Fisheries, Animal
Husbandry, and Dairying has signed an agreement with the National Dairy Development Board
(NDDB) for the upgradation of the Biocontainment Facility and associated repair works at the
Chaudhary Charan Singh National Institute of Animal Health (CCSNAIH), Baghpat.
● Project Title: Upgradation of Biocontainment Facility and Associated Repair Works
● Location: CCSNAIH, Baghpat
● Estimated Budget: ₹160 Crores
● Execution Timeline: 20 months
● CCSNAIH, Baghpat, is an apex laboratory under DAHD, responsible for the quality assessment
of veterinary vaccines and diagnostics in India.
Adani Defence, Thales Tie Up To Make Rockets In India
● Adani Defence & Aerospace has signed an agreement with Thales Group to manufacture rockets
in India.
● This partnership supports the Indian government's "Make in India" initiative.
● Significance of the Partnership : Thales Group highlights the partnership's importance for their
commitment to India and their global partner network.
.
VIT, Nokia sign MoU for collaborative research on 5G
● Vellore Institute of Technology (VIT) signed a memorandum of understanding (MoU) with Nokia
to pursue 5G and next-generation collaborative research with artificial intelligence (AI) and
machine learning applications.
● Through this MoU, VIT and Nokia will focus on key areas like new study areas in 5G, AI-
enhanced communication, digital twin, radio-based sensing, connected aerial vehicles, eHealth,
cloud technologies and automation, zero-touch mobile networks, etc.
RANKING AND REPORTS

Gautam Adani reclaims Asia's richest person tag from Mukesh Ambani, net worth surges to $111 billion
• In a significant development, Gautam Adani, chairman of the Adani Group, has regained the title
of Asia’s richest person, surpassing Mukesh Ambani, head of Reliance Industries.
• This milestone follows a surge in the stock prices of the listed companies within Adani’s diverse
conglomerate.
• Adani’s Wealth and Global Ranking According to the Bloomberg Billionaires Index, Mr. Adani’s
net worth now stands at an impressive $111 billion, making him the 11th richest person in the
world.
• In comparison, Mr. Ambani’s wealth of $109 billion places him at the 12th position globally.
Brihanmumbai Municipal Corporation Announces Climate Budget Report For Financial Year 2024-25
• On the occasion of World Environment Day, the Brihanmumbai Municipal Corporation (BMC)
launched its inaugural Climate Budget Report for 2024-25.
• With this initiative, BMC has emerged as the first municipal corporation in India and the fourth
globally, following Oslo, New York, and London, to release such a comprehensive report.
• BMC has allocated Rs 10,224.24 crores for climate-relevant activities, comprising 32.18% of the
total capital expenditure budget.
Nvidia passes Apple as the world's second-most valuable company

● Nvidia has surpassed Apple in market capitalization, becoming the second-most valuable public
company, behind Microsoft.
Market Values:
1. Microsoft: $3.15 trillion
.
2. Nvidia: $3.019 trillion
3. Apple: $2.99 trillion
● Significance: Nvidia is the world's most valuable semiconductor company and the first computer
chip firm to reach a $3 trillion market capitalization.
About Nvidia Corporation

● Headquarters: Nvidia Corporation is an American multinational corporation headquartered in
Santa Clara, California.
● CEO: Jensen Huang.
Visakhapatnam Port breaks into top 20 rankings in World Bank’s Container Port Performance Index
• Visakhapatnam Port has achieved a noteworthy feat by breaking into the top 20 rankings in the
World Bank’s Container Port Performance Index (CPPI).
• The terminal operator, M/s. Visakhapatnam Container Terminal Private Limited (VCTPL), deserves
commendation for securing the 18th place in this prestigious index.
• The CPPI places exclusive emphasis on quayside performance, assessing the operational efficiency
of ports in receiving and handling container ships.
Infosys is a Top 100 most valuable brand in the world

• Four Indian companies have made it to the list of 100 most valuable global brands this year.
• While Apple has topped the Kantar BrandZ Most Valuable Global Brands Report, Tata
Consultancy Services (TCS), HDFC Bank, Airtel and Infosys from India also made the cut.
• In the 2024 list, TCS has been ranked the 46th most valuable global brand, having a valuation of
around $44.8 billion.
• It is followed by HDFC Bank, in the 47th spot, with a brand value of approximately $43.3 billion.
India is 129th on the Global Gender Gap index

• India slipped two places on the World Economic Forum's Global Gender Gap index to 129th
place as Iceland retained its top position in the rankings.
• In South Asia, India was ranked fifth after Bangladesh, Nepal, Sri Lanka and Bhutan while
Pakistan was ranked last.
.
• In the world, Sudan was ranked last on the index of 146 countries while Pakistan fell three places
to 145th.
India most-represented nation on Times Higher Education Impact Rankings 2024

• With 96 institutions, India is the most-represented nation, followed closely by Turkey and
Pakistan, in Times Higher Education (THE) Impact Rankings 2024.
• Amrita Vishwa Vidyapeetham secured 81st rank followed by JSS Academy of Higher Education
and Research, Lovely Professional University (LPU) in Manipal Academy of Higher Education
(MAHE) and Shoolini University of Biotechnology and Management Sciences in the 101-200
band.
• BS Abdur Rahman Crescent Institute of Science and Technology is in the 201-300 band.
Mumbai, and Delhi record real estate price appreciation in double-digit, ranked 3rd and 5th globally
● According to Knight Frank's 'Prime Global Cities Index Q1 2024', Mumbai and New Delhi have
experienced significant annual increases in real estate prices, driven by robust economic growth in
India.
● Meanwhile, Bengaluru observed a slight decline in ranking despite recording a modest 4.8% yearly
growth in residential prices.
● Mumbai's Rise: Mumbai saw a sharp increase in real estate prices due to strong demand across all
segments, particularly higher-value properties.
● Delhi NCR's Growth: Delhi NCR climbed from 17th to 5th place in the global index with a 10.5%
annual price growth.
● Bengaluru's Performance: Bengaluru, while showing growth, slipped slightly in rank from 16th to
17th place.
● Economic Drivers: India's major cities benefited from GDP growth exceeding 8% in FY 2023-24,
bolstering housing demand.
Global Rankings:
● Manila Leads: Manila, Philippines, topped the index with a 26.2% annual price rise, driven by
strong purchasing power and infrastructure investments.
.
● Tokyo's Surge: Tokyo, Japan, ranked 2nd with a 12.5% yearly price growth, attributed to
sustained population growth fueled by internal migration.
Western Sydney University tops THE Impact Rankings again

● THE's Impact Rankings 2024 evaluates a record 2,152 universities across 125 countries/regions
based on their contributions to all 17 UN Sustainable Development Goals (SDGs) as of June 12,
2024.
● Western Sydney University achieves the highest ranking globally, leading in the overall category for
its comprehensive impact across the SDGs.
Country Achievements
● United Kingdom: Holds the top position in five individual SDGs, surpassing all other countries.
● Australia: Dominates the top 10 with four universities in the overall category, showcasing strong
performance.
● Canada and UK: Each has two universities in the top 10 overall rankings.
● United Kingdom: Leads globally with 25 universities in the top 100 overall rankings.
Indian Representation
● Total Universities: India contributes the most universities to the rankings, with 10 5 institutions
assessed.
● Ranking Categories:
❖ Amrita Vishwa Vidyapeetham: Ranked 81st overall in THE University Impact Rankings 2024.
❖ Beyond Top 100: Several Indian institutions, including JSS Academy of Higher Education, Lovely
Professional University, Manipal Academy of Higher Education, and Shoolini University of
Biotechnology and Management Sciences, are placed in the 101-200 rank bracket.
❖ Lower Ranks: IIM Mumbai is in the 601-800 rank range, while Jawaharlal Nehru University (JNU)
secures a position in the 901-1000 rank segment.
Methodology and Coverage

● Assessment Criteria: The rankings assess universities' commitment to sustainability across
research, stewardship, outreach, and teaching.
● League Tables: Results are presented in 18 league tables, one for each SDG and an overall ranking
table.
● Popular SDGs: SDG 4 (Quality Education) and SDG 3 (Good Health and Well-being) are the most
.
represented, followed by SDG 5 (Gender Equality).
Virat Kohli is the most valued celebrity with a brand value of $227.9 million
● Kroll, a leading global risk and financial advisory solutions firm, has unveiled the ninth edition of its
Celebrity Brand Valuation Study, ‘Brands, Business, Bollywood.’
● The study reveals significant shifts in the brand values of India's top celebrities for 2023.
Top 5 Celebrity Brand Values:
1. Virat Kohli: The Indian cricketer has reclaimed the top spot with a brand value of $227.9 million.
2. Ranveer Singh: Bollywood star Ranveer Singh takes second place with a brand value of $203.1
million.
3. Shah Rukh Khan: The iconic actor secures third place with a brand value of $120.7 million,
boosted by three blockbuster hits in 2023.
4. Akshay Kumar: Dropping to the fourth position, Akshay Kumar has a brand value of $111.7
million.
5. Alia Bhatt: Rising to fifth place, Alia Bhatt's brand value stands at $101.1 million.
● Overall Market Growth: The combined brand value of the top 25 Indian celebrities in 2023 is
estimated at $1.9 billion, an 18% increase from the previous year.
● Top Digital Platform Advertisements:
⮚ Pepsi: Endorsed by Ranveer Singh.
⮚ Livspace: Endorsed by Anushka Sharma and Virat Kohli.
⮚ JioCinema: Endorsed by Alia Bhatt, MS Dhoni, and Sachin Tendulkar.
● Notable Movements:
✔ Kiara Advani: Jumped from rank 16 to rank 12, showcasing a significant rise in brand
value.
✔ Katrina Kaif: Re-entered the list of India’s most valued celebrity brands after a five-year
hiatus.
Sweden leads, while India ranks 63rd on the Global Energy Transition Index according to the World
Economic Forum (WEF).
.
● According to the Global Energy Transition Index 2024, released by the World Economic Forum
(WEF) India has shown improvement by moving up to the 63rd position out of 120 countries
surveyed.
● This marks an improvement of three ranks from its previous position of 67th in 2023.
● The Global Energy Transition Index provides insights into each country's progress towards
sustainable and equitable energy systems.
● India's upward movement in the ranking reflects its ongoing efforts and initiatives to enhance
energy security, sustainability, and equity.
Key Points from the Global Energy Transition Index 2024:
1. Rankings:
o Top Countries: Sweden has retained its top position in the Index, followed by Denmark,
Finland, Switzerland, and France.
o India's Rank: India improved to 63rd place, reflecting progress in energy equity, security,
and sustainability.
o China was ranked 20th.
2. Global Trends:
o Progress: The report highlights that 107 out of 120 countries have made progress in their
energy transition journeys over the past decade.
About the World Economic Forum

● The World Economic Forum (WEF), founded by German economist Klaus Schwab in 1971, is a
non-profit international organization headquartered in Cologny, Switzerland.
● Its primary mission is to provide a platform for global stakeholders to collaborate and address
common global challenges.
● Headquarters of WEF: Cologny, Switzerland
Other Report Released by WEF

● Energy Transition Index
● Global Travel and Tourism Report
● Global IT Report in collaboration with INSEAD and Cornell University
.
● Global Gender Gap Report

● Global Competitiveness Report
● The Sustainable Development Report (SDR) provides an annual review of progress made by UN
member states on the Sustainable Development Goals (SDGs) since their adoption in 2015.
● Global ProgressTarget Achievement: Only 16% of SDG targets are on track globally for
achievement by 2030.
● Top Performers : European Leaders: Nordic countries dominate, with Finland leading, followed
by Sweden, Denmark, Germany, and France.
● Multilateral Commitment: Barbados tops the list for commitment to UN-based multilateralism. the
United States ranks last.
● India's Position : Ranking: India secures the 109th rank with an overall score of 64.0, indicating
progress towards SDGs.
● SDSN: The report is facilitated by the UN Sustainable Development Solutions Network (SDSN),
promoting practical solutions for SDG achievement globally.
SDSN Overview
● Establishment: SDSN was founded in 2012 by the UN to foster practical solutions for SDG
implementation.
● Global Presence: Secretariats located in Paris, France; Kuala Lumpur, Malaysia; and New York,
US.
Tata, Infosys among most valuable Indian brands: Brand Finance 2024 report
● Tata Group and Infosys have topped Brand Finance's annual report on the most valuable Indian
brands for 15 consecutive years.
● Its brand value increased by 9% over 2023, reaching $28.6 billion, nearing the $30-billion
benchmark for the first time.
Overall Rankings
● The India 100 report by Brand Finance evaluated over 250 Indian brands across various sectors,
including IT, hospitality, automotives, and retail.
.
Top 10 Most Valuable Indian Brands
1. Tata Group: $28.6 billion
2. Infosys: $14.2 billion
3. HDFC Group: Notable 38% increase in brand value
4. LIC Group
5. Reliance
6. SBI Group: Second most valuable bank in India
7. Airtel
8. HCL Tech: Jumped from 10th to 8th place
9. Larsen & Toubro: New entrant on the list
10. Mahindra

State Bank of India Begins Sale of Personal Guarantees Provided by Formerr Reliance Naval Promoter
Nikhil Gandhi
● State Bank of India (SBI) has commenced the process of selling personal guarantees provided
by Nikhil Gandhi, the former promoter of Reliance Naval and Engineering Limited (R-Naval).
● Reserve Price and Outstanding Dues:The bank has set a reserve price of ₹3.48 crore for the
sale, which is less than 1% of the ₹1,160 crore principal claim made by the bank on the personal
guarantee.
● As of May 31, 2024, SBI reported principal outstanding dues of Rs 1,160 crore and total dues of
Rs 3,512 crore.
About Reliance Naval and Engineering Limited (R-Naval) :
● It is an Indian shipbuilding and heavy industry company.
● R-Naval is the first private sector company in India to obtain a license and contract to build
warships.
.
Punjab National Bank Board Approves Selling 10% Stake in Canara HSBC Life Insurance Company
• Punjab National Bank’s (PNB) Board approved the initiation of process for divesting 10%
shareholding in its associate company Canara HSBC Life Insurance through an initial public
offering (IPO) route.
• Currently, PNB holds a 23% stake in Canara HSBC Life Insurance.
• This latest PNB move comes on the heels of the Board of Canara Bank giving its approval for
initiating the process of diluting 14.50 per cent stake in its subsidiary Canara HSBC Life
Insurance.
• Currently, Canara Bank has a 51 per cent stake in the life insurer, while HSBC has a 26 per cent
stake in the joint venture.
About PNB :
• Founded : 19 May 1894
• MD & CEO : Atul Kumar Goel
About Canara HSBC Life Insurance :
• Founded : 2008
• CEO : Anuj Mathur
CCI approves combination involving acquisition in IRB Infrastructure Trust and MMK Toll Road by
Cintra
• The Competition Commission of India (CCI) has approved the proposed combination involving
acquisition in IRB Infrastructure Trust and MMK Toll Road Private Limited by Cintra.
• Cintra InvIT Investments B.V. (Cintra SPV 1) and Cintra IM Investments B.V. (Cintra SPV 2) are
collectively referred to as “Acquirers” The Acquirers are SPVs (wholly-owned subsidiaries of
Cintra Global S.E.) which have been incorporated in the Netherlands for the purpose of the
Proposed Combination and belong to the Ferrovial group.
About Competition Commission of India:
• The Competition Commission of India (CCI) is the chief national competition regulator in India. It
is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing
.
the Competition Act, 2002 to promote competition and prevent activities that have an appreciable
• Formed: 14 October 2003
• Jurisdiction: Republic of India
• Headquarters: New Delhi
• Chairperson: Ravneet Kaur IAS
E-commerce Giant Amazon to Acquire Select Assets of Streaming Service MX Player

● E-commerce and technology giant Amazon has signed an agreement to acquire some assets
from MX Player, a streaming platform owned by Times Internet.
● The deal reportedly values MX Player at less than $100 million.
● This is a significant decrease from its $500 million valuation when it last raised $111 million in
funding in 2019.
● The deal is expected to give a boost to Amazon’s streaming service miniTV.
● Launched in May 2021, Amazon miniTV is a free, ad-supported video service, which is a part of
Amazon’s shopping app.
About Amazon :
● Executive Chairman : Jeff Bezos
● President & CEO : Andy Jassy
National Company Law Tribunal Greenlights Merger of Full-Service Carriers Vistara with Competitor Air
India
● The National Company Law Tribunal (NCLT) has approved the merger of Air India and Vistara.
● The merger has resulted in the creation of one of the world's largest airline conglomerates.
● Under the merger deal, Singapore Airlines will own 25.1 % stake in Air India.
● Vistara is a joint venture between Tata Group and Singapore Airlines.
● Air India plans to finalize the merger by the end of the year, with the merger being announced in
November 2022.
.
● The Chandigarh branch of the NCLT has approved a composite scheme of arrangement, bringing
Air India, Vistara, and Talace under the Tata Group umbrella.
About Air India :

● Founded : 15 October 1932 (Commenced Operations -29 July 1946)
● Chairman : N. Chandrasekaran
● MD & CEO : Campbell Wilson
● The Air India group, which also includes low-cost carrier Air India Express and Air Asia India, has
ordered a staggering 470 jets from Airbus and Boeing, aiming to take on local rivals such as IndiGo and
Middle Eastern carriers that dominate outbound traffic from India.
About Vistara :
● Founded : 2013 (Commenced Operations -9 January 2015)
● Chairman : Bhaskar Bhat
● CEO : Vinod Kannan
Bank of India Acquires 6.125% Stake in Clearing Corporation of India Limited (IFSC) in GIFT SEZ,
Gujarat
• The Bank of India (BoI) has acquired a 6.125% stake in the incorporated Clearing Corporation of
India Limited. (IFSC), listed in the GIFT SEZ (Special Economic Zone) in Gujarat.
• Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to
build and operate a real-time foreign currency settlement system at GIFT City.
• The entity will act as a clearing house and system operator at GIFT City.
• Headquarters : Mumbai,Maharashtra
• MD & CEO : Shri Rajneesh Karnatak
• Bank of India is an Indian public sector bank.
Adani Group's Ambuja Cements to Acquire Penna Cement for Rs 10,422 Crore
● Ambuja Cements, part of the Adani Group, is acquiring Hyderabad-based Penna Cement
.
Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore.

● This marks Ambuja Cement's 3rd acquisition in the cement sector since September 2022.
● The acquisition is expected to be completed within 3 to 4 months.
● In April 2024 the Adani company agreed to acquire MyHome Industries’ grinding unit in Tamil
Nadu.
● Ambuja Cements will acquire 100% of the shares of PCIL from its existing promoter group - P
Pratap Reddy and family.
● The acquisition would add 14 million tonnes per annum (mtpa) to its capacity, taking the total
capacity of Adani group’s cement business (ACC-Ambuja consolidated) to 89 mtpa.
● At present, Penna Cement operates a 10 mtpa capacity and has another 4 mtpa under
construction at Krishnapatnam (2 mtpa) and Jodhpur (2 mtpa), expected to be completed in the
next 6 to 12 months.
● The acquisition will improve Adani group’s market share in India's cement business by 2% to
16%.
About Ambuja Cements Limited :
● Founded : 1983
● Whole-time Director & CEO : Ajay Kapur
● Ambuja Cements Limited, formerly known as Gujarat Ambuja Cement Limited (GACL), is a major
Indian cement producing company.
Airtel Clears Spectrum Acquisition Dues Worth Rs 7,904 Crore from 2012 and 2015
● Bharti Airtel has prepaid ₹7,904 crore to the telecom department, clearing the remaining part of
the payment relating to spectrum bought in 2012 and 2015 auctions, a move which will lead to
interest cost savings.
● This will help Airtel to save interest costs annually and boost cash flows, as its nationwide 5G
rollout nears completion.
● This comes after India's second largest telecom operator prepaid ₹8,325 crore in January 2024,
clearing a sizable chunk of the deferred liabilities.
● With this, the company has fully prepaid all deferred liabilities pertaining to spectrum acquired in
.
auction of the year 2012 and 2015 which were at the highest interest cost of 9.75% and 10%
respectively.
● Chairman : Sunil Mittal
Paytm in Discussions with Zomato to Divest its Movie and Ticketing Business
● Food delivery major Zomato is in advanced talks to acquire fintech player Paytm’s movie and
event ticketing business, a potential deal that is pegged in the range of Rs 1,600 crore-2,000
crore.
● The talks are taking place at a time when Paytm is focusing on its payments and financial
services business.
● Paytm is refocusing on its core payments and financial services, consolidating its movies
business and insider vertical into a single team.
● Zomato's Investment Strategy:Zomato plans to invest Rs 100 crore in its entertainment business,
particularly in live events and ticketing, signaling its commitment to expand in this segment.
● Financial Details:Paytm's broader marketing services segment, which includes ticketing and
movies, recorded annual sales of approximately $208 million for the financial year ending March
2024.
● Strategic Moves by Paytm:Paytm aims to reduce employee costs and anticipates annualized
savings of Rs 400-500 crore, emphasizing profitability and scaling its larger business units.
● Comparative Acquisition:If finalized, this acquisition would be Zomato's second-largest after
acquiring Blinkit in 2022 for $569 million in an all-stock deal.
● Investment Confirmation by Zomato:Zomato reiterated its investment commitment of Rs 100
crore in Zomato Entertainment, underscoring its growth plans in the live events and ticketing
domain.
About Paytm :
.

About Zomato :
Axis Bank to Invest Up to ₹336 Crore for Additional Stake in Max Life Insurance
● Axis Bank has decided to raise its shareholding in Max Life Insurance for an amount of up to
₹336 crore.
● This transaction would lead to the aggregate shareholding of the Axis Entities going up from
19.02% to 19.99%.
● In 2023-24, Max Life Insurance recorded a Gross Written Premium of ₹29,529 crore.
● In April 2021, Axis Bank and its subsidiaries, Axis Securities and Axis Capital, collectively
acquired a 12% stake in Max Life through a secondary transfer from Max Financial.
About Axis Bank :
About Max Life Insurance Company Limited :
● Founded : 2001
● MD & CEO : Prashant Tripathy
Vodafone Sells 18% Stake in Indus Towers for ₹15,300 Crore to Settle Bank Dues
● The British telecom operator Vodafone sold 48.47 crore shares or 18% stake in Indus Towers for
1.7 billion euro (about Rs 15,300 crore) through an accelerated book building offering.
● SBI Mutual Fund and Bharti Airtel were two of the buyers of shares of Indus Towers that were
offloaded by Vodafone Group Plc in bulk deals on the NSE.
● SBI Mutual Fund acquired 3.6 crore shares (1.3% stake) at ₹311.40 per share, totaling ₹1,121
.
crore.
● Bharti Airtel acquired 2.7 crore shares (1% stake) for ₹864 crore, increasing its stake in Indus
Towers to nearly 49%.
● Post-Sale Holdings:After the stake sale, Vodafone holds 82.5 million shares, equivalent to a
3.1% shareholding in Indus Towers.
About Vodafone Group :
● Headquarters : England, United Kingdom
● CEO : Margherita Della Valle
Fairfax India Holdings subsidiary divests 9.7% stake in CSB Bank for $70 million
● Fairfax Group, led by Canadian billionaire Prem Watsa, sold a 9.7% stake in CSB Bank via its
arm FIH Mauritius Investments.
● The transaction took place at an average price of Rs 352.75 per share, amounting to Rs 595.04
crore ($70 million).
About Fairfax Group :
● Founded : 1951
● Headquarters : Ontario, Canada
● Chairman & CEO : V. Prem Watsa
About CSB Bank Limited (erstwhile Catholic Syrian Bank Limited) :
● MD & CEO : Pralay Mondal
DEFENCE NEWS
Indian Air Force Contingent Arrives in Alaska for Multinational Exercise Red Flag 24
• The Indian Air Force (IAF) contingent, comprising eight Rafale fighter jets, one C-17 Globemaster
transport aircraft, and one IL-78 air-refueler, has reached Eielson Air Force Base in Alaska,
United States of America (USA), to participate in Red Flag 24.
• Red Flag 24 is scheduled from May 30 to June 14, 2024, covering an area of approximately
77,000 square miles.
• This year's exercise involves air forces from four countries, including the United States and India.
.
• A total of 100 aircraft and 3100 airmen are participating.

About IAF :
• Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari
Sub-Lieutenant Anamika Rajeev Earns 'Golden Wings' as Indian Navy's First Female Helicopter Pilot
● A historic passing-out parade took place at Naval Air Station Indian Naval Ship (INS) Rajali in
Arakkonam, Tamil Nadu, celebrating the graduation of the 102nd Helicopter Conversion Course
(HCC) and the completion of the 4th Basic Helicopter Conversion Course (BHCC).
● The event signifies a significant milestone for the Indian Navy, emphasizing its commitment to
gender inclusivity and expanding career opportunities for women.
● Sub-Lieutenant Anamika B Rajeev made history by becoming the Indian Navy's first woman
naval helicopter pilot among the 21 officers who graduated.
Japan-India Maritime Exercise 24 (JIMEX-24) Begins in Yokosuka, Japan
• The Indian Navy's indigenous Stealth Frigate, Indian Naval Ship (INS) Shivalik, arrived at
Yokosuka, Japan, to participate in the bilateral Japan-India Maritime Exercise 2024 (JIMEX 24).
• This marks the 8th edition of JIMEX since its inception in 2012.
• INS Shivalik was warmly welcomed by VAdm ITO Hiroshi, Commander JMSDF Yokosuka
District, and Ambassador Sibi George, Ambassador of India to Japan.
About Indian Navy :
• Chief of Defence Staff (CDS) : General Anil Chauhan
• Chief of the Naval Staff : Admiral Dinesh K Tripathi
Indian Army Boosts Modernization with "Vidyut Rakshak" Innovation to Enhance Generator Efficiency
• The Indian Army has taken a significant step towards modernization with the launch of “Vidyut
Rakshak,” an in-house innovation designed to enhance generator efficiency.
• This was developed by Maj Rajprasad R S and was recently displayed during “Exercise Bharat
Shakti,” which was witnessed by Prime Minister Narendra Modi.
.
• The innovation showcases the Indian Army’s dedication to adopting advanced technologies for
operational efficiency.
About Indian Army :
Indian Army Introduces Indigenous Nagastra-1 Kamikaze Drones Manufactured by Solar Industries
● The Indian Army has inducted Nagastra-1, India's first indigenous loitering munition developed by
Nagpur-based Solar Industries.
● Nagastra-1, operating in a "kamikaze mode," boasts the capability to neutralise hostile threats
with GPS-enabled precision strikes, exhibiting an impressive accuracy of 2 metres.
Specifications:
● Weight: 9 kilograms
● Endurance: 30 minutes
● Man-in-loop range: 15 kilometres
● Autonomous mode range: 30 kilometres
● Electric propulsion system ensures low acoustic signature, undetectable by adversaries at
heights over 200 metres.
● Order and Delivery:The Indian Army placed an order for 480 Loiter Munitions with Economics
Explosives Ltd (EEL), a subsidiary of Solar Industries, under an emergency purchase agreement.
● Economics Explosives Limited (EEL), in collaboration with Z-Motion Autonomous Systems
Private Limited, Bangalore, has spearheaded the development of Nagastra-1, with over 75%
indigenous content.
● This man-portable system, weighing 30 kilograms in two rucksacks, comprises essential
components such as the Ground Control Station, Communication Control, Payload, and
Pneumatic Launcher.
About Indian Army :
.
India to host its 1st multinational air exercise Tarang Shakti in August 2024
● The Indian Air Force (IAF) will host its first multinational air exercise, Tarang Shakti-2024, in
August 2024.
Participating Countries:
● The exercise will likely see participation from 10 countries, including Australia, France, Germany,
Japan, Spain, the United Arab Emirates, the United Kingdom, and the United States.
● Additional countries will participate as observers.
Purpose and Interoperability:
● To invite friendly foreign countries with which the IAF has regular interactions and a certain
degree of interoperability.
Scheduling and Phases:
● Tarang Shakti-2024 was initially planned for the end of 2023 but got deferred.
● It will be conducted in two phases:
1. The first phase will be in southern India in the first two weeks of August.
2. The second phase will be in the western sector from the end of August to mid-September.
Specific Contributions:
● Germany will deploy fighter jets and an A-400M transport aircraft, which is a contender for the
IAF's tender for medium transport aircraft.
About IAF :
Indian Air Force Contingent Participates In Exercise Red Flag 2024 Conducted At Eielson Air Force
Base, Alaska
● An Indian Air Force (IAF) contingent participated in the Exercise Red Flag 2024 conducted at
Eielson Air Force Base, Alaska of the United States Air Force, from 04 June to 14 June 2024.
● This was the 2nd edition of Red Flag 2024, an advanced aerial combat training exercise held 4
.
times a year by the US Air Force (USAF).

Key Highlights :
● International Participants:Participating forces included the IAF, Republic of Singapore Air Force
(RSAF), Royal Air Force (RAF) of the United Kingdom, Royal Netherlands Air Force (RNLAF),
German Luftwaffe, and the USAF.
● IAF Deployment:The IAF contingent participated with the Rafale aircraft and personnel
comprising aircrew, technicians, engineers, controllers and subject matter experts.
● The transatlantic ferry of Rafale fighter aircraft was enabled by the IL-78 Air to Air Refuellers
(AAR), while the transportation of personnel and equipment was undertaken by the C-17
Globemaster aircraft.
● The contingent landed at Eielson, USAF base in Alaska on 29 May 2024.
● Historic Participation:This was the first time IAF Rafale aircraft participated in Exercise Red Flag,
operating alongside RSAF and USAF F-16s, F-15s, and USAF A-10 aircraft.
● Exercise Missions : The missions included Beyond Visual Range (BVR) combat exercises as a
part of Large Force Engagements (LFE), in Offensive Counter Air and Air Defence roles.
About Exercise Red Flag :
● Red Flag is an air combat exercise conducted with multiple scenarios designed to provide
realistic combat settings.
● A demarcation of forces is done for simulating the desired environment, with the Red Force
simulating Air Defence elements, and the Blue Force simulating the Offensive Composite
elements.
Note :
● The first Red Flag exercise was conducted in compliance with General Dixon's schedule on 29
November 1975 and included 37 aircraft, supported by 561 personnel, flying some 552 sorties.
Anil Chauhan releases India’s First Joint Doctrine for Cyberspace Operations
● The Chief of Defence Staff General Anil Chauhan released India’s first joint doctrine for
cyberspace operations, acknowledging that cyberspace has emerged as a crucial and
challenging domain in modern warfare.
What is Cyber Warfare?
● Cyber warfare is actions taken in cyberspace (dynamic and virtual space that connects the
.
different computer systems) by state or non-state actors that

● Are conducted in response to a perceived threat against a nation’s security.
● Unlike territorial limits in the traditional domains of warfare (such as land, sea, and
air), cyberspace is a global common and hence has shared sovereignty.
● Hostile actions in cyberspace can impact the nation’s economy, cohesion, political decision-
making, and the ability to defend itself.
● Cyber Surakshit Bharat: It was launched by the MeitY with the National Electronic Governance
Division (NeGD) to ensure more awareness about the latest cybercrimes and the cybersecurity
challenges of India.
● Cyber Swachhta Kendra: It provides free tools for malware analysis and helps improve the
security of systems and devices.
● National Cybersecurity Policy 2013: It provides a framework for creating a secure cyber
ecosystem and aims to protect information and other critical infrastructure.
● NCIIPC: The National Critical Information Infrastructure Protection Centre (NCIIPC) was
established for the protection of critical information infrastructure in the country.
● Indian Cyber Crime Coordination Centre (I4C): The Central Government has rolled out a scheme
for the establishment of I4C to handle issues related to cybercrime in the country in a
comprehensive and coordinated manner.
Indian Army launches first skin bank for advanced care of personnel and families
● The Indian Army announced the opening of a state-of-the-art skin bank facility at the Army
Hospital (Research & Referral).
● The facility offers the latest modern treatment for severe burn injuries received by armed forces
personnel and their families.
● This will be the first of its kind to be established within the Armed Forces Medical Services to
cater to the three kinds of patients the Army hospitals see: injuries from domestic fire accidents,
electrical incidents, and kerosene warmers jawans and officers use to keep themselves warm at
high altitudes.
● The MoD stated that the facility will adhere to the highest quality control and safety standards,
ensuring the integrity and reliability of the skin grafts.
● The skin bank now completes the organ donation programme the Army is pushing to save the
.
lives of its soldiers and their families.

● The Army Hospital (R&R) already has a set of skin, donated on May 29, in its bank.
● A doctor explained that only a few millimetres from the top layer, not the entire skin, is scalped
through an instrument, ‘electrical dermatomes’.
● To keep the sensitivity of family members of organ donors, the Army doctors take out skin only
from the lower limbs and back and leave hands and other portions of the dead to avoid the body
getting mutilated.
● The skin is then immersed in 85% glycerol solution and kept at a certain desired temperature in a
refrigerator so that it’s alive for grafting or transplant, Army hospital sources pointed out.
Mazagon Dockyard Limited in Advanced Negotiations with Defence Ministry for ₹35,000 Crore Kalvari
Submarine Agreement
● Talks on acquiring additional Kalvari-class (Scorpene) submarines for the Indian Navy have
progressed, with state-owned Mazagaon Dockyard Limited (MDL) in advanced discussions for a
potential ₹35,000-crore deal that will help boost India's underwater strength.
● The new submarines -3 additional Kalvari-class which are under negotiation -- will be larger than
their predecessor and will be packed with modern electronics that will give them better strength
and longer endurance.
● Indigenous Content: At least 60% of the new submarines' content will be indigenous, involving
Indian sub-suppliers and the MSME sector, ensuring significant technology transfer and local job
creation.
● Current Projects:MDL is Currently constructing the Kalvari-class submarines under Project 75
with French assistance.
● The sixth and final submarine of the current batch is likely to be delivered by the end of this year
About Indian Navy :
● Chief of the Naval Staff : Admiral Dinesh K Tripathi
About Mazagon Dock Shipbuilders Limited (MDL) :
● Founded : 1934
.
● Chairman & MD : Sanjeev Singhal

● MDL is a public sector undertaking managed by the Ministry of Defence, with the Government of
India holding an 84.83% stake.
Indian Army Constructs 150-Foot Suspension Bridge in 48 Hours
● Indian Army engineers constructed a 150-foot suspension bridge in north Sikkim in less than 48
hours.
● The bridge was built over a river with water flowing at speeds exceeding 20 knots.
● The bridge re-established connectivity to border villages that were cut off due to heavy rains in
parts of Sikkim.
● It provided crucial relief to the local population by restoring access to essential resources.
About Indian Army :
● Chief of Defence Staff (CDS) : General Anil Chauhan
● Chief of the Army Staff (COAS) : General Manoj Pande
Defence Services Staff College, Wellington and Defence Services Command and Staff College, Dhaka
Partner in Strategic and Operational Studies
● Defence Services Staff College (DSSC), Wellington,Tamil Nadu (TN) and Defence Services
Command and Staff College (DSCSC), Mirpur, Dhaka,Bangladesh have inked a Memorandum of
Understanding (MoU) for cooperation concerning Military Education in the field of Strategic and
Operational Studies.
● Aim : To enhance bilateral engagements and cooperation between the two military colleges.
● The MoU was signed during the official state visit of PM Sheikh Hasina of Bangladesh to India on
22nd June 2024, highlighting its significance in bilateral relations.
About DSSC :
● Location :Wellington Cantonment, Nilgiris district, Tamil Nadu, India
● Commandant : Lieutenant General Virendra Vats
.
About DSCSC :
● Location : Mirpur, Dhaka, Bangladesh
● Commandant : . Faizur Rahman
DRDO Transfers Medium Range-Microwave Obscurant Chaff Rocket to Indian Navy
● The Defence Research and Development Organisation (DRDO) handed over the Medium
Range-Microwave Obscurant Chaff Rocket (MR-MOCR) to the Indian Navy at a ceremony held
in New Delhi.
What is meant by Microwave Obscurant Chaff?
● MOC, a niche technology developed by DRDO’s Defence Laboratory in Jodhpur, obscures radar
signals and creates a microwave shield around platforms and assets, thus reducing radar
detection.
● Trials and Demonstrations : The Phase-I trials of MR-MOCR were successfully conducted on
Indian Navy ships, demonstrating the MOC cloud blooming and being persistent in space.
● In Phase-II trials, the Radar Cross-Section (RCS) reduction of an aerial target to the extent of
90% has been demonstrated and cleared by the Indian Navy.
About DRDO :
● Formed : 1958
● Headquarters : New Delhi,India
Ministry of Defence of the Government of India.
About Indian Navy :
Mazagon Dock Shipbuilders Granted "Navratna" Status by the Department of Public Enterprises
● Mazagon Dock Shipbuilders has been granted "Navratna" status by the Department of Public
.
Enterprises.
● It has become the country's 18th PSU to have been accorded this status.
● Investment Capacity: Authorized to undertake investments up to ₹1,000 crore without requiring
approval from the central government.
● Investment Limitations: Allowed to invest up to 30% of their net worth within a year, provided it
does not exceed ₹1,000 crore.
Criteria for Navratna Status :
● A Navratna company is also allowed to form Joint Ventures, alliances and establish subsidiaries
abroad.
● In order to become a Navratna company, the PSU should first be a Miniratna company.
Performance Criteria:
● Rating Requirement: Must have consistently received an outstanding rating under the
Memorandum of Understanding System for at least three out of the last five years.
● Composite Score: Needs to achieve a composite score of 60 or above across 6 key performance
areas:
1. PBDIT to Capital Employed (15%)
2. Manpower Cost to Cost of Production or Services (15%)
3. Earnings per Share (10%)
4. Net Profit to Net Worth (25%)
5. PBIT to Turnover (15%)
6. Inter-Sectoral Performance (20%)
About Mazagon Dock Shipbuilders Limited (MDL) :
● Founded : 1934
● Chairman & MD : Sanjeev Singhal
● MDL is a public sector undertaking managed by the Ministry of Defence, with the Government of
India holding an 84.83% stake.
Ministry of Defence Signs 350th iDEX Contract for Miniaturized Satellite
● The 350th contract under the Innovations for Defence Excellence (iDEX), the flagship initiative of
.
the Ministry of Defence (MoD) was signed with SpacePixxel Technologies Private Limited for the
design and development of a ‘miniaturised satellite capable of carrying electro-optical, infrared,
synthetic aperture radar, and hyperspectral payloads up to 150 kgs.
● Signatories: The contract was exchanged between Anurag Bajpai, Additional Secretary (Defence
Production) & CEO, Defence Innovation Organisation (DIO), and Awais Ahmed Nadeem Alduri,
Founder and CEO of SpacePixxel Technologies.
● This challenge is being led by the Indian Air Force (IAF).
● The 150th iDEX contract was signed in December 2022.
● iDEX is the flagship initiative of the Ministry of Defence, launched in 2018.
ABHYAS High-Speed Expendable Aerial Target Successfully Completes Developmental Trials with
Enhanced Booster Configuration
● The Defence Research and Development Organisation (DRDO) has successfully completed six
consecutive developmental trials of High Speed Expendable Aerial Target (HEAT) ‘ABHYAS’
with improved booster configuration from the Integrated Test Range (ITR), Chandipur, Odisha.
● With this, ABHYAS has successfully completed 10 developmental trials demonstrating the
reliability of the system.
About ABHYAS :
● ABHYAS has been designed by DRDO’s Aeronautical Development Establishment, Bengaluru,
and developed through Production Agencies - Hindustan Aeronautics Limited & Larsen & Toubro
(L&T).
● The booster has been designed by Advanced Systems Laboratory and the navigation system by
Research Centre Imarat.
Indian Naval Ship Sunayana arrives at Port Victoria, Seychelles, as part of extended deployment in the
Indian Ocean Region
● Indian Naval Ship (INS) Sunayna entered Port Victoria, Seychelles, on 26 June 2024 as part of
her long-range deployment in the South Western Indian Ocean Region (IOR).
● The ship's visit coincides with the celebration of 48th National Day of Seychelles on 29 June 24.
● The deployment of an Indian Naval ship marks sustained participation of an Indian military
contingent since 1976 reaffirming bonhomie between the two nations.
.
INS Shivalik Arrives at Pearl Harbour to Participate in RIM of the Pacific Exercise (RIMPAC) – 24
● Indian multi-role stealth frigate Indian Navy Ship (INS) Shivalik, mission deployed in the South
China Sea and North Pacific Ocean, has reached Pearl Harbour in Hawaii to take part in the Rim
of the Pacific (RIMPAC) exercise, which is the world's largest naval exercise.
● INS Shivalik sailed into Pearl Harbour on completion of JIMEX 24, a bilateral exercise between
India and Japan.
Exercise Phases :
● The harbour phase of the exercise from 27 June to 07 July 2024 will see participation in multiple
symposiums, exercise planning discussions, sports competitions and reciprocal deck visits.
● The sea phase of RIMPAC – 24, divided into three sub-phases will witness ships undertaking
basic and advanced level integration exercises during the first two sub-phases.
Participants :
● The exercise will witness the participation of an Aircraft Carrier Battle Group, submarines,
maritime reconnaissance aircraft, unmanned aerial vehicles, remotely piloted surface ships and
also an amphibious force landing operations including joint operations with special forces of
multinational navies.
● INS Shivalik's participation in RIMPAC-24, 9000 Nautical Miles away from Indian coast Stands
testimony to the Indian Navy's capability to operate in any part of the world.
● INS Shivalik is an indigenously designed and built 6000 tonnes guided missile stealth frigate.
● Note : The first RIMPAC, held in 1971, involved forces from Australia, Canada, New Zealand, the
United Kingdom (UK), and the United States (US).

China Lands Uncrewed Craft on Moon's Far Side, Achieving Milestone in Lunar Sample Retrieval
Mission
• China landed an uncrewed spacecraft on the far side of the moon, overcoming a key hurdle in its
landmark mission to retrieve the world’s first rock and soil samples from the dark lunar
hemisphere.
• The Chang'e-6 spacecraft is equipped with an array of tools and its own launcher.
• This is the 6th mission in the program.
.
• Chang'e-6 was launched on May 3 using China's Long March 5 rocket from the Wenchang
Satellite Launch Center in Hainan, China.
About China:
IIT Madras Startup Agnikul Cosmos Launches World's First Rocket Featuring Fully 3D-Printed Engine
• In a remarkable achievement, IIT Madras’ startup, Agnikul Cosmos, has launched the world’s first
rocket with a single-piece three-dimensional (3D) printed engine.
• The rocket Agnibaan SOrTeD (SubOrbital Technological Demonstrator) is also India’s first semi-
cryogenic engine-powered rocket launch that was completely designed and manufactured
indigenously.
• It was launched from India’s first privately developed launchpad called ‘Dhanush’ established by
Agnikul at Sriharikota in Andhra Pradesh.
About Agnikul Cosmos Private Limited :
• CEO : Srinath Ravichandran
• It is an Indian aerospace manufacturer based in National Centre for Combustion R&D (NCCRD) of
IIT Madras, Chennai
European Space Agency Launches EarthCARE Mission to Study Clouds and Aerosols in Earth's
Climate
• Earth Cloud Aerosol and Radiation Explorer (EarthCARE) satellite, a joint mission of ESA
(European Space Agency) and JAXA (Japan Aerospace Exploration Agency), has been
successfully launched.
• It aims to examine the role clouds and aerosols play in reflecting incident solar radiation back to
space while trapping the infrared radiation emitted from Earth’s surface.
• The satellite was launched aboard a SpaceX Falcon 9 rocket from the Vandenberg Space Force
Base in California, United States of America (USA) on May 29, 2024.
.
About ESA :
• Established : 30 May 1975
• Headquarters : Paris, France
• Director General : Josef Aschbacher
• The ESA is a 22-member intergovernmental body devoted to space exploration.
About JAXA :
• Headquarters : Chōfu, Tokyo, Japan
• Administrator : Hiroshi Yamakawa
Pakistan Launches Multi-Mission Communication Satellite - PAKSAT MM1 with China's Assistance
• Pakistan launched a multi-mission communication satellite named PAKSAT MM1 for faster
internet connectivity with the help of its all-weather ally China, making it Islamabad’s second
satellite to be sent into orbit within a month.
• The Multi-Mission Communication Satellite,, was launched from the Xichang Satellite Launch
Center in China’s southwestern province of Sichuan.
• The satellite would “provide the best internet facilities across Pakistan” and help improve
television broadcasts, cellular phones and broadband services.
• Pakistan’s Space and Upper Atmosphere Research Commission (Suparco) stated that the
satellite’s launch was a part of the National Space Programme 2047.
About Pakistan:
• President: Asif Ali Zardari
• Prime Minister : Shehbaz Sharif
• Capital: Islamabad
• Currency: Pakistani Rupee
Google Terminates More Than 50 Workers Over Protests Against Israel Cloud Deal
• A significant cloud computing and artificial intelligence initiative undertaken by Google in
collaboration with the Israeli government, aimed at enhancing the latter's technological
capabilities, particularly amidst the ongoing Gaza conflict.
.
• Employees at Google's offices in New York and Sunnyvale, California, organized sit-in protests
against the company's involvement in Project Nimbus.
• These protests were led by the group No Tech For Apartheid.
About Google :
• Headquarters : Googleplex, Mountain View, California, United States
• CEO : Sundar Pichai
Russian Cosmonaut Oleg Kononenko Sets Record as First Person to Spend 1,000 Days in Space
● Oleg Kononenko, a 59-year-old Russian cosmonaut, has become the first person to spend 1,000
days in space.
● Kononenko achieved this milestone through five journeys to the International Space Station (ISS)
starting from 2008.
● His current trip to the ISS began on September 15, 2023, launching alongside NASA astronaut
Loral O'Hara and compatriot Nikolai Chub.
About Roscosmos :
● Headquarters : Moscow, Russia
● Administrator : Yury Borisov
● It is a state corporation of the Russian Federation responsible for space flights, cosmonautics
programs, and aerospace research.
Indian-American Astronaut Sunita Williams Becomes First Woman to Pilot New Spacecraft on Its
Maiden Crewed Test Flight
● Sunita Williams and Butch Wilmore became the first people to fly to space in a Boeing Starliner
during its first-ever crewed flight.
● Indian-Origin NASA astronaut Sunita Williams made history by being the first female pilot of a
newly developed human-rated spaceship.
● On June 5, 2024, the crew was launched from Space Launch Complex-41 at the Cape Canaveral
Space Force Station in Florida to board the Atlas V rocket of United Launch Alliance.
Indian Space Research Organisation Unveils Thermal Infra-Red Imaging Satellite for High-resolution
Natural Resource Assessment: Indo-French Infrared Earth Observation Mission for Global Surface
.
Temperature and Water Management

• The Space agency Indian Space Research Organisation (ISRO) has announced a joint Indo-French
infrared earth observation satellite mission, TRISHNA (Thermal Infra-Red Imaging Satellite for High-
Resolution Natural Resource Assessment), to monitor surface temperature and water management
around the world.
• Data Collection: The satellite will provide data on climate impacts through evapotranspiration
monitoring, measuring water evaporation from land and plants.
• Monitoring Parameters: TRISHNA will monitor thermal anomalies, heat emission from land, surface
energy, urban heat islands, and other global parameters related to heat.
About ISRO :
Indian Space Research Organisation Unveils Aditya-L1 Images of the Sun Captured During May Solar
Storm
● The Indian Space Research Organisation (ISRO) has released stunning images of the Sun
captured by the Aditya L1 satellite during a major geomagnetic storm in May, 2024.
● The mission aims to study the Sun, marking India's first space-based solar observatory.
● The two remote sensing payloads, namely the Solar UltraViolet Imaging Telescope (SUIT) and
the Visible Emission Line Coronagraph (VELC), along with other payloads, captured these
images from the Lagrange point (L1)in space.
About ISRO :
IISc researchers develop sustainable methods to remove heavy metal contaminants from groundwater
• Researchers at the Centre for Sustainable Technologies (CST), Indian Institute of Science (IISc),
have developed a novel remediation process for removing heavy metal contaminants such as
arsenic from groundwater.
.
• The three-step method, which is patent-pending, also ensures that the removed heavy metals
are disposed of in an environment-friendly and sustainable manner, instead of sending untreated
heavy metal-rich sludge to landfills from where they can potentially re-enter groundwater,
Bengaluru-based IISc stated in a release, stated a report.
Scientists Identify "super fluffy" exoplanet with Density Comparable to Cotton Candy
● Researchers have discovered a "super fluffy" exoplanet, 50% larger than Jupiter and weighing
only a 7th of it, giving it a "cotton candy"-like density.
● The new, "fluffy" planet has been named 'WASP-193b' and was found to be located about 1,200
light years away from Earth, roughly equivalent to 10,800 trillion kilometres.
● The planet is so light that it's difficult to think of an analogous, solid-state material.
● The reason why it's close to cotton candy is because both are pretty much air.
● WASP-193b is the 2nd-lightest planet discovered so far, after the smaller, Neptune-like world,
Kepler 51d.
● The exoplanet was initially spotted by the Wide Angle Search for Planets (WASP), an
international collaboration of academic institutions.
● Astronomers had determined that the star's periodic dips in brightness were consistent with a
planet passing in front of it every 6.25 days.
● In this study, the researchers used data from observatories based in the Atacama Desert, Chile,
to measure the planet's weight.
● Their calculations revealed an "extremely low density" for the planet - 0.059 grams per cubic
centimetre
Scientists from Physical Research Laboratory Discover Three New Craters on Mars
● The scientists of Ahmedabad-based Physical Research Laboratory (PRL) have discovered three
new craters on Mars.
● They have been discovered in the Tharsis volcanic region on Mars.
● On the recommendation of the PRL, the International Astronomical Union (IAU) Working Group
for Planetary System Nomenclature approved naming the three craters on Mars.
Naming of Craters :
● One crater has been named “Lal crater” after Prof. Devendra Lal, a renowned Indian geophysicist
.
and former director of PRL from 1972-1983.

● It is a 65 km wide crater, centred at -20.98° and 209.34°.
● The second crater has been named “Mursan crater” after a town in Uttar Pradesh, India.
● Mursan crater is a ~10 km wide crater superimposed on the eastern side of the rim of the Lal
crater.
● The third crater is “Hilsa crater”.
● It is a ~10 km wide crater superimposed on the western side of the rim of the Lal crater.
● It is named after a town in Bihar, India.
What is a Crater?
● A crater is a depression or hole on the surface of a planetary body.
● Craters are typically formed by the impact of objects (such as meteorites) or by geological
processes like volcanic activity or explosions.
About Physical Research Laboratory (PRL) :
● Established : 1947 by Dr. Vikram Sarabhai, who is considered the father of India’s space
program.
● Location : Ahmedabad, Gujarat, India
● Director : Anil Bhardwaj
● The PRL is a National Research Institute for space and allied sciences, supported mainly by the
Department of Space, Government of India.
About International Astronomical Union :
● President : Debra Meloy Elmegreen
● General Secretary : Piero Benvenuti (interim)
● The IAU is an international non-governmental organization (INGO) with the objective of
advancing astronomy in all aspects, including promoting astronomical research, outreach,
education, and development through global cooperation.
Woman-Led Start-up Develops 'Divya Drishti', a Cutting-Edge AI Personal Identification Tool Under
Technology Development Fund
● A woman-led start-up, Ingenious Research Solutions Private Limited, developed 'Divya Drishti',
.
an Artificial Intelligence (AI)-based tool combining facial recognition with gait analysis.
● This innovative solution marks a “significant advancement” in biometric authentication
technology, offering “enhanced accuracy and reliability” in identifying individuals.
● The start-up was established by woman entrepreneur Shivani Verma after winning the
prestigious ‘Dare to Dream 2.0’, a pan India theme-based contest organised by the Defence
Research and Development Organisation (DRDO).
Key Highlights :
● Technical Features:'Divya Drishti' integrates face recognition with immutable physiological
parameters like gait and skeleton analysis.
● This dual approach improves identification accuracy, suitable for sectors including defence, law
enforcement, corporate security, and public infrastructure.
● Support and Mentoring : The tool has been developed under the technical guidance and
mentoring of the Centre for Artificial Intelligence & Robotics (CAIR), a laboratory of the DRDO
based in Bengaluru.
● The initiative is supported by the DRDO's Technology Development Fund (TDF), aimed at
promoting start-ups in defence and aerospace sectors for 'Aatmanirbhar Bharat'.
About DRDO :
● Formed : 1958
● Headquarters : New Delhi,India
Catalytic boost for cheaper biodiesel production
● A team of scientists from Assam, Odisha, China, and the United Kingdom have developed a
water-repellent catalyst that can cut the cost of producing “environmentally benign” biodiesel
substantially from the current levels.
● The process of arriving at the “spherical superhydrophobic activated carbon catalyst” to withstand
water by-product during the production of biodiesel – pursued as a substitute for diesel, an
exhaustible fossil fuel – has been published in the latest issue of the peer-reviewed Advanced
.
Functional Materials, a high impact journal of the international materials science community.
● The authors of the study are Arpita Das, Kangkana Saikia, and Samuel Lalthazuala Rokhum of
Southern Assam’s Department of Chemistry, National Institute of Technology (NIT) in Silchar,
Chandrakanta Guchhait and Bimalendu Adhikari of NIT Rourkela in Odisha, Da Shi of the
University of Cambridge in the United Kingdom, and Hu Li of the Guizhou University in China.
Google brings Gemini mobile app to India with support for 9 Indian languages
● Google has launched the Gemini app in India, supporting 9 Indian languages.
● The AI chatbot, which was only available in English, now lets users type or talk in Hindi, Bengali,
Gujarati, Kannada, Malayalam, Marathi, Tamil, Telugu and Urdu.
● To get Gemini on Android, users can either download the app from the Play Store or opt-in
using Google Assistant.
● As for iOS, Gemini will be accessible from the Google app in the coming weeks.
● Similar to Google’s previous voice assistant, which appears as an overlay, you can summon
Gemini by saying ‘Hey Google’.
● Just like OpenAI’s ChatGPT, you can use the Gemini app can help you draft messages, help
write emails, analyse images and upload files and ask questions about them.
● The chatbot can also search the internet for information on your behalf and is integrated with
various Google services like Gmail and Maps.
● Powered by Gemini 1.0 Pro, the free-to-use AI chatbot also offers a paid option that gives access
to Gemini Advanced based on Gemini 1.5 Pro, an advanced large language model with a 1
million token context window.
Indian Space Research Organisation Successfully Completes 3rd and Final 'Pushpak' Reusable Launch
Vehicle Landing Test
● The Indian Space Research Organisation (ISRO) successfully conducted the third and final
landing experiment of its Reusable Launch Vehicle (RLV) ‘Pushpak’ at the Aeronautical Test
Range in Chitradurga, Karnataka.
● The RLV LEX-03 which stands for Reusable Launch Vehicle Landing Experiment 3,
demonstrated the autonomous landing capability under more severe wind conditions.
● The Chinook helicopter released the Reusable Launch Vehicle Pushpak at an altitude of 4.5 kms
.
from the runway.

About ISRO :
Biocon Receives European Medicines Agency Approval to Manufacture Bevacizumab for European
Market
● Biocon Biologics Limited. (BBL), a global, integrated biosimilars company and a subsidiary of
Biocon Limited., has received approval from the European Medicines Agency (EMA) to
manufacture biosimilar Bevacizumab at its new, world-class, multi-product monoclonal antibodies
(mAbs) drug substance facility at Bengaluru, Karnataka.
● This approval would provide significant additional capacity to address patients’ needs across
markets in Europe.
● Bevacizumab Usage : Bevacizumab is used to treat various forms of cancer, including colon and
rectal cancer (cancer that begins in the large intestine), non-small cell lung cancer (NSCLC),
glioblastoma (a type of cancerous brain tumour), and cervical cancer.
● The Bengaluru facility had previously been approved to manufacture biosimilar Trastuzumab in
September 2022.
About Biocon Limited :
● Founded: 1978
● Executive Chairman: Kiran Mazumdar-Shaw
● MD & CEO: Siddharth Mittal
● Subsidiaries: Syngene International Limited (Syngene) is a publicly listed subsidiary, operating in
the contract research and development organization sector.
About European Medicines Agency (EMA) :
● Formed : 1 January 1995
● Headquarters : Amsterdam, Netherlands
● Executive Director : Emer Cooke
● Chairperson : Christa Wirthumer-Hoche
.
● Function and History:EMA is an agency of the European Union (EU) responsible for the
evaluation and supervision of pharmaceutical products.
● Prior to 2004, it was known as the European Agency for the Evaluation of Medicinal Products or
European Medicines Evaluation Agency (EMEA).
SpaceX Falcon Heavy Successfully Deploys New Satellite to Track Solar Storms
● SpaceX’s Falcon Heavy, one of the world’s most powerful operational rockets, blasted off
carrying into orbit a new US satellite designed to help weather forecasters monitor massive solar
storms.
● The rocket, consisting of 3 modified Falcon cores, launched from Florida’s Kennedy Space
Center.
● GOES-U Satellite : GOES-U is the 4th and final satellite in a series from NOAA (National
Oceanic and Atmospheric Administration) and NASA.
About SpaceX:
● Founded on March 14, 2002.
● Headquarters in Hawthorne, California, United States.
● CEO & Chairman: Elon Musk.
● Space Exploration Technologies Corporation (SpaceX) is a spacecraft manufacturer, launch
service provider, and satellite communications company.
SPORTS NEWS
Praggnanandhaa secures the top spot in Norway Chess by defeating Carlsen.
• Indian Grandmaster R Praggnanandhaa secured a historic victory by defeating world number one
Magnus Carlsen in the Classical format, emerging as the sole leader in the Norway Chess
tournament.
• At the conclusion of the third round, Praggnanandhaa's tally stands at 5.5 out of nine points, while
Carlsen has slipped to the fifth position.
• Vaishali R secured her first classical win in the Norway Chess Women’s Tournament by defeating
fellow Indian Koneru Humpy.
Indian Mountaineer Satyadeep Gupta Becomes First Person To Scale Mt. Everest And Mt. Lhotse
Twice In One Season
.
• Indian mountaineer Satyadeep Gupta has etched his name in history by achieving two remarkable
feats: becoming the first person to scale Mt Everest and Mt Lhotse twice in a single season, and the
first Indian to traverse both peaks within a span of 11 hours and 15 minutes.
• Gupta commenced his extraordinary journey by conquering the 8,516-meter-high Mt Lhotse,
followed by scaling the 8,849-meter-high Mt Everest at 12:45 am, midnight.
BFI joins World Boxing but claims it also remains affiliated to IBA
• The Boxing Federation of India (BFI) has agreed to join World Boxing, the International Federation
dedicated to safeguarding boxing within the Olympic Movement.
• The BFI's General Assembly has approved the membership application, which World Boxing's
Executive Board will subsequently ratify.
About World Boxing
• World Boxing, led by President Boris van der Vorst, was launched in April 2023 to preserve
boxing's place within the Olympic movement.
About the Boxing Federation of India
• The Boxing Federation of India serves as the Indian national governing body for amateur boxing
for Olympic purposes and is affiliated with the International Amateur Boxing Association (AIBA).
• Headquartered in New Delhi.
• President Ajay Singh leads it.
Real Madrid Clinches 15th UEFA Champions League Title at Wembley Stadium
• At Wembley Stadium, Real Madrid added another chapter to their illustrious history by securing a
record-extending 15th UEFA Champions League title.
• The Spanish giants displayed their trademark resilience and clinical prowess, clinching a hard-
fought 2-0 victory over a determined Borussia Dortmund side.
• Dortmund dominated proceedings for much of the match, particularly in a one-sided first half,
creating numerous scoring opportunities.
Dinesh Karthik officially announces retirement from all forms of cricket

• Veteran wicketkeeper-batter Dinesh Karthik announced his retirement from all forms of cricket.
• The writing was on the wall following his emotional farewell from the Royal Challengers
Bengaluru (RCB) franchise in the recently concluded Indian Premier League (IPL) season.
.
• Impressive International Career Karthik's international journey spanned 180 games across all
three formats, where he amassed 3463 runs, including a solitary Test hundred and 17 half-
centuries.
England Fast Bowler Brydon Carse Banned for Betting

• England’s versatile allrounder Brydon Carse has received a three-month suspension from all
forms of cricket due to a breach of betting regulations.
• The 28-year-old made a staggering 303 bets on various cricket matches between 2017 and
2019, leading to disciplinary action against him.
• Ban Details and Acceptance of Charges Carse, upon accepting the charges, received an initial
16-month ban, with 13 months suspended.
Devarakeshavi Prakasha Manu Secures Gold Medal in Javelin at Taiwan Athletics Open 2024
• Indian javelin thrower DP Manu secured the gold medal at the Taiwan Athletics Open 2024 with an
impressive throw of 81.58 meters.
• Manu's journey to victory began with a strong throw of 78.32 meters.
• Silver Medal: Chao Tsun Cheng of Chinese Taipei with a throw of 76.21 meters.
• Bronze Medal: Chao-Hong Huang, also from Chinese Taipei, with a throw of 71.24 meters.
GM Erigaisi breaks into top-5 in FIDE rating list
• Grandmaster Arjun Erigaisi’s strong showing in the French Team Chess Championship has
helped him reach the fifth spot in the FIDE standings, making him the highest ranked Indian by
live rating.
• Arjun, with a ELO rating of 2769.7, has so far added 8.7 points to his tally, behind Magnus
Carlsen of Norway, USA’s Hikaru Nakamura and Fabiano Caruana and Ian Nepomniachtchi of
Russia.
French Open: Jannik Sinner becomes first Italian World No. 1 after Djokovic withdrawal
• Jannik Sinner became the first ever Italian player to be crowned the ATP World No. 1 in men's
singles competition.
• Sinner achieved the feat after he beat Grigor Dimitrov in the quarter-final of the competition.
.
• Sinner was aided by the withdrawal of defending champion Novak Djokovic from the French
Open, ahead of his quarter-final match against Casper Ruus.
• The withdrawal ended the Serb's quest for a record-extending 25th Grand Slam trophy and will
result in him losing the world number one ranking to Italian Jannik Sinner later this month.
Seagram’s Royal Stag Renews Partnership with ICC as Official Supporter for Four Years
• Seagram’s Royal Stag has extended its association with the International Cricket Council (ICC) for
four more years, solidifying the brand’s commitment to cricket and the sport’s global community of
fans.
• The partnership, which will run until the end of 2027, extends Royal Stag’s status as an Official
Supporter, kicking off with the ICC Men’s T20 World Cup in the West Indies and the USA.
• This extension follows the brand’s successful five-year partnership with the ICC between 2018 and
2023.
ISSF World Cup 2024 Munich: India’s Sarabjot Singh wins gold medal in 10m air pistol
● Indian shooter Sarabjot Singh secured India’s first medal at the ISSF World Cup in Munich,
Germany.
● Gold Medal: He claimed the gold medal in the men’s 10-meter air pistol event, scoring an impressive
242.7 points in the final.
● Silver Medal: Shuaihang Bu of the People’s Republic of China.
● Bronze Medal: Robin Walter of Germany.
About ISSF World Cup
● Prestigious Event: The ISSF World Cup is one of the most prestigious shooting tournaments
globally, second only to the Olympics.
● Organizer: Hosted by the International Shooting Sports Federation (ISSF), the event attracts top
shooters from across the globe.
● Establishment: Established in 1907, the ISSF is headquartered in Munich, Germany.
● Annual Schedule: Since 1996, four ISSF World Cups are organized annually, except during
Olympic years when three are held.
.
● Event Categories: The ISSF World Cup comprises separate competitions for rifle, pistol, and
shotgun events.
Rohit Sharma Makes History in 9th ICC T20 World Cup Cricket Tournament
● The Indian cricket team, led by captain Rohit Sharma, commenced their journey at the 9th ICC T20
World Cup with a convincing 8-wicket win against Ireland.
● Venue: The match took place at the Nassau County International Cricket Stadium in New York,
USA.
● Bowling Excellence: Jasprit Bumrah showcased a remarkable bowling display, taking 2 wickets for
just 6 runs, earning him the prestigious 'Man of the Match' award.
● Record-breaking Achievement: Rohit Sharma, renowned as the "Hitman" for his extraordinary six-
hitting prowess, created history by becoming the first cricketer in the world to smash 600 sixes in
international cricket.
Iga Swiatek eases past Jasmine Paolini to win third consecutive French Open
• Iga Swiatek won her third consecutive French Open championship, defeating Jasmine Paolini of
Italy 6-2, 6-1 in the final.
• Grand Slam Titles: This victory marks her fourth French Open title in five years and her fifth Grand
Slam title overall.
• Consecutive Titles: Swiatek is the third woman to win three consecutive titles at the French Open,
following Monica Seles (1990-1992) and Justine Henin (2005-2007).
• Previous Achievements: Swiatek won her maiden Grand Slam at the French Open four years ago
and claimed the US Open title in 2022.
Magnus Carlsen wins sixth Norway Chess title

• Magnus Carlsen, the reigning World No. 1, secured his sixth Norway Chess Tournament title in a
thrilling conclusion.
• His victory over Fabiano Caruana in an intense Armageddon match showcased Carlsen's
dominance on the global chess stage.
• Indian prodigy Praggnanandhaa Rameshbabu impressed with his talent, holding Hikaru Nakamura
to a tense draw and securing a remarkable third-place finish.
• His subsequent Armageddon victory highlighted his potential in the world of chess.
Sponsorship for Indian Olympians up 2000% in a decade
.
• Team India's journey to the Paris Olympics has kicked off with a remarkable achievement in
sponsorship.
• The Indian Olympic Association (IOA) has secured approximately Rs 50 crore in sponsorship
revenue from renowned brands and establishments.
• This amount is double the figure attained for the Tokyo Games in 2020 and a staggering 2,000%
increase from the pre-Rio 2016 period.
• Major sponsors and brands supporting the IOA include Reliance Foundation, JSW, Yes Bank, Ebco,
Puma, Adani Sportsline, and Aditya Birla Capital.
Sumit Nagpal Secures Sixth ATP Challenger Tennis Title

• Indian men’s tennis player Sumit Nagpal clinched the men’s singles title at the Heilbronn Neckarcup
2024 ATP Challenger Tennis tournament in Germany.
• This marked his sixth ATP Challenger title, elevating his ranking and making him eligible for the
2024 Summer Paris Olympics.
• In the final showdown on 9 June 2024, Nagpal faced off against Alexander Ritschard of Switzerland
in a thrilling three-set match, emerging victorious with a scoreline of 6-1, 6(5)-7(7), 6-3.
Max Verstappen wins 3rd straight Canadian Grand Prix, completes 60 F1 wins
• Max Verstappen secured victory at the Canadian Grand Prix for the third consecutive year, adding to
his impressive tally of 60 Formula 1 wins and marking his sixth triumph in nine races this season.
• Starting from second position in wet conditions alongside pole-sitter George Russell, Verstappen
showcased his prowess at Circuit Gilles Villeneuve on Ile Notre-Dame, delivering a commanding
performance in the latter stages of the race.
• The 26-year-old Dutchman's victory underscores his remarkable consistency, with an astounding 50
wins in the last 75 Formula 1 races, solidifying his status as a dominant force in the sport.
Lahiri finishes sixth in Liv Houston Golf Series

• India's Anirban Lahiri delivered a commendable performance in the Liv Houston Golf series,
concluding with a solid four-under 68 in the final round, resulting in a total score of 10-under and a
tied sixth finish.
• This marks Lahiri's second top-10 finish, following a similar sixth-place finish in Jeddah earlier in
March.
.
• Lahiri's round showcased a mix of skill and determination, featuring five birdies, an eagle, and three
bogeys, building upon his earlier rounds of 69-69.
Scheffler wins Memorial to claim fifth title of 2024

• Scottie Scheffler reaffirms his dominance on the PGA Tour, claiming his fifth title of the year with a
memorable win at the Memorial.
• In a departure from the norm, Scheffler's victory at the Memorial was anything but ordinary.
• Despite making just one birdie and closing with a 2-over 74, his highest final round in two years,
Scheffler displayed resilience and nerve to clinch the title.
Jose Molina becomes new Mohun Bagan SG head coach, replaces Antonio Habas
• Mohun Bagan Super Giant have appointed former ATK boss Jose Molina as their head coach for
the upcoming Indian Super League (ISL) season. The club announced the Spaniard’s
appointment on their social media.
• Jose Francisco Molina, who also served as the Technical Director of the Spanish Football
Federation (REEF), will replace compatriot Antonio Lopez Habas who took over duties midway
last season and led the club to their maiden ISL League shield.
India to Host 2025 FIH Hockey Men’s Junior World Cup

● The International Hockey Federation (FIH) has announced that India will host the FIH Hockey Men’s
Junior World Cup in December 2025.
● For the first time, the tournament will feature 24 teams, marking the 14th edition of the Junior
Hockey World Cup.
● The host city will be disclosed at a later date.
• This was announced by FIH President Tayyab Ikram.

Previous Tournament in Kuala Lumpur
● The most recent edition of the FIH Hockey Men’s Junior World Cup took place in Kuala Lumpur,
Malaysia, in 2023.
India's Recent Performance

● In the 2023 tournament, India reached the semi-finals but lost 4-1 to eventual champions Germany.
● They then fell 3-1 to Spain in the third-place playoff, finishing fourth overall.
India as Host Country
.
● India will host the Junior Hockey World Cup for the fourth time.
● Previous editions were held in New Delhi in 2013, Lucknow in 2016, and Bhubaneswar in 2021.
Puja Tomar scripts history becomes first Indian to win a bout in the UFC
● Puja Tomar made history as the first mixed martial arts fighter from India to secure a victory at the
Ultimate Fighting Championship (UFC).
● In her debut bout in the straw-weight (52kg) category, Tomar clinched a split- decision win over
Brazil's Rayanne dos Santos, with scores of 30-27, 27-30, and 29-28.
● The 30-year-old, nicknamed "Cyclone," signed with the UFC in October last year, becoming India's
first woman to compete in the prestigious MMA promotion.
About UFC
● Ultimate Fighting Championship (UFC) is a prominent American mixed martial arts promotion
company known worldwide.
IPL business value rises by 6.5% to US$16.4bn

● According to a report by Houlihan Lokey, the business valuation of the Indian Premier League (IPL)
has risen to $16.4 billion, marking a 6.5% increase.
● The 'IPL Valuation Study 2024' report indicates that the standalone brand value of the IPL has
grown by 6.3% to reach $3.4 billion over the past year.
Tata Group's Sponsorship Deal

● The Tata Group secured the IPL title sponsorship for an additional five years (2024-2028) at around
$300 million, marking a 50% increase from the previous agreement.
Franchise Highlights
1. Chennai Super Kings (CSK): Leading the league with a brand value of $231 million, CSK has been
consistent, qualifying for playoffs in 12 out of 15 seasons and securing five titles, largely attributed to
former captain Mahendra Singh Dhoni.
2. Royal Challengers Bangalore (RCB): Following closely with a brand value of $227 million, RCB
benefits significantly from star cricketer Virat Kohli's presence.
3. Kolkata Knight Riders (KKR): After a successful season 17, KKR clinched the championship and
holds a brand value of $216 million, securing the third position.
.
4. Mumbai Indians (MI): Ranked fourth with a brand value of $204 million, MI remains a strong
contender in the league.
Neeru Pathak Sets New U18 National Record in Women's 400m at National Youth Athletics
Championships
● Neeru Pathak delivered a stunning performance at the National Youth Athletics Championships in
Bilaspur, Chhattisgarh, setting a new U18 national record in women's 400m.
● Clocking an impressive 52.85 seconds, she not only secured the gold medal but also surpassed the
qualification mark for the World U20 Championships.
● Her time marks the fourth-best U18 performance globally this year, highlighting her exceptional
sprinting prowess throughout the competition.
● Performance Overview: Neeru Pathak showcased outstanding sprinting skills, dominating Heat 3
with a timing of 54.93s and continuing her strong form in subsequent rounds.
● Men's 400m Champion: Bapi Handsa set a meet-record of 47.12s to clinch gold in the men's 400m,
demonstrating his impressive form despite missing his personal best.
● Women's 100m Victory: Abhinaya Rajarajan claimed the gold in women's 100m with a time of
12.09s, adding to her recent achievements in athletics.
Sumit Nagal Achieves Career-High ATP Singles Ranking of 71

● Sumit Nagal, India's rising tennis star, has reached a career-best ATP singles ranking of 71, marking
a significant milestone in his career trajectory.
● This achievement follows closely on the heels of his previous best ranking of 77, highlighting his
rapid ascent in the ATP rankings.
● Olympic Qualification: With a commendable 777 ATP points, Nagal has secured his place as India's
sole representative in men's singles at the upcoming Paris Olympics.
● 2024 Highlights: His year began with a notable run at the Australian Open, reaching the second
round, and included victories at the Heilbronn Neckarcup in Germany and the Chennai Open.
● Upcoming Events: Nagal is set to compete in the main draw of Wimbledon followed by the
prestigious Paris Olympics at Roland Garros, highlighting his packed schedule on the global stage.
● Top 5 rank are:

Jannik Sinner- Italy
.
Carlos Alcaraz- Spain

Novak Djokovic- Serbia
Alexander Zverev- Germany
Daniil Medvedev- Russia
Neeraj Chopra Wins Gold medal at Paavo Nurmi Games
● India's Olympic and world champion javelin thrower, Neeraj Chopra, claimed his maiden gold medal
at the Paavo Nurmi Games, showcasing his dominance upon returning to competitive action after a
month-long break.
● Gold Medal Performance: Neeraj Chopra secured the gold with a throw of 85.97m in his third
attempt, leading the field for most of the competition.
● Silver and Bronze: Toni Keranen won the silver with a personal best of 84.19m, while 2022 gold-
medallist Oliver Helander took bronze with 83.96m.
● Previous Performances:
⮚ Doha Diamond League: Chopra began his season in May, finishing second with a throw of
88.36m, the ninth-best mark of his career.
⮚ National Federation Cup: He also secured gold at the National Federation Cup Senior
Athletics Championships in Bhubaneswar with a throw of 82.27m.
● Upcoming Events: Chopra will compete next at the Paris Diamond League on July 7.
● Event Background: The Paavo Nurmi Games, held annually since 1957 at the Paavo Nurmi Stadium
in Turku, Finland, became part of the IAAF World Challenge in 2017.
World Athletics Championships 2023: Neeraj Chopra becomes the first-ever Indian world champion to
win gold
● India’s Neeraj Chopra made history again by winning the gold medal in the men’s javelin throw at
the World Athletics Championships 2023 held in Budapest, Hungary.
● With an outstanding throw of 88.17 meters, the Olympic champion became the first Indian athlete
to clinch a gold medal at the senior world championships.
Verstappen wins third Spanish GP in a row
● Max Verstappen notched his third consecutive victory at the Spanish Grand Prix, kicking off the
triple-header race weekends with a dominant performance in Barcelona.
.
Lindblad Makes History as Youngest-Ever F3 Feature Race Winner

● Arvid Lindblad achieved a remarkable milestone by becoming the youngest-ever winner of an F3
Feature race, highlighting his burgeoning talent in motorsport.
Smriti Mandhana becomes the first Indian woman cricketer to score consecutive centuries in ODIs.
● Smriti Mandhana, renowned for her aggressive batting style, created history in Indian cricket
during the recent ODI series against South Africa.
● She became the first Indian woman cricketer to score consecutive centuries in ODIs.
Cummins creates history with second consecutive T20 World Cup hat-trick
● Australia's Pat Cummins has achieved a remarkable milestone in T20 World Cup history by
becoming the first bowler to secure consecutive hat-tricks in the tournament.
Indian recurve mixed team wins bronze medal in Archery World Cup
● India's recurve mixed team of Dhiraj Bommadevara and Bhajan Kaur displayed exceptional skill
to secure a bronze medal in the Archery World Cup Stage 3.
● Medal Tally: This bronze marks India's third medal at the event, with prospects for more as Dhiraj
Bommadevara and Ankita Bhakat advance to their individual semifinals.
● Additional Achievements: Earlier, the Indian women's compound team comprising Jyothi Surekha
Vennam, Aditi Swami, and Parneet Kaur secured a gold medal, while Priyansh claimed a silver in
their respective events.
Jessica Pegula knocks out Coco Gauff in semis, beats Anna Kalinskaya to win Berlin Open
● Jessica Pegula emerged victorious at the Berlin Open after a series of compelling matches,
including a rain-interrupted semi-final against top seed Coco Gauff and a final against Anna
Kalinskaya.
Sinner beats Hurkacz to win first title on grass at Halle Open

● Italian world number one Jannik Sinner secured his first grasscourt title by defeating his doubles
partner Hubert Hurkacz 7-6(8), 7-6(2) in the Halle Open final.
Indian Wrestlers Shine at Under-17 Asian Wrestling Championships
● India concluded their campaign at the Under-17 Asian Wrestling Championships in Amman,
Jordan, with an impressive tally of 11 medals: four gold, two silver, and five bronze.
.
Women Wrestlers Dominate:
● Gold Medalists: Dipanshi (46 kg), Muskan (53 kg), Rajnita (61 kg), and Mansi Lather (69 kg)
showcased exceptional performances in their weight categories, securing gold medals.
● Silver Medalist: Raja Bala displayed determination in the 40 kg category, earning a silver despite
fierce competition.
Men's Achievements:
● Silver Medal: Samarth Gajanan Mhakave demonstrated skill in the 55 kg category, claiming a
silver medal.
● Bronze Medalists: Akash (65 kg), Sachin Kumar (71 kg), Bikash Kacchap (48 kg), Tushar
Tukaram Patil (60 kg), and Ronak (110 kg) exhibited their prowess with bronze medal victories.
Anush Agarwalla to Make Historic Olympic Debut in Dressage for India
● Anush Agarwalla, an Asian Games medallist, has been chosen by the Equestrian Federation of
India (EFI) to represent the nation in the dressage event at the upcoming Paris Olympics.
● His selection came after edging out competitor Shruti Vora with superior average scores.
● Historic Milestone: This decision marks a historic moment for India, as it signifies the country's
inaugural entry into the Olympic dressage competition.
IOA's Enhanced Cash Awards for Paris Olympic Games 2024
● The Indian Olympic Association (IOA) has announced substantial cash awards for Indian athletes
achieving medals at the Paris Olympic Games, scheduled from July 26 to August 11, 2024.
● Silver Medalists: Rs 75 lakh
● Bronze Medalists: Rs 50 lakh
Comparison with Government Awards:
● These awards are in addition to the government's existing scheme:
o Gold Medal: Rs 75 lakh
o Silver Medal: Rs 50 lakh
o Bronze Medal: Rs 30 lakh
.
Travis Head Becomes World No. 1 in ICC T20I Men’s Batting Rankings
● Travis Head, the Australian opener, has ascended to the No. 1 spot in the ICC T20I Men’s
Batting Rankings.
● Head moved up four places following his stellar T20 World Cup 2024 performance.
● Head replaced India’s Suryakumar Yadav, who previously held the top position.
Top Five Batters
1. Travis Head (Australia)
2. Suryakumar Yadav (India)
3. Phil Salt (England)
4. Babar Azam (Pakistan)
5. Mohammad Rizwan (Pakistan)
Carlos Alcaraz: The Youngest Male to Conquer All Three Courts
● In June 2024, Carlos Alcaraz clinched his first French Open title, making him the youngest male
tennis player to win Grand Slam titles on all three surfaces: hard, grass, and clay.
● Alcaraz joins an elite group of six other male players who have achieved this feat: Mats Wilander,
Jimmy Connors, Andre Agassi, Rafael Nadal, Roger Federer, and Novak Djokovic.
Team India clinches its second ICC T20 World Cup title against South Africa
● India clinched its second T20 World Cup title after beating South Africa by seven runs in the final
at the Kensington Oval, Bridgetown, Barbados.
● The title triumph ended India's 11-year ICC trophy drought, dating back to the ICC Champions
Trophy in 2013. This is India’s second T20 World Cup victory after they had won it in 2007 and
first since winning the Champions Trophy in 2013.
● India's ICC trophy cabinet now contains six titles. It has won the ODI World Cup twice (1983,
2011), the T20 World Cup in 2007 and 2024, and the ICC Champions Trophy in 2002 and 2013.
● Virat Kohli was declared the Player of the Match award for his fabulous innings. Pacer Jaspreet
Bumrah was awarded the Player of the Tournament.
.
BOOKS AND AUTHOR

Bill Gates announces release of personal memoir in 2025
• Microsoft co-founder Bill Gates announced the release of his memoir titled Source Code: My
Beginnings, set to hit the shelves on February 4, 2025.
• The book, currently available for pre-order, will chronicle Gates's life from childhood up until the
formation of Microsoft in 1975.
• In a blog post, Gates revealed that his memoir will delve into the more challenging aspects of his
early life, including feeling like a misfit during childhood, clashing with his parents as a teenager,
dealing with the sudden loss of a loved one, and almost being expelled from college.
OBITUARIES
British TV Presenter Michael Mosley Discovered Dead on Greek Island
● British TV presenter and advocate for healthy living, Michael Hugh Mosley, has been discovered
dead on the Greek island of Symi at the age of 67.
● Mosley was born in Calcutta, India, on 22 March 1957.
● He was a prominent British television journalist, producer, presenter, and writer, known for his
work with the BBC starting from 1985, following his medical school education.
Mumbai Cricket Association Honorary President Amol Kale Passed Away in New York
● Amol Kale, aged 47, and the honorary president of the Mumbai Cricket Association (MCA),
passed away due to a cardiac arrest in New York.
● Kale, along with MCA secretary Ajinkya Naik and apex council member Suraj Samat, had
attended India’s thrilling victory against Pakistan in the T20 World Cup from the stadium on June
9, 2024.
● Hailing from Nagpur, Kale was based in Mumbai for well over a decade, setting up a variety of
businesses.
About Mumbai Cricket Association :
● Founded : 1930
Malawi Vice President Dr Saulos Chilima Dies in Plane Crash Alongside 9 Others
• Malawi's Vice President Saulos Chilima and 9 others were killed in a plane crash.
.
• President Lazarus Chakwera confirmed there were no survivors.

• The wreckage was found in a mountainous area in northern Malawi.
• The aircraft was en route from the capital city, Lilongwe, to Mzuzu in the north when it
disappeared from radar.
• The plane carried Vice President Chilima and former first lady Shanil Dzimbiri, among others.
About Malawi :
• Capital and Largest city : Lilongwe
• Currency : kwacha
• Malawi is a landlocked country in Southeastern Africa.
• It is bordered by Zambia to the west and Tanzania to the north and northeast
Renowned Sports Journalist Harpal Singh Bedi Passed away

● Veteran sports journalist Harpal Singh Bedi, renowned for his extensive coverage of Indian
sports over a career spanning more than four decades, passed away at the age of 72 in New
Delhi.
● Bedi, the former sports editor of United News of India (UNI), was a towering figure in Indian
sports journalism.
● He served as a consulting editor for the Statesman newspaper.
T. Padmanabha Rao, The Hindu’s former legal correspondent passed away

● T. Padmanabha Rao, The Hindu’s former Legal Correspondent who had a reputation for covering
the Supreme Court with balance and accuracy, passed away at the age of 91 in New Delhi.
● Known as T.P. Rao among his colleagues, he joined The Hindu in November 1962 and served
for nearly 40 years.
● For over two decades on the Supreme Court beat, he was known for his impeccable journalism.
● He retired from service on October 31, 2002.
PT Nair, Kolkata’s famed chronicler, passes away

● Researcher, historian and author Parameswaran Thankappan Nair (91), who spent more than six
decades in Kolkata and was considered an authority on the city’s history, died in Kochi, Kerala.
● Known as the “barefoot historian” of Kolkata.
.
● In Calcutta in the 1950s, Nair’s first job was the role of a typist at a private firm.
● In 1976, he started living in the Kansaripara Road area and in 2018, after six decades, the 86-
year-old eventually gave in to the requests of his family members in Kerala and bid farewell to
Kolkata, a city he lovingly chronicled in more than 60 books.
Canadian Actor Donald Sutherland Passed away

● Donald Sutherland, the Canadian actor whose wry, arresting screen presence spanned more
than half a century of films from M.A.S.H. to The Hunger Games, has passed away at the age of
88.
● Sutherland, who was born in 1935 in Saint John, New Brunswick, Canada.
● He had a more than seven-decade cinematic career, was well-known for his appearances in
Pride and Prejudice, M*A*S*H, The Hunger Games, and Ad Astra, among many more films.
Former Indian Fast Bowler David Johnson Passed away

● Former Indian pacer David Johnson passed away at the age of 52 in a tragic incident where he
fell from the balcony of his fourth-floor apartment in Bengaluru, Karnataka.
● David Johnson hailed from Arasikere, Hassan district, Karnataka, and was known for his fast
bowling prowess.
● His impressive performance, including a notable bowling spell of 10 for 152 against Kerala in the
1995-96 Ranji Trophy season, highlighted his talent.
● Johnson's last competitive appearance came in the Karnataka Premier League in 2015.
Nissar Ahmad, Senior Photojournalist at The Hindu, Passed Away

● Senior photojournalist Nissar Ahmad, who was associated with The Hindu for 25 years, died of
cancer in Srinagar at the age of 59.
● He had joined The Hindu on August 1, 1998.
Frank Duckworth, Co-Inventor of the DLS Method and Renowned English Statistician, Passed Away
● English statistician and one of the inventors of the Duckworth-Lewis-Stern (DLS) method, Frank
Duckworth passed away at the age of 84.
● Duckworth was born in 1939 in Lytham St Annes, Lancashire, England.
.
What is meant by the Duckworth-Lewis-Stern (DLS) method?

● The Duckworth-Lewis method, devised by Duckworth and fellow statistician Tony Lewis, was
introduced to determine results in rain-affected cricket matches.
● The method was first used in international cricket in 1997 and was formally adopted by the ICC
as the standard method for setting revised targets in truncated games in 2001.
● The method was renamed the Duckworth-Lewis-Stern method after the retirement of Duckworth
and Lewis, followed by some modifications by Australian statistician Steven Stern.
● Recognition and Awards : Duckworth and Lewis were both awarded MBEs (Member of the Order
of the British Empire) in June 2010.
● Functionality of the DLS Method : The DLS method is based on a complex statistical analysis
that considers many factors like wickets remaining and overs lost, among others, to set a revised
target for the team batting second.
Former Foreign Secretary Muchkund Dubey, Who Led During Cold War's End, Passed Away
● Former Foreign Secretary Muchkund Dubey, who steered India’s foreign affairs establishment
towards the end of the Cold War and the post-Cold War phase in the early 1990s, passed away.
● Dubey born in 1933 in Jasidih (then part of Santhal Pargana, Bihar, now Jharkhand), joined the
Indian Foreign Service (IFS) in 1957.
.
Important Monthly Current Affairs Capsule – July 2024
Click Here for PDF Course Subscription Click Here to Subscribe Our Yearly Mock Test Package
.
2. NATIONAL NEWS 08
4. STATE NEWS 47
5. BUSINESS NEWS 70
14. SPORTS NEWS 210
16. OBITUARIES 229
.
IMPORTANT DAYS
GST Day - July 1
• GST Day is observed on July 1st each year, commemorating the date when GST was officially
launched in India.
• The first GST Day was observed on July 1, 2018, marking the first anniversary of the adoption of
this transformative tax system.
• The parliament enacted the Constitution (101st Amendment) Act in August 2016 authorising the
central government to charge and collect GST.
• Hence, GST came into effect on July 1, 2017, establishing a single market for easy interstate
trade.
World UFO Day 2024: July 2
• Every year on July 2nd, World UFO Day is commemorated to raise awareness About
Unidentified Flying Objects (UFO) spotted in several parts of the world and alien life forms.
• July 2 is celebrated as World UFO Day to commemorate the supposed UFO crash incident in
Roswell New Mexico in 1947.
World Sports Journalists Day 2024: July 2

• World Sports Journalists Day is observed globally on 2nd July every year to acknowledge the
work of sports journalists & to encourage them to do better at their work.
• In 1924, the International Sports Press Association was founded in Paris, France during the
Olympic Games.
• In 1994, World Sports Journalists Day was created by the A.I.P.S.
International Plastic Bag Free Day 2024: July 3
• International Plastic Bag Free Day 2024 is observed on July 3 every year to motivate people to
avoid using single-use plastic to eliminate plastic pollution.
• Rezero, a member of Zero Waste Europe (ZWE), initiated the first International Plastic Bag Free
Day which was observed on July 3, 2008.
• In 2015, the European Union also passed certain directives to reduce the usage of single-use
plastic bags.
World Zoonoses Day 2024: July 6
.
• Every year on July 6th, World Zoonoses Day is commemorated as the anniversary of the first-
ever vaccine given for any zoonotic disease way back in 1885.
• In 2300 B.C., Rabies was first recorded and the Mosaic Esmuna Code of Babylon showed the
first written account of rabies causing death in humans and dogs.
• On this day on 6th July 1885, a French biologist named Louise Pasteur who is also very known
for his theory of pasteurization successfully administered the first-ever vaccination given for a
zoonotic disease to a man named Joseph Meister who was bitten by a dog with rabies.
World Population Day 2024: July 11

• On July 11th of this current year, World Population Day 2024 is celebrated and observed all over
the world as an awareness program.
• "World Population Day 2024 theme is "To leave no one behind, count everyone."
• In 1989, The United Nations recognized July 11 as World Population Day.
World Malala Day 2024: July 12
• On July 12th, World Malala Day 2024 is celebrated and observed all over the world as an
honouring event.
• In honour of the young campaigner Malala Yousafzai, the UN has declared July 12th to be World
Malala Day.
• On the anniversary of Malala Yousafzai's birth, a day known as Malala Day is commemorated to
recognize women's and children's rights worldwide.
• On July 12, 1997, Malala Yousafzai was born in Mingora, Pakistan.
World Youth Skills Day 2024: July 15
• On July 15th World Youth Skills Day 2024 is celebrated to mention the significance of developing
skills among young people worldwide.
• World Youth Skills Day 2024, the theme “Youth Skills for Peace and Development”
• The United Nations General Assembly (UNGA) proclaimed this day in November 2014 to
highlight the importance of investing in youth skills development.
• World Youth Skills Day was created by the United Nations General Assembly on November 11,
2014, through a resolution initiated by Sri Lanka, and supported by some other countries.
• The first World Youth Skills Day was celebrated on July 15, 2015.
World Day for International Justice 2024: July 17
.
● World Day for International Justice 2024 is celebrated and observed all over the world on July
17th.
● Every year on July 17, the day of many names, also known as International Justice Day, World
Day for International Justice, or Day of International Criminal Justice, is celebrated to
acknowledge the system of international justice.
Nelson Mandela International Day 2024: July 18
● On July 18th, Nelson Mandela International Day 2024 is celebrated and observed worldwide as
an honouring event.
● Nelson Mandela International Day (also known as Mandela Day) is a yearly international
celebration honouring Mandela, which is observed on his birthday, July 18th.
● Theme for 2024: “It's still in our hands to combat poverty and inequity”.
● On July 18, 2009, The first Nelson Mandela International Day was held in New York.
International Moon Day 2024: July 20
● International Moon Day is celebrated every year on July 20th to commemorate the anniversary of
Neil Armstrong’s landing on the Moon as part of the Apollo 11 mission and to promote
international cooperation in space exploration
● The first global celebration of International Moon Day took place on July 20, 2022.
World Chess Day 2024: July 20
● World Chess Day is globally celebrated on July 20th every year to mark the date of the
establishment of the International Chess Federation (FIDE) in Paris in 1924.
● World Chess Day is celebrated on July 20th every year to commemorate the founding of the
International Chess Federation (FIDE) in 1924.
● The purpose of World Chess Day 2024 is to promote chess as a game for everyone, regardless
of age, gender, or background.
● The Global Chess Alliance (FIDE) was established in Paris, France in 1924 by the public chess
organizations of Argentina, Czechoslovakia, France, Poland, Romania, Spain, Switzerland, and
Yugoslavia.
World Brain Day 2024: July 22
● Every year on July 22nd, World Brain Day is celebrated by people worldwide to prevent brain
disabilities and treat and rehabilitate them.
.
● The World Federation of Neurology was the first to establish World Brain Day as a worldwide
commemoration.
● The theme of World Brain Day 2024 is "Brain Health and Prevention".
● World Brain Day 2024 was discovered by the World Federation of Neurology for the first time.
● The World Federation of Neurology (WFN) was founded on July 22, 1957 in Belgium.
National Broadcasting Day 2024: July 23
● Every year National Broadcasting Day is celebrated in India on July 23rd to commemorate the
first-ever radio broadcast that took place in the country on this day in 1927.
● The Indian Broadcasting Company (IBC) was established in 1927 after the success of BIBC. IBC
had to shut down in 1930 due to financial problems.
● The Government of India took over the broadcasting service and created the Indian State
Broadcasting Service (ISBS) in 1930.
National Flag Day 2024: JULY 22
● Every year, India observes National Flag Adoption Day on July 22 to honour the adoption of the
tricolour flag and the Ashoka Chakra, symbols of the country's freedom, unity, and sovereignty.
● This observance commemorates the Constituent Assembly's 1947 adoption of India's tricolour
flag, just weeks before the country's independence from British colonial authorities on August 15.
● Ashoka Chakra: The Ashoka Chakra, which replaced the spinning wheel or 'Charkha' on the flag,
symbolized self-reliance and resistance during India's struggle for freedom. This modification was
proposed by Badr-ud-Din Tyabji and supported by Mahatma Gandhi.
● Flag Code of India: In 2002, amendments to the Flag Code of India expanded citizens' rights
regarding the national flag. Previously restricted to national days, the flag can now be displayed
and used on any day of the year, subject to guidelines ensuring respect and dignity.
Income Tax Day 2024: July 24 Celebrated As Aaykar Diwas
● India’s National Income Tax Day or Rashtriya Aaykar Divas is a significant event in India,
commemorated on July 24th each year.
● It marks the country's commitment to responsible financial citizenship and reflects the importance
of taxation in nation-building.
● The Indian National Income Tax Day is an annual observance held on July 24th to commemorate
the introduction of India's first Income Tax Act in 1860 by Sir James Wilson.
● This year we will witness the 164th National Income Tax Day.
.
● National Income Tax is observed every year to spread the awareness and understanding of the
Taxation System in India.
Kargil Vijay Diwas 2024: July 26
● Kargil Vijay Diwas 2024 is observed on July 26 every year in memory of soldiers who sacrificed their
lives in the Kargil War.
● Kargil Vijay Diwas 2024 celebrates the victory of the Indian Armed Forces over Pakistan during the
Kargil War, which took place between May and July 1999
● The Kargil War was an armed conflict between India and Pakistan in the Kargil district of Jammu and
Kashmir.
World Nature Conservation Day 2024: July 28
● On July 28th, World Nature Conservation Day 2024 is celebrated and observed all over the world as
an awareness program to conserve Nature.
● In 2018, The E.U. completely restricted the outdoor use of three neonicotinoids (a type of pesticide).
● On October 5, 1948, In Fontainebleau, a small town in France, the International Union for
Conservation of Nature was established.
International Tiger Day 2024: July 29
● International Tiger Day is celebrated and observed worldwide as an awareness program on July
29th.
● In 1973, India launched Project Tiger to revive the tiger population.
● In 2010, 13 tiger range countries committed to TX2 to double wild tiger numbers by 2024.
● In 2017, IUCN recognized the continental tiger and the Sunda island tiger as tiger subspecies.
● In 2024, The WWF aims to double the number of wild tigers in 2024.
World Day Against Trafficking in Persons 2024: July 30
● Every year, World Day Against Trafficking in Persons 2024 is observed on 30th July to build
awareness of the anxiety of human trafficking victims and to promote and protect their rights.
● The theme for the 2024 World Day Against Trafficking in Persons is "Leave No Child Behind in the
Fight Against Human Trafficking".
● In 2013, the UN General Assembly arranged a high-level meeting to work on the Global Plan of
Action.
● The member states took on a resolution A/RES/68/192 and designated 30 July as the World Day
against Trafficking in Persons.
.
World Ranger Day: July 31, 2024

● World Ranger Day is celebrated on July 31 each year.
● It commemorates rangers who have been injured or killed while performing their duties.
● The day also acknowledges the essential work rangers do globally to protect cultural heritage and
natural treasures.
● The first World Ranger Day was celebrated in 2007, marking the 15th anniversary of the
International Ranger Federation (IRF).
● The IRF was founded in 1992 through a joint agreement by the Scottish Countryside Rangers
Association (SCRA), the US Association of National Park Rangers (ANPR), and the Countryside
Management Association (CMA) from Wales and England.
NATIONAL NEWS
Union Minister G Kishan Reddy Launches NIRMAN Portal to Support UPSC Aspirants
• Union Minister for Coal and Mines, Shri G Kishan Reddy, inaugurated the "Noble Initiative for
Rewarding Mains Aspirants of National Civil Services Examination (NIRMAN)" portal in New Delhi, a
CSR initiative by Coal India Limited (CIL) to aid meritorious youth from its operating districts who
have qualified for the UPSC Preliminary exams in 2024.
• The NIRMAN portal was launched in alignment with Prime Minister Narendra Modi's "Mission
Karmayogi" vision.
• The initiative aims to support candidates who have cleared the Preliminary round of the UPSC Civil
Services & Forest Service exams in 2024.
Jaishankar to represent India in place of Modi at SCO summit in Kazakhstan

• External Affairs Minister S. Jaishankar arrived in Astana, Kazakhstan to represent India at the
Shanghai Cooperation Organisation (SCO) Council of Heads of State on July 3 and 4, stepping
in for Prime Minister Narendra Modi.
• The summit, hosted by Kazakh President Kassym-Jomart Tokayev, will gather leaders from SCO
member states, including newly added Belarus, as well as observers like Iran (whose President's
attendance is uncertain due to ongoing elections) and dialogue partners.
• Chinese President Xi Jinping arrived earlier for a state visit and bilateral meetings ahead of the
SCO sessions.
.
Air India to Establish South Asia's Largest Flight Training School in Maharashtra
• Air India has announced plans to establish South Asias largest flight training school in
Maharashtras Amravati district, investing over ₹200 crore.
• The initiative is aimed at meeting the airline's demand for 500-700 pilots annually following a
substantial order of 470 Airbus and Boeing aircraft in 2023.
• Located in Maharashtra’s Amravati district, the school will be established with an investment
exceeding ₹200 crore.
• Scheduled to open in the first quarter of the next financial year.
June 2024, PMI signals manufacturing recovery, fresh hires at 19-year high
• In June 2024, India's manufacturing sector rebounded strongly from a slight slowdown in May
2024.
• The HSBC India Manufacturing Purchasing Managers Index (PMI) rose to 58.3, up from 57.5
in May 2024, indicating a sharper improvement in business conditions.
• New orders, output, and input purchases all showed an uptick, reflecting improved business
activity.
• Producers raised prices of goods to the highest extent in over two years due to increased
demand.
National Test House Set to Become Apex Certification Body for Indian Products
• The Indian government plans to elevate the National Test House (NTH), an industrial testing lab
under the Consumer Affairs Ministry, as the apex certification body for all Indian products.
• This initiative aims to address recent export rejections and enhance global acceptance of Indian
goods.
• The NTH will establish a network of labs nationwide to oversee the final certification of all
products, including food, spices, and organic goods, ensuring they meet global standards.
India to Update Base Years for National Accounts and Macro-Indicators

• India is set to update the base years for national accounts and major macro-indicators starting
from January to February 2026, coinciding with the first and second advance estimates of
national income for FY26.
.
• This decision aims to maintain comparability and accuracy in economic data.

• The Advisory Committee on National Accounts Statistics (ACNAS) has been established to
advise on the new base year for GDP and alignment with other macro-indicators.
The Ministry of Statistics and Programme Implementation (MoSPI) Launches eSankhyiki Portal for
Enhanced User Experience and Ease of Data Access
• The Ministry of Statistics and Programme Implementation (MoSPI) is the leading body
responsible for the integrated development of India's national statistical system, aligning it with
global standards and practices.
• MoSPI aims to enhance user experience and data accessibility by leveraging advanced
technologies and adopting international best practices.
• eSankhyiki Portal Overview
• Purpose: To provide real-time data for planners, policy-makers, researchers, and the public,
facilitating a comprehensive data management and sharing system for official statistics.
FATF adopts Mutual Evaluation Report of India in its June 2024 Plenary held in Singapore
• India has achieved remarkable success in the Mutual Evaluation conducted by the Financial
Action Task Force (FATF) during 2023-24.
• The Mutual Evaluation Report, adopted in the FATF plenary in Singapore categorizes India under
the 'regular follow-up' categorya distinction shared by only four other G20 nations. This
achievement marks a significant milestone in India's efforts to combat money laundering (ML)
and terrorist financing (TF).
• FATF Mutual Evaluation: India placed in the 'regular follow-up' category during 2023-24
evaluation.
About FATF:
• Establishment: 1989
• Role: International watchdog against money laundering, terrorist financing, and related threats.
• Membership: India has been a member since 2010.
Shri Bhupender Yadav urges the BRICS nations to promote the implementation of the Resolution on
.
Sustainable Lifestyles, adopted at the sixth United Nations Environment Assembly

• The 10th Meeting of BRICS Environment Ministers took place on 28th June 2024, chaired by the
Russian Federation in a hybrid format.
• Union Minister of Environment, Forest, and Climate Change, Shri Bhupender Yadav, participated
virtually.
• This marked the first meeting with the inclusion of five new members: Egypt, Ethiopia, Iran, the
United Arab Emirates, and Saudi Arabia.
Union Minister Shri Shivraj Singh Chouhan launched a web portal for faster bank settlements of interest
subvention claims under Agriculture Infrastructure along with the Krishi Katha blog site to amplify the
voice of Indian farmers
• Union Minister for Agriculture and Farmers Welfare and Rural Development, Shri Shivraj Singh
Chouhan, has launched a web portal developed in collaboration with the Department of
Agriculture and Farmers Welfare (DA&FW) and NABARD.
• This portal is designed to automate and expedite the settlement of interest subvention claims
submitted by banks under the Agriculture Infrastructure Fund (AIF).
• The event was also attended by the Minister of State for Agriculture and Farmers Welfare, Shri
Bhagirath Choudhary, the Chairman of NABARD, and senior officers from DA&FW and banks.
Union Ministers of State for Health and Family Welfare, Shri Prataprao Ganpatrao Jadhav and Smt.
Anupriya Singh Patel unveil three initiatives at the Ayushman Bharat Quality Health event
• Union Ministers of State for Health and Family Welfare, Shri Prataprao Ganpatrao Jadhav and
Smt. Anupriya Singh Patel, unveiled three significant initiatives at the आयुष्मानभारत, गुणवत्तस्वास््य
(Ayushman Bharat Quality Health) event.
• These initiatives aim to enhance healthcare service quality and ease of doing business in India.
NITI Aayog to launch Sampoornata Abhiyancampaign

• NITI Aayog is set to launch the Sampoornata Abhiyan campaign on 4th July 2024, running
until 30th September 2024.
• This campaign aims to achieve complete coverage (saturation) of 6 key performance indicators
(KPIs) in 112 Aspirational Districts and 500 Aspirational Blocks nationwide.
.
• The campaign operates under the Aspirational Districts Programme (ADP) and the Aspirational
Blocks Programme (ABP).
Smart Cities Mission extended till March 2025

• The Centre has extended the Smart Cities Mission (SCM) under the Union Urban Development
Ministry till March 31, 2025.
• This is the third extension to the mission.
• The Mission was to end on June 30, 2024.
• The Smart Cities Mission is a pioneering initiative in Indias urban development, launched in
June 2015.
• City Competition: Cities competed to be selected among the 100 smart cities.
• Stakeholder-Driven Projects: Projects were chosen based on stakeholder input.
• Special Purpose Vehicles (SPVs): These were formed for the implementation of smart city
projects.
6th meeting of the GPAI Ministerial Council held at New Delhi

• The 6th meeting of the Global Partnership on Artificial Intelligence (GPAI) Ministerial Council was
held at Bharat Mandapam, New Delhi in a hybrid format.
• Shri Jitin Prasada, the Honble Minister of State for Electronics and Information Technology and
Commerce & Industry, chaired the meeting.
• Key attendees included Shri Hiroshi Yoshida, Honble Vice Minister from Japan (Outgoing
Chair), and Ms. Jelena Begovic, Honble Minister from Serbia (Incoming Chair).
TDF scheme playing a crucial role in promoting Aatmanirbharta in defence; Start-ups & MSMEs
being encouraged to enhance capabilities in cutting-edge technology
• The Technology Development Fund (TDF) scheme is a significant initiative under the 'Make in
India campaign, led by the Ministry of Defence and executed by the Defence Research and
Development Organisation (DRDO).
• The scheme aims to promote ‘Aatmanirbharta (self-reliance) in defence by encouraging
participation from public and private industries, especially start-ups and MSMEs (Micro, Small,
and Medium Enterprises).
.
• Sanctioned Projects: To date, 77 projects have been sanctioned, with a financial commitment
exceeding ₹ 300 crore.
Ayushman Bharat Yojana may extend to cover senior citizens
• Budget 2024 may witness 'Modi 3.0' expanding the Ayushman Bharat Pradhan Mantri Jan
Arogya Yojana (AB PM-JAY) to encompass senior citizens in India, fulfilling the NDA's pledge to
extend healthcare support to those aged 70 and above.
• Expansion of AB PM-JAY: Proposal to include senior citizens in the upcoming Budget.
• Objective: Aligns with NDA's commitment to healthcare for the elderly under the scheme.
The government forms 8 Cabinet committees; security, and appointments panels remain unchanged
• The Union government reconstituted eight Cabinet committees.
• The eight key Cabinet Committees in India include the Cabinet Committee on Economic Affairs
(CCEA), Appointments Committee of the Cabinet(ACC), Cabinet Committee on Security (CCS),
Cabinet Committee on Accommodation, Cabinet Committee on Parliamentary Affairs, Cabinet
Committee on Political Affairs, Cabinet Committee on Investment and Growth, and Cabinet
Committee on Skill, Employment, and Livelihood.
• Committee Leadership: Prime Minister Narendra Modi chairs six committees, excluding the
Cabinet Committee on Accommodation and the Cabinet Committee on Parliamentary Affairs.
Ministry of New and Renewable Energy issues scheme guidelines for implementation of Green
Hydrogen under SIGHT Scheme
• The Ministry of New and Renewable Energy (MNRE) notified the Scheme Guidelines for the
"Strategic Interventions for Green Hydrogen Transition (SIGHT) Programme Component II:
Incentive Scheme for Green Hydrogen Production (under Mode 1)- Tranche-II".
• The scheme will be implemented with a total budgetary outlay of ₹200 crore till FY26.
• The National Institute of Solar Energy (NISE) will be the Scheme Implementation Agency (SIA).
50k villages in 310 districts: Government prepares plan for climate-resilient farming
• The Union government is set to unveil a framework to promote climate-resilient agriculture in
50,000 villages located in climatically-vulnerable districts.
• Selection of Villages:
.
• Officials will select the 50,000 villages from 310 districts already identified as climatically
vulnerable.
• These districts are spread across 27 states, with Uttar Pradesh having the most (48 districts),
followed by Rajasthan (27 districts).
National policy on farmer producer organisations for cheaper loans
• The government has introduced a draft national policy on Farmer Producer Organisations
(FPOs), outlining several measures to aid and benefit millions of farmers across the country.
• Lending Norms: Advocates for a special subset within primary sector lending norms to make it
easier for banks to lend to FPOs.
• Objective: To provide more accessible and affordable financial support for FPOs.
ASSOCHAM Announces Uttar Pradesh MSME Sammelan: MSME Vision for Viksit Bharat
• The Associated Chambers of Commerce and Industry of India (ASSOCHAM), Indias premier
chamber for commerce and industry, is pleased to announce the Uttar Pradesh MSME
Sammelan: MSME Vision for Viksit Bharat, in Lucknow, Uttar Pradesh.
• Focus: To promote the growth and development of Micro, Small, and Medium Enterprises
(MSMEs).
• Objective: Enhance awareness of policies supporting the MSME sector.
DPIIT Recommends Removal of Angel Tax for Startups Ahead of Union Budget
• With the Union Budget expected, the Department for Promotion of Industry and Internal Trade
(DPIIT) has proposed the removal of the contentious angel tax for startups.
• Previous and Current Proposals: DPIIT has consistently recommended the removal of angel tax
based on consultations with the startup ecosystem.
• Input Nature: Recommendations by DPIIT are advisory and not binding on the government.
NBCC Seeks Approval to Demolish Unsafe Towers in Green View Complex, Gurugram
• The National Buildings Construction Corporation Limited (NBCC) has requested permission from
the Gurugram district administration to demolish seven towers at the Green View condominium
complex in Sector 37 D, following their declaration as unsafe for habitation.
• Audit Reports: The IIT Roorkee and Central Building Research Institute conducted a structural
audit, leading to the declaration of the towers as unsafe.
.
• District Administration Action: The district magistrate and chairperson of the District Disaster
Management Authority (DDMA) issued an order on February 17, 2022, highlighting imminent
dangers to life and property due to structural issues.
SEHER Credit Education Program Launched to Empower Women Entrepreneurs
• SEHER, a credit education program launched by the Women Entrepreneurship Platform (WEP)
and TransUnion CIBIL, aims to empower women entrepreneurs in India with essential financial
literacy content and business skills.
• This initiative will facilitate their access to financial tools, driving growth and employment in the
country.
• Organizers: Women Entrepreneurship Platform (WEP) and TransUnion CIBIL
• Objective: To provide financial literacy and business skills to women entrepreneurs in India.
About Women Entrepreneurship Platform (WEP):
o Established: 2018 by NITI Aayog
o Transition: Became a public-private partnership in 2022
o Purpose: To support women entrepreneurs across India by addressing information
asymmetry and providing continuous support across various pillars:
Union Budget to Propose 20 Million More Rural Houses Under PMAY Gramin
• The Union Budget is likely to propose the construction of an additional 20 million rural houses
over the next five years under the Pradhan Mantri Awas Yojana (PMAY) Gramin.
• This initiative is in addition to the 10 June Cabinet decision to build 30 million homes for both
urban and rural poor under PMAY.
• Target: 20 million new rural houses in the next five years.
• Context: Part of the Union Budget proposal.
Government Mandates BIS Standards for Stainless Steel and Aluminium Utensils
• To enhance kitchen safety, quality, and efficiency, the Government of India has mandated
adherence to the Bureau of Indian Standards (BIS) for stainless steel and aluminium utensils.
• Order Issued by: Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of
Commerce and Industry.
• Order Date: March 14, 2024.
• Requirement: All stainless steel and aluminium utensils must have the ISI mark.
.
AI-Powered Translation of Laws by Union Law Ministry

• The Union Law Ministry is advancing efforts to leverage Artificial Intelligence (AI) for translating
Central legislation into Indian languages, potentially operational by December.
• This move aims to reduce dependency on state governments for translating Central laws into
various regional languages.
• AI Translation Development: Initial trials of AI for translating laws showed About 40% success
• Target Languages: While there are 22 Indian languages listed in the Eighth Schedule of the
Constitution, translations will focus on 14 languages, including Bengali, Tamil, Gujarati, Urdu,
Punjabi, and Marathi. This selection is based on the languages predominantly used in courts.
Packaged Food Makers to Review Proposed Nutritional Labelling Changes

• Packaged food manufacturers will review the Food Safety and Standards Authority of India’s
(FSSAI) proposed amendments on nutritional information labelling and plan to submit their
feedback.
• Proposed Changes: The FSSAI approved a proposal requiring key nutritional details such as
total sugars, salt, and saturated fat to be highlighted prominently on packaged food labels. This
move aims to enhance consumer awareness and promote healthier choices.
• Objective: The changes were discussed during the 44th meeting of the FSSAI. The intention
behind the amendment is to make critical nutritional information more visible and comprehensible
to consumers, thereby encouraging better dietary decisions.
India to Finalise Pact with Zambia on Geological Mapping and Mineral Exploration
• India is on the verge of finalising a significant agreement with Zambia to enhance geological
mapping and mineral exploration in the resource-rich African nation.
• This move aims to secure access to valuable minerals and strengthen bilateral relations.
• Objective: Secure access to Zambia’s rich mineral resources, including precious stones, copper,
zinc, nickel, gold, and cobalt.
• Background: Zambia is known for its abundant mineral wealth, making it an attractive partner for
India's resource needs.
Central Government Declares June 25 as "Samvidhaan Hatya Divas" to Commemorate Emergency
Victims
.
• The central government has declared June 25 as “Samvidhaan Hatya Divas” (Constitution
Murder Day) to remember the “inhuman pain” suffered by those jailed during the Emergency
imposed on June 25, 1975.
• The day aims to honour the sacrifices of individuals who endured severe hardships during this
period.
India to Host Inaugural World Audio Visual and Entertainment Summit (WAVES)
• India will host the first World Audio Visual and Entertainment Summit alongside the International
Film Festival of India in Goa, scheduled from November 20-24.
• Information and Broadcasting Minister Ashwini Vaishnaw emphasized strengthening intellectual
property (IP) rights protection in the media and entertainment sector.
• Venue: Goa, coinciding with the International Film Festival of India.
• Objective: Positioning India in the global media and entertainment landscape under Prime
Minister Narendra Modi’s vision.
• The inaugural WAVES summit aims to bolster India's presence in global M&E sectors, fostering
innovation, and ensuring robust IP protection.
The government may hand over MTNL operations to BSNL and not merge them
• The Indian government is evaluating whether to transfer the operations of the public sector
telecom operator MTNL to the larger BSNL instead of pursuing a full merger.
• Both MTNL and BSNL have faced significant financial challenges and have received bailouts,
including one About two years ago.
• Increased Loss: ₹3,303 crore for FY 2023-24, up from ₹2,911 crore in the previous year.
• Revenue Decline: Revenue fell 15% to ₹728 crore from ₹862 crore.
• Debt Increase: Debt rose to ₹25,795 crore from ₹23,500 crore over the past year.
• Interest Payment Issues: Announced inability to make interest payments to bondholders due to
insufficient funds.
Prime Minister Narendra Modi: A Global Icon of Leadership and Recognition

• Prime Minister Narendra Modi has been awarded the Order of St Andrew the Apostle by Russia,
marking the 15th prestigious international accolade of his career.
.
• PM Modi has been recognized globally throughout his ten years as Prime Minister, receiving
numerous high-level awards from various countries.
Latest International Honour
• Award: Order of St Andrew the Apostle
• Country: Russia
• Significance: The Order of St Andrew the Apostle is Russia’s highest civilian honour. PM Modi
received this award during a two-day visit to Russia.
Indian Delegation From DARPG Reached Colombo For Three-Day Visit To Sri Lanka
• A five-member Indian delegation from the Department of Administrative Reforms and Public
Grievances (DARPG) arrived in Colombo, Sri Lanka, for a three-day visit.
• The delegation, led by the Secretary and Director General of the National Centre for Good
Governance, Mr. V. Srinivas, will engage in discussions on capacity-building programmes for Sri
Lankan civil servants and the potential signing of a long-term Memorandum of Understanding for
these initiatives.
• The agenda includes outlining a roadmap for future collaborations and exchanging insights on
effective governance practices.
• The visit also includes an interactive session with NCGG alumni in the Sri Lankan Civil Service.
Government reopens application window for PLI Scheme for White Goods (ACs and LED Lights) for 90
days
• The Production Linked Incentive (PLI) Scheme for White Goods (ACs and LED Lights)
application window is being reopened due to increased industry interest and investment
potential.
• The application window is open from 15th July 2024 to 12th October 2024 on the online portal:
https://pliwhitegoods.ifciltd.com/.
• Applications will follow the terms and conditions of the PLIWG Scheme notified on 16.04.2021
and amended guidelines issued on 04.06.2021.
• Eligibility for New and Existing Applicants:
Digital Bharat Nidhi, the government’s fresh attempt at improving rural telecom connectivity
• The Department of Telecommunications (DoT) released draft rules to operationalise the Digital
Bharat Nidhi, in a fresh attempt by the central government to increase telecom connectivity in
rural areas.
.
• Digital Bharat Nidhi would replace the erstwhile Universal Service Obligation Fund (USOF), a
pool of funds generated by a 5 per cent Universal Service Levy charged upon all the telecom
fund operators on their Adjusted Gross Revenue (AGR).
After Andhra and Telangana, Godrej Agrovet eyes Tamil Nadu to expand oil palm area
• Godrej Agrovet Ltd (GAVL) is aiming to revive oil palm cultivation in Tamil Nadu, where many
farmers had switched to other crops like sugarcane or faced crop destruction due to cyclones
over the past decade.
• The company has inaugurated "Samadhan", a one-stop solution centre, in Echankottai hamlet,
Orathanadu Taluk, Thanjavur district, to support and empower oil palm farmers.
• Aims to triple area in TN to 6,000 hectares in three years; to attract farmers back to oil palm
cultivation with improved variety, package of practices
First Mothership Arrives at Vizhinjam International Seaport
• The container ship 'San Fernando' from China berthed at Kerala's Vizhinjam International
Seaport Limited (VISL), marking the first arrival of such a vessel at India's largest transshipment
port.
• San Fernando, a 300-meter-long cargo ship, received a water salute by four tugs that piloted it to
the dock.
• The ship will offload 1,900 containers on Friday.
Strengthening India's Defence Capabilities: DRDO Awards New Projects

• The Defence Research and Development Organisation (DRDO) is bolstering India's defence
capabilities by awarding seven new projects to private sector companies.
• Technology Development Fund Scheme: These projects are part of the Technology
Development Fund scheme, focusing on nurturing the defence and aerospace industries,
particularly MSMEs and startups.
43rd Foundation Day of NABARD: July 12, 2024

• The 43rd Foundation Day of NABARD commemorates on July 12th, 2024 the dedication to rural
development and agricultural growth in India.
• It recognizes the National Bank for Agriculture and Rural Development’s (NABARD) significant
contributions to improving rural communities and agricultural productivity.
.
• NABARD stands for the National Bank for Agriculture and Rural Development.
• Established on July 12, 1982, following the recommendation of the B. Sivaraman Committee set
up in 1979.
• Its mission is to promote sustainable agricultural and rural development through financial support
and innovative solutions.
About NABARD
• Date: July 12, 2024
• Celebrating: 43rd Foundation Day of NABARD
• Established: July 12, 1982
• Full Form: National Bank For Agriculture And Rural Development
• Chairman: Mr. Shaji K. V.
UN Estimates: India's Population to Surpass China’s by 2085

• By 2100, India's population is projected to reach around 1.5 billion, more than twice that of
China's 633 million.
• India is expected to hit an inflection point in 2085 with a population of 1.61 billion, double that of
China's 806 million.
• The gap between India and China’s population will continue to widen post-2085.
• Global Population Rankings in 2100:
o Following India and China, the largest populations will be:
▪ Pakistan: 511 million
▪ Nigeria: 477 million
▪ Democratic Republic of the Congo: 431 million
▪ United States: 421 million
Union Minister to Inaugurate Over 125 Projects in Fisheries Sector at Madurai, Tamilnadu
• Union Minister Rajiv Ranjan Singh will inaugurate more than 125 projects at the Fisheries
Summer Meet in Madurai, Tamil Nadu.
• These initiatives, totaling an investment exceeding Rs 100 crore, are part of the Pradhan Mantri
Matsya Sampada Yojana (PMMSY).
.
• Projects include fish retail kiosks, shrimp hatcheries, brood banks, ornamental fish units, biofloc
units, fish feed mills, and fish value-added enterprises.
• PMMSY, a flagship programme, aims to promote sustainable development in the fisheries sector.
About Pradhan Mantri Matsya Sampada Yojana (PMMSY)
• The scheme was announced by the Finance Minister, Nirmala Sitharaman during her speech in
the parliament of India while presenting the Union budget for 2019–20 on 5 July 2019.
• The main motto of PMMSY is ‘Reform, Perform and Transform’ in the fisheries sector.
• The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, Government
of India is implementing Pradhan Mantri Matsya Sampada Yojana – A scheme to bring About
Blue Revolution through sustainable and responsible development of fisheries sector in India at
an estimated investment of Rs. 20050 crores for holistic development of fisheries sector including
welfare of fishers.
• PMMSY is being implemented in all the States and Union Territories for a period of 5 years from
FY 2020-21 to FY 2024-25.
FSSAI Cancels Licenses of 111 Spice Producers Due to Safety Concerns

• The Food Safety and Standards Authority of India (FSSAI) has revoked the manufacturing
licenses of 111 spice producers across the nation.
• These producers have been ordered to halt production immediately.
• Reason for Action:
o The action follows the collection of spice samples by FSSAI since April.
o The sampling was prompted by bans on Indian spice brands MDH Pvt. Ltd and Everest
Food Products Pvt in Singapore and Hong Kong due to the detection of the carcinogenic
pesticide ethylene oxide.
India and Russia Aim for $100 Billion Bilateral Trade by 2030
• India and Russia target increasing bilateral trade to $100 billion by 2030.
• Efforts will focus on balancing the currently uneven trade relationship and removing non-tariff
trade barriers.
• EAEU-India Free Trade Area:
.
• Both nations are exploring the establishment of a Eurasian Economic Union (EAEU)-India Free
Trade Area to enhance economic cooperation.
• Bilateral Settlement System:
• Plans are underway to create a bilateral settlement system utilizing national currencies.
Indian Gaming Industry Poised for 20% Growth by FY25

• A recent report highlights that the Indian gaming industry is set to achieve a remarkable 20%
growth, reaching a value of Rs 23,100 crore by FY25.
• The report, released by Grant Thornton Bharat and the E-Gaming Federation, provides insights
into the industry's current state and future prospects.
• The Indian gaming industry is expected to grow by 20% and hit Rs 23,100 crore by FY25.
• The growth is driven by a vibrant young demographic and an overall dynamic gaming landscape
in India.
Digital IDs for Farmers: A New Initiative for Efficient Agricultural Support
• The Agriculture Ministry is implementing a new system to create unique digital IDs for farmers.
• This system aims to streamline the delivery of various government benefits and services.
• The unique IDs will include details on farmers’ land holdings, crops grown, and other relevant
information.
• This system will facilitate:
▪ Direct cash benefits (e.g., PM Kisan)
▪ Sanctioning of credits
▪ Crop insurance
▪ Projecting crop yield in advance
Bhoj Wetland faces delisting from the Ramsar Convention list

• Bhoj Wetland in Bhopal is at risk of being delisted from the Ramsar Convention’s list of Wetlands
of International Importance due to potential damage to its ecological character.
• Bhoj Wetland is facing the threat of being delisted from the Ramsar Convention’s list due to
concerns About damage to its ecological character.
.
• Citizens have raised concerns over proposed road construction activities that might impact the
wetland's catchment area.
• The Ramsar Convention Secretariat in Switzerland has requested clarification from India on this
issue.
India Plans $1 Billion Investment for 12 Hydropower Stations in Arunachal Pradesh

• India is set to invest US$1 billion to accelerate the construction of 12 hydropower stations in the
northeastern Himalayan state of Arunachal Pradesh.
• This major move could potentially escalate tensions with China, which claims sovereignty over
the region.
• India plans to spend US$1 billion to speed up the construction of 12 hydropower stations in
Arunachal Pradesh.
• The federal finance ministry, led by Nirmala Sitharaman, has recently approved up to 7.5 billion
rupees (US$89.85 million) in financial support for each hydropower project in the northeastern
region.
Indian Railways And DMRC Join Hands To Promote One India-One Ticket Initiative
• The Indian Railways, Delhi Metro Rail Corporation (DMRC), and the Centre For Railway
Information System (CRIS) have collaborated to launch the One India-One Ticket initiative aimed
at simplifying travel for passengers.
• This initiative will benefit both main railway line passengers and commuters in the Delhi/NCR
area by integrating train and metro ticketing systems.
• Travelers can now book metro tickets from the IRCTC website or app.
Paradip Port Authority Sets New Record with 41.12 Million Metric Tons of Cargo Handling in First 100
Days of FY 2024-25
• Paradip Port Authority (PPA) has achieved a historic milestone in its operational history, handling
an unprecedented 41.12 Million Metric Tons (MMT) of cargo within the first 100 days of the fiscal
year 2024-25.
• This remarkable performance marks a 4.78% growth compared to the 39.25 MMT achieved
during the same period in the previous fiscal year 2023-24.
.
• PPA has set a new record by handling 41.12 MMT of cargo in the initial 100 days of FY 2024-25.
• This achievement reflects a 4.78% growth from the 39.25 MMT handled in the same timeframe in
FY 2023-24.
Union Health Minister JP Nadda Chairs the First Executive Committee Meeting of the National One
Health Mission
• Union Health Minister JP Nadda chaired the inaugural executive committee meeting of the
National One Health Mission.
• The mission aims to achieve integrated disease control and pandemic preparedness by
institutionalizing the 'One Health' approach.
• The One Health approach focuses on the health of humans, animals, plants, and the
environment holistically and sustainably.
• Dr. V K Paul, Member (Health) of NITI Aayog, and Principal Scientific Advisor Dr. Ajay Kumar
Sood were also present at the meeting.
Indian Council of Social Science Research Invites Proposals to Assess Socioeconomic Impact of Jal
Jeevan Mission
● The Indian Council of Social Science Research (ICSSR) has called for study proposals to
evaluate the socioeconomic impact of the central government's Jal Jeevan Mission (JJM).
● The research aims to assess how effectively JJM is achieving its goal of providing tap water to all
rural households, analyze implementation challenges, and explore the role of community
involvement in the scheme's success.
India and South Korea to Hold 11th Round of CEPA Talks in Seoul
● India and South Korea are set to hold the 11th round of talks for reviewing and upgrading their
Comprehensive Economic Partnership Agreement (CEPA) from July 17-19, 2024, in Seoul.
● This round of negotiations will focus on enhancing bilateral economic cooperation and addressing
trade imbalances.
Key Details of the CEPA Review
● Date and Location: July 17-19, 2024, in Seoul, South Korea.
● Purpose: To review and upgrade the CEPA, which was signed in 2009 and came into force in
2010.
● Historical Context:
.
o Agreement Signed: 2009

o Effective Date: 2010
o Review Agreed: 2016
Indian Council of Agricultural Research (ICAR) Launches New Initiatives
● The Indian Council of Agricultural Research (ICAR) is set to launch its new initiative, ‘One
Scientist-One Product’.
● This program aims to enhance research in agriculture and animal husbandry by assigning a
specific product to each scientist.
● Inauguration By Union Agriculture Minister Shivraj Singh Chouhan
● In addition to the programme launch, ICAR will also announce the release of 323 new crop
varieties across 56 crops.
India to Host the Second Asia Pacific Ministerial Conference on Civil Aviation
● India will host the Second Asia Pacific Ministerial Conference on Civil Aviation on September 11-
12, 2024, in New Delhi.
● The conference will bring together representatives from around 40 countries, including China and
Pakistan, to discuss and shape the future of civil aviation in the Asia Pacific region.
● Event Dates: September 11-12, 2024
● Location: National Capital, India
● Participants: Representatives from 40 countries.
● Organizers: Indian Government and International Civil Aviation Organization (ICAO) APAC.
Thane-Borivali Twin Tunnel Project: A Major Infrastructure Milestone for Mumbai
● Indian Prime Minister Narendra Modi led the groundbreaking ceremony for the Thane-Borivali
Twin Tunnel project in Mumbai.
● This ambitious infrastructure initiative is a key part of Mumbai's broader urban development plan,
which aims to enhance connectivity and reduce traffic congestion in the city.
Project Overview
Thane-Borivali Twin Tunnel
● Length: 11.8 km
● Type: Urban Tunnel
About Mumbai Metropolitan Region Development Authority (MMRDA)
.
● Established: 1975
● Initial Project: Bandra-Kurla Complex (now a major business hub).
● Notable Achievements:
o 2014: Initiated the first train services in Mumbai.
o Ongoing Projects: Mumbai Metro expansion, Mumbai Urban Infrastructure Project.
o Upcoming: Mumbai Trans-Harbour Link to connect Mumbai with Navi Mumbai.
India Successfully Concludes Fourth Periodic Review by UN Human Rights Committee
● India has completed its fourth periodic review under the International Covenant on Civil and Political
Rights (ICCPR) at the UN Human Rights Committee session in Geneva.
● This review marks a significant step in assessing the country’s adherence to international human
rights standards.
The Indian delegation was led by:
● Attorney General R. Venkataramani
● Solicitor General Tushar Mehta
● What is ICCPR?
o The ICCPR is an international treaty that aims to protect civil and political rights.
o It is monitored by the Human Rights Committee, which reviews country reports, addresses
concerns, and provides recommendations.
India’s Domestic Technology and Electronics Ecosystem Seeks Up to ₹50,000 Crore in Union Budget
2024
● India’s technology and electronics sector is advocating for up to ₹50,000 crore in incentives in the
upcoming Union Budget 2024.
● This request aims to bolster the local supply chain for technology components and further the ‘Make
in India’ initiative.
● Objective: To create a robust local supply chain for components and support domestic value addition
in the technology and electronics sectors.
Background of ‘Make in India’
● Launched: September 25, 2014
● Objective: To encourage national as well as multinational companies to manufacture their
products in India.
● Vision: To transform India into a global manufacturing hub.
.
India Launches MANAS: National Toll-Free Helpline for Narcotics Crimes

● Union Home Minister Amit Shah will officially launch MANAS, India’s first-ever national toll-free
telephonic helpline dedicated to addressing narcotics crimes and related issues.
● This initiative marks a significant step in the country’s efforts to combat drug trafficking and other
drug-related offences.
● Helpline Number: 1933
About MANAS
● Full Form: Madak Padarth Nisedh Asuchna Kendra (Narcotics Prohibition Intelligence Centre)
● Purpose: To provide a 24x7 platform for citizens to report drug-related activities and crimes.
● The launch of MANAS coincides with the seventh apex-level meeting of the Narco-Coordination
Centre (NCORD), an initiative designed to improve coordination and strategic responses to
narcotics issues in India.
Reconstitution of NITI Aayog by the Narendra Modi-led NDA Government
● The Narendra Modi-led National Democratic Alliance (NDA) government has reconstituted NITI
Aayog, its apex think tank, to include a mix of full-time members and union ministers, enhancing its
capacity to address key policy matters.
Position Name Role

Chairperson Narendra Modi Prime Minister of India
Vice-Chairman Suman Bery Economist
Chief Executive BVR Subrahmanyam Former Commerce Secretary
Officer
Full-Time VK Paul Member, NITI Aayog
Members
VK Saraswat Member, NITI Aayog
Arvind Virmani Economist, former Chief Economic Adviser
Ramesh Chand Member, NITI Aayog
Ex-Officio Shivraj Singh Chouhan Union Minister of Agriculture and Farmers
Members Welfare, Minister of Rural Development
Special Invitees Ram Mohan Naidu Civil Aviation Minister (Telugu Desam Party)
HD Kumaraswamy Minister of Heavy Industries and Steel
.
Jitan Ram Manjhi Leader, Hindustani Awam Morcha, former

Bihar CM
Rajiv Ranjan Singh Leader, Janata Dal United
(Lalan Singh)
Chirag Paswan Leader, Lok Janshakti Party
JP Nadda President, BJP
Jual Oram BJP leader from Odisha, Minister of Tribal
Affairs
Dropped Ashwini Vaishnaw Union Minister for Railways, Electronics and
Members Information Technology
Piyush Goyal Commerce Minister
Mumbai metro: First underground line to start from July 24.

● Mumbai's first underground metro line, the Aqua Line, will begin operations on July 24.
● The 33.5 km line stretches from Aarey Colony to Cuffe Parade.
● The project includes 27 stations, with 26 being underground
● The Aqua Line project cost the Mumbai Metro Rail Corporation (MMRC) ₹37,000 crore.
Centre Plans Launch of PMGSY-IV to Enhance Rural Connectivity
● The Centre is set to launch the fourth phase of its flagship rural road scheme, Pradhan Mantri Gram
Sadak Yojana (PMGSY), aiming to connect 50,000 habitations with all-weather roads.
Key Highlights:
1. Objective and Scope:
o Target: 50,000 habitations.
o Criteria: Population above 250 in plain areas and 100 in special category states.
2. Financial Details:
o Total Budget: Rs 1.9 lakh crore.
o Central Share: Rs 1.3 lakh crore.
o State Contribution: Rs 60,000 crore.
3. Implementation Timeline:
o Part of the 100-day agenda of the Ministry of Rural Development (MoRD).
4. PMGSY Phases:
.
o Phase I: Launched on December 25, 2000, by then PM Atal Bihari Vajpayee-led NDA
government.
o Phase II: Launched in 2013.
o RCPLWEA: Launched in 2016 for Left Wing Extremism Affected Areas.
o Phase III: Launched in 2019.
Next Phase of PM Awas Yojana (Urban) is to Revise the Income Threshold and Subsidy Disbursement
● The government is set to implement significant changes in the next phase of the Pradhan Mantri
Awas Yojna (PMAY) for urban areas, aiming to better target middle-income group (MIG)
beneficiaries and improve subsidy disbursement.
Key Highlights:
1. Income Threshold Adjustment:
o Current Threshold: Rs 18 lakh.
o Proposed Threshold: Rs 10 lakh.
o Objective: To better target the scheme towards deserving beneficiaries.
2. Subsidy Disbursement:
o Current Method: One-shot payment.
o Proposed Method: Spread over five years for better monitoring and control.
3. MIG Categories:
o Previous Categories:
▪ Annual income of Rs 6 lakh to Rs 12 lakh.
▪ Annual income of Rs 12 lakh to Rs 18 lakh.
o Proposed Change: Merge into a single category with an annual income up to Rs 10 lakh.
Prime Minister Narendra Modi Meets Author Dr. R Balasubramaniam: A Convergence of Politics and
Literature
● Prime Minister Narendra Modi met with renowned author and development activist Dr. R
Balasubramaniam.
● Modi signed a copy of Dr. Balasubramaniam’s latest book, “Power Within: The Leadership Legacy
of Narendra Modi.”
● The book provides a unique analytical framework, combining Western and Indic leadership
perspectives.
India aims for $500 bn in electronics manufacturing by 2030: NITI Aayog
.
● NITI Aayog aims to propel India’s domestic electronics manufacturing sector to a value of $500
billion by 2030.
● This goal is expected to significantly boost employment and strengthen India’s position in global
value chains (GVCs).
● Sector Growth: The Electronics sector reached $155 billion in FY23.
● Production Increase: Nearly doubled from $48 billion in FY17 to $101 billion in FY23.
● Mobile Phones: Account for 43% of total electronics production.
● Domestic Manufacturing: India now produces 99% of its smartphones domestically.
Union Minister Jitan Ram Manjhi Highlights Role of Women in MSME Growth
● Union Minister for Micro, Small and Medium Enterprises (MSME), Jitan Ram Manjhi, emphasised
the Prime Minister's vision of transforming India into a developed nation by 2047.
● He highlighted the crucial role of micro, small, and medium industries in this endeavour and
underscored the importance of women's participation in these industries.
46th World Heritage Committee Meeting to be Hosted by India
● For the first time, India will host the 46th World Heritage Committee meeting, a UNESCO event, to
examine proposals for new World Heritage sites and the conservation status of existing ones.
Event Details:
o Dates: July 21 to July 31, 2024.
o Location: Bharat Mandapam, New Delhi.
o Inauguration: By Prime Minister Narendra Modi and UNESCO Director-General Audrey
Azoulay.
Commerce and Industry Minister Piyush Goyal to Attend BRICS Trade Ministers' Meeting in Moscow
● Commerce and Industry Minister Piyush Goyal is set to participate in the BRICS trade ministers'
meeting in Moscow on July 26, focusing on enhancing trade relations and resolving export issues.
● Meeting Details:
o Date: July 26, 2024.
o Location: Moscow, Russia.
o Participants: Trade ministers from BRICS nations (Brazil, Russia, India, China, and South
Africa).
● Trade Issues and Focus:
o Addressing challenges faced by Indian marine and pharma exporters in Russia.
.
o Facilitating smoother shipments and trade relations.

Government sets up 22-member panel for base year revision of price indices
● A 22-member committee has been established by the Centre to revise the base year for various
price indices including consumer, wholesale, retail, and producer price indices.
● The committee will suggest appropriate weighting methods for these indices.
ICSI to launch Stewardship Code for Responsible Investment

● The Institute of Company Secretaries of India (ICSI) is set to introduce a Stewardship Code in
September 2024.
● This initiative aims to foster responsible investment practices among institutional investors by
focusing on compliance with environmental, social, and corporate governance (ESG).
● Focus Areas:
o Environmental Sustainability: Emphasis on sustainable investment practices.
o Social and Governance Factors: Incorporates principles related to social responsibility and
corporate governance.
Interest subvention scheme: Government looks to raise the limit of crop loans from Rs 3 lakh to Rs 5
lakh
● The Centre is considering raising the upper limit for short-term crop loans under the Modified
Interest Subvention Scheme (MISS) from ₹3 lakh to ₹5 lakh.
● This move aims to allow farmers to access larger loans at concessional interest rates.
● Current Limit: ₹3 lakh, unchanged since the launch of the original Interest Subvention Scheme in
2006-07.
● Proposed Limit: ₹5 lakh.
● Interest Rates:
o Standard Rate: 7% per annum.
o Prompt Repayment Rate: 4% per annum.
● Recent Advocacy: On July 10, Uttar Pradesh Agriculture Minister Surya Pratap Shahi requested
Union Agriculture Minister Shivraj Singh Chouhan to raise the limit to ₹5 lakh.
Economic Survey 2024: India is now among the top 25 arms exporter nations
● India has significantly transformed its defence sector, moving from being a major arms importer
to joining the list of the top 25 arms-exporting nations.
.
● The Economic Survey 2024 highlights this substantial progress, showcasing India's growing
capabilities in defence production and exports.
● Substantial Increase: India's defence production has grown from Rs 74,054 crore in FY17 to Rs
108,684 crore in FY23.
Lumbini and Stonehenge Under UNESCO Review for Heritage Conservation
● The 46th session of the World Heritage Committee (WHC) is currently being held in India for the
first time, from July 21 to July 31 at Bharat Mandapam.
● During this session, the Committee will examine Nepal's Lumbini and the UK's Stonehenge, both
UNESCO heritage properties, due to issues that could affect the values of these iconic
landmarks.
● Current List: There are 56 properties currently on the List of World Heritage in Danger.
Current WHC Members
● The WHC comprises representatives from 21 State Parties elected by the General Assembly of
UNESCO.
● Current members include India, Argentina, Belgium, Italy, Ukraine, and Vietnam.
● As of now, 1,199 properties from 168 State Parties are inscribed on the World Heritage List.
Economic Survey suggests use of digital system 'Agri Stack' for better targeting of fertiliser subsidy
● The Economic Survey has called for significant reforms in India's fertiliser administration system,
pointing out that similar reforms have been successfully implemented in various countries.
India to seek licences to scout the Pacific Ocean for critical minerals
● India is preparing to apply for licenses to explore deep-sea minerals in the Pacific Ocean, aiming
to secure critical resources for energy transition technologies.
● This move highlights India's strategic effort to diversify its mineral supply sources amid growing
global competition.
● Current Status: The International Seabed Authority (ISA), a UN-backed body, has issued 31
deep-sea exploration licenses, including two for India in the Indian Ocean. However, mining has
not yet commenced as the ISA is finalizing regulations.
● Target Area: India will focus on the Clarion-Clipperton Zone, a mineral-rich area in the Pacific
Ocean between Hawaii and Mexico. This zone is known for its large volumes of polymetallic
nodules containing manganese, nickel, copper, and cobalt.
.
India features among the world’s fastest-growing 5G networks: Eco Survey

Highlights from the Economic Survey 2023-24 on India's Telecom Sector
1. Rapid Growth in 5G Network
● International Ranking: Post the launch of 5G services, India's international rank for mobile
broadband speed has surged from 118 to 15 as of March 2024.
2. Investment in Telecom Technology
● Patient Capital: Recognizing the need for substantial investment in research, development, and
commercialization, the government has allocated 5% of annual collections from the Universal
Services Obligation Fund (USOF) for telecom R&D.
● Telecom Technology Development Fund: Formulated in 2022, this fund has seen significant
participation from start-ups, MSMEs, academia, and industry.
3. Growth in Teledensity and Mobile Connections
● Teledensity: Increased from 75.2% in March 2014 to 85.7% in March 2024.
● Wireless Telephone Connections: Stood at 116.5 crore at the end of March 2024.
4. Internet Expansion
● Subscriber Base: Jumped from 25.1 crore in March 2014 to 95.4 crore in March 2024, with 91.4
crore accessing the internet via wireless phones.
● Internet Density: Increased to 68.2% in March 2024.
● Data Costs: The cost of data has declined substantially, improving average wireless data usage
per subscriber.
5. BharatNet and Broadband Connectivity
● BharatNet Programme: Amended to provide broadband connectivity to all Gram Panchayats.
● Optical Fibre Cable (OFC): As of March 31, 2024, 6,83,175 kilometres of OFC has been laid,
connecting 2,06,709 Gram Panchayats in BharatNet phases I and II.
6. Policy Reforms and Competition
● Regulatory Reforms: Implemented to promote competition, reduce regulatory burdens, and
protect consumer interests.
o Adjusted Gross Revenue (AGR): Changes in definitions.
o Spectrum Sharing and Trading: New policies to optimize spectrum use.
o Spectrum Usage Charges: Rationalized charges.
.
o Foreign Direct Investment (FDI): Allowed 100% FDI in the telecom sector under specific
safeguards.
Finance Minister Allocates ₹500 Crore for Namo Drone Didi Scheme and Announces Support for
Natural Farming
● Finance Minister Nirmala Sitharaman has introduced the Namo Drone Didi scheme and
announced substantial support for natural farming in the Union Budget 2024.
● Namo Drone Didi Scheme:
o Allocation: ₹500 crore
o Objective: To provide drones to 15,000 selected women self-help groups (SHGs)
o Duration: 2023-24 to 2025-2026
o Purpose: These drones will be used by SHGs to offer rental services to farmers, aiming to
enhance agricultural productivity and efficiency.
Government Revives Interest Subsidy Under Pradhan Mantri Awas Yojana (Urban) 2.0
● The government has reinstated the interest subsidy under the Pradhan Mantri Awas Yojana
(Urban) 2.0 and allocated ₹4,000 crore for the Credit Linked Subsidy Scheme (CLSS).
● The Union Budget 2024-25 has earmarked ₹30,170 crore for PMAY-U, marking a 20.19%
increase from the previous year's allocation.
Khelo India: Major Beneficiary in Union Budget Allocation for Sports Ministry
● Khelo India, the government’s flagship project aimed at promoting sports at the grassroots level,
has once again emerged as the biggest beneficiary in the Union Budget allocation for the Sports
Ministry.
● This project was allocated ₹900 crore from the overall budget of ₹3,442.32 crore announced on
July 23 by Finance Minister Nirmala Sitharaman.
Bhu-Aadhaar: Unique Identification for Land Parcels
● The Union Budget announced by Finance Minister Nirmala Sitharaman includes plans to assign
unique identification numbers for all land parcels in rural areas, termed "Bhu-Aadhaar," and to
digitise urban land records by 2027.
● This initiative is aimed at streamlining land administration, improving property tax collection, and
reducing fraud in land transactions.
Integrated tech platform for insolvency by 2025-end
.
● The government of India is set to launch an "Integrated Technology Platform" under the
Insolvency and Bankruptcy Code (IBC) by the end of 2025.
● This initiative aims to enhance the efficiency and outcomes of the insolvency resolution process.
● The portal aims to improve outcomes under the IBC by ensuring consistency, transparency,
timely processing, and better oversight for all stakeholders.
Impact on Recovery Rates:
o Within 330 Days: Recovery rate stands at 49.2%.
o 330-599 Days: Recovery rate reduces to 36%.
o Beyond 600 Days: Recovery rate drops further to 26.1%.
IndiaAI Mission: IT Ministry to Procure 300-500 GPUs to Enhance Domestic AI Capabilities
● The Indian Ministry of Electronics and Information Technology (IT Ministry) is preparing to release a
tender to procure between 300 to 500 graphics processing units (GPUs) as part of the Indian
Mission.
● This initiative aims to bolster domestic computing capacity for developing and testing artificial
intelligence (AI) systems in India.
● Budget Allocation:
o In the Union Budget 2024, the IndiaAI Mission received an allocation of Rs 551.75 crore for
the fiscal year 2024-25.
● IndiaAI Mission:
o Total Funding: The mission has been allocated a total of Rs 10,372 crore.
o Objective: To establish a computing capacity exceeding 10,000 GPUs and develop
foundational AI models with over 100 billion parameters. These models will be trained on
datasets covering major Indian languages and will focus on priority sectors such as
healthcare, agriculture, and governance.
Sa-Dhan Implements Stricter Guidelines for Microfinance Institutions
● Sa-Dhan, a self-regulatory organisation (SRO) recognised by the Reserve Bank of India (RBI) for
microfinance institutions (MFIs), has introduced stricter guidelines for its over 220 members.
● The new rules prohibit extending new loans to households with MFI exposure exceeding Rs 2 lakhs.
MNRE to Raise Over ₹13,500 Crore via Green Bonds for Renewable Energy Projects
● The Ministry of New & Renewable Energy (MNRE) plans to raise over ₹13,500 crore through green
bonds for renewable energy projects in the financial year ending March 2025.
.
● The budget estimate for FY25 is ₹13,526.35 crore, an 80% increase from FY24's estimate of
₹7,507.46 crore.
● The revised estimate for the last fiscal year was ₹6,116.30 crore.
1. Allocation of Funds:
o ₹10,000 crore for solar energy.
o ₹1,996 crore for PM KUSUM (rural solar scheme).
o ₹930 crore for wind energy.
o ₹600 crore for the national green hydrogen mission
2. Other Ministry Plans:
o Railways: Plans to raise ₹15,000 crore, with ₹12,000 crore allocated for the production of
energy-efficient three-phase electric locos.
o Ministry of Housing and Urban Affairs (MoHUA): Plans to raise ₹3,364.51 crore for equity
investments in metro projects.
o Ministry of Environment, Forests and Climate Change (MoEFCC): Plans to raise ₹170
crore for the National Mission for a Green India.
Renaming Rashtrapati Bhavan's Grand Halls to Reflect Indian Culture
● Rashtrapati Bhavan’s grand Durbar Hall and Ashok Hall, traditionally used for ceremonies and
celebrations, have been renamed Ganatantra Mandap and Ashok Mandap, respectively.
● This renaming is part of ongoing efforts to reflect Indian culture and ethos.
● Renaming of Halls:
o Durbar Hall has been renamed Ganatantra Mandap.
o Ashok Hall has been renamed Ashok Mandap.
PM Modi to Launch World’s Highest Shinku La Tunnel in Ladakh
● Prime Minister Narendra Modi will initiate the first blast for the Shinku La tunnel.
● The tunnel will provide all-weather connectivity from Manali to Leh.
● The tunnel will be 4.1 km long and situated at an elevation of 15,800 feet, making it the world’s
highest, surpassing China’s Mila tunnel.
Revamped Skill Loan Scheme Launched with Increased Loan Limits
● The Union Budget has increased the eligible loan amount for high-end skilling courses under the
Model Skill Loan scheme from ₹1.5 lakh to ₹7.5 lakh.
.
● Skill Development Minister Jayant Chaudhary has launched the revamped scheme to address
previous challenges.
● The earlier Credit Guarantee Fund Scheme for Skill Development, established in November 2015,
faced issues due to its low loan limit and restricted lending network.
● By March 31, 2024, only ₹115.75 crore had been loaned to 10,077 borrowers.
Prime Minister Shri Narendra Modi Commemorates 25th Anniversary of Kargil Vijay Diwas
● Prime Minister Shri Narendra Modi is in Kargil to mark the 25th anniversary of Kargil Vijay Diwas.
● During his visit, PM Modi paid tribute to the bravehearts who made the supreme sacrifice in the
Kargil War.
India to Establish 12 New Industrial Cities to Boost Manufacturing
● India is set to establish 12 new industrial cities across various states to boost domestic
manufacturing.
● DPIIT Secretary Rajesh Kumar Singh announced that these cities will follow the model of Greater
Noida and Dholera.
● Two cities will be developed in Andhra Pradesh and one in Bihar.
● Eight industrial cities are currently in various stages of implementation.
● Trunk infrastructure completed in four cities: Dholera (Gujarat), Auric (Maharashtra), Vikram
Udyogpuri (Madhya Pradesh), and Krishnapatnam (Andhra Pradesh).
India's Anti-Dumping and Tariff Measures in 2023: WTO Report
● India ranked second after the US in initiating and imposing anti-dumping duties among WTO
members in 2023.
● India initiated 45 anti-dumping investigations and imposed duties in 14 cases.
● The US initiated 64 anti-dumping investigations and imposed duties in 14 cases.
● In total, India has 133 anti-dumping measures impacting 418 products.
● In 2022, India was the top initiator with 29 anti-dumping investigations.
India Reports 350 Vape Violations Despite Ban on E-Cigarettes
● The Union Health and Family Ministry's tobacco cell reported 350 vape-related violations since
2022.
● The violations persist despite the ban on e-cigarettes and vapes under the Prohibition of Electronic
Cigarettes Act, 2019.
.
● E-cigarettes, or Electronic Nicotine Delivery Systems (ENDS), are battery-powered devices that
vape a flavoured solution containing nicotine.
India Evaluates New B-READY Framework to Support World Bank's Business Ready Project
● The World Bank’s new B-READY project will replace the Doing Business survey, which was
discontinued due to data irregularities in 2018 and 2020.
● The B-READY project aims to benchmark business environments and investment climates across
various economies in a more balanced and transparent manner.
● Three B-READY pilot reports are scheduled for release from 2024 to 2026.
● The first pilot will cover 54 economies, eventually expanding to include 185 economies.
Prime Minister Narendra Modi's Mann Ki Baat: Highlights on Khadi Startups, Handloom Industry, and
Drug Rehabilitation Initiatives
● Prime Minister Narendra Modi, in his latest "Mann ki Baat" radio address, commended the
emergence of khadi startups and highlighted the vibrant handloom industry spread across India.
● The Khadi Village Industry has achieved a milestone with a turnover exceeding ₹1.5 lakh crore,
marking a 400% increase in sales. This growth is creating numerous employment opportunities,
particularly for women.
Ministry of Textiles Announces PM MITRA Parks: A Major Boost for India's Textile Sector
● The Ministry of Textiles has announced the establishment of seven Mega Integrated Textile Region
and Apparel (PM MITRA) Parks with a total outlay of Rs. 4,445 crore.
● This initiative aims to advance India's textile industry and achieve the United Nations Sustainable
Development Goal 9, focusing on building resilient infrastructure, promoting sustainable
industrialisation, and fostering innovation.
Town Official Language Implementation Committee-TOLIC (PSU) Meeting in Visakhapatnam
● The Town Official Language Implementation Committee-TOLIC (PSU) meeting, hosted by NTPC,
took place in Visakhapatnam.
● Rajbhasha Gaurav Samman for 2023-24 was awarded to PSUs in Visakhapatnam for excellence in
Official Language implementation.
● Nagar Rajbhasha Samman was awarded to Hindi Officers and Coordinators.
● The 8th issue of the ‘Visakha Dhara’ TOLIC Hindi Magazine was released by prominent figures
including Atul Bhatt, Sanjay Kumar Sinha, Anirban Kumar Biswas, Dr. Rita Trivedi, G Gandhi, and
Dr. Lalan Kumar.
.
8.5 million houses delivered under PMAY-U

● The Ministry of Housing and Urban Affairs (MoHUA) has completed 8.5 million houses under the
Pradhan Mantri Awas Yojana-Urban (PMAY-U) over the past nine years, as reported by Minister of
State Tokhan Sahu in the Rajya Sabha.
● Out of the Rs 2 trillion financial assistance sanctioned by the central government under PMAY-U, Rs
1.64 trillion has already been disbursed.
PMAY-U has four key verticals:
o Beneficiary-Led Individual House Construction (BLC): Central assistance of Rs 0.15 million.
o Affordable Housing in Partnership (AHP): Central assistance of Rs 0.15 million.
o "In-Situ" Slum Redevelopment (ISSR): Central assistance of Rs 0.1 million.
o Credit-Linked Subsidy Scheme (CLSS): Offers an interest subsidy of up to Rs 0.27 million per
house for low-income, middle-income, and economically weaker sections.
Punjab Agrees to Implement PM SHRI Scheme After Funds Withheld by Centre
● The Punjab government has decided to implement the Pradhan Mantri Schools for Rising India
(PM SHRI) scheme after initially opting out, following the Centre's decision to withhold funds
under the Samagra Shiksha Abhiyan (SSA).
● The PM SHRI scheme aims to upgrade government schools into exemplary institutions
showcasing the National Education Policy, 2020 (NEP), and promoting Indian heritage,
languages, and values.
● Funding and Financial Implications:
o Punjab expects to receive Rs 515 crore under SSA, which was withheld by the Centre
after the state previously refused to implement the PM SHRI scheme.
India Inaugurates Its First Sunken Museum at Humayun's Tomb Complex
● India's first sunken museum was inaugurated at the Humayun's Tomb Complex in New Delhi.
● The inauguration was led by Union Culture Minister Gajendra Singh Shekhawat, with Prince Rahim
Aga Khan and other dignitaries present.
● Humayun's Tomb complex is a UNESCO World Heritage Site, adding historical and cultural
importance to the museum's location.
● The museum, developed by the Aga Khan Trust in collaboration with the Archaeological Survey of
India, has been built for Rs 250 crore.
● The foundation stone was laid in April 2015.
.
● The museum’s design is inspired by the ancient ‘Baolis’ or step wells of Delhi, reflecting traditional
architectural elements.
● The inauguration coincides with the 46th session of the UNESCO World Heritage Committee
currently being held in New Delhi.
Government to Launch 12 New Airports Under UDAN Scheme This Year(2024)
● The government plans to operationalize 12 new airports across eight states and Union Territories
this year under the UDAN (Ude Desh ka Aam Naagrik) scheme.
● Locations include Shibpur (Car Nicobar), Ambikapur (Chhattisgarh), Rewa and Datia (Madhya
Pradesh), Amravati and Solapur (Maharashtra), Daman (Daman & Diu), Ambala (Haryana),
Moradabad and Saharanpur (Uttar Pradesh), and Vellore and Neyveli (Tamil Nadu).
Financial Allocation:
o Phase I of the scheme allocated Rs 4,500 crore for the development of airports, heliports,
and water aerodromes.
o Phase II has allocated an additional Rs 1,000 crore.
o As of June 30, 2024, Rs 4,073 crore has been spent under Phase I.
INTERNATIONAL NEWS
India Chairs 'Colombo Process' Meeting at Permanent Representative Level in Geneva
• India presided over its first meeting as Chair of the Colombo Process at the Permanent
Representative Level Meeting in Geneva at the International Organisation for Migration (IOM)
Headquarters.
• The Colombo Process is a Regional Consultative Process comprising 12 Member States from
Asia, which primarily serve as countries of origin for migrant workers.
• The forum facilitates the exchange of best practices on managing overseas employment.
• In May 2024, India assumed the chair of the Colombo Process for the first time since its
inception.
About IOM :
• Director General : Amy Pope
• Membership (2023) : 175 member states and 8 observer states
.
• The IOM is a United Nations related organisation working in the field of migration.
United Nations Educational, Scientific and Cultural Organization Announces Designation of 11 New
Biosphere Reserves
• The United Nations Educational, Scientific and Cultural Organization (UNESCO) has approved
the designation of 11 new biosphere reserves in 11 countries.
• This includes the first-time designations in Belgium and Gambia.
• Two of the new reserves are transboundary biosphere reserves.
• Kempen-Broek Transboundary Biosphere Reserve (Belgium, Kingdom of the Netherlands)
• Darién Norte Chocoano Biosphere Reserve (Colombia)
• Madre de las Aguas Biosphere Reserve (Dominican Republic)
• Niumi Biosphere Reserve (Gambia)
• Colli Euganei Biosphere Reserve (Italy)
• Julian Alps Transboundary Biosphere Reserve (Italy, Slovenia)
• Khar Us Lake Biosphere Reserve (Mongolia)
• Apayaos Biosphere Reserve (Philippines)
• Changnyeong Biosphere Reserve (Republic of Korea)
• Val d'Aran Biosphere Reserve (Spain)
• Irati Biosphere Reserve (Spain)
About UNESCO :
• Established : 16 November 1945
• Director General : Audrey Azoulay
• The UNESCO is a specialised agency of the United Nations (UN) with the aim of promoting world
peace and security through international cooperation in education, arts, sciences and culture
UNESCO Chief Audrey Azoulay Calls on 194 Member States to Enhance Soil Protection as
Degradation Threatens Up to 90% of Earth's Soil by 2050
● United Nations Educational, Scientific and Cultural Organization (UNESCO) Director-General
Audrey Azoulay urged its 194 Member States to improve soil protection and rehabilitation as the
organisation warns that by 2050, up to 90% of the planet's soil could be degraded.
● Current Status of Soil Degradation:According to UNESCO and the World Atlas of Desertification,
75% of soils are already degraded.
.
● This degradation directly impacts approximately 3.2 billion people worldwide.

● Future Projections:The trend indicates that soil degradation may escalate to affect 90% of the
planet's soil by 2050.
Definition of Soil Degradation:
● Soil degradation is defined as a change in soil health status resulting in a diminished capacity of
the ecosystem to provide goods and services for its beneficiaries.
● It involves biological, chemical, and physical decline in soil quality.
About UNESCO :
● Established : 16 November 1945
● UNESCO is a specialised agency of the United Nations (UN) with the aim of promoting world
India Calls for Revitalization of BIMSTEC with New Energies and Resources
● India has called on the 7-nation Bay of Bengal Initiative for Multi-sectoral Technical and
Economic Cooperation (BIMSTEC) grouping to infuse new energies, resources, and a fresh
commitment to bolster cooperation among the Bay of Bengal countries.
● This call was made by External Affairs Minister S. Jaishankar during a two-day retreat with his
counterparts from the seven BIMSTEC nations: India, Sri Lanka, Bangladesh, Myanmar,
Thailand, Nepal, and Bhutan.
● Jaishankar highlighted that BIMSTEC aligns with India’s 'Neighbourhood First' policy, 'Act East
Policy,' and 'SAGAR' vision, which focuses on the Bay of Bengal region.
● External Affairs Minister Dr. S. Jaishankar hosted the 2nd BIMSTEC Foreign Ministers' Retreat in
New Delhi on 11-12 July 2024.
● The first edition of the BIMSTEC Foreign Ministers' Retreat was held in Bangkok, Thailand on 17
July 2023.
About BIMSTEC :
● Chairmanship : Thailand (since March 2022)
● The BIMSTEC is a regional organization founded in 1997 to promote economic cooperation and
technical collaboration among countries bordering the Bay of Bengal.
.
● The BIMSTEC region is home to more than 1.7 billion people which constitute around 23% of the
global population.
China Reveals Comprehensive 60-Point Policy Plan to Address Economic Challenges

● China has unveiled an extensive 60-point policy document aimed at enhancing various sectors,
including advanced industries and the business environment.
● The document was released after a significant meeting of the Communist Party Central
Committee led by President Xi Jinping.
● The meeting, known as a plenum, occurs roughly every five years and took place from July 15-
18, 2024.
● Key Policy Targets:
➢ Increasing affordable housing availability.
➢ Expanding job opportunities for young people.
➢ Enhancing the standard of living for the elderly.
External Affairs Minister S. Jaishankar Inaugurates India’s First International Jan Aushadi Kendra in
Mauritius
● External Affairs Minister S. Jaishankar inaugurated India's first overseas Jan Aushadi Kendra in
Mauritius.
● The inauguration took place with the presence of Mauritius Prime Minister Pravind Kumar
Jugnauth.
● Purpose of Jan Aushadi Kendra:The Jan Aushadi Kendra is a health partnership project
designed to provide cost-effective, Made-in-India medicines.
● Its goal is to enhance public healthcare and well-being in Mauritius.
● Fulfilment of Promise:The inauguration fulfils a promise made by Prime Minister Narendra Modi
earlier in the year.
About Mauritius :
● President : Prithvirajsing Roopun
● Capital : Port Louis
● Currency : Mauritian rupee
Indian Renewable Energy Development Agency to Invest ₹290 Crore in 900 MW Project in Nepal
.
● The Indian Renewable Energy Development Agency Limited (IREDA) has announced a strategic
investment in a 900 MegaWatt (MW) hydroelectric power project in Nepal.
● Investment Details:The investment amounts to approximately Rs 290 Crore.
● IREDA will secure up to a 10% shareholding in GMR Upper Karnali Hydro Power Limited and
Karnali Transmission Company Pvt. Ltd., both based in Nepal.
About IREDA :
● Founded : 1987
● Headquarters : New Delhi, Delhi,India
● Chairman & MD : Pradip Kumar Das
● IREDA is a Navratna organisation owned by the Government of India and administratively
controlled by the Ministry of New and Renewable Energy (MNRE).
About Nepal :
● President : Ram Chandra Poudel
● Prime Minister : KP Sharma Oli
● Capital : Kathmandu
● Currency : Nepalese rupee
Israel plans to launch an e-visa program for Indians by year's end, targeting 70,000 tourists by 2025
● Israel plans to introduce an e-visa program for Indian travellers, potentially starting later this year.
● This will be the first e-visa program offered by Israel, as currently, no country is eligible for an e-
visa to Israel.
● Pilgrimage tourism constitutes about 48% of the Indian visitor mix to Israel.
● Leisure tourism accounts for around 30%, MICE (Meetings, Incentives, Conferences, and
Exhibitions) for 12%, and other categories for 10%.
About Israel :
● President : Isaac Herzog
● Prime Minister : Benjamin Netanyahu
● Capital : Jerusalem
● Currency : New shekel
Ivory Coast Becomes 10th African Country to Join the United Nations Water Convention
● Ivory Coast joined the United Nations Water Convention, becoming the 53rd party to the 1992
Convention on the Protection and Use of Transboundary Watercourses and International Lakes.
.
● Purpose of Joining: To enhance cooperative water management across borders, addressing

growing water stress and the effects of climate change on shared water resources.
● Ivory Coast is the 10th African nation to join the Convention.
● Other African nations that have joined include Chad, Senegal, Ghana, Guinea-Bissau, Togo,
Cameroon, Nigeria, Namibia, and The Gambia.
● The UN Water Convention, formally known as the Convention on the Protection and Use of
Transboundary Watercourses and International Lakes, was adopted in Helsinki in 1992 and
entered into force in 1996.
About Ivory Coast :
● President : Alassane Ouattara
● Prime Minister : Robert Beugré Mambé
● Capital : Yamoussoukro
● Currency : West African CFA
Nepal, India, and Bangladesh to Sign Tripartite Power Trading Agreement on July 28
● Nepal is set to sign a tripartite power trading deal to export 40 MW of electricity to Bangladesh
via India.
● This will be the first time in history that the Himalayan nation will sell electricity to a third country
other than India.
● The Power Sales Agreement will be signed by officials from the Nepal Electricity Authority (NEA),
the Bangladesh Power Development Board (BPDB) and the NTPC Vidyut Vyapar Nigam Ltd
(NVVN) of India at a function here on July 28,2024.
● As per the agreement, Nepal will get a tariff of USD 0.064 per unit for selling electricity to
Bangladesh.
● In January,2024 Nepal signed a long-term agreement for the export of 10,000 MW of power to
India, and jointly inaugurated three cross-border transmission lines during the two-day visit of
External Affairs Minister S Jaishankar to the Himalayan nation.
About Nepal :
● President : Ram Chandra Poudel
● Prime Minister : KP Sharma Oli
.

About Bangladesh :
● President : Mohammed Shahabuddin
● Prime Minister : Sheikh Hasina
● Capital : Dhaka
● Currency : Taka
United Kingdom Foreign Secretary David Lammy Launches UK-India Tech Security Initiative
● British Foreign Secretary David Lammy announced the new United Kingdom (UK)-India
Technology Security Initiative.
● The announcement took place during Lammy's first visit to India, where he met with Prime
Minister Narendra Modi and other senior leaders in New Delhi.
● The initiative aims to boost economic growth and deepen collaboration between the UK and
India.
About UK :
● Prime Minister : Keir Starmer
● Capital : London
● Currency : Pound sterling
Azerbaijan to Host 29th UN Climate Change Conference and Launches 'Climate Finance Action Fund
● Azerbaijan will host the 29th Conference of Parties (COP29) to the United Nations Framework
Convention on Climate Change (UNFCCC).
● Azerbaijan has announced the launch of the 'Climate Finance Action Fund'.
● The fund is part of a package of 14 initiatives introduced during COP29 thematic days.
● Funding Goals:The fund will become operational once it completes an initial fundraising round of
$1 billion and secures commitments from 10 contributing countries as shareholders.
● Capital Allocation:50% of the capital will be directed towards climate projects in developing
countries, covering mitigation, adaptation, and research and development.
● 50% will be used to help member countries meet the next generation of Nationally Determined
Contributions (NDCs) to maintain the 1.5°C temperature target.
About UNFCCC :
.
● Headquarters : Bonn, Germany
● Executive Secretary : Simon Stiell
● UNFCCC is the UN process for negotiating an agreement to limit dangerous climate change.
STATE NEWS
Tamil Nadu Forms Committee to Propose State Amendments to Three New Criminal Laws
• Tamil Nadu (TN) Chief Minister (CM) MK Stalin formed a one-man committee to study and
recommend the amendments to be made at the state level in three criminal laws enacted by the
• The Committee will be headed by Madras High Court judge M Satyanarayan (retired) to study
and recommend the amendments, which will also include a change of the name of the laws in
Hindi.
• The three new criminal laws – the Bharatiya Nyaya Sanhita, 2023, the Bharatiya Sakshya
Adhiniyam, 2023 and the Bharatiya Nagarik Suraksha Sanhita, 2023 – came into effect from July
1.
About Tamil Nadu :
• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of
• Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird
Sanctuary
• Tiger Reserve: Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve
Maharashtra Announces Free Higher Education for Girls from Economically Weaker Sections (EWS),
Socially and Educationally Backward Classes (SEBC), and Other Backward Classes (OBC)
.
• In a significant move, the Maharashtra government announced that higher education for girls
belonging to the Economically Weaker Section (EWS), Socially and Economically Backward
Classes (SEBC), and Other Backward Classes (OBC) will be made free.
• Aim of this initiative : To promote women's education in Maharashtra.
• Cabinet Decision: The decision was made during a cabinet meeting chaired by Chief Minister
Eknath Shinde.
• Additional Benefits : Additionally, tuition and exam fees for orphaned students of both genders
will be waived, as per a government resolution (GR).
About Maharashtra :
• Governor: Ramesh Bais
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife
Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco
Chief Minister Yogi Adityanath inaugurates Uttar Pradesh mango festival
• Uttar Pradesh (UP) Chief Minister (CM) Yogi Adityanath announced in Lucknow that the State
would be exporting 40 tonnes of mangoes to Japan and Malaysia.
• For the first time in its 160-year history, Lucknow’s famous Dussehri is to be exported to the
United States.
About Mango Festival 2024:
• The festival is held at Awadh Shilp Gram from July 12–14, 2024.
• Inaugurated by UP CM Yogi Adityanath.
• Features include:
• A mango exhibition with 120 varieties of special mangoes.
About UP :
• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
.
• National Park : Dudhwa National Park

• Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National
Chambal Wildlife Sanctuary
Tamil Nadu Passes Bill to Increase Prison Terms and Fines for Illicit Liquor Offences
• The Tamil Nadu (TN) Legislative Assembly adopted a Bill that makes punishment more stringent
for offences pertaining to prohibited liquor such as denatured spirits and methanol.
• The Bill aims to amend the Tamil Nadu Prohibition Act, 1937, to impose stricter punishments for
offences related to prohibited liquor, particularly in cases where consumption results in death.
• Stringent Punishments:Death due to Consumption: Rigorous imprisonment for life and a fine of
not less than ₹10 lakh for those involved in the sale or distribution of illicit liquor leading to death.
About Tamil Nadu :
Sanctuary
• Biosphere Reserve :Agasthyamalai Biosphere Reserve
Tamil Nadu Passes Bill to Raise Age Limit for Chief of Scheduled Castes and Scheduled Tribes Panel
• The Tamil Nadu (TN) Assembly approved an amendment to the State Commission for the
Scheduled Castes and Scheduled Tribes Act, 2021 enhancing the age limit for the Chief of the
Commission from 70 to 75 years.
• Purpose: This change aims to utilize the expertise of experienced former judges of the High
Court for the role.
• Land Reforms Amendment:The Assembly also passed a Bill to amend the Land Reforms
(Fixation of Ceiling on Land) Act,1961.
.
Uttar Pradesh Cabinet Approves Draft of UP NIRMAN (Nodal Investment Region for Manufacturing
(Construction) Area Bill) -2024 to Attract Investors
• The Uttar Pradesh (UP) government has approved the draft Uttar Pradesh Nodal Investment
Region for Manufacturing (Construction) Area Bill (NIRMAN)-2024, aiming to propel the state
towards achieving a one trillion dollar economy.
• This draft of the Bill to make a Special Investment Region (SIR) was approved in the cabinet
meeting held in Lok Bhavan under chairmanship of Chief Minister Yogi Adityanath.
• Special Investment Regions (SIRs):At least 4 SIRs to be created in four geographical areas of
UP.
About UP :
Ezhavas, Nairs Represent 41% of Kerala Government Workforce
• Ezhavas and Nairs, the two major Hindu communities in Kerala, account for About 41% of the
government employees in the state.
• The caste data on employment, prepared by the Kerala State Commission for Backward
Classes, reveal that 1,15,075 Ezhava and 1,08,012 Nair community members are employed in
government service.
• Muslim and Christian Representation:Muslims and Christians have 73,774 and 73,713
employees in government service, respectively.
About Kerala:
• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammad Khan
• National Parks: Periyar National Park, Mathikettan National Park, Eravikulam National Park,
Madhya Pradesh Chief Minister Mohan Yadav Unveils Lokpath App for Resolving Road Issues Within 7
.
Days
• Madhya Pradesh (MP) Chief Minister (CM) Mohan Yadav introduced the Lokpath Mobile
App in Bhopal, MP.
• This app aims to resolve road problems within 7 days, ensuring officer accountability.
• The app was developed by Madhya Pradesh State Electronic Development Corporation Limited.
• The app allows the public to report road issues by taking photos and submitting them directly to
concerned officers.
About MP :
• Governor : Mangubhai C. Patel
• Chief Minister : Mohan Yadav
• Capital : Bhopal
• National Park : Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
Thazhakara Becomes the First Grama Panchayat in Alappuzha and One of the First in Kerala to
Publish a Comprehensive People’s Biodiversity Register
● Thazhakara has become the first grama panchayat in Alappuzha and one of the first in Kerala to
update and publish a comprehensive People’s Biodiversity Register (PBR) with the involvement
of local communities.
● The updated PBR includes details on biodiversity, resource identification, discoveries, traditional
knowledge, ongoing changes, and climate change impacts.
● Thazhakara has submitted the 261-page PBR document to the Kerala State Biodiversity Board
(KSBB).
Kerala's PBR Initiative :
● Kerala was the first state to publish the first volume of the PBR across all local bodies.
● Updating Process: Other grama panchayats like Maruthonkara and Kadalundi in Kozhikode and
Sreenarayanapuram in Thrissur have also updated their PBRs and submitted them to KSBB.
About People’s Biodiversity Register (PBR) :
● PBR serves as a comprehensive record of biodiversity, including habitat conservation,
preservation of land races, domesticated stocks, breeds of animals, micro-organisms, and
associated traditional knowledge.
.
● Legal Framework: The Biological Diversity Act (2002) mandates the development of PBRs at the
local level to document and safeguard bioresources and traditional knowledge.
● Biodiversity Management Committees (BMCs): Established by local bodies under the Biological
Diversity Act, BMCs are responsible for preparing PBRs in consultation with local communities.
About Kerala:
Andhra Pradesh Government to Enact New Law to Combat Land-Grabbing: N Chandrababu Naidu
● The Andhra Pradesh (AP) Government, led by Chief Minister N Chandrababu Naidu, will
introduce a new Act aimed at preventing illegal land-grabbing.
● This legislation will be modelled on the Gujarat Act.
● Under the new Act, the burden of establishing ownership will fall on the alleged land-grabbers,
not the original landowners.
● Naidu presented a white paper detailing the state of natural resources and their misuse during
the YSRCP rule.
● The white paper highlighted illegal financial gains amounting to ₹9,750 crore over the last 5
years.
About AP :
● Governor: S. Abdul Nazeer
● Chief minister: N. Chandrababu Naidu
● National Park : Papikonda National Park, Rajiv Gandhi (Rameshwaram) National Park, Sri
Venkateswara National Park
● Wildlife Sanctuaries : Coringa Wildlife Sanctuary, Kambalakonda Wildlife Sanctuary, Krishna
Wildlife Sanctuary, Gundla Brahmeswaram Wildlife Sanctuary
Karnataka Cabinet clears draft bill reserving 50-75% private sector jobs for locals
● The Karnataka government cleared a bill that seeks to reserve 50 per cent of management jobs
and 75 per cent of non-management jobs for locals, according to the report.
.
● The bill is formally called the State Employment of Local Candidates in the Industries, Factories
and Other Establishments Bill, 2024.
● The proposed law in Karnataka does not reserve private jobs for Karnataka residents but for
Kannadigas along linguistic lines.
● The bill reserves private jobs only for those locals who speak Kannada, according to the report.
Criteria for Local Candidates
● The bill defines a local candidate eligible for the reserved jobs as someone who:
● Has been born in Karnataka,
● Has been domiciled in the state for 15 years,
● Is fluent in Kannada,
● Passes a required test by the nodal agency, according to the report.
About Karnataka:
● Capital: Bangalore
● Governor: Thawar Chand Gehlot
● Chief Minister: Siddaramaiah
● National Park & Wildlife Sanctuary: Bandipur National Park, Nagarhole National Park, Dandeli
Wildlife Sanctuary, Bhadra Wildlife Sanctuary, Bhimgad Wildlife Sanctuary
Maharashtra Government Allocates Rs 5,500 Crore for Internship Scheme Providing Stipends to
Unemployed Youth
● The Maharashtra government will spend Rs 5,500 crore on the Mukhyamantri Yuva Karya
Prashikshan Yojana internship scheme for unemployed youth.
● This scheme, which aims to enhance the employability and skill set of the youth and prepare
them for a competitive job market, was announced in Budget 2024-25 presented by Deputy Chief
Minister and Finance Minister Ajit Pawar.
● The announcement was made on Ashadhi Ekadashi Day in Pandharpur.
Key Highlights :
● Stipend Details :
➢ Rs 6,000 for 12th pass candidates.
➢ Rs 8,000 for candidates with ITI and diploma.
➢ Rs 10,000 for candidates with degree and postgraduate.
.
● Stipend duration: 6 months.

● Stipend disbursement: Direct bank transfer.
● Eligibility Criteria for Candidates:
➢ Age: 18 to 35 years.
➢ Residency: Must be residents of Maharashtra.
About Maharashtra :
● Governor: Ramesh Bai
● Capital: Mumbai
Sanctuary
Over 9.27 Lakh Applications Submitted for 'Ladki Bahin' Scheme in 8 Marathwada Districts
● More than 9.27 lakh applications have been received so far by authorities in Maharashtra’s
Marathwada region for availing benefits under the state government’s flagship welfare scheme
for underprivileged women ‘Ladki Bahin’.
● Under the Mukhya Mantri Majhi Ladki Bahin Yojana announced in the state budget last month-
married, divorced, and destitute women aged 21-60 will receive Rs 1,500 per month, with the
annual family income of beneficiaries capped at Rs 2.5 lakh.
● In 8 districts of Marathwada in central Maharashtra, 9,27,280 women have applied for the
scheme so far (till July 18,2024).
District-wise Breakdown:
1. Chhatrapati Sambhajinagar: 2,54,489 applications
2. Dharashiv: 1,53,463 applications
3. Nanded: 1,30,310 applications
4. Beed: 1,28,070 applications
5. Latur: 1,08,656 applications (highest in urban areas)
6. Jalna: 66,835 applications
.
7. Parbhani: 51,549 applications

8. Hingoli: 33,908 applications
Assam's 700-Year-Old Ahom Moidams Nominated for World Heritage Status
● Assam's 'Moidams,' the mound burial system of the Ahom dynasty, will be considered for
inclusion in the World Heritage Sites list at the 46th session of the World Heritage Committee.
● This is the first nomination from the northeastern state in the cultural category.
● Assam already boasts of two world heritage sites in the natural category - Kaziranga National
Park and Manas National Park.
● India will host this session for the first time from July 21 to 31 at Bharat Mandapam in Delhi.
● Currently, 1,199 properties from 168 countries are on UNESCO's World Heritage list.
● India has 42 world heritage sites, including 34 cultural properties, 7 natural properties and 1
mixed site.
● India is the 6th country on the list and 2nd in the Asia Pacific Region based on the numbers of
the World Heritage List.
● India has 57 sites on the world heritage tentative list.
● 12 Sites have been added in the last 10 years that includes last year’s inscriptions of the
Santiniketan (West Bengal) and Sacred ensembles of the Hoysalas (Karnataka) during the
Extended 45th Session of the World Heritage Committee which was held in Riyadh (Saudi
Arabia)
● Italy has the maximum world sites at 59 followed by China (57), Germany (52), France (52) and
Spain (50).
About UNESCO :
● Established : 16 November 1945
● Membership : 194 member states and 12 associate members
● UNESCO is a specialised agency of the United Nations (UN).
Bihar Government Greenlights First Film Promotion Policy to Support Filmmakers and Cinema
Enthusiasts
.
● The Bihar government has introduced its first film promotion policy to support filmmakers and
cinema enthusiasts.
● The decision was taken during a Cabinet meeting chaired by Chief Minister Nitish Kumar.
● The proposal was initiated by the Art, Culture, and Youth Affairs department of the state
government.
Policy Features:
● Single Window Clearance: The policy provides a single-window clearance for all government
permissions.
● Financial grants up to ₹4 crore are provided for producing films, documentaries, and serials in
regional languages.
● Film Facilitation Cell:A Film Facilitation Cell will be established to provide support for financial
aid, shooting permissions, and other assistance.
About Bihar :
● Capital : Patna
● National Parks : Valmiki National Park
● Wildlife Sanctuaries : Bhimbandh Wildlife Sanctuary, Pant Wildlife Sanctuary, Udaypur Wildlife
Sanctuary
Gujarat Government Introduces 'Shramik Basera' Scheme Offering Rented Accommodation to
Construction Workers for ₹5 Per Day
● Gujarat Chief Minister Bhupendra Patel launched a scheme named 'Shramik Basera' to provide
temporary accommodation to nearly 15,000 construction workers at a nominal rate of Rs 5 per
day.
● The scheme aims to bring a "qualitative change" in the standard of living of workers from the
unorganised sector and construction workers by providing food, health, housing, and financial
support.
● The total cost of the project is ₹1,500 crore.
About Gujarat
● Chief minister: Bhupendrabhai Patel
.

● NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife
Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga
Wildlife Sanctuary
Telangana Government and Singareni Collieries Introduce ₹1 Lakh Support Scheme for Civil Services
Aspirants
● Telangana Chief Minister A. Revanth Reddy launched the "Rajiv Gandhi Civils Abhayahastam"
scheme.
● The scheme provides financial assistance of ₹1 lakh to civil services aspirants who qualify for the
UPSC Mains exam.
● This is the first time the Telangana government has offered financial support specifically for
UPSC Mains preparation.
● Singareni Collieries Company Limited (SCCL) will provide the assistance as part of its 'Nirmaan'
programme.
Eligibility Criteria :
● Beneficiary Categories:Candidates from SC, ST, OBC, women, and economically weaker
sections (EWS) in the general category are eligible.
● Income Limit:The annual family income should not exceed ₹8 lakh.
● Residency Requirement:Applicants must be permanent residents of Telangana.
● Employment Status:Candidates employed in permanent positions in central, state, or government
sector organizations are ineligible.
About Telangana :
● National Park : Mrugavani National Park, KBR Park
● Wildlife Sanctuary : Pranahita wildlife sanctuary, Shivaram wildlife Sanctuary
Aizawl in Mizoram Set to Become 4th Northeastern State Capital with Rail Link by 2025
.
● Mizoram's Aizawl would be the 4th capital city in the northeast region to come under railway
connectivity by July 2025 as the Northeast Frontier Railway (NFR) is laying the new Broad
Gauge (BG) track up to Sairang, near Aizawl.
● Assam's main city of Guwahati (adjoining capital Dispur), Tripura's capital Agartala, and
Arunachal Pradesh's Naharlagun (adjacent to capital city Itanagar) are already connected with
the railway network.
● The new Broad Gauge line is being laid in the Bairabi (near Assam's Hailakandi District) -
Sairang (52 km) section in Mizoram's Aizawl District.
● The Rs 8,213.72 crore Bairabi-Sairang railway project would be commissioned in July 2025.
● The 52 km new line between Bairabi and Sairang is divided into 4 sections -- Bairabi–Hortoki,
Hortoki–Kawnpui, Kawnpui–Mualkhang, and Mualkhang–Sairang.
About Mizoram :
● Governor : Kambhampati Hari Babu
● Chief Minister : Lalduhoma
● Capital : Aizawl
Kerala to Implement QR Code Registration for Inland Water Vessels Starting August 1, 2024
● The Kerala government has introduced QR code registration for all inland vessels, including
houseboats, operating in the state.
● An electronic portal has been established by the Kerala Maritime Board to facilitate the
registration and survey of inland mechanised vessels.
● From August 1, 2024, registration and surveys of all mechanised inland water vessels in Kerala
will only be possible through this portal.
● Aim : To ensure the safety of all vessels based on the new Inland Vessels Act, 2021, and to
eliminate illegal activities in the sector.
About Kerala:
Kerala Targets Boost in Foreign Student Enrolment in Higher Education Institutions
.
● Kerala is launching the 'Study in Kerala' programme to attract international students to its higher
education institutions.
● The initiative aims to enhance cultural diversity, bolster the higher education sector, and equip
students to work in a global society.
● Government Approval: The Kerala government has granted in-principle sanction to the initiative
proposed by the Kerala State Higher Education Council.
● Phased Rollout:
● First Phase:
➢ Focus on attracting international students for short-term programmes.
➢ Offer two-week to one-month academic courses with cultural immersion activities.
➢ These programmes may or may not include academic credits and will charge reasonable
fees.
● Second Phase:
➢ Target international students for full-time programmes at select universities and colleges.
➢ Strategies tailored to attract self-funded students from regions like Africa and South Asia.
Goa Chief Minister Pramod Sawant Unveils 'Goem Vinamulya Vij Yevjan' Solar Energy Program
● In a significant move towards sustainable energy, Chief Minister Pramod Sawant has launched
the ‘Goem Vinamulya Vij Yevjan’ initiative in Goa.
● This scheme is aligned with the Prime Minister’s Surya Ghar Muft Bijli Yojana and aims to boost
solar energy adoption in Goa.
● The new scheme is designed to enhance solar rooftop capacity and empower residential
households in Goa to generate their own electricity.
● The PM Surya Ghar Muft Bijli Yojana aims to increase the share of solar rooftop capacity and
empower residential households to generate their electricity.
● Financial Details: The scheme has an outlay of Rs 75,021 crore and is to be implemented till FY
2026-27.
● Initial Investment : The government of Goa, under the Goem Vinamulya Vij Yevjan, with an initial
investment of 35 crore, in addition to the Central Financial Assistance, will bear the balance cost
of the rooftop installation up to 5 kW for consumers consuming 400 or fewer units for the last
year.
.
About Goa :
● Governor : P. S. Sreedharan Pillai
● Chief Minister : Pramod Sawant
● Capital : Panaji
● Festivals : Shigmotsav/Gulalotsav Festival, Sao Joao, Goa Carnival
● Airport : Manohar International Airport (Goa Airport)
BUSINESS NEWS
U.S. Awards $176 Million to Moderna for Bird Flu Vaccine Development
• The U.S. government has allocated $176 million to Moderna to advance its development of a bird flu
vaccine amid concerns over a multi-state outbreak of the H5N1 virus in dairy cows and human
infections.
• Moderna received $176 million from the U.S. Biomedical Advanced Research and Development
Authority to complete late-stage development and testing of an mRNA-based vaccine targeting
H5N1 avian influenza.
• The funding is intended to accelerate preparations for a potential pandemic.
IBM to set up AI cluster for BFSI units in GIFT City, Gujarat
• IBM is set to establish an Artificial Intelligence (AI) cluster for Banking, Financial Services, and
Insurance (BFSI) units in GIFT City, Gujarat.
• This initiative aims to enable BFSI units to experiment with and scale AI capabilities.
GST collection at Rs 1.74 trillion in June 2024, but growth slows to 7.7%
• In June 2024, India's GST collection reached Rs 1.74 trillion, marking a 7.7% year-on-year
growth, which is lower than previous months' increases (12.4% in April and 10% in May 2024).
• Cumulative collections for the fiscal year totalled Rs 5.57 trillion.
• This is the slowest rate of growth in GST collections in three years, with the previous slower pace
of growth recorded in June 2021.
• The seventh anniversary of the GST rollout was celebrated under the theme
"SashaktVyaparSamagra Vikas," highlighting reduced tax rates on household goods post-GST
implementation.
Services Purchasing Managers' Index(PMI( rises in June 2024 after May 2024 break on new orders
.
• In June 2024, the services sector in India showed improvement with the HSBC India Services
Business Activity Index (services PMI) rising to 60.5, up from 60.2 in May.
• This increase was driven by a stronger uptick in new orders and an unprecedented expansion in
international sales, according to S&P Global.
Franklin Templeton plans to launch a series of fixed-income schemes

• Following the abrupt cessation of six debt schemes worth ₹20,215 crore in April 2020 due to a
liquidity crisis amid the Covid pandemic, Franklin Templeton Asset Management plans to launch
a series of fixed-income schemes.
• Avinash Satwalekar, President of Franklin Templeton-India, announced that the fund house aims
to enter the fixed-income market within the next three months, with initial preparations already
underway.
• New Initiatives: Franklin Templeton plans to launch new fixed income schemes.
• Background: Six debt schemes worth ₹20,215 crore were halted in April 2020 due to liquidity
issues.
Coal Sector Achieves Remarkable Growth of 10.2 % among Eight Core Industries in May 2024
• The coal sector has shown the highest growth rate of 10.2% (provisional), following the electricity
industry among the eight core industries for May 2024, as per the Index of Eight Core Industries
(ICI) with the base year 2011-12, released by the Ministry of Commerce & Industries.
• The coal industry's index reached 184.7 points in May 2024, up from 167.6 points in the same
month the previous year.
• The cumulative index rose by 8.9% from April to May 2024-25 compared to the corresponding
period last year.
Hindustan Aeronautics Ltd (HAL): Transition to Helicopter Production
• Since the early 1960s, Hindustan Aeronautics Ltd (HAL) has established a robust income
stream from fixed-wing combat aircraft, notably by designing and building the HF-24 Marut and
assembling MiG-21 fighters from Soviet blueprints.
• Key Projects: HF-24 Marut and MiG-21 fighters.
• Current Status: Income from assembling Sukhoi-30MKI fighters is diminishing.
• HAL's Historical Focus: Building HF-24 Marut and assembling MiG-21 fighters.
.
• Current Shift: Transition from fixed-wing aircraft to helicopter production due to diminishing
Sukhoi-30MKI assembly income.
Bajaj Auto Launches World's First CNG-Powered Two-Wheeler

• Bajaj Auto has launched the world's first compressed natural gas (CNG)-powered two-wheeler,
the Freedom 125, in Pune.
• This marks a significant innovation in the motorcycle market under the brand Bajajs bi-fuel
motorcycle.
• The bike will be available at a starting price of Rs 95,000 (ex-showroom) and comes in six colors
and three variants.
• The Freedom 125 boasts a range of 330 km and promises 50% lower maintenance costs
compared to other bikes.
EU slaps Chinese electric cars with tariffs of up to 38%
• The European Union has imposed provisional duties up to 38% on Chinese electric car imports.
• This move is in response to what the EU considers "unfair" state subsidies by China.
• An EU investigation found that Chinese state subsidies for electric vehicle (EV) manufacturers
undercut European competitors unfairly.
• The EU aims to protect its EV industry during its transition from thermal to electric power.
DPIIT close to finalising model to launch Producer Price Index in India
• The Department for Promotion of Industry and Internal Trade (DPIIT) is nearing the finalization of
a model to launch a Producer Price Index (PPI) in India, which may eventually replace the
Wholesale Price Index (WPI).
• Measurement Focus: PPI measures wholesale prices from the perspective of producers of goods
and services.
• Tracking Prices: It tracks prices at different stages of production.
• International Standards: PPI is conceptually in line with the internationally agreed System of
National Accounts (SNA), making it a preferred measure over WPI in most countries.
Farm credit target for FY25 may be set at Rs 24 trillion
• The Indian government is likely to set a target of Rs 24 trillion for agricultural credit by
commercial, cooperative, and regional rural banks for the fiscal year 2024-25.
.
• In the previous year, the credit flows to the priority sector reached Rs 24.84 trillion, surpassing
the target of Rs 20 trillion.
• The government aims to set an agricultural credit target of Rs 24 trillion for 2024-25.
• In 2023-24, credit flows to the priority sector were Rs 24.84 trillion, exceeding the target of Rs 20
trillion.
CPI inflation likely rose to 4-month high of 4.9% in June
• India’s retail inflation, measured by the Consumer Price Index (CPI), likely rose to a four-month
high of 4.9% in June 2024 due to an increase in vegetable prices amidst a delayed monsoon,
according to a median poll of 18 economists.
• The estimates ranged from 4.5% to 5.19%.
• June 2024 CPI inflation is projected at 4.9%, a rise from 4.75% in May and 4.87% in June 2023.
• The National Statistical Office (NSO) data indicates that at 4.9%, the overall index would see a
1.2% month-on-month increase, the fastest pace in 11 months.
GST Application on Corporate Guarantee Fees
• Goods and Services Tax (GST) will be applied to 1% of corporate guarantee fees on an annual
basis, starting from October 23, 2023.
• This decision was made by the Central Board of Indirect Taxes and Customs (CBIC) and notified
following the GST Council meeting on June 22, 2023.
• The application of GST on corporate guarantee fees at 1% annually is intended to provide
financial relief to companies.
• The provision is seen as beneficial for businesses that have been concerned About cash flows.
The budget may retain fiscal deficit target at 5.1%; job creation, social spending, and capex to be key
themes: Morgan Stanley
• US investment bank Morgan Stanley has projected that the Indian central government is likely to
retain its fiscal deficit target at 5.1% of GDP for FY25, consistent with the interim budget.
• The Union Budget will be unveiled on July 23, 2024.
• FY24 Target: The fiscal deficit target was set at 5.6% of GDP.
• FY25 Projection: Morgan Stanley expects the fiscal deficit to remain at 5.1% of GDP.
• FY26 Goal: The target is to reduce the fiscal deficit to 4.5% of GDP by FY26.
Apple Warns Indian iPhone Users of Spyware Attack
.
• Apple notified some iPhone users in India About a potential attack by Pegasus-like “mercenary
spyware” aiming for remote control of their devices.
• This marks the second notification sent to users in India and 98 other countries regarding similar
threats.
• Since 2021, Apple has issued these warnings to users in over 150 countries worldwide.
• The latest threat notification from Apple highlighted that such attacks are expensive, costing
millions of dollars.
• These sophisticated spyware attacks are targeted at a few individuals but are ongoing and have
a global reach.
India's coal import rises 5 pc to 52 MT in April-May 2024

• India's coal imports rose by 5.3% to 52.29 million tonnes (MT) during the first two months of the
current fiscal year compared to the same period last year, which saw imports of 49.62 MT.
• This data was compiled by mjunction services ltd, a B2B e-commerce platform from a joint
venture between Tata Steel and SAIL.
• Monthly Import Figures:
o April-May FY25: 52.29 MT
o April-May FY24: 49.62 MT
o May FY25: 26.19 MT
o May FY24: 26.57 MT (a decrease of 1.43% year-over-year)
ICAI, MeitY will join hands to develop ‘AI Audit Tool’ to oversee India Inc
• The Institute of Chartered Accountants of India (ICAI) has initiated discussions with the Ministry
of Electronics and Information Technology (MeitY) to jointly develop an AI Audit Tool aimed at
enhancing corporate performance tracking and fraud detection in corporate India.
• ICAI President Ranjeet Kumar Agarwal emphasized that this tool will leverage artificial
intelligence to assist companies in maintaining their status as 'going concerns' and to ensure
better compliance and fraud reporting.
• ICAI and MeitY are collaborating on an AI-powered tool to monitor company performance, detect
fraud, and provide guidance to companies.
ONGC's Ambitious Plan for Net-Zero Carbon Emissions by 2038
• ONGC plans to invest ₹2 lakh crore to achieve net-zero carbon emissions by 2038.
.
• Focus areas include renewable energy and green hydrogen initiatives.

• ONGC produces two-thirds of India’s crude oil and 58% of its natural gas.
• In 2023-24, ONGC produced 21.14 million tonnes of oil and 20.648 bcm of gas.
Moody’s 2024 Growth Projection for India and Inflation Expectations

• Moody’s has maintained India’s 2024 growth projection at 6.8%, consistent with its estimate from
March.
• Looking ahead to 2025, the agency anticipates that the Indian economy will grow by 6.4%.
• Moody’s has kept India’s 2024 growth forecast at 6.8%, unchanged from the March estimate.
• For 2025, Moody’s projects a slightly lower growth rate of 6.4% for the Indian economy.
• The Reserve Bank of India (RBI) recently raised its growth forecast to 7.2% for 2024, up from its
previous projection of 7%.
Adani Ports to Invest $1.2 Billion in Vizhinjam Port to Attract World’s Largest Ships
• Adani Ports and Special Economic Zone Ltd. (APSEZ) plans to invest 100 billion rupees ($1.2
billion) to enhance the Vizhinjam port in Kerala.
• This investment marks the second phase of the project, expected to be completed by 2028.
• Vizhinjam port, located near the southernmost tip of India, is strategically positioned close to
international shipping routes and boasts the deepest shipping channels in the region.
• The port aims to attract the world's largest container ships, currently bypassing India for deeper
harbors in Colombo, Dubai, and Singapore.
ICAI to Establish Section 8 Company for Mediation and Arbitration
• The Institute of Chartered Accountants of India (ICAI) is set to establish a Section 8 company
focused on mediation and arbitration activities.
• Section 8 companies are formed for not-for-profit objectives and must apply profits or other
income to promote their objectives.
• This initiative aligns with directives from the Law Ministry, aiming to provide structured support for
mediation and arbitration.
• The announcement was made by ICAI President Ranjeet Kumar Agarwal during the inaugural
session of 'RESOLVE-2024: An International Convention on Insolvency Resolution & Valuation'
in New Delhi.
.
CPI Inflation in June Rises To 4-Month High of 5.08%, IIP Growth Jumps To 5.9%
• Retail Inflation: India's Consumer Price Index (CPI) inflation in June 2024 stood at 5.08%, the
highest in four months.
• IIP Growth: India's Index of Industrial Production (IIP) growth rose to 5.9% in May 2024 from 5%
in April 2024.
• Inflation Details:
• Comparative Inflation Rates:
o May 2024: 4.75%
o February 2024: Last high at 5.09%
o June 2023: 4.87%
• Food Basket Inflation:
o June 2024: 9.36%
o May 2024: 8.69%
o June 2023: 4.55%
Godrej Consumer Products Introduces Patented Mosquito Repellent Molecule

• Godrej Consumer Products (GCPL) has developed 'Renofluthrin', a patented mosquito repellent
molecule.
• Product Integration: Renofluthrin will be integrated into GCPL’s household insecticide products.
• Significant Leap in Mosquito Control: Renofluthrin promises to double the effectiveness of
existing liquid vaporiser solutions.
• Statement from Leadership: Sudhir Sitapati, Managing Director (MD) and Chief Executive Officer
(CEO), emphasized the breakthrough innovation in mosquito control.
India can become the world’s second-largest economy by 2031: RBI Deputy Governor
• Michael Debabrata Patra, Deputy Governor of the Reserve Bank of India, asserts that India can
become the second-largest economy by 2031 and the largest by 2060.
• OECD Projection: The Organisation for Economic Cooperation and Development (OECD)
predicts India will overtake the US by 2048 in purchasing power parity (PPP) terms to become
the second-largest economy.
o 2031: India could become the second-largest economy.
o 2060: India could become the largest economy globally.
.
o 2027: India's $5 trillion GDP milestone translates to $16 trillion in PPP terms.
Forex reserves jump $5.16 billion to $657.16 billion
• India’s foreign exchange reserves rose by $5.158 billion to reach $657.155 billion for the week
ending July 5, 2024.
• Previous Decline: The reserves had decreased by $1.713 billion in the two weeks prior, falling to
$651.997 billion for the week ending June 28, 2024.
• Total Forex Reserves: $657.155 billion (week ending July 5, 2024).
• Previous High: $655.817 billion (all-time high on June 7, 2024).
Spike in food prices pushes WPI inflation to a 16-month high in June 2024
● India's Wholesale Price Index (WPI)-based inflation climbed for the fourth consecutive month in
June 2024, reaching a 16-month high of 3.36 per cent compared to 2.61 per cent in May 2024.
● This increase was primarily driven by adverse base effects and a significant rise in food prices,
according to data released by the Ministry of Commerce and Industry.
Key Points of June 2024 WPI Inflation:
● Overall Inflation: WPI inflation rose to 3.36 per cent in June 2024 from -4.18 percent in June
2023.
● Food Prices: Food inflation surged to 10.87 per cent during the month.
Price Increases in Specific Categories:
● Vegetables: 38.76 percent increase.
● Onion: 93.35 percent increase.
● Potato: 66.37 percent increase.
● Cereals: 9.27 percent increase.
● Fruits: 10.14 percent increase.
● Wheat: 6.25 percent increase.
● Moderating Prices:
● Pulses: While prices decelerated to 21.64 percent, they remained high.
● Protein-Rich Items: Eggs & meat (-3.06 percent) and milk (3.37 percent) saw slight relief.
Cropin Technology Launches Sage: World's First Real-Time Agri-Intelligence Solution
● Agritech firm Cropin Technology has announced the launch of Sage, the planet’s first real-time agri-
intelligence solution powered by Google Gemini.
● Grid-Based Mapping:
.
o Sage converts the agricultural landscape into a proprietary grid-based map.

o Options available: 3x3 meters, 10x10 meters, or 5x5 kilometres.
o Delivers data and intelligence with unprecedented scale, accuracy, and speed.
GRSE Ltd. Secures ₹840 Crore Contract for Ocean Research Vessel
● Garden Reach Shipbuilders and Engineers (GRSE) Ltd. has secured a significant contract worth
₹840 crore from the National Centre for Polar and Ocean Research (NCPOR), part of the
Ministry of Earth Sciences.
● The contract, signed on July 16, involves the construction of an ocean research vessel (ORV)
and is expected to be completed within 42 months.
● This project highlights GRSE's growing role in specialized vessel construction.
● Recent Achievements: One of GRSE’s notable recent accomplishments is the delivery of INS
Sandhayak on December 4, 2023. This vessel is the largest survey ship ever built in India. The
shipyard is also working on several other specialized vessels, further demonstrating its capability
and growth in this sector.
Jawaharlal Nehru Port will be saturated in the next 5 years
● Jawaharlal Nehru Port (JNPA) in Maharashtra aims to become India’s largest container port by
2025.
● The port is expected to reach full capacity by 2029, with expansion efforts underway to manage
growing demand.
Expansion Details:
● Ongoing Projects: Bharat Mumbai Container Terminals Pvt Ltd (BMCT) is expanding its facilities,
with completion expected in April 2025.
● Investment: The BMCT expansion is costing around ₹4,000 crore and will add 2.4 million TEUs
(Twenty-foot Equivalent Units) of capacity.
Pusa scientists develop robotic sprayer for the greenhouse, a boon for labourers
● Dilip Kumar Kushwaha, 42, a young scientist working at the country’s premier Indian Agricultural
Research Institute (IARI) or Pusa, has developed a robotic spraying machine exclusively for
crops grown inside a greenhouse.
● The invention is aimed at protecting farm workers from the harmful effects of insecticides.
Netflix Sees Growth in India: Becomes Second Largest Market for Paid Subscriber Additions
.
● In the second quarter of 2024, India emerged as the second largest market for Netflix regarding
new paid subscriber additions, according to the company’s shareholder letter.
Economic Survey 2023-24: Key Highlights and Analysis
● The Economic Survey 2023-24, presented by Union Minister for Finance and Corporate Affairs Smt.
Nirmala Sitharaman provides a detailed overview of India’s economic performance and future
outlook.
● Here are the key highlights, organised by thematic chapters:
Chapter 1: State of the Economy – Steady as She Goes
● GDP Growth Projection: The Economic Survey projects India's GDP growth at 6.5-7% for FY24.
This conservative estimate accounts for balanced risks despite higher market expectations.
● Real GDP Growth: India's economy saw a significant growth of 8.2% in FY24, maintaining
momentum from FY23.
● GVA Growth: Gross Value Added (GVA) grew by 7.2% in FY24, indicating strong economic
activity.
● Inflation Management: Effective policies reduced retail inflation from 6.7% in FY23 to 5.4% in
FY24.
● Current Account Deficit (CAD): The CAD improved to 0.7% of GDP in FY24 from 2.0% in FY23,
showing better external balance.
● Tax Collection: Direct taxes contributed 55% of total tax collection, while indirect taxes made up
45%.
● Welfare Programs: The government ensured the provision of free food grains to 81.4 crore
people and progressively increased capital expenditure.
Chapter 2: Monetary Management and Financial Intermediation – Stability is the Watchword
● Banking Sector Performance: India's banking sector performed exceptionally well, with stable
growth and improved asset quality.
● Policy Rate: The Reserve Bank of India (RBI) maintained a steady policy repo rate at 6.5%,
ensuring monetary stability.
● Credit Growth: Credit disbursal by Scheduled Commercial Banks (SCBs) grew by 20.2% to
₹164.3 lakh crore by March 2024.
● Non-Performing Assets (NPA): Gross and net NPAs were at multi-year lows, indicating better
health of the banking sector.
.
● Capital Markets: Primary capital markets facilitated capital formation of ₹10.9 lakh crore,
supporting economic growth.
● Financial Inclusion: Digital Financial Inclusion (DFI) remains a key challenge for sustainable
economic growth.
Chapter 3: Prices and Inflation – Under Control
● Retail Inflation: Maintained at 5.4% in FY24, the lowest since the pandemic, due to timely policy
interventions.
● Fuel Prices: The government announced price cuts for LPG, petrol, and diesel to keep retail fuel
inflation low.
● Core and Food Inflation: Core services and goods inflation reached multi-year lows; food inflation
increased due to extreme weather events affecting farm output.
Chapter 4: External Sector – Stability Amid Plenty
● Current Account Deficit (CAD): Improved to 0.7% of GDP in FY24 due to moderated imports and
rising services exports.
● Global Export Share: India’s share in global goods exports was 1.8% in FY24.
● Services Exports and Remittances: Services exports grew by 4.9% to USD 341.1 billion; India
received USD 120 billion in remittances.
Chapter 5: Medium-Term Outlook – A Growth Strategy for New India
● Policy Focus Areas: Job and skill creation, addressing MSME bottlenecks, facilitating green
transition, and managing geopolitical relations.
● Amrit Kaal Strategy: Focuses on private investment, MSMEs, agriculture, green transition,
bridging education-employment gap, and building state capacity.
Chapter 6: Climate Change and Energy Transition: Dealing with Trade-Offs
● Climate Action: India aligned with a 2-degree centigrade warming target.
● Renewable Energy: 45.4% of installed capacity from non-fossil sources.
● Emission Reduction and Energy Savings: Achieved significant emission reductions and annual
energy savings of ₹1,94,320 Crore.
Chapter 7: Social Sector – Benefits that Empower
● Welfare Impact: Digitization has increased the impact per rupee spent.
● Welfare Expenditure Growth: Welfare expenditure grew at a 12.8% CAGR between FY18 and
FY24.
.
● Ayushman Bharat: 34.7 crore cards generated, covering 7.37 crore hospital admissions.
● Early Childhood Education: The ‘Poshan Bhi Padhai Bhi’ program aims to develop a high-quality
preschool network.
Chapter 8: Employment and Skill Development: Towards Quality
● Labour Market Improvement: Unemployment rate declined to 3.2%.
● Urban and Youth Unemployment: Significant declines observed.
● EPFO Membership and Factories Growth: Steady growth in EPFO membership and number of
factories employing over 100 workers.
Chapter 9: Agriculture and Food Management – Plenty of Upside Left If We Get It Right
● Agriculture Growth: Averaged 4.18% annual growth over the last five years.
● Agricultural Credit: Total credit disbursed to agriculture amounted to ₹22.84 lakh crore.
● Micro Irrigation: 90.0 lakh hectares covered under the ‘Per drop more crop’ initiative.
Chapter 10: Industry – Small and Medium Matters
● Industrial Growth: 9.5% growth rate, supporting overall economic growth.
● Manufacturing Sector: Achieved an average annual growth rate of 5.2% over the last decade.
● PLI Schemes: Attracted significant investment and generated employment.
Chapter 11: Services – Fuelling Growth Opportunities
● Services Sector Contribution: 55% of overall GVA.
● Global Services Exports: 4.4% of world’s commercial services exports.
● Aviation Sector Growth: 15% YoY increase in air passengers.
Chapter 12: Infrastructure – Lifting Potential Growth
● Public Sector Investment: Significant in funding large-scale infrastructure projects.
● National Highway and Railway Development: Increased construction and capital expenditure.
● Clean Energy Investment: ₹8.5 lakh crore invested between 2014 and 2023.
Chapter 13: Climate Change and India
● Global Climate Strategies: Emphasizes India’s harmonious relationship with nature.
● Mission LiFE: Focuses on mindful consumption to address global climate change.
Five-year action plan in the works to boost exports to $2 trillion by 2030
● The Department of Commerce is developing a comprehensive five-year action plan to achieve $2
trillion in exports of goods and services by 2030. This plan will build on the current 100-day agenda
and extend beyond it.
.
● $2 Trillion Target: Achieve $1 trillion in goods exports and $1 trillion in services exports by 2030.
● Increase Global Share: Improve India’s current share in global trade (1.8% in goods and 2.8% in
imports, as per WTO).
Exports to top-10 nations grow faster than overall figures in Q1 FY25
● India's top-10 export destinations saw a growth rate of 16.5% during the April-June quarter,
surpassing the overall merchandise export growth of 5.8%.
● Top Export Destinations:
o United States: 10.4% growth
o United Arab Emirates (UAE): 17.6% growth
o Netherlands: 41.3% growth
o United Kingdom (UK): 21.9% growth
o Singapore: 26.55% growth
o Saudi Arabia: 4.9% growth
o Bangladesh: 10.5% growth
o Germany: 3.4% growth
o Malaysia: 81.8% growth
o China: 2.8% contraction
● Contribution: The top 10 countries accounted for 52% of India’s total export value during the first
quarter of this financial year.
● Growth Rate: Imports from the top-10 partner countries grew by 12%, higher than the overall
import growth of 7.6%.
● Top Import Partners:
o United States: 5.4% growth
o UAE: 35.7% growth
o Iraq: 27.6% growth
o Indonesia: 17.9% growth
o South Korea: 7.2% growth
o Russia: 19.7% growth
o China: 8.3% growth
o Singapore, Saudi Arabia, and Switzerland: Limited or negative growth
EPFO adds 19.5 lakh net members in May 2024, the highest since April 2018
.
● In May 2024, the Employees Provident Fund (EPF) scheme added 19.5 lakh net new members.
● This is the highest number of net new additions recorded in a single month since the introduction of
the payroll data in April 2018.
● Compared to May 2023, the number of new EPF members grew by 19.62%. This growth suggests a
positive trend in formal sector employment and increased participation in social security programs.
● The EPF is governed by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
● Top States: Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana had the highest net
additions, contributing to 58.24% of the total new members.
● Maharashtra: Led with a 18.87% share of the new net members.
Hindustan Zinc Launches EcoZen: Asia's First Low-Carbon 'Green' Zinc Brand
● Hindustan Zinc, the world's second-largest integrated zinc producer, has launched a new low-carbon
zinc brand called EcoZen.
● This innovative product is primarily used for galvanising steel to prevent corrosion, with applications
in sectors such as steel, infrastructure, automotive, renewable energy, electronics, high-tech
manufacturing, energy storage, defence, and electric mobility.
LOHUM Announces ₹2,000 Crore Investment for New Battery Materials Plant in Tamil Nadu
● LOHUM will invest ₹2,000 crore over the next six years to build a new plant in Krishnagiri,
western Tamil Nadu.
● The plant will focus on producing cathode active material (CAM) for battery manufacturing.
● The 20 GWh plant is set to begin production within eighteen months.
● The initial phase includes a ₹400 crore investment over the first two years.
● The plant will process 20,000 tons of batteries annually.
● It will recycle and produce cobalt, nickel, and lithium, each at a capacity of 1,000 tons.
● The pilot line for CAM production will start with a capacity of 750 MWh, scaling up to 20 GWh.
BSNL's Ambitious Targets Amid 4G Launch and Revival Efforts
● BSNL aims for a 25% subscriber market share by the end of 2025 as it launches 4G services.
● Current market share is 7.4% with 86.3 million mobile subscribers.
● The government has allocated Rs 3.2 trillion in revival packages to BSNL.
● Rs 83,416 crore is set aside in the 2024-25 Budget for BSNL’s technological upgrades and
restructuring.
.
● BSNL is expediting the rollout of 4G services with contracts worth Rs 19,000 crore awarded to Tata
Consultancy Services (TCS), Tejas Networks, and ITI.
India’s Vision: Achieving a $30 Trillion Economy by 2047
● India aims to become a $30 trillion economy by 2047, with a per capita income of $18,000 annually,
according to the approach paper for the "Vision for Viksit Bharat in 2047".
Current Economic Status:
● GDP: $3.3 trillion
● Per Capita Income: $2,392 per annum
Key Points:
1. Target: $30 trillion economy and $18,000 per capita income by 2047.
2. Current GDP: $3.3 trillion; current per capita income: $2,392.
3. Required Growth: Ninefold GDP increase; eightfold per capita income increase.
4. Growth Rate: Sustained 7-10% annual growth for 20-30 years.
5. Middle-Income Trap: Key challenge; needs strategic planning to overcome.
Gold Jewellery Industry Advocates for 'One Nation, One Rate' Policy
● The gold jewellery industry is pushing for a ‘One Nation, One Rate’ policy.
● The policy will start with a unified gold rate for Eastern India in August.
1. Stakeholder Support:
o Samar Kr. De, President of the Swarna Silpa Bachao Committee, confirms widespread
interest among stakeholders.
o Saiyam Mehra, Chairman of the All India Gem and Jewellery Domestic Council (GJC),
supports the policy to create a level playing field and prevent undercutting.
Aditya Birla Group Launches Indriya to Enter Indian Jewellery Market
● Aditya Birla Group launched its in-house jewellery brand, Indriya.
● The group aims to become one of India's top three jewellery retailers within five years.
● Investment and Expansion:
o The venture is backed by a substantial investment of Rs 5,000 crore.
o Initial launch includes four stores in Delhi, Indore, and Jaipur, with plans to expand to over
10 cities within six months.
.
o Stores will be large, measuring over 7000 sq ft, 30-35% larger than the average national
brand stores.
Insider Trading Regulations for Mutual Funds Set to Commence in November 2024
● Nearly two years after their initial notification, insider trading regulations for mutual funds (MFs) will
finally come into force on November 1, 2024.
● Previously, such rules only applied to securities of listed companies or those proposed to be listed.
● The Securities and Exchange Board of India (SEBI) initiated this process with a consultation paper
in July 2022, followed by a formal notification in November of the same year.
Rapido Achieves Unicorn Status with $120 Million Funding Round
● Rapido has become the latest unicorn by raising $120 million (approximately Rs 1,000 crore) in
primary capital from existing investor WestBridge Capital, achieving a post-money valuation of $1
billion.
● The company's valuation increased from $825 million following a $180 million funding round in
April 2022.
● Previous investors include Swiggy, Nexus Venture Partners, and Integrated Capital.
● Rapido is the fourth unicorn of the year, following Perfios, Ola’s Gen AI platform Krutrim, and
Porter.
● In 2023, only Zepto and InCred Finance achieved unicorn status.
Indian Economy Expected to Grow Above 7% in FY24-25: NCAER
● The Indian economy is projected to grow above 7%, potentially closer to 7.5% in the current
fiscal year, according to the National Council of Applied Economic Research (NCAER).
● The growth outlook is supported by a normal monsoon, reduced electoral uncertainty, and stable
global conditions.
● Real GDP grew by 8.2% in FY2023-24, driven by strong consumption demand and improving
investment demand.
Union Budget 2024-25:
o The fiscal deficit target is set at 4.9% of GDP.
o Capital expenditure is budgeted at 2.4% of GDP.
BANKING AND ECONOMY

Securities and Exchange Board of India Issues New Guidelines to Enhance Credit Rating Agency
.
Operations
• The Markets regulator Securities and Exchange Board of India (SEBI) has issued new
guidelines to streamline operations and enhance the ease of doing business for credit rating
agencies (CRAs).
• The guidelines aim to promote ease of doing business, bring About uniformity in handling
appeals, protect investors, and foster the development and regulation of the securities market.
• These modifications will be applicable, with effect from August 01, 2024.
About SEBI :
• SEBI is the regulatory body for securities and commodity markets in India under the ownership
of the Ministry of Finance (MoF), GoI.
Life Insurance Corporation of India Unveils Agency Transformation Initiative 'Jeevan Samarth'
• The Life Insurance Corporation of India (LIC) launched the 'Jeevan Samarth' agency
transformation project to address the evolving needs of customers.
• LIC has partnered with consulting firm A T Kearney to review and transform its existing agency
framework on an end-to-end basis.
• Aim : To future-proof LIC's 14 lakh agent workforce to meet the rapidly changing demands of
customers.
• Project Goals:Transform LIC's agency ecosystem to align with the needs of millions of Indian
families.
About LIC :
• Chairman : Siddhartha Mohanty
Reserve Bank of India Introduces Quarterly Survey on Manufacturing Sector Order Books
.
• The Reserve Bank of India (RBI) launched a quarterly "order books, inventories and capacity
utilisation" (OBICUS) survey of companies in the manufacturing sector.
• The survey provides key inputs used by the RBI to formulate monetary policy.
• The RBI has been conducting the OBICUS survey quarterly since 2008.
• New Orders: Quantitative data on new orders received during the reference quarter (e.g., April-
June 2024).
• Order Backlog: Orders pending at the beginning and end of the quarter.
About RBI :
• Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D.
Patra
Reserve Bank of India Imposes Rs 10,000 Fine on YES Bank for Failure in Mutilated Note Exchange;
Punjab National Bank Penalised Rs 1.32 Crore for Know Your Customer and Loan Compliance
Violations
Penalty on YES Bank :
• The Reserve Bank of India (RBI) imposed a penalty of ₹10,000 on YES Bank for not exchanging
mutilated notes.
• Reason for Penalty:The penalty was imposed under the "Scheme of Penalties for bank
branches including Currency Chests" based on the bank's performance in customer service,
specifically regarding the exchange of mutilated notes.
• Master Circular on Penalties:According to the RBI's Master Circular, any violation of the
agreement with RBI or deficiency in service, such as refusal to exchange soiled or mutilated
notes, can attract penalties.
About Yes Bank :
.
About PNB :
• Headquarters : Dwarka, Delhi, India
• Tagline : You Can Bank Upon
Bank of Baroda Plans to Raise Up to Rs 7,500 Crore through additional Tier-I (AT1) and Tier-II bonds
• Public sector lender Bank of Baroda (BoB) plans to raise up to Rs 7,500 crore through additional
Tier-I (AT1) and Tier-II bonds to meet prudential regulator norms and support business growth,
with the bank's board of directors approving the raising of this additional capital in suitable
tranches by March 31, 2025, and beyond if needed.
• The capital can be raised by issuing debt instruments in the domestic or overseas market.
• Stock Performance: BoB's stock price rose 1.35% to Rs 273.7 per share following the
announcement.
About BoB :
Reserve Bank of India Proposes Rationalization of Regulations on Export and Import Transactions
• The Reserve Bank of India (RBI) has proposed rationalisation of norms governing export and
import transactions to promote ease of doing business and empower banks to deliver quicker
and more efficient services to foreign exchange customers.
• Repatriation Timeline: The full export value of goods must be realised and repatriated to India
within 9 months from the date of shipment for goods and the date of invoice for services.
• Draft Regulations under FEMA: The proposed changes were part of draft regulations released by
the RBI under the Foreign Exchange Management Act (FEMA),1999.
Nine Non-Banking Financial Companies Surrender Registration Certificates to Reserve Bank of India
• The Reserve Bank of India (RBI) announced that 9 non-banking financial companies (NBFCs),
including Ujjivan Financial Services, have surrendered their certificates of registration (CoR).
.
• Exit from Business : 5 of these NBFCs exited the non-banking financial institution business,
leading to the surrender of their CoR.
• These companies are:
• Vigfin Holdings
• Strip Commodeal
• Allium Finance
• Eternite Finvest
• Fino Finance
State Bank of India Introduces MSME-Sahaj: Web-Based Digital Business Loan Solution for Micro,
Small and Medium Enterprises Invoice Financing
• State Bank of India (SBI) has launched "MSME Sahaj," a web-based digital business loans
solution focused on invoice financing for MSMEs (micro, small, and medium enterprises) under
the Goods and Service Tax (GST) regime.
• Purpose : To provide "on tap" short-term credit for working capital needs to GST-registered
MSME units.
• MSME Sahaj is a data-driven invoice financing credit assessment engine which will provide an
end-to-end solution from applying for the loan, documentation and disbursement of the
sanctioned loan within 15 minutes, without any manual intervention.
About SBI :
Zomato Financial Withdraws Application for Non-Banking Financial Company License

• Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application
for a non-banking financial company (NBFC) license with the Reserve Bank of India (RBI).
• The company announced it does not plan to pursue lending in the future.
• The application for the NBFC license was submitted on April 29, 2022.
• Zomato Financial Services was incorporated in February 2022.
.
• Reason for Withdrawal: The decision to withdraw the application was voluntary and has no
material impact on the revenue or operations of Zomato.
About Zomato :
• MD & CEO : Deepinder Goyal
Government Maintains Current Interest Rates for Small Savings Schemes unchanged for Q2 FY 2024-
25
• The government has decided to keep the current interest rates for small savings schemes the
same, for the period of 01, July to 30th September 2024, i.e. the second quarter (Q2) for the
financial year (FY) 2024-25.
• This means that the rates have remained unchanged from the first quarter of FY 2024-25.
• Kisan Vikas Patra (KVP): A savings certificate scheme with a maturity period.
• Mahila Samman Savings Certificate: A savings scheme specifically for women.
• Senior Citizen Savings Scheme (SCSS): A scheme for senior citizens with attractive interest
rates.
• Post Office Monthly Income Scheme (POMIS): A monthly income scheme offered by post offices.
Government of India and Asian Development Bank sign $170 Million Loan Deal to Enhance Pandemic
Preparedness and Response
• The Government of India (GoI) and the Asian Development Bank (ADB) have signed a $170
million policy-based loan to consolidate and strengthen India's health system preparedness and
response capacity to future pandemics.
• This loan is a part of the 'Strengthened and Measurable Actions for Resilient and Transformative
Health Systems Programme (Subprogramme 1)'
• The proposed program will help India consolidate and develop its pandemic preparedness and
response (PPR) capability through a multifaceted and cross-sectoral strategy involving both
central and subnational governments.
About ADB :
• Established: 19 December 1966
• Headquarters: Manila, Philippines
.
• Membership: 68 Countries
• President: Masatsugu Asakawa (from 17 January 2020)
Bank of India Plans to Raise Up to Rs 5,000 Crore through Infrastructure Bonds

• Bank of India (BOI) plans to raise up to Rs 5,000 crore through infrastructure bonds.
• The capital raising committee is scheduled to meet soon to finalize the details of the fundraising
plan.
• Rating and Market Conditions:The proposed infra bond offering by BOI has been assigned an
"AA+" rating by India Ratings.
• The actual amount raised and timing will be contingent upon market conditions.
• Tagline : Relationship beyond Banking
Securities and Exchange Board of India Lowers Face Value of Debt Securities to ₹10,000 to Enhance
Retail Participation
• The Markets regulator Securities and Exchange Board of India (SEBI) has reduced the face
value of debt securities from Rs 100,000 to Rs 10,000 to encourage greater participation of retail
investors in the corporate bond market.
• This move aims to enhance liquidity and broaden the investor base in corporate bonds.
About SEBI :
Securities and Exchange Board of India Introduces New Mutual Fund Lite Regulations to Streamline
.
Criteria for Passive Fund Managers

• The Securities and Exchanges Board of India (SEBI) has proposed the introduction of Mutual
Fund (MF) Lite Regulations in the Mutual Funds segment to simplify the offering of passive
funds.
• Aim of the framework : To facilitate easier entry for new passive fund players and streamline
operations for existing fund houses.
• Criteria Relaxation:Proposed reduction in net worth and profit track record criteria for fund
houses interested solely in managing passive assets.
• Allows existing and new players to manage passive funds with eased financial eligibility
requirements.
New Banking Malware 'Snowblind' Targets Android Users for Banking Credential Theft
• A new banking malware called Snowblind is targeting Android users to steal banking
credentials.
• Discovered by cybersecurity firm Promon, headquartered in Norway.
• Functionality : This malware can take your banking login details and perform unauthorised
transactions.
• Exploitation of Security Features:Snowblind exploits a built-in Android security feature to bypass
anti-tamper protections in apps that handle sensitive information.
Securities and Exchange Board of India Simplifies Process for Public Issuance of Debt Securities
• The Markets regulator Securities and Exchange Board of India (SEBI) decided to streamline the
process for public issuance of debt securities to provide faster access to funds for such issuers.
• Under this, The period for seeking public comments on draft offer documents reduced:
• From 7 working days to 1 day for issuers with already listed specified securities.
• From 7 working days to 5 days for other issuers.
Hitachi Payment Services Granted Reserve Bank of Indias Final Authorization for Online Payment
Aggregator License
• Hitachi Payment Services, Indias end-to-end payments and commerce solutions provider, has
announced that it has received the final authorisation from the Reserve Bank of India (RBI) to
.
operate as an Online Payment Aggregator, under the Payments and Settlement Systems Act,
2007.
• This authorization allows Hitachi Payment Services to expand its digital solutions and services
stack to include a comprehensive suite of payment options such as UPI, netbanking, cards,
wallets, EMI, Paylater, Buy Now Pay Later (BNPL), Link Based payments, and loyalty solutions
for merchants.
About Hitachi Payment Services:
• Founded: 2008 as Prizm Payment Services.
• Headquarters: Mumbai, Maharashtra.
• MD & CEO: Sumil Vikamsey
Interest Rate on Small Savings Scheme for Q2FY2024-25 :

• Interest Rates Revision History:The last revision of interest rates was in December 2023 for Q4
FY24 (January-March 2024).
• In this revision, rates for certain small savings schemes, such as Sukanya Samriddhi Scheme
and 3-year Time Deposit, were increased by up to 20 basis points (bps).
• Public Provident Fund (PPF) rates have been unchanged for over 3 years, last adjusted in April-
June 2020 from 7.9% to 7.1%.
•
Bandhan Bank Introduces New Service for Online Direct Tax Collection
• Bandhan Bank has launched a facility for online collection of direct taxes, enabling its customers
and others to pay taxes seamlessly across India.
• As an RBI-appointed agency bank, it also accepts offline payments through its 1,700 branches.
• The service is available through internet banking, payment gateway, cash, cheque, or demand
draft.
• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
• CEO: Chandra Shekhar Ghosh.
Reserve Bank of India and 4 ASEAN Countries Collaborate on Cross-Border Payments Platform
.
• The Reserve Bank of India (RBI) has joined hands with the Bank for International Settlements
(BIS) and central banks of 4 Asean (Association of Southeast Asian Nations) countries to
collaborate on Project Nexus - a multilateral international initiative to enable retail cross-border
payments.
• The platform, which is expected to go live by 2026, will interlink domestic fast payment systems
(FPS) of countries namely Malaysia, the Philippines, Singapore, Thailand and India.
About BIS :
• Established : 17 May 1930
• Location : Basel, Switzerland
• General Manager : Agustín Carstens
• The BIS is an international financial institution which is owned by member central banks.
• Its primary goal is to foster international monetary and financial cooperation while serving as a
bank for central banks.
Securities and Exchange Board of India Directs Market Infrastructure Institutions to Implement Uniform
Charges Starting October 1, 2024
• The Securities and Exchange Board of India (SEBI) has instructed market infrastructure
institutions (MIIs), including stock exchanges, to charge all their members uniformly from October
1, 2024 without any discounts based on trading volumes.
• MIIs are entities providing essential infrastructure and services for financial markets, including
stock exchanges, clearing corporations, depositories, registries, and payment systems.
• Members of MIIs typically include financial institutions, security issuers, investors, and regulatory
authorities.
About SEBI :
the Ministry of Finance (MoF),GoI.
HDFC Bank to Temporarily Limit Services on July 13, 2024 for System Upgrade
.
• HDFC Bank has announced a scheduled system upgrade on July 13, 2024, to enhance its Core
Banking System (CBS) and improve customer experience.
• The upgrade will migrate the CBS to a new platform.
• The system upgrade will start at 3 am on July 13, 2024 and conclude at 4:30 pm on the same
day, spanning 13.5 hours.
About HDFC Bank :
• CEO : Sashidhar Jagdishan
Union Bank of India Launches "Union Premier" Branches for High-Value Customers in Rural and Semi-
Urban Areas
• Union Bank of India launched Union Premier branches for high-value customers in rural and
semi-urban (RUSU) markets.
• Aim : To provide personalized banking services for high-value customers in RUSU markets.
• Range of Services:Union Premier branches will offer a wide range of products and services
under one roof.
• Personalized Banking:Each Union Premier customer will have access to a personal Relationship
Manager to address all their banking needs.
• MD & CEO : A. Manimekhalai
• Tagline : 'Good People to Bank with'
Securities and Exchange Board of India Permits Up to 100% Non-Resident Indian Contribution for
Foreign Portfolio Investors in GIFT International Financial Services Centre
• Markets regulator Securities and Exchange Board of India (SEBI) has allowed up to 100%
aggregate contribution by non-resident Indians (NRIs), Overseas Citizens of India (OCIs),
Resident Indians (RI) in the corpus of Foreign Portfolio Investors (FPIs) that are based out of
International Financial Services Centre (IFSC).
• The move is expected to enhance investment by FPIs in India.
.
• Registration Requirement:At the time of registration, an FPI applicant must declare to their
Designated Depository Participant (DDP) if they intend to have 50% or more of their corpus
contributed by NRIs, OCIs, and RIs.
TATA AIG General Insurance Issues Record Rs 100 Crore Performance Surety Bond
• Tata AIG General Insurance has issued India's largest Performance Surety Bond, valued at over
Rs 100 crores in Mumbai, Maharashtra, India.
• This issuance follows the company's introduction of Surety Insurance Bond offerings to the
market two months ago.
• Facilitating Infrastructure Projects:TATA AIGs Surety Insurance Bonds aim to facilitate
smoother execution of infrastructure projects and commercial contracts in both government and
private sectors.
About TATA AIG General Insurance :
• Founded: 2001
• MD & CEO: Neelesh Garg
• Ownership: Joint venture between the Tata Group and American International Group (AIG).
• Tata Group holds a 51% stake, while AIG holds the remaining 49%.
ICICI Lombard Introduces Surety Insurance for Infrastructure Sector
• ICICI Lombard has introduced Surety Insurance to offer risk mitigation solutions specifically for
India's growing infrastructure sector.
• Purpose of Surety Insurance: Surety insurance serves as a guarantee to a beneficiary (typically a
client or authority) that a principal debtor (usually a contractor) will fulfil their contractual
obligations.
• Financial Compensation: If the contractor fails to meet their contractual commitments, the surety
insurance provider will compensate the beneficiary financially.
• Founded: 2001
• Chairman & Managing Director: Sanjeev Mantri
.
• Ownership Structure: ICICI Lombard is a joint venture between ICICI Bank, Indias second-
largest bank, and Fairfax Financial Holdings Limited, a financial services company based in
Toronto, Canada.
• ICICI Bank holds a 64% stake in the joint venture, while Fairfax Financial Holdings Limited holds
the remaining 36%.
Reserve Bank of India Data Shows Private Corporate Sector Sales Growth Slows to 4.7% in FY24
• The Reserve Bank of Indias (RBI) data showed the annual sales growth rate of listed private
non-financial companies slowed to 4.7% in FY 2023-24 from 19.8% in FY2023.
• The analysis is based on the financial results of 3,281 listed non-government non-financial
companies.
About RBI :
• Governor :Shaktikanta Das
Patra
Insolvency and Bankruptcy Board of India Introduces Digital Forms for Monitoring Liquidation Processes
• The Insolvency and Bankruptcy Board of India (IBBI) has launched a set of electronic forms
under the Insolvency and Bankruptcy Code (IBC), to ease the compliance burden for insolvency
professionals, and enhance the effectiveness of the liquidation process.
• These forms are crucial for the liquidation process under the IBC, as they facilitate systematic
and transparent record-keeping and seamless reporting.
• The new circular, issued by the IBBI, introduces forms LIQ 1 to LIQ 4, covering different stages of
the liquidation process.
About IBBI :
• Establishment: October 1, 2016.
• Statutory Powers: Granted through the Insolvency and Bankruptcy Code, passed by Lok Sabha
on May 5, 2016.
• Headquarters: New Delhi, India.
• Chairman: Ravi Mittal.
.
• Role: Regulator overseeing insolvency proceedings, Insolvency Professional Agencies (IPA),

Insolvency Professionals (IP), and Information Utilities (IU) in India.
Vietnam's Q2 Gross Domestic Product Growth Accelerates to 6.93% Driven by Export Sector
• Vietnam's Gross Domestic Product (GDP) grew by 6.93% year-on-year in the second quarter of
this year(2024), accelerating from 5.87% in the first quarter.
• The economy expanded by 6.42% in the first half of the year.
• Exports and Industrial Production: Exports increased by 14.5% year-on-year to $190 billion in the
first half of the year. Industrial production also rose by 10.9% compared to the previous year.
• Government Targets: The government aims for GDP growth between 6.0% to 6.5% for the year,
with policies focused on stimulating economic activity.
Bank of Maharashtra and UCO Bank Show Robust Credit Growth in Q1
• Public sector banks (PSBs) seem to have started FY25 on a strong note, clocking robust credit
growth, going by provisional business updates of Bank of Maharashtra (BoM) and UCO Bank for
the first quarter of FY25.
• However, deposit growth of these banks continues to lag credit growth.
• Credit Growth:Reported a strong 19.01% year-on-year growth in gross advances in Q1 FY25.
• Gross loans stood at ₹2,09,065 crore as of June-end 2024, up from ₹1,75,676 crore in June-end
2023.
About BoM :
• Headquarters : Pune, Maharashtra India
• MD & CEO : Nidhu Saxena
• Tagline : One Family One Bank
About UCO Bank (formerly United Commercial Bank) :
• MD & CEO : Ashwani Kumar
Ministry of Finance Notifies 7.1% Interest Rate for Special Deposit Scheme in July-September
.
• The Ministry of Finance (MoF) has announced that deposits made under the Special Deposit
Scheme (SDS) for non-government provident, superannuation and gratuity funds would earn
7.1% interest from July 1 to September 30, 2024.
• The rates remain unchanged from the April-June quarter.
• The interest rate on SDS significantly influences the Employee Provident Fund (EPF) interest
rate declaration since nearly 80% of the EPF corpus is invested in SDS.
State Bank of India Introduces 11 New Measures to Reduce Risks in Agricultural Loan Portfolio
• The country's largest lender State Bank of India (SBI) announced 11 new initiatives including
enhancement of its digital banking features and opening of 35 new Agricultural Centralised
Processing Cells to mitigate risks in its agricultural loan portfolio.
• On the occasion of the 69th Foundation Day (1st July 2024), SBI announced these initiatives to
widen the bank's accessibility to address the banking needs of its potential customers
About SBI :
Indiabulls Housing Finance Rebranded and Renamed as 'Sammaan Capital Limited'

• Non-banking finance company (NBFC) Indiabulls Housing Finance has officially changed its
name to Sammaan Capital Limited, following the receipt for Certificate of Incorporation
issued by the Registrar of Companies (RoC), and Certificate of Registration (CoR) as an NBFC-
ICC (Investment and Credit Company) from the Reserve Bank of India (RBI).
• The company had announced its plans to rebrand the company on May 22, 2023 and January
25, 2024.
About Indiabulls Group :
• Founded: January 2000
• Headquarters: Gurgaon, Haryana, India
.
• Founder & Chairman: Sameer Gehlaut

• Businesses: The Indiabulls Group operates primarily in housing finance, consumer finance, and
real estate sectors in India.
DBS Bank India Introduces Pre-Shipment Financing Solution on Trade Receivables Discounting
System (TReDS), Empowering Micro, Small, and Medium Enterprises (MSMEs)
• DBS Bank India has partnered with Receivables Exchange of India Limited (RXIL), a Trade
Receivables Discounting System (TReDS) platform, to offer a pre-shipment financing solution.
• TReDS is an electronic platform for facilitating the financing/discounting of trade receivables of
micro, small and medium enterprises (MSMEs) through multiple financiers.
• Significant Milestone: The first transaction on TReDS in India occurred on January 9, 2017,
through RXIL.
About DBS Bank India:
• Established: 1994
• MD & CEO: Surojit Shome
• Tagline: "Live more, Bank less"
National Bank for Agriculture and Rural Development and Online PSB Loans to Integrate Jan Suraksha
Schemes Across 43 Regional Rural Banks
• National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited.
have signed a Memorandum of Understanding (MoU) to smoothen the enrolment and claim
settlement processes under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs).
• Objective: To democratise access to financial protection schemes such as Pradhan Mantri
Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) in
remote areas of the country.
• Integration with Jan Suraksha Portal:NABARD's Role: NABARD will integrate all 43 RRBs onto
the Jan Suraksha Portal.
About NABARD :
• Chairman: Shri Shaji K V
.
• Establishment: Established on July 12, 1982, on the recommendations of the B. Sivaraman

Committee, by Act 61, 1981 of Parliament.
• Role:Apex Regulatory Body: Regulates regional rural banks and apex cooperative banks in India.
• Ministry Jurisdiction: Under the jurisdiction of the Ministry of Finance (MoF), Government of India
(GoI).
About RRBs (Regional Rural Banks):
• Founded: October 2, 1975.
• Ownership Structure:
• Government of India: 50%
• Nationalised Banks: 35%
• State Governments: 15%
• Function: Government-owned scheduled commercial banks operating at a regional level in
different states of India.
• Ministry Jurisdiction: Under the Ministry of Finance (MoF).
State Bank of India Secures Rs 10,000 Crore via Long-Term Infrastructure Bonds
• State Bank of India (SBI) has raised ₹10,000 crore via a 15-year infrastructure bond issue at a
coupon rate of 7.36%.
• This is the bank's 2nd infrastructure bond issuance in About a fortnight, with the previous one
also raising ₹10,000 crore at the same coupon rate.
• The latest bond issue, which is the bank’s 6th infrastructure bond issuance so far, received bids
in excess of ₹18,145 crore and was oversubscribed by around 3.6 times against the base issue
size of ₹5,000 crore.
• Purpose and Utilization:The proceeds from the bonds will be used to enhance long-term
resources for funding infrastructure and the affordable housing segment.
About SBI :
Reserve Bank of India Allows Banks to Utilize Brickwork Ratings for Loans Up to ₹250 Crore
.
• The Reserve Bank of India (RBI) has allowed banks to use ratings by Brickwork Ratings India
Private Limited for loans up to ₹250 crore.
• Brickwork Ratings assigns ratings for all limits sanctioned by all banks while undertaking a bank
loan rating exercise.
• The information collected from the borrower includes details of all banking facilities availed and
as such one rating assignment should suffice to meet the requirements.
4 Public Sector Banks Present Dividend Cheques Totalling Rs 6,481 Crore to Government
• 4 public sector banks (PSBs) presented dividend cheques worth Rs 6,481 crore to Finance
Minister Nirmala Sitharaman for the financial year 2023-24.
• Finance Minister Nirmala Sitharaman received dividend cheques from each bank’s managing
directors (MDs) and Chief Executive Officers (CEOs).
• Bank of Baroda (BoB):
• Dividend cheque amount: Rs 2,514.22 crore
• Presented by: Shri Debadatta Chand, Managing Director & CEO.
• Bank of India:
• Dividend cheque amount: Rs 935.44 crore
• Presented by: Rajneesh Karnatak, Managing Director & CEO.
• Indian Bank:
• Presented by: (Managing Director & CEO not specified).
• Canara Bank:
• Presented by: K Satyanarayana Raju, Managing Director & CEO.
• Additional Dividend Presentation:
• EXIM Bank:
• Dividend cheque amount: Rs 252 crore
• Location: Mumbai-based financial institution.
About BoB :
.

• CEO: Debadatta Chand
• Tagline : Relationship Beyond Banking
• CEO: Rajneesh Karnatak
About Indian Bank :
• MD & CEO : Shanti Lal Jain
• Tagline : Your Own Bank/ Apka Apna Bank
About Canara Bank :
• Headquarters : Bangalore,Karnataka, India
• MD & CEO: Satyanarayana Raju
Reserve Bank of India Permits Resident Indians to Open Foreign Currency Accounts in Gujarat's
International Financial Services Centre
• The Reserve Bank of India (RBI) in a notification allowed resident individuals to open Foreign
Currency Account (FCA) in International Financial Services Centres (IFSCs) at GIFT City in
Gujarat under the Liberalised Remittance Scheme (LRS).
• Current Scope of Remittances:Previously, remittances under LRS to IFSCs were restricted to:
• Investments in securities issued by entities within IFSCs (excluding those by companies/ entities
resident in India outside IFSC).
Mutual Funds Garner Record Rs 14,370 Crore Through Equity New Fund Offers in June
• In June,2024 India's mutual fund industry achieved a record inflow of Rs 14,370 crore through 11
new fund offers (NFOs), marking the highest ever inflow in new fund offerings.
• This surpassed the previous high recorded in July 2021, where 4 NFOs accumulated Rs 13,709
crore, with ICICI Prudential MF’s flexicap NFO alone mobilising Rs 9,808 crore.
.
• 2024 vs. 2023 NFO Launches: In the first half of 2024, 30 active equity schemes were launched
compared to 51 in the entire year of 2023.
• NFO collections by active equity schemes in 2024 reached Rs 37,885 crore by June, surpassing
the Rs 36,657 crore collected in 2023.
• NFO Collections in 2022: In 2022, 27 equity NFO launches accumulated Rs 29,586 crore.
National Bank for Agriculture and Rural Development Subsidiary Launches ₹750 Crore Agri Fund to
Support Startups and Rural Enterprises
• National Bank for Agriculture and Rural Development (NABARD) informed its arm that it has
launched a Rs 750-crore agri fund for startups and rural enterprises.
• The fund called 'Agri-SURE' is announced by NABVENTURES, a subsidiary of NABARD, with an
initial corpus of Rs 750 crore with Rs 250 crore each from NABARD and the Ministry of
Agriculture, and Rs 250 crore from other institutions.
• Aim of the fund : To promote investment in innovative, technology-driven, high-risk, and high-
impact activities in agriculture and allied areas.
About NABARD :
• Headquarters: Mumbai, Maharashtra, India.
• Chairman: Shri Shaji K V.
• Establishment:
• Recommendation: B. Sivaraman Committee.
• Act: Act 61, 1981 of Parliament.
• Date: 12 July 1982.
• Purpose: Implement the National Bank for Agriculture and Rural Development Act 1981.
• Role: Apex regulatory body for regional rural banks and apex cooperative banks in India.
• Jurisdiction: Ministry of Finance (MoF), Government of India (GoI).
Asian Development Bank Approves $100 Million Loan to Boost Financial Sustainability Reforms in Sri
Lanka's Power Sector
• The Asian Development Bank (ADB) approved a $100 million policy-based loan to support and
facilitate reforms aimed at enhancing the financial sustainability of the power sector in Sri Lanka.
• The loan is part of the "Power Sector Reforms and Financial Sustainability Program."
.
• Support Reforms: To complement the International Monetary Fund’s Extended Fund Facility
arrangement and bolster operational efficiency and competitiveness of the power sector.
About ADB :
• Formation: 19 December 1966
• Headquarters: Manila, Philippines
• Membership: 68 Countries
• President: Masatsugu Asakawa (from 17 January 2020)
Jio Financial Services Receives Reserve Bank of India Approval to Operate as a Core Investment
Company
• Jio Financial Services received approval from the Reserve Bank of India (RBI) to become a Core
Investment Company (CIC) from a Non-Banking Financial Company (NBFC).
• Jio Financial Services applied to the RBI for conversion on November 21, 2023.
• Definition : A Core Investment Company (CIC) is a specialised NBFC with an asset size greater
than ₹100 crore.
• RBI Circular: Based on the RBI circular from December 20, 2016, the primary function of a CIC is
the acquisition of shares and securities.
• MD & CEO : Hitesh Kumar Sethia
• It is an Indian financial services company that was originally a subsidiary of Reliance Industries
(RIL).
Micro-finance Industry Network for limiting indebtedness up to Rs 2 lakh per borrower

• Micro-finance Industry Network (MFIN), announced that Micro-credit indebtedness per borrower
should be limited to Rs 2 lakh, while the number of lenders to a debtor should also be restricted
to a maximum of four.
• Impact on Borrowers: Nearly 80% of micro-loans have durations of 18 months or more.
• A Rs 2 lakh limit would reduce the repayment burden on borrowers.
About MFIN :
.
• Founded : 2009
• Location : Gurgaon, Haryana, India
• Chairman : Manoj Kumar Nambiar
• CEO : Alok Misra
India Generates 12.5 Crore Jobs in FY14-23, Compared to 2.9 Crore in FY 04-14: State Bank of India
Report
• According to the State Bank of India (SBI) study based on Reserve Bank of India (RBI) data,
India has created 12.5 crore jobs during FY14-23, compared to only 2.9 crore during FY04-14.
• Employment in MSMEs : Total employment reported by Micro, Small, and Medium Enterprises
(MSMEs) registered with the MSME Ministry has surpassed the 20-crore mark.
• Data from the Udyam registration portal as of July 4 indicates 4.68 crore Udyam-registered
MSMEs reported 20.19 crore jobs.
About SBI :
ixigo and AU Small Finance Bank Unveil Travel Credit Card for RuPay Users
• ixigo, India's leading OTA for the next billion users and AU Small Finance Bank, the largest Small
Finance Bank of India, announced the launch of the RuPay variant for its premium co-branded
ixigo-AU Small Finance Bank travel credit card, enabling UPI-based payments and rewards.
About ixigo :
• Founded : June 2007
• Headquarters : Gurugram, Haryana, India
• Chairman, MD & Group CEO : Aloke Bajpai
• Director & Group Co-CEO : Rajnish Kumar
About AU Small Finance Bank Limited :
• Founded : 1996
.
Gold Comprises 69% of Reserve Bank of India's Reserves Increase in April-June Quarter, Boosted by
Purchases and Valuation Gains
• Gold accounted for 69% of the Reserve Bank of India's (RBI) reserves increase during the April-
June quarter.
• The increase was due to both gold purchases and valuation gains from a rise in gold prices.
• Total Reserves Increase:RBI added $5.6 billion to its stock of reserves in the June quarter.
• Gold value in reserves rose by $3.8 billion.
• Foreign currency assets increased by $1.9 billion during the same period.
• Current Reserves Status:As of June 28,2024 India’s foreign currency reserves stand at $652
billion.
About RBI :
Kotak Mahindra Mutual Fund Introduces Kotak BSE PSU Index Fund
• Kotak Mahindra Mutual Fund has launched the Kotak BSE PSU Index Fund, an open-ended
scheme that replicates or tracks the BSE PSU Index.
• The BSE PSU Index comprises 56 public sector undertaking (PSU) stocks from various sectors.
• This fund offers investors a chance to be part of that journey through a comparatively cost-
effective and systematically managed investment vehicle.
• Investment Allocation:Equity Allocation: 95-100% of the fund is allocated to equity and equity-
related securities covered by the index.
Equity Fund Inflows Surge 17% to Record Rs 40,608 Crore in June: Association of Mutual Funds of
India Data
• According to the latest data released by the Association of Mutual Funds of India (AMFI), Inflows
into equity mutual funds surged by 17% to Rs 40,608.19 crore (About $5 billion) in June,2024.
• This follows a record high inflow of Rs 34,697 crore in the previous month, marking an 83.42%
increase.
.
• Assets Under Management (AUM):Mutual fund industry AUM reached Rs 61.16 lakh crore in
June,2024 surpassing the Rs 60 lakh crore mark for the first time.
• Debt Mutual Funds:Debt mutual funds witnessed net outflows of Rs 1,07,357.62 crore in June.
About AMFI :
• Established : 22 August 1995
• Location : Mumbai, Maharashtra, India
• CEO : Chalasani Venkat Nageswar
• Role: AMFI is an Indian trade association representing all SEBI-registered asset management
companies (AMCs) managing mutual funds in India.
• Membership: Currently comprises 44 AMCs registered with SEBI.
Securities and Exchange Board of India Committee Increases Requirements for Retail Investors in
Futures and Options Segment
• The Securities and Exchange Board of India’s (SEBI) expert working committee on derivatives
trading has set the bar higher for retail investors.
• The proposals include increasing the lot sizes of futures and options (F&O) contracts, raising
margins around expiry dates, and reducing the number of weekly options contracts.
• The recommendations will be discussed by Sebi’s Secondary Market Advisory Committee
(SMAC) on July 15, 2024.
• SEBI's Expert Working Committee:The committee, led by former RBI executive director G
Padmanabhan, has been deliberating on the mechanisms to protect retail investors in the futures
and options segment.
About SEBI :
SBI Economic Research Urges Government to Address Fault Lines in Insolvency and Bankruptcy
Code, 2016
.
• According to State Bank of India’s (SBI's) economic research department (ERD), the government
needs to address the fault lines in the IBC (Insolvency and Bankruptcy Code, 2016) set-up to
reduce the time taken for the corporate insolvency resolution process.
• Recoveries through IBC in FY24 were only 32% of admitted claims, with financial creditors losing
68% of their claims.
• The time taken to reach a resolution is 863 days, far exceeding the stated 330 days.
Paytm Receives Government Panel Approval to Invest in Its Payments Subsidiary
• Paytm has secured approval from a government panel that oversees investments linked to China
to invest ₹500 million ($6 million) in a key subsidiary, Paytm Payment Services.
• The approval still needs to be vetted by the finance ministry.
• This approval will allow Paytm Payment Services to resume normal business operations, which
had been hindered.
• Revenue Contribution:Paytm Payment Services accounted for a quarter of Paytm's consolidated
revenue in the financial year ended March 2023.
About Paytm :
• Headquarters : Noida, Uttar Pradesh, India
• CEO : Vijay Shekhar Sharma
Muthoot Finance Chosen for Financial Action Task Force Mutual Evaluation Report 2023-24
• Muthoot Finance is the only Indian Non-Banking Financial Company (NBFC) selected for the
Financial Action Task Force's (FATF) Mutual Evaluation Report 2023-24.
• This selection highlights Muthoot Finance's global trustworthiness and compliance with stringent
financial regulations.
• wszxThe Financial Action Task Force (FATF) is a global agency formed in 1989.
• It develops policies to combat money laundering, terrorism financing, and other significant threats
to the financial system.
About Muthoot Finance :
• Founded : 1939
• Headquarters : Kochi, Kerala, India
• Managing Director : George Alexander Muthoot
.
Asian Development Bank and ENGIE SA Collaborate to Construct 400 MegaWatt Solar Power Plant in
Gujarat, India
• The Asian Development Bank (ADB) and the ENGIE group have signed a long-term local
currency loan agreement to construct and operate a 400-megawatt solar photovoltaic power
plant in Surendranagar District, Gujarat, India.
• The plant aims to generate an average of 805 gigawatt-hours annually over the next 25 years,
contributing significantly to India's renewable energy goals.
• Environmental Impact:The project is expected to avoid nearly 662,441 tons of carbon dioxide
emissions per year, supporting environmental sustainability efforts.
• Financing Arrangement:ADB acted as the mandated lead arranger for the loan, totaling 14.6
billion Indian rupees (~$175.9 million).
About Engie SA :
• Headquarters : La Défense, Courbevoie, France
• CEO : Catherine MacGregor
About ADB :
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific)
Greenko secures National Bank for Financing Infrastructure and Development approval for Rs 6,200
crore; plans early repayment of international bonds
• Greenko, a leading renewable energy company in India, is restructuring its overseas liabilities by
prepaying over $1 billion of dollar bonds maturing next year through funds from National Bank for
Financing Infrastructure and Development (NABFID).
• This move aims to reduce overseas debt amid higher interest rates abroad.
• NABFID has sanctioned Rs 6200 crore from which Greenko will use to pay back foreign bond
investors for bonds maturing in January and July, 2025.
.
• The funds will be used to repay foreign bond investors and finance up-and-running projects
across India, aligning with Greenko's mandate.
Reserve Bank of India Revokes Licence of ShimshaSahakara Bank Niyamitha in Maddur, Mandya
District, Karnataka
• The Reserve Bank of India (RBI) cancelled the licence of ShimshaSahakara Bank Niyamitha,
Maddur, Mandya District, Karnataka, due to its worsening financial position.
• As a result, the bank ceased to carry on banking business from the close of business on July 05,
2024.
• The Registrar of Cooperative Societies, Karnataka, has been requested to issue an order for
winding up the bank and to appoint a liquidator.
• Upon liquidation, each depositor is entitled to receive a deposit insurance claim amount of up to
₹5,00,000 (5 Lakhs) from the Deposit Insurance and Credit Guarantee Corporation (DICGC),
subject to the provisions of the DICGC Act, 1961.
About RBI :
Patra
Canara Bank Plans to Raise Rs 10,000 Crore via Infrastructure Bonds in FY25
• Public sector lender Canara Bank plans to raise up to Rs 10,000 crore through infrastructure
bonds for lending to projects in areas like roads, power and ports, among others, this financial
year (FY25).
• Comparison with Other Lenders:It is the 3rd state-owned lender after:
• State Bank of India (SBI) with Rs 20,000 crore planned and Rs 10,000 crore raised in June 2024.
• Bank of India (BoI) with Rs 10,000 crore planned.
About Canara Bank :
.
Federal Bank Partners with Bajaj Allianz Life Insurance for Bancassurance Services
• Federal Bank, a private sector bank, has entered into a Bancassurance tie-up with Bajaj Allianz
Life Insurance, a private life insurer.
• This partnership will enable Federal Bank’s customers to seamlessly access Bajaj Allianz Life
Insurance’s products, across the Bank’s extensive network in India.
• It aligns with both the companies’ strategic goals and growth plans and will drive insurance
penetration and market expansion.
About Federal Bank:
• Established: 23 April 1931 (as Travancore Federal Bank), 2 December 1949 (as Federal Bank)
• Headquarters: Aluva, Kochi, Kerala, India
• MD & CEO: Shyam Srinivasan
About Bajaj Allianz Life Insurance:
• Founded: 2001
• Headquarters: Pune, Maharashtra
• MD & CEO: Tarun Chugh
• Ownership: Joint venture between Bajaj Finserv Limited and Allianz SE
Canara Robeco Mutual Fund Launches Balanced Advantage Fund
• Canara Robeco Mutual Fund has launched a Balanced Advantage Fund (BAF), which is an
open-ended dynamic asset allocation fund.
• Aim : To increase upside participation and generate alpha during favourable market conditions
while reducing downside risk during market downturns.
• The new fund offer (NFO) will open and close on July 26, 2024.
• The BAF is an asset allocation product which will dynamically allocate equity based on an in-
house model, to eliminate investor biases.
Punjab National Bank Partners with Steel Authority of India Limited to Provide Loan Facilities
• Punjab National Bank (PNB) has signed a pact with Steel Authority of India Ltd (SAIL) to provide
home loans, car loans, and education loans to SAIL employees at concessional rates.
.
• This strategic partnership aims to enhance the financial well-being of SAIL employees while
expanding PNB's customer base within the steel sector.
• A Memorandum of Understanding (MoU) was signed by PNB General Manager - Business
Acquisition and Relationship Management Division Sudhir Dalal, SAIL General Manager -
Finance Lavika Jain and SAIL General Manager - HR Bikram Uppal.
About PNB :
• Headquarters : Delhi, India
About SAIL :
• Chairman : Amarendu Prakash
• SAIL is a central public sector undertaking (PSU) based in New Delhi, India. It is under the
ownership of the Ministry of Steel, Government of India (GoI).
NPCI International Collaborates with Qatar National Bank to Enable Unified Payments Interface
Payments in Qatar
• NPCI International Payments (NIPL), the international arm of NPCI, signed an agreement with
Qatar National Bank (QNB) to launch QR-code-based UPI payments in Qatar.
• The partnership will power UPI (Unified Payments Interface) payment acceptance in Qatar
through the QNB merchant network, enabling Indian travellers to transact on the payments
service.
• Indian tourists will have the option to transact using UPI across retail stores, tourist attractions,
duty-free shops, and hotels.
• The announcement is significant as Indians are the second largest group of international visitors
to Qatar.
About NPCI :
• Founded : 2008
.
India.
About QNB :
• Established : June 6, 1964
• Headquarters : Doha, Qatar
About Qatar
• Prime Minister : Mohammed bin Abdulrahman bin Jassim Al Thani
• Capital : Doha
• Currency : Qatari riyal
Banks' Deposit Growth Slows to 10.6%; Credit Growth Reaches 13.9%

• According to the latest data released by the Reserve Bank of India (RBI), Deposit growth of
commercial banks slowed to 10.64% year-on-year (Y-o-Y) as of June 28, 2024.
• The deposit base expanded to Rs 211.95 trillion.
• Credit Growth:Credit growth declined to 13.88% Y-o-Y, reaching Rs 163.8 trillion.
• Comparison with Previous Fortnight:For the fortnight ending June 14, 2024, deposit growth was
12.1%.
Securities and Exchange Board of India Working Group Proposes Easing Compliance Requirements for
Debenture Trustees
• Securities and Exchange Board of India’s (SEBI's) working group is set to recommend a
reduction in compliance burden for debenture trustees.
• Aim : To speed up the dispute resolution mechanism.
• The group also proposes pruning the number of regulations for listing and post-listing from five to
just one.
• The group will submit its report later this week.
About SEBI :
.

State Bank of India Launches Online Loan Facility Using Mutual Fund Units Through Internet Banking
and YONO App
• State Bank of India (SBI) launched an online loan facility against mutual fund (MF) units via
Internet Banking (INB) and the YONO App.
• This digital solution allows consumers to apply for loans from the comfort of their own homes,
with a completely paperless and digital process that is available 24 hours a day, 7 days a week.
• Eligibility : The new loan facility is extended at attractive interest rates to mutual fund schemes of
all Asset Management Companies (AMCs) registered with CAMS.
About SBI :
REC Secures ₹1,670 Crore Green Loan from Deutsche Bank's GIFT City Branch
• State-run REC Limited has secured a green loan amounting to JPY 31.96 billion (equivalent to
$200 million) from Deutsche Bank AG, GIFT City branch, marking a significant move towards
financing sustainable development in India.
• Purpose of Loan : To finance projects that adhere to strict environmental standards, promote
renewable energy, and reduce carbon emissions.
• This is the first green loan between an Indian government entity and Deutsche Bank.
• This initiative is also noted as one of the first JPY-denominated green loans executed by
Deutsche Bank AG, GIFT City.
About REC Limited, formerly Rural Electrification Corporation Limited :
• Chairman & Managing Director : Vivek Kumar Dewanga
.
• Status:
• REC is a 'Maharatna' company under the Ministry of Power, Government of India.
• Registered with RBI as a Non-Banking Finance Company (NBFC), Public Financial Institution
(PFI), and Infrastructure Financing Company (IFC).
About Deutsche Bank AG:
• Established: 10 March 1870
• Headquarters: Germany
• CEO: Christian Sewing
Reserve Bank of India's Financial Inclusion Index Shows Significant Growth in Q1 FY 2024
• The Reserve Bank of India (RBI) had constructed a composite Financial Inclusion Index (FI-
Index) to capture the extent of financial inclusion across the country, which was first published in
August 2021 for the Financial Year (FY) ending March 2021.
• The FI-Index for the year ending March 2024 has since been prepared.
• Index Value and Growth:FI-Index for March 2024 stands at 64.2, up from 60.1 in March 2023,
indicating significant growth.
About RBI :
16th Finance Commission Establishes 5-Member Advisory Council

• The 16th Finance Commission has established an advisory council comprising 5 members to
provide guidance on its Terms of Reference (ToR) and related subjects.
• Members of the Advisory Council:
• Dr. D.K. Srivastava
• Mr. Neelkanth Mishra
• Dr. Poonam Gupta
• Ms. Pranjul Bhandari
• Mr. Rahul Bajoria
• Dr. Poonam Gupta shall be the Convenor of the Advisory Council.
.

Punjab National Bank Introduces 'Safety Ring' for Enhanced Internet and Mobile Banking Security
• State-owned Punjab National Bank (PNB) introduced a new security feature 'Safety Ring' within
its internet banking system and mobile banking system in response to the increasing number of
cyber frauds.
• This mechanism provides an additional safety layer to minimise potential losses in case of
unauthorised access by fraudsters.
• Purpose: The feature adds an additional layer of security to mitigate potential losses from
unauthorized access by fraudsters.
About PNB :
French Banking Giant BNP Paribas Commences Operations in Gujarat International Finance Tec-City
• BNP Paribas, the European Union’s leading bank and a key player in international banking, has
launched operations at the Gujarat International Finance Tec-City - International Financial
Services Centre (GIFT-IFSC) through a new branch.
• The BNP Paribas GIFT City branch will facilitate a comprehensive product offering to attract new
business opportunities with its onshore and offshore clients.
• Gift City branch will enable to serve global clientele with an expanded range of products and
strategic solutions as cross-border momentum continues to increase.
About BNP Paribas :
• BNP Paribas (sometimes referred to as BNPP or BNP) is a multinational universal bank and
financial services holding company.
• It was founded in 2000 from the merger of two of France's foremost financial institutions, Banque
Nationale de Paris (BNP) and Paribas.
.
Bandhan Bank Introduces New Products to Support International Trade

• Private lender Bandhan Bank has introduced a range of products aimed at facilitating
international trade.
• Target Audience: These products cater to both importers and exporters, providing tailored
solutions to enhance global transaction efficiency.
• Key Products: The offerings in clude letters of credit (LCs), remittances, bank guarantees, export-
import collection bills, and bill/invoice discounting.
• Founded : 2015
• MD & CEO : Chandra Shekhar Ghosh
HDFC Ergo General Insurance Successfully Completes Its Inaugural Claim Processing on National
Health Claims Exchange Platform
• HDFC ERGO General Insurance Company, one of India’s leading private sector general
insurers, has successfully processed its first health claim through the National Health Claims
Exchange (NHCX) platform.
• NHCX is a single-window interface developed by the National Health Authority (NHA).
• It provides a secure platform and efficient exchange of health insurance claims data.
• The platform will strengthen efficiency and transparency in claims processing.
About HDFC ERGO General Insurance Company Limited :
• Managing Director : Anuj Tyagi
• Ownership: A joint venture (51:49) between HDFC and ERGO International AG, a subsidiary of
Munich Re Group, Germany.
• Operates in the insurance sector under BFSI (Banking, Financial Services, and Insurance).
MobiKwik Claims Top Spot as Leading Digital Wallet by Transaction Value
.
• MobiKwik has emerged as the largest digital financial services platform in terms of Prepaid
Payment Instrument (PPI) Wallet transactions by value for April and May, 2024.
• The company saw its market share by value grow from 11% in March 2024 to 20% in April and
further to 23% in May.
• Introduction of Pocket UPI:Pocket UPI, a new product by MobiKwik, facilitates instant payments
through Wallets across the UPI network.
About MobiKwik :
• Founded : April 2009
• MD & CEO : Bipin Preet Singh
ICICI Prudential Mutual Fund Introduces India's First Oil & Gas Sector Exchange Traded Fund
• ICICI Prudential Mutual Fund has launched the ICICI Prudential Nifty Oil & Gas ETF, India's first
exchange traded fund (ETF) in the oil and gas sector.
• The scheme will track the Nifty Oil & Gas TRI, an index that reflects the performance of listed
sector companies.
• The Nifty Oil & Gas Index comprises a maximum of 15 stocks listed on the National Stock
Exchange.
• The selection ensures that no single company holds more than 33% of the weight and the
combined weight of the top 3 companies does not surpass 62% of the index.
About ICICI Prudential Mutual Fund :
• Founded : 1993
• MD & CEO : Nimesh Shah
• It is a joint venture between ICICI Bank and Prudential plc.
• It is the second-largest asset management company in India after the SBI Mutual Fund.
State Bank of India Calls for Expressions of Interest on Stressed Exposure in Amul Industries
• State Bank of India (SBI) has invited expressions of interest (EoIs) from various entities to
acquire its stressed loan exposure of Rs 14.97 crore in Amul Industries through an e-auction
scheduled for August 7, 2024.
.
• Security Details:SBI holds primary security of Rs 43.49 crore and collateral security of Rs 55.78
crore against its exposure.
• Additionally, there is a third-party guarantee of Rs 52.77 crore.
• Entities Eligible: Interested entities such as asset reconstruction companies (ARCs), eligible non-
banking finance companies (NBFCs), banks, and Indian financial institutions can submit EoIs by
July 16, 2024.
About SBI :
Reserve Bank of India Cancels Licence of Banaras Mercantile Co-operative Bank Limited, Varanasi,
Uttar Pradesh
• The Reserve Bank of India (RBI) cancelled the licence of Banaras Mercantile Co-operative Bank
Limited, Varanasi, Uttar Pradesh (UP), due to inadequate capital and earning prospects.
• The bank ceased to carry on banking business from the close of business on July 04, 2024.
• The Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh, has
been requested to issue an order for winding up the bank and appoint a liquidator.
ICICI Lombard Introduces AI-Powered Health Insurance Plan 'Elevate

• ICICI Lombard General Insurance Company Limited, a private general insurer in India, has
launched 'Elevate', a new health insurance product equipped with Artificial Intelligence (AI)
technology.
• It aims to provide tailored solutions for diverse healthcare needs, unforeseen medical
emergencies, and rising medical costs.
• Infinite Sum Insured: Ensures policyholders never run out of coverage, addressing concerns of
limited coverage and sum insured.
• Founded: 2001
• Chairman & Managing Director: Sanjeev Mantri
.
• Ownership Structure:Joint venture between ICICI Bank (64% stake) and Fairfax Financial
Holdings Limited, Financial services company based in Toronto (36% stake)
RBI KLEMS Data Shows Employment Growth Rate Rising to 6% in FY24
• According to the Reserve Bank of India’s (RBI’s) KLEMS [Capital (K), Labour (L), Energy (E),
Material (M) and Services (S)] database, Employment growth rate rose to 6% in FY24 against
3.2% in FY23.
• This increase coincided with India's real Gross domestic product (GDP) growth rate rising to
8.2% in FY24, compared to 7% in the previous fiscal year.
• RBI's Data Release:RBI released an update on "Measuring Productivity at the Industry Level -
The India KLEMS Database," including a Data Manual 2024 and time-series data on productivity
for 27 industries from 1980-81 to 2022-23.
State Bank of India Research Urges Centre to Target 4.9% Fiscal Deficit in 2024, Advocate Continued
Consolidation
• State Bank of India (SBI) Research has urged the Government to strike the right balance
between fiscal consolidation and promoting growth and recommended that fiscal deficit be
brought down at the most to 4.9% for FY25.
• Fiscal deficit is the difference between the total revenue and total expenditure of the government.
• It indicates the total borrowing requirement of the government.
About SBI :
Export-Import Bank of India’s Government of India-supported Line of Credit of USD 2.50 Million to the
Government of Co-operative Republic of Guyana for Installation of Solar PhotoVoltaic Power Plant at
Cheddi Jagan International Airport
• Export-Import Bank of India (Exim Bank) has entered into an agreement with the Government of
the Co-operative Republic of Guyana (GO-GUY), for making available to the latter, Government
of India (GoI) supported Line of Credit (LoC) of USD 2.50 million for installation of Solar
PhotoVoltaic Power Plant at Cheddi Jagan International Airport in Guyana.
.
• Export Eligibility:Eligible goods and services from India are defined under the agreement and
must comply with the Foreign Trade Policy of the Government of India.
About Exim Bank :
• Established : 1982 (under the Export-Import Bank of India Act, 1981)
• Chairman & Managing Director : Ms. Harsha Bangari
About Guyana :
• President : Irfaan Ali
• Prime Minister : Mark Phillips
• Capital : Georgetown
• Currency : Guyanese dollar
Reserve Bank of India Cancels Registration of 2 Non Banking Finance Companies - Star Finserv India
and Polytex India, Over Irregular Lending Practices
• The Reserve Bank of India (RBI) has cancelled the certificates of registration (CoR) of 2 Non
Banking Finance Companies (NBFCs), Star Finserv India and Polytex India, due to irregular
lending practices.
• Star Finserv India, based in Hyderabad, operated under 'Progcap' by Desiderata Impact
Ventures Private Limited.
• Polytex India, headquartered in Mumbai, operated under the 'Z2P' mobile application by Zaitech
Technologies Private Limited.
Ageas Federal Life Insurance Launches Golden Years Pension Plan with Bluechip Pension Fund
• Ageas Federal Life Insurance has launched a new pension plan named ‘Golden Years Pension
Plan’ that aims to provide a comprehensive solution for securing the financial futures of
policyholders during their retirement years.
• The plan is a Unit Linked, Non-Participating, Individual Pension Plan specifically designed to
provide financial stability during retirement.
• Early Investment Booster: Additional allocations to encourage early retirement planning (ages 18-
35).
About Ageas Federal Life Insurance :
.
• MD & CEO : Vignesh Shahane
Securities and Exchange Board of India Raises Investment Cap to 25%: Exchange-Traded Funds and
Index Funds Can Invest More in Group Companies
• Market regulator Securities and Exchange Board of India (SEBI) has streamlined norms for
passive funds, including index funds and Exchange Traded Funds (ETFs).
• Aim : To create a level playing field for mutual funds concerning their exposure to securities of
group companies of the sponsor.
• Amended Investment Rules:SEBI has amended mutual fund rules to allow equity-oriented ETFs
and index funds to invest in the listed securities of group companies of the sponsor beyond 25%
of the net assets.
About SEBI :
Indian Overseas Bank Introduces Enhanced Features for Savings Scheme

• Public sector Indian Overseas Bank (IOB) has unveiled a slew of upgradation facilities on
savings schemes that offer enhanced features to its customers.
• The initiative was in the backdrop of simplifying banking processes by leveraging digital
technology providing convenience.
• The facility is to be available through the bank's website, the higher variants of savings accounts
like "SB Max" and "SB HNI" offer a host of enhanced facilities and features which includes
concessions and waiver of various charges providing more value and flexibility solutions to
customers.
About IOB :
.

Tata Asset Management Introduces India's First Tourism Index Mutual Fund
• Tata Asset Management has launched India's first-ever tourism index fund – the Tata Nifty India
Tourism Index Fund.
• The Tata Nifty India Tourism Index Fund will track the Nifty India Tourism Index (TRI, i.e., total
returns index).
• Nifty India Tourism Index (TRI) is a stock market index that specifically focuses on companies in
the Indian tourism sector.
Star Health Insurance collaborates with Himachal Pradesh State Cooperative Bank to boost health
insurance coverage in HP
• Star Health and Allied Insurance Company Limited, India's largest retail health insurance
company announced a strategic corporate agency agreement with Himachal Pradesh State
Cooperative Bank (HPSCB), the leading bank of Himachal Pradesh.
• Through this partnership, Star Health Insurance aims to enhance access to health insurance
across the region, particularly in rural areas where the bank holds a significant presence.
• The partnership seeks to increase insurance penetration in rural and Tier 3 regions, aligning with
IRDAI's goal of 'Insurance for all by 2047'.
About HPSCB :
• Managing Director : Sharwan Manta
• The HPSCB is performing a dual function in the state, one of an Apex Co-operative Bank in
Himachal Pradesh to play a leading role in the development of Co-operatives in the State and
second of a Co-operative Bank in 6 districts viz. Bilaspur, Chamba, Kinnaur, Mandi, Shimla and
Sirmour.
About Star Health and Allied Insurance Company Limited :
• Founded : 2006
• MD & CEO : Anand Roy
.
Life Insurance Corporation of India invest Rs 14 crore in Sri Lankan subsidiary

• Life Insurance Corporation of India (LIC) has infused additional capital amounting to Sri Lankan
Rupee (LKR) 500 million (approximately Rs 14 crore) into its subsidiary, Life Insurance
Corporation (Lanka).
• Shareholding Increase:Before the allotment of shares, LIC's shareholding in the subsidiary was
90.91%.
• Post allotment, LIC's shareholding will increase to 93.75% in the company.
• Purpose of Infusion:The capital infusion was made to comply with the statutory requirement of
maintaining minimum total available capital as per regulations of the Insurance Regulatory
Commission of Sri Lanka.
About LIC :
State Bank of India Increases Benchmark Marginal Cost of Funds Based Lending Rate by 5-10 Basis
Points
● State Bank of India (SBI) has increased its benchmark Marginal Cost of Funds Based Lending
Rate (MCLR) by 5 to 10 basis points across most tenures.
● One basis point equals 0.01 percentage point.
● The revised MCLR rates are effective from July 15, 2024.
● New MCLR Rates:
➢ 1 Month MCLR: Increased by 5 basis points to 8.35%.
➢ 1 Year MCLR: Increased by 10 basis points to 8.85%.
➢ 2 Years MCLR: Increased by 10 basis points to 8.95%.
➢ 3 Year MCLR: Increased by 5 basis points to 9.00%.
About MCLR :
● MCLR was introduced on April 1, 2016, as a minimum interest rate below which banks cannot
lend.
.
● It reflects the increase in banks’ cost of funds.

● Corporate loans are generally linked to MCLR, while retail loans are mostly linked to external
benchmarks like the repo rate, which has not been altered by the RBI since February 2023.
Securities and Exchange Board of India Designates BSE as Supervisory Authority for Research
Analysts and Investment Advisers
● The Capital markets regulator Securities and Exchange Board of India (SEBI) has recognized
BSE Limited as a supervisory body for Research Analysts (RAs) and Investment Advisers (IAs)
to oversee their management and administration.
● Regulatory Framework:This recognition is granted under Regulation 14 of the Research Analysts
Regulations (RA Regulations) and Investment Advisers Regulations (IA Regulations).
● Duration of Recognition:The recognition is valid for a period of 5 years, starting from July 25,
2024.
● Responsibilities of BSE:BSE will establish bye-laws, standard operating procedures (SOPs), and
frequently asked questions (FAQs) to support and guide RAs and IAs in adopting the RAASB
and IAASB frameworks.
What is BSE SENSEX?
● The BSE SENSEX is a free-float market-weighted stock market index comprising 30 well-
established and financially sound companies listed on the Bombay Stock Exchange.
About SEBI :
Bajaj Finserv Asset Management Company Unveils Savings+ Product for Retail Investors
● Bajaj Finserv Asset Management has introduced a new financial product named Finserv
Savings+ for retail investors.
● Objective : To bridge the gap between traditional savings accounts and investment options
offering higher returns.
.
● Investment Options: Savings+ allows investors to invest surplus cash from their savings accounts
into:
➢ Bajaj Finserv AMC Liquid Fund
➢ Bajaj Finserv Overnight Fund
● Bajaj Finserv Liquid Fund:
➢ Type: Open-ended debt mutual fund.
➢ Investment: Primarily in money market and debt securities with maturities of up to 91 days.
➢ Suitability: For investors seeking regular short-term income.
● Bajaj Finserv Overnight Fund:
➢ Type: Open-ended debt scheme.
➢ Investment: In overnight securities with low interest rate and credit risk.
➢ Suitability: For investors seeking regular short-term income in line with overnight call rates.
Only 6% of ₹3.68 Lakh Crore Loans under the Emergency Credit Line Guarantee Scheme are
Classified as Bad Debts
● As per the government’s report, the Non-performing assets (NPA) have been around 6% under
the Emergency Credit Line Guarantee Scheme (ECLGS).
● This means the cost to provide a full guarantee under the scheme will be much less than
anticipated.
● Loan Amount: The total liquidity support provided under ECLGS is over ₹3.68 lakh crore.
● Bad Debts: NPAs reported under ECLGS amount to approximately ₹22,000 crore, which is 6% of
the guaranteed loans.
● NPA Definition: The definition of NPA under ECLGS aligns with the Reserve Bank of India's (RBI)
definition.
● As per RBI, an NPA is a loan where interest and/or instalment of principal remain overdue for
more than 90 days in respect of a term loan.
● Cost of Guarantee: The cost to provide a full guarantee under ECLGS will be much less than
anticipated due to the lower percentage of NPAs.
● Comparison with System Data: According to the latest Financial Stability Report by RBI, the
gross non-performing assets (GNPA) ratio for scheduled commercial banks fell to a multi-year
low of 2.8% at the end of March 2024.
About ECLGS :
.
● Launch and Purpose: ECLGS was launched in May 2020 to provide liquidity support to
businesses adversely impacted by the Covid-19 pandemic lockdown.
● Coverage:The scheme covers loans sanctioned under the 'Guaranteed Emergency Credit Line'
up to March 31, 2023, or until guarantees for an amount of ₹5-lakh crore are issued, whichever is
earlier.
● It provides 100% guarantee coverage to banks and NBFCs on credit extended to business
enterprises/MSMEs based on their loan outstanding as of February 29, 2020.
● Eligibility: Initially targeted at MSMEs, the scheme was later expanded to include borrowers from
26 stressed sectors identified by the Kamath Committee, as well as the healthcare and hospitality
sectors.
Reserve Bank of India Urges Lenders to Listen to Borrowers Before Declaring Account Fraud
● The Reserve Bank of India (RBI) has developed new standards for lenders to follow before
categorising loan accounts as fraudulent.
● Aim of the New Norms : To ensure compliance with natural justice principles, which require that
both parties in a dispute be heard before making a decision.
● The guidelines follow a Supreme Court judgement dated March 27, 2023, which mandates that
borrowers must be given a hearing before their accounts are classified as fraud.
● Detailed Show-Cause Notice (SCN) : The RBI has updated its master direction on “Fraud Risk
Management”, in which it has been mandated that lenders have to issue a detailed show-cause
notice (SCN) to persons, entities, and promoters/whole-time and executive directors against
whom there are allegations of fraud.
● Response Time: Borrowers must be given at least 21 days to respond to the SCN.
● Scope of Applicability: The master direction applies to commercial banks; upper-, middle-, and
base-layer non-banking financial companies; all India financial institutions; and cooperative
banks.
● Fraud Risk Management Policy: Lenders must have a board-approved Fraud Risk Management
Policy stating the roles and responsibilities of the board, board committees, and senior
management.
● Policy Review: The Fraud Risk Management Policy should be reviewed by the board at least
once every three years.
.
● Special Committee:A special committee of the board, known as the Special Committee for
Monitoring and Follow-up of Fraud Cases (SCBMF), must be constituted.
● The SCBMF should consist of at least three board members, including a whole-time director and
two independent/non-executive directors.
Bank of Baroda and Bank of Maharashtra Introduce Deposit Schemes to Support Credit Demand
● Bank of Baroda (BoB) and Bank of Maharashtra (BoM) have introduced special deposit schemes
to address the increasing credit demand highlighted by Reserve Bank of India (RBI) Governor
Shaktikanta Das.
● These schemes are aimed at bridging the gap between deposit and credit growth in the banking
sector.
Bank of Baroda (BoB) Scheme:
● Scheme Name: "Bob Monsoon Dhamaka Deposit Scheme."
● Tenor Buckets:
➢ 399 days at an interest rate of 7.25% per annum.
➢ 333 days at an interest rate of 7.15% per annum.
● Eligibility: Retail deposits below ₹3 crore.
● Additional Benefits:Senior citizens earn an extra 0.50% interest.
● Non-Callable Deposits receive an additional 0.15% interest.
Bank of Maharashtra (BoM) Scheme:
● Tenor Buckets:
➢ 200 days at 6.90% interest.
● Eligibility: Deposits up to ₹10 crore.
SBI's New Scheme:
● SBI is set to launch a 444-day monsoon special retail deposit scheme with an interest rate of
7.25%.
About BoB :
.

● Tagline : India's International Bank
About BoM :
Bank of Baroda Raises Marginal Cost of Funds Based Lending Rate by 5 Basis Points for Select Tenors
● Bank of Baroda (BoB) increased its marginal cost of funds-based lending rates (MCLR) by 5
basis points (bps) on select tenors.
Revised Rates :
● One-year MCLR increased to 8.9% from 8.85%.
● Overnight MCLR increased to 8.15% from 8.10%.
● Six-month MCLR increased to 8.7% from 8.65%.
● UCO Bank MCLR Increase: Another state-run lender, UCO Bank, increased its overnight MCLR
by 5 bps from 8.10% to 8.15%.
● EBLR Introduction:In October 2019, the RBI introduced the external benchmark-based lending
rate (EBLR), linked to the repo rate.
Bandhan Bank Introduces Payment Solution Using Bharat QR Code
● Bandhan Bank has introduced a payment solution using Bharat QR Code for Current and
Savings account customers.
● This solution simplifies payments at merchant outlets and provides instant notifications through a
small speaker for each transaction.
What is Bharat QR?
● Bharat QR is a standardized QR code payment system that allows for seamless transactions
across banks for both cardholders and UPI users.
● It aims to promote digital payments and reduce cash transactions.
● Founded : 2015
.
● MD & CEO : Ratan Kumar Kesh
International Monetary Fund Increases India's FY25 Gross Domestic Product Growth Forecast to 7% by
20 Basis Points
● The International Monetary Fund (IMF) raised its projection of growth in India’s gross domestic
product (GDP) for 2024-25 by 20 basis points to 7% amid a boost in private consumption,
especially in rural areas.
● In April 2024, the IMF raised India's GDP forecast by 30 basis points to 6.8% in its World
Economic Outlook.
● India's GDP expanded by 8.2% in 2023-24, higher than the 7% growth in 2022-23.
● The fourth quarter of 2023-24 saw a greater than expected expansion of 7.8%, as per the
National Statistical Office (NSO).
● The IMF upgraded China's growth forecast for calendar year 2024 by 40 bps to 5%, citing a
rebound in private consumption and strong exports in the first quarter.
About IMF :
Small Industries Development Bank of India Partners with India Post Payments Bank to Provide Rural
Micro-Entrepreneurs with Credit via Postmen Network
● The Small Industries Development Bank of India (SIDBI) has partnered with India Post Payments
Bank (IPPB) to use the extensive network of postmen for providing credit to micro-entrepreneurs
in rural areas.
● Aim : to enhance financial inclusion in underserved regions where traditional banking services
are limited.
● Sudatta Mandal, Deputy Managing Director of SIDBI, unveiled this innovative approach at the CII
Growth Summit in New Delhi.
● This new program will be launched next month, leveraging IPPB's infrastructure of 136,000 post
offices, with over 120,000 in rural areas.
.
● Micro-Enterprise Definition: A micro-enterprise is defined as one with investment in plant and

machinery or equipment not exceeding Rs 1 crore and a turnover not exceeding Rs 5 crore.
About SIDBI :
● It is under the Ministry of Finance, Government of India (GoI) jurisdiction.
Canara Bank raises Rs 10,000 crore through infra bonds at 7.40% coupon
● Canara Bank has successfully raised Rs 10,000 crore by issuing infrastructure bonds.
● This move comes amid a backdrop where bank credit growth is outpacing deposit growth,
pressuring lenders to find alternative ways to mobilize funds.
Here are some key details About the issuance:
● Coupon Rate: The bonds were sold at an interest rate of 7.40%.
● Tenure: These are 10-year bonds with a maturity date of July 19, 2034.
● Issuance Size: The issuance had a base size of Rs 5,000 crore, with an additional Rs 5,000
crore available through a greenshoe option.
● Regulatory Exemptions: Funds raised via these infrastructure bonds are exempt from the
requirements to maintain the Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR).
About Canara Bank:
● Founded: 1906; 118 years ago
● Founder: Ammembal Subba Rao Pai
● Headquarters: Bengaluru, India
● MD & CEO: K Satyanarayana Raju
Kotak Mahindra Bank integrates physical and digital branches in new distribution structure
● Kotak Mahindra Bank (KMB) has unveiled a new distribution structure, integrating the physical
branch network, digital branch channel (encompassing mobile banking and net banking
platforms), and voice channel.
.
● As part of the new distribution structure, the private sector lender appointed Pranav Mishra as the
Head of Distribution.
● The new distribution structure is aimed at delivering an omnichannel seamless experience for
customers across all group products and services.
● It added that the new structure will ensure a seamless experience for customers across all
interaction channels by building synergy and improving service delivery.
About KMB:
● Founded: 1985
● Founders: Uday Kotak
● MD & CEO: Ashok Vaswani
SBI launches Amrit Vrishti 444-day term deposit with 7.25% interest rate
● The State Bank of India (SBI) has launched a special deposit scheme called “Amrit Vrishti”
offering a 7.25 per cent interest rate on deposits for 444 days. The scheme also offers an
additional 0.50 per cent interest rate to senior citizens.
● SBI’s special deposit scheme, “Amrit Vrishti,” is available for investment until March 31, 2025.
The bank stated that this new variant of a term deposit scheme is designed to meet the
requirements of a diverse range of customers.
About SBI:
● Founded: 1 July 1955
● Chairman: Dinesh Kumar Khara
● CFO (Chief Financial Officer): Kameshwar Rao Kodavanti
Asian Development Bank Keeps India's FY25 Gross Domestic Product Growth Forecast Unchanged at
7%
● According to the Asian Development Outlook July, 2024 report, India’s Gross Domestic Product
(GDP) growth is expected to be 7% this year with inflation averaging 4.6%.
● ADB Projections:ADB forecasts India's GDP to rise to 7.2% in 2025-26.
● Inflation in India is projected to average 4.5% in the next fiscal year
● China's Economic Outlook:ADB has maintained China's GDP growth projection at 4.5% for 2024.
.
ADB's GDP Growth Projection :
Country 2023 April 2024 July 2024 April 2025 July 2025
People's 5.2 4.8 4.8 4.5 4.5

republic of
China
Hong Kong, 3.2 2.8 2.8 3 3

China
India* 8.2 7 7 7.2 7.2
Singapore 1.1 2.4 2.4 2.6 2.6
Indonesia 5 5 5 5 5
Thailand 1.9 2.6 2.6 3 3
*Year 2024 refers to FY2024-25 ending March 2025.

2025 refers to FY2025-26
Securities and Exchange Board of India Amends REIT and InvIT Rules; Issues Framework for Unit-
Based Employment Benefit Scheme
● Capital markets regulator Securities and Exchange Board of India (SEBI) came out with a
framework for a unit-based employment benefit scheme for investment trusts -Real Estate
Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
● Under the framework, SEBI has prescribed the manner of the implementation of the scheme
through a trust, the manner of receiving units by the employee benefit trust and the manner of
allotment of units to the employee benefit trust by REIT & InvIT.
Asian Development Bank Approves $240.5 Million Loan for Rooftop Solar Systems
● The Asian Development Bank (ADB) has approved $240.5 million in loans to finance rooftop
solar systems in India that will help the government expand using renewable energy.
● The financing will support tranches 2 and 3 of the Multitranche Financing Facility (MFF) Solar
Rooftop Investment Program, initially approved by ADB in 2016.
.
● Objectives and Targets:India aims to achieve 50% of cumulative electric power installed capacity
from non-fossil fuel sources by 2030.
● This aligns with global commitments to reduce carbon emissions.
● Financial Allocation:State Bank of India (SBI) will receive $90.5 million from ADB's Clean
Technology Fund (CTF).
● National Bank for Agriculture and Rural Development (NABARD) will receive $150 million,
including $80 million from ADB's ordinary capital resources and $70 million from the CTF.
About ADB :
Insurance Regulatory and Development Authority of India Penalizes Bajaj Finance with Rs 2 Crore and
Aegon Life with Rs 1 Crore for Norm Violations
● The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of
Rs 2 crore on Bajaj Finance, citing violations of norms.
● The IRDAI has fined Bajaj Finance Rs 1 crore concerning the reconciliation of commission and
professional fees received and reported to the authority.
● An additional penalty of Rs 1 crore was imposed concerning the maintenance of records of
customer documentation.
● IRDAI has also issued additional directions to the company and advised it to comply with these
directions in a time-bound manner.
● Bajaj Finance added that the decision does not have any material impact on its financial,
operational, or other activities.
● Additionally, IRDAI has imposed a penalty of Rs 1 crore on Aegon Life Insurance (now known as
Bandhan Life) for violating certain provisions under the Anti-Money Laundering (AML) Master
Circular, which shall be remitted within 45 days from the date of the order.
About IRDAI :
.

About Bajaj Finance:
● Founded: 25 March 1987
● Headquarters: Pune, Maharashtra, India
● CEO: Rajeev Jain
● Type: Indian non-banking financial company (NBFC)
About Bandhan Life Insurance (formerly Aegon Life):
● Founded: 2008
● MD & CEO: Satishwar Balakrishnan
● Type: Indian life insurance company offering individual and group insurance online and offline
Banco Bilbao Vizcaya Argentaria Colombia and International Finance Corporation Launch World's First
Biodiversity Bond in the Financial Sector
● Banco Bilbao Vizcaya Argentaria (BBVA) and the International Finance Corporation (IFC), a
member of the World Bank Group, issued a US$15 million first tranche of the world's first
biodiversity bond that will amount to US$70 million.
● Objective : To finance projects that address the key drivers of biodiversity loss, particularly
focused on reforestation, regeneration of natural forests on degraded lands, climate-smart and
regenerative agriculture, restoration of wildlife habitats, among others.
● Roles and Responsibilities :
➢ BBVA Colombia: Issuing bank.
➢ IFC: Structurer and investor.
➢ BBVA Colombia's 2023 Biodiversity Financing:During 2023, BBVA in Colombia financed
more than 214.8 billion Colombian pesos in areas aligned with biodiversity, such as land
use, terrestrial habitat, ecotourism projects, smart agriculture and conservation of marine
habitats, mammals, and birds.
➢ Climate Change Impact on Colombia : According to data from the World Bank, climate
change could generate up to 10 million refugees in Colombia by 2050.
.
About BBVA Colombia :

● Main foreign investor in the Colombian financial system.
● 5th-largest bank in Colombia.
About IFC :
● Managing Director : Makhtar Diop
● Membership : 186 countries
● IFC provides investment, advisory, and asset-management services to encourage private-sector
development in less developed countries.
Bank of India Secures Rs 5,000 Crore Through 10-Year Infrastructure Bonds
● Bank of India (BoI) has raised Rs 5,000 crore at a coupon rate of 7.54% through 10-year
infrastructure bonds.
● The issue had a base size of Rs 2,000 crore, and a green shoe option of Rs 3,000 crore.
● The bank received 127 bids amounting to Rs 15,318 crore out of which it kept 57 bids worth Rs
5,000 crore.
About Infrastructure Bonds :
● Infrastructure bonds have a tenor of at least 7 years and the proceeds are utilised by banks to
fund long-term infrastructure projects.
● Banks benefit from infrastructure bonds because they do not incur regulatory reserve
requirements such as the statutory liquidity ratio (SLR) and cash reserve ratio (CRR), allowing
them to optimise their liquidity management strategies effectively.
● Tagline : Relationship Beyond Banking
Motilal Oswal Mutual Fund Introduces New Fund Targeting the Current Capex Cycle
● Motilal Oswal Mutual Fund has launched Motilal Oswal Manufacturing Fund, an open-ended
equity scheme following the manufacturing theme.
.
● The new fund offer or NFO of the scheme will open for subscription on July 19 and close on
August 2, 2024.
● Investment objective of the scheme : To achieve long term capital appreciation by predominantly
investing in equity and equity related instruments of companies engaged in the manufacturing
activity.
● The scheme is benchmarked against Nifty India Manufacturing Total Return Index.
● The scheme will be managed by Ajay Khandelwal, Niket Shah, Santosh Singh, Atul Mehra,
Rakesh Shetty, and Sunil Sawant.
Reserve Bank of India Data Reveals $3 Billion Increase in Non-Resident Indian Deposits for April-May
FY25
● According to the data released by the Reserve Bank of India (RBI), Overseas Indians deposited
close to $3 billion in non-resident Indian (NRI) deposit schemes in April-May FY25, which is over
four times higher than the amount deposited in these schemes in the same period last year.
● In April-May FY25, inflows into the NRI schemes stood at $2.72 billion, compared to $623 million
during the same period a year ago.
● With this, the total outstanding NRI deposits as of May stood at $154.72 billion.
FICCI Survey Projects CPI Inflation at 4.5% and GDP Growth at 7% for FY25
● The Federation of Indian Chambers of Commerce & Industry (FICCI) forecasts a median Gross
Domestic Product (GDP) growth of 7.0% for the fiscal year 2024-25.
● The Consumer Price Index (CPI) inflation is projected at a median of 4.5% for the same period.
● Growth Range:GDP:
➢ Expected Range: A minimum growth of 6.6% and a maximum growth of 7.5% are
anticipated.
➢ Quarterly Estimates: Median GDP growth is estimated at 6.8% for Q1 and 7.2% for Q2 of
FY25.
● Sectoral Growth Forecasts:
➢ Agriculture: Median growth forecast at 3.7%, up from 1.4% in 2023-24.
➢ Industry: Anticipated to grow by 6.7%.
➢ Services: Expected to grow by 7.4%.
➢ Previous Year Comparisons: The growth rates for the previous fiscal year were 9.5% for
industry and 7.6% for services.
.
● CPI Inflation Details:

➢ Forecast Range: CPI inflation is projected to range between 4.4% and 5.0%.
➢ Recent Data: Headline retail inflation rose to 5.1% in June 2024.
About FICCI :
● Secretary General : Shailesh K Pathak
● FICCI is a non-governmental trade association and advocacy group based in India.
IndusInd Bank Partners with Inspire Institute of Sport to Introduce 'Wrestle for Glory'
● IndusInd Bank has launched the ‘Wrestle for Glory’ program as part of its Corporate Social
Responsibility (CSR) initiatives.
● The program continues the bank’s longstanding partnership with the Inspire Institute of Sport
(IIS), a high-performance Olympic training facility in Vijayanagar, Bellary
● Aim : To empower 50 talented female wrestling athletes from across the country and provide
them with coaching at the esteemed IIS facility on fully-funded scholarships.
● The program is part of the 'IndusInd For Sports' initiative, a non-banking sports vertical
established in 2016.
● MD & CEO : Sumant Kathpalia.
● Tagline : We Make You Feel Richer
About Inspire Institute of Sport :
● Headquarters : Bellary district, Karnataka
● CEO : Rushdee Warley
Reserve Bank of India Establishes Committee to Review Fee Structure for White-Label ATMs
● The Reserve Bank of India (RBI) has set up a committee to review the fee structure for white-
label ATMs (WLAs).
● The committee is headed by Indian Banks' Association chief executive Sunil Mehta.
.
● It includes representatives from the National Payments Corporation of India (NPCI), leading
banks, ATM manufacturers, and other stakeholders.
● This committee will evaluate current policies and practices, aiming to recommend a fair and
sustainable model that balances the interests of all stakeholders.
● As per industry estimates, India's ATM market is expected to grow at a CAGR of 9.2% from
2024 to 2032.
What is White Label ATM?
● White Label ATMs are the kinds of ATMs that are managed and operated by some non-banking
entities as per the mandates generated by the Reserve Bank of India (RBI).
Securities and Exchange Board of India Approves Credit Rating Agencies and ERPs to Operate in
IFSCA
● The Securities and Exchange Board of India (SEBI) has authorised Credit Rating Agencies
(CRAs) and Environmental, Social, and Governance (ESG) Rating Providers (ERPs) to operate
under the International Financial Services Centres Authority (IFSCA).
● IFSCA has been added to the list of financial sector regulators to enable CRAs and ERPs to
undertake rating and ESG rating activities, respectively, at IFSC-GIFT City, Gujarat.
● ESG ratings undertaken by an ERP under the guidelines of IFSCA shall be under the purview of
IFSCA.
About ESG rating providers :
● ESG rating providers are regulated under the provisions of the CRA Regulations (as amended
with effect from July 4, 2023) that, inter-alia, prescribe the guidelines for registration of ERPs,
general obligations of ERPs, manner of inspection and code of conduct applicable to ERPs.
Reserve Bank of India Fines Muthoot Finance Limited. ₹1.9 Lakh for Know Your Customer Non-
Compliance
● The Reserve Bank of India (RBI) has levied a penalty of ₹1,90,000 (1.9 lakh) on Muthoot Finance
Limited for non-compliance with the 'Know Your Customer (KYC) Directions, 2016'.
● Legal Basis:The penalty is imposed under:
➢ Clause (b) of sub-section (1) of Section 58G.
➢ Clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.
About Muthoot Finance Limited :
● Founded : 1939
.
● Headquarters : Kochi, Kerala, India

● Chairman : George Jacob Muthoot
● Muthoot Finance Ltd is a non-banking financial company that provides various financial services
to customers.
Securities and Exchange Board of India Proposes New Asset Class to Bridge Gap Between Mutual
Funds and Portfolio Management Services for Investors with Rs 10-50 Lakh
● The Securities and Exchange Board of India (SEBI) has proposed a new asset class aimed at
bridging the gap between mutual funds and portfolio management services (PMS), targeting
investors with investible funds ranging from Rs 10 lakh to Rs 50 lakh.
● This move is designed to provide a regulated product with greater flexibility, higher risk-taking
capability, and higher ticket size to cater to an emerging category of investors.
● Minimum Investment Requirement : The minimum investment for this new asset class is Rs 10
lakh per investor.
● The total invested amount should not drop below Rs 10 lakh due to withdrawals or systematic
transactions.
● Investment Options:Investors can use Systematic Investment Plans (SIP), Systematic
Withdrawal Plans (SWP), and Systematic Transfer Plans (STP) for investing in this new asset
class.
● Eligibility Criteria for Mutual Funds:Mutual funds must have a strong track record, having been
operational for at least three years with an average Asset Under Management (AUM) of at least
Rs 10,000 crore in the preceding 3 years.
● No regulatory action against the sponsor or AMC in the last 3 years.
● Alternative Eligibility Criteria:Mutual funds not meeting the primary criteria can still launch the
new asset class if they:
➢ Appoint a Chief Investment Officer (CIO) with at least 10 years of experience managing
AUM of Rs 5,000 crore.
➢ Have an additional fund manager with at least 7 years of experience managing AUM of Rs
3,000 crore.
India's Fintech Industry Expected to Reach $420 Billion by 2029 with a Cumulative Annual Growth Rate
of 31%
.
● India's fintech industry is projected to grow at a cumulative annual growth rate (CAGR) of 31%,
reaching approximately $420 billion by 2029.
● As of 2024, the fintech industry in India is estimated to be worth About $110 billion.
● The projection was informed by Ajay Kumar Choudhary, Non-Executive Chairman and
Independent Director of NPCI, at the inaugural session of the 2nd India International Fintech
Festival, organised by ASSOCHAM in the capital.
● India ranks 3rd globally in terms of the highest number of fintech entities.
● The fintech sector commands 14% of start-up funding in India.
● The adoption rate of fintech in India is 87%, significantly higher than the global average of 67%.
Reserve Bank of India Sells $406 Million in Indian Bonds Amid Index Inclusion-Driven Inflows:
Bloomberg Report
● According to a Bloomberg report, India’s central bank Reserve Bank of India (RBI) sold ₹34
billion ($406 million) of bonds in the secondary market, likely to absorb excess cash in the
banking system resulting from inflows into the nation’s debt after being included in a global index.
● Foreign investments in local bonds surpassed $1 billion in July following the inclusion.
● The RBI absorbed the inflows to boost its reserves, adding $9.7 billion in a week.
● Liquidity in the Banking System:The banking system liquidity shifted to a surplus after being in
deficit for most of the year.
● Government spending post-elections and the RBI's actions contributed to this shift.
● Excess liquidity deposited by banks with the RBI stood at 1.4 trillion rupees.
● Global Index Inclusion:India became the 25th market to be included in the index since June 2005.
● The inclusion is expected to attract global inflows of $20 billion to $25 billion into the Indian bond
market.
● Government Borrowing:The Indian government plans to borrow 14.1 trillion rupees through
bonds in the financial year starting April 1.
About RBI :
Navi Mutual Fund Unveils Nifty 500 Multicap 50:25:25 Index Fund
.
● Navi Mutual Fund has launched Navi Nifty 500 Multicap 50:25:25 Index Fund, the first-ever index
fund to track the Nifty 500 Multicap 50:25:25 index.
● The new fund offer will close on July 30, 2024.
● Allocation:
➢ 50% in large-cap companies.
➢ 25% in mid-cap companies.
➢ 25% in small-cap companies.
● Comparison:Versus Nifty 500 Index: The Nifty 500 Multicap has a more balanced allocation
compared to the Nifty 500 Index, which has about 72% allocation in large-cap stocks.
● Investment Details:Minimum Application Amount: ₹10, with subsequent investments in multiples
of ₹1.
About Navi Mutual Fund :
● Founder : Sachin Bansal
Arka Fincap Enters Co-Lending Partnership with Central Bank of India to Offer MSME Loans
● Non-bank financial company Arka Fincap, a part of Kirloskar Group, announced that it had
partnered with the Central Bank of India to offer Micro, Small and Medium Enterprises (MSME)
loans.
● Under the co-lending arrangement, Arka will offer loans to MSMEs at competitive rates and
further expand its reach across India.
● Arka operates in 4 main business segments:
1. MSME & SME Lending
2. Corporate Lending
3. Real Estate and Urban Infrastructure Financing
4. Syndication
What is meant by co-lending?
● Co-lending is an arrangement where multiple lenders partner to provide loans to borrowers.
● This helps increase lending capacity and reduces risk for individual lenders.
About Central Bank of India :
.

Fintech Startup TechFini Secures National Payments Corporation of India Certification to Operate as
UPI Provider
● Fintech startup TechFini has received final certification from the National Payments Corporation
of India (NPCI) to operate as a Unified Payments Interface (UPI)-based payment infrastructure
provider for banks and fintech companies.
● Additionally, the company has been certified for UPI Unified Dispute and Issue Resolution (UDIR),
making it one of the few platforms capable of addressing the complexities involved in dispute
resolution.
What is UDIR?
● The Unified Dispute and Issue Resolution (UDIR) is a comprehensive framework designed by the
NPCI to tackle the complexities involved in resolving disputes within the realm of UPI payments
About TechFini:
● Founded : 2023.
● Provides payment infrastructure solutions to banks, fintechs, and other financial services
companies.
● Aims to integrate and simplify payment systems.
About NPCI :
● Founded : 2008
India.
Tata AIG Teams Up with Mahindra Finance to Expand Distribution of Non-Life Insurance Products
.
● Tata AIG General Insurance tied up with Mahindra Finance to distribute non-life insurance
products through Mahindra Finance's customer network.
● Under this partnership, Tata AIG, a joint venture company between Tata Group and American
International Group (AIG) will offer a range of general insurance products, including motor, health,
personal accident, and other non-life insurance solutions to over 10 million customers of
Mahindra Finance.
About TATA AIG General Insurance :
● Founded : 2001
● MD & CEO : Neelesh Garg
● It is a joint venture between the Tata Group and American International Group (AIG).
● Tata Group holds a 51% stake in the insurance venture with AIG holding the balance of 49%.
About Mahindra Finance :
● MD & CEO : Raul Rebello
Small Industries Development Bank of India to Establish $1 Billion Green Financing Fund with $215
Million Contribution from Green Climate Fund
● The Small Industries Development Bank of India (SIDBI), which received approval of funding of
$ 215.6 m from the Green Climate Fund, will create a corpus of $1 billion for ‘financing mitigation
and adaptation projects’ (FMAP) of Medium and Small Enterprises (MSMEs).
● The board of the Green Climate Fund, which is an entity set up by the United Nations Framework
Convention on Climate Change (UNFCCC), approved a $200 million loan and $15.6 million grant
for capacity building to SIDBI.
● The Small Industries Development Bank of India (SIDBI), which received approval of funding of
$ 215.6 m from the Green Climate Fund, will create a corpus of $1 billion for ‘financing mitigation
and adaptation projects’ (FMAP) of Medium and Small Enterprises (MSMEs).
● The board of the Green Climate Fund, which is an entity set up by the United Nations Framework
Convention on Climate Change (UNFCCC), approved a $200 million loan and $15.6 million grant
for capacity building to SIDBI.
● GCF is described as “the world’s largest dedicated climate fund.”
About SIDBI :
.

Cashfree Payments Receives Reserve Bank of India Licence for Payment Aggregator and Cross-
Border Transactions
● Cashfree Payments, a Bengaluru-based company, has received approval from the Reserve Bank
of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB).
● The approval comes nearly a year after the RBI issued a circular on the regulation of PAs for
cross-border transactions.
● Categories of PA-CBs:The RBI categorizes PA-CBs into three types:
1. Export only PA-CB (PA-CB-E)
2. Import only PA-CB (PA-CB-I)
3. Export and Import PA-CB (PA-CB-E&I)
● Net Worth Requirements:As per the RBI’s circular issued in October 2023:
➢ Non-banks must have a minimum net worth of Rs 15 crore at the time of application.
➢ This must increase to Rs 25 crore by March 31, 2026.
➢ New non-banks must achieve a minimum net worth of Rs 25 crore by the end of the third
financial year after receiving authorization.
Fusion Microfinance Limited Rebranded as Fusion Finance Limited
● Fusion MicroFinance Limited, one of India’s leading Non-Banking Financial Companies -
MicroFinance Institutions (NBFC-MFIs) in India, has announced the change of its name to Fusion
Finance Limited.
● The company was originally incorporated as Ambience Fincap Pvt Ltd (AFPL) in September
1994.
Kotak Mahindra Bank Engages Grant Thornton Bharat as External Auditor Following Reserve Bank of
India Directive
● Kotak Mahindra Bank (KMB) has appointed Grant Thornton Bharat as an external auditor for its
IT systems.
.
● This appointment comes months after the Reserve Bank of India (RBI) barred the bank from
adding new clients digitally.
About KMB :
● Founded : 1985
Bank of Baroda Introduces AI-Driven Virtual Relationship Manager and Credit Line via UPI
● Bank of Baroda (BoB) launched several new digital and technology-driven services aimed at
enhancing the customer banking experience.
● First-of-Its-Kind: This VRM is the first initiative of its kind in the Indian banking sector.
● Foundation Day Launch:
➢ 117th Foundation Day: BoB introduced 11 new products and services to mark its
117th foundation day.
● Integration with RBIH:
➢ Baroda Kisan Credit Card (BKCC): Integrated with the Reserve Bank Innovation
Hub’s (RBIH) Public Tech Platform.
➢ Function: Facilitates frictionless credit by fetching digital land records and farm-
related information.
➢ Digital Process: The BKCC process is fully digital, from customer onboarding to
loan account opening and disbursement.
➢ Pilot Location: Initially implemented in Madhya Pradesh.
About BoB :
Reserve Bank of India Implements Stricter Regulations for Cash Pay-Outs at Banks
● The Reserve Bank of India (RBI) tightened norms related to cash pay-out service at banks,
making it mandatory for lenders to keep a record of recipients.
.
What is meant by Cash Pay-Out?

● Cash pay-out refers to arrangements for amounts being transferred out of bank accounts to
beneficiaries not having a bank account.
● The new guidelines are an update to the RBI's October 2011 framework on 'Domestic Money
Transfer'.
● These revised norms will come into effect from November 1, 2024.
● Transactions must be validated with an additional factor of authentication (AFA).
● Transaction Details:Remitter details should be included as part of the IMPS (Immediate Payment
Service) / NEFT (National Electronic Funds Transfer) transaction message.
● Exclusions:The guidelines do not apply to card-to-card transfer transactions.
HDFC Bank Raises Fixed Deposit Rates by 20 Basis Points, Offering up to 7.9% Interest
● HDFC Bank has increased fixed deposit interest rates by up to 20 basis points (bps) for amounts
below Rs 3 crore.
● The new rates are effective from July 24, 2024.
● The highest interest rate offered by the bank is 7.40% for general citizens and 7.90% for senior
citizens on a tenure of 4 years and 7 months to 55 months.
About HDFC Bank :
TerraPay and Swift Collaborate to Facilitate Smooth Global Account-to-Wallet Payments
● TerraPay, a global money movement company, has announced that financial institutions can now
send money directly to over 2.1 billion mobile wallets worldwide using existing Swift connectivity.
● It ensures end-to-end transparency from account to wallet, leveraging Swift's transaction tracking
capabilities.
● TerraPay's Network: TerraPay's network supports payments to more than 2.1 billion mobile
wallets and 7.5 billion bank accounts globally.
About TerraPay :
● Founded : 2014
.
● Headquarters : London
● Co-Founder and CEO: Ambar Sur
Paytm Teams Up with Axis Bank to Provide POS Solutions and EDC Devices to Merchants
● One 97 Communications (OCL), the parent company of fintech firm Paytm, has partnered with
Axis Bank to provide point-of-sale (PoS) solutions and Electronic Data Capture (EDC) devices to
Axis Bank and its merchant network.
About Paytm :
About Axis Bank :
CRED Launches Unified Financial Data Platform for Comprehensive Finance Tracking
● Fintech app CRED has launched a unified money management dashboard called CRED Money.
● Platform Purpose: The platform aggregates all customer financial data, including payments, on a
single platform.
● Similar apps providing unified platforms for multiple bank accounts and transactions include ICICI
Bank, Axis Bank, and Fi Money.
● CRED Money is built on the Account Aggregator (AA) framework.
What is meant by Account Aggregators?
● Account Aggregators (AAs) act as intermediaries by collecting data from Financial Information
Providers (FIPs) and sharing it with Financial Information Users (FIUs) such as lending banks
and agencies.
● CRED is classified as a Financial Information User (FIU).
About CRED :
● Founded : 2018
.

● CEO : Kunal Shah
Reserve Bank of India to Issue Guidance Notes on Scenario Analysis and Stress Testing for Climate-
Related Financial Risk
● The Reserve Bank of India (RBI) is planning to release guidance notes on scenario analysis,
stress testing, and effective management of climate-related financial risks.
● These notes will be based on the Basel Committee on Banking Supervision (BCBS) principles.
● Funding Requirements for EMDEs:Significant funding gaps exist, with financing requirements
estimated at 2.5% of GDP annually for India and $2 trillion per year by 2030 for EMDEs.
AU Small Finance Bank Board Approves Proposal to Apply to Reserve Bank of India for Universal Bank
Transition
● The Board of Directors of AU Small Finance Bank(SFB) approved a proposal to apply to the
Reserve Bank of India (RBI) for transitioning from a Small Finance Bank (SFB) to a universal
bank.
● Committee of Directors:A Committee of Directors has been constituted to vet the bank’s
application for submission to the RBI.
Committee members:
➢ HR Khan (Chairperson, Part-time Chairman, and Independent Director)
➢ Pushpinder Singh (Independent Director)
➢ MS Sriram (Independent Director)
➢ Sanjay Agarwal (Managing Director & CEO)
RBI Licensing Guidelines:
● RBI issued guidelines for licensing of SFBs in the private sector in November 2014.
● An SFB aiming to become a universal bank must meet the following criteria:
➢ Minimum net worth of Rs 1,000 crore at the end of the previous quarter (audited).
➢ Shares should be listed on a recognized stock exchange.
➢ Net profit in the last two financial years.
➢ Gross NPA (Non-Performing Assets) ≤ 3% and Net NPA ≤ 1% in the last two financial
years.
.

● Founded : 1996
Asian Development Bank Approves $200 Million Loan to Expand Metro Rail and Urban Mobility in
Nagpur
● The Asian Development Bank (ADB) approved a $200 million loan to expand metro rail corridors
and improve transport connectivity in Nagpur, India.
● The Nagpur Metro Urban Mobility Project aims to enhance transport connectivity within and to
Nagpur's new and growing urban areas.
● It focuses on providing efficient, safe, and environment-friendly public transport to ease
commuter travel and improve productivity.
● The project will construct 43.8 kilometres of elevated metro rail corridors with 32 stations.
About ADB :
Reserve Bank of India Revokes Licence of Uravakonda Co-operative Town Bank Limited. in Andhra
Pradesh's Anantapur District
● The Reserve Bank of India (RBI) cancelled the licence of Uravakonda Co-operative Town Bank
Limited., located in Uravakonda, Anantapur District, Andhra Pradesh (AP).
Reasons for Licence Cancellation:
● The bank lacks adequate capital and earning prospects.
● Non-compliance with the provisions of: Section 11(1) and Section 22(3)(d) read with Section 56
of the Banking Regulation Act, 1949.
● Depositor Protections:Upon liquidation, each depositor is entitled to receive a deposit insurance
claim amount of up to ₹5,00,000 from the Deposit Insurance and Credit Guarantee Corporation
(DICGC), subject to the provisions of the DICGC Act, 1961.
Reserve Bank of India Data Reveals 12.6% Growth in Digital Payments by March 2024
.
● According to the Reserve Bank of India (RBI's) index that measures the adoption of online
transactions, Digital payments across the country registered a 12.6% on-year rise as of March 31,
2024.
● RBI's Digital Payments Index (RBI-DPI) stood at 445.5 at the end of March 2024 compared to
418.77 in September 2023 and 395.57 in March 2023.
● The index series since its inception is as under:
Period RBI - DPI Index
March 2018 (Base) 100
March 2019 153.47
September 2019 173.49
March 2020 207.84
March 2021 270.59
March 2022 349.30
March 2023 395.57
March 2024 445.50
About RBI-DPI index :

● The RBI-DPI index has increased across all parameters driven by significant growth in payment
performance and payment infrastructure across the country over the period.
.
● The RBI announced the construction of a composite RBI-DPI in March 2018 as a base to capture
the extent of digitisation of payments across the country.
● The index comprises 5 broad parameters that enable the measurement of the deepening and
penetration of digital payments in the country over different periods.
● These parameters are
1. Payment Enablers: 25% weightage
2. Payment Infrastructure Demand-side Factors: 10% weightage
3. Payment Infrastructure Supply-side Factors: 15% weightage
4. Payment Performance: 45% weightage
5. Consumer Centricity: 5% weightage
● The index was published on a semi-annual basis from March 2021 onwards with a lag of four
months.
Canara Bank to Open 250 New Branches to Increase Current Account and Savings Account Deposits
● Canara Bank plans to open 250 new branches in the current financial year to mobilize low-cost
deposits (Current Account and Savings Account - CASA).
● The bank opened 200 branches last year.
● Share of CASA deposits decreased from 33% in June 2022 to 30.98% in June 2023.
About Canara Bank :
● MD & CEO : K. Satyanarayana Raju
● Tagline : Together We Can
5 Entities Enter Test Phase in Reserve Bank of India's 5th Regulatory Sandbox Cohort
● The Reserve Bank of India (RBI) announced that 5 entities were selected for the test phase of
the regulatory sandbox’s theme-neutral fifth cohort that it had announced in October, 2023.
● The RBI received 22 applications for this cohort of the regulatory sandbox.
Selected 5 Entities:
1. Connectingdot Consultancy
2. Epifi Technologies
3. Finagg Technologies
.
4. Indian Banks’ Digital Infrastructure Company (IBDIC)

5. Signzy Technologies
Reserve Bank of India Proposes Stricter Liquidity Coverage Ratio Norms for Banks, Releases Draft
Guidelines
● The Reserve Bank of India (RBI) released draft guidelines aimed at bolstering the liquidity
resilience of banks amid the increased usage of technology.
● Run-Off Factor for Retail Deposits: Banks must assign an additional 5% run-off factor for retail
deposits enabled with internet and mobile banking (IMB).
➢ Stable Retail Deposits with IMB: 10% run-off factor.
➢ Less Stable Deposits with IMB: 15% run-off factor.
● Valuation of High-Quality Liquid Assets (HQLA):Level-1 Haircuts on High Quality Liquid Assets
(HQLA) in the form of Government securities shall be valued at an amount not greater than their
current market value, adjusted for applicable haircuts in line with the margin requirements under
the Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF).
● Effective Date: These guidelines will come into effect on April 1, 2025.
About LCR :
● Definition : LCR is a liquidity requirement for banks to maintain at all times a certain proportion of
high-quality liquid assets (HQLA), including cash, reserves with central banks, and federal
government bonds, which can easily be converted into cash.
● Applicability: The circular applies to all Commercial Banks, excluding Payments Banks, Regional
Rural Banks, and Local Area Banks.
● LCR Maintenance Requirement: Banks are required to maintain an LCR (HQLAs/ total cash
outflows * 100) of at least 100%.
Reserve Bank of India Introduces Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-
operative Banks
● The Reserve Bank of India (RBI) has issued a Prompt Corrective Action (PCA) framework to
improve weak Urban Cooperative Banks (UCBs), effective from April 1, 2025.
● The PCA framework will replace the existing Supervisory Action Framework (SAF), which was
last revised on January 6, 2020.
Criteria for Invoking PCA:
.
● Capital Adequacy Ratio (CAR) up to 250 basis points below the required CAR.
● Net Non-Performing Assets (NPAs) above 6.0% but below 9.0%.
● Incurring losses during two consecutive years.
● The breach of any risk threshold may result in invocation of PCA.
● Applicability: The PCA framework will apply to UCBs with deposits above Rs 100 crore.
● Urban Co-operative Banks have been categorised into four tiers.
Categorization of UCBs:
1. Tier 1: UCBs with deposits up to Rs 100 crore.
2. Tier 2: UCBs with deposits above Rs 100 crore and less than Rs 1,000 crore.
3. Tier 3: UCBs with deposits above Rs 1,000 crore and less than Rs 10,000 crore.
4. Tier 4: UCBs with deposits above Rs 10,000 crore.
Reserve Bank of India Imposes Monetary Penalty on 3 Payment System Operators - Visa Worldwide,
Ola Financial Services, Manappuram Finance
● The Reserve Bank of India (RBI) has imposed penalties on payment system operators Visa
Worldwide, Ola Financial Services and Manappuram Finance for deficiencies in regulatory
compliance.
Penalty Amounts:
● Visa Worldwide Private Limited: Rs 2.4 crore.
● Manappuram Finance Limited: Rs 41.5 lakh.
● Ola Financial Services: Rs 87.55 lakh in two cases.
PSU Banks Likely to Receive Additional 2-Year Extension to Meet SEBI's Minimum Public Shareholding
Norms
● Public sector banks (PSBs) are expected to receive another two-year extension to comply with
the Securities and Exchange Board of India’s (SEBI's) minimum public shareholding (MPS)
norms, requiring a minimum public shareholding of 25%.
● This extension follows a special forbearance that allowed state-owned banks until August 2024 to
meet the requirement.
● Current Compliance Status:Out of 12 public sector banks, 5 have not yet complied with the MPS
norms.
● The government’s holding in these banks exceeds 75%.
Banks with High Government Holdings:
.
● Punjab & Sind Bank: Government holding is 98.25%.

● Indian Overseas Bank: Government holding is 96.38%.
● UCO Bank: Government holding is 95.39%.
● Central Bank of India: Government holding is 93.08%.
● Bank of Maharashtra: Government holding is 86.46%, which may fall below 75% during the
current fiscal year.
Shriram Group Receives Reserve Bank of India Approval to Enter Asset Reconstruction Business
● Chennai-based conglomerate Shriram Group is set to enter the asset reconstruction (ARC)
business during the current financial year and has received approval from the Reserve Bank of
India (RBI).
● This move is part of their broader plan announced in November 2023 which includes entering
both the asset reconstruction and wealth management sectors.
About Shriram Group :
● Founded : 5 April 1974
● Chairman : R. Thyagarajan
Securities and Exchange Board of India Imposes Three-Year Ban on Vijay Mallya from Indian Markets
● The Securities and Exchange Board of India (SEBI) has barred Vijay Mallya from accessing the
Indian securities market for 3 years.
● Reason for Ban: Mallya was found guilty of illegally routing funds into the Indian stock market
through his UBS bank accounts in London between January 1, 2006, and March 31, 2008.
● Previous Sanctions:SEBI had previously barred Mallya from accessing the securities market for
three years, starting June 1, 2018, due to manipulative activities and improper transactions
related to the shares of USL.
Reserve Bank of India Revokes License of The Mahabhairab Cooperative Urban Bank Limited., Tezpur,
Assam
● The Reserve Bank of India (RBI) has cancelled the license of The Mahabhairab Cooperative
Urban Bank Limited., Tezpur, Assam.
.
● It failed to comply with Section 11(1) and Section 22(3)(d) read with Section 56 of the Banking
Regulation Act, 1949.
● Deposit Insurance:Depositors are entitled to a deposit insurance claim up to ₹5,00,000 from the
Deposit Insurance and Credit Guarantee Corporation (DICGC) under the provisions of the
DICGC Act, 1961.
● Insurance Payment: As of June 13, 2024, DICGC has paid ₹20.03 crore of the total insured
deposits based on the willingness received from the concerned depositors.
Karnataka Bank Partners with ICICI Lombard General Insurance to Offer Enhanced Insurance Solutions
and Benefits to Customers
● Karnataka Bank has partnered with ICICI Lombard General Insurance Company Limited to offer
enhanced insurance solutions and customer benefits to its patrons.
● Through this tie-up, Karnataka Bank customers will have access to a wide range of
comprehensive insurance products and services provided by ICICI Lombard.
● These offerings include health insurance, motor insurance, travel insurance, home insurance,
and more, catering to the diverse insurance needs of individuals and businesses alike.
● Founded: February 18, 1924.
● Headquarters: Mangalore, Karnataka, India.
● MD & CEO: Srikrishnan Hari Hara Sarma.
● Tagline: "Your family bank across India."
About ICICI Lombard :
● Founded: 2001.
● Headquarters: Mumbai, Maharashtra, India.
● Chairman & Managing Director: Sanjeev Mantri.
● Ownership Structure: A joint venture between ICICI Bank (holding a 64% stake) and Fairfax
Financial Holdings Limited (holding a 36% stake).
● ICICI Bank is India's second-largest bank, and Fairfax Financial Holdings is based in Toronto.
Tata Power Solar Collaborates with Bank of India to Offer Affordable Financing for Rooftop Solar and
Electric Vehicle Charging Station Installations
.
● Tata Power Solar Systems Limited (TPSSL) has partnered with the Bank of India (BOI) to
provide easy and affordable financing for rooftop solar installations and electric vehicle (EV)
charging stations.
● The partnership is a significant milestone with Tata Power Solar becoming the 1st solar company
to collaborate with BOI for both solar and EV Charging Station financing and strengthening its
leadership as a green energy solutions provider.
● Targeted customers include residential users under the PM Surya Ghar Yojana, housing
societies, and Micro, Small, and Medium Enterprises (MSMEs).
● Loan Details under PM Surya Ghar Yojana:Under the PM Surya Ghar Yojana, Residential
customers can avail up to Rs 2 lakh for solar systems up to 3 KW with a 5% margin money
requirement.
● Loans are offered at an interest rate of 7.10% per annum, collateral-free, with a tenure of up to
10 years.
● Tagline : Relationship Beyond Banking
India to Top Global Labour Supply, Remittances Projected to Reach $160 Billion by 2029: Reserve
Bank of India
● According to the Reserve Bank of India’s (RBI’s) latest Report on Currency and Finance (RCF),
India is poised to be the world’s leading supplier of labour, which will propel remittances to
around $160 billion in 2029 from $115 billion in 2023.
● India is already the country with the highest remittance recipients in the world, accounting for
13.5% of the world total, with its share increasing over time.
● The theme of the Report is “India’s Digital Revolution”.
● The Report reflects the views of the contributors and not of the Reserve Bank.
● Remittances to GDP Ratio:The remittance to GDP ratio in India has increased from 2.8% in 2000
to 3.2% in 2023.
● This ratio is higher than the gross FDI inflows to GDP ratio of 1.9% in 2023.
● Global Remittances:Global remittances in 2023 were estimated at $857.3 billion.
.
● Leading countries in remittances: India ($115.3 billion), Mexico ($66.2 billion), China ($49.5
billion), and the Philippines ($39.1 billion).
Reserve Bank of India Withdraws Unrestricted Access for Foreign Portfolio Investors to New 14-Year
and 30-Year Bonds
● The Reserve Bank of India (RBI) has revoked unrestricted access for Foreign Portfolio Investors
(FPIs) to newly issued Indian government bonds with 14-year and 30-year tenors under the Fully
Accessible Route (FAR), effective immediately.
● Current Holdings: Foreign investors currently hold approximately $1 billion worth of existing 30-
year bonds.
● All FAR-designated central government bonds maturing after December 31, 2026, are eligible.
● Eligibility for Index: Only 29 out of 38 FAR-designated central government bonds meet the
eligibility criteria for the JP Morgan bond index, which requires a face value of over $1 billion and
a remaining maturity of more than 2.5 years.
● Future Inflows: Market participants anticipate that inflows into FAR securities may continue and
could reach Rs 2.5 trillion in the next 5-6 months.
● Regulatory Basis: The directions have been issued under Section 45W of Chapter IIID of the
Reserve Bank of India Act, 1934, and are without prejudice to any other permissions or approvals
required under other laws.
SBI Mutual Fund launches new scheme to invest in ‘innovation-driven’ companies
● SBI Mutual Fund Unveiled the “SBI Innovative New Opportunities Fund” to invest in equity and
related instruments of companies that are expected to adopt innovation.
● The new fund offer (NFO) opened on July 29 and will remain open till August 12,2024.
● The investment objective of the scheme is to provide investors with opportunities for long term
capital appreciation by investing in equity and equity related instruments of companies that seek
to benefit from the adoption of innovative strategies & themes.
● SBI Mutual Fund Unveiled the “SBI Innovative New Opportunities Fund” to invest in equity and
related instruments of companies that are expected to adopt innovation.
● The new fund offer (NFO) opened on July 29 and will remain open till August 12,2024.
.
● The investment objective of the scheme is to provide investors with opportunities for long term
capital appreciation by investing in equity and equity related instruments of companies that seek
to benefit from the adoption of innovative strategies & themes.
● MD & CEO : Shamsher Singh
● It is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a
European asset management company.
Reserve Bank of India report : Digital payments clock 50% volume growth between FY18 and FY24
● According to the Reserve Bank of India’s (RBI's) latest Report on Currency and Finance (RCF),
digital payments have shown remarkable growth with a compounded annual growth rate (CAGR)
of 50% in terms of transaction volume and 10% in terms of transaction value over the past seven
years (2017-18 to 2023-24).
● Transaction Volume and Value:Digital payments, including NEFT (National Electronic Funds
Transfer), UPI (Unified Payments Interface), credit and debit cards, saw 164 billion transactions
worth ₹2,428 lakh crore in 2023-24.
● Digital vs. Paper-based Transactions:Except for paper-based instruments, all other payment
transactions are classified as digital.
● NEFT and UPI Shares:In value terms, NEFT transactions had the largest share at 49.4% of total
retail payments in 2023-24.
● Currently, the UPI is recording nearly 14 billion transactions a month, buoyed by 424 million
unique users in June 2024.
● Transaction Intensity:Transactions per lakh (₹) of GDP increased from 0.8 in 2005-06 to 56 in
2023-24.
● Transactions per capita rose from 0.2 in 2005-06 to 114 in 2023-24.
● Average Value per Capita:The average value of transactions per capita for total digital payments
increased from ₹0.4 lakh to ₹16.8 lakhs between 2005-06 and 2023-24.
Reserve Bank of India Report: Average Cost of Data Breaches in India Rose to $2.18 Million in 2023,
Up 28% Since 2020
.
● According to the Reserve Bank of India's (RBI) Currency and Finance report for 2023-24,
average cost of data breaches in India reached $2.18 million in 2023, marking a 28% increase
since 2020.
● Global Cybercrime Costs:Global cybercrime costs are projected to reach $13.82 trillion by 2028,
up from $8.15 trillion in 2023.
● Average Global Data Breach Cost:The average cost of a data breach globally rose to $4.45
million in 2023, a 15% increase over three years.
● Digital Economy and Real-Time Payments:India’s digital economy, which currently makes up
about 10% of the country’s GDP, is expected to double to 20% by 2026.
● India leads the world in real-time payments, with a 48.5% share of the global market.
● Global Remittances:Global remittances through mobile money and digital platforms are
estimated to have reached $857.3 billion in 2023, with India contributing $115.3 billion.
Reserve Bank of India Report: Central Bank Digital Currency Retail Pilot Users Reach 5 Million by June
2024
● According to the Reserve Bank of India’s currency and finance report, The number of customers
using the Central Bank Digital Currency (CBDC) retail pilot grew from 1.3 million to 5 million by
June 2024.
● Global Cybercrime Costs:Global cybercrime costs are projected to reach $13.82 trillion by 2028,
up from $8.15 trillion in 2023.
● Average Global Data Breach Cost:The average cost of a data breach globally rose to $4.45
million in 2023, a 15% increase over three years.
● Digital Economy and Real-Time Payments:India’s digital economy, which currently makes up
about 10% of the country’s GDP, is expected to double to 20% by 2026.
● India leads the world in real-time payments, with a 48.5% share of the global market.
● Global Remittances:Global remittances through mobile money and digital platforms are
estimated to have reached $857.3 billion in 2023, with India contributing $115.3 billion.
Reserve Bank of India Report: Central Bank Digital Currency Retail Pilot Users Reach 5 Million by June
2024
● According to the Reserve Bank of India’s currency and finance report, The number of customers
using the Central Bank Digital Currency (CBDC) retail pilot grew from 1.3 million to 5 million by
June 2024.
.
● The number of merchants participating in the CBDC pilot rose from 0.3 million to 0.42 million.
What Is a Central Bank Digital Currency (CBDC)?
● A central bank digital currency (CBDC) is the digital form of a country's fiat currency.
● A nation's monetary authority, or central bank, issues a CBDC, which promotes financial
inclusion and simplifies the implementation of monetary and fiscal policies.
● Types of CBDCs:
➢ CBDC-W (Wholesale): Targets institutional participants in financial markets.
➢ CBDC-R (Retail): Designed for retail consumers, with initial use cases including Person to
Person (P2P) and Person to Merchant (P2M) transactions.
Reserve Bank of India to launch five-episode web series highlighting its 90-year history and functions
● The Reserve Bank of India (RBI) is planning a five-episode web series to present its functions
and 90-year journey.
● Each episode will be 25-30 minutes long, totaling nearly three hours for the entire series.
● Primary objective of this project : To create a comprehensive and engaging series that provides
an in-depth exploration of the RBI functions and operations over its 90-year journey.
● The RBI, established in 1935, completed 90 years in April 2024.
National Payments Corporation of India Launches 'UPI One World' Wallet to Enhance Digital Payments
for International Visitors to India
● National Payments Corporation of India (NPCI) has introduced the ‘UPI One World’ wallet, aimed
at enhancing the digital payment experience for international visitors to India.
● This service simplifies transactions in real-time, empowering tourists to explore India without the
need to carry cash or deal with foreign exchange complexities.
● It allows international visitors to use the Unified Payments Interface (UPI) system, known for its
efficiency and security in digital transactions.
● Collaborative Efforts:The initiative has been made possible through the collaboration of NPCI,
IDFC First Bank, and Transcorp International.
About NPCI :
● Founded : 2008
.
India.
AWARDS AND HONOUR

Shah Rukh Khan to Receive Career Achievement Award at Locarno Film Festival
• Bollywood megastar Shah Rukh Khan is set to be honoured with the prestigious Pardo alla
Carriera at the 77th edition of the Locarno Film Festival in Locarno, Switzerland.
• The festival will take place from August 7 to 17.
• Shah Rukh Khan will receive the Pardo alla Carriera, celebrating his remarkable career in Indian
cinema.
• The award ceremony will take place on August 10 at the open-air venue Piazza Grande.
President awards 6 CRPF personnel, including 4 posthumously, for gallantry
• President Droupadi Murmu honoured six Central Reserve Police Force (CRPF) personnel,
including four posthumously, with gallantry medals during a Defence Investiture Ceremony.
• The event took place at the Rashtrapati Bhawan, recognizing bravery displayed during an anti-
Naxal operation in Chhattisgarh's Bijapur district on April 3, 2021.
o Posthumous Awards:
▪ Inspector Dilip Kumar Das
▪ Head Constable Raj Kumar Yadav
▪ Constables Bablu Rabha and Shambhu Roy
o Medal: Kirti Chakra (Posthumous)
Dr. C. Narayana Reddy National Literary Award 2024 Conferred on Sivashankari
• Tamil author Sivashankari has been honoured with the prestigious Dr. C. Narayana Reddy
National Literary Award by the Sushila Narayana Reddy Trust for her significant contributions to
Tamil literature.
• Award Details:
o Recipient: Sivashankari, renowned Tamil author.
.
o Prize: ₹5 lakh, a memento, and a shawl.

o Presentation Date: July 29, 2024.
o Venue: Ravindra Bharati, Hyderabad.
o Event: 93rd birth anniversary celebrations of Dr. C. Narayana Reddy.
Andhra Pradesh's Natural Farming Method Gains Global Recognition

• Nagendramma Nettem, a farmer from Anantapur district, and Vijay Kumar, Executive Vice
Chairman of Rythu Sadhikara Samstha (RySS), received the prestigious Gulbenkian Prize for
Humanity in Lisbon, Portugal.
• The award honours significant contributions to climate action and inspiring solutions.
• Motivated by her daughter's vision deficiencies, Nagendramma transitioned to natural farming,
avoiding chemical-based agriculture.
• She now earns over 50% more than the average income of fellow farmers in her village.
• In 2019, she became a Champion Farmer Coach for the Andhra Pradesh Community Managed
Natural Farming (APCNF).
HCLTech chairperson Roshni Nadar Malhotra was awarded France’s highest civilian honour
• HCLTech chairperson Roshni Nadar Malhotra has been awarded France's highest civilian
honour, the Chevalier de la Légion d'Honneur (Knight of the Legion of Honour).
• This prestigious award, given for outstanding service to France, acknowledges her significant
contributions to business and sustainability, as well as her efforts to enhance economic ties
between France and India.
• Recognition: The Chevalier de la Légion d'Honneur recognizes Roshni Nadar Malhotra's
contributions to business, sustainability, and promoting France-India economic relations.
Prime Minister Narendra Modi Awarded 'Order of St. Andrew the Apostle' by Russian President Vladimir
Putin
• Prime Minister Narendra Modi was officially awarded the ‘Order of St. Andrew the Apostle’ by
Russian President Vladimir Putin.
• This award recognizes Modi’s exceptional contributions to strengthening the bilateral relations
between India and Russia.
.
• Prime Minister Narendra Modi received the Order of St. Andrew the Apostle from Russian
President Vladimir Putin.
• The Order of St. Andrew the Apostle is Russia’s highest order of chivalry.
• It was established by Tsar Peter the Great in 1698 to honour Saint Andrew, Russia’s patron saint
and the first apostle of Jesus.
Odisha CM Honors Sudarshan Pattnaik for the Golden Sand Master Award
• Odisha Chief Minister Mohan Charan Majhi honoured sand artist Sudarshan Pattnaik for winning
the Golden Sand Master Award at the International Sand Sculpture Championship in Russia.
• Pattnaik's award-winning sand sculpture depicted Mahaprabhu Jagannath and the devotee
Balaram Das.
• Golden Sand Master Award: Sudarshan Pattnaik received the prestigious Golden Sand Master
Award and a gold medal at the International Sand Sculpture Championship.
• Event Location: St. Petersburg, Russia.
Prince Harry Receives Pat Tillman Honour at ESPY Awards
● Prince Harry received the Pat Tillman Award for Service at the Excellence in Sports Performance
Yearly Awards (ESPY) in Los Angeles.
● He was recognized for founding the Invictus Games, a Paralympic-style competition for wounded
service members.
Invictus Games
● Founding: Prince Harry founded the Invictus Games in 2014.
● Purpose: The Games aim to inspire recovery and support rehabilitation for wounded service
members through the power of sports.
APCNF Wins Prestigious Gulbenkian Prize for Humanity 2024
● The Andhra Pradesh Community Managed Natural Farming (APCNF) program, led by the
Government of Andhra Pradesh, received the Gulbenkian Prize for Humanity 2024.
● Announcement made by Dr. Angela Merkel, former Federal Chancellor of Germany, in Lisbon,
Portugal on July 11th.
● Event attended by dignitaries including the President of Portugal, government officials, and global
experts.
Prize Sharing:
.
o APCNF shares the €1 million prize with Dr. Rattan Lal (USA), a renowned soil scientist, and
SEKEM (Egypt), a network promoting biodynamic farming.
About APCNF
● Launched in 2016 by the Government of Andhra Pradesh.
● Aim: Transition smallholder farmers from chemically intensive agriculture to natural farming
practices.
● Key practices: Use of organic residues, minimal tillage, reintroduction of indigenous seeds, and crop
diversification including trees.
● Implemented by the Rythu Sadhikara Samstha (RySS), also known as the Farmers Empowerment
Corporation.
Honouring Indian Space Scientists: COSPAR Awards Prahlad Chandra Agrawal and Anil Bhardwaj
● Two Indian space scientists, Prahlad Chandra Agrawal and Anil Bhardwaj, were honoured with
prestigious awards by the Committee on Space Research (COSPAR), the world’s first scientific body
dedicated to space science research.
● The event took place during the 45th COSPAR scientific assembly in Busan, South Korea.
About Committee on Space Research (COSPAR):
● Established in 1958 after the launch of the first-ever satellite by the Soviet Union in 1957.
● World's first scientific body dedicated to space science research.
● Holds its scientific assembly every two years, attracting 2,000 to 3,000 scientists globally.
INS Delhi Wins Best Ship Of Eastern Fleet 2024
● INS Delhi was recognised as the Best Ship of the Eastern Fleet for its excellent performance and
operational achievements.
● The Fleet Awards Function, held in Visakhapatnam, honoured the Eastern Fleet’s tactical
successes over the past year.
● Best Ship of the Eastern Fleet: INS Delhi
● Best Ship in the Corvettes, OPVs, and LSTs Category: INS Kavaratti
Top Military and Naval Officers including the Army, and Navy chief, were Honoured with the Param
Vishisht Seva Medal
● President Droupadi Murmu awarded the Param Vishisht Seva Medal (PVSM) to Army Chief General
Upendra Dwivedi and Navy Chief Admiral Dinesh Kumar Tripathi for their exemplary service to the
nation.
.
● This was part of the second phase of a defence investiture ceremony held at Rashtrapati Bhavan.
● 94 distinguished service decorations were presented to armed forces and Indian Coast Guard
personnel.
● PVSM Recipients:
o Army Chief General Upendra Dwivedi
o Navy Chief Admiral Dinesh Kumar Tripathi
o Other PVSM Awardees:
▪ Lt Gen M V Suchindra Kumar
▪ Lt Gen N S Raja Subramani
▪ Lt Gen Johnson P Mathew
▪ Air Marshal Ravi Gopal Krishna Kapoor
▪ Several retired officers from the Army and Indian Air Force
● Awards Conferred:
o Param Vishisht Seva Medal (PVSM): 31 awards
o Uttam Yudh Seva Medal (UYSM): 4 awards
o Bar to Ati Vishisht Seva Medal (Bar to AVSM): 2 awards
o Ati Vishisht Seva Medal (AVSM): 57 awards
Abhinav Bindra awarded a prestigious Olympic Order by the IOC
● Abhinav Bindra, the first Indian to win individual gold at the Olympics, has been honoured with
the Olympic Order for his outstanding contributions to the Olympic movement.
● The Olympic Order is the highest accolade bestowed by the International Olympic Committee
(IOC) for exceptional service.
The Olympic Order Award
● The Olympic Order is the highest award presented by the International Olympic Committee
(IOC).
● Established in 1975, it is awarded to individuals who have rendered distinguished service to the
Olympic Movement.
HSBC awarded Best Int’l Bank in Sri Lanka by Euromoney
● HSBC has been named the World’s Best Bank in three categories – Sustainable Finance,
Payments and Treasury, and Public-Sector Clients – in the Euromoney Awards for Excellence
2024.
.
● These awards recognize the strength of HSBC's international network and the breadth of its
offerings.
● In total, HSBC topped 33 categories in this year’s awards. Notably, HSBC won the Best Bank
award in its two home markets, Hong Kong and the UK. Other significant recognitions include:
● Asia’s Best Bank
● Middle East’s Best Investment Bank
● Western Europe’s Best Bank for Transaction Services
World’s Best Bank in three categories:
● World’s Best Bank for Sustainable Finance
● World’s Best Bank for Payments and Treasury
● World’s Best Bank for Public-Sector Clients

Dr. B.N. Gangadhar Named Chairperson of the National Medical Commission
• The Appointment Committee of the Cabinet (ACC) has appointed various individuals to posts of
the National Medical Commission (NMC) and the Autonomous Boards.
• The appointments are for a period of 4 years, until the appointee attains the age of 70 years, or
until further orders, whichever is earliest.
• Dr. B.N. Gangadhar:
• Position: Chairperson of the National Medical Commission (NMC)
• Appointment Details: Appointed under Section 4 of the NMC Act, 2019.
• Previous Role: President of the Medical Assessment and Rating Board
About the Ministry of Health and Family Welfare :
• Cabinet Minister : Jagat Prakash Nadda
• Minister of State : Anupriya Patel, Prataprao Ganpatrao Jadhav
About NMC :
• NMC is a statutory body in India that regulates medical education, medical professionals,
institutes, and research.
.
Former Portuguese Prime Minister Antonio Costa Elected as President of the European Council
• Antonio Costa, former Prime Minister of Portugal (2015-2024), has been elected as the new
President of the European Council.
• He will replace Charles Michel of Belgium.
• The European Council also selected Estonian Prime Minister Kaja Kallas as the next High
Representative for Foreign Affairs and Security Policy.
• The President of the European Council is elected by a secret ballot.
• The European Council consists of the Head of State or Government of the 27 EU members, the
European Council President, and the European Commission President.
About European Union :
• The EU is an international organization created by the Maastricht Treaty, which came into force
on 1 November 1993.
• Headquarters: Brussels, Belgium.
• Members: 27 countries.
• The European Council sets the political agenda of the EU and meets twice a year.
Reserve Bank of India Appoints Charulatha Kar and Arnab Chowdhury as New Executive Directors
• The Reserve Bank of India (RBI) announced the appointment of Arnab Kumar Chowdhury and
Charulatha S. Kar as executive directors (EDs).
• Mr. Chowdhury's appointment is effective from June 3, 2024, while Ms. Kar's appointment is
effective from July 1, 2024.
• Mr. Chowdhury will oversee the Deposit Insurance and Credit Guarantee Corporation (DICGC),
foreign exchange department, and international department.
Justice Sheel Nagu appointed as Chief Justice of Punjab and Haryana High Court
• The President of India, in exercise of the powers conferred by the Constitution of India, appointed
Shri Sheel Nagu, Judge of the High Court of Madhya Pradesh as the Chief Justice of the High
Court of Punjab and Haryana with effect from the date he assumed charge of his office.
• Justice Sanjeev Sachdeva has been appointed as the new Acting Chief Justice of the Madhya
Pradesh High Court, succeeding Justice Sheel Nagu.
.
• This is the second high-profile judicial appointment cleared by the Centre within two days, after a
prolonged pending period of over six months.
Indian Information Service Officer Dhirendra K Ojha Appointed as Government's New Principal
Spokesperson
• Dhirendra K Ojha, a senior Indian Information Service (IIS) officer of the 1990 batch, has been
appointed as the principal spokesperson of the central government.
• He will also assume the role of Principal Director General (DG) of the Press Information Bureau
(PIB).
• Ojha succeeds Sheyphali B Sharan, also a 1990-batch IIS officer, who was appointed as the
Director General of the Publications Division.
Canada Appoints Lieutenant-General Jennie Carignan as Chief of Defence Staff, Marking First Woman
in the Role
• The Canadian government has appointed Lieutenant-General Jennie Carignan chief of the
defence staff - the highest position in the countrys armed forces.
• She will be the first woman to hold the post.
• Carignan was promoted to the rank of General and officially assumed office on July 18,2024
succeeding General Wayne Eyre.
• She currently serving as chief, professional conduct and culture, National Defence, focusing on
combatting sexual harassment and transforming military culture.
About Canada :
• Prime Minister : Justin Trudeau
• Capital : Ottawa
• Currency : Canadian dollar
Financial Services Institutions Bureau Nominates Challa Sreenivasulu Setty as Next State Bank of India
Chairman
• The Financial Services Institutions Bureau (FSIB), has recommended Challa Sreenivasulu Setty,
who is one of the managing directors of State Bank of India (SBI) as the next Chairman of State
• Bank of India (SBI).
.
• Challa Sreenivasulu Setty will be the 27th Chairman of SBI.

• SBI's current Chairman, Dinesh Kumar Khara, will retire on August 28, 2024, upon turning 63.
About FSIB :
• The FSIB is an autonomous body responsible for recommending appointments of senior
executives in public sector financial institutions.
• Established in 2022, it is headed by Bhanu Pratap Sharma, former Secretary of the Department
of Personnel and Training.
Life Insurance Corporation of India Chairman Siddhartha Mohanty Re-designated as Managing Director
and Chief Executive Officer
• Life Insurance Corporation of India (LIC) has re-designated its chairman Siddhartha Mohanty as
managing director (MD) and chief executive officer (CEO), with effect from June 30, 2024.
• Mohanty was appointed as the chairperson of LIC in April 2023 until June 29, 2024.
• Thereafter, he was scheduled to take over the role of MD & CEO of the corporation until June 7,
2025.
About LIC :
General Upendra Dwivedi Assumes Role as 30th Army Chief, Succeeds Manoj Pande
• General Upendra Dwivedi took over as the 30th Chief of the Army Staff (COAS) of the Indian
Army on June 30, 2024.
• He succeeded General Manoj Pande, who retired after over four decades of service.
• Lieutenant General NS Raja Subramani has assumed the appointment of the Vice Chief of Army
Staff
• Lt. Gen. Dwivedi was commissioned into the Infantry (Jammu & Kashmir Rifles) of the Army on
December 15, 1984.
.
Indian Revenue Service Officer Ravi Agrawal Appointed as Chairman of the Central Board of Direct
Taxes
• Ravi Agrawal, a 1988-batch Indian Revenue Service (IRS) officer, has been appointed as the
new chairman of the Central Board of Direct Taxes (CBDT), the administrative body for the
Income Tax Department.
• Agrawal was appointed as the Chairman from July 1, 2024 till his superannuation on September
30, 2024 and subsequently on contract basis till June 30, 2025.
• Effectively, he will remain the chairman of the body for one year.
• The new CBDT chief is currently working as member (administration) in the board.
• He takes over from Nitin Gupta, a 1986-batch IRS officer, whose extended tenure as the
chairman ends on June 30,2024.
About CBDT :
• It is a part of the Department of Revenue, Ministry of Finance (MoF).
• The CBDT is headed by a chairman and can have six members who are in the rank of special
secretary.
• The other serving members in the board are Pragya Sahay Saksena, HBS Gill, Pravin Kumar,
Sanjay Kumar and Sanjay Kumar Verma.
• Verma will retire from service, June 30, 2024.
IAS officer Sujata Saunik appointed as Maharashtra's 1st female Chief Secretary
• Senior Indian Administrative Service (IAS) officer Sujata Saunik took over as Maharashtras
Chief Secretary (CS), becoming the first woman to hold this position in the state's history.
• She will be the 45th CS of Maharashtra since 1960, when the state came into being.
• Saunik succeeds Nitin Kareer, who retired from the position.
Rajinder Khanna was Appointed as Additional National Security Adviser, and TV Ravichandran was
Named Deputy NSA
• National Security Advisor (NSA) Ajit Doval has appointed TV Ravichandran and Pawan Kapoor
as the new deputy NSAs in the National Security Council Secretariat (NSCS) team.
.
• Similarly, Rajendra Khanna, who served as the deputy NSA, has been appointed as the
Additional NSA.
• TV Ravichandran is a 1990 batch IPS officer and is currently the special director in the
Intelligence Bureau.
About National Security Council :
• The National Security Council Secretariat (NSCS), led by Prime Minister Narendra Modi serves
as the apex body for all internal and external security-related matters in India.
SBI General Insurance Names Naveen Chandra Jha as New MD & CEO
• SBI General Insurance announced the appointment of Naveen Chandra Jha as its new Managing
• He was nominated by the parent company, State Bank of India (SBI).
• He succeeds Kishore Kumar Poludasu.
• Prior to his current role, Naveen Chandra Jha served as Deputy Managing Director of SBI.
About SBI General Insurance Company :
• Founded : 2009 (Started operations in 2010)
• It is a joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG).
Government Appoints Robert J Ravi as Chairman and Managing Director of Bharat Sanchar Nigam
Limited
• The government has appointed Robert Jerard Ravi as the new Bharat Sanchar Nigam Limited
(BSNL) chairman and managing director (CMD) for a period of 6 months.
• This will be Ravi's second stint at BSNL.
• Earlier, he had served as an additional general manager at the state-run firm for About 6 years.
• Ravi will replace PK Purwar, whose tenure is expiring on July 14. Purwar assumed charge as
BSNL CMD in July 2019.
• Ravi is currently appointed as deputy director general, standards, research and innovation at the
department of telecommunications (DoT).
About BSNL :
.

• BSNL is an Indian central public sector undertaking under the ownership of the Department of
Telecommunications, which is part of the Ministry of Communications, Government of India.
Professor Soumya Swaminathan appointed as the Principal Advisor at the Union Ministry of Health &
Family Welfare for the National Tuberculosis Elimination Programme
• Professor (Dr.) Soumya Swaminathan has been appointed as the Principal Advisor at the Union
Ministry of Health & Family Welfare (MoHFW) for the National Tuberculosis Elimination
Programme (NTEP) on a pro bono basis.
• She will provide technical advice on the overall strategy to achieve program goals, suggest policy
directions and necessary course corrections for optimal outcomes, and advise on research
strategy.
• She will also assist in the formation of expert groups with top talent globally. Additionally, she will
support the Union Health Ministry, state officials, and development partners in assessing the
impact of the programme.
About Ministry of Health and Family Welfare :
• Cabinet Minister : Jagat Prakash Nadda
• Minister of State : Anupriya Patel, Prataprao Ganpatrao Jadhav
Paytm Payments Bank Names Former IDBI Bank Executive Arun Bansal as New Chief Executive
Officer
• Paytm Payments Bank, an associate entity of One97 Communications (OCL), which operates the
Paytm brand, has appointed Arun Kumar Bansal as managing director (MD) and chief executive
officer (CEO).
• Bansal is a former executive at IDBI Bank, where he served as Executive Director and Head of
Treasury.
• Bansal resigned from IDBI Bank to join Paytm Payments Bank, effective before June 25.
• Surinder Chawla, the former MD and CEO of Paytm Payments Bank, resigned for personal
reasons in April and was due to retire on June 26.
About Paytm Payments Bank :
.

• In 2021, the bank received a scheduled bank status from the RBI.
• Vijay Shekhar Sharma holds 51% in the entity with One97 Communications holding 49%.
Government Appoints Sandeep Kumar as Director of Finance at Power Finance Corporation
• The government has appointed Sandeep Kumar as Director (Finance) at Power Finance
Corporation Limited (PFC).
• Prior to this appointment, he served as Executive Director (Finance) at PFC since January 1,
2020, and held the role of Chief Financial Officer (CFO).
• He played a pivotal role in the successful roll-out of the Rs 1.12 trillion Liquidity Infusion Scheme
(LIS) for the power distribution sector, a key initiative under the Government of India’s
Atmanirbhar Bharat programme.
About PFC :
• Chairman & MD : Parminder Chopra
• The PFC is an Indian central public sector undertaking owned by the Ministry of Power,
Supreme Court Appoints Former CJI Lalit to Lead Search Panels for West Bengal Vice-Chancellors
• The Supreme Court has appointed former Chief Justice of India Uday Umesh Lalit as the
chairperson of the search-cum-selection committees for shortlisting names for Vice-Chancellor
appointments in West Bengal.
• Authority Granted:The Supreme Court bench authorized the chairperson to constitute separate or
joint Search-cum-Selection Committees for one or more universities.
• The chairperson can nominate four persons from the empanelled experts for shortlisting suitable
names for appointment as Vice-Chancellors.
Lieutenant General Shankar Narayan Appointed as Commandant of Army Hospital (Research &
Referral)
.
• Lieutenant General Shankar Narayan, an alumnus of the 1982 class of the Armed Forces
Medical College, has assumed the position of Commandant of the Army Hospital (Research &
Referral).
• Focusing on research and high-quality training.
• The Army Hospital (Research & Referral) is one of the most important healthcare facilities of the
Armed Forces Medical Services.
Reformist Masoud Pezeshkian Secures Victory in Iran's Presidential Runoff Election
• Masoud Pezeshkian, a reformist and former Health Minister of Iran, won the 14th presidential
election.
• He defeated his rival, hardliner Islamist ideology Saeed Jalili.
• Voting Details:Pezeshkian received 16.3 million votes, accounting for 53.6% of the total votes.
• Jalili received 13.5 million votes, accounting for 44.3% of the total votes.
• The total number of votes in the runoff was 30 million.
• Succession:Pezeshkian will succeed Mohammad Mokhber, who has been serving as the interim
president following the death of Ebrahim Raisi.
About Iran :
• Capital : Tehran
• Currency : Iranian rial
Appointments Committee of the Cabinet Approves Appointment of 8 Executive Directors in Public

Sector General Insurance Companies
• The Appointments Committee of the Cabinet (ACC) has approved the appointment of 8
Executive Directors (EDs) in Public Sector General Insurance Companies (PGICs).
• Rashmi Bajpai: Currently General Manager (GM) in Oriental Insurance Company Limited (OICL)
appointed as Executive Director (ED) in OICL.
• Amit Mishra: GM in New India Assurance Company Ltd (NIACL) appointed as ED in OICL.
• Hitesh Ramesh Chandra Joshi: GM in GIC Re appointed as ED in GIC Re.
About ACC :
• Chairman : Narendra Modi (Prime Minister of India)
.
Bandhan Bank Appoints Ratan Kumar Kesh as Interim Managing Director & Chief Executive Officer for
3 Months
• Bandhan Bank's board of directors appointed Ratan Kumar Kesh as the interim Managing
• The appointment is effective from July 10, 2024.
• The appointment will last for 3 months or until a new MD & CEO assumes office.
• This decision follows the retirement of the current MD & CEO, Chandra Shekhar Ghosh, whose
tenure ends on July 9, 2024.
• Kesh’s appointment has been approved by the Reserve Bank of India (RBI).
• He currently holds the position of executive director (ED) and chief operating officer (COO) at the
bank.
Mahabaleshwara Appointed as Independent Director of Tourism Finance Corporation of India Limited
• Mahabaleshwara MS, has been appointed as Independent Director of Tourism Finance
Corporation of India (TFCI) Limited.
• His appointment is effective from July 6, 2024, for a term of 5 years, pending approval from
shareholders.
• Mahabaleshwara was the Managing Director (MD) and Chief Executive Officer (CEO) of
Karnataka Bank for two consecutive terms of total six years from April 15, 2017 to April 14, 2023.
Reserve Bank of India Approves Govind Singh's Re Appointment as Managing Director and Chief
Executive Officer of Utkarsh Small Finance Bank
• The Reserve Bank of India (RBI) has approved the re-appointment of Govind Singh as the
Managing Director (MD) and Chief Executive Officer (CEO) of Utkarsh Small Finance Bank
(Utkarsh SFB).
• The re-appointment is effective from September 21, 2024, for a period of 3 years.
• Govind Singh's current term as MD and CEO ends on September 20, 2024.
• The re-appointment was approved by the board of Utkarsh SFB during a meeting on January 27,
2024.
About Utkarsh Small Finance Bank :
.
• Founded : 2016
• Headquarters : Varanasi, Uttar Pradesh
Labour Leader Keir Starmer appointed as 58th Prime Minister of the United Kingdom
• Keir Starmer, leader of the Labour Party, has been appointed as the United Kingdom's 58th
Prime Minister, succeeding Rishi Sunak.
• The appointment was made by King Charles III, the UK’s monarch.
• Labour secured a significant victory, winning 412 seats in Parliament, while the Conservatives
garnered 121 seats, their lowest in history.
• The total number of seats in Parliament is 650.
About United Kingdom :
• Capital : London
• Currency : Pound sterling
K Keshava Rao appointed as Advisor to Telangana Government
• Senior politician K. Keshava Rao, who joined the Congress recently from the Bharat Rashtra
Samiti (BRS), has been appointed as Adviser to the Telangana Government (Public Affairs) with
Cabinet status.
• Keshava Rao previously served as a Minister in Congress governments and was the former
president of the AP Congress Committee.
• He left Congress during the Telangana movement to join the BRS (formerly TRS) and served as
its secretary-general.
South African Revenue Services Commissioner Edward Kieswetter Re-elected as World Customs
Organisation Chair for Second Term, 2024-2025
• South African Revenue Services (SARS) Commissioner Edward Kieswetter has been re-elected
as the chairperson of the World Customs Organisation (WCO) for a second one-year term (2024-
2025).
• The re-election occurred during the 143rd/144th Sessions of the WCO Council.
• The sessions took place in Brussels, Belgium, with the participation of directors general of
customs from the WCO’s 186 members.
• At the meeting, the WCO council examined the work carried out by the WCO Secretariat and
working bodies throughout the year in line with the WCO Strategic Plan 2022-2025.
.
About WCO :
• Establishment: January 26, 1953
• Location: Brussels, Belgium
• Secretary General: Ian Saunders
• Membership: 186 customs administrations
K P Sharma Oli Assumes Nepal's Prime Ministerial Role for a 3rd Term
● K P Sharma Oli,72 was appointed Nepal's Prime Minister for the 3rd time to lead the new
coalition government that faces the daunting challenge of providing political stability in the
country.
● He succeeds Pushpa Kamal Dahal Prachanda, who lost a vote of confidence in the House of
Representatives.
● The new government formation follows Article 76 (2) of the Nepalese Constitution.
● K P Sharma Oli previously served as Nepal's Prime Minister from October 11, 2015, to August 3,
2016, and from February 5, 2018, to July 13, 2021.
About Nepal :
Lithuanian President Gitanas Nausėda Takes Oath for 2nd Five-Year Term
● Lithuanian President Gitanas Nausėda was sworn in for his second five-year term at a
ceremonial event held at the Lithuanian Parliament, the Seimas.
● He took the presidential oath with his hand on the Constitution.
● Nausėda, a 60-year-old economist, was re-elected in May, 2024.
● He won against Šimonytė in the second round of presidential elections.
About Lithuania :
● Prime Minister : Ingrida Šimonytė
● Capital : Vilnius
● Currency : Euro
SoftBank's Sumer Juneja to Join Board of OYO's Parent Company
● Sumer Juneja, Managing Partner and Head of EMEA & India Investing at SoftBank Vision Fund,
is set to join the board of Oravel Stays Limited (OYO's parent firm) as a non-executive director.
.
● The appointment is subject to shareholders' approval at an Extraordinary General Meeting

(EGM).
● This appointment follows the departure of Munish Varma, the previous SoftBank nominee, who
stepped down in September 2021.
● Board Members: The current board of OYO includes:
➢ Ritesh Agarwal (Founder)
➢ Bejul Somaia (Lightspeed Venture Partners)
➢ Aditya Ghosh (Former Indigo Executive & Co-Founder Akasa Air)
➢ Dr. Deepa Malik (Paralympian)
➢ Troy Alstead (Former COO of Starbucks)
➢ W Steve Albrecht (Former President of the American Accounting Association)
China Expert Vikram Misri Appointed as India's New Foreign Secretary
● Vikram Misri, a seasoned diplomat and expert on China and national security, assumed charge
as India's 35th Foreign Secretary.
● He succeeded Vinay Kwatra
Mamata Banerjee Reappoints Senior IPS Officer Rajeev Kumar as West Bengal Director General of
Police
● Senior Indian Police Service (IPS) officer Rajeev Kumar has been reinstated as the Director
General of Police (DGP) of West Bengal by the state government.
● Rajeev Kumar replaces Sanjoy Mukherjee, who was appointed as DGP by the Election
Commission of India during the Lok Sabha polls.
● Rajeev Kumar will continue to hold his current position as Additional Chief Secretary in the
Department of Information Technology and Electronics.
● Sanjoy Mukherjee has been appointed as the new Director General of the State’s Fire and
Emergency Services.
About West Bengal:
● Capital: Kolkata
● Chief Minister: Mamata Banerjee
● Governor: C V Anantha Bose
.
● National Parks: Neora Valley National Park, Buxa Tiger Reserve, Jaldapara National Park,
Gorumara National Park, Sunderbans National Park
Nallathamby Kalaiselvi's Extension as Director General of CSIR
● Nallathamby Kalaiselvi, the first woman Director General of the Council of Scientific and
Industrial Research (CSIR), was granted a two-year extension in service.
● A government order stated the Appointments Committee of the Cabinet had approved the
extension of tenure of Ms Kalaiselvi "for a period of two years beyond 07.08.2024, or until further
orders, whichever is earlier."
● She will also hold the charge of Secretary, Department of Scientific and Industrial Research.
Wales' First Minister Vaughan Gething resigns
● Wales' First Minister Vaughan Gething has announced his resignation, only four months after
taking the job.
● It comes after three of his Welsh government ministers and his top legal adviser dramatically
released resignation statements calling for him to stand down.
● Cabinet members Mick Antoniw, Lesley Griffiths, Julie James, and Jeremy Miles all resigned
from their positions and called on Mr Gething to quit.
Roberta Metsola Re-Elected As European Parliament Chief

● Roberta Metsola was re-elected as President of the European Parliament until 2027.
● She secured 562 votes out of 699 in the first round of voting, attaining an absolute majority.
● Metsola will lead Parliament for the first two and a half years of the 10th legislative term.
● The European Parliament consists of 720 directly elected Members of the European Parliament
(MEPs) who represent various member states and political affiliations.
Center Nominates Former Foreign Secretary Vinay Kwatra as Ambassador to the United States to
Strengthen Diplomatic Relations
● The Indian government has nominated retired diplomat Vinay Kwatra as the next ambassador to
the United States.
● The position has been vacant since January 31, 2024, after Taranjit Singh Sandhu completed his
tenure.
Pakistan: Justice Aalia Sworn In as Lahore High Court's First Female Chief Justice
.
● Justice Aalia Neelum took oath as the Chief Justice of the Lahore High Court (LHC) of Pakistan
(Lahore), making her the first woman to be elevated as the court’s top judge.
● Punjab Governor Sardar Saleem Haider Khan administered the oath of office to her.
● Punjab province’s first woman Chief Minister Maryam Nawaz was also present in the oath-taking
ceremony.
Deepa Malik Appointed as Asian Paralympic Committee Representative for South Asia
● Deepa Malik, India’s first woman Paralympic medallist, has been appointed as the sub-regional
representative for South Asia by the Asian Paralympic Committee (APC).
● This appointment was confirmed during the 34th Executive Board meeting of the APC,
highlighting gender diversity and athlete-centric leadership in para-sports.
● Role and Responsibilities: Malik will represent South Asian nations and advocate for the
development and promotion of para-sports in the region.
About APC :
● Headquarters : Dubai, United Arab Emirates
● President : Majid Rashed
● CEO : Tarek Souei
● Membership : 45 Members
● It organizes the Asian Para Games and is affiliated to the International Paralympic Committee.
ESAF Small Finance Bank Receives Reserve Bank of India Approval for Kadambelil Paul Thomas's Re-
appointment as MD & CEO
● ESAF Small Finance Bank (SFB) has received approval from the Reserve Bank of India (RBI) for
the re-appointment of K Paul Thomas as Managing Director (MD) & Chief Executive Officer
(CEO) for another 3 years.
● The re-appointment was granted under Section 35B of the Banking Regulation Act, 1949.
● Additionally, Paul Thomas is the Chairman of the Board of Sa-Dhan, the association of
microfinance and impact finance institutions.
About ESAF Small Finance Bank (formerly known as ESAF Microfinance and Investments) :
.

● Headquarters : Thrissur, Kerala
● Chairman : P R Ravi Mohan
HSBC Names Georges Elhedery as New Group Chief Executive Officer
● HSBC Holdings Plc has appointed Georges Elhedery as the group Chief Executive Officer
(CEO), effective September 2, 2024.
● Elhedery, 50, who becomes HSBC’s third chief executive in less than 8 years, will replace
outgoing head Noel Quinn.
Before his appointment as CEO, Elhedery served as HSBC’s Chief Financial Officer (CFO) from early
2023.
About HSBC Holdings Plc (The Hongkong and Shanghai Banking Corporation) :
● Headquarters : London, England, UK
UPSC Chairman Manoj Soni Resigns, Citing 'Personal Reasons'
● Union Public Service Commission (UPSC) chairman Manoj Soni has tendered his resignation
due to “personal reasons."
About UPSC :
● Headquarers : New Delhi, Delhi,IndiaThe UPSC is headed by a chairman and can have a
maximum of 10 members.
● Currently, there are seven members, three short of its sanctioned strength.
Supreme Court at Full Strength with New Appointments: Justice N Kotiswar Singh, First from Manipur,
and Justice R Mahadevan Take Oath
● Justice N Kotiswar Singh, Chief Justice of Jammu and Kashmir High Court, took oath of office
and became the first judge from Manipur to be elevated to the Supreme Court.
● Acting Chief Justice of Madras High Court R Mahadevan was also sworn in as a Supreme Court
judge.
● With the swearing-in, the number of judges in the apex court, including the Chief Justice of India,
has increased to 34.
Rwanda's Kagame Secures Fourth Term with 99% of the Vote
.
● Rwandan President Paul Kagame has secured a record fourth term in the election.
● Chrysologue Karangwa, President of the Electoral Commission of Rwanda, declared Kagame the
winner after he received 7,099,810 votes, equating to 99.15% of the total 9,071,157 votes cast.
● Kagame, 66, representing the Rwandan Patriotic Front (RPF), defeated his closest rival, Frank
Habineza of the Democratic Green Party, who garnered 38,301 votes (0.53%), and Phillipe
Mpayimana, who received 22,753 votes (0.32%).
● This election marks Rwanda's 4th since the 1994 genocide, with citizens voting for both the
presidential and parliamentary seats.
About Rwanda :
● Prime Minister : Édouard Ngirente
● Capital: Kigali
● Currency: Rwandan franc.
Sanjeev Krishan Reappointed for Second Term as PwC India Chairperson
● PwC India announced that Sanjeev Krishan, 53, has been re-elected for a second term as
Chairperson of PwC in India, for a four-year period beginning on April 1, 2025.
● As Chairperson, Krishan will continue to lead PwC in India, representing them externally and
internally.
● He will also continue to serve on the PwC Global Strategy Council.
● Krishan's first term as chairperson started on January 1, 2021.
Krishnan Venkat Subramanian was Appointed as the New Managing Director and Chief Executive
Officer of the Federal Bank
● The Reserve Bank of India (RBI) has approved the appointment of Krishnan Venkat
Subramanian (KVS Manian) as the next Managing Director and Chief Executive Officer (MD &
CEO) of Federal Bank for three years.
● The appointment will be effective from September 23, 2024.
● KVS Manian will succeed Shyam Srinivasan, whose term expires on September 22, 2024.
Saloma Yomdo Appointed as Director (E&D) at Oil India Limited
.
● Saloma Yomdo has assumed the position of Director (Exploration & Development) at Oil India
Limited (OIL).
About Oil India Limited :
● Headquarters : Duliajan, Assam
● Chairman & MD : Dr. Ranjit Rath
● It is the country's oldest oil and gas company and is recognized as the youngest Maharatna
Central Public Sector Enterprise (CPSE) under the Government of India.
Kristen Michal Appointed as Estonia's New Prime Minister
● The Estonian parliament approved Climate Minister Kristen Michal as the Baltic country’s next
prime minister (PM).
● Michal received 64 votes in favour and 27 against in the Estonian parliament.
● He succeeds Kaja Kallas, who resigned on July 15, 2024 to become the European Union's new
chief diplomat.
● Kaja Kallas resigned as Prime Minister to take up a new role as the European Union’s chief
diplomat.
● Political Party:Both Michal and Kallas are from Estonia’s centrist Reform Party.
About Estonia :
● President :Alar Karis
● Capital : Tallinn
● Currency : Euro
Nita Ambani was Unanimously Re-elected as an International Olympic Committee Member for the Paris
Olympics 2024
● Nita Ambani, Founder of Reliance Foundation, has been re-elected unanimously as a member of
the International Olympic Committee (IOC) at the 142nd IOC session in Paris, ahead of the Paris
2024 Olympic Games.
● The Paris 2024 Olympic Games are scheduled to take place in Paris, France, from July 26 to
August 11, 2024.
About IOC :
.
● Headquarters : Lausanne, Switzerland

● President : Thomas Bach
Bibhuti Bhusan Nayak was Elected as the New President of the Institute of Cost Accountants of India
● Bibhuti Bhusan Nayak has been elected as the 67th President of the Institute of Cost
Accountants of India (ICMAI) for the year 2024-2025.
● Nayak is Odisha's 3rd Cost Accountant to be elected to this esteemed position.
● TCA Srinivasa Prasad has been elected as the vice president of the Institute of Cost Accountants
of India for 2024-25
About ICMAI :
● Headquarters : Kolkata, West Bengal
● ICMAI was established as a statutory body on 28 May 1959 under the Cost and Works
Accountants Act, 1959.
Affiliations:
● The Institute comes under the Union Ministry of Corporate Affairs.
● It is a founding member of:
○ International Federation of Accountants (IFAC)
○ Confederation of Asian & Pacific Accountants (CAPA)
○ South Asian Federation of Accountants (SAFA)
Filmmaker Shekhar Kapur Appointed as Director of IFFI Festival
● Veteran filmmaker Shekhar Kapur, known for films such as "Mr India", "Bandit Queen" and
"Elizabeth", has been appointed festival director for the International Film Festival of India (IFFI).
● Mr. Kapur will head the festival, held annually in Goa, for the 55th and 56th editions, as
announced by the Information and Broadcasting Ministry.
Festival Details :
● Establishment and History: The International Film Festival of India (IFFI) was first organized by
the Films Division of the Government of India.
● The inaugural edition took place in Mumbai from January 24 to February 1, 1952.
● The festival was held under the patronage of India's first Prime Minister, Jawaharlal Nehru.
● IFFI 2023:In 2023, IFFI screened approximately 250 films from 78 countries.
● The festival hosted 23 masterclasses and in-conversation events.
.
● Film Bazaar:The Film Bazaar, South Asia’s largest content market, runs alongside the festival,
organized by India’s National Film Development Corporation (NFDC), and will take place from
November 20-24, 2024.
About IFFI :
● Location : Goa, India
● The IFFI is one of the film festivals in Asia.
● Held annually, currently in the state of Goa, on the western coast of the country.
President Droupadi Murmu Appoints New Governors for 9 States
● President Droupadi Murmu has appointed new Governors in 9 states and a new Lieutenant
Governor in Puducherry.
List of New Governors :
Name Previous Position New Appointment
Haribhau Kisanrao Bagde Former Maharashtra Governor of Rajasthan

Assembly Speaker
Jishnu Dev Varma Former Tripura Deputy Governor of Telangana

Chief Minister
Om Prakash Mathur Former Rajya Sabha MP Governor of Sikkim
Santosh Kumar Gangwar Former Union Minister Governor of Jharkhand
Ramen Deka Former Lok Sabha MP Governor of Chhattisgarh

from Assam
CH Vijayashankar Former Karnataka Governor of Meghalaya

Minister
CP Radhakrishnan Presently Governor of Governor of Maharashtra

Jharkhand
Gulab Chand Kataria Governor of Assam
.
Governor of Punjab and

Administrator of the
Union Territory of
Chandigarh
Lakshman Prasad Governor of Sikkim Governor of Assam and

Acharya additional charge as
Governor of Manipur
K Kailashnathan Former IAS officer Lieutenant Governor of

Puducherry
Wales to Appoint Eluned Morgan as Its First Female First Minister Following Her Selection as Leader of
the Welsh Labour Party
● Wales is set to get its first female First Minister after Eluned Morgan was chosen to lead the
governing Welsh Labour Party.
● Ms Morgan will take charge following a confirmation vote in Wales’ parliament, the Senedd.
● Ms Morgan succeeds First Minister Vaughan Gething, who stepped down last week as party
leader amid acrimony and a campaign donation scandal.
About Wales :
● Capital : Cardiff
● Currency : Pound sterling
● Wales, which has a population of about three million, is one of four parts of the United Kingdom,
along with England, Scotland, and Northern Ireland.
Manoj Mittal Appointed as Chairman and Managing Director of Small Industries Development Bank of
India
● Manoj Mittal has been appointed as the Chairman and Managing Director (CMD) of the Small
Industries Development Bank of India (SIDBI) by the Government of India.
● He succeeds S Ramann, who joined SIDBI in April 2021 for a three-year term.
.
HS Dhaliwal Named New Director General of Police of Andaman and Nicobar Islands
● The Ministry of Home Affairs (MHA) appointed senior IPS officer Hargobinder Singh Dhaliwal as
the new Director General of Police (DGP) of Andaman and Nicobar Islands.
● Before his appointment, he served as the Special Commissioner of Police in New Delhi,
overseeing traffic zone II.
● Cabinet Minister : Amit Shah
● Minister of State : Nityanand Rai, Bandi Sanjay Kumar,
About Andaman and Nicobar Islands :
● Lieutenant governor : Devendra Kumar Joshi
● Capital : Port Blair
MOUS AND AGREEMENT

BFI signs seven-year deal with ACG Sports for professional basketball league
• The Basketball Federation of India (BFI) has signed a seven-year deal with ACG Sports Limited,
securing Rs. 216.30 crore to host the National Star Basketball League for both men and women.
• The agreement allocates Rs. 20.6 crore annually for the 5x5 format and Rs. 10.3 crore for the
3x3 format.
• Duration: Seven years
• Total Financial Commitment: Rs. 216.30 crore
Airbus Wins $24 Billion Deal from Cebu Air for Over 150 Jets
• Cebu Pacific Air has announced a preliminary agreement with Airbus to purchase 152 single-
aisle jets, marking the largest jet purchase in Philippine history.
• The deal, valued at US$24 billion at list prices, includes 102 firm orders for Airbus A321neo jets.
• Cebu Pacific also has options for an additional 50 A321neo aircraft, reflecting the airline's growth
ambitions.
TCS Secures Title Partnership Deal with Sydney Marathon

• Tata Consultancy Services Ltd (TCS) shares saw a marginal rise after announcing a five-year
title partnership with the Sydney Marathon in Australia.
.
• TCS has signed a significant deal to become the title partner of the Sydney Marathon, Australia's
largest and most prestigious race.
• The partnership aims to enhance the marathon's use of technology, sustainability, accessibility,
and charitable impact. It also supports running and wellbeing initiatives across Indigenous
Australia.
An MoU between Govt. of Haryana and NFSU, Gandhinagar was signed in Panchkula in the presence
of Union Home Minister Shri Amit Shah
• A Memorandum of Understanding (MoU) was signed between the Government of Haryana and
the National Forensic Science University (NFSU), Gandhinagar, in Panchkula, Haryana.
• The signing ceremony was attended by Union Home Minister and Minister of Cooperation, Shri
Amit Shah, along with other dignitaries including Union Minister Shri Manohar Lal and Chief
Minister of Haryana Shri Nayab Singh.
• This collaboration aims to enhance the criminal justice system in Haryana by leveraging the
expertise of NFSU.
Bangladesh Navy inks deal with Indias GRSE for 800-tonne ocean-going tug
• The Bangladesh Navy has finalized a significant contract with Indias Garden Reach
Shipbuilders and Engineers (GRSE) for an 800-tonne ocean-going tug, under a $500-million line
of credit extended by India for defence equipment purchases.
• The deal, worth approximately $21 million, was signed in Dhaka, facilitated by GRSE and the
Bangladesh Navys directorate general of defence purchases.
MoU Signed Between DPIIT and NCAER for Logistics Cost Assessment in India
• The Department for Promotion of Industry and Internal Trade (DPIIT), the Ministry of Commerce
& Industry, and the National Council of Applied Economic Research (NCAER) signed a
Memorandum of Understanding (MoU) in New Delhi.
• The agreement focuses on the Framework & Assessment of Logistics Costs in India, aiming to
streamline logistics expenses across various sectors.
• Framework Development: Create a detailed framework for assessing logistics costs in
India.Comprehensive Study: Conduct a thorough assessment of logistics costs for the year
2023-24.
BPCL has partnered with the Indian Olympic Association as Principal Sponsor for four years
.
• Bharat Petroleum Corporation Limited (BPCL), a Maharatna and Fortune Global 500 company,
has proudly announced its role as the official Principal Partner of the Indian Olympic Association
(IOA) for four years, from the Paris Olympics in 2024 to the Los Angeles Olympics in 2028.
• Partnership Announcement: BPCL becomes the Principal Partner of the IOA for the Paris 2024
and Los Angeles 2028 Olympics.
• Support for Athletes: The partnership aims to honor and support Indian athletes, particularly
those from underprivileged backgrounds, underscoring BPCLs commitment to nurturing
sporting talent and fostering national unity.
Puma India Partners with the Indian Olympic Association for Paris 2024
• Puma India has been announced as the Official Footwear Partner for the Indian contingent to the
Paris Olympics.
• The partnership includes a large-scale outdoor campaign titled “See the Game Like We Do.”
• Over 100 Indian athletes will receive a range of Puma products, including podium and travel
footwear, trolleys, backpacks, sippers, yoga mats, headbands, wristbands, socks, and towels.
• These items are designed to maximize the athletes' training and comfort during the 2024
Summer Olympics.
AMD and IIT Bombay's SINE Collaborate to Develop Energy-Efficient Neural Network Chips
● AMD has announced a partnership with the Society for Innovation and Entrepreneurship (SINE)
at IIT Bombay.
● The collaboration aims to provide grants to startups incubated at IIT Bombay, focusing on
developing energy-efficient Spiking Neural Network (SNN) chips.
● Numelo Technologies has received the first grant to develop SNN chips using ultralow power
quantum tunnelling on silicon on insulator (SOI) technology.
NLC India plans ₹12,000 crore investment in new coal mine, shares hit record high
● NLC India has officially taken over the Machhakata coal mine in the Angul district of Odisha, a
strategic move set to potentially double the company’s coal and lignite production and Rs. 12,000
crore planned for the development of the coal mine.
● The development was formalized with the signing of a Coal Mine Development and Production
Agreement with the Ministry of Coal.
Financial Performance Overview
● 2023-24 Revenue:
.
o Power Sales: ₹8,363 crore.

o Mining Operations: ₹7,902 crore.
● Profit Contributions:
o Mining Profit: ₹1,550 crore (56% of total net profit).
o Power Profit: ₹907 crore.
● Profit Margins:
o Mining: 19.61% of sales.
o Electricity: 10.8% of sales.
India’s Strategy to Boost Trade with Russia and Achieve $100 Billion Bilateral Trade Target by 2030
● India is focused on addressing non-tariff barriers (NTBs) and enhancing market access to
achieve a significant bilateral trade target with Russia, as outlined in recent high-level
discussions.
● Bilateral Trade Target:
o Goal: Achieve $100 billion in annual trade with Russia by 2030.
o Current Trade Volume: Approximately $65 billion in 2023-24.
o Focus: Increase Indian exports and address trade imbalances.
● Trade Imbalance:
o Issue: India’s exports to Russia amounted to around $4 billion in 2023-24, while imports were
about $61 billion.
NITI Aayog Unveils GearShift Challenge to Accelerate Zero-Emission Truck Adoption in India
● NITI Aayog, in collaboration with IIM Bangalore, Smart Freight Centre India, CALSTART/Drive to
Zero, and WRI India, has announced the launch of the NITI GearShift Challenge as part of the e-
FAST India initiative.
● This innovative hackathon aims to develop creative business models for the adoption of zero-
emission trucks (ZETs) in India, addressing both economic and environmental challenges.
Government Launches Skill India Digital To Revolutionize Skill Development For Indian Youth
● Union Minister Dharmendra Pradhan launched the Skill India Digital (SID) platform, marking a
significant advancement in India's approach to skill development, education, employment, and
entrepreneurship.
● Overview of Skill India Digital (SID)
.
● Date of Launch: September 13, 2024

● Union Minister: Dharmendra Pradhan
● Objective: Enhance access to quality skill development, relevant opportunities, and
entrepreneurial support for every Indian.
● What is Skill India Digital (SID)?
SID is a comprehensive digital platform designed to harmonize and revolutionize the skills
landscape in India. It serves as a central hub for skill development, educational resources, job
opportunities, and entrepreneurial support.
● During the launch event, several Memorandums of Understanding (MoUs) were exchanged with
prominent organizations to advance digital skilling and enhance learner engagement:
Organization Purpose of Collaboration
AICTE Promote quality technical education and training.
CBSE Integrate skilling opportunities with school curricula.
NIELIT Enhance IT skills and digital literacy.
Infosys Provide industry-relevant skilling programs.
Microsoft Offer resources and support for digital skills.
AWS (Amazon) Facilitate cloud computing and digital infrastructure training.
RedHat Promote open-source technologies and training.
Wadhwani Foundation Support entrepreneurial initiatives and skill development.
UNICEF Foster educational and skill development programs for
youth.
Future Skills Prime Provide a range of future-ready skills training.
SAP Deliver enterprise software and business skills training.
Tech Mahindra Foundation Promote tech skills and industry readiness.
FlixBus Partners with Paytm to Expand Distribution Network

● Global travel tech firm FlixBus has entered into a strategic partnership with fintech major Paytm,
aimed at expanding its distribution network and enhancing its reach in the travel industry.
● This collaboration will enable customers to book FlixBus tickets directly through the Paytm app.
● Availability of FlixBus Tickets: Customers can now purchase FlixBus tickets via the Paytm app,
providing a convenient and seamless booking experience.
.
AWS India Supports Tamil Nadu Technology Hub to Launch Generative AI Startup Program
● Amazon Web Services (AWS) India Private Limited announced its support for the Tamil Nadu
Technology (iTNT) Hub to launch a new generative Artificial Intelligence (AI) startup hub program.
● This initiative focuses on accelerating the development of generative AI solutions for public-centric
initiatives through the startup ecosystem in Tamil Nadu.
● The program aims to enable startups to collaborate with the industry to develop public sector-
focused solutions using generative AI.
● It will specifically target sectors such as government, healthcare, education, and non-profit
organizations operating in the AI, generative AI, and deep-tech spaces.
● The initiative was announced during the 'Generative AI Startup–Venture Capital' mixer event held by
AWS and iTNT Hub in Chennai.
Tripartite Agreement on Cross-Border Electricity Trade Among Nepal, India and Bangladesh
● A long-anticipated agreement among Nepal, India, and Bangladesh for cross-border electricity
trade is nearing completion.
● This agreement will facilitate the import of electricity from Nepal to Bangladesh via India
transmission lines.
CBDT Signs Multi-Year Contract with Bharti Airtel for Taxnet-2.0
● The Central Board of Direct Taxes (CBDT) has signed a multi-year agreement with Bharti Airtel
to provide network and connectivity solutions for its Taxnet-2.0 programme.
● This contract extends Bharti Airtel's role as the network partner for CBDT, continuing from its
involvement in the previous Taxnet-1.0 programme, which began in 2008.
● Objective: The Taxnet-2.0 programme aims to modernize the system for collecting, processing,
monitoring, and accounting direct taxes, enhancing efficiency and security.
Ukraine Signs Security Agreements With Slovenia, Czech Republic
● Ukrainian President Volodymyr Zelenskiy and Slovenian Prime Minister Robert Golob signed a
comprehensive agreement on security cooperation and support between their countries.
● The agreement is set for 10 years.
● Slovenia has already delivered 13 packages of military aid to Ukraine and plans to continue this
level of support.
● Ukraine has signed a total of 25 bilateral security agreements with various countries.
MoU Between Rashtriya Raksha University and NSE International Exchange
.
● A memorandum of understanding (MoU) was signed between the Gandhinagar-based Rashtriya

Raksha University (RRU) and the NSE International Exchange (NSE IX) to cooperate in the field
of economic and financial security.
● Signatories:
o National Stock Exchange Chief Executive Officer Ashish Kumar Chauhan
o Managing Director and CEO of NSE IX Bala V
o Pro-Vice Chancellor of RRU Prof Kalpesh H Wandra
o University Registrar Shishir Kumar Gupta
IOA Partners with Bharat Petroleum as Principal Sponsor for Team India
● The Indian Olympic Association (IOA) has announced Bharat Petroleum Corporation Limited
(BPCL) as the principal sponsor for Team India.
● This collaboration, starting with the Paris Olympics and lasting until the 2028 Los Angeles
Olympics, is aimed at supporting Indian athletes in their quest for excellence.
● BPCL, a Maharatna and Fortune Global 500 company, will be the principal sponsor for Team
India for four years.
● The partnership begins with the Paris Olympics and continues to the 2028 Los Angeles
Olympics.
WIPO and AIM Collaborate to Boost Innovation and IP in Global South
● A high-level delegation from the World Intellectual Property Organization (WIPO), including
Executive Director Mr. Sherif Saadallah and Head Ms. Altaye Tedla, visited NITI Aayog to sign a
Joint Letter of Intent (JLoI) with the Atal Innovation Mission (AIM).
● This collaboration aims to build programs for Innovation, Entrepreneurship, and Intellectual
Property (IP) for countries in the Global South.
C-DOT Collaborates with IIT Roorkee and IIT Mandi for the Development of 'Cell-Free' 6G Access
Points
● The Centre for Development of Telematics (C-DOT), a premier Telecom R&D centre under the
Department of Telecommunications (DoT), Government of India, has signed an agreement with the
Indian Institute of Technology Roorkee (IIT Roorkee) and the Indian Institute of Technology Mandi
(IIT Mandi) for the development of ‘Cell-Free’ 6G Access Points.
● This initiative is supported by the Telecom Technology Development Fund (TTDF) scheme.
.
● The collaboration aims to develop 'Cell-Free' Massive MIMO (multiple-input and multiple-output)
technology to enable the upcoming 6G radio access networks.
Philippines and Singapore Sign Defence Pact to Enhance Military Cooperation
● The Philippines and Singapore are set to sign a Defence Cooperation Agreement.
● The agreement aims to broaden military engagement between the two nations.
● The pact includes provisions for joint military exercises.
● Focus areas include preparedness for humanitarian emergencies and other contingencies.
KisanKraft Expands Operations to Tanzania with ₹100 Crore Investment
● KisanKraft Limited, a Bengaluru-based farm equipment manufacturer, is expanding its operations to
Tanzania in East Africa.
● The company signed a Memorandum of Understanding (MoU) with the Ministry of Agriculture of the
United Republic of Tanzania to support agricultural development.
India and U.S. Sign Cultural Property Agreement to Protect Heritage
● India and the U.S. signed a cultural property agreement that aims to enhance cooperation to protect
the cultural heritage of both countries.
● The agreement aims to prevent the illegal trade of cultural property.
● It simplifies the process of returning looted and stolen antiquities to their country of origin.
Key Signatures:
o Signed by U.S. Ambassador to India Eric Garcetti and Union Culture Secretary Govind
Mohan.
o The signing ceremony was attended by Minister of Culture Gajendra Singh Shekhawat.
RANKING AND REPORTS

Hong Kong, and Singapore most expensive cities to live in the world
• Mercer's Cost of Living City rankings for 2024 reveal that Hong Kong, Singapore, and Zurich
remain the world's most expensive cities for expatriates.
• Conversely, cities like Islamabad, Lagos, and Abuja are among the cheapest.
• Mumbai: Highest ranked Indian city at 136th place.
• Delhi: Moved up 4 spots to 165th place.
• Other Indian cities include Chennai (189), Bengaluru (195), Hyderabad (202), Pune (205), and
Kolkata (207).
.
• Most Expensive Cities in the World:

1. Hong Kong
2. Singapore
3. Zurich
4. Geneva
5. Basel
6. Bern
7. New York
8. London
9. Nassau
10. Los Angeles
• Least Expensive Cities in the World:
1. Abuja, Nigeria (226)
2. Lagos, Nigeria (225)
3. Islamabad, Pakistan (224)
4. Bishkek, Kyrgyzstan (223)
5. Karachi, Pakistan (222)
6. Blantyre, Malawi (221)
7. Dushanbe, Tajikistan (220)
8. Durban, South Africa (219)
9. Windhoek, Namibia (218)
10. Havana, Cuba (217)
UP, West Bengal, Maharashtra had highest share of informal sector enterprises in 2022-23
• Uttar Pradesh, West Bengal, and Maharashtra had the highest share of informal sector
enterprises in both rural and urban areas in 2022-23.
• Uttar Pradesh led with a 13.83% share, up from 12.99% the previous year.
• West Bengal was second with a 12.04% share, a slight decrease from 12.31% in 2021-22.
• Maharashtra’s share increased to 9.37% from 8.81% during the same period.
• Post-Pandemic Trends:
• The share of informal sector enterprises decreased in some states such as Gujarat, Haryana,
Karnataka, Kerala, Madhya Pradesh, Tamil Nadu, and West Bengal in 2022-23.
.
Mcap of 8 of top-10 most-valued firms jumps Rs 1.83 lakh crores; TCS, Infosys biggest gainers
• Eight of India's top-10 most valued companies saw a significant increase in their market
valuations, collectively adding Rs 1,83,290.36 crore.
• This surge aligned with a notable rally in equities, where the BSE benchmark index climbed
963.87 points or 1.21%.
• Biggest Gainers:
• Tata Consultancy Services (TCS)
o Added Rs 38,894.44 crore
o New Valuation: Rs 14,51,739.53 crore
• Infosys
o Added Rs 33,320.03 crore
o New Valuation: Rs 6,83,922.13 crore
Current Top Valued Firms:
• Reliance Industries
• TCS
• HDFC Bank
• ICICI Bank
• Bharti Airtel
• State Bank of India
• Infosys
• LIC
• Hindustan Unilever
• ITC
India ranks fifth in GenAI innovations, China leads

• India ranks fifth globally in Generative AI (GenAI) innovations, behind China, the US, the
Republic of Korea, and Japan.
• Despite its position, India has shown the highest annual growth rate in GenAI patent publications,
highlighting significant potential for economic impact.
Global Rankings and Patent Data:
.
• China: 38,210 patents

• United States: 6,276 patents
• Republic of Korea: 4,155 patents
• Japan: 3,409 patents
• India: 1,350 patents (2014-2023)
Kerala Tops NITI Aayog’s SDG India Index 2023-24, Sharing Spot with Uttarakhand
• Kerala and Uttarakhand secured the top spot in the SDG India Index 2023-24 with a composite
score of 79 points.
• Kerala excelled in ‘zero hunger’ and quality education, ranked second in climate action, and third
in gender equality and ‘industry, innovation, and infrastructure.’
• Both states are recognised as ‘achievers’ in affordable and clean energy.
• Top and Bottom States:
o Following Kerala and Uttarakhand, Tamil Nadu (78) and Goa (77) were among the top-
performing states.
o Bihar (57), Jharkhand (62), and Nagaland (63) were the lowest-performing states.
Kantar’s Brand Inclusion Index 2024: Insights on Diversity, Equity, and Inclusion (DEI) in Brand
Perception
● According to Kantar’s Brand Inclusion Index 2024, a significant majority of global consumers are
influenced by a brand’s diversity and inclusion (DEI) reputation when making purchasing decisions.
● The report highlights notable findings on how DEI affects consumer behaviour and identifies leading
brands in promoting these values.
Key Findings from the Report
● Global Perspective on DEI:
o 75% of global consumers consider a brand’s DEI reputation as a crucial factor in their
purchasing decisions.
● DEI Experiences in India:
o 68% of Indians report experiencing discrimination, mostly in commercial settings and
brand interactions.
o This figure is notably higher than the 46% global average.
● Top Inclusive Brands in India
Rank Brand Category
.
1 Google Technology
2 Tata Motors Automotive
3 Amazon E-commerce
4 Jio Telecommunications
5 Apple Technology
● Top Inclusive Brands Globally
Rank Brand Category
1 Google Technology
2 Amazon E-commerce
3 Nike Sportswear
4 Dove Personal Care
5 McDonald’s Fast Food
India's Progress in Forest Protection and Global Context

● According to the Food and Agriculture Organization (FAO), India makes the third country in the
world in terms of forest area growth.
● India has made great progress in protecting forests. From 2010 to 2020, 266,000 hectares of
new forest will be added each year.
● Global Ranking: Third in forest area growth according to the Food and Agriculture Organization
(FAO).
Top Countries for Forest Area Gains:
1. China: 1,937,000 hectares
2. Australia: 446,000 hectares
3. India: 266,000 hectares
4. Others in the Top Ten: Chile, Vietnam, Turkey, United States, France, Italy, Romania.
About the Food and Agriculture Organization (FAO)
● Members: 194 countries and the European Union.
● Headquarters: Rome, Italy.
● UN Specialized Agency: Focused on defeating hunger and improving food security.
Parle Tops Kantar's Brand Footprint Report for 12th Consecutive Year
.
● Parle continues to be the most chosen in-home brand according to Kantar's Brand Footprint
Report.
● With a Consumer Reach Points (CRP) score of 7980 million, Parle holds the top spot for the 12th
consecutive year.
1. Top Five In-Home Brands:
o Following Parle, the other top brands include:
▪ Britannia
▪ Amul
▪ Clinic Plus
▪ Tata Consumer Products
2. CRP Increase:
o Overall, Consumer Reach Points (CRPs) have increased by 33% in the last five years.
3. Rising Penetration:
o Seven brands in the top 25 in-home rankings have seen more than 20% penetration increase
over the last decade. These brands are:
▪ Britannia
▪ Surf Excel
▪ Sunfeast
▪ Haldiram’s
▪ Patanjali
▪ Brooke Bond
▪ Vim
o Assessment Criteria: The Index evaluates the performance of states and UTs across 16
SDGs using 113 indicators aligned with national priorities.
o Scoring:
▪ Range: Scores range from 0-100, with higher scores indicating greater progress.
▪ Categories:
1. Aspirant: 0–49
2. Performer: 50–64
3. Front-Runner: 65–99
4. Achiever: 100
.
▪ Top Performers:
1. Kerala and Uttarakhand emerged as the best-performing states, each scoring
79 points.
▪ Lowest Performer:
1. Bihar scored the lowest with 57 points, followed by Jharkhand at 62 points.
▪ Front-Runner States:
1. 32 states and UTs are in the front-runner category.
2. 10 new entrants include Arunachal Pradesh, Assam, Chhattisgarh, and Uttar
Pradesh.

Competition Commission of India Clears Sale of WeWork's Entire 27.5% Stake in Indian Unit to Real
Trustee Advisory Company
• The Competition Commission of India (CCI) approved American co-working space firm
WeWorks entire 27.5% stake in its India unit to be sold to Real Trustee Advisory Company.
• Deal Structure:The deal involves a two-step process where WeWork Inc and Embassy Group will
collectively sell About 40% stake in the Indian co-working unit.
• This transaction will result in WeWork exiting the Indian market.
About CCI:
• Establishment: October 14, 2003.
• Chairman: Ravneet Kaur.
• Role: Chief national competition regulator, statutory body under the Ministry of Corporate Affairs,
enforces the Competition Act, 2002 to promote competition and prevent anti-competitive
activities.
Life Insurance Corporation of India Increases Stake in IDFC First Bank to 2.68% at
₹80.63/Share Through Private Placement Offer
• The Life Insurance Corporation of India (LIC) shareholding in IDFC First Bank increased after the
insurer acquired 18,60,34,900 shares at ₹80.63 apiece in a private placement offer by the lender.
.
• The shareholding increased from 0.20% of the pre-issue paid-up capital to 2.68% of the post-
issue paid-up capital.
• LIC received the highest allocation of shares in this private placement.
• Founded : October 2015
• MD & CEO : V. Vaidyanathan
• It is an Indian private sector bank formed by the merger of the banking arm of Infrastructure
Development Finance Company and Capital First, an Indian non-bank financial institution.
About LIC :
• MD & CEO : Siddhartha Mohanty
Life Insurance Corporation of India Partners with IDFC First Bank for Corporate Agency Arrangement
● Life Insurance Corporation of India (LIC) has entered into a tie-up with IDFC First Bank Limited
under a corporate agency arrangement.
● This arrangement will facilitate over 1 crore customers of IDFC First Bank to buy LIC policies
online via the bank's website.
● Aim : To increase bancassurance contributions and provide life insurance coverage to all by
2047.
● Corporate Agent (Life): A Corporate Agent registered as a Corporate Agent (Life) can have tie-
ups with up to three life insurers.
● MD & CEO : Mr. V Vaidyanathan
● IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of
institution.
● In 2014, the Reserve Bank of India granted in-principle approval to IDFC Limited to set up a new
bank in the private sector.
About LIC :
.

● Chairperson : Siddhartha Mohanty
ONGC Videsh to Acquire Stake in Azerbaijan's ACG Oil Field
● ONGC Videsh Limited, the overseas investment arm of state-owned Oil and Natural Gas
Corporation (ONGC), has signed a Sale Purchase Agreement (SPA) to acquire:
➢ 0.615% Participating Interest (PI) in the Offshore Azeri Chirag Gunashli (ACG) oil field in
Azerbaijan from Equinor.
➢ 0.737% shares in the Baku-Tbilisi-Ceyhan (BTC) pipeline company through its wholly-
owned subsidiary, ONGC BTC.
● The total investment for these acquisitions is up to USD 60 million.
About ONGC :
● Chairman & CEO : Arun Kumar Singh
● The ONGC is an Indian central public sector undertaking under the ownership of the Ministry of
Petroleum and Natural Gas, Government of India.
Competition Commission of India Approves Dixon Technologies' Acquisition of Up to 56% Stake in
Ismartu India Private Limited
● The Competition Commission of India (CCI) has approved the acquisition of up to 56%
shareholding of Ismartu India Private Limited (Target) by Dixon Technologies (India) Limited
(Acquirer).
About CCI :
Competition Act, 2002.
CCI Approves Platinum Poppy's Acquisition of Ordinary Shares in Berhyanda and Berhyanda MidCo
.
● The Competition Commission of India (CCI) has approved the acquisition, inter alia, of ordinary
shares of Berhyanda Limited (Berhyanda) and Berhyanda MidCo Limited (Berhyanda MidCo) by
Platinum Poppy C 2024 RSC Limited (Platinum Poppy).
● Proposed Combination:Involves acquisition of ordinary shares and extension of shareholder debt
to Berhyanda and Berhyanda MidCo by Platinum Poppy.
● Platinum Poppy will gain an indirect non-voting economic interest in Suven Pharmaceuticals
Limited (Suven) through this acquisition, as Berhyanda holds 50.1% of Suven's shareholding.
CCI Approves Sandur Manganese & Iron Ores and BAG Holdings' Indirect Controlling Acquisition of
Arjas Steel and Arjas Modern Steel
● The Competition Commission of India (CCI) has approved the indirect controlling acquisition of
Arjas Steel Private Limited (ASPL) and Arjas Modern Steel Private Limited (AMSPL) by The
Sandur Manganese & Iron Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL).
EQT Private Capital Asia Sells Full Stake in RBL Bank for ₹1,091 Crore
● EQT Private Capital Asia, formerly known as Baring Private Equity Asia, exited RBL Bank by
selling its entire 7.89% stake in the private sector lender for Rs 1,091 crore through an open
market transaction.
● EQT Private Capital Asia through its vehicle Maple II BV sold shares of RBL Bank through a bulk
deal on the BSE.
● A total of 4,78,40,700 shares were sold at an average price of Rs 228.08 per share, totalling Rs
1,091.15 crore.
About EQT Private Capital Asia :
● Founded : 1997
● Headquarters : Hong Kong
● Founder : Jean Salata
About RBL Bank, formerly known as Ratnakar Bank Limited :
● MD & CEO : R Subramaniakumar
UltraTech to Acquire Additional 32.72% Stake in India Cements for ₹3,954 Crore
.
● Aditya Birla group-owned UltraTech entered into a share purchase agreement with the promoters
and their associates of India Cements Limited to purchase 10,13,91,231 equity shares or 32.72%
stake for ₹390 apiece totalling to ₹3,954 crore, subject to regulatory approvals.
● In June,2024 UltraTech acquired 7,05,64,656 equity shares (22.77% stake) at ₹268 per share.
● Following this acquisition, UltraTech’s total stake in India Cements will increase to 55.49%.
About UltraTech Cement Limited :
● Founded : 1983
● Managing Director : K. C. Jhanwar
DEFENCE NEWS
Indian Army Contingent Departs for Joint Military Exercise Maitree with Thailand
• The Indian Army contingent departed for the 13th edition of India- Thailand joint military Exercise
MAITREE.
• The exercise is scheduled to be conducted from 1st to 15th July 2024 at Fort Vachiraprakan in
Tak Province of Thailand.
• Exercise MAITREE is an annual training event which has been conducted alternatively in
Thailand and India since 2006.
• Last edition of the exercise was conducted at Umroi, Meghalaya in September 2019.
About Indian Army :
• Chief of Defence Staff : GeneralAnil Chauhan
• Chief of the Army Staff : GeneralUpendra Dwivedi
• Vice Chief of the Army Staff : Lieutenant GeneralN. S. Raja Subramani
Indian Air Force Chief Air Chief Marshal V R Chaudhari Inaugurates Newly Established Weapon
Systems School in Hyderabad
.
• Indian Air Force (IAF) Chief Air Chief Marshal V.R. Chaudhari inaugurated the newly established
Weapon Systems School (WSS) at Air Force Station Begumpet, Hyderabad.
• This follows the approval for the creation of a new Weapon System (WS) branch in 2022.
• The WS branch comprises 4 streams:
About IAF :
• Chief of Defence Staff (CDS) : General Anil Chauhan
• Chief of the Air Staff (CAS) : Air Chief Marshal Vivek Ram Chaudhari
India-Mongolia Joint Military Exercise 'Nomadic Elephant' Commences in Meghalaya

• The 16th edition of India-Mongolia Joint Military Exercise NOMADIC ELEPHANT commenced
today, at Foreign Training Node, Umroi (Meghalaya).
• The Exercise is scheduled to be conducted from 03rd to 16th July 2024.
• Indian contingent: Represented by a Battalion of Sikkim Scouts comprising 45 personnel, along
with personnel from other arms and services.
• Mongolian contingent: Represented by personnel from the 150 Quick Reaction Force Battalion of
the Mongolian Army.
About Mongolia :
• President : Ukhnaagiin Khürelsükh
• Prime Minister : Luvsannamsrain Oyun-Erdene
• Capital : Ulaanbaatar
• Currency : Tögrög
Indo-Russian joint venture delivers 35,000 AK-203 assault rifles to Ministry of Defence: Rostec
• The Indo-Russian Rifles Private Limited (IRRPL), a joint venture (JV) between India & Russia,
has produced and transferred 35,000 Kalashnikov AK-203 assault rifles to the Indian Ministry of
Defence, Rostec state corporation of Russia announced.
.
• Of the delivered rifles, 10,000 have been handed over to units, and inspection of the remaining
25,000 is complete, with delivery to troops imminent.
• Type: The AK-203 is a Russian gas-operated, magazine-fed, select-fire assault rifle.
• Cartridge: It is designed to chamber the 7.62×39mm cartridge.
About Russia :
• President : Vladimir Putin
• Prime Minister : Mikhail Mishustin
• Capital : Moscow
• Currency : Ruble
Annual Defence Production Reaches Record High of Approximately Rs 1.27 Lakh Crore in FY 2023-24
• The Ministry of Defence (MoD) has achieved the highest-ever growth in indigenous defence
production in value terms during Financial Year (FY) 2023-24, on the back of the successful
implementation of the policies and initiatives of the Government, led by Prime Minister Shri
Narendra Modi, focusing on achieving Atma Nirbharta Or self-reliance.
• Growth in Defence Production:As per the data received from all Defence Public Sector
undertakings (DPSUs), other public sector units (PSUs) manufacturing defence items and
private companies, the value of defence production in the country has gone up to a record-high
figure i.e., Rs 1,26,887 crore, reflecting a growth of 16.7% over the defence production of the
previous financial year.
• The value of defence production in FY 2022-23 was Rs 1,08,684 crore.
Defence Research and Development Organisation Introduces Indigenous Light Tank Named Zorawar
• The Defence Research & Development Organization (DRDO) unveiled the "Zorawar" Light Tank
at its facility in Hazira, Gujarat to propel indigenization and modernization efforts of the Indian
armed forces.
.
• Collaboration and Development:The Light Tank was developed as a public-private venture with
DRDO collaborating with Larsen & Toubro (L&T).
• The 25-ton vehicle was designed and developed in a record time of 2 years.
• Strategic Need:The need for light tank platforms was identified during the Galwan Valley standoff
with Chinese military forces.
About DRDO :
• Formed : 1958
• Headquarters : New Delhi,India
• Chairman : Sameer V. Kamat
• The DRDO is an agency under the Department of Defence Research and Development in the
Indian Air Force Participates in Exercise Pitch Black 2024 in Darwin, Australia
• An Indian Air Force (IAF) contingent landed at the Royal Australian Air Force (RAAF) Base
Darwin, Australia for participating in Exercise Pitch Black 2024.
• The exercise is scheduled to be conducted from 12 July 24 to 02 August 24 (3 Week), and is a
biennial, multinational exercise hosted by the RAAF.
• Enhance force integration among participating nations.
• Exercise Pitch Black 2022 was hosted by the Royal Australian Air Force (RAAF) and took place
from August 19 to September 8, 2022, in Darwin, Australia.
• Cabinet Minister : Rajnath Singh
India releases fresh ‘positive indigenisation list’ to boost domestic defence manufacturing
● India announced a fresh list of 346 military hardware items, including “strategically important”
systems and weapons, that will only be procured from state-run domestic manufacturers after a
ban on their import kicks in under a staggered timeline.
● The defence ministry stated that over 12,300 items have been indigenised in the last three years
to boost domestic defence industries.
● The fifth positive indigenisation list comprising 346 items has been notified, and these items will
be produced by the defence public sector undertakings (DPSUs).
.
About Ministry of Defence:

● Formed: 15 August 1947
● Jurisdiction: Government of India
● Minister of Defence: Rajnath Singh
Deputy Minister responsible: Sanjay Seth, Minister of State for Defence
Indian Navy Rescues 9 Crew Members, Including 8 Indians, from Capsized Oil Tanker Off Oman Coast
● The Indian Navy’s warship INS Teg rescued 9 crew members, including 8 Indians, who went
missing after an oil tanker capsized off the coast of Oman.
● The navy warship has been deployed for Search and Rescue assistance for the capsized oil
tanker.
● INS Teg and a P-8I maritime patrol aircraft have been deployed for the search and rescue
operation.
About INS Teg:
● INS Teg (F45) is the first of three guided missile frigates of the modified INS Talwar-class.
● Built by Russian shipyard Yantar under Project-17 A.
● Other frigates in the class are INS Tarkash and INS Trikand.
● Commissioned into the Indian Navy on 27 April 2012.
About Indian Navy :
Indian Army Troops Depart for Multinational Military Exercise Khaan Quest
● The Indian Army contingent departed for the Multinational Military Exercise KHAAN QUEST.
● The exercise is scheduled to be conducted from 27th July to 9th August 2024 at Ulaanbaatar,
Mongolia.
● Aim of Exercise : To prepare the Indian Armed Forces for peacekeeping missions while operating
in a multinational environment, thereby increasing interoperability and military readiness in peace
support operations under Chapter VII of United Nations Charter.
Note :
.
● Last edition of Exercise KHAAN QUEST was conducted in Mongolia from 19th June to 2nd July
2023.
● The exercise first started as a bilateral event between USA and Mongolian Armed Forces in the
year 2003.
About Mongolia :
● President : Ukhnaagiin Khürelsükh
● Prime Minister : Luvsannamsrain Oyun-Erdene
● Capital : Ulaanbaatar
● Currency : Tögrög
Goa Shipyard Unveils 1st Indigenous Advanced Frigate “Triput” For Indian Navy
● Goa Shipyard Limited (GSL) launched the first indigenous P1135.6 Frigate named Triput.
● The launch signifies a step forward for India’s naval capabilities and the 'Aatmanirbhar Bharat'
(self-reliant India) strategy.
● The ship's name, Triput, symbolizes the Indian Navy's indomitable spirit and striking capability
● The contract for building two Triput class Advance Frigates was signed between the Ministry of
Defence and Goa Shipyard Limited on 25 Jan 19.
● The ship’s construction phases include a plate-cutting ceremony on September 20, 2020, and
keel laying on January 29, 2021.
About Goa Shipyard Limited :
● Headquarters : Vasco da Gama, Goa
● Chairman & MD : Brajesh Kumar Upadhyay

Indian Solar Mission Aditya-L1 Achieves 1st Halo Orbit Around Sun-Earth L1 Point
• Indias first solar mission, the Aditya-L1 spacecraft, completed its first halo orbit around the
Sun-Earth L1 point.
• Indian Space Research Organisation (ISRO) stated its station-keeping (SK) manoeuvre ensured
its seamless transition into the second halo orbit.
• To ensure the satellite remains in its designated orbit, stationkeeping manoeuvres are performed
to make adjustments and compensate for these perturbations.
.
About ISRO :
Indian Space Research Organisation Selects 2 Gaganyaan Astronauts for International Space Station
Mission Under Axiom-4
• As a part of the Axiom-4 mission, the Indian Space Research Organisation (ISRO) has
shortlisted two of its four trained Gaganyaan astronauts to travel to the International Space
Station (ISS).
• Axiom Mission 4 (or Ax-4) is a private spaceflight to the ISS.
• It is operated by Axiom Space and uses a SpaceX Crew Dragon spacecraft.
• The flight is in collaboration with NASA and will be the 4th flight of Axiom Space after Axiom
Mission 1, Axiom Mission 2 and Axiom Mission 3.
About International Space Station (ISS) :
• The ISS is a modular space station launched in 1998.
• The ISS is the largest space station ever built.
• Its primary purpose is to perform microgravity and space environment experiments.
• It is a collaborative project involving 5 space agencies:
• National Aeronautics and Space Administration (NASA) - USA
• Roscosmos State Corporation for Space Activities - Russia
• Japan Aerospace Exploration Agency (JAXA) - Japan
• European Space Agency (ESA) - Europe
• Canadian Space Agency (CSA) - Canada
Indian Space Research Organisation Selects 2 Gaganyaan Astronauts for International Space Station
Mission Under Axiom-4
• As a part of the Axiom-4 mission, the Indian Space Research Organisation (ISRO) has
shortlisted two of its four trained Gaganyaan astronauts to travel to the International Space
Station (ISS).
• Axiom Mission 4 (or Ax-4) is a private spaceflight to the ISS.
• It is operated by Axiom Space and uses a SpaceX Crew Dragon spacecraft.
.
• The flight is in collaboration with NASA and will be the 4th flight of Axiom Space after Axiom
Mission 1, Axiom Mission 2 and Axiom Mission 3.
About International Space Station (ISS) :
• The ISS is a modular space station launched in 1998.
• The ISS is the largest space station ever built.
• Its primary purpose is to perform microgravity and space environment experiments.
• It is a collaborative project involving 5 space agencies:
• National Aeronautics and Space Administration (NASA) - USA
• Roscosmos State Corporation for Space Activities - Russia
• Japan Aerospace Exploration Agency (JAXA) - Japan
• European Space Agency (ESA) - Europe
• Canadian Space Agency (CSA) - Canada
Chinese Geologists Discover Two New Niobium-Scandium Minerals, Oboniobite and Scandio-fluoro-
eckermannite, in Northern China
• Chinese geologists have discovered two new niobium-scandium minerals named Oboniobite and
Scandio-fluoro-eckermannite.
• The discovery was made at the Bayan Obo deposit in the Inner Mongolia Autonomous Region.
• Institutions Involved:The discovery was announced by the Chinese Academy of Sciences (CAS).
• It was a collaborative effort involving the CAS Institute of Geology and Geophysics, Inner
Mongolia Baotou Steel Union Company., Limited., Baotou Research Institute of Rare Earths, and
Central South University.
About Chinese Academy of Sciences :
• Location : Beijing, China
• President : Hou Jianguo
• The CAS is the national academy for natural sciences and the highest consultancy for science
and technology of the People's Republic of China.
NASA's CHAPEA Mission Completes First Year-Long Mars Simulation with Crew Emerging from 3D-
Printed Habitat
● National Aeronautics and Space Administration's (NASA's) ambitious Crew Health and
Performance Exploration Analog (CHAPEA) mission concluded its first year-long Mars
.
simulation, with four crew members emerging from their 1,700-square-foot 3D-printed habitat at
Johnson Space Center in Houston.
● Primary goal of CHAPEA : To assess human health and performance under conditions that
closely mimic those on Mars.
Habitat Details:
● Size and Construction: The crew lived in a 1,700-square-foot 3D-printed habitat called "Mars
Dune Alpha."
● Location: Situated at Johnson Space Center in Houston, Texas.
● Simulation Environment: Featured simulated Martian soil and a backdrop of red, rocky cliffs for
an immersive experience.
● Crew Members:
➢ Kelly Haston: Team leader and research scientist.
➢ Anca Selariu: US Navy microbiologist.
➢ Ross Brockwell: Structural engineer.
➢ Nathan Jones: Emergency medicine physician.
➢ Future Missions : Two more CHAPEA missions are scheduled for 2025 and 2026.
➢ NASA aims to send astronauts to Mars by the 2030s.
About NASA :
Indian Scientists Develop Open-Source Tool for Generating Infrared Star Catalogue for Thirty Meter
Telescope
● Indian scientists have created an open-source tool designed to generate an infrared star
catalogue for the Adaptive Optics System (AOS) of the Thirty Meter Telescope (TMT).
● This advancement is crucial for the telescope’s ability to generate sharper astronomical images.
● The Thirty Meter Telescope (TMT) is a revolutionary class of extremely large telescopes that will
enable us to explore deeper into space and observe cosmic objects with unparalleled sensitivity.
● This is an ambitious international project involving India, the United States, Canada, China, and
Japan that aims to significantly advance our understanding of the universe.
.
● It is a next-generation astronomical observatory designed to provide unprecedented resolution

and sensitivity with its massive 30-meter primary mirror, advanced adaptive optics system, and
state-of-the-art instruments.
● The TMT will feature instruments such as the Infrared Imaging Spectrometer (IRIS) and the
Wide-Field Optical Spectrograph (WFOS).
● India’s Contribution:Indian participation includes three key institutes: Indian Institute of
Astrophysics (IIA), Bengaluru; Inter-University Center for Astronomy and Astrophysics (IUCAA),
Pune; and Aryabhatta Research Institute for Observational Sciences (ARIES), Nainital.
Missy Elliott’s ‘The Rain’: NASA beams 1st hip-hop song to Venus in 14 mins
● Lyrics for Missy Elliot’s song “The Rain (Supa Dupa Fly)” were transmitted from the DSN’s
Goldstone complex to Venus, about 158 million miles (254 million kilometers) away.
● The agency’s Jet Propulsion Laboratory in Southern California sent the transmission, July 12.
● As the largest and most sensitive telecommunication service of NASA’s Space Communications
and Navigation (SCaN) program, the DSN has an array of giant radio antennas that allow
missions to track, send commands, and receive scientific data from spacecraft venturing to the
Moon and beyond.
● To date, the system has transmitted only one other song into space, making the transmission of
Elliott’s song a first for hip-hop and NASA.
Institute of Chartered Accountants of India Partners with OpenAI to Create CAGPT, a Secure GPT
Without External Resource Access
● The Institute of Chartered Accountants of India (ICAI) has collaborated with OpenAI to develop
the CAGPT, a fenced GPT that operates without external resources.
● This tool, after successful beta testing, is now officially launched and available to ICAI members.
● To facilitate this, ICAI has launched an 18-hour, three-day certificate course to train members in
using GPT and other AI tools.
● Future Developments : The institute is also in discussions with the Ministry of Electronics and
Information Technology (MeitY) to develop an AI Audit tool aimed at monitoring corporate books
and detecting potential fraud.
About ICAI :
● Established: July 1, 1949.
.
● Headquarters: New Delhi, Delhi, India.

● President: Ranjeet Kumar Agarwal.
● Role: ICAI is India's largest professional accounting body under the Ministry of Corporate Affairs,
Government of India, and was established under the Chartered Accountants Act, 1949.
About OpenAI :
● Founded : December 11, 2015
● Headquarters : San Francisco, California, U.S
● Chairman : Bret Taylor
● CEO : Sam Altman
● President : Greg Brockman
European Space Agency Announces Mission to Investigate Apophis Asteroid
● The European Space Agency (ESA) has announced a mission to study the Apophis asteroid
when it passes by Earth at a very close distance in 2029.
● ESA is the second major space agency, after National Aeronautics and Space Administration
(NASA), to commit a space mission for Apophis that was once considered to be on a pathway to
collide with the Earth.
● Apophis will come within 32,000 km of the Earth in 2029, offering space agencies a rare
opportunity to study an asteroid from such close quarters.
● ESA stated that an asteroid of such a large size comes this close to the Earth only once in about
5,000 to 10,000 years.
About European Space Agency :
● Established : 30 May 1975
● Director General : Josef Aschbacher
● The ESA is a 22-member intergovernmental body devoted to space exploration.
Defence Research & Development Organisation Completes Successful Flight Test of Phase-II Ballistic
Missile Defense System
● The Defence Research & Development Organisation (DRDO) has successfully conducted a flight
test of the Phase-II Ballistic Missile Defence System.
.
● The Target Missile was launched from LC-IV Dhamra at 1620 hrs mimicking adversary Ballistic
Missile, which was detected by weapon system radars deployed on land and sea and activated
the Air Defence (AD) Interceptor system.
● The Phase-II AD Endo-atmospheric missile was launched from LC-III at ITR, Chandipurat 1624
hrs.
● The test demonstrated India’s indigenous capability to defend against ballistic missiles of up to
5000 km range.
● Monitoring and Performance:The missile’s performance was monitored using flight data captured
by Electro-Optical Systems, Radar, and Telemetry Stations deployed by ITR, Chandipur,
including onboard ships.
About DRDO :
National Aeronautics and Space Administration’s Curiosity Rover Discovers Astonishing Yellow Sulphur
Crystals on Mars
● The National Aeronautics and Space Administration’s (NASA) Curiosity rover has stumbled upon
an extraordinary find on Mars: pure sulphur crystals.
● The discovery occurred when the 1-ton rover accidentally cracked open a rock, revealing
yellowish-green sulphur crystals that had never been seen before on the red planet.
● The finding was made in the Gediz Vallis channel, a prominent geological feature on Mount
Sharp.
About NASA :
Indian Space Research Organisation and National Aeronautics and Space Administration Partner to
Send Indian Astronaut to International Space Station After August 2024
● India is set to send an astronaut to the International Space Station (ISS), marking a significant
milestone in its space exploration efforts.
.
● Space Minister Jitendra Singh announced in Lok Sabha that an Indian astronaut, referred to as a
"gaganyaatri," will soon travel to the ISS.
● This mission is a collaborative effort involving the Indian Space Research Organisation (ISRO),
National Aeronautics and Space Administration (NASA), and private company Axiom Space.
What is ISRO’s Gaganyaan Mission?
● The Gaganyaan project aims to demonstrate human spaceflight capabilities by sending a crew of
three into orbit for a three-day mission, scheduled for launch in 2025.
● Crew Return: The mission will see the crew safely return to Earth, landing in Indian waters.
● Orbital Module: The Gaganyaan spacecraft consists of a service module and a crew module,
known together as the Orbital Module.
● Launch Vehicle: The mission will use the Geosynchronous Satellite Launch Vehicle (GSLV) Mk
III, capable of carrying the required payload.
● Crew Module Specifications: The crew module measures 3.7 metres in diameter and 7 metres in
height and will house three astronauts, including one woman.
About ISRO :
About NASA :
International Team of Astronomers, Including IIT Kanpur Professor, Discovers Giant Exoplanet Orbiting
Sun-Like Star
● In a ground-breaking discovery, an international team of astronomers, including Dr. Prashant
Pathak, Assistant Professor at the Department of Space, Planetary & Astronomical Sciences &
Engineering (SPASE), Indian Institute of Technology (IIT) Kanpur, Uttar Pradesh (UP) has
discovered a giant planet orbiting a nearby star similar to the Sun.
● Exoplanet Details:The exoplanet, named Epsilon Indi Ab (or Eps Ind Ab), is classified as a
'super-Jupiter'.
.
● Instrumentation:The discovery was made using the James Webb Space Telescope’s (JWST)
Mid-InfraRed Instrument (MIRI).
● Host Star:The exoplanet orbits the K5V-type star Epsilon Indi A (also known as HD 209100 or
HIP 108870).
● Distance and Temperature:Eps Ind Ab is located 12 light-years away from Earth.
● The planet has a temperature of about -1°C (30°F).
● Orbital Characteristics:The planet's orbit is 28 times greater than the distance between Earth and
the Sun.
GROWTH-India telescope observes building-sized asteroid's nearest pass by Earth: Report
● The GROWTH-India Telescope captured a 116-metre asteroid, known as ‘2011 MW1’, during its
closest approach to Earth.
● The asteroid, classified as a Near-Earth Asteroid, passed by at a speed of 28,946 kilometres per
hour.
● Its closest approach was ten times the distance to the Moon.
● GROWTH-India Telescope is India's first fully robotic optical research telescope.
● Primary Mission: To observe explosive transients and variable sources, including near-Earth
asteroids.
● Location: The telescope is located at the Indian Astronomical Observatory site at Hanle, Ladakh.
● Situated at 4500 metres above mean sea level, this is one of the highest observatory sites in the
world and one of the best telescope locations in the country.
● Other Telescopes at the Site: Himalayan Chandra Telescope (HCT), gamma-ray array telescope
(HAGAR), and imaging Cherenkov telescope (MACE).
● Partnership and Support : It was constructed through a partnership between the Indian Institute
of Astrophysics (IIA) and the Indian Institute of Technology Bombay (IITB), with support from the
Department of Science and Technology (DST) and the Indo-US Science and Technology Forum.
What is an Asteroid?:
● Definition: A small, rocky object orbiting the Sun in the solar system.
● Size: Varies from a few metres to hundreds of kilometres across.
● Location: Most asteroids are in the asteroid belt between Mars and Jupiter, but they can be found
throughout the solar system.
.
CURRENT AFFAIRS : ENVIRONMENT NEWS

Zoological Survey of India Scientist Discovers New Species of Dogfish Shark, Squalus hima, in India
● Scientists from the Zoological Survey of India (ZSI) have discovered a new species of deep-
water dogfish shark, named Squalus hima, from the Sakthikulangara fishing harbour in Kerala,
along the Arabian Sea.
● Genus and Family:Squalus is a genus of dogfish sharks, also known as spurdogs, belonging to
the family Squalidae.
● They are characterized by smooth dorsal fin spines.
● Discovery Details:The discovery was made by a team led by Bineesh K. K., Scientist at the
Marine Biology Regional Centre of ZSI.
● The findings were published in the journal Records of the ZSI.
About ZSI:
● Established: July 1, 1916
● Headquarters: Kolkata, West Bengal, India
● Director: Dhriti Banerjee
● Founded by: Ministry of Environment, Forest and Climate Change, Government of India
● Purpose: To promote the survey, exploration, and research of fauna in India.
SPORTS NEWS
Rohit Sharma joins Kohli in retiring from T20Is after World Cup triumph
• Rohit Sharma has joined Virat Kohli in retiring from T20 internationals following India's victory
over South Africa in the World Cup final in Barbados.
• Despite retiring from T20Is, Rohit confirmed his intention to continue playing ODIs and Tests.
• Highest Scorer: Rohit retires as the highest scorer in T20 internationals with 4231 runs in 159
matches.
• Record Holder: Holds the record for the most centuries (five) in T20 internationals.
Max Verstappen wins Austrian GP sprint
.
• Max Verstappen of Red Bull secured victory in the Austrian Grand Prix sprint race, successfully
defending against an early challenge from McLaren.
• This win, achieved from pole position, extends Verstappen's lead in the Formula One
championship to 71 points.
• Winner: Max Verstappen (Red Bull)
• Lead Extension: 71 points in the championship
• Second Place: Australian Oscar Piastri (McLaren), finished 4.616 seconds behind
• Third Place: Lando Norris (McLaren), Verstappens closest championship rival
BCCI Announces Record Cash Prize for T20 World Cup Champions
• BCCI offers Rs. 125 crore to Indian mens T20 World Cup-winning squad.
• Exceeds threefold the bonus given after Indias 2011 ODI World Cup victory.
• Inclusive Reward: Includes players, coaches, support staff, and selectors.
• Cash Prize Details: BCCI Secretary Jay Shah announced Rs. 125 crores for the T20 World Cup
champions.
• Scope of Reward: Covers players, coaches, support staff, and selectors, recognizing their
contributions.
• Financial Growth: BCCI's financial health significantly grew from Rs. 189.72 crore surplus in
2010-11 to Rs. 5,197.71 crore in 2021-22.
George Russell Secures Victory at Austrian Grand Prix
• George Russell won the Austrian Grand Prix 2024 for Mercedes after a collision between Red
Bulls Max Verstappen and McLarens Lando Norris.
• The clash occurred late in the race while battling for the lead.
• George Russell's win marked Mercedes' first victory since November 2022, when Russell won in
Brazil.
• This victory is the second of Russell's career.
AB de Villiers Invests in D2C Nutrition Startup Supply6

• Former South African cricketer AB de Villiers has made an investment in Bengaluru-based direct-to-
consumer (D2C) nutrition startup Supply6.
• He has also been appointed as the brand ambassador for the company.
• AB de Villiers has joined Supply6 as an investor and brand ambassador.
.
• The financial terms of his investment have not been disclosed.
Hockey India to host first-ever Masters Cup

• Hockey India has unveiled the inaugural Masters Cup, a groundbreaking tournament set to
showcase the prowess of veteran players in both men's and women's categories.
• This event aims to honor seasoned hockey players' enduring passion and skill.
• Participants: The tournament is open to all Hockey India-affiliated state member units. Eligible
players, aged around and above 40 years, are encouraged to register through their respective
member units via the Hockey India Member Unit Portal.
Four Different Venues To Host Durand Cup 2024 Starting July 27

• The Durand Cup, Asias oldest football tournament, will commence its 133rd edition from July
27 to August 31, featuring a lineup of Indian Super League (ISL), I-League, and other invitational
teams.
• The tournament will host 43 matches in a round-robin league-cum-knockout format across four
venues.
• Format: The 24 participating teams will be grouped into six groups. The top teams from each
group and the two best second-placed teams will advance to the knockout stage.
• Schedule: The tournament will feature a total of 43 matches, culminating in the final at VYBK in
Kolkata.
Viswanathan Anand Secures Historic 10th Leon Masters Chess Championship
Viswanathan Anand, former world chess champion from India, achieved a remarkable milestone
by clinching the Leon Masters chess championship for the 10th time.
• In the final match, he defeated Jaime Santos Latasa of Spain with a commanding score of 3-1.
• The Leon Masters is a prestigious chess tournament held annually in Leon, Spain, featuring four
top players.
• Participants in the 2024 edition included
✓ Viswanathan Anand (INDIA)
✓ Arjun Erigaisi (INDIA)
✓ Veselin Topalov (BULGARIA) and
✓ Jaime Santos Latasa (SPAIN)
.
Pankaj Advani Beaten By Dhruv Sitwala To claim 2024 Asian Billiards Championship Title
• Ace Indian cueist Pankaj Advani fell short in his quest to secure a hat-trick of titles, losing 2-5 to
compatriot Dhruv Sitwala in the final of the 2024 Asian Billiards Championship.
• Dhruv Sitwala: Strong start with 103 points, maintained lead with consistent 100-point scores.
• Pankaj Advani: Improved performance in the third frame with 101 points, scored a perfect 100 in
the fourth frame.
• Overall Outcome: Dhruv Sitwala won the championship, denying Pankaj Advani a hat-trick of
titles.
Laura Wolvaardt Makes History with Century in All International Formats
• During South Africa's one-off Test against India in Chennai, Laura Wolvaardt achieved a historic
milestone by becoming the first South African woman to score centuries in all three formats of
international cricket.
• Despite India's dominant first innings total of 603-6 declared, including significant contributions
from multiple Indian players, South Africa faced challenges in their batting innings.
Singapore to Host 2024 FIDE World Chess Championship Match
• FIDE has announced that Singapore will host the 2024 World Championship match between
India's D Gukesh and defending champion Ding Liren from China.
• The event is scheduled to take place from November 20 to December 15.
• Singapore won the bid to host the World Championship match, supported by the Singapore
Chess Federation and the Government of Singapore.
• The decision follows a thorough review of bids and inspections of potential host cities, evaluating
venues, amenities, event programs, and opportunities.
Dinesh Karthik named RCB mens team batting coach and mentor
• Former India wicketkeeper-batter Dinesh Karthik, who recently retired from all forms of cricket,
has been appointed as the batting coach and mentor for Royal Challengers Bengaluru.
• Dinesh Karthik appeared in 257 IPL matches, amassing 4,842 runs across his career with an
average of 26.32.
• He represented various IPL teams including Kolkata Knight Riders, Mumbai Indians, Delhi
Daredevils, Kings XI Punjab, and now Royal Challengers Bengaluru.
Hardik Pandya becomes the first Indian to occupy the top spot in the ICC T20I all-rounders' rankings
.
• Hardik Pandya climbed two places to become the first Indian cricketer to reach the number one
spot in the ICC's T20I all-rounders' rankings, buoyed by India's recent World Cup victory.
• Achievement: Hardik Pandya achieves first-ever number-one ranking for an Indian in ICC's T20I
all-rounders' list.
• Performance: Pandya was pivotal in the T20 World Cup final, taking 3/20 against South Africa.
• Ranking: Pandya shares the top spot with Sri Lanka's Wanindu Hasaranga.
Paris Olympics 2024: Yarraji set to be first Indian 100m hurdler to compete in Games
• Jyothi Yarraji is set to be the first Indian 100m hurdler to compete in the Olympics while shot
putter Abha Khatua made a surprise cut through world rankings for the upcoming Paris Games.
• N. Ramesh, an athletics coach with the Sports Authority of India (SAI), experienced a significant
moment when his trainee, 24-year-old Jyothi Yarraji, became the first Indian woman to qualify for
the 100m hurdles at the Paris Olympics.
• Her achievement places her 34th in the world ranking quota list, with 40 athletes set to compete
in the event in Paris.
Delhi State Kabaddi Association Launches Inaugural Delhi Kabaddi League
• The Delhi State Kabaddi Association has officially announced the launch of the inaugural Delhi
Kabaddi League, aiming to captivate fans across the national capital.
• The announcement was made by the Honourable President of the Delhi State Kabaddi
Association, Ramesh Bidhuri.
• Announcement Event: Ramesh Bidhuri announced the launch, joined by former India kabaddi
player Manjeet Chhillar, Ravindra Bhati (founder and CEO of 100 Sports Management Pvt. Ltd.),
and Rahul Sharma (director of 100 Sports Management Pvt. Ltd.).
Fabiano Caruana Defends Superbet Classic Title in Thrilling Tiebreaker

• World number two Fabiano Caruana successfully defended his Superbet Classic title by winning
all three rapid games in a thrilling four-way tiebreaker.
• The tiebreaker featured Indian Grandmasters D Gukesh and R Praggnanandhaa, alongside
France's Alireza Firouzja, following a rather uneventful tournament.
• Tiebreaker Victory: Fabiano Caruana won all three rapid games in the tiebreaker to secure his
title.
.
• Participants: The tiebreaker included Caruana, Indian Grandmasters D Gukesh and R

Praggnanandhaa, and France's Alireza Firouzja.
Ukraine's Yaroslava Mahuchikh Setting a New High Jump World Record
• Ukraine's Yaroslava Mahuchikh set a new world record in the women's high jump at the Paris
Diamond League, clearing 2.10 meters and breaking a record that had stood since 1987.
• New World Record: Mahuchikh's 2.10-meter jump surpasses the previous world record in the
women's high jump, marking a historic achievement in the sport.
• Event and Location: The record was set at the Paris Diamond League, a prestigious track and
field competition.
Dhruv Sitwala and Anupama Ramachandran win Asian billiards & snooker Championships
• Dhruv Sitwala and Anupama Ramachandran emerged victorious in the men’s billiards and
women’s snooker categories respectively at the Asian championships held in Riyadh, Saudi
Arabia.
• Men's Billiards:
o Dhruv Sitwala defeated Pankaj Advani 5-2.
• Women's Snooker:
o Anupama Ramachandran defeated PanchayaChannoi (Thailand) 3-1.
Lewis Hamilton Wins British Grand Prix for Record Ninth Time
• Lewis Hamilton secured his 104th career victory in an emotional and long-awaited triumph at the
British Grand Prix.
• This victory marked his record ninth win at the event.
• Record Victory: Hamilton's win at the British Grand Prix is his 104th career victory and his ninth
win at this particular event.
• Podium Finishers:
o 1st Place: Lewis Hamilton (Mercedes)
o 2nd Place: Max Verstappen (Red Bull)
o 3rd Place: Lando Norris (McLaren)
• Top Ten Finishers:
o 4th: Oscar Piastri (McLaren)
o 5th: Carlos Sainz (Ferrari)
.
o 6th: Nico Hulkenberg (Haas)

o 7th: Lance Stroll (Aston Martin)
o 8th: Fernando Alonso (Aston Martin)
o 9th: Alex Albon (Williams)
o 10th: Yuki Tsunoda (Red Bull)
Gagan Narang Replaces Mary Kom As India’s Chef-De-Mission; Pv Sindhu-Sharath Kamal To Be Flag-
Bearers
• Shooter Gagan Narang, the 2012 Olympic Games men’s 10m air rifle bronze medallist, has been
chosen to replace M.C. Mary Kom as the chef-de-mission of the Indian contingent for the 2024
Paris Olympic Games, beginning on July 26, 2024.
• Narang steps into this crucial administrative role following Mary Kom's decision to step down due
to personal reasons.
Heimir Hallgrimsson Appointed as New Republic of Ireland Men's Manager
• Heimir Hallgrimsson, the Icelandic coach, is the new manager for the Republic of Ireland men's
national football team.
• FAI Search: This appointment concludes the FAI's eight-month search for Stephen Kenny’s
successor.
• Contenders: Other potential candidates included Lee Carsley, Neil Lennon, Slaven Bilic, Ole
Gunnar Solskjaer, and Roy Keane.
• Hallgrimsson's Coaching Achievements:
• Euro 2016 Success: Hallgrimsson, alongside Lars Lagerbäck, led Iceland to the Euro 2016,
where they famously defeated England.
Sourav Ganguly joins Indian Racing Festival as Kolkata Royal Tigers team owner
• Former India cricket captain and BCCI president Sourav Ganguly has become an owner of the
Kolkata Royal Tigers Racing team ahead of the 2024 season.
• Event Overview: The Indian Racing Festival, conceptualized by Racing Promotions Pvt. Ltd., is
gearing up for its third season as a premier motorsport event in India.
• Main Championships:
o Indian Racing League (IRL)
o Formula 4 Indian Championship (F4IC)
.
133rd Durand Cup Football Tournament Unveiled by President Droupadi Murmu

• President Droupadi Murmu unveiled the Durand Cup, the President's Cup, and the Shimla
Trophy at Rashtrapati Bhavan.
• The event marks the commencement of the 133rd edition of the Durand Cup, the season opener
of Indian football.
• Tournament Schedule:
• The Durand Cup will begin on July 27 and conclude on August 31.
• The tournament was announced by HQ Eastern Command of the Indian Army, representing the
Durand Football Tournament Society (DFTS).
Gautam Gambhir Appointed as New Head Coach of Indian Men’s Cricket Team
• Former Indian cricketer Gautam Gambhir has been named the new head coach of the Indian
men’s cricket team, as announced by BCCI Secretary Jay Shah.
• Gautam Gambhir is appointed as the new head coach of the Indian men’s cricket team.
• The announcement was made by Jay Shah, the Secretary of the Board of Control for Cricket in
India (BCCI).
• Gambhir replaces Rahul Dravid, who previously led the team to significant achievements.
Spain Clinches Euro 2024 with Dramatic Win Over England
● Spain triumphed over England 2-1 in the Euro 2024 final, marking their re-emergence as a
dominant force in international football.
● Substitute Mikel Oyarzabal scored the decisive goal in the 86th minute.
● Historical Achievement: Spain becomes the first country to win the men’s European
Championships four times (1964, 2008, 2012, 2024).
● Six players shared the Golden Boot award, each scoring three goals:
o Harry Kane (England)
o Dani Olmo (Spain)
o Georges Mikautadze (Georgia)
o Cody Gakpo (Netherlands)
o Ivan Schranz (Slovakia)
o Jamal Musiala (Germany)
.
● New Rule: Unlike previous tournaments where assists served as the tiebreaker, this year’s
Golden Boot was decided solely on goals scored.
Argentina Clinches Record 16th Copa America Title

● Argentina secured their 16th Copa America title by defeating Colombia 1-0 in a dramatic extra-
time win.
● Lautaro Martinez scored the decisive goal in the 112th minute.
● The final was delayed over an hour due to thousands of ticketless fans attempting to enter the
stadium.
Saudi Arabia to Host Inaugural Esports Olympics in 2025
● Saudi Arabia will host the first-ever Olympic Esports Games in 2025, marking a significant
milestone in integrating esports with traditional Olympic sports.
● The International Olympic Committee (IOC) and the National Olympic Committee (NOC) of Saudi
Arabia have entered into a 12-year partnership to host the Olympic Esports Games regularly.
● IOC Announcement: The IOC announced the partnership with Saudi Arabia's NOC, outlining
plans to host the inaugural event in the Kingdom.
● IOC Session: The proposal will be presented at the IOC Session scheduled on the eve of the
Olympic Games Paris 2024.
Vasanti Shinde and Leonie Kung Win Doubles Title at $75,000 ITF Tournament in Rome
● Vasanti Shinde and Leonie Kung clinched the doubles title at the $75,000 ITF Women’s Tennis
Tournament in Rome.
● The duo defeated Matilde Paoletti and Beatrice Ricci with a scoreline of 4-6, 6-4, [10-6] in the
final.
Players' Achievements
● Vasanti Shinde:
o Maiden Title: This victory marks Vasanti Shinde’s first professional doubles title.
o Age: 27 years old.
● Leonie Kung:
o Career Title: This is Leonie Kung’s 11th career doubles title.
o Age: 23 years old.
Tournament Details
.
● Event: $75,000 ITF Women’s Tennis Tournament

● Location: Rome, Italy
● Final Date: Recent date of the tournament final.
Carlos Alcaraz Claims Fourth Grand Slam Title, Defeats Novak Djokovic in Wimbledon Final
● Carlos Alcaraz of Spain secured his fourth Grand Slam title by defeating Novak Djokovic 6-2, 6-2,
7-6 (4) in the Wimbledon men’s final.
● At just 21 years old, Alcaraz showcased his dominance on the grass of the All England Club,
repeating his victory over Djokovic from last year's championship match.
● This win follows Alcaraz's recent triumph at the French Open, marking his second consecutive
major title.
● Alcaraz becomes the youngest player to win four Grand Slam titles, having clinched his first at
the 2022 US Open as a teenager.
Five American Women in WTA Top 15 for First Time in Two Decades
● The United States Tennis Association (USTA) announced that five American players are ranked
in the Women’s Tennis Association (WTA) Top 15 for the first time in 20 years.
Top American Players
Player Ranking Notable Achievements
Coco Gauff 2nd World number two, leading the American charge.
Jessica 6th Continued strong performances throughout the season.
Pegula
Danielle 9th Climbed two spots to 9th during her remarkable farewell
Collins season.
Madison Keys 14th Maintaining a strong presence in the top 15 rankings.
Emma 15th Reached a career-high ranking after her first major quarter-final
Navarro at Wimbledon.
Sabeera Haris Wins Bronze medal at ISSF Junior World Cup in Italy
● India’s Sabeera Haris clinched the bronze medal in the women’s trap event at the International
Shooting Sport Federation (ISSF) Junior World Cup held in Porpetto, Italy.
Medal Winners
Medal Shooter Country Targets Hit Total Targets
.
Gold Carey Garrison USA 40 50
Silver Sofia Gori Italy 39 50
Bronze Sabeera Haris India 29 40
Indian Performances
Shooter Position Score
Sabeera Haris Bronze 29/40
Bhavya Tripathi 26th 102
Rajkuwar Ingle 33rd 100
Gareth Southgate Steps Down as England Manager After Eight Years

● Gareth Southgate has announced his departure from the role of England coach after a successful
eight-year tenure.
● The decision comes despite the Football Association’s hope that he would extend his contract
following his leadership to the final of Euro 2024.
Trent Bridge Cricket Stadium to Officially Unveil ‘Stuart Broad End’ Ahead of 2nd Test
● The Pavilion End at Trent Cricket Stadium will be officially renamed the 'Stuart Broad End' during the
second Test match between England and West Indies.
● A plaque will be unveiled at the ‘Stuart Broad End’ to honor his illustrious career.
Yashasvi Jaiswal, Shubman Gill make gains in ICC T20I batting rankings
● India’s Yashasvi Jaiswal rose up 4 places to occupy the 6th place in the latest ICC T20I batters’
rankings.
● His captain for the series Shubman Gill who was the leading run scorer in the Zimbabwe series
moved up 36 places to be ranked 37th.
Batters' Rankings:
● Yashasvi Jaiswal: Rose 4 places to 6th after scoring 141 runs against Zimbabwe.
● Shubman Gill: Climbed 36 places to 37th after being the leading run-scorer with 170 runs in the
Zimbabwe series.
.
● Ruturaj Gaikwad: Dropped one place to 8th.

● Suryakumar Yadav: Retained the 2nd spot behind Australia’s Travis Head.
19th Vedanta Delhi Half Marathon 2024 Set for October
● The 19th edition of the Vedanta Delhi Half Marathon is scheduled to commence in October 2024,
attracting participants from around the world to the national capital.
Shikhar Dhawan Named Brand Ambassador for MotoGP in India
● Star Indian cricketer Shikhar Dhawan has been announced as the brand ambassador for
MotoGP in India, bringing his dynamic energy from the cricket field to the world of racing.
IOA releases list of 117 athletes, 140 support staff for Olympics
● The Indian sports ministry has approved a final contingent of 117 athletes for the upcoming Paris
Olympics.
● The contingent will be supported by 140 support staff and officials, with 72 receiving government
funding.
● Shot putter Abha Khatua, who qualified via the world rankings quota, is missing from the final list.
● Her omission came after World Athletics removed her from the Olympic participant list without an
official explanation.
Leander Paes and Vijay Amritraj were Inducted into the International Tennis Hall of Fame
● Legendary Indian tennis players Leander Paes and Vijay Amritraj became the first Asian tennis
players to be inducted into the International Tennis Hall of Fame.
India's Best Performance Ever at the International Mathematical Olympiad (IMO) 2024
● A six-member student team from India achieved the country’s best-ever performance at the 65th
International Mathematical Olympiad (IMO) held in Bath, United Kingdom.
● Team Achievements:
o Global Rank: 4th place
o Medal Tally:
▪ Gold Medals: 4
▪ Silver Medal: 1
▪ Honourable Mention: 1
● Individual Performances:
o Gold Medalists:
▪ Adhitya Mangudy (Grade 11, Pune)
.
▪ Ananda Bhaduri (Grade 12, Guwahati)

▪ Kanav Talwar (Grade 10, Noida)
▪ Rushil Mathur (Grade 12, Mumbai)
o Silver Medalist:
▪ Arjun Gupta (Grade 12, Delhi)
o Honourable Mention:
▪ Siddharth Choppara (Grade 12, Pune)
● Global Performance:
o Top Three Teams:
▪ 1st Place: USA
▪ 2nd Place: China
▪ 3rd Place: South Korea
o Total Participants: 609 students (528 male, 81 female) from 108 countries
Lallianzuala Chhangte and Indumathi Kathiresan Named AIFF Best Players of the Year at Star-Studded
Award
● In a star-studded event held in New Delhi, Lallianzuala Chhangte and Indumathi Kathiresan were
named the AIFF Best Men's and Women's Players of the Year 2023-24.
● The awards night saw the presence of many distinguished guests, including Union Ministers,
Olympic medalists, and prominent sports personalities.
● Chhangte, who plays for Mumbai City FC, scored 11 goals and assisted seven in all competitions,
becoming the highest-scoring Indian in the ISL.
● Other Award Winners:
o Best Men's Coach: Khalid Jamil
o Best Women's Coach: Sukla Dutta
o Promising Men's Player: David Lalhlansanga
o Promising Women's Player: Neha
o Best Referee: Ramachandran Venkatesh
o Best Assistant Referee: Ujjal Halder
AIFF Appoints Manolo Marquez as Head Coach of Indian Men’s Football Team
● The All India Football Federation (AIFF) has named Manolo Marquez, the coach who led Hyderabad
FC to an Indian Super League (ISL) title, as the new head coach of the Indian men's football team.
.
● Marquez will be replacing Igor Stimac, who was dismissed following India's exit from the FIFA World
Cup qualifiers.
Yuki Bhambri and Albano Olivetti Win ATP Swiss Open Men’s Doubles Title
● Indian tennis player Yuki Bhambri and Frenchman Albano Olivetti secured the men’s doubles title at
the ATP Swiss Open, held in Gstaad.
● The duo defeated the French pair Fabrice Martin and Ugo Humbert with a score of 3-6, 6-3, 10-6.
NBA superstar James named USA's Olympic flagbearer
● Los Angeles Lakers superstar LeBron James has been selected as the male flag bearer for
Team USA at the Olympic Games opening ceremony.
● James, a 39-year-old two-time gold medalist, was nominated by his fellow American Olympians.
ICC forms a three-member committee to review the conduct of the T20 World Cup 2024
● The International Cricket Council (ICC) has established a three-member committee to "review the
delivery" of the T20 World Cup 2024, which was co-hosted by the USA and the West Indies last
month.
Committee Members
The review committee comprises:
● Roger Twose: Former New Zealand batter
● Lawson Naidoo: ICC director
● Imran Khwaja: Deputy chair of the ICC
Nick Dunlap becomes the first player to win as an amateur and a professional in the same year on the
PGA tour
● Nick Dunlap made history for the second time in 2024 with his come-from-behind victory at the
Barracuda Championship.
● The 20-year-old rookie demonstrated remarkable skill and composure, relying heavily on his
Qi10 3-wood, P·7MC irons, and MG4 wedges to secure his win in the Modified Stableford format.
PR Sreejesh To Retire From International Hockey After Paris 2024 Olympics
● Indian hockey goalkeeper PR Sreejesh has announced that the Paris 2024 Olympics will mark
his final appearance with the senior national team.
● The 36-year-old veteran will become a four-time Olympian, closing a distinguished career that
has spanned nearly two decades.
Harmanpreet Kaur Becomes Top Run-Scorer in Women's T20I Cricket for India
.
● Harmanpreet Kaur surpassed Smriti Mandhana to become India's top run-scorer in Women's
T20I cricket.
● Milestone achieved during India’s Women’s Asia Cup T20 match against the UAE on July 21 in
Dambulla.
Iconic Chess Players Confirmed for Global Chess League Season Two
● Hikaru Nakamura and Anish Giri join former world champions Magnus Carlsen and Viswanathan
Anand, along with stars like Maxime Vachier-Lagrave and Ian Nepomniachtchi as “icon players”
in the second season.
● The second season will run from October 3 to 12 at Friends House, London.
● Team Line-ups:
o Hikaru Nakamura will represent the new team American Gambits.
o Anish Giri will debut with PBG Alaskan Knights.
o Magnus Carlsen continues with Alpine SG Pipers.
o Viswanathan Anand returns with Ganges Grandmasters.
o Maxime Vachier-Lagrave will again compete for the Mumba Masters.
o Ian Nepomniachtchi will be the icon player for Triveni Continental Kings.
India Finishes Sixth and Seventh at World Junior Squash Championships in Houston
● At the World Junior Squash Championships held in Houston, USA, India finished sixth in the men’s
category and seventh in the women’s category.
● Men's Section:
o India finished sixth after a 1-2 loss to England in the match for fifth position.
o Match Results:
▪ Shaurya Bawa won against Yusuf Sheikh (3-11, 11-6, 11-8, 11-7).
▪ Yuvraj Wadhwani lost to Bailey Malik (11-5, 9-11, 8-11, 14-16).
▪ Ayaan Vazilalli lost to Dylan Roberts (11-6, 9-11, 9-11, 7-11).
● Women's Section:
o India secured seventh place with a 2-1 victory over New Zealand in the clash for seventh.
o Match Results:
▪ Shameena Riaz lost to Ella Lash (7-11, 12-10, 13-11, 4-11, 4-11).
▪ Nirupama Dubey won against Anabel Gemmell (9-11, 11-6, 11-4, 8-11, 11-9).
▪ Unnati Tripathi won against Ella Hill (11-4, 11-3, 11-6).
.
France Wins First Gold in Men’s Rugby Sevens at the Olympics

● France claimed its first gold medal in men's rugby sevens at the Olympics.
● The victory was a stunning 28-7 win over double-defending champion Fiji at the Stade de France.
Ariarne Titmus Defends 400m Freestyle Title at Paris Olympics
● Ariarne Titmus of Australia won the 400-meter freestyle, defending her Olympic title.
● The race was one of the most highly anticipated events of the Paris Games.
1. Key Competitors:
o Ariarne Titmus ("The Terminator"): Led the race from start to finish, winning in 3 minutes
and 57.49 seconds.
o Katie Ledecky (USA): Defeated by Titmus, Ledecky remains at six individual gold medals,
the most for any female swimmer in Olympic history.
o Summer McIntosh (Canada): Provided the stiffest challenge to Titmus.
Sri Lanka Clinches Maiden Women's Asia Cup Title with Win Over India
● Sri Lanka won their first Women's Asia Cup title by defeating India by 8 wickets.
● The final match was held at the Rangiri Dambulla International Stadium.
Manu Bhaker Ends India’s 12-Year Olympic Shooting Medal Drought with Bronze medal in Paris
● Manu Bhaker won a bronze medal in the 10m air pistol event at the Paris Games.
● She is the first Indian markswoman to secure an Olympic shooting medal.
● India had not won an Olympic shooting medal since the 2012 London Games.
● The last medals were won by Vijay Kumar (rapid-fire pistol) and Gagan Narang (10m air rifle), both
securing bronze.
Notable Indian Women Olympians:
● Karnam Malleswari: First Indian woman to win an Olympic medal (weightlifting bronze in 2000).
● Mary Kom: Bronze in boxing (2012).
● Saina Nehwal: Bronze in badminton (2012).
● P.V. Sindhu: Silver and bronze in badminton (2016, 2020).
● Sakshi Malik: Bronze in wrestling (2016).
● Mirabai Chanu: Silver in weightlifting (2020).
● Lovelina Borgohain: Bronze in boxing (2020).
Lewis Hamilton Wins Dramatic Belgian Grand Prix After George Russell's Disqualification
● Lewis Hamilton secured victory at the 2024 Formula 1 Rolex Belgian Grand Prix.
.
● The win came after his Mercedes team-mate George Russell was disqualified.
● George Russell, who initially finished first, was disqualified because his car was found
underweight in the post-race inspection.
2024 RACE RESULTS
GRAND PRIX WINNER CAR
Bahrain Verstappen Red Bull Racing Honda RBPT
Saudi Arabia Verstappen Red Bull Racing Honda RBPT
Australia Sainz Ferrari
Japan Verstappen Red Bull Racing Honda RBPT
China Verstappen Red Bull Racing Honda RBPT
Miami Norris McLaren Mercedes
Emilia-Romagna Verstappen Red Bull Racing Honda RBPT
Monaco Leclerc Ferrari
Canada Verstappen Red Bull Racing Honda RBPT
Spain Verstappen Red Bull Racing Honda RBPT
.
Austria Russell Mercedes
Great Britain Hamilton Mercedes
Hungary Piastri McLaren Mercedes
Belgium Hamilton Mercedes
Chennai to Host India's First Night Street Racing Event

● Chennai is set to host India's first-ever night street racing event, marking the second round of the
Indian Racing Festival (IRF).
● The event will take place from August 30 to September 1.
● The race will be held on a 3.5-kilometer circuit starting at the Island Grounds in Chennai.
● The event is organized by Racing Promotions Private Limited (RPPL) and conducted in association
with the Sports Development Authority of Tamil Nadu (SDAT).
Americans Huske, Walsh secure 1-2 finish in women's 100m butterfly
● At the Tokyo Olympics, Torri Huske narrowly missed the women's 100m butterfly podium by a mere
hundredth a second.
● Huske's path to victory involved chasing down the world record holder and her American teammate,
Gretchen Walsh.
● Torri Huske clinched the gold in an electrifying final, finishing in 55.59 seconds.
● She beat Gretchen Walsh to the wall by just 0.04 seconds, securing her first individual Olympic gold
medal.
Ban Hyo-jin's Historic Gold Medal in Women's 10m Air Rifle at Paris 2024
● Ban Hyo-jin secured a significant victory for South Korea by winning the gold medal in the women’s
10m air rifle event at the Paris 2024 Olympics.
● This achievement marked South Korea's 100th gold medal in Summer Olympic history and set a
new record in South Korean sports.
● The finals took place at the Chateauroux Shooting Center.
.
● Ban won the gold after a tense shoot-off against Huang Yuting of China, finishing with a score of
251.8 points.
Sheng Lihao Sets New Olympic Record in Men's 10m Air Rifle at Paris 2024
● China's Sheng Lihao made a remarkable mark at the Paris 2024 Olympics, winning his second gold
medal in the men's 10m air rifle event with a new Olympic record.
● Sheng Lihao scored an impressive 252.2, surpassing the previous Olympic record held by American
William Shaner by 0.6 points.
● Podium Finishers:
o Gold: Sheng Lihao (China) - 252.2 points
o Silver: Victor Lindgren (Sweden) - 251.4 points
o Bronze: Miran Maricic (Croatia)
India to Host Men’s Asia Cup in 2025; Bangladesh to Follow in 2027
● India is expected to host the Men’s Asia Cup in 2025.
● Bangladesh is slated to host the tournament in 2027 with the 50-over format.
● The Asian Cricket Council (ACC) released a document for Sponsorship Rights from 2024 to 2027.
● Originally meant to be hosted by Pakistan, the 2023 Men’s Asia Cup was shared with Sri Lanka due
to political tensions.
● India won the 2023 tournament, defeating Sri Lanka by 10 wickets in the final. Mohammed Siraj’s
six-wicket haul was instrumental in that victory.
Manu Bhaker and Sarabjot Singh Secure Bronze in 10m Air Pistol Mixed Team at Paris Olympics
● Manu Bhaker and Sarabjot Singh won the bronze medal in the 10m air pistol mixed team event.
● They defeated the South Korean pair of Oh Ye Jin and Wonho Lee with a score of 16-10.
● Manu Bhaker scored 10.2 on her first shot and consistently scored at least 10 on her first seven
shots.
● Sarabjot Singh initially struggled with an 8.6 but recovered with several 10-plus scores.
BOOKS AND AUTHOR

A book title: Jamsetji Tata: Powerful Learnings for Corporate Success
● The book "The Vision of Jamsetji Tata," co-authored by R. Gopalakrishnan and Harish Bhat,
offers a compelling narrative interwoven with real-life stories and anecdotes about the creation of
some of India's most beloved brands, such as Tata Tea, Tata Motors, Titan, and Tanishq.
.
● It provides valuable insights into the entrepreneurial spirit and vision of Jamsetji Tata, a
pioneering industrialist and nationalist.
OBITUARIES
Senior Sri Lankan Tamil Leader Sampanthan Passed away
• Rajavarothiam Sampanthan, a veteran Sri Lankan politician and a moderate Tamil leader, who
relentlessly pursued a life of peace, justice and dignity for Tamil nationals in the island nation,
• Sampanthan, of the Ilankai Tamil Arasu Katchi (ITAK), was a sitting Member of Parliament (MP)
from the eastern Trincomalee district, and led the Tamil National Alliance, the main grouping
representing Tamils of Sri Lankas war-hit north and east.
Former high jump world champion Jacques Freitag found dead in South Africa
• South African former high jump world champion Jacques Freitag found dead with gunshot
wounds in South Africa at the age of 42.
• Birth: Born on 11 June 1982 in Warrenton, Cape Province, South Africa.
• One of only ten athletes to win world championships at youth, junior, and senior levels.
• 2003: Won gold in the high jump at the World Championships in Paris.
Dal Khalsa founder Gajinder Singh Khalsa, hijacker of the 1981 Indian Airlines flight, Passed away in
Pakistan
• 74-year-old Gajinder Singh, the wanted terrorist and hijacker of an Indian Airlines (IA) flight to
Lahore in 1981, has died of a heart attack at a hospital in Pakistan.
• Singh was placed on the list of 20 most-wanted terrorists in 2002.
• On September 29, 1981, Singh, along with four others-Tajinderpal Singh, Satnam Singh, Jasbir
Singh Cheema, and Karan Singhhijacked an Indian Airlines plane carrying 111 passengers
and six crew members.
Veteran Actress Smriti Biswas, Known for Hindi, Bengali, and Marathi Cinema, Passed Away
• Smriti Biswas, a veteran actress known for her roles in Hindi, Bengali, and Marathi cinema,
passed away at the age of 100 in Nashik, Maharashtra.
• Born on February 17, 1924, Biswas celebrated her 100th birthday earlier this year before her
passing.
.
• She began her acting career at the age of 10 as a child actress in the Bengali film 'Sandhya.'
• Her last Hindi film was 'Model Girl' in 1960.
Oscar-winning producer of Titanic and Avatar, Jon Landau, Passed Away

• Jon Landau, an Oscar-winning producer who worked closely with director James Cameron on
three of the biggest blockbusters of all time, Titanic and two Avatar films, has Passed away at the
age of 63.
• Jon was born on July 23, 1960,in New York City, United States (US).
• He began his career in the 1980s as a production manager in the film industry.
• He worked his way up to become a co-producer on films such as "Honey I Shrunk the Kids" and
"Dick Tracy."
Veteran horse trainer S.K. Sunderji passed away
● Sheraz K. Sunderji, a renowned horse trainer, passed away at the age of 64.
Subhash Dandekar, founder of Camlin, is no more
● Subhash Dandekar, chairman emeritus of Kokuyo Camlin, passed away on July 15 in Mumbai.
He was 86.
● Subhash Dandekar took over Camlin from his father, Digambar Dandekar, transforming it from
an ink manufacturer into a leading stationery company.
● Under his leadership, Camlin expanded its product range to include office stationery, art
materials, writing instruments, and more.
Former Sri Lankan U19 Captain Dhammika Niroshana Shot Dead
● Former Sri Lankan cricketer Dhammika Niroshana was shot dead at 41 at his residence in
Ambalangoda.
Prominent Cardiac Surgeon Dr. MS Valiathan Passed away
● Dr Marthanda Varma Sankaran Valiathan, a renowned cardiac surgeon and academic, died in
Manipal at the age of 90.
● Born in 1934 in Kerala.
● He was also the first Vice-Chancellor of Manipal Academy of Higher Education.
Awards & Honors :
● In 2005, Dr. Valiathan was awarded the Padma Vibhushan, India's second-highest civilian award,
for his groundbreaking contributions to health technology.
.
● He was made a Chevalier in the Ordre des Palmes académiques, an honour bestowed by
France, in 1999.
● He received the Dr. Samuel P. Asper International Award from the Johns Hopkins School of
Medicine in 2009 for his contributions to international medical education.
Vietnam's Most Powerful Leader, Communist Party Chief Nguyen Phu Trong, Passed Away
● Nguyen Phu Trong, general secretary of Vietnam's ruling Communist Party and the country's
most powerful politician, passed away at the age of 80.
● He is the first party general secretary to die in office since the death of Le Duan in 1986.
Former Australian IOC Official and Olympian Kevan Gosper Passed away
● The Australian Olympic Committee announced that former high-ranking IOC member and
Australian Olympian Kevan Gosper has passed away at the age of 90.
● Gosper born on 19 December 1933 in Newcastle, New South Wales, Australia.
● He won an Olympic silver medal on Australia's 4-x-400-meter track relay team at the 1956
Melbourne Games and also competed at the Rome Olympics in 1960 before becoming more
well-known as one of the country's and world's top sports administrators.
Ex-PGA Tour champion and golf broadcaster Mark Carnevale Passed away
● Mark Carnevale, former PGA Tour winner and golf broadcaster, passed away at the age of 64.
● Carnevale was born in Annapolis, Maryland, United States (US).
Padma Shri Awardee and Noted Organic Farmer Kamala Pujari Passed Away
● Padma Shri awardee and noted organic farmer Kamala Pujari passed away at the age of 74 in
cuttack, Odisha.
● Kamala Pujari born in Koraput District, Orissa, India
● Koraput Traditional Agriculture is one of the Globally Important Agricultural Heritage Systems
(GIAHS) since 2012 recognised by the Food and Agriculture Organization of the United Nations.
Awards & Honors :
● Padma Shri: Conferred with the Padma Shri in 2019 by President Ramnath Kovind.
● State Planning Board: Served as a member of the Odisha State Planning Board in 2018.
● Best Farmer Award: Received the best farmer award from the Odisha government in 2004.
● Equator Initiative Award: Won the award in Johannesburg, South Africa in 2002.
Renowned British Blues Pioneer, John Mayall Passed Away
.
● John Mayall, the British blues pioneer whose 1960s music collective the Bluesbreakers helped
usher in a fertile period of rock and brought guitarists like Eric Clapton to prominence, passed
● Mayall was born on 29 November 1933 in Macclesfield in Cheshire.
Catholic Priest Father Francis D’Britto, Translator of the Bible into Marathi, Passed Away
● Vasai-based Catholic priest Father Francis D’Britto, writer and environmentalist, who translated
the Bible into Marathi, passed away at the age of 81 in Vasai in Palghar district.
● D'Britto was awarded the Dnyanoba-Tukaram Puraskar for his literary work.
● The Catholic priest was the first to get the award that was constituted in 2007.
● His literary prowess was further recognised when he received the Maharashtra Government’s
literary award for best translation in 2013, followed by the Sahitya Akademi award in April 2014.
.
Important Monthly Current Affairs Capsule – August 2024
.
2. NATIONAL NEWS 07
4. STATE NEWS 37
5. BUSINESS NEWS 49
15. SPORTS NEWS 187
16. OBITUARIES 204
.
IMPORTANT DAYS
World Wide Web Day 2024: August 1
• World Wide Web Day is celebrated globally on August 1st each year.
• 1989: Sir Tim Berners-Lee invented the World Wide Web, a revolutionary internet-based
communication system.
• 1991: The World Wide Web browser was made available on the public internet, marking its wider
accessibility.
• 1993: Launch of the graphical browser Mosaic, which significantly enhanced user interaction with
the web.
• 1994: Introduction of Internet Works, which allowed users to open multiple tabs in a browser
window.
• 1996: Integration of Internet Explorer into the Windows operating system, further popularizing
web browsing.
World Breastfeeding Week 2024: August 1-7
• World Breastfeeding Week is an annual global healthcare event celebrated from August 1st to
7th.
• "Closing the Gap: Breastfeeding Support for All"
• World Breastfeeding Week has been celebrated since 1990, following the Innocenti Declaration.
• Since 2016, the event has aligned with the United Nations’ Sustainable Development Goals
(SDGs).
• In 2018, a World Health Assembly resolution endorsed World Breastfeeding Week as a vital
strategy for promoting breastfeeding globally.
Hiroshima Day 2024: August 6
• Every year August 6 is celebrated as Hiroshima Day.
• Hiroshima Day 2024 is observed all over the world to promote peace politics. This day is
observed to raise awareness of the bomb attack on Hiroshima.
• In 1945, the United States (US) deployed a nuclear bomb in the city of Hiroshima which is
located in the country of Japan.
National Handloom Day 2024 - August 7
• National Handloom Day is observed every year on August 7.
• On this day, the Government and other organizations raised awareness to honour the handloom
weaving community.
.
• In 2015, the first National Handloom Day was celebrated which was inaugurated by PM Narendra
Modi
• On August 7, 1905, The Swadeshi movement was launched in Calcutta Town hall.
International Day of World’s Indigenous People - August 9
• International Day of World’s Indigenous People Day is observed annually on August 9.
• The theme for the 2024 International Day of the World's Indigenous Peoples is "Protecting the
Rights of Indigenous Peoples in Voluntary Isolation and Initial Contact".
• This day was first observed by the United Nations General Assembly (UNGA) in December 1994.
Nagasaki Day 2024 - August 9
• Nagasaki Day is observed on August 9 every year.
• On August 9, 1945, during the Second World War, the US dropped a bomb on Nagasaki in the
city of Japan.
• The nuclear bomb that was attacked by the US in Nagasaki called the ‘FAT MAN’.
• This bomb attack suddenly devastated Nagasaki and killed almost 70,000 people during the
attack.
World Lion Day 2024: August 10
• World Lion Day is an international annual event observed on the 10th of August.
• World Lion Day 2024 is celebrated to raise awareness about the conservation and protection of
Lions.
• Lion's scientific name is ‘Panthera Leo’.
• The Big Cat Initiative (BCI) was formed in 2009 and was initiated by Dereck and Beverly Joubert to
protect the lions.
World Biofuel Day 2024: August 10

• Every year World Biofuel Day is observed on the 10th of August.
• The theme for World Biofuel Day 2024 is "Sustainable Biofuels: Reducing Waste, Feeding Energy"
• World Biofuel Day 2024 is celebrated to raise awareness about the importance of biofuels and
features the efforts made by the Government in the biofuel sector.
• World Biofuel Day 2024 is observed to honor Sir Rudolf Diesel for his research experiments.
World Elephant Day 2024: August 12:
.
• World Elephant Day is an international annual event on August 12, Conceived in 2011 by
Canadian filmmakers Patrica Sims and Michael Clark of Canazwest Pictures and Sivaporn
Dardarananda, Secretary General of Elephant Reintroduction Foundation in Thailand.
• The 2024 theme is "Personifying prehistoric beauty, theological relevance, and environmental
importance".
• It was officially launched on August 12, 2012.
• The first World Elephant Day was held on 12 August 2012.
International Youth Day 2024: August 12

• International Youth Day is observed annually all over the world on August 12.
• The theme for 2024 is 'From Clicks to Progress: Youth Digital Pathways for Sustainable
Development.'
• United Nations passed a resolution for creating the International Youth day in 1999 at the United
Nations General Assembly (UNGA).
• The first International Youth Day was observed on 12th August 2000.
World Organ Donation Day 2024: August 13

• Every year,World Organ Donation Day is celebrated on the 13th of August to raise awareness
about the importance of organ donation and encourage people to donate their organs after death.
• In 1954, the first successful organ donation took place in the United States.
• Ronald Lee Herrick donated his kidney to his twin brother Richard J. Herrick and he was the
world’s first organ donor.
International Lefthanders Day 2024: August 13

• International Lefthanders Day 2024 is celebrated on the 13th of August every year worldwide.
• The day is observed to highlight the differences and uniqueness of left-handed people around the
world.
• In 1990, the Left-Handers Club was established to promote research in lefthand usage and the
evolution of new left-handed items.
• The Left-Handers Club launched International Lefthanders Day as an annual event on the 13th of
August, 1992.
.
World Photography Day 2024 - August 19

● World Photography Day is celebrated on August 19 every year.
● The theme for World Photography Day 2024 is "An Entire Day".
● World Photography Day 2024 is a Worldwide celebration of the art, crafts, science, and history of
photography.
● The first World Photography Day was held on August 19, 2010.
● The first digital photograph was created in 1957, two decades before the digital camera was
invented.
World Mosquito Day 2024: August 20

● World Mosquito Day is observed annually on 20 August.
● The World Mosquito Day theme 2024 is “Accelerating the fight against malaria for a more equitable
world”
● World Mosquito Day was established in 1897 by Sir Ronald Ross who discovered that female
mosquitoes transmit malaria to humans.
● Mosquitoes can detect carbon dioxide that you keep breathing out from as far as 75 feet. Sir Ronald
Ross was first observed on 20 August 1897.
International Day For The Remembrance Of Slave Trade And Abolition 2024 - August 23
● International Day for the Remembrance of Slave Trade and Abolition is celebrated on 23
August every year.
● The theme for the 2024 International Day for the Remembrance of the Victims of Slavery and the
Transatlantic Slave Trade is "Creating Global Freedom: Countering Racism with Justice in
Societies and Among Nations"
National Space Day 2024: August 23, 2024
● Date of Celebration:August 23, 2024
● Significance:Marks the first National Space Day in India, commemorating the first anniversary of
the successful Chandrayaan-3 mission.
● Chandrayaan-3 Achievement: On August 23, 2023, India became the fourth nation to
successfully land on the moon. This milestone demonstrated ISRO’s advancing capabilities,
instilling national pride and earning international recognition.
● Theme: “Touching Lives while Touching the Moon”
International Dog Day 2024 - August 26
.
● International Dog Day is celebrated on August 26 every year.

● This day is celebrated worldwide to encourage people to adopt more dogs instead of buying
them from pet shops.
● The first International Dog Day was celebrated on 26 August 2004. Another good way of
celebrating International Dog Day is by making a donation to an animal charity of your own
choice.
Women’s Equality Day 2024 - August 26
● Women’s Equality Day is observed on August 26 every year to commemorate the right of women
to vote in the United States.
World Water Week 2024: August 25-29, 2024
● The Stockholm International Water Institute (SIWI) is organizing the 2024 edition of World Water
Week from August 25-29, 2024.
● This leading conference, held annually since 1991, addresses global water issues with a focus
on fostering international cooperation and sustainable solutions.
● Theme: “Bridging Borders: Water for a Peaceful and Sustainable Future”
National Sports Day 2024 - August 29
● National Sports Day or Rashtriya Khel Divas is celebrated on 29 August every year.
● This day is celebrated on Dhyan Chand’s birthday to honour the hockey legend. The day was
declared India’s National Sports Day.
Small Industry Day 2024 - August 30
● The National Small Industry Day is an annual celebration observed on 30th August.
● The theme for 2024 is “Leveraging Power and Resilience of Micro-, Small and Medium-sized
Enterprises (MSMEs) to Accelerate Sustainable Development and Eradicate Poverty in Times of
Multiple Crises.”
NATIONAL NEWS
Kerala, Andhra Pradesh and Bihar Seek Special Financial Packages from the Centre
• The states of Kerala, Andhra Pradesh, and Bihar have requested special financial packages from
the Central Government, as detailed by Minister of State for Finance Pankaj Chaudhary in a
written reply in the Rajya Sabha.
• These requests span various sectors, including infrastructure development, irrigation projects,
and social welfare.
.
• Special Financial Package: Kerala has sought a ₹24,000 crore package from the Centre.
• Vizhinjam Port: The state also requested ₹5,000 crore in capital investment support for
developing the Vizhinjam Port region.
• Viability Gap Funding (VGF): The Department of Economic Affairs (DEA) has approved a VGF
grant of ₹817.80 crore for the Vizhinjam International Multipurpose Seaport Terminal Project.
With more than 13.35 lakh Indian students pursuing higher studies abroad, Canada top destination
• The Ministry of External Affairs in response to questions regarding students who have embarked
on their study abroad journey has revealed that more than 13.35 lakh students are pursuing
higher studies in countries abroad.
• Key Statistics:
• Total Indian Students Abroad: Over 13.35 lakh (1.335 million) students.
• Top Study Destinations:
o Canada: 427,000 students (slight decrease from 427,085 in 2023).
o USA: 337,630 students.
o UK: 18,500 students.
o Australia: 122,202 students.
o Germany: 42,997 students.
Namami Gange Mission 2.0: Major Projects Completed in Q1 FY 2024-25
• The Government of India has successfully operationalized four major projects under the Namami
Gange Mission 2.0 in the first quarter of FY 2024-25.
• These projects, located in Bihar and Uttar Pradesh, aim to reduce pollution and enhance the
ecological health of the Ganga and its tributaries.
• Investment and Impact:
• Total Cost: ₹920 crore
• Sewage Treatment Capacity Added: 145 MLD
• Focus: Improve sewer networks, intercept numerous drains, and ensure better water quality in
the Ganga.
IIT Mandi Establishes BioNEST-IIT Mandi Catalyst Centre for Biotechnology and Healthcare
• The Indian Institute of Technology (IIT) Mandi has announced the creation of the BioNEST-IIT
Mandi Catalyst Centre, a Biotechnology Industry Research Assistance Council (BIRAC)-
.
sponsored initiative aimed at fostering entrepreneurial ventures in the biotechnology and

healthcare sectors.
• Initial Funding: The initiative is backed by an initial funding of Rs 5 crore, with the goal of
addressing social, economic, and ecological challenges unique to India.
• Strategic Location: Leveraging the geographical advantages of IIT Mandi in the Himalayan
region, the centre aims to utilize the area's diverse biodiversity and traditional medicinal
knowledge.
Prime Minister Narendra Modi Receives "Call of the Gir" Book
• Prime Minister Shri Narendra Modi received the coffee table book "Call of the Gir," dedicated to
Gir and the Asiatic lions, from Rajya Sabha Member Parimal Nathwani.
• The book celebrates the majestic landscapes of Gir, highlighting the urgent need for
conservation.
Details of the Book Presentation:
• Author: Parimal Nathwani
• Book Title: "Call of the Gir"
• Publication: Published by QUIGNOG
Smart Cities Mission faces reality check
• The government's Smart Cities initiative, proudly presented in the Lok Sabha with Pune as a
model for flood monitoring and mitigation, has faced harsh criticism due to the stark contrast
between its promises and the on-ground reality.
• Despite being a flagship city in the Smart Cities Mission (SCM), Pune was overwhelmed by
relentless rains, leaving thousands of citizens in desperate need of relief.
• The local municipal body, known for its pioneering role in the SCM, struggled to manage the
flood disaster, raising questions about the effectiveness of the initiative.
Centre unlikely to extend Mahila Samman Savings Certificate scheme

• The Mahila Samman Savings Certificate Scheme (MSSCS), launched to promote savings among
Indian women, is unlikely to be extended beyond its March 2025 deadline.
• Finance Minister Nirmala Sitharaman introduced the scheme in the FY24 budget to foster a savings
habit among women.
1. Scheme Details:
o Interest Rate: The MSSCS offers a fixed interest rate of 7.5%.
.
o Withdrawal Option: The scheme includes a partial withdrawal option, adding flexibility for
the account holders.
o Launched on: Launched as a part of Budget 2023
ICMR's Royalty from Bharat Biotech for Covaxin Development

• The Indian Council of Medical Research (ICMR) received ₹172 crore in royalty from Bharat Biotech
International Limited (BBIL) for the joint development of Covaxin, a COVID-19 vaccine.
1. Patent and Ownership:
o Patent Rectification: Initially, ICMR was not listed as a co-owner and co-inventor in the patent filing
for Covaxin. After government objection, BBIL rectified this error.
o Co-Ownership: Now, ICMR, the National Institute of Virology (NIV), and three scientists are co-
owners and co-inventors of Covaxin.
7th Indian Coast Guard Subordinate Officers’ Conclave inaugurated

• The 7th Indian Coast Guard (ICG) Subordinate Officers’ Conclave was inaugurated, by Director
General Rakesh Pal at the ICG HQ in New Delhi.
• The Conclave is scheduled for August 01-02, 2024.
1. Theme:
o The Conclave is themed 'Towards an Inclusive Approach'.
2. Key Discussions:
o Future Inductions: Discussions on future inductions in the ICG based on Aatmanirbhar
Bharat principles.
o HR Policies: Refinement of HR policies for inclusive career growth under the ‘Karmyogi’
initiative.
o Operational Capabilities: Enhancement of operational capabilities through advanced
technology integration.
Union Cabinet Approves Development of Eight Major National Highway Projects

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved eight access-controlled
national highway projects totalling 936 km in length.
• The total cost for these projects is Rs 50,655 crore.
.
• The projects are expected to generate approximately 4.42 crore man-days of direct and indirect
employment.
1. Details of Projects:
o Agra-Gwalior Highway: 6-lane highway.
o Kharagpur - Moregram: 4-lane highway.
o Tharad - Deesa - Mehsana - Ahmedabad: 6-lane highway.
o Pathalgaon to Gumla of Raipur-Ranchi: 4-lane section.
o Kanpur Ring Road: 6-lane.
o Northern Guwahati Bypass and Guwahati Bypass: 4-lane and improvement works.
o Nashik Phata - Khed Corridor: 8-lane elevated.
o Ayodhya Ring Road: 68 km, 4-lane, costing Rs 3,935 crore, aimed at reducing congestion
and improving connectivity for pilgrims and tourists.
"VIRAASAT" Exhibition Celebrates 10th National Handloom Day

• The “VIRAASAT” exhibition, dedicated to celebrating the 10th National Handloom Day, began on
August 3, 2024, at Handloom Haat, Janpath.
• Organized by the National Handloom Development Corporation Ltd (NHDC) under the Ministry of
Textiles, Government of India.
• The exhibition will run until August 16, 2024.
• Name: VIRAASAT - Exclusive Handloom Expo
• Dates: August 3 to August 16, 2024
• Venue: Handloom Haat, Janpath, New Delhi
• Organizer: National Handloom Development Corporation Ltd (NHDC) under the Ministry of Textiles,
Union Government Accelerates Employment-Linked Incentive (ELI) Scheme
• Union Minister of Labour & Employment and Youth Affairs & Sports, Dr Mansukh Mandaviya, has
directed an accelerated implementation of the Employment-Linked Incentive (ELI) Scheme, as
announced in the Union Budget 2024-25.
• The scheme aims to generate over 2 crore jobs over the next two years.
• Review and Planning: Dr. Mandaviya reviewed the ELI Scheme and its implementation plan with
Union Minister of State for Labour & Employment, Smt. Shobha Karandlaje, and senior officials
from the Ministry and EPFO.
.
• The focus was on ensuring the scheme benefits reach the intended recipients effectively.
India Plans Mission CCUS to Advance Carbon Capture and Storage Technologies
• The Indian government is considering launching a new mission to promote Carbon Capture
Utilisation and Storage (CCUS) technologies.
• The initiative aims to collaborate with industry and academia to develop an India-specific CCUS
ecosystem.
• The mission is expected to include subsidies, viability gap funding (VGF), tax rebates, and other
incentives to encourage the development of India-specific technologies and infrastructure for
CCUS.
India’s New Policy Framework for Carbon Capture Technology

• The government is creating a policy for carbon capture, utilization, and storage (CCUS) to help India
meet its net-zero emissions target by 2070.
• Focus: Capture carbon dioxide from major sources like power plants using fossil fuels.
• Incentives: The government will offer financial support, including viability gap funding, to attract
private sector investments.
• Pilot Projects: Support for pilot plants that capture 500 tonnes of CO2 per day.
India Targets 80 Million Tonnes Coking Coal Production for FY25

• India aims to produce 80 million tonnes (mt) of coking coal in FY25, marking a 20% increase
from the previous year's 66.55 mt.
• This goal is part of a strategy to reduce the country's reliance on imports of this critical steel-
making feedstock.
• Washeries Expansion: To support the production increase, Coal India Ltd. plans to commission
two new coking coal washeries and monetize four existing ones. This expansion is crucial for
improving the quality of domestic coking coal.
MCA’s new LLP exit policy takes effect on August 27

• The Ministry of Corporate Affairs (MCA) has announced an extension of services provided by
The Centre for Processing Accelerated Corporate Exit (C-PACE) to include voluntary closures of
Limited Liability Partnerships (LLPs).
.
• This extension is facilitated by amendments to the LLP Rules through the Limited Liability
Partnership (Amendment) Rules 2024.
• Implementation: The new amendments will come into effect from August 27, 2024, as per the
MCA's notification.
• C-PACE Introduction: C-PACE was established in 2023 to streamline and centralize the process
for the strike-off (or closure) of companies. The initiative aims to reduce the timeline for company
exits and enhance entrepreneurial efficiency.
• Launch Date: The C-PACE system went live on May 1, 2023.
IIT Madras receives donation of ₹228 crore from alumni

• IIT Madras has marked a significant milestone by receiving its largest-ever donation of ₹228
Crore from Dr. Krishna Chivukula.
• In honour of this contribution, an academic block at the institute has been named the ‘Krishna
Chivukula Block’.
• This donation is part of a larger increase in funding for the institute, with overall funding rising by
135% and alumni contributions surging by 282% in the 2023-24 financial year.
• Amount: ₹228 Crore.
• Donor: Dr. Krishna Chivukula (MTech, 1970), founder and CEO of Indo-MIM.
• Significance: The largest single donation in the history of IIT Madras.
Lok Sabha Passes Finance Bill, 2024
• The Lok Sabha passed the Finance Bill, 2024, which gives effect to the Central Government's
financial proposals for the fiscal year 2024-2025, marking the completion of the budgetary
exercise.
• Finance Minister Nirmala Sitharaman, in her reply during the discussion, emphasised the
government's focus on simplifying tax laws and procedures to promote growth and employment.
On average, the resolution of cases under IBC took 716 days at NCLT in 2023-24
• The average time for resolving insolvency cases at the National Company Law Tribunal (NCLT)
increased to 716 days.
• Previous Years:
o FY 2022-23: 654 days
o FY 2021-22: 557 days
.
• As per the Insolvency and Bankruptcy Code (IBC), the stipulated time for resolution is 330 days,
which includes time spent on litigations. However, a significant number of cases are exceeding
this timeline.
Launch of "Million Designers, Billion Dreams" Initiative to Empower Rural India
• The Deendayal Antyodaya Yojana–National Rural Livelihoods Mission (DAY-NRLM) has
launched the "Million Designers, Billion Dreams" initiative.
• This program aims to equip individuals across India with systems design knowledge to address
complex societal challenges.
• The initiative is spearheaded by LEAP in collaboration with DAY-NRLM.
• LEAP emerged from multidisciplinary work developed in India by the Design Laboratory at
Harvard T.H. Chan School of Public Health (D-Lab) and the Transform Rural India Foundation
(TRIF), with seed funding from the Bill and Melinda Gates Foundation (BMGF).
Indian Railways to Roll Out Kavach 4.0: Enhancing Train Safety Across Key Routes
• Indian Railways is set to commence the rollout of Kavach 4.0, the latest version of its indigenous
automated train protection system, starting in October.
• This initiative marks a significant step towards enhancing train safety across the country’s
extensive railway network.
• Initial Rollout and Coverage: The first phase of Kavach 4.0 will involve deployment on 10,000
locomotives (engines) and across 9,000 route kilometres (RKMs) over the next few years.
• By the end of this fiscal year, 3,000 RKMs are expected to be under Kavach coverage.
Union Minister Piyush Goyal Introduces Diamond Imprest Licence at IIJS 2024
• Union Minister of Commerce & Industry, Shri Piyush Goyal, announced the introduction of the
Diamond Imprest Licence during an interactive session at the 40th edition of the India
International Jewellery Show (IIJS) 2024.
• The event, organized by the Gem & Jewellery Export Promotion Council (GJEPC), is being held
at the Bombay Exhibition Centre (BEC), NESCO, Goregaon, from August 9 to 13, 2024.
Union Railway Minister Ashwini Vaishnaw Introduces Railways (Amendment) Bill, 2024
• Union Railway Minister Ashwini Vaishnaw introduced the Railways (Amendment) Bill, 2024 in the
Lok Sabha.
• This Bill aims to grant statutory powers to the Railway Board and enhance its functioning and
independence.
.
• The Railways (Amendment) Bill, 2024 seeks to integrate provisions from the Indian Railway
Board Act, 1905 into the Railways Act, 1989, providing statutory powers to the Railway Board.
• The goal is to streamline and enhance the functioning and independence of the Railway Board
by simplifying the legal framework.
Home Ministry Clarifies Document Requirements for Citizenship Amendment Rules

• The Home Ministry has issued a clarification regarding Schedule-IA of the Citizenship
Amendment Rules, which specifies the documents applicants can use to prove their citizenship
status from Bangladesh, Pakistan, or Afghanistan.
• This clarification was communicated to the Directorate of Census via a letter dated July 8.
• Applicants can now use any document issued by the state or central government, or by any
judicial or quasi-judicial authority in India, to prove that they or their ancestors were citizens of
Bangladesh, Pakistan, or Afghanistan.
Union Cabinet Approves PMAY-U-2 and PMAY-G Extension for Enhanced Housing
• The Union Cabinet has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U)-2, which
aims to construct 1 crore houses for urban poor and middle-class families over the next five
years.
• The scheme also includes an extension of the Pradhan Mantri Awas Yojana – Gramin (PMAY-G)
for rural housing.
• Objective: To provide financial assistance for the construction, purchase, or rental of houses for 1
crore urban poor and middle-class families within five years.
• Government Assistance: A total of Rs 2.30 lakh crore will be allocated under PMAY-U-2.
Cabinet Committee on Economic Affairs Approves Major Railway Projects

• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi,
has approved eight railway projects with a total estimated cost of Rs 24,657 crore.
• The projects span across 14 districts in seven states: Odisha, Maharashtra, Andhra Pradesh,
Jharkhand, Bihar, Telangana, and West Bengal.
• Gunupur-Therubali Line and Junagarh-Nabrangpur Line in Odisha
• Malkangiri-Pandurangapuram Line connecting Odisha, Andhra Pradesh, and Telangana
• Buramara-Chakulia Rail Route in Jharkhand, West Bengal, and Odisha
• Bikramshila-Katareah Rail Route in Bihar
.
• Jalna-Jalgaon Project in Maharashtra, which will enhance rail connectivity to the Ajanta Caves (a
UNESCO World Heritage site)
DCGI Establishes Guidelines for Pharmaceutical Product Traceability

• The Drugs Controller General of India (DCGI), the top drug regulator in India, has developed
standard operating procedures and guidelines to ensure traceability of pharmaceutical products
throughout the supply chain, in response to the growing issue of counterfeit and spurious
medicines.
• The new guidelines aim to enhance traceability in the pharmaceutical supply chain to quickly
identify and address issues of adulteration or contamination.
BEML Aims for International Expansion with Vande Bharat and Metro Trains
• BEML, a leading Indian manufacturer of rail coaches and spare parts, aims to enter the
international market with its high-speed Vande Bharat trains and Metro trains, according to
Shantanu Roy, BEML's Chairman.
• This move is part of the company's strategy to diversify its business and enhance its global
footprint.
• BEML has been instrumental in manufacturing Vande Bharat trains, India's first semi-high-speed,
self-propelled trains, and has a significant role in producing Metro trains domestically.
Restoration of Delhi's Historic Barapullah Bridge by ASI

• Delhi's Lieutenant Governor (LG) VK Saxena announced that the Mughal-era Barapullah bridge
in Nizamuddin has been handed over to the Archaeological Survey of India (ASI) for restoration.
• The bridge, built during the reign of Mughal Emperor Jahangir in 1628, will undergo restoration
over the next three months.
• The 400-year-old Barapullah bridge, built by Minar Banu Agha under Emperor Jahangir's rule,
was a key route connecting the Mughal capital with important sites like the Nizamuddin Dargah
and Humayun's Tomb.
India's Defence Export Growth: Aiming for Rs. 50,000 Crore Target by 2029
• India is on a trajectory to meet its ambitious defence export target of ₹50,000 crore within the
next five years, according to officials from the Ministry of Defence.
.
• The latest data for the first quarter of the financial year 2024-25 highlights significant progress
towards this goal, underscoring India's growing presence in the global defence market.
• Exports Achieved: ₹6,915 crore during April-June 2024.
• Growth: This represents a 78% increase compared to ₹3,885 crore during the same period in the
previous fiscal year (FY 2023-24).
World youth unemployment rate lowest for 15 years:

• Global youth unemployment rate dropped to 13% in 2023, the lowest in 15 years.
• This is a decrease from 13.8% in 2019, before the COVID-19 pandemic.
• The total number of unemployed young people (aged 15-24) worldwide is 64.9 million, the lowest
since 2000.
• While some regions have seen improvement, Arab States, East Asia, South-East Asia, and the
Pacific continue to face higher youth unemployment rates compared to 2019 levels.
Prime Minister Narendra Modi Launches 109 New Crop Varieties at India Agricultural Research Institute
• Prime Minister Narendra Modi released 109 new high-yielding, climate-resilient, and biofortified
crop varieties at the India Agricultural Research Institute, New Delhi.
• The event also featured an interaction between the Prime Minister, farmers, and scientists.
• The newly released varieties include 34 field crops and 27 horticultural crops, spanning cereals,
millets, forage crops, oilseeds, pulses, sugarcane, cotton, fruits, vegetables, spices, flowers, and
medicinal crops.
Union Cabinet Approves Modified Pradhan Mantri JI-VAN Yojana to Boost Biofuel Sector
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved significant
modifications to the Pradhan Mantri JI-VAN Yojana, extending its timeline for implementation by
five years, until 2028-29.
• The modified scheme is designed to keep pace with the latest developments in the biofuel sector,
attract more investment, and broaden the scope of eligible biofuels and technologies.
• The timeline for implementing the Pradhan Mantri JI-VAN Yojana has been extended by five
years, up to 2028-29.
GeM Commemorates 8th Foundation Day with Record Growth in Procurement
.
• On its 8th Foundation Day, the Government e-Marketplace (GeM) celebrated remarkable
milestones and growth in public procurement.
• GeM, launched on August 9, 2016, has significantly transformed the procurement landscape in
India, leveraging digital public infrastructure to create a cashless, contactless, and paperless
unified national procurement portal.
• As of August 8, 2024, procurement for FY2024-25 has reached ₹1,92,433 crore, marking a 136%
increase compared to the same period last fiscal year.
• The Gross Value Merchandise (GMV) of services has reached ₹3.91 lakh crore since GeM's
inception, with ₹80,493 crore procured in FY2024-25 alone.
Financial support for pregnant and lactating mothers through Pradhan Mantri Matru Vandana Yojana
• Pradhan Mantri Matru Vandana Yojana (PMMVY) is a financial assistance scheme designed to
provide support to pregnant and lactating mothers, implemented under Section 4 of the National
Food Security Act (NFSA), 2013.
• The scheme aims to improve maternal and child health by offering cash incentives to women
during pregnancy and childbirth.
• For First Child: ₹5,000 is provided directly to the beneficiary's Bank/Post Office account in Direct
Benefit Transfer (DBT) mode.
Government of India issues Operational Guidelines for Implementation of 'Model Solar Village’ under
PM-Surya Ghar: Muft Bijli Yojana
• The Model Solar Village component of the PM-Surya Ghar: Muft Bijli Yojana aims to promote
solar energy adoption at the village level, enhance energy self-reliance and showcase successful
solar integration.
• Financial Allocation:
o Total Outlay: ₹800 crore.
o Per Village Grant: ₹1 crore for selected Model Solar Villages.
• Eligibility Criteria:
o Population Requirements: Villages must have a population of over 5,000 (or 2,000 in
special category states).
PMJDY reaches 53 crore beneficiaries and ₹2.28 lakh crore in deposits
• The Pradhan Mantri Jan Dhan Yojana (PMJDY) is set to complete a decade on August 15, 2024.
.
• The PMJDY has played a crucial role in expanding financial inclusion in India, focusing on
women and rural areas, and making significant strides in integrating underserved populations into
the banking system.
• Total Beneficiaries:
o 52.99 crore account-holders
• Total Balance:
o ₹2,28,362 crore as of July 31, 2024
Indian Railways and NCRTC Launch 'One India - One Ticket' Initiative for Seamless Travel
● The Indian Railways and the National Capital Region Transport Corporation (NCRTC) have
launched the 'One India - One Ticket' initiative to enhance passenger travel experience using
mainline railways and Namo Bharat trains.
● This collaboration aims to offer a unified and seamless travel solution for passengers across both
services.
India is set to host the 3rd Voice of Global South Summit 2024:
● India is set to host the 3rd Voice of Global South Summit on August 17, 2024.
● This Summit is a continuation of Prime Minister Narendra Modi's vision of "Sabka Saath, Sabka
Vikas, Sabka Vishwas aur Sabka Prayas" and is rooted in the philosophy of "Vasudhaiva
Kutumbakam," which envisions the world as one family.
● The initiative aims to bring together countries of the Global South to discuss and share their
perspectives on various global issues.
● The overarching theme is "An Empowered Global South for a Sustainable Future."
● Ministerial Sessions and Themes:
o Foreign Ministers: "Charting a Unique Paradigm for Global South"
o Health Ministers: "One World-One Health"
o Youth Ministers: "Youth Engagement for a Better Future"
o Commerce/Trade Ministers: "Trade for Development- Perspectives from Global South"
o Information & Technology Ministers: "DPIs for Development- A Global South Approach"
o Finance Ministers: "People-Centric Approach to Global Finance"
o Second Foreign Ministers: "Global South and Global Governance"
o Energy Ministers: "Sustainable Energy Solutions for a Sustainable Future"
.
o Education Ministers: "Prioritising Human Resource Development: A Global South

Perspective"
o Environment Ministers: "Pathways for Progress- A Global South Perspective on Mitigating
Climate Change"
India Expands Ramsar Sites: Three New Wetlands Designated Ahead of Independence Day
● The Environment Ministry of India announced the inclusion of three new wetlands into the Ramsar
site network, increasing the total count to 85.
● The newly designated Ramsar sites are the Nanjarayan Bird Sanctuary and Kazhuveli Bird
Sanctuary in Tamil Nadu, and the Tawa Reservoir in Madhya Pradesh.
● This development aligns with India's ongoing efforts to enhance its environmental conservation
initiatives
● India now has 85 Ramsar sites, which collectively cover an area of 1,358,068 hectares.
● The new additions are the Nanjarayan Bird Sanctuary, Kazhuveli Bird Sanctuary, and Tawa
Reservoir.
Prime Minister Narendra Modi’s Independence Day Address: Vision for ‘Viksit Bharat 2047’, Tribute to
Freedom Fighters, and Commitment to Reform
● Prime Minister Narendra Modi outlined the government's plan to achieve the goal of ‘Viksit
Bharat 2047,’ emphasizing a transformative vision to make India a developed nation by its
centenary of independence.
India's Ambition to Host the 2036 Summer Olympics
● Prime Minister Narendra Modi, in his Independence Day address, reiterated India's ambition to
host the 2036 Summer Olympics.
● Demonstrated Capability: PM Modi highlighted India's successful organisation of the G20
Summit, which showcased the country's ability to handle events of significant magnitude.
● This experience has bolstered India's confidence in pursuing the Olympic bid.
● Olympic Aspirations: Hosting the 2036 Olympics is a part of India's vision to establish itself as a
global sporting hub.
● Youth Olympics Bid: In addition to the 2036 Summer Olympics, India is also considering a bid to
host the Youth Olympics in 2030.
Union Government Launches AI-Based National Pest Surveillance System (NPSS) on Independence
Day
.
● The Union Government unveiled the AI-based National Pest Surveillance System (NPSS),
designed to assist farmers by connecting them with agricultural scientists and experts for
effective pest management using their phones.
● The NPSS is part of the government's initiative to integrate advanced technology in agriculture,
aiming to make the latest innovations accessible to farmers.
Digital boost to revive solar power installation programme for farmers
● The ₹34,000-crore Pradhan Mantri-Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-
KUSUM) program, aimed at enhancing solar energy infrastructure in agriculture, is facing delays.
● States are exploring alternative strategies to improve adoption rates amid setbacks.
Program Goals:
● 100 GW of Solar Power Plants: Establish solar power plants on farmer-owned land.
● 14 Lakh Solar Pumps: Install solar-powered water pumps for irrigation.
● 35 Lakh Solarised Grid-Connected Pumps: Solarize existing grid-connected agricultural
pumps.
Current Status (as of June 2024):
● Power Plants Installed: 256 MW
● Solar Pumps Installed: 3.97 lakh
● Solarised Grid-Connected Pumps: 13,500
Prime Minister Narendra Modi to address mega community event in New York’s Long Island
● Prime Minister Narendra Modi will address the Indian-American community in Long Island, New
York, on September 22, 2024.
● Significance: Marks a decade since Modi's previous major address at Madison Square Garden in
September 2014.
● Previous U.S. Event: Modi participated in the 'Howdy Modi' event at NRG Stadium, Houston,
Texas, in 2019.
Western Ghats ESA notification: Panel to finalise the draft soon for three states
● The Centre's expert panel, led by Sanjay Kumar (former Director General of Forests), is
considering the extent of Ecologically Sensitive Areas (ESAs) in the Western Ghats.
● Current Status: Discussions are advanced, and there may be separate notifications for
Gujarat, Maharashtra, and Goa if an agreement is reached soon, rather than waiting for a
consensus from all six states.
PM-JAY Provides Over Rs 90,204 Crore in Free Hospitalisation Benefits to 68.62 Million Beneficiaries
.
● The Pradhan Mantri-Jan Arogya Yojana (PM-JAY) has provided free hospitalization benefits
worth Rs 90,204 crore to beneficiaries since its launch.
● This scheme aims to offer financial protection against healthcare costs to the bottom 40% of
India's population.
● Beneficiaries and Coverage:
o Over 68.62 million people have benefited from PM-JAY, which provides Rs 5,00,000 a year in
free health coverage.
o The scheme covers approximately 107 million poor households, targeting the bottom 40% of
the population.
o The top beneficiary states include Tamil Nadu, Karnataka, Rajasthan, Kerala, Andhra
Pradesh, and Gujarat.
Union Agriculture Minister Launches 'Kisan Ki Baat' Radio Program to Modernize Farming Practices
● Union Agriculture Minister Shivraj Singh Chouhan announced the start of 'Kisan Ki Baat,' a
monthly radio program set to begin in September.
● The program aims to deliver scientific knowledge to farmers, similar to Prime Minister Narendra
Modi's 'Mann Ki Baat.'
● Objective:
o The initiative is designed to modernize agricultural practices by providing farmers with the
latest scientific information and best practices.
o The program will feature contributions from agricultural scientists, department officials, and
the minister himself.
o Focus Areas:
▪ The program will address gaps in farmers' knowledge, including the correct use of
pesticides, which can be misused due to a lack of information.
▪ It seeks to quickly transfer scientific knowledge to farmers to prevent issues related
to pesticide misuse and other agricultural challenges.
Greening in India gets a boost with Green Tug Transition Program (GTTP) SOP launched by Shri
Sarbananda Sonowal
● Union Minister of Port Shipping and Waterways, Shri Sarbananda Sonowal, officially launched the
Standard Operating Procedure (SOP) for the Green Tug Transition Program (GTTP).
.
● This initiative is pivotal in transitioning from conventional fuel-based harbour tugs to more
sustainable alternatives, marking a significant advancement in India’s maritime sector and
environmental sustainability.
● The GTTP was initially announced on May 22, 2023, by Shri Sarbananda Sonowal during the
‘Chintan Shivir’ event.
● It aims to decarbonize maritime operations by replacing conventional tugs with green tugs using
cleaner, sustainable fuels.
Government to Procure 1,000 GPUs to Boost India's AI Capabilities under IndiaAI Mission
● The government has finalized a tender to procure 1,000 Graphics Processing Units (GPUs) as part
of the IndiaAI Mission.
● The initiative aims to offer computing capacity to Indian start-ups, researchers, public sector
agencies, and other approved entities.
● Objective: The procurement of GPUs is part of the broader Rs 10,370 crore IndiaAI Mission, which
aims to establish a computing infrastructure with more than 10,000 GPUs.
Government Launches Krishi-DSS: A Comprehensive Digital Geospatial Platform for Agricultural
Decision-Making
● The Union government has introduced a digital platform called Krishi-Decision Support System
(Krishi-DSS) to provide comprehensive geospatial data for agricultural decision-making.
● Developed by the Ministry of Agriculture and the Department of Space, Krishi-DSS offers seamless
access to all-India data, including satellite images, weather information, water reservoir storage,
groundwater levels, and soil health.
● The platform includes a feature for drought monitoring, enabling the government to anticipate
drought conditions by providing near real-time information on soil moisture, water storage, crop
condition, and dry spells.
Union Cabinet Approves Major Infrastructure Projects Including Airport Expansions and Metro
Extensions
● The Union Cabinet chaired by Prime Minister Narendra Modi approved five infrastructure projects
including the proposal of the Airports Authority of India (AAI) for the development of a new Civil
Enclave at Bagdogra Airport, Siliguri, West Bengal and Bihta, Patna, Bihar at an estimated cost of
₹1,549 crore and ₹1,413 crore, respectively.
● A new Civil Enclave at Bagdogra Airport has been approved with an estimated cost of ₹1,549 crore.
.
● The new Terminal Building will cover 70,390 sqm, designed for 3,000 Peak Hour Passengers (PHP)
with an annual capacity of 10 million passengers.
● Key components include an Apron with 10 parking bays, two link taxiways, and Multi-Level Car
Parking.
New Parliamentary Committee Chairpersons Announced
● Lok Sabha Speaker Om Birla has announced the new chairpersons for six parliamentary
committees, including the Public Accounts Committee (PAC).
Key Appointments:
1. Public Accounts Committee (PAC):
o Chairperson: K.C. Venugopal (Congress MP)
o Role: Examines government expenditure, appropriation accounts for railways, defense
services, P&T department, and reviews CAG reports.
2. Committee on Public Undertakings:
o Chairperson: Baijyant Panda (BJP MP from Kendrapara, Odisha)
o Role: Reviews reports and accounts of Public Sector Undertakings (PSUs), assesses their
performance and impact on the economy and citizens.
3. Committee on Welfare of Scheduled Castes and Scheduled Tribes:
o Chairperson: Faggan Singh Kulaste (BJP MP from Mandla, Madhya Pradesh)
o Role: Focuses on welfare measures and reviews issues concerning Scheduled Castes
and Scheduled Tribes.
4. Committee on Welfare of Other Backward Classes:
o Chairperson: Ganesh Singh (BJP MP from Satna, Madhya Pradesh)
o Role: Considers reports from the National Commission for Backward Classes and reviews
welfare measures for Other Backward Classes.
5. Committee on Estimates:
o Chairperson: Dr. Sanjay Jaiswal (BJP MP)
o Role: Reviews budget estimates for administrative departments and suggests
improvements for efficiency and administrative reform.
Delhi LG Directs the Development of a Mobile App for Traffic Management and Incentives for Parking
● Lieutenant Governor VK Saxena has issued several directives to improve traffic management and
encourage better parking practices in Delhi.
● The directions were part of his third meeting to review the traffic and parking situation in the city.
.
India Set to Extend Key Export Promotion Schemes Amid Global Market Challenges
● To support exporters in maintaining their competitiveness in a challenging global market, the Indian
government is likely to extend two critical export promotion measures: the Remission of Duties and
Taxes on Exported Products (RoDTEP) scheme and the Interest Equalisation Scheme (IES).
● Both schemes have been instrumental in bolstering exports, particularly in the face of global
economic uncertainties.
India's First Ready-to-Drink Fig Juice Exported to Poland, Marking a Global Milestone
● The Agricultural and Processed Food Products Export Development Authority (APEDA) has
successfully facilitated the export of India's first ready-to-drink fig juice, made from GI-tagged
Purandar figs, to Poland.
● This milestone follows a previous export to Germany in 2022, showcasing the global appeal of this
unique agro-product.
India's First Digital Court Inaugurated in Kerala to Handle Cheque Bounce Cases
● India's first fully digital court, named "24*7 ONCOURTS," dedicated to handling cheque bounce
cases, was inaugurated in Kollam, Kerala, by Justice Bhushan Ramkrishna Gavai of the Supreme
Court.
● This pioneering initiative marks a significant leap in the digitalization of India's judiciary, aiming to
streamline court processes and reduce case backlogs.
● The digital court automates the entire lifecycle of a case—from filing, registration, and admission to
appearances, hearings, and the final judgment. This seamless process is expected to significantly
enhance judicial efficiency.
PM Modi's Historic Visit to Ukraine: Aiming for Peaceful Resolution
● In a significant diplomatic move, Prime Minister Narendra Modi is set to visit Kyiv on August 23,
marking the first official visit by an Indian Prime Minister to Ukraine since establishing diplomatic ties
over 30 years ago.
● This visit comes as India expresses its willingness to contribute to finding a peaceful solution to the
ongoing conflict in Ukraine.
Nepal to Export Nearly 1,000 MW of Electricity to India: A New Milestone in Bilateral Cooperation
● Nepal is set to export close to 1,000 MW of electricity to India, marking a new milestone in the
energy collaboration between the two nations.
● This was confirmed by India's External Affairs Minister, S. Jaishankar, following his meeting with
Nepal's Foreign Minister, Arzu Rana Deuba, in New Delhi.
.
● 7th India-Nepal Joint Commission Meeting: Earlier this year, Jaishankar visited Kathmandu to co-
chair the 7th India-Nepal Joint Commission meeting, where discussions on trade, connectivity, and
defence cooperation took place.
Union Food Minister Pralhad Joshi Launches Pilot Project to Transform Fair Price Shops into ‘Jan
Poshan Kendras’
● Union Food Minister Pralhad Joshi has introduced a pilot project aimed at transforming 60 Fair
Price Shops (FPS), commonly known as ration shops, into ‘Jan Poshan Kendras’ across Uttar
Pradesh, Gujarat, Rajasthan, and Telangana.
● This initiative is designed to boost the viability of these shops and improve access to nutrition.
Clarification on Income Tax Clearance Certificate (ITCC) for Indian Nationals Traveling Overseas
● The Ministry of Finance has issued a clarification regarding the necessity of obtaining an Income
Tax Clearance Certificate (ITCC) for Indian nationals travelling abroad.
● This response addresses misinformation circulating in the media, asserting that not all travellers
are required to secure an ITCC before leaving India.
Government Plans to Expand Ayushman Bharat Beneficiaries and Increase Insurance Coverage to ₹10
Lakh
● The Indian government is considering a significant expansion of its flagship Ayushman Bharat
health insurance scheme, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).
● The proposed changes include doubling the number of beneficiaries and increasing the annual
insurance coverage limit from ₹5 lakh to ₹10 lakh per family.
● The government aims to double the beneficiary base under the AB-PMJAY over the next three
years. The initial focus will be on including all individuals aged above 70 years, potentially adding
4-5 crore more beneficiaries.
● The current allocation for AB-PMJAY was increased to ₹7,200 crore in the interim Budget 2024.
The scheme currently provides health coverage of ₹5 lakh per family per year to 12 crore families
for secondary and tertiary care hospitalization.
India Permits Export of Non-Basmati White Rice to Malaysia
● The Indian government has authorized the export of 200,000 tonnes of non-basmati white rice to
Malaysia through National Cooperative Exports Limited (NCEL).
● This decision comes despite a ban on such exports that has been in place since July 20, 2023,
aimed at boosting domestic supply.
165th Anniversary of Income Tax Day Celebrated in New Delhi
.
● The 165th anniversary of Income Tax Day was marked on August 21 by a special event presided
over by the Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, in New
Delhi.
● The ceremony was attended by various dignitaries, including Union Minister of State for Finance,
Shri Pankaj Chaudhary, Shri Sanjay Malhotra, Secretary of Revenue, Shri Ravi Agrawal,
Chairman of the CBDT, members of the CBDT, and other senior officials from the Income Tax
Department.
● Release of "My Stamp": Smt. Sitharaman released a special My Stamp to commemorate the
occasion.
Central Government Plans to Extend Udan Scheme for 10 More Years
● The Central Government is considering extending the Udan (Ude Desh ka Aam Nagrik) scheme
for an additional 10 years.
● The extension aims to build confidence among private sector players to operate more regional
flights across India.
● Udan Scheme Overview:
o Launch Date: October 21, 2016
o Objective: Enhance regional air connectivity and make air travel affordable for the general
population.
Power Finance Corp Commits ₹21,000 Crore for India's Largest Container Port
● State-owned Power Finance Corporation (PFC) has committed approximately ₹21,000 crore for
the development of the Vadhavan Port.
● Vadhavan Port Project:
o Location: Palghar district, Maharashtra, along India's western coast.
o Total Project Cost: ₹76,220 crore.
o Significance: Set to be India's largest container port once completed.
PSA Report Advocates for Electric Trucks in FAME-III Scheme
● Title: Bharat Zero Emission Trucking (ZET) Policy Advisory
● Author: Office of the Principal Scientific Adviser (PSA) to the Government of India
● Recommendation: The report advocates for the inclusion of electric trucks in the third phase of
the Faster Adoption and Manufacturing of Electric Vehicles (FAME-III) scheme.
India’s Ambitious Space Economy Goals
● Current Status: India's space economy is valued at $8 billion.
.
● Future Ambition: Aim to reach $44 billion by 2033.

● Target Market Share: India aspires to capture 8% of the global space market.
● Export Goals: Projected export of $11 billion in space products.
● National Space Day:Significance: Celebrated on August 23, marking the first anniversary of
Chandrayaan III's landing on the moon’s South Pole.
NEHHDC Achieves Oeko-Tex Certification for Eri Silk
● The North-Eastern Handicrafts and Handlooms Development Corporation (NEHHDC) under the
Ministry of Development of North-Eastern Region (DoNER), Govt. of India, has successfully
obtained the prestigious Oeko-Tex certification for its Eri Silk, directly from Germany on the
Nation’s 78th Independence Day.
● Unique Characteristics: Known as the world’s only vegan silk, produced without killing the moth
inside the cocoon.
Cabinet Approves Unified Pension Scheme (UPS)
● The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, approved the Unified Pension
Scheme (UPS).
1. The salient features of the UPS are: Assured Pension:
o Eligibility: 25 years of service.
o Benefit: 50% of the average basic pay drawn in the last 12 months before retirement.
o For Lesser Service Periods: Proportionate pension for service between 10 to 25 years.
2. Assured Family Pension:
o Benefit: 60% of the employee's pension before their death.
3. Minimum Pension:
o Amount: ₹10,000 per month.
o Eligibility: Minimum 10 years of service.
Spices Board Launches SPICED Scheme to Boost Spice Exports and Productivity
● The Spices Board of India has launched a transformative scheme aimed at significantly
enhancing the export of spices and value-added spice products as well as improving the
productivity of cardamom and upgrading the post-harvest quality of spices for exports
● Implementation Period and Budget:
o Duration: Until FY 2025-26, during the remaining period of the 15th Finance Commission
cycle.
o Total Approved Outlay: ₹422.30 crore.
.
● Spices Board of India:

o Role: Regulatory and export promotion agency for Indian spices.
o Headquarters: Kochi, Kerala.
o Chairman: Shri Amardeep Singh (Rank equivalent to Joint Secretary, Government of India).
Union Cabinet Approves BioE3 Policy to Boost Biomanufacturing in India
● The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, approved the proposal ‘BioE3
(Biotechnology for Economy, Environment and Employment) Policy for Fostering High-Performance
Biomanufacturing’ of the Department of Biotechnology.
PM Modi's Visit to Maharashtra and Rajasthan: Key Announcements and Events
1. Lakhpati Didi Sammelan in Jalgaon, Maharashtra:
● Event Participation: Prime Minister Narendra Modi will attend the Lakhpati Didi Sammelan in
Jalgaon, Maharashtra, on 25 August 2024.
● Lakhpati Didi Scheme: The scheme, launched on 15 August 2023, aims to create three crore
‘Lakhpati Didis’—women earning at least Rs 1 lakh annually—by leveraging Women’s Self-Help
Groups (SHGs).
● Achievements: Since its inception, the scheme has already empowered one crore women as
Lakhpati Didis.
Launch of National Medical Register (NMR) Portal to Enhance Digital Healthcare
● The National Medical Register (NMR) portal was launched by Union Minister for Health and
Family Welfare, J.P. Nadda.
● The event occurred in the national capital, with Union Ministers of State (MoS) Anupriya Patel
and Prataprao Jadhav participating virtually.
● The NMR portal is designed to be a comprehensive and dynamic database for allopathic (MBBS)
registered doctors in India.
RailTel Corporation Awarded ISO 14001:2015 Certification for Environmental Management
● RailTel Corporation of India Ltd (RailTel), a Miniratna PSU, has been awarded the ISO
14001:2015 certification.
● This certification is a globally recognised standard for Environmental Management Systems
(EMS).
India’s Solar Power Capacity Surges by 282% in H1 2024, Setting a New Record
● India's solar power capacity surged by 282% in the first half of 2024, adding nearly 15 GW—the
highest-ever half-yearly installation, according to Mercom India Research.
.
● In Q1 2024, 9.9 GW of solar capacity was added, followed by 5 GW in Q2 2024.

● Total Installed Capacity:As of June 2024, India's installed solar capacity reached 87.2 GW,
representing 19.5% of the country’s total energy mix.
Union Home Ministry Creates Five New Districts in Ladakh to Enhance Governance and Public Service
Delivery
● The Ministry of Home Affairs (MHA) has established five new districts in the Union Territory of
Ladakh: Zanskar, Drass, Sham, Nubra, and Changthang.
● This move increases the total number of districts in Ladakh from two to seven, with the existing
districts being Leh and Kargil.
● The Jammu and Kashmir Reorganisation Act of 2019 divided the former state into two Union
Territories: Jammu and Kashmir (with its own legislative assembly) and Ladakh (without a
legislative assembly).
● This move comes ahead of the direct assembly elections in Jammu and Kashmir, scheduled for
September, marking a significant development in the governance of the region.
Union Government Introduces New 2024 Guidelines for Enhanced Public Grievance Redressal
● The Union Government has unveiled new 2024 guidelines aimed at improving the handling of
public grievances with a focus on citizen empowerment and streamlining the redressal process.
● These guidelines introduce a 10-step reform process that incorporates technological
advancements to enhance clarity and efficiency in addressing grievances.
MoEFCC Proposes Remediation of Contaminated Sites Rules, 2024 to Address Environmental Gaps
● The Ministry of Environment, Forest and Climate Change (MoEFCC) has proposed the
Remediation of Contaminated Sites Rules, 2024, to clean up lands contaminated by hazardous
substances.
● The rules target sites contaminated with mining waste, bio-medical waste, or municipal solid
waste, where contamination levels exceed specified thresholds.
Centre Reduces Grievance Redressal Time to 21 Days on CPGRAMS Portal
● The Central government has shortened the grievance redressal time on the Centralised Public
Grievance Redress and Monitoring System (CPGRAMS) portal from 30 days to 21 days.
● This decision was implemented to enhance the responsiveness and efficiency of public grievance
handling.
.
● Revised guidelines issued by the Department of Administrative Reforms and Public Grievances
(DARPG) suggest the appointment of dedicated nodal officers in ministries and departments with
a high volume of grievances.
● The guidelines stress a "whole of the government approach," ensuring grievances are transferred
to the correct authority instead of being closed with statements like “Does not pertain to this
Ministry/Department/Office.”
Uttar Pradesh Targets Rs 50,000 Crore in Farm Exports with Cluster-Based Approach
● The Uttar Pradesh government aims to boost farm exports to Rs 50,000 crore in the next three to
four years.
● Currently, the state's annual farm exports stand at around Rs 20,000 crore.
PMJDY Expansion: 3 Crore New Accounts to be Opened in 2024: Finance Minister
o Finance Minister Nirmala Sitharaman announced that nearly 3 crore new accounts will be opened
under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in the current financial year, aiming to
extend financial inclusion to remaining and newly adult populations.
1. Program Overview and Growth:
o PMJDY, launched by Prime Minister Narendra Modi on August 28, 2014, has shown impressive
growth in financial inclusion.
o The number of bank accounts under PMJDY surged from 14.72 crore in March 2015 to 53.13
crore as of August 16, 2024.
o Total deposits in PMJDY accounts also witnessed significant growth, increasing from Rs 15,670
crore in March 2015 to over Rs 2.31 lakh crore by August 2024.
PM Modi Reviews Progress of Key Projects Worth Rs 76,500 Crore in 44th PRAGATI Meeting
o Prime Minister Narendra Modi chaired the 44th edition of PRAGATI, a multi-modal platform for
Pro-Active Governance and Timely Implementation involving Centre and state governments.
o The meeting, the first in his third term, reviewed the progress of seven key projects across 11
states and Union Territories with a combined worth of around Rs 76,500 crore.
o The projects included two road connectivity projects, two rail projects, and one project each from
the Coal, Power, and Water Resources sectors.
o The projects span across Uttar Pradesh, Uttarakhand, Jharkhand, Maharashtra, Rajasthan,
Gujarat, Odisha, Goa, Karnataka, Chhattisgarh, and Delhi.
CCEA Approves Major Infrastructure Projects Worth ₹35,000 Crore; Expands Support for Agriculture
and Hydro-Electric Projects
.
● The Cabinet Committee on Economic Affairs (CCEA) approved 12 new industrial nodes and
three rail projects, focusing on connectivity between key industrial locations.
● The total investment for these projects is around ₹35,000 crore.
● The new industrial areas will be developed in states including Uttarakhand, Punjab, Maharashtra,
Kerala, Uttar Pradesh, Bihar, Telangana, Andhra Pradesh, and Rajasthan, covering various
sectors such as food processing, IT, textiles, and pharmaceuticals.
PM Modi Celebrates 10 Years of Jan Dhan Yojana: A Milestone in Financial Inclusion
● Prime Minister Narendra Modi commemorated the 10th anniversary of the Jan Dhan Yojana on
August 28, highlighting its transformative impact on financial inclusion in India.
● PM Modi praised the initiative for empowering women, youth, and marginalized communities,
enhancing their financial status.
Ministry of Women and Child Development Launches SHe-Box Portal for Workplace Safety
o The Ministry of Women and Child Development, led by Union Minister Smt. Annapurna Devi has
launched the new SHe-Box portal, a centralised platform for registering and monitoring
complaints of sexual harassment of women at the workplace.
o The launch event took place in New Delhi, with Minister of State Smt. Savitri Thakur, Secretary
Shri Anil Malik, and other ministry officials in attendance.
o The SHe-Box portal serves as a centralized repository of information related to Internal
Committees (ICs) and Local Committees (LCs) formed across the country in both government
and private sectors.
Dr Mansukh Mandaviya Launches "RESET" Programme to Empower Retired Sportspersons
o Union Minister Dr. Mansukh Mandaviya launched the "Retired Sportsperson Empowerment
Training" (RESET) Programme on National Sports Day in New Delhi.
o The programme aims to empower retired athletes by providing them with the necessary
knowledge, skills, and opportunities to enhance their employability and career development.
o Retired sportspersons aged 20-50 years who have won international medals, participated in
international events, or have been national/state medallists in competitions recognized by
National Sports Federations, the Indian Olympic Association, or the Ministry of Youth Affairs and
Sports are eligible to apply.
o The programme will cater to two levels of educational qualifications: Class 12th and above and
Class 11th and below.
DoPPW Launches New Single Simplified Pension Application Form 6-A to Streamline Pension Process
.
o The Department of Pension & Pensioners Welfare (DoPPW) has introduced a New Single
Simplified Pension Application Form 6-A, integrated with Bhavishya and e-HRMS platforms.
o This new form is part of the department's efforts to enhance the Ease of Living for pensioners by
simplifying the pension application process.
o The new Form 6-A will be available to all Central Government Employees retiring from December
2024 onwards.
Union Cabinet Approves Financial Assistance for Hydro Electric Projects in North Eastern Region
o The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Ministry of
Power's proposal to provide Central Financial Assistance (CFA) to State Governments in the
North Eastern Region (NER) for their equity participation in developing Hydro Electric Projects.
o This will be done through Joint Venture (JV) collaborations between State entities and Central
Public Sector Undertakings (CPSUs).
Scheme Outlay and Timeline:
o The scheme has an outlay of Rs. 4136 crore and will be implemented from FY 2024-25 to FY
2031-32.
o It aims to support a cumulative hydro capacity of about 15,000 MW in the NER.
o The scheme will be funded by 10% Gross Budgetary Support (GBS) for the NER from the total
outlay of the Ministry of Power.
Cabinet Approves 12 New Projects Under National Industrial Corridor Development Programme
(NICDP)
o The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has
approved 12 new project proposals under the National Industrial Corridor Development Programme
(NICDP).
o The total estimated investment for these projects is Rs. 28,602 crore, which aims to reshape India's
industrial landscape by creating a robust network of industrial smart cities.
o The projects will span across 10 states, strategically planned along 6 major corridors to enhance
India's manufacturing capabilities and economic growth.
o The new industrial nodes will be located in Khurpia (Uttarakhand), Rajpura-Patiala (Punjab), Dighi
(Maharashtra), Palakkad (Kerala), Agra and Prayagraj (Uttar Pradesh), Gaya (Bihar), Zaheerabad
(Telangana), Orvakal and Kopparthy (Andhra Pradesh), and Jodhpur-Pali (Rajasthan).
Pakistan Invites PM Modi to Upcoming SCO Meeting in Istanbul
.
o Pakistan has officially invited Prime Minister Narendra Modi to the upcoming Shanghai
Cooperation Organisation (SCO) meeting scheduled for October 15-16 in Islamabad.
o The invitation was confirmed by Pakistan's Foreign Office Spokesperson, Mumtaz Zahra Baloch.
o The SCO is a major economic and security bloc comprising India, China, Russia, Pakistan,
Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan.
o Pakistan currently holds the rotating chairmanship of the SCO Council of Heads of Government
and will host the two-day meeting for heads of state.
INTERNATIONAL NEWS
India’s Act East Policy: Vietnam’s Strategic Role in the Indo-Pacific
• Vietnamese Prime Minister Pham Minh Chinh’s visit to India from July 30 to August 1, 2024,
underscores Vietnam’s growing significance in the Indo-Pacific region.
• Accompanied by a high-level delegation, Chinh’s state visit, at the invitation of Indian Prime
Minister Narendra Modi, aims to bolster bilateral ties, particularly in defence cooperation and
economic collaboration.
• Additionally, Chinh is scheduled to meet with President Droupadi Murmu, Vice President
Jagdeep Dhankhar, and External Affairs Minister S. Jaishankar, reflecting the high-level nature of
this diplomatic engagement.
About Vietnam:
• Capital: Hanoi
• Currency: Vietnamese dong (VND)
• Prime Minister: Pham Minh Chinh
• President: To Lam
Zimbabwe Joins UN Water Convention, Signalling Commitment to Cross-Border Water Cooperation
• Zimbabwe, a landlocked country in drought-stricken Southern Africa, has joined the UN Water
Convention in a clear demonstration of political will for water cooperation across borders.
• It is the 54th Party to the 1992 Convention on the Protection and Use of Transboundary
Watercourses and International Lakes (UN Water Convention) and 11th African country to join
this treaty, following closely the accession of Cote d’Ivoire announced.
• The Convention constitutes a unique global legal and intergovernmental framework for the
sustainable management of transboundary water resources serviced by UNECE.
About Zimbabwe :
.
• President : Emmerson Mnangagwa

• Capital : Harare
• Currency : Zimbabwe Gold
India and Vietnam Collaborate on Developing National Maritime Heritage Complex in Lothal, Gujarat
• India and Vietnam, two nations with a rich and intertwined maritime history, are joining forces to
develop the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat.
• This partnership, rooted in centuries-old maritime connections, highlights the enduring bond
between the two countries and their commitment to preserving and celebrating their shared
heritage.
• An MoU was signed at Hyderabad House, New Delhi, in the presence of Prime Minister
Narendra Modi and Vietnam's Prime Minister Pham Minh Chinh.
• This MoU marks a significant step in advancing the NMHC project.
About Vietnam :
• President : Tô Lâm
• Prime Minister : Phạm Minh Chính
• Capital : Hanoi
• Currency : Vietnamese đồng
Curacao Joins CARICOM as Newest Associate Member
• Membership Announcement: The Dutch Caribbean island of Curacao has officially become the
newest associate member of the Caribbean Community (CARICOM).
• Significant Event: The announcement was made during the 47th Regular Meeting of the
Conference of Heads of Government of CARICOM in Grenada.
• Contributions: Curacao aims to contribute to regional trade, climate resilience, and sustainable
development within CARICOM.
New ECOSOC President to focus on safe migration, AI for sustainable development

• Robert Rae, Canada’s Ambassador to the UN, has been appointed as the new President of the
UN Economic and Social Council (ECOSOC).
• Succession: He succeeds Paula Narváez Ojeda of Chile in this role.
• Three Vice-Presidents: The 54-member ECOSOC elected Lok Bahadur Thapa (Nepal), Krzysztof
Szczerski (Poland), and Maritza Chan Valverde (Costa Rica) as new Vice-Presidents.
.
• Regional Representation: They represent the Asia-Pacific, Eastern European, and Latin America
and Caribbean States, respectively.
Germany Joins United Nations Command (UNC) in South Korea as 18th Member State
• New Membership: Germany officially joined the UNC, becoming the 18th member state.
• Historical Context: This is the first expansion of the UNC in over a decade; Italy was the last to
join in 2013.
• Security Ties: German Defense Minister Boris Pistorius stated that Germany's membership
reflects growing security ties between Europe and the Indo-Pacific.
• Commitment to Shared Security: Pistorius emphasized the importance of European and Indo-
Pacific security being interconnected.
Elon Musk's Starlink wins satellite broadband services licence in Sri Lanka
● Sri Lanka’s telecommunications regulator has granted a license to Elon Musk’s Starlink, the
satellite unit of SpaceX, to provide satellite broadband services in the country.
● Sri Lanka’s parliament recently passed a new telecommunications bill, the first amendment in 28
years, enabling Starlink Lanka to enter the market.
● The new legislation paves the way for modernized telecommunications services in the country.
● SpaceX’s Starlink dominates the satellite internet industry, owning around 60% of the
approximately 7,500 satellites orbiting Earth.
About Sri Lanka:
● Capital: Sri Jayawardenepura Kotte (Legislative)
● President: Ranil Wickremesinghe
● Prime Minister: Dinesh Gunawardena
● Chief Justice: Jayantha Jayasuriya
About Starlink:
● Operated by: Starlink Services, LLC (a wholly owned subsidiary of SpaceX)
● Coverage: 102 countries
● Objective: To provide global mobile broadband
● Launch Initiation: SpaceX began launching Starlink satellites in 2019
UAE Joins BRICS Partners to Launch Centre for Industrial Competences
● The UAE Ministry of Industry and Advanced Technology joined its BRICS counterparts on the
launch of a Centre for Industrial Competences in cooperation with the United Nations Industrial
.
Development Organisation (UNIDO) to support the development of Industrial skills and

capabilities.
● The declaration was made at the 8th BRICS Industry Ministers Meeting, bringing industry, trade
and technology ministries together from the UAE, Russia, Brazil, China, Egypt, Ethiopia, India,
Iran, and South Africa.
● The meeting, chaired by Russia, takes place under the theme of "strengthening multilateralism
for equitable global development and security".
Indonesia Celebrates 79th Independence Anniversary with Ceremony in Unfinished Future Capital
Nusantara
● Indonesia marked 79 years of independence on August 17, 2024 with a ceremony in the
unfinished future capital of Nusantara, which was planned to relieve pressure on Jakarta but
whose construction has lagged behind schedule.
● Indonesia’s President Joko Widodo and Cabinet Ministers attended the Independence Day
ceremony at the new Presidential Palace, built in the shape of the mythical eagle-winged
protector figure Garuda.
● The celebration was initially planned to inaugurate Nusantara as the country's new capital, but
with construction behind schedule it's not clear when the transfer will take place.
About Indonesia :
STATE NEWS
Wayanad was among Kerala districts that ranked high on ISRO ‘Landslide Atlas’
• Wayanad, Kerala, recently experienced a devastating landslide on July 30, highlighting the
district's vulnerability to such natural disasters.
• The Indian Space Research Organisation (ISRO) had identified Wayanad as a high-risk area for
landslides based on various socio-economic parameters in a 2023 national-level database.
• The Landslide Atlas of India, prepared by the National Remote Sensing Centre (NRSC) of ISRO
in February 2023, ranked Wayanad 13th among 147 districts in 17 States and two Union
Territories based on landslide exposure. Other districts in Kerala also ranked high in this atlas:
• Thrissur: 3rd
.
• Palakkad: 5th
• Malappuram: 7th
• Kozhikode: 10th
About Kerala
• Capital: Thiruvananthapuram
• Chief Minister: Pinarayi Vijayan
• Governor: Arif Mohammed Khan
• National Parks in Kerala: Anamudi Shola National Park, Eravikulam National Park, Mathikettan
National Park, Pampadum Shola National Park, Periyar National Park, Silent Valley National
Park
Centre Approves Parandur Site for Chennai's Second Airport Development
• The Union government has granted its approval for the Parandur site to develop Chennai’s
second airport.
• The approval was granted by the Steering Committee on Greenfield Airports on July 9, 2024.
• The approval followed an application from the Tamil Nadu Industrial Development Corporation
Limited (TIDCO).
• The proposal has been examined in consultation with Airports Authority of India (AAI),
Directorate General of Civil Aviation (DGCA) and Ministry of Defence/Indian Air Force as per
GFA Policy.
About Tamil Nadu :
Sanctuary
• Biosphere Reserve : Agasthyamalai Biosphere Reserve
India's First 24/7 Grain ATM Unveiled in Mancheswar, Odisha
.
• India's first round-the-clock, 24/7 grain ATM, named Annapurti, was inaugurated at Mancheswar
in Bhubaneswar, Odisha.
• Krushna Chandra Patra, Odisha Minister for Food Supplies and Consumer Welfare, unveiled the
Grain ATM in the presence of Nozomi Hashimoto, Deputy Country Director, of the World Food
Programme in India.
• The initiative is a collaboration between the Odisha government and the World Food Programme.
• Its goal is to achieve nutritional security in the state of Odisha.
About Odisha :
• National Parks : Bhitarkanika National Park, Nandankanan National Park,Simlipal National Park
• Wildlife Sanctuaries : Debrigarh Wildlife Sanctuary, Ushakothi Wildlife Sanctuary, Tikarpada
Wildlife Sanctuary
Chhattisgarh Government to Establish Fourth Tiger Reserve in the State

• The Chhattisgarh government announced that it would establish a new tiger reserve and named
it Guru Ghasidas-Tamor Pingla Tiger Reserve.
• It is located in the northern part of Chhattisgarh, bordering Madhya Pradesh and Jharkhand.
• This will be the 4th Tiger Reserve in Chhattisgarh.
• The existing tiger reserves in the state are:
• Indravati (Bijapur district)
• Udanti-Sitanadi (Gariaband district)
• Achanakmar (Mungeli district
About Chhattisgarh :
• Governor: Ramen Deka
• Chief Minister: Vishnu Deo Sai
• Capital: Raipur
Jharkhand Chief Minister Hemant Soren Launches 'Upasthiti Portal' for Health Department Employees
• Jharkhand Chief Minister Hemant Soren launched the ‘Upasthiti Portal’.
• The portal was launched on behalf of the Health, Medical Education and Family Welfare
Department.
.
• Aim of the portal : To ensure the daily attendance of all doctors, para-medical workers, contract
workers and other workers working under the Health Department.
• Through this portal, cross verification of biometric attendance being recorded by the employees
of the Health Department will be done.
About Jharkhand :
• Governor : Santosh Kumar Gangwar
• Chief Minister : Hemant Soren
• Capital : Ranchi
• Tiger Reserve : Palamu Tiger Reserve
• Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake
Nagaland Leads as 1st Indian State to Launch Disaster Management Insurance
• Nagaland became the first state in India to implement the disaster management insurance
• The state government of Nagaland and SBI General Insurance have signed a Memorandum of
Understanding (MoU) for Disaster Risk Transfer Parametric Insurance Solution (DRTPS).
• The MoU will be effective for three years, from 2024 to 2027.
About Nagaland :
• Governor : La. Ganesan
• Chief Minister : Neiphiu Rio
• Capital : Kohima
• National Park : Ntanki National Park
First-ever Global Women’s Kabaddi League to kick off in Haryana
• Event Launch: Scheduled for September 2024.
• Objective: To promote kabaddi globally and support India’s bid to host the 2036 Olympic Games.
• Organizer: Holistic International Pravasi Sports Association (HIPSA) in collaboration with World
Kabaddi.
• Location: Haryana, India.
Karnataka government orders state departments to close accounts in SBI & PNB
● The Karnataka government has directed all state departments to close their accounts in the State
Bank of India (SBI) and Punjab National Bank (PNB).
.
● This directive includes the recovery of deposits and prohibits further deposits or investments in
these banks.
Reason for Action
The action follows reports of two fraudulent transactions:
Fixed Deposit at PNB:
▪ A fixed deposit of ₹25 crore at PNB’s Rajajinagar branch, initiated by the Karnataka Industrial Area
Development Board on September 14, 2011, was only partially released.
▪ Despite the term ending, PNB allegedly disbursed only ₹13 crore, with unresolved issues over the
past decade.
Fixed Deposit at SBI:
▪ A ₹10 crore fixed deposit with the Karnataka State Pollution Control Board, formerly with the State
Bank of Mysore and now part of SBI, was misused to settle loans of a private company with forged
documents.
▪ Efforts to recover this amount have also been unsuccessful.
About Karnataka:
● Capital: Bangalore
● Governor: Thawar Chand Gehlot
● Chief Minister: Siddaramaiah
● National Parks: Bandipur National Park, Bannerghatta National Park, Anshi National Park,
Kudremukh National Park, Nagarhole National Park
Andhra Pradesh plans 100 industrial parks to promote aqua, food processing sector
● Andhra Pradesh Chief Minister Chandrababu Naidu has directed officials to formulate an action
plan for establishing 100 food processing, aqua, horticulture, and mineral-based industrial
development parks.
● He emphasized that Andhra Pradesh has the "most favourable atmosphere for establishing such
units."
● Naidu chaired a meeting to review the functioning of the Departments of Industries and Micro,
Small and Medium Enterprises (MSME).
.
About Andhra Pradesh:

● Capital: Amaravati
● Governor: Syed Abdul Nazeer
● Chief Minister: N. Chandrababu Naidu
● National Parks: Papikonda National Park, Sri Venkateswara National Park, Rajiv Gandhi National
Park
Himachal Pradesh to launch ₹150 crore HIM-UNNATI scheme to boost natural farming
● The Himachal Pradesh government has launched a new initiative, the HIM-UNNATI scheme,
aimed at promoting natural farming across the state.
● The scheme has an allocation of ₹150 crore and will support approximately 1.92 lakh farmers
who are already practising chemical-free farming on over 32,149 hectares of land.
Objectives and Focus
● HIM-UNNATI will focus on making the agriculture sector economically viable by promoting a
cluster-based development model and natural farming practices.
● The scheme will consolidate smallholding farmers to enable bulk production, ensuring a sufficient
marketable surplus.
● The initiative will integrate various ongoing agricultural schemes and coordinate with departments
such as animal husbandry, horticulture, fisheries, and rural development to maximize the impact.
About Himachal Pradesh:
● Capital: Shimla, Dharamshala (Winter)
● Governor: Shiv Pratap Shukla
● Chief Minister: Sukhvinder Singh Sukhu (INC)
● National Parks: Great Himalayan National Park, Pin Valley National Park, Simbalbara National
Park, Khirganga National Park, Inderkilla National Park
Madhya Pradesh: 1st State to provide cash to girls student to buy sanitary napkins
● Madhya Pradesh has become the first state in India to provide money directly to girl students for
purchasing sanitary napkins.
● Unlike states such as Karnataka, Rajasthan, and Delhi, which offer free sanitary napkins,
Madhya Pradesh is implementing a cash transfer system.
.
● Under the Sanitation and Hygiene Scheme, an amount of ₹300 has been transferred to each
eligible girl student’s account for one year.
● The scheme benefits approximately 19 lakh students from classes seventh to twelfth.
About Madhya Pradesh:
● Capital: Bhopal
● Governor: Mangubhai C. Patel
● Chief Minister: Mohan Yadav
● National Park: Kanha National Park, Madhav National Park, Bandhavgarh National Park, Pench
National Park, Van Vihar National Park, Satpura National Park, Panna National Park, Kuno
National Park
Odisha becomes the 3rd state to implement a one-day menstrual leave policy for women in both public
and private sectors
● The Odisha government has introduced a one-day menstrual leave policy for working women in
both the public and private sectors.
● The announcement was made by Deputy Chief Minister Pravati Parida during Independence Day
celebrations on August 15, 2024, in Cuttack.
● The one-day menstrual leave policy will be effective immediately for women employees eligible to
take leave from work on the first or second day of their menstrual cycle.
● Odisha is the 3rd state after Kerala and Bihar to bring in a menstrual leave policy for working
women amid a nationwide demand for such a paid leave for students and working women.
About Odisha :
● Governor : Raghubar Das
● Chief Minister : Mohan Charan Majhi
● Capital : Bhubaneswar
● National Parks : Bhitarkanika National Park, Simlipal National Park
● Wildlife Sanctuaries : Debrigarh Wildlife Sanctuary, Ushakothi Wildlife Sanctuary
Andhra Pradesh Sets Ambitious 15% GSDP Growth Target: Chief Minister N Chandrababu Naidu
● The Andhra Pradesh (AP) government aims to achieve a 15% annual growth rate in the
State Gross Domestic Product (GSDP).
● This target is part of the broader effort to revive the state's economy and restore "Brand
Andhra Pradesh."
.
Karnataka Cabinet Approves Proposal to Rename Ramanagara District as Bengaluru South District
● The Karnataka Cabinet, led by Chief Minister Siddaramaiah, approved a proposal to

rename Ramanagara district as Bengaluru South district.
● The renaming aims to boost industrial and real estate growth in the region.
● It is expected to attract developers and investors, potentially increasing property prices in
the area.
● Ramanagara district has 5 taluks – Ramanagara, Channapatna, Magadi, Kanakapura and
Harohalli.
Uttar Pradesh Chief Minister Introduces Mukhyamantri Yuva Udyam Vikas Abhiyan Scheme to Foster
Youth Entrepreneurship
● Uttar Pradesh Chief Minister Yogi Adityanath hoisted the national flag at an event to mark the
nation’s 78th Independence Day in front of Vidhan Bhavan in Lucknow, UP.
● During this, Mr. Adityanath announced the launch of a new initiative, the Mukhyamantri Yuva
Udyam Vikas Abhiyan Yojana, aimed at empowering youth.
● Under the scheme, financial support will be provided to young individuals interested in
entrepreneurship, with a target of establishing one million micro, small, and medium enterprises
(MSME) units across the state.
● Over 16.2 million young people have secured employment due to investments in the state.
Maharashtra Government Officially Launches 'Ladki Bahin' Scheme
● The Maharashtra government launched the "Mukhyamantri Majhi Ladki Bahin Yojana," aimed at
providing financial aid to women across the state.
● The scheme was inaugurated by the Chief Minister and Deputy Chief Ministers at an event
coinciding with Rakshabandhan festivities.
● The scheme offers a monthly stipend of ₹1,500 to over one crore women in Maharashtra.
Eligibility Criteria:
● Only women can apply.
● Applicants must be permanent residents of Maharashtra.
● Women must be between 21 and 65 years old.
● The family's annual income must be less than ₹2.5 lakh.
● Initial Payment: Eligible women will receive an initial instalment of ₹3,000 (for two months).
.
● After this, the standard monthly amount of ₹1,500 will be deposited in their bank accounts.
● No Application Fee: There is no fee associated with applying for the scheme.
● Budget Allocation: The scheme was included in the Maharashtra government's supplementary
budget and is expected to cost the state ₹46,000 crore annually.
57 Casual Employees Reinstated at Namdapha National Park and Tiger Reserve After 3-Month
Termination
● 57 casual employees of Namdapha National Park and Tiger Reserve (NNP&TR) have been
reinstated three months after their services were terminated.
● Their reinstatement, effective August 13,2024 under Project Tiger, comes with certain conditions.
● Namdapha National Park and Tiger Reserve is located in the Changlang District of Arunachal
Pradesh, surrounded by Myanmar in the Southeast.
● Namdapha, named after a river meandering through it, was declared Indias 15th Tiger Reserve
in 1983, the very year it was elevated to a national park from a wildlife sanctuary.
● It is the only park in the World to have the four Feline species of big cat namely the Tiger,
Leopard, Snow Leopard, and Clouded Leopard, and numbers of Lesser cats.
Jharkhand Chief Minister Hemant Soren Launches the Highly Anticipated Jharkhand Mukhyamantri
Maiyan Samman Yojna
● Jharkhand Chief Minister Hemant Soren launched the much-hyped Jharkhand Mukhyamantri
Maiyan Samman Yojna (JMMSY).
● Mr. Soren transferred the amount to 81, 000, women with Rakshabandhan around the corner.
● Under this scheme, the state government will send ₹ 1,000 honorarium to the bank accounts of
eligible women between the ages of 21 and 50 by the 15th of every month through DBT.
About Jharkhand :
● Governor :Santosh Kumar Gangwar
● Chief Minister : Hemant Soren
Defence Minister Rajnath Singh Unveils Rs 100 Coin to Honor Birth Centenary of Former DMK
President M. Karunanidhi, Praises Him as a 'Titan' of Indian Politics
.
● Defence Minister Rajnath Singh released a Rs 100 commemorative coin to mark the birth
centenary of late DMK president and former Tamil Nadu Chief Minister M. Karunanidhi. Singh
praised Karunanidhi as a "titan" of Indian politics.
● The coin was released in the presence of Tamil Nadu Chief Minister MK Stalin, who is the son of
M. Karunanidhi.
Coin Specifications:
● Weight: 35 grams.
● Diameter: 44 millimetres.
● Edge: 200 serrations.
● Composition: Made of an alloy with 50% silver, 40% copper, 5% nickel, and 5% zinc.
● Historical Context: India’s first commemorative coin was issued in 1964 after the death of Prime
Minister Jawaharlal Nehru.
About Tamil Nadu :
Sanctuary
Chhattisgarh Government Adopts Artificial Intelligence to Enhance School Education and Programs
● The Chhattisgarh government’s education department is using artificial intelligence (AI) to
improve school education and programmes like midday meals.
● Vidya Samiksha Kendra: The state has established the Vidya Samiksha Kendra in Raipur to
implement the AI system for online monitoring and data analysis of various beneficiary-oriented
schemes run by the school education department.
● Toll-free Support: A toll-free phone number will be issued to address problems and provide
support to students, parents, and teachers.
.
● Governor : Ramen Deka

● Chief Minister : Vishnu Deo Sai
● Capital : Raipur
● Wildlife Sanctuaries : Badalkhol Wildlife Sanctuary, Barnawapara Wildlife Sanctuary,
Bhairamgarh Wildlife Sanctuary
Odisha Chief Minister Mohan Majhi unveils Subhadra Scheme, providing ₹50,000 to one crore women
aged 21-60 over five years
● The Bharatiya Janata Party Government led by Odisha Chief Minister Mohan Majhi, announced
the implementation of the Subhadra scheme under which ₹50,000 will be provided over five
years to one crore women between the ages of 21 and 60.
About the Scheme :
● Implementation Period: The scheme will be implemented from the financial year 2024-25 to
2028-29.
● Total Outlay: The total budget allocated for the scheme is ₹55,825 crore.
● Annual Assistance: Beneficiaries will receive ₹10,000 per annum in two instalments of ₹5,000
each.
● Women receiving assistance of ₹1,500 or more per month or ₹18,000 or more per year under
other government schemes.
About Odisha :
● National Parks : Bhitarkanika National Park
● Wildlife Sanctuaries : Gahirmatha Marine Wildlife Sanctuary, Debrigarh Wildlife Sanctuary,
Sunabeda Wildlife Sanctuary
● Ramsar Sites : Chilika lake, Bhitarkanika mangroves, Satkosia gorge, Hirakud reservoir, Ansupa
lake and Tampara lake
Maharashtra Leads as First State to Implement Unified Pension Scheme for Government Employees
● The Maharashtra cabinet has decided to implement the Unified Pension Scheme (UPS) for state
government employees, making it the first state to adopt the scheme announced by the Union
government.
.
● The decision was announced by the Maharashtra cabinet and will take effect from March 2024.
What is the Unified Pension Scheme?
● The Narendra Modi-led Centre approved the Unified Pension Scheme (UPS) for central
government employees who joined service after January 1, 2004.
● The UPS provides an assured pension of 50% of the average basic pay over the last 12 months
before retirement for eligible employees.
About Maharashtra :
● Governor: C. P. Radhakrishnan
● Capital: Mumbai
Sanctuary
Himachal Pradesh Increases Minimum Marriage Age for Women from 18 to 21 Years
● The Himachal Pradesh (HP) State Assembly passed a Bill increasing the minimum age of
marriage for women from 18 to 21 years in order to support gender equality and higher
education.
● The Prohibition of Child Marriage (Himachal Pradesh Amendment) Bill, 2024 was introduced by
Women Empowerment Minister Dhani Ram Shandil in the State Assembly during its ongoing
monsoon session.
About HP :
● Governor : Shiv Pratap Shukla
● Chief Minister : Sukhvinder Singh Sukhu
Centre proposes ₹26,000 crore allocation for road infrastructure projects in Bihar
● The Centre proposed an outlay of ₹26,000 crore for various road projects in Bihar.
● Finance Minister Nirmala Sitharaman announced the financial outlay in the Budget for 2024-25.
● The Centre will also formulate plan 'Purvodaya' for the all-round development of Bihar,
Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
● The government will support the development of an industrial corridor in the eastern region.
.
● Also, E-vouchers will be provided directly to 1 lakh students annually with an interest subvention
of 3% on the loan amount.
About Bihar :
● Capital : Patna
● National Parks : Valmiki National Park
● Wildlife Sanctuaries : Bhimbandh Wildlife Sanctuary, Pant Wildlife Sanctuary, Udaypur Wildlife
Sanctuary
BUSINESS NEWS
Indian Oil Corporation's New Oil Jetty at Kamarajar Port
• Indian Oil Corporation Ltd (IOCL) is constructing an exclusive oil jetty at Kamarajar Port in
Ennore, Tamil Nadu.
• The project, with an investment of ₹921 crore, is expected to be completed by December 2024.
• Currently, all oil companies, including IOCL, HPCL, BPCL, Reliance, Shell, and Nayara, use a
common oil jetty.
• IOCL will move to its dedicated facility once the new jetty is operational.
Vodafone Idea clears Rs 1,500 crore DoT bill
• Vodafone Idea has paid dues worth Rs 1,500 crore, comprising revenue share licence fee and
spectrum usage charges, to the Department of Telecommunications (DoT).
• Total Payment: ₹1,500 crore paid to the Department of Telecommunications (DoT).
• Breakdown:
o ₹720 crore for January-March quarter dues.
o Full payment for April-June period dues.
Tata Electronics Assam chip plant to be operational in 2025:
• Tata Electronics is set to significantly impact the semiconductor industry in India with its new chip
assembly and testing facility in Jagiroad, Assam.
• With an investment of ₹27,000 crore, the plant is expected to be operational by 2025, creating
substantial employment opportunities and boosting the local economy.
• This facility is part of a broader initiative supported by the Union Cabinet to strengthen India's
semiconductor manufacturing capabilities.
.
• Union Cabinet Approval: In February, the Union Cabinet approved the proposal for Tata’s
semiconductor unit in Morigaon, Assam, along with:
o A fab plant in Dholera by Tatas.
o A CG Power facility in Sanand, Gujarat.
Toyota Kirloskar Motor Announces New Manufacturing Plant in Maharashtra
• Toyota Kirloskar Motor (TKM) will establish a new greenfield manufacturing facility in
Maharashtra, with an investment of approximately Rs 20,000 crore.
• The plant will be located in Chhatrapati Sambhaji Nagar.
• TKM signed a Memorandum of Understanding (MoU) with the Maharashtra government to
explore the establishment of this new facility.
• TKM is headquartered in Karnataka and already operates two manufacturing units in Bidadi, near
Bengaluru.
• In Karnataka, TKM and its group companies have invested over Rs 16,000 crore and created
approximately 86,000 jobs throughout the value chain.
India's Core Sector Output Growth Slows to 4% in June 2024

• India's core sector output growth fell to 4% in June 2024, marking the slowest growth in 20
months.
• This sector accounts for about 40% of the country's industrial production.
• The slowdown is attributed to reduced electricity, steel, and natural gas activities.
• Output in crude oil and refinery products contracted during June.
• Sector-wise Performance in June 2024:
o Coal: Production grew by 14.8%, up from 10.2% in May.
o Fertilizers: Production increased by 2.4%, compared to a 1.7% contraction in May.
o Cement: Output grew by 1.9%, rebounding from a 0.6% contraction in May.
o Electricity: Output expanded by 7.7%, down from 13.7% growth in May.
o Steel: Growth slowed to 2.7%, from 6.8% in May.
o Natural Gas: Growth decreased to 3.3%, from 7.5% in May.
o Crude Oil: Output contracted by 2.6%, after a 1.1% contraction in May.
o Refinery Products: Output contracted by 1.5%, after a 0.5% growth in May.
UPI's Remarkable Growth: July 2024 Transaction Volume Surges to 14.44 Billion
.
• India's Unified Payments Interface (UPI), a cornerstone of the country's digital payment
landscape, has reported a significant year-on-year (Y-o-Y) growth in July 2024.
• UPI's transaction volume reached an impressive 14.44 billion, reflecting a 45% Y-o-Y increase.
• The total value of these transactions also saw a substantial rise, increasing by 35% Y-o-Y to
reach ₹20.64 trillion, according to data released by the National Payments Corporation of India
(NPCI).
Government May Raise At Least ₹10,000 Crore In Next Phase Of Sovereign Green Bonds
• In 2023-24, India issued ₹20,000 crore in sovereign green bonds to support clean energy projects.
• For 2024-25, the government plans to raise ₹20,000-25,000 crore, with a first-half goal of ₹12,000
crore and a second-half potential of up to ₹15,000 crore.
Issuance Details for 2023-24:
• Amount Issued: ₹20,000 crore in sovereign green bonds.
• Budget Mention: Not included in the budget.
• Purpose: Financing clean energy and sustainability projects.
BHEL secures order for demonstration of first of its kind methanol firing in gas turbine of kayamkulam
CCCP
• Bharat Heavy Electricals Limited (BHEL) has received the first ever order for the demonstration of
methanol firing in a Gas Turbine at the 350 MW Kayamkulam Combined Cycle Power Plant (CCPP)
of NTPC installed at Alappuzha district in Kerala.
• This will be the first such demonstration project of its kind in India.
• Project: First-ever methanol firing demonstration in a gas turbine
• Location: 350 MW Kayamkulam Combined Cycle Power Plant (CCPP), Alappuzha district, Kerala
• Client: NTPC
July 2024 GST Collections Surge by 10.3% to Over ₹1.82 Trillion

• In July 2024, India's Goods and Services Tax (GST) collections saw a significant year-on-year
increase of 10.3%, reaching ₹1.82 trillion (US$ 21.74 billion).
• This marks the third-highest monthly collection since the GST regime was implemented on July
1, 2017, primarily driven by robust domestic transactions in goods and services.
• Gross GST Revenue: ₹1,82,075 crore (US$ 21.75 billion).
o Central GST (CGST): ₹32,386 crore (US$ 3.87 billion).
.
o State GST (SGST): ₹40,289 crore (US$ 4.81 billion).

o Integrated GST (IGST): ₹96,447 crore (US$ 11.52 billion).
o Compensation Cess: ₹12,953 crore (US$ 1.55 billion).
Government to decide on Sovereign Gold Bond issuance for next fiscal

• The Finance Ministry and the Reserve Bank of India (RBI) will meet next month to discuss the
potential issuance of Sovereign Gold Bonds(SGB) for the remainder of the fiscal year.
• For FY25, the government may consider issuing a lower quantum of SGBs, around ₹18,500
crore, compared to the ₹29,638 crore estimated in the Interim Budget 2024.
• SGBs are denominated in multiples of gram(s) of gold, with a basic unit of 1 gram and a
maximum investment limit of 4 kg.
• They have an 8-year tenor, with an exit option in the 5th, 6th, and 7th years, and offer a 2.50%
per annum interest rate payable semi-annually.
Ministry issues new notification for GSTAT with provisions for ‘circuit’ and ‘sitting’
• The Finance Ministry's new notification regarding the constitution of the Principal and State
Benches of the GST Appellate Tribunal (GSTAT) brings significant updates and additions.
• This notification, effective from September 1, 2023, supersedes two previous notifications from
September 2023 and December 2024 and introduces new circuits and locations for the Tribunal.
EU approves Hewlett Packard Enterprise’s $14 billion Juniper deal

• The European Commission has approved Hewlett Packard Enterprise's (HPE) $14 billion
acquisition of Juniper Networks, concluding that the merger will not significantly reduce
competition in the relevant markets.
• This deal, announced in January, reflects the growing trend of companies investing in upgrading
their technology to meet the demands of artificial intelligence-driven services.
• EU Commission Decision: Unconditionally approved the acquisition.
Government Introduces Relief Measure for Long-Term Capital Gains Tax on Property
• The Finance Minister, Nirmala Sitharaman, proposed reducing the long-term capital gains
(LTCG) tax on property from 20% to 12.5% while removing the indexation benefit.
.
• The Indian government has proposed an amendment allowing taxpayers to choose between two
methods of calculating long-term capital gains (LTCG) tax on properties acquired before July 23,
2024.
• Choice of Tax Calculation:
o New Scheme: 12.5% LTCG tax without indexation.
o Old Scheme: 20% LTCG tax with indexation.
o Taxpayer Benefit: Taxpayers can choose the method that results in the lower tax liability.
Banks write off loans worth Rs 9.90 trillion in last 5 years:
• Banks have written off loans totalling ₹9.90 trillion over the past five financial years.
• Annual Write-Offs:
▪ 2023-24: ₹1.70 trillion (down from ₹2.08 trillion in 2022-23).
▪ 2019-20: Highest at ₹2.34 trillion.
▪ 2020-21: ₹2.02 trillion.
▪ 2021-22: ₹1.74 trillion.
NSE registered investor base crosses 10 crore unique investors'
• The National Stock Exchange of India (NSE) has announced a significant achievement: its
unique registered investor base has crossed the 10 crore mark.
• This milestone reflects the growing participation of Indian citizens in the equity markets.
• Historical Growth: While it took over 25 years to reach 4 crore investors by March 2021, the next
6 crore additions occurred at an accelerated pace, averaging around 6-7 months per crore.
Flipkart's quick commerce service 'Minutes' goes live in Bengaluru
• Walmart-owned Flipkart has launched its quick-commerce service, Flipkart Minutes, in select
areas of Bengaluru.
• This new service is designed to deliver products quickly, with delivery times ranging from 8 to 16
minutes for groceries, electronics, smartphones, and other items.
• Service Launch: Flipkart Minutes has gone live on the Flipkart app and is currently available in
localities such as Belandur and HSR. Initially, it was offered only to employees at Flipkart’s
headquarters but has now expanded to the public.
Despite PLI push, electronics imports top $20 bn for fifth quarter
• India’s import of electronic goods exceeded $20 billion for the fifth consecutive quarter.
• Q1 FY25: Electronic goods worth $22.8 billion were imported, slightly down from $23.4 billion in
the previous quarter.
.
• Electronic Components and Computer Hardware: Accounted for more than half of the electronic
goods imported in the June quarter of FY25, up from 46% before the pandemic.
o Crude Petroleum: Imports grew by 22.4% in the June quarter, driven by discounted Russian
prices.
o Pharmaceuticals: Imports increased by about 11%.
o Engineering Products: Imports rose by 5.4%.
o Gems and Jewellery: Imports contracted by 0.5%.
Svastha Ecoharvest Set to Export India's First Sona Masoori Brown Rice Consignment to Europe
• Agtech start-up Svastha Ecoharvest is preparing to export India's first Sona Masoori brown rice
consignment to Europe.
• Traditionally, rice exports from India to Europe have been limited to Basmati.
• In response to farmers' prevalent and often unguided use of chemicals, Svastha Ecoharvest has
implemented a technological action plan.
• This plan ensures that the rice meets the Maximum Residue Level (MRL) standards, even
accounting for potential future revisions.
Finance Minister Nirmala Sitharaman’s Announcement: Centre to treat capex loans to states as grants
• The Centre may convert trillions of rupees given to states into grants, rather than loans. Grants do
not need to be repaid.
• Total Given: Rs 2.17 trillion released under the ‘Scheme for Special Assistance to States for Capital
Expenditure’ since its launch.
• Future Assistance: Estimated Rs 1.5 trillion more to be given in FY25, totaling Rs 3.7 trillion from
FY21-FY25.
Insurers to pay 12% penalty for delay in Fasal Bima settlement

• The Pradhan Mantri Fasal Bima Yojana (PMFBY) has introduced a 12% penalty for delayed
claim settlements, directly benefiting farmers.
• The scheme now mandates remote sensing for crop loss assessments and employs a
centralized portal for real-time tracking.
• With significant enrollment and coverage increases, PMFBY aims to enhance its effectiveness
and support farmers better.
.
• The Finance Ministry has allocated Rs 15,000 crore for FY25, reflecting the scheme's importance
in safeguarding agricultural interests.
WPI Inflation for July 2024 Registers at 2.04%, Driven by Rising Food and Energy Prices
● The annual inflation rate based on the All India Wholesale Price Index (WPI) for July 2024 stands at
2.04%, a decrease from 3.36% in June 2024.
● This positive inflation rate is primarily attributed to increases in prices of food articles, mineral oils,
and crude petroleum & natural gas.
● Index Numbers and Inflation Rate:
o All Commodities: Index at 155.2 with inflation at 2.04%.
o Primary Articles: Index at 197.6 with inflation at 3.08%.
o Fuel & Power: Index at 147.9 with inflation at 1.72%.
o Manufactured Products: Index at 141.7 with inflation at 1.58%.
o Food Index: Index at 195.4 with inflation at 3.55%
● Wholesale Price Index: Wholesale Price Index (WPI) represents the price of goods at a
wholesale stage i.e. goods that are sold in bulk and traded between organizations instead of
consumers.
India's Trade Performance in July 2024: Positive Growth in Exports and Imports Amid Widening Trade
Deficit
● India's total exports (merchandise and services combined) for July 2024 were estimated at USD
62.42 billion, reflecting a growth of 2.81% compared to July 2023.
● Imports: Total imports for July 2024 were estimated at USD 72.03 billion, showing a more substantial
growth of 7.14% over the same period in the previous year.
● Trade Deficit: The trade deficit widened to USD 9.61 billion in July 2024, compared to USD 6.52
billion in July 2023.
BPCL Introduces India's First Biofuel Blend HFHSD Bunker at Mumbai Port
● Bharat Petroleum Corporation Limited (BPCL) has launched India's first biofuel blend High Flash
High-Speed Diesel (HFHSD) bunker facility at Mumbai Port.
● This initiative represents a significant leap towards environmental sustainability in the maritime
industry.
● This facility is part of BPCL’s "Project Aspire," which emphasises green energy. The company is
expanding its portfolio of eco-friendly bunker fuels, including LNG, hydrogen, and methanol.
Tamil Nadu CM Inaugurates Rs 706-Crore Residential Facility for Foxconn's Female Workers
.
● Tamil Nadu Chief Minister M. K. Stalin inaugurated an industrial housing facility for Apple contract
manufacturer Foxconn women employees at SIPCOT Industrial Park in Vallam Vadagal near
Sriperumbudur.
Project Details:
● Cost: Rs 706 crore
● Area: 20 acres
● Capacity: 18,720 workers
● Structure: 13 blocks, each with 10 floors
FPIs Surge in Indian Debt Market, Cross ₹1 Lakh Crore Mark in 2024
● Foreign Portfolio Investors (FPIs) have set a new milestone in the Indian debt market, with net
investments exceeding ₹1 lakh crore as of mid-August 2024.
● This significant achievement underscores the growing appeal of India's debt instruments, especially
following the country's inclusion in JP Morgan’s Emerging Market government bond indices earlier
this year.
● FPIs' net inflows into the Indian debt market have reached ₹1,00,100 crore by August 16, 2024, a
substantial increase from ₹28,181 crore during the same period last year.
CSR Spending Falls Short of Mandates: Five-Year High of Unspent Funds in FY23
● In the fiscal year 2022-23 (FY23), listed companies in India have recorded a significant shortfall in
their Corporate Social Responsibility (CSR) spending, with a five-year high of ₹1,475 crore
remaining unspent.
● This amount represents the difference between the required and actual CSR expenditures.
● Total Required vs. Actual Spend: Listed companies were mandated to spend ₹15,787 crore on CSR
activities for FY23, based on their net profits, turnover, and net worth. However, they spent only
₹15,602 crore, falling short by ₹185 crore.
● Unspent Amount: The unspent amount of ₹1,475 crore represents the aggregate CSR shortfall by
companies that spent less than the mandated sum.
Granules India Receives U.S. FDA Approval for Glycopyrrolate Oral Solution
● Granules India has received approval from the U.S. Food and Drug Administration (U.S. FDA) for its
abbreviated new drug application (ANDA) for Glycopyrrolate Oral Solution 1mg/5mL.
● This approval is for a product that is bioequivalent and therapeutically equivalent to Merz
Pharmaceuticals LLC's Cuvposa Oral Solution 1 mg/5 mL.
Decathlon to Invest €100 Million in India Over the Next Five Years
.
● French sports retailer Decathlon announced plans to invest €100 million (approximately ₹933 crore)
in India over the next five years.
● This significant investment underscores the importance of India as one of Decathlon's fastest-
growing markets.
GST Rate Rationalisation Panel Moves Towards 4-Tier Slab Structure
● The ministerial panel on GST rate rationalisation largely agreed to maintain the existing 4-tier
slab structure.
● The panel has tasked the committee of tax officers with analysing the implications of adjusting
rates for specific items and reporting back to the GST Council.
Finance Ministry’s Monthly Economic Report Highlights Resilient Growth and Inflation Outlook
● The finance ministry reaffirms the projection of real GDP growth at 6.5%-7% for FY25, as
outlined in the 2023-24 economic survey.
● The projection remains appropriate due to the ongoing resilience of domestic economic activities.
Dabur to Invest ₹400 Crore in First Manufacturing Plant in South India
● Dabur, one of India’s leading Fast-Moving Consumer Goods (FMCG) giants, will invest Rs 400 crore
to set up a world-class manufacturing plant, its first ever in south India, at the Sipcot Food Park in
Tindivanam in Villupuram district.
NSE to File Fresh Application with SEBI for IPO Approval
● The National Stock Exchange (NSE) board has approved a fresh application to the Securities and
Exchange Board of India (SEBI) for a no-objection certificate (NOC) to launch its long-delayed initial
public offering (IPO).
● The decision was announced during NSE’s Annual General Meeting.
● NSE first sought SEBI's approval for an IPO in 2016, but the application was returned in 2019 amid
investigations into the co-location scam and significant reduction in offer size.
● NSE has since submitted at least three applications for SEBI’s NOC, with the most recent one in
June 2022.
Finance Minister Nirmala Sitharaman Inaugurates GST Bhawan in Udaipur
o Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, inaugurated the GST
Bhawan, the official complex of the CGST Udaipur Commissionerate under the Central Board of
Indirect Taxes and Customs (CBIC), in Udaipur, Rajasthan.
o Key attendees included MPs Manna Lal Rawat and Chunnilal Garasiya, CBIC Chairman Sanjay
Kumar Agarwal, and senior CBIC officials.
.
Oyo Reports Q1 Profit of Rs 132 Crore, Eyes Rs 700 Crore PAT for FY25
o Oyo, the hospitality major heading towards an IPO, reported a profit after tax (PAT) of Rs 132
crore for the first quarter (Q1) of FY25, marking a significant turnaround from a loss of Rs 108
crore in the same period last year.
o The company anticipates its PAT to triple to Rs 700 crore for the full financial year FY25,
reflecting strong growth and strategic management.
Madhya Pradesh Secures Rs 8,000 Crore Investment Proposals at Regional Industrial Conclave
o Madhya Pradesh Chief Minister Mohan Yadav announced that the state received investment
proposals worth Rs 8,000 crore during the Regional Industrial Conclave (RIC) in Gwalior.
o These investments are expected to generate 35,000 jobs across the state, reflecting strong
investor interest and economic potential.
o Adani Port and SEZ Ltd Managing Director Karan Adani disclosed plans to set up a 2-million-
tonne capacity cement grinding unit in Guna and a propellant production facility in Shivpuri.
o These projects will involve a total investment of Rs 3,500 crore and are projected to create 3,500
jobs.
Vedanta Ltd Forms ₹30,000 Crore War Chest for Growth and Deleveraging
o Vedanta Ltd has assembled a war chest of ₹30,000 crore through recent financial manoeuvres,
including:
▪ ₹8,500 crore raised via a Qualified Institutional Placement (QIP).
▪ ₹3,200 crore from the Offer for Sale (OFS) of Hindustan Zinc Ltd (HZL).
▪ ₹5,100 crore from a second interim dividend.
▪ Existing cash reserves of ₹13,000 crore
BANKING AND ECONOMY

Government Extends Minimum Public Shareholding Deadline for PSUs to August 2026
• The government has extended the deadline for central public sector enterprises (CPSEs) and
public sector financial institutions to meet the minimum public shareholding (MPS) norm until
August 2026.
• Exemption Details: According to the Finance Ministry memorandum, CPSEs, public sector banks,
and financial institutions are allowed until August 1, 2026, to increase their public shareholding to
at least 25%.
.
• Authority and Rules:The extension is exercised under sub-rule (6) of Rule 19A of Securities
Contract (Regulation) Rules, 1957 (SCRR).
Reserve Bank of India Revokes Licences of 78 Urban Cooperative Banks Since 2014, Maharashtra
Leads in Numbers
• The Reserve Bank of India (RBI) has cancelled the licences of 78 Urban Cooperative Banks
(UCBs) since 2014.
• Maharashtra has the highest number of cancellations, with 36 UCBs losing their licences.
• Reasons for Cancellation:Cancellations were due to inadequate capital, poor earning prospects,
deteriorating financial position, and operations prejudicial to depositors' and the public's interests.
About RBI :
SBI General Insurance and HSBC India Form Bancassurance Partnership to Distribute Non-Life
Insurance Products
• SBI General Insurance Company Limited (SBI General Insurance) and Hongkong and Shanghai
Banking Corporation Limited, India (HSBC India) or HSBC Bank India have entered into a
bancassurance partnership for the distribution of non-life insurance products through HSBC
India's network.
• The partnership aims to enhance the accessibility and availability of comprehensive insurance
solutions across India.
• It is expected to help increase insurance penetration in the country.
About SBI General Insurance :
• Founded : 2009
• MD & CEO : Naveen Chandra Jha
• It is a joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG).
About HSBC India :
• Founded : 1853
• CEO : Hitendra Dave
.
• It is a foreign bank under the Banking Regulation Act, 1949 and thus is regulated by the Reserve
Unified Payments Interface Transactions Surge 36% to Rs 60 Trillion in April-June Quarter

• Unified Payments Interface (UPI) transactions grew over 36% in the first three months of the
current fiscal year (April-June 2024), reaching Rs 60 lakh crore.
• Transaction Details:In Q1 FY25, there were 41.22 billion UPI transactions worth Rs 60 trillion.
• In the April-June period of 2024, there were 27.62 billion UPI transactions totaling Rs 44 trillion.
• Previous Fiscal Years:Fiscal Year FY 23-24: 131.13 billion UPI transactions with a value of Rs
200 trillion.
New Insider Trading Rules for Mutual Funds Effective November 1, 2024 to Boost Asset Management
Companies Transparency
• The Capital markets regulator Securities and Exchange Board of India (SEBI) has notified
November 1, 2024 as the effective date for the implementation of insider trading rules aimed at
enhancing the integrity and transparency within asset management companies (AMCs).
• Insider trading, or insider dealing, is the unethical practice of buying or selling securities, such as
stocks or bonds, by individuals with privileged access to confidential information about a
company.
• This includes employees, directors, executives, and promoters of the company.
About SEBI :
Controller General of Accounts Data Reveals Centre's Fiscal Deficit at 8.4% of FY25 Target for Q1,
Driven by Reduced Capital Expenditure and High RBI Dividends
• According to the data released by the Controller General of Accounts (CGA), a sharp reduction
in capital expenditure (capex) during election months and record-high dividend from the Reserve
.
Bank of India (RBI) led to a decrease in the central government’s fiscal deficit to 8.41% of the full-
year target for the April-June quarter (Q1) of 2024-25 (FY25).
• In absolute terms, the fiscal deficit was ₹1,35,712 crore as of June-end.
• In Q1 FY24, the fiscal deficit was 25.3% of the full-year target, whereas in Q1 FY25, it stood at
8.1%
PNB MetLife Launches Bharat Manufacturing Fund in ULIP Segment

• PNB MetLife India Insurance Company Limited has launched Bharat Manufacturing Fund,
offering policyholders an opportunity to invest in India's manufacturing sector.
• The fund is part of the company's Unit Linked Insurance Plan (ULIP) and will be available at an
initial unit price of Rs 10 during the New Fund Launch period from August 1 to August 15, 2024.
• ULIP Explanation: A ULIP combines life insurance and investment, where part of the premium
provides life insurance and the remainder is invested in equity, debt instruments, or a
combination of both based on the policyholder's risk appetite.
About PNB MetLife India Insurance Company Limited :
• Headquarters: Mumbai,Maharashtra
• CEO: Sameer Bansal
ICICI Prudential Mutual Fund Launches Nifty Metal ETF to Track Nifty Metal Index Performance
• ICICI Prudential Mutual Fund has announced the launch of the ICICI Prudential Nifty Metal ETF,
designed to track the performance of the Nifty Metal Index.
• The new fund offer (NFO) provides investors with an opportunity to gain exposure to a diverse
range of companies in the metal sector.
• The ETF aims to provide returns that correspond to the Nifty Metal Index, subject to tracking
errors.
• The index includes a maximum of 15 stocks from the metal sector, encompassing both ferrous
and non-ferrous metals, selected from the Nifty 500 based on market value.
About ICICI Prudential Mutual Fund :
• Founded : 1993
• MD & CEO : Nimesh Shah
.
• It is an Indian asset management company founded as a joint venture between ICICI Bank and
Prudential plc.
Reserve Bank of India Reports 97.92% of ₹2,000 Banknotes in Circulation Returned by July 31, 2024
• The Reserve Bank of India (RBI) reported that 97.92% of ₹2,000 banknotes in circulation as of
May 19, 2023, have been returned by July 31, 2024.
• The total value of ₹2,000 notes in circulation reduced from ₹3.56 lakh crore on May 19, 2023, to
₹7,409 crore by July 31, 2024.
• Legal Tender Status:Despite the withdrawal, ₹2,000 banknotes continue to be legal tender.
• Reason for Withdrawal:The withdrawal was due to the infrequent use of ₹2,000 notes for
transactions.
RBL Bank introduces RuPay credit cards featuring Unified Payments Interface and National Common
Mobility Card functionalities
• RBL Bank has announced the integration of Unified Payments Interface (UPI) and National
Common Mobility Card (NCMC) services on RuPay Credit Cards it sells.
• The offering combines multiple payment capabilities into a single card.
• Features:UPI Payments: Users can make seamless and secure payments through UPI.
• NCMC: Facilitates hassle-free travel with the NCMC feature.
• Flexibility: The card combines multiple payment capabilities into one, offering flexibility for daily
expenses and travel.
About RBL Bank (formerly known as Ratnakar Bank Limited) :
Asian Development Bank to Provide $200 Million Loan to India for Solid Waste Management in 100
Cities
• The Asian Development Bank (ADB) and the Government of India have signed a $200 million
(approximately ₹1,700 crore) loan for solid waste management and sanitation improvements in
100 cities across 8 states in India.
.
• Signatories:The loan agreement was signed by Juhi Mukherjee, Joint Secretary, Finance
Ministry, and Mio Oka, Country Director for ADB’s India Resident Mission.
• Programme Name:The initiative is part of the Swachh Bharat Mission 2.0 - Comprehensive
Municipal Waste Management in Indian Cities Program.
• Objectives:Enhancing sanitation and solid waste management infrastructure, including waste
segregation, collection, and disposal.
About ADB :
Write-Offs in Scheduled Commercial Banks Drop by Over 27% to ₹1.70 Lakh Crore by FY 2023-24
• As per the data presented in the Lok Sabha showed, write-offs in scheduled commercial banks
have decreased over the last five years to just over ₹1.70 lakh crore at the end of FY 2023-24
from over ₹2.34 lakh crore in FY 2019-20, reflecting a decline of more than 27%.
• In December 2023 the government informed Parliament that, against an aggregate loan write-off
of ₹10.42 lakh crore, PSBs recovered ₹1.61 lakh crore from written-off loans from financial year
2014-15 till 2022-23.
• Figures for recovery under write-offs for FY24 have not been made available so far.
State Bank of India Q1FY25 Net Profit Up 0.9% to ₹17,035 Crore, Net Interest Income Increases by
5.7%
• State Bank of India (SBI), the country’s largest lender, reported a muted growth in its net profit of
0.89% year-on-year (Y-o-Y) for April-June 2024 due to erosion in net interest margins and a dip
in other income and a sharp rise in loan loss provisions.
• The bank posted a net profit of Rs 17,035 crore during the Q1 of FY25 compared to Rs
16,884.29 crore during the previous financial year.
• Sequentially, net profit decreased by 17.70% from ₹20,698 crore in Q4FY24.
• Loan Loss Provisions:Loan loss provisions increased significantly by 70.37% Y-o-Y to ₹4,518
crore in Q1FY25.
About SBI :
.

J&K Government Receives ₹7,900 Crore from Central Government to Settle Dues with J&K Bank
• The Union government has granted Rs 7,900 crore to the Union Territory (UT) of Jammu and
Kashmir to clear its outstanding dues with the J&K Bank.
• The allocated funds have been specifically included in the J&K budget to address and clear the
dues of the J&K government with the J&K Bank.
• Overall Budget Allocation: For the financial year 2024-25, the Union government has allocated a
total of Rs 42,277.74 crore for Jammu and Kashmir, which represents a 1.2% increase from the
previous year’s allocation.
About J&K Bank :
• Headquarters : Srinagar, Jammu and Kashmir, India
• MD & CEO : Baldev Prakash
Insurance Regulatory and Development Authority of India Fines HDFC Life Rs 2 Crore for Regulatory
Violations
• The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of
₹1 crore on HDFC Life Insurance Company for violation of various norms.
• Additionally, a penalty of Rs 1 crore was imposed for irregularities concerning the outsourcing of
services by the company.
• The penalty was levied after an onsite inspection conducted by IRDAI in September 2020,
covering the financial years 2017-18, 2018-19, and 2019-20.
About IRDAI :
.
Public Sector Banks collected approximately ₹8,500 crore in penalties for minimum balance violations
between FY20 and FY24
• According to the Ministry of Finance, public sector banks (PSBs) have seen greater than a 34%
increase in the amount collected for such penalties over the past five years.
• Total Amount Collected:From FY 2020 to FY 2024, PSBs collected approximately ₹8,500 crore in
penalties for not maintaining minimum balance in accounts.
• Data Source:Information was provided by the Minister of State for Finance, Pankaj Chaudhary, in
a written response to an unstarred question in the Lok Sabha.
• Banks Imposing Penalties:11 PSBs levy penalties for not maintaining the minimum balance. Key
banks include:
• Punjab National Bank (PNB): ₹633 crore in penalties.
• Bank of Baroda: ₹387 crore in penalties.
SWIFT and Axis Bank Launch AI-Driven Pilot to Combat Cross-Border Payments Fraud
• Belgium-headquartered Society for Worldwide Interbank Financial Telecommunications (SWIFT),
the global specialist in financial transactions, is launching an artificial intelligence (AI)-driven pilot
in partnership with Axis Bank to help combat payments fraud occurring in cross-border
payments.
• Along with global banks, including BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo
and Standard Bank, the duo will test the use of secure data collaboration and federated learning
technologies.
• SWIFT is also working towards contributing to the cross-border interoperability of potential
central bank digital currencies (CBDCs).
About SWIFT :
• Headquarters : La Hulpe, Belgium
• CEO : Javier Perez-Tasso
About Axis Bank :
.
Reserve Bank of India issues "Master Direction on Handling Wilful and Large Defaulters" to guide loan
default management
• The Reserve Bank of India (RBI) released the "Master Direction on the Treatment of Wilful
Defaulters and Large Defaulters" to establish a framework for handling loan defaults.
• All Commercial Banks (including Small Finance Banks, Local Area Banks, and Regional Rural
Banks)
• All Primary (Urban) Co-operative Banks, State Co-operative Banks, Central Co-operative Banks
• All India Financial Institutions (e.g., Exim Bank, NABARD, NHB, SIDBI, NaBFID)
Reserve Bank of India Issues Notification on Small Value Loans for Primary (Urban) Co-operative
Banks
• The Reserve Bank of India (RBI) issued a notification specifically addressing Small Value Loans
for Primary (Urban) Co-operative Banks (UCBs).
• The timeline to achieve specified targets has been extended by two years.
• Aim : To ensure a significant portion of UCBs' lending is directed towards smaller, more
manageable loans, promoting financial inclusion and risk mitigation.
• Small Value Loans Definition:UCBs must have at least 50% of their aggregate loans and
advances consisting of Small Value Loans.
Securities and Exchange Board of India Considers Measures to Curb Retail Trading Surge in Futures
and Options
• The Securities and Exchange Board of India (SEBI) has proposed a series of near-term
measures to prevent speculative trading, such as gambling in index derivatives, which include
curbing multiple option contract expiries and increasing the size of options contracts.
• SEBI proposed that the minimum contract size for index derivative contracts must be revised in
two phases:
• Phase 1: Minimum value of derivatives contract at the time of introduction to be between ₹15
lakhs to ₹20 lakhs
• Phase 2: After six months, the minimum value of the derivatives contract will be between ₹20
lakhs to ₹30 lakhs.
About SEBI :
.
Bank of Maharashtra to Raise ₹3,000 Crore Through Infrastructure Bonds

• Bank of Maharashtra (BoM) plans to raise up to ₹3,000 crore (approximately $358.27 million)
through its first issue of infrastructure bonds.
• The issue includes a greenshoe option of ₹2,500 crore and will have a maturity period of 10
years.
• Current Issuance Details:The bank has invited bids for coupon and commitment for this bond
issue.
• Previous Issuance:In July 2024, the bank raised ₹1,000 crore through Basel III compliant Tier II
bonds with a maturity of 10 years and a coupon rate of 7.89%.
About BoM :
• Headquarters : Pune, Maharashtra India
• MD & CEO : Nidhu Saxena
• Tagline : One Family One Bank
State Bank of India Secures $750 Million Through Offshore Term Loan Facility for Fund Deployment
• State Bank of India (SBI), the largest lender in the country, has raised $750 million through a
Senior Unsecured Syndicated Term Loan Facility.
• The funds are intended for deployment in SBI's lending operations.
• The facility was initially launched for $350 million in May 2024.
• It was oversubscribed 2.2 times due to strong global demand, resulting in the deal being upsized.
About SBI :
.
Small Industries Development Bank of India Collaborates with C2treds and UGRO Capital to Boost
Micro, Small and Medium Enterprises Loan Accessibility
• The Small Industries Development Bank of India (SIDBI) has partnered with C2treds and UGRO
Capital to facilitate loans to the Micro, Small and Medium Enterprises (MSME) sector.
• C2treds offers liquidity to MSMEs within 24 hours via an online bidding process.
• C2treds operates under the Trade Receivables Discounting System (TReDS) initiative which
enables the discounting of invoices and is regulated by the Reserve Bank of India (RBI) to
support the MSME sector in India.
About SIDBI:
• Established: April 2, 1990
• Headquarters: Lucknow, Uttar Pradesh, India
• Chairman & MD: Manoj Mittal
• Role: Apex regulatory body for licensing and regulating micro, small, and medium enterprise
finance companies in India.
• Jurisdiction: Under the Ministry of Finance, Government of India.
About UGRO Capital:
• Founder and Managing Director: Shachindra Nath
• Specialization: Data-driven co-lending is used to provide customized finance solutions to over
78,000 MSMEs in India.
Reserve Bank of India Updates Non-Performing Assets Provision Norms for Co-operative Banks to
Ensure Uniformity
● The Reserve Bank of India (RBI) issued revised instructions on Bad and Doubtful Debt Reserve
(BDDR) for cooperative banks to ensure uniformity in the treatment of this reserve for prudential
purposes.
● Reason for Revision: The current procedure of not recognizing the required provisions for Non-
Performing Assets (NPAs) as an expense in the Profit and Loss (P&L) account is not in line with
existing Accounting Standards (AS).
● The treatment of BDDR for regulatory capital and the calculation of net NPAs varies across
banks and often deviates from regulatory norms.
Reserve Bank of India Penalizes 5 Co-operative Banks for Regulatory Violations
.
● The Reserve Bank of India (RBI) has imposed monetary penalties on 5 urban cooperative banks
for failing to comply with various regulatory directions.
● The penalties were enforced under RBI's powers conferred by Section 47A(1)(c) of the Banking
Regulation Act, 1949, alongside Sections 46(4)(i) and 56.
● Urban Co-operative Bank Limited., Mainpuri, Uttar Pradesh: ₹5 lakh penalty for non-compliance
with investment norms.
● Nagnath Urban Co-operative Bank Limited, Hingoli, Maharashtra: ₹1 lakh penalty for failing to
transfer eligible amounts to the Depositor Education and Awareness Fund as per Section 26A.
● Shrikrishna Co-operative Bank Limited, Umrer, Maharashtra: ₹2.08 lakh penalty for non-
compliance with loan and advance regulations related to directors and their relatives.
● Alibag Co-operative Urban Bank Limited, Alibag, Maharashtra: ₹2 lakh penalty for
mismanagement of advances, including sanctioning gold loans beyond regulatory limits.
● The Hindustan Co-operative Bank Limited, Mumbai, Maharashtra: ₹4 lakh penalty for violations
including exposure norms and KYC requirements.
Reserve Bank of India Grants Cross-Border Payment Aggregator License to BillDesk, Amazon Pay, and
Adyen
● The Reserve Bank of India (RBI) has issued a cross-border payment aggregator (PA-CB) licence
to three companies: BillDesk, Amazon Pay, and Adyen.
● On July 22, 2024, Bengaluru-based Cashfree was the first to receive the PA-CB licence.
● Purpose of PA-CB Licence: The PA-CB licence allows payment companies to offer services
related to cross-border payments for export-import transactions.
● Payment Aggregator Licence Holders: All five PA-CB licence holders are also payment
aggregator licence holders, enabling them to provide domestic merchant payment services.
Reserve Bank of India Issues Directive Adjusting Loan Limits Against Shares and Debentures for Urban
Co-operative Banks
● The Reserve Bank of India (RBI) issued a directive altering the ceiling on loans against shares
and debentures for Urban Co-operative Banks (UCBs).
● Previous Regulation: The previous ceiling was set at 20% of owned funds.
● New Regulation: The new regulation links the ceiling to the Tier I capital of UCBs as of March 31
of the preceding financial year.
.
● This change will be effective from January 1, 2025.
Reserve Bank of India Report: Informal Finance Remains Strong in Rural India
● As per the Reserve Bank of India’s (RBI’s) Report on Currency and Finance (RCF), Informal
finance is still thriving in rural India, despite the penetration of the formal financial sector.
● Among the total outstanding loans of rural households, 31% is sourced from informal lenders.
● The penetration of informal loans is particularly high among the lowest economic strata of
households.
● Kisan Credit Cards (KCCs):As of end-March 2023, the number of operative KCCs stood at 7.4
crore.
Securities & Exchange Board of India Launches Artificial Intelligence Chatbot Service 'Seva' for
Investors
• For investor protection, the Securities & Exchange Board of India (SEBI) has started its Virtual
Assistant (SEVA) – an Artificial Intelligence (AI) based conversation platform for investors.
• The Beta version of the chatbot includes features like citations for generated responses, speech-
to-text and text-to-speech functionality for accessibility and follow-up questions.
New India Assurance Raises Health Insurance Premiums by 10%

• New India Assurance, the country's largest general insurer, has increased premiums on certain
health insurance products by 10%.
• The increase will be effective from November 11, 2024.
• Reason for Increase: The adjustment is in response to rising loss ratios and new regulations from
the Insurance Regulatory and Development Authority of India (IRDAI).
• The premium hike affects approximately 25% of New India Assurance's health insurance
portfolio.
About New India Assurance :
• It is an Indian public sector insurance company owned by the Government of India and
administered by the Ministry of Finance.
One 97 Communications Unveils India's First Paytm NFC Card Soundbox
.
• One 97 Communications (OCL), owner of the Paytm brand, has launched India's first Paytm NFC
Card Soundbox.
• Combines NFC technology with mobile QR payments.
• Allows customers to tap a debit or credit card or scan a QR code to make payments.
• Equipped with a 10-day battery life, instant audio confirmation, and a display screen for
transaction amounts.
• Paytm had previously pioneered the Soundbox, which provides audio payment notifications.
Retail credit growth moderates to 16.6% in June 2024, shows RBI data
• Overall Decline: Retail loan growth slowed to 16.6% YoY in June 2024 from 21.3% YoY in June
2023.
• Personal Loans: Growth in unsecured personal loans dropped to 13.2% YoY from 28.4% YoY.
• Housing Loans: Growth in housing loans accelerated to 18.2% YoY from 14.8% YoY.
• Overall Growth: Increased by 13.9% YoY in June 2024, down from 16.3% YoY a year ago.
India Ratings raises India’s GDP growth outlook for FY25 to 7.5%
• India Ratings and Research (Ind-Ra) has recently revised its GDP growth estimate for the fiscal
year 2024-25 (FY25) to 7.5%, up from the previous estimate of 7.1%.
• This forecast surpasses the Reserve Bank of India’s (RBI) prediction of 7.2%.
• Government Capital Expenditure (Capex): Ongoing growth momentum is supported by
government capital expenditure, deleveraged balance sheets of corporations and banks, and a
nascent private corporate capex cycle.
• Union Government Budget: The budget includes measures to bolster agricultural and rural
spending, enhance credit delivery to micro, small, and medium enterprises (MSMEs), and
incentivize employment creation, which are expected to broaden consumption demand and
sustain growth momentum.
SEBI clarifies reports regarding the T+0 settlement cycle

• Sebi's Clarification: The Securities and Exchange Board of India (Sebi) addressed recent media
reports inaccurately claiming that it was considering making the T+0 settlement cycle mandatory
for all transactions.
• Actual Discussion: Sebi's chief, Madhabi Puri Buch, was actually discussing the Application
.
Supported by Blocked Amount (ASBA) facility during a recent NSE event.

• At the event, Madhabi Puri Buch released a report titled "Indian Capital Markets: Transformative
Shifts Achieved through Technology and Reforms."
• The report highlighted that full adoption of the ASBA facility for the secondary market could
potentially save Rs 2,800 crore annually for retail investors.
About SEBI :
Ransomware attack cripples payment systems at nearly 300 small Indian banks
• Attack Impact: A ransomware attack on C-Edge Technologies, a major banking technology
provider in India, has led to the temporary shutdown of payment systems at nearly 300 small
local banks.
• Immediate Response: The National Payment Corporation of India (NPCI) has temporarily
isolated C-Edge Technologies from accessing the retail payments system to contain the attack.
As a result, customers of affected banks are unable to complete online transactions, such as
RTGS and UPI payments.
• Affected Banks: The ransomware attack primarily impacts small cooperative and regional banks,
which make up about 0.5% of the country's payment system volumes.
World Bank Approves $1.5 Billion for Ethiopia’s Sustainable Growth

World Bank Financing
• Approval: $1.5 billion for Ethiopia's budget support.
• Components: $1 billion grant + $500 million low-interest credit line.
• Significance: First direct budgetary support facility provided to Ethiopia by the World Bank.
• Debt Restructuring: Financing aligns with Ethiopia’s ongoing debt restructuring efforts.
• Economic Reforms: Support contingent on implementing key reforms, including foreign currency
market liberalization.
.
About the World Bank:

• Headquarters: Washington, D.C., United States
• Founded: July 1944, Bretton Woods, New Hampshire, United States
• President: Ajay Banga
• CFO: Anshula Kant
Small Finance Banks' Net Profit Remains Steady Amidst Over 2x Increase in Provisions
• Listed small finance banks (SFBs) posted a decline in net profit by 0.6% year-on-year (Y-o-Y) to
Rs 1,300 crore during the first quarter of FY25 as provisions and contingencies more than
doubled Y-o-Y to Rs 1,277 crore.
• Sequentially, the decline in net profit of SFBs was more pronounced with a 14.6% fall.
• Y-o-Y Increase: Provisions and contingencies more than doubled Y-o-Y to Rs 1,277 crore, up by
127.9%.
• Sequential Increase: Provisions and contingencies rose by 51.4% from Rs 843 crore.
RBI Directive For Housing Finance Companies, Tightens Norms For HFCs
• Regulatory Alignment: HFCs accepting public deposits will now face the same regulatory
standards as deposit-taking NBFCs.
• Changes: The ceiling on deposits and the maximum deposit period have been halved, and HFCs
must maintain higher liquid assets.
• RBI's Objective: The RBI aims to align the regulatory framework for HFCs with that of NBFCs.
• Uniform Standards: HFCs will now follow the same rules for deposit acceptance as NBFCs.
About RBI :
RBI says NBFC depositors can prematurely withdraw the entire amount within 3 months
• Full Withdrawal in Emergencies: NBFCs must pay 100% of the deposit amount within the first
three months if the depositor cites an emergency.
• No Interest on Premature Withdrawals: No interest will be paid on these premature withdrawals.
• Effective Date: These changes will be effective from January 1, 2025.
.
• Guidance on "Critical Illness": The definition of "critical illness" by Irdai will determine eligibility for
emergency withdrawals.
India's retail inflation slows to 3.5% in July, falls below RBI's target for the first time in 5 years
• Inflation Rate: Retail inflation in July 2024 eased to 3.54%, a sharp decline after rising in the
previous month.
• RBI Target: This marks the first time inflation has fallen below the RBI's medium-term target of
4%.
• Historical Context: The inflation rate of 3.54% is the lowest in the last 59 months (nearly five
years).
L&T Finance Receives RBI Certificate For NBFC-ICC Status

• New Registration: L&T Finance Ltd. received a certificate of registration as a non-banking
financial company (Investment and Credit Company, NBFC-ICC) from the Reserve Bank of India.
• Effective Date: The registration is dated August 2, 2024.
• Compliance: The company stated that the new registration will have no impact as it continues to
comply with NBFC-ICC guidelines.
RBI sets up 10-member expert committee on benchmarking of its statistics

• Committee Formation: The Reserve Bank of India (RBI) announced the formation of a 10-
member committee to benchmark its statistics against global standards.
• Committee Chair: The committee is chaired by RBI Deputy Governor Michael Debabrata Patra.
• Benchmarking: The committee will regularly benchmark the statistics disseminated by the RBI
against global standards.
Capital Small Finance Bank and Edelweiss Life Insurance enter into bancassurance tie-up
• Capital Small Finance Bank Limited (CSFB), and Edelweiss Life Insurance have entered into a
bancassurance tie-up.
• This strategic partnership will enable CSFB’s customer base to access Edelweiss Life
Insurance’s life insurance products suite, thereby meeting their need for financial security.
• The arrangement aims to enhance the CSFB’s life insurance offerings by providing its customers
with access to Edelweiss Life’s digital platform and service touchpoints.
About Capital Small Finance Bank :
.
• Headquarters : Jalandhar, Punjab

• MD & CEO : Sarvjit Singh Samra
• Capital Small Finance Bank (formerly Capital Local Area Bank) is an Indian first small finance
bank founded in April 2016.
Public Sector Banks' Non-Performing Assets on Mudra Loans Declined to 3.4% in 2023-24 - Finance
Minister Nirmala Sitharaman
• Finance Minister Nirmala Sitharaman announced that Public-sector banks’ non-performing
assets (NPA) associated with the Mudra loan category have declined to 3.4% in 2023-24.
• This marks an improvement from 4.77% in FY21, 4.89% in FY20, and 3.76% in FY19.
• Non-performing assets (NPAs) are loans or advances for which the principal or interest payment
remains overdue for 90 days.
• NPAs are a critical indicator of the health of the banking sector, as high levels of bad loans
indicate a higher risk of default, leading to financial instability.
About Mudra Loan Scheme :
• Launch: The scheme was launched in 2015 under the Pradhan Mantri Mudra Yojana (PMMY).
• Objective: To provide financial support to micro and small enterprises.
IDBI Bank stake sale: Fairfax, Emirates NBD, Kotak Mahindra Bank get RBI’s ‘fit and proper’ certificate
• The Reserve Bank of India (RBI) has granted ‘Fit & Proper’ certificates to three potential suitors
for IDBI Bank, paving the way for their possible acquisition of the bank.
• The candidates include Fairfax Financial Holding Limited (Toronto, Canada), Emirates NBD
(Dubai, United Arab Emirates (UAE), and Kotak Mahindra Bank (Mumbai, Maharashtra).
• Fairfax and Emirates NBD remain strong contenders in the race for IDBI Bank, as they prepare
for the next steps in the acquisition process.
About IDBI Bank :
• Owner : Life Insurance Corporation of India (49.24%), Government of India (45.5%)
• It is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India
(LIC) and Government of India.
.
Google Pay, PhonePe, and Amazon Pay Apply for Inclusion in Reserve Bank of India's Digital Rupee
Initiative
• GooglePay, Walmart-backed PhonePe and AmazonPay are among five payment firms seeking
to join the Indian central bank's digital currency (CBDC) pilot by offering transactions via the e-
rupee.
• Indian fintech firms Cred and Mobikwik are the other two that have applied to join the pilot.
• The five payment firms collectively account for over 85% of digital payments via the UPI, which
processes about 13 billion transactions monthly.
Finance Ministry Directs State-Owned General Insurance Companies to Prioritize Profitable Business
Segments
• The finance ministry has asked state-owned general insurance companies to focus on profitable
businesses and not to chase top-line but aim for improving profitability.
• The government has infused Rs 7,250 crore in instalments into three public sector general
insurance companies:
• National Insurance Company Limited
• Oriental Insurance Company Limited
• United India Insurance Company
• These three general insurance companies have improved their financial performance
significantly.
Ageas Federal Life Insurance Teams Up with PhonePe to Provide Instant Term Insurance
• Ageas Federal Life Insurance is joining forces with PhonePe to offer Instant Term insurance to
their wide-ranging customers.
• Eligibility: Users aged 18 to 45 can apply for the 'Ageas Federal Life Insurance Group Term Plan'
directly through the PhonePe app.
• Application Process:No medical tests or lengthy documentation required.
• Simplified application process through the PhonePe platform.
About Ageas Federal Life Insurance :
• MD & CEO : Vignesh Shahane
.
About PhonePe :
• Founded : 2015
SEBI Introduces India's 1st Passive Funds Website at National Stock Exchange and Releases Capital
Markets Report
• The Securities and Exchange Board of India (SEBI) launched India’s first website for passive
funds at the National Stock Exchange (NSE), along with unveiling a comprehensive report on the
Indian Capital Markets.
• The website provides a comprehensive platform for retail investors and empowers them to easily
access information and understand the Indian passive funds industry.
About SEBI :
India and World Bank Sign Agreement for $500 Million Loan to Construct 781 km of Green National
Highway Corridors in Four States
• The Government of India (GoI) and the World Bank have signed an agreement for the Green
National Highway Corridors Project (GNHCP).
• The project covers a total length of 781 km across Himachal Pradesh, Rajasthan, Uttar Pradesh,
and Andhra Pradesh.
• The World Bank is providing loan assistance of USD 500 million, while the total project cost is
USD 1288.24 million (Rs. 7,662.47 crore).
• The scheduled completion date for the last package of the GNHCP project is May 2026.
About World Bank :
.
• President : Ajay Banga
HDFC Securities Partners with Vested Finance to Provide Global Investment Opportunities for Indians
and Non-Resident Indians
• HDFC Securities, a leading stock broking company and a wholly-owned subsidiary of HDFC
Bank, has announced a strategic tie-up with Vested Finance, a popular US-based investment
platform, for democratising global investing for Indians and Non-Resident Indians (NRIs).
• Global Investing 2.0:Features: This initiative will offer enhanced protection, innovative features,
and deep portfolio diversification to investors.
About HDFC Securities :
• Founded : 2000
• MD & CEO : Dhiraj Relli
Reserve Bank of India Monetary Policy Meeting: RBI keeps repo rate unchanged at 6.5%
• The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the third bi-monthly
Monetary Policy for FY25, August 8, 2024.
• The RBI Governor-headed six-member Monetary Policy Committee (MPC) decided to keep the
benchmark repo rate unchanged at 6.5% and maintain the policy stance of ‘withdrawal of
accommodation’.
• The MPC voted by a 4 to 2 majority to keep the policy rate unchanged. RBI retained real GDP
growth estimates for FY25 at 7.2%, and CPI inflation projection at 4.5%.
About RBI :
• Founded : 1 April 1935
Patra
Consortium of International Finance Corporation,Asian Development Bank, and Deutsche Investitions-

und Entwicklungsgesellschaft to Inject $275 Million into Fourth Partner Energy
.
• International Finance Corporation (IFC),Asian Development Bank (ADB), and Deutsche

Investitions- und Entwicklungsgesellschaft (DEG) announced an investment of USD 275 million
(about Rs 2,280 crore) into renewable energy solutions platform Fourth Partner Energy Ltd
(FPEL).
• Purpose of Investment:The consortium's investment will infuse capital to fund FPEL's business
expansion plans which include a target portfolio of 3.5 GW of renewable energy assets by 2026.
About FPEL :
• Founded : 2010
• Founder & Executive Director : Saif Dhorajiwala
About IFC :
• Founded : July 20, 1956
• Managing Director : Makhtar Diop
• Membership : 186 countries
About ADB :
About DEG :
• Founded : 1962
• Headquarters : Cologne, Germany
• CEO : Roland Siller
Reserve Bank of India Extends Interest Subvention Scheme for Agricultural Loans Up to Rs 3 Lakhs via
Kisan Credit Card
• The Reserve Bank of India (RBI) has extended the Modified Interest Subvention Scheme (MISS)
for short-term loans for agriculture and allied activities available through Kisan Credit Card (KCC)
for the financial year 2024-25.
.
• Loan Limit and Interest Rates:Farmers can avail of loans up to Rs 3 lakh at a concessional
interest rate of 7%.
• An additional interest subvention of 3% per annum is provided to farmers who repay loans on
time, reducing the effective interest rate to 4%.
Reserve Bank of India Increases Unified Payments Interface Transaction Limit for Tax Payments to Rs
5 Lakh
● The Reserve Bank of India (RBI) has raised the upper limit for tax payments through the Unified
Payments Interface (UPI) from Rs 1 lakh to Rs 5 lakh per transaction.
● This move is aimed at boosting digital payments and facilitating larger transactions, particularly
for tax payments.
● The decision was made during the 50th meeting of the Monetary Policy Committee (MPC).
About RBI :
● Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D.
Patra
Reserve Bank of India mandates Fortnightly Credit Information Reporting to Enhance Transparency
● The Reserve Bank of India (RBI) has decided to increase the frequency of reporting of credit
information by lenders, including Banks and Non Banking Finance Companies (NBFCs), to Credit
Information Companies (CICs) from monthly intervals to fortnightly basis or shorter intervals.
● This will be effective from January 1, 2025.
● This is aimed at providing a more up-to-date picture of a borrower’s indebtedness.
India's Forex Reserves Reach Record High of $675 Billion: Reserve Bank of India Governor
Shaktikanta Das
● India's foreign exchange reserves reached an all-time high of $675 billion as of August 2, 2024,
indicating strong external sector performance.
● The previous all-time high was $670.86 billion as of July 19.
● Recent data showed that the reserves dipped by $3.47 billion to $667.39 billion for the week
ending on July 26, 2024.
.
Reserve Bank of India Introduces Continuous Cheque Clearing Under Cheque Truncation System
● The Reserve Bank of India (RBI) has proposed continuous clearing of cheques under the
Cheque Truncation System (CTS) with 'on-realisation-settlement', replacing the current two-
working-day clearing cycle.
● Presently, cheque clearing through CTS operates in a batch processing mode, taking up to T+1
days for settlement.
Bank of Baroda, Canara Bank, and UCO Bank Increase Marginal Cost of Funds
Based Lending Rate by 5 Basis Points
• Bank of Baroda (BoB), Canara Bank, and UCO Bank have increased their Marginal Cost of
Funds Based Lending Rate (MCLR) by 5 basis points across selected tenors following the
Reserve Bank of India’s (RBI’s) monetary policy statement.
• This hike reflects the increase in the cost of funds for these banks.
• UCO Bank, based in Kolkata, also reduced the Treasury bill benchmark-linked rates by 5-15
basis points.
About Bank of Baroda (BoB) :
About Canara Bank :
• MD & CEO : K Satyanarayana Raju
About UCO Bank, formerly United Commercial Bank)
• MD & CEO : Ashwani Kumar
Life Insurance Corporation of India to Invest Approximately ₹1.30 Lakh Crore in Stock Market in FY25
.
• Life Insurance Corporation of India (LIC) plans to make fresh investments of approximately ₹1.30
trillion in equities during FY25.
• In Q1 FY25 (April-June), LIC invested about ₹38,000 crore in shares, compared to ₹23,300 crore
in the same period last year.
• LIC earned a profit of ₹15,500 crore from its equity investments in Q1 FY25, marking a 13.5%
increase quarter-on-quarter.
About LIC :
Unified Payments Interface Merchant Transactions in Nepal Exceed 100,000 Milestone

• NPCI International Payments Limited (NIPL), the international arm of National Payments
Corporation of India (NPCI), is pleased to announce a landmark achievement of surpassing
100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions
in Nepal.
• NIPL collaborated with Fonepay, Nepal's largest payment network, to introduce cross-border
P2M UPI acceptance in March 2024.
• UPI is currently accepted in Bhutan, France (Eiffel Tower - Online, Galeries Lafayette), Mauritius,
Nepal, Singapore, Sri Lanka, and UAE.
• It is one of the largest real-time payments platforms globally.
About Nepal :
• President : Ram Chandra Poudel
• Prime Minister : KP Sharma Oli
• Capital : Kathmandu
• Currency : Nepalese rupee
About NIPL :
• NIPL is an international arm of the National Payments Corporation of India (NPCI).
Government Urges State-Run Banks to Help Regional Rural Banks Upgrade Technology and Join
National Payment Corporation of India's Direct Benefit Transfer Platform
.
• The government has instructed state-run banks to assist regional rural banks (RRBs) in
upgrading their technology and onboarding them to the National Payment Corporation of India's
(NPCI) BASE platform, which facilitates the Direct Benefit Transfer (DBT) program.
• Several cooperative banks and RRBs were impacted by a ransomware attack on C-Edge
Technologies, a technology service provider, in the previous week.
About NPCI :
• Founded : 2008
India.
National Payments Corporation of India Reports Monthly Unified Payments Interface Credit
Disbursements of Nearly ₹10,000 Crore
• The National Payments Corporation of India (NPCI) is seeing significant growth in the use of its
Unified Payments Interface (UPI) credit feature, with monthly transactions now reaching
approximately Rs 10,000 crore.
• The increase is largely due to the integration of credit card features into UPI, allowing users to
link credit cards to the app and consolidate payments into their monthly credit card bills.
Karnataka Bank Enables GST Payments via UPI Mode

• Karnataka Bank has started accepting GST payments through UPI mode.
• Karnataka Bank is one of the first Banks to extend GST payment through UPI mode.
• All the GST-registered users, including Karnataka Bank customers, can make GST payment
under this facility.
• Maximum limit permitted under UPI mode is Rs 1.00 lakh and there is no upper limit in Internet
Banking facility for GST payments.
.

Insolvency and Bankruptcy Board of India Issues Guidelines for Committee of Creditors to Ensure
Timely Resolution and Maximise Asset Value
● The Insolvency and Bankruptcy Board of India (IBBI) has issued guidelines for the Committee of
Creditors (CoC) to facilitate timely resolution and maximise the value of the corporate debtor’s
assets.
● Purpose of Guidelines:To address issues that often cause delays and disruptions in the
Corporate Insolvency Resolution Process (CIRP).
● They promote transparency, independence, impartiality, and professionalism among CoC
members.
About IBBI :
● Chairman : Ravi Mittal
● IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency
Reserve Bank of India Proposes Public Repository for Digital Lending Apps to Tackle Unauthorised
Players
• The Reserve Bank of India (RBI) proposed to create a public repository of digital lending apps
(DLAs) in a bid to address the problems arising from mushrooming unauthorised players in the
segment.
• Aim : To help customers verify the legitimacy of DLAs and their association with Regulated
Entities (REs)
About RBI :
Reserve Bank of India Releases Draft Guidelines to Streamline Onboarding and Monitoring of Aadhaar
Enabled Payment System (AePS) Operators to Combat Fraud
.
• The Reserve Bank of India (RBI) released draft guidelines for streamlining the onboarding and
monitoring of Aadhaar Enabled Payment System (AePS) operators to counter frauds perpetuated
through the ecosystem.
• Compliance Timeline : Banks and the National Payments Corporation of India (NPCI) are
required to comply with these directions within three months from the date of issue of the
guidelines.
• Due Diligence Requirements : Acquiring banks, which onboard AePS touchpoint operators, will
be required to carry out due diligence in the form of Know Your Customer (KYC) guidelines for all
the operators they take onboard.
Reserve Bank of India Issues Master Directions on Cyber Resilience and Digital Payment Security
Controls for Non-Bank Payment System Operators
• The Reserve Bank of India (RBI) has released Master Directions on ‘Cyber Resilience and Digital
Payment Security Controls’ for non-bank payment system operators (PSOs).
• These Directions aim to improve the safety and security of the payment systems operated by
PSOs by providing a framework for overall information security preparedness with an emphasis
on cyber resilience.
• The provisions of these Directions shall apply to all authorised non-bank PSOs.
Reserve Bank of India Proposes Alternative Authentication Methods for Digital Payments, Including
PIN, Biometrics, and Software Tokens
• The Reserve Bank of India (RBI) proposed alternate methods of additional factor authentication
(AFA) for digital payments including password, PIN, software tokens and biometrics like
fingerprints.
• Traditionally, SMS-based OTP (One-Time Password) has been the primary method for AFA.
• However, advancements in technology now offer alternative methods.
Reserve Bank of India Proposes Guidelines for Managing Model Risks in Credit Regulation
• The Reserve Bank of India (RBI) proposed to lay down principles for management of model risks
in credit for banks and other regulated entities with a view to ensuring prudence and robustness.
• Regulated Entities (REs) generally use various models as part of their credit management,
including for credit appraisal, borrower scoring, pricing, and risk management, among others.
.
Reserve Bank of India Monetary Policy Committee Proposes New Process to Accelerate Cheque
Clearance to a Few Hours
• The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has proposed clearing
cheques in just a few hours, broadening efforts to improve customer service at banks.
• Cheques will be scanned, presented, and passed in a few hours and on a continuous basis
during business hours.
• Currently, Cheque Truncation System (CTS) processes cheques with a clearing cycle of up to
two working days.
Bank Locker Rules: Allowed and Banned Items, Bank Responsibilities, and Locker Usage Guidelines
• Bank lockers provide a secure way to store valuable items, but there are specific guidelines on
what can and cannot be kept inside them.
• The bank is responsible for losses due to its own negligence or fraudulent actions, with
compensation up to one hundred times the annual locker rent in such cases.
• Permitted Items : Under the updated bank locker agreement, you are allowed to store valuable
items such as jewellery, important documents, property papers, birth or marriage certificates,
insurance policies, savings bonds, and other confidential materials in bank lockers.
PSU Banks' Fraud Compensation Surges More Than Threefold to Rs 140 Crore
• Public sector banks' compensation for frauds and electronic frauds increased over three-fold to
Rs 140 crore in FY 2023-24, compared to Rs 42.70 crore in the previous fiscal year.
• Union Bank of India led with Rs 74.96 crore in compensation payments.
• Bank of India paid Rs 20.38 crore.
• Indian Bank paid Rs 16.16 crore.
DBS Bank India Launches 'DBS Golden Circle', a Premium Banking Program for Senior Citizens
• DBS Bank India has announced the launch of ‘DBS Golden Circle’, a comprehensive priority
banking program meticulously designed to cater to the unique needs of senior citizens.
• Senior citizens can earn up to 7% per annum on savings account balances between INR 4 lakhs
and INR 5 lakhs.
• Fixed Deposit Rates:Enhanced interest rates of 0.50% per annum are offered on fixed deposits
with tenures ranging from 376 to 540 days.
.
About DBS Bank India :

• Founded: 1994
• MD & CEO : Surojit Shome
• Tagline : Live more, Bank less
Axis Bank and Visa Launch Exclusive Credit Card 'PRIMUS' For India's Elite
● Axis Bank has introduced the Primus Credit Card, a super premium offering designed for ultra-
high-net-worth individuals (UHNW).
● The Primus Credit Card is available by invitation only, and cannot be applied for.
● It was launched at the ‘Axis Bank PRIMUS Soiree’ in New Delhi and Mumbai, attended by elite
corporate leaders and celebrities.
Card Features:
● Annual Fee: ₹1.80 lakh
● Interest Rate: 1% per month (12.68% annually)
● Zero Charges: No cash withdrawal charges, late payment fees, over-limit penalties, or forex
charges.
● Fuel Surcharge Waiver: 1% on transactions between ₹400 and ₹10,000 per statement cycle.
About Axis Bank:
● Founded: 3 December 1993 (originally as UTI Bank)
● Headquarters: Axis House, Mumbai, Maharashtra, India
● Chairperson: Shri Rakesh Makhija
NPCI incorporates NPCI BHIM Services Ltd as a wholly-owned subsidiary

● The National Payments Corporation of India (NPCI) has announced the incorporation of NPCI
BHIM Services Ltd (NBSL), formerly known as Bharat Interface for Money (BHIM), as a wholly-
owned subsidiary.
Purpose:
● The move is intended to address the growing demand for digital transactions and evolving
market expectations.
.
● NBSL will focus on promoting financial inclusion and enhancing India's digital payment
ecosystem.
Objectives:
● Strengthen the digital payment infrastructure in India.
● Support innovation and adapt to rapidly changing customer preferences.
● Reflect national pride and contribute to developing a sovereign digital payments framework.
IBBI Mandates Unique ID for Valuation Reports Under IBC
● The Insolvency and Bankruptcy Board of India (IBBI) has introduced a new requirement for
valuation reports under the Insolvency and Bankruptcy Code (IBC), 2016.
● Effective from August 12, 2024, all valuation reports must include a unique Valuation Report
Identification Number (VRIN).
Purpose and Benefits:
● Integrity and Traceability: The VRIN will enhance the authenticity and traceability of valuation
reports, improving the overall integrity of the insolvency resolution process.
● Global Best Practices: This move aligns with international standards in the insolvency and
bankruptcy domain.
VRIN Details:
● A unique identifier is assigned to each valuation report to ensure it can be tracked and verified.
● Generated through an online module on the IBBI's website, using existing credentials.
Mandatory Requirements:
● RVs and RVEs must generate and display the VRIN on the front page of each valuation report.
● The presence of VRIN is required for the report to be considered valid.
About IBBI:
● Formed: 1 October 2016 (7 years ago)
● Jurisdiction: Government of India
● Chairperson: Ravi Mittal
● Parent Department: Ministry of Corporate Affairs
RBL Bank Announces Vijay Fixed Deposits To Honour 78th Independence Day
● RBL Bank has introduced the Special Edition of ‘Vijay Fixed Deposits,’ designed to honour the
78th year of independence and appreciate service members.
● The ‘Vijay Fixed Deposits’ feature a distinctive 500-day tenor for deposits under ₹3 crore.
.
● This special edition offers competitive interest rates tailored for different customer segments.
Interest Rates:
● Super Senior Citizens: 8.85% p.a.
● Senior Citizens: 8.60% p.a.
● Regular Fixed Deposit: 8.1% p.a.
About RBL Bank:
● Formerly Known: Ratnakar Bank Limited
● Founded: August 1943
● MD & CEO: R Subramaniakumar
Ather Energy turns unicorn after $71 million funding from NIIF
● Ather Energy, an electric two-wheeler manufacturer, has secured $71 million in a new funding
round led by the National Investment and Infrastructure Fund (NIIF), taking its valuation to $1.3
billion, making it a unicorn.
Funding Details:
● The company has been actively raising funds since late 2023.
● In May 2024, Ather raised ₹286 crore ($34 million) through a mix of debt and equity, with major
contributions from Stride Ventures and the company’s co-founders.
● In September 2023, Hero MotoCorp, an existing shareholder, announced a ₹550 crore
investment in Ather.
● In October 2022, Ather raised $50 million in equity funding led by Caladium Investment Pte Ltd
and Herald Square Ventures.
About Unicorn:
● Unicorn is the term used in the venture capital industry to describe a startup company valued at
over $1 billion.
● The term was first coined by venture capitalist Aileen Lee in 2013.
● Some notable unicorns include Uber Technologies Inc. (UBER), Robinhood Markets Inc.
(HOOD), and Maplebear Inc. (CART), better known as Instacart.
● Investing in unicorns involves high risks and potentially high rewards.
● The term is also used in human resources for seeking a person who is overqualified and
underpaid for a position.
.
Finance ministry exempts UIDAI from payment of income tax for 5 years
● The finance ministry has exempted the income of the Unique Identification Authority of India
(UIDAI) from payment of income tax for five years, extending until the fiscal year 2027-28.
Details of the Exemption
The following sources of income for UIDAI are exempt from income tax:
● Grants/subsidies received from the central government.
● Fees/subscriptions, including RTI fee, tender fee, sale of scrap, and PVC card.
● Authentication, enrolment, and updation service charges.
● Term/fixed deposits and interest on bank deposits.
Notification Issued
● The exemption was formalized through a notification issued by the Central Board of Direct Taxes
(CBDT) under the Ministry of Finance.
● The notification will apply for the assessment years 2024-2025, 2025-2026, 2026-2027, 2027-
2028, and 2028-2029.
About UIDAI
● UIDAI is a statutory authority established under the Aadhaar Act, 2016, tasked with ensuring
compliance with the Act and making regulations and rules consistent with it.
SBI Hikes MCLR-based Lending Rates By 10 BPs

● State Bank of India (SBI), India’s largest lender, has increased its marginal cost of funds-based
lending rate (MCLR) by 10 basis points.
● The revised rates are effective from August 14, 2024.
Revised MCLR Rates
● Overnight MCLR: Increased from 8.10% to 8.20%.
● Monthly MCLR: Risen from 8.35% to 8.45%.
● 3-Month MCLR: Increased from 8.40% to 8.50%.
Recent MCLR Adjustments by Other Banks
● In July, SBI had raised its MCLR by 5-10 basis points.
● Recently, Punjab National Bank (PNB) increased its MCLR by 0.05% (5 basis points) across all
tenors, making most consumer loans costlier.
● The new benchmark one-year tenor MCLR is 8.90%, up from 8.85%, and the three-year MCLR
stands at 9.20%.
.
● Rates for one-month, three-month, and six-month tenors range from 8.35% to 8.55%, and the
MCLR on the overnight tenor is 8.30%.
● The new PNB rates became effective from August 1, 2024.
What is MCLR:
● The Reserve Bank of India (RBI) sets a fixed internal reference rate known as the Marginal Cost
of Funds Based Lending Rate (MCLR) for banks.
● This rate serves as the minimum interest rate below which banks and lending institutions under
RBI cannot lend money.
● The MCLR is used by banks to determine the minimum interest rate applicable to various loan
types, ensuring that lending rates are aligned with the current economic conditions
Banks bat for frequent Lok Adalats to settle small-value loans
● Banks have urged the government to organize more frequent Lok Adalats through Debt
Recovery Tribunals (DRTs) to address distressed loans outside of court.
● Public sector banks (PSBs) believe that increasing the frequency of these adalats will accelerate
the process of loan recovery.
● Under existing laws, cases where the loan outstanding does not exceed ₹20 lakh can be taken to
Lok Adalat for amicable resolution.
● In FY23, approximately 14.2 million cases involving ₹1.88 lakh crore were referred to Lok
Adalats, recovering around ₹3,831 crore.
What is Lok Adalat:
● Lok Adalat is meant for conciliated settlement of disputes outside Courts. It is also called
People's Court.
● It provides fair and uncomplicated justice.
● Family disputes like property requisition, financial disputes and matrimonial issues are widely and
effectively solved by the Lok Adalats.
RBL and Tamilnad Mercantile Bank Join Mid-Tier Banks in Competitive Race for New Fixed Deposit
Schemes
● Several mid-tier banks, including RBL Bank, Bank of Maharashtra (BoM), Federal Bank,
and Tamilnad Mercantile Bank (TMB), have introduced special fixed deposit (FD) schemes to
increase deposit growth.
.
Special Fixed Deposit Schemes Offered by Mid-Tier Banks :
Bank Name Scheme Tenor Interest Rate Interest Rate Senior

Name (Callable) (Non- Citizen Rate
Callable)
Federal Special 400 days 7.35% 7.50% +0.50%

Bank Fixed
Deposit (FD)
Scheme
777 days 7.40% 7.55% +0.50%
50 months 7.40% 7.55% +0.50%
RBL Bank Vijay Deposit 500 days 8.10% N/A 8.60%

Scheme
Bank of Special FD 777 days 7.25% N/A

Maharashtra Scheme N/A
Tamilnad Special FD 400 days 7.50% N/A 8.00%

Mercantile Scheme
Bank
Bandhan Special 21 months 8.00% N/A N/A

Bank Scheme
>1 year 9 >1 year 9 N/A N/A

months to <5 months to <5
years years
Note: All interest rates mentioned are for a limited period only.
Reserve Bank of India Approves Tata Capital’s Transition to an NBFC Investment Credit Company
.
● The Reserve Bank of India (RBI) has approved Tata Capital Limited's (TCL) conversion from a
Non-Banking Finance Company (NBFC)–Core Investment Company (CIC) to an NBFC–
Investment Credit Company (ICC).
● The conversion marks Tata Capital's transition from a holding company under the CIC structure
to an operating company, potentially paving the way for its future public listing.
● Tata Capital Limited has merged Tata Cleantech Capital and Tata Capital Financial Services
(TCFS) with itself, consolidating its operations under the new NBFC–ICC structure.
● Net Owned Fund (NOF) Requirements for NBFCs: General Requirement: RBI has specified a
minimum Net Owned Fund (NOF) of ₹10 crores as required for certain categories of NBFCs to
commence or continue business from October 1, 2022.
About Tata Capital Limited :
● Founded : 2007
● MD & CEO : Rajiv Sabharwal
RBI Imposes Fines on 5 Entities, Including CSB Bank, Union Bank, and Muthoot Housing Finance for
Regulatory Breaches
● The Reserve Bank of India imposed penalties on 5 entities, including CSB Bank, Union
Bank of India and Muthoot Housing Finance for contravention of various regulatory norms.
Muthoot Housing Finance Company Limited
● Penalty: ₹5,00,000
● Reason: Non-compliance with 'Governance' provisions of the 'Non-Banking Financial
Company - Housing Finance Company (Reserve Bank) Directions, 2021'.
● Specific Issue: Failure to obtain RBI's prior written permission for a change in
management, leading to a change of more than 30% of its directors (excluding independent
directors).
● Legal Basis: Section 52A of the National Housing Bank Act, 1987.
Union Bank of India
● Penalty: ₹1,06,40,000
● Reason: Non-compliance with RBI directions on 'Creation of a Central Repository of Large
Common Exposures-Across Banks’ and ‘Know Your Customer (KYC)’.
● Specific Issues:
.
➢ Failure to ensure data accuracy and integrity in CRILC reporting.

➢ Failure to carry out risk categorization of certain customers.
● Legal Basis: Section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking
CSB Bank Limited.
● Penalty: ₹1,86,80,000
● Reason: Contravention of section 10(1)(b)(ii) of the Banking Regulation Act, 1949, and
non-compliance with RBI's guidelines on outsourcing of financial services and branch
authorization.
● Specific Issues:
➢ Payment of commission to employees for NPA recovery.
➢ Failure to inform the Indian Banks' Association (IBA) about the termination of
service providers.
➢ Payment of commission/fees to business correspondents without a variable
component.
● Legal Basis: Section 47A(1)(c) read with section 46(4)(i) of the Banking Regulation Act,
1949.
Other Institutions
● Nido Home Finance Limited: Penalty of ₹5 Lakh for non-compliance with norms.
● Ashoka Viniyoga Limited: Penalty of ₹3.1 Lakh for non-compliance with norms.
Punjab National Bank Introduces Braille Debit Card for Visually Impaired Customers
● Punjab National Bank (PNB) has launched the PNB ANTAH DRISHTI Braille Debit Card, a new
debit card specifically designed for visually impaired customers.
● This contactless NCMC (National Common Mobility Card) Debit Card is available on RuPay
network.
● Eligibility : Visually impaired individuals with savings or current accounts in PNB are eligible to
obtain this debit card from any of the nearest PNB branches
● Transaction Limits : .The ATM limit (cash withdrawal) per day is Rs 25,000, and the PoS and
eCom limits (combined) per day are Rs 60,000.
● Braille System : Braille is a system of touch reading and writing for blind persons in which raised
dots represent the letters of the alphabet.
About PNB :
.

● MD & CEO : Atul Kumar Goel
Jammu & Kashmir Bank Introduces “Kisan Ka Samman” Program to Recognize Financially Disciplined
Farmers
● Jammu & Kashmir (J&K) Bank launched the "Kisan Ka Samman" program to honour financially
disciplined farmers in Jammu & Kashmir.
● The program will run until September 30, 2024.
● Aim : To empower the farmers of Jammu & Kashmir who have shown exceptional financial
discipline and promptness in their dealings with the Bank.
● Criteria for Recognition:Farmers who have consistently renewed their Kisan Credit Cards (KCCs)
and demonstrated financial discipline will be honoured.
About J&K Bank :
● Headquarters : Srinagar, Jammu and Kashmir, India
● MD & CEO : Baldev Prakash
Reserve Bank of India Levies Fines on Bank of Maharashtra, Hinduja Leyland Finance, and Poonawalla
Fincorp for Compliance Violations
● The Reserve Bank of India (RBI) imposed monetary penalties on 3 financial institutions for
various lapses.
● The three financial institutions include the Bank of Maharashtra, Hinduja Leyland Finance, and
Poonawalla Fincorp.
Bank of Maharashtra:
● Penalty Amount: ₹1,27,20,000 (₹1.27 crore).
● Reasons: Non-compliance with RBI directions on:
➢ Loan System for Delivery of Bank Credit
➢ Cyber Security Framework in Banks
➢ Know Your Customer (KYC) guidelines
● Regulatory Basis: Section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking
.
Hinduja Leyland Finance:

● Penalty Amount: ₹4.90 lakh.
● Reasons: Non-compliance with provisions of the Reserve Bank of India (Know Your Customer
(KYC)) Directions, 2016.
● Regulatory Basis: Clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-
section (5) of section 58B of the Reserve Bank of India Act, 1934.
Poonawalla Fincorp:
● Penalty Amount: ₹10.00 lakh.
● Reasons: Non-compliance with provisions of the ‘Non-Banking Financial Company - Systemically
Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions,
2016,’ specifically relating to the ‘Fair Practices Code for NBFCs.’
● Regulatory Basis: Clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-
section (5) of section 58B of the Reserve Bank of India Act, 1934.
About Bank of Maharashtra :
● Headquarters : Pune, Maharashtra India
About Poonawalla Fincorp Limited :
● Founded : 1988
● Chairman : Adar Poonawalla
● MD & CEO : Arvind Kapil
● Poonawalla Fincorp Limited (formerly known as Magma Fincorp) is an Indian non-banking
financial company (NBFC) engaged in consumer and MSME financing.
Bank of Baroda Launches 'Phygital' Branch in Hyderabad
● Sanjay Vinayak Mudaliar, Executive Director of Bank of Baroda (BoB), inaugurated the ‘phygital’
branch at ChandaNagar, Hyderabad.
● The branch integrates self-service and assisted service models to cater to the diverse
requirements of customers.
.
● The first phygital branch was launched on July 20 at Horniman Circle, Mumbai, Maharashtra
coinciding with the bank's 117th foundation day.
● Another programme that was launched by Bank of Baroda is Baroda mDigiNext Mobile App for
Corporate Banking customers, Bank of Baroda is launching an enhanced version of UPI
Payments PSP app – bobइPay.
● Bank of Baroda has signed a Memorandum of Understanding with EaseMyTrip to introduce a co-
branded Travel Debit Card, Bank of Baroda is giving a renewed impetus to Baroda Sun
Technologies, a fully-owned subsidiary of the Bank.
About BoB :
Reserve Bank of India Publishes July 2024 Bi-Monthly Consumer Confidence Survey Results
● The Reserve Bank of India (RBI) released the results of its bi-monthly Consumer Confidence
Survey (CCS) for July 2024.
About the Survey :
● The survey collects current perceptions (vis-?-vis a year ago) and one year ahead expectations
of households on general economic situation, employment scenario, overall price situation,
income, and spending across 19 major cities.
● The latest round of the survey was conducted during July 2-11, 2024, covering 6,062
respondents.
● Female respondents accounted for 54.4% of this sample.
● RBI noted that consumer confidence for current period declined for the second consecutive
survey round after prolonged rising trend in the post-Covid period; their sentiments on major
parameters, except spending, moderated and, as a result, the current situation index (CSI)
declined to 93.9 in July 2024 from 97.1 two months earlier.
Top 10 Most Wealthy Central Banks Worldwide in 2024
● Central banks play a crucial role in maintaining economic stability and growth by implementing
stable monetary policy and ensuring financial stability.
● Globally, they have specialised departments dedicated to regulation and supervision, staffed with
experts who monitor compliance with established financial laws and regulations.
.
● They are responsible for managing a country’s monetary policy, controlling inflation, regulating
the financial system, and overseeing the stability of the currency.
● According to the Sovereign Wealth Fund Institute (SWFI), the Reserve Bank of India (RBI),
India’s central banking institution, ranks 12th among the world’s central banks by total assets.
● According to the SWFI report, the Federal Reserve System of the United States of America ranks
as the world’s richest central bank, with assets worth $7.84 trillion.
● It is followed by the People's Bank of China, Bank of Japan, Deutsche Bundesbank and Bank of
France.
● Notably, European central banks dominate the list of the world’s richest central banks, occupying
seven of the top ten spots.
● Collectively, these European institutions have a combined worth of $11.09 trillion.
● In the list which comprises names of 100 central banks, the Bank of Ghana and Central Bank of
Paraguay are ranked 99th and 100 respectively.
Top 10 central banks of the world by total assets :
Rank Profile Total Assets Region
1 Federal Reserve System $7,835,559,000,000 North America
2 People’s Bank of China $6,004,919,369,845 Asia
3 Bank of Japan $5,543,058,448,125 Asia
4 Deutsche Bundesbank $2,776,759,343,640 Europe
5 Bank of France $2,011,001,711,400 Europe
6 Norges Bank $1,632,986,563,336 Europe
7 Bank of Italy $1,383,293,987,542 Europe
8 Bank of England $1,288,250,668,160 Europe
.
9 Bank of Spain $1,049,435,626,385 Europe
10 Swiss National Bank $944,013,351,477 Europe
Reserve Bank of India Implements Stricter Regulations for Peer-to-Peer Lending Platforms to Enhance
Transparency
● The Reserve Bank of India (RBI) has cautioned non-banking financial company – peer-to-peer
(NBFC-P2P) lending platforms that they cannot promote P2P lending as an investment product
with features such as tenure-linked assured minimum returns, and liquidity options.
● An NBFC-P2P cannot utilise funds of a lender for replacement of any other lender(s).
● Currently, there are 26 NBFC-P2P lending platforms in India.
● Lending Exposure Cap: The total exposure of a lender to all borrowers across P2P platforms is
capped at ₹50 lakhs, and if a lender’s exposure exceeds ₹10 lakhs, a certificate of minimum ₹50
lakhs net worth from a practising Chartered Accountant is required.
Securities and Exchange Board of India Proposes to Broaden Sustainable Finance Framework in
Securities Market
● The Markets regulator Securities and Exchange Board of India (SEBI) has proposed the
expansion of the sustainable finance framework in the securities market by introducing a new
category of financial instruments.
● The new categories include Green Debt Securities, Social Bonds, Sustainable Bonds, and
Sustainability-Linked Bonds, collectively referred to as ESG Debt Securities.
● The expansion aims to provide issuers with greater flexibility to raise funds for projects that align
with Environmental, Social, and Governance (ESG) objectives.
Top 3 Providers Handled 93% of Unified Payments Interface Transactions in July 2024: National
Payments Corporation of India
● According to data from the National Payments Corporation of India (NPCI), the top three players
on India’s flagship payments platform, Unified Payments Interface (UPI), processed 93% of all
such transactions in July 2024.
UPI Transaction Data for July 2024 :
.
Provider Volume (Mn) Value (Cr) Market share (in %)
PhonePe 6983.97 1028799.39 48.38

Google Pay 5341.23 735159.2 37
Paytm (OCL ) 1128.97 123467.33 7.82
Cred 142.56 48998.89 0.99

Axis Bank 108.57 6335.06 0.75
Apps
Women Hold Just 20.8% of Total Bank Deposits; Rural Women Have Higher Bank Balances than
Urban Women
● According to the latest “Men and Women” report released by the National Statistical Office
(NSO), only 20.8% or around a fifth of the total amount of bank deposits in India belongs to
women account holders.
● This is despite the fact that 36.4% of all bank accounts, adding up to 917.7 million accounts in
India are owned by women.
● The total amount of money held by women account holders amounted to ₹39 trillion, out of the
total ₹187 trillion.
● Deposits by Area : In urban areas, women hold 16.5% of total deposits, equivalent to ₹1.9 trillion.
Fintech Company Navi Partners with Karnataka Bank to Launch Credit Line via UPI
● Private sector lender Karnataka Bank has partnered with Sachin Bansal-founded Navi to launch
credit lines on Unified Payments Interface (UPI)-based transactions.
● Karnataka Bank will provide credit lines to Navi’s users.
● The product is currently offered to a closed group of pre-qualified users, and it will be rolled out to
more users based on customer feedback.
● The announcement comes as credit transactions on India's flagship payments platform, Unified
Payments Interface (UPI), are reaching Rs 10,000 crore each month, out of which about Rs 100
to 200 crore come from the credit line on UPI products.
● The National Payments Corporation of India (NPCI) launched the credit line on UPI last year,
targeting low-ticket, high-volume retail loans for individuals and businesses.
.
● Headquarters : Mangalore, Karnataka, India

● MD & CEO : Srikrishnan Hari Hara Sarma
ICICI Bank Sets Long-Term Goal to Achieve Carbon Neutrality in Scope 1 and 2 Emissions by FY 2032
● ICICI Bank has formulated a long-term vision for enhancing sustainability and becoming carbon
neutral in scope 1 and scope 2 emissions by financial year 2032.
● Emission Categories:
➢ Scope 1 Emissions: Direct emissions owned or controlled by the company.
➢ Scope 2 Emissions: Indirect emissions from the generation of purchased electricity.
➢ Scope 3 Emissions: Indirect emissions that result from the company’s activities but are not
directly owned or controlled by it.
● Tree Plantation : According to the report titled "Being Responsible, Being Sustainable, ICICI
Bank ESG Report 2023-24 ICICI Bank, through its philanthropic arm, the ICICI Foundation for
Inclusive Growth, planted more than 1.1 million trees in the financial year 2024.
About ICICI Bank :
● Chairman : Girish Chandra Chaturvedi
Unified Payments Interface Transactions Exceed ₹20 Trillion for Third Consecutive Month in July 2024
● India’s flagship payments platform, Unified Payments Interface (UPI), reported a 45% year-on-
year (Y-o-Y) growth in transaction volume to reach 14.44 billion in July, 2024.
● The value of UPI transactions increased by 35% Y-o-Y, totaling ₹20.64 trillion in July.
● This is the third consecutive month where UPI transaction values have exceeded ₹20 trillion.
● Previous values were ₹20.07 trillion in June and ₹20.44 trillion in May.
About UPI :
● UPI is a system that powers multiple bank accounts into a single mobile application.
Outward remittances under Reserve Bank of India’s Liberalised Remittance Scheme (LRS) declined by
24% to $6.9 billion in Q1 FY25
.
● Outward remittances under the Reserve Bank of India’s (RBI's) Liberalised Remittance Scheme
(LRS) dropped by 24.39% year-on-year to $6.9 billion in Q1 FY25, compared to $9.1 billion in the
same period the previous year.
● June 2024 Remittances: Overall remittances in June 2024 fell by around 44% year-on-year to
$2.18 billion, with declines observed across most categories.
● Surge in Q1 FY24: In Q1 FY24, there was a surge in outward remittances due to changes in tax
collection at source (TCS) norms on LRS, which were set to take effect on July 1, 2023, but later
deferred to October 1, 2023.
● About LRS scheme : The LRS scheme, introduced in 2004, allows resident individuals to remit
up to $250,000 per financial year for permissible current or capital account transactions.
● Category-wise Remittance Declines:International Travel: Dropped by 6% to $3.8 billion in Q1
FY25 from $4.07 billion in Q1 FY24.
● Maintenance of Relatives: Fell by 46% year-on-year to $983.2 million.
● Gifts: Decreased by nearly 41% to $811.9 million.
● Investments in Equity and Debt: Declined to $318.02 million from $503.73 million.
● Deposits: Dropped by 61% year-on-year to $164.7 million.
● Overseas Education: Decreased by nearly 14% to $596.08 million.
● Categories with Increases:Medical Treatment: Rose by 43.5% year-on-year to $24.46 million.
● Donations: Increased by 3.6% to $4.29 million.
Reserve Bank of India Study Forecasts Private Capex to Rise to ₹2.45 Trillion in FY25
● The Reserve Bank of India (RBI) study forecasts that private sector capital expenditure (capex)
could rise to ₹2.45 trillion in FY25, up from ₹1.59 trillion in FY24.
● Record Sanctioned Projects:In FY24, banks and financial institutions sanctioned projects totaling
a record ₹3.90 trillion.
➢ 54% of this amount was planned to be invested by the end of FY23.
➢ 30% is earmarked for FY25.
➢ The remaining 16% is projected for subsequent years.
Union Finance Minister Nirmala Sitharaman Chairs Regional Rural Banks (RRBs) Review Meeting in
New Delhi
● Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired a review
meeting of Regional Rural Banks (RRBs) in New Delhi.
.
● The meeting was also attended by the Secretary-Designate, Department of Financial Services
(DFS), Additional Secretary, other senior officials from the DFS, representatives of RBI, SIDBI,
NABARD, Chairpersons of RRBs and CEOs of sponsor banks.
Key Highlights :
● Meeting Focus:The review meeting included all 43 RRBs and concentrated on:
➢ Business performance
➢ Upgrading digital technology services
➢ Fostering business growth in MSME clusters
● Loan Sanctioning and Beneficiary Identification:The Finance Minister urged RRBs, with support
from their sponsor banks, to focus on clear identification of beneficiaries for loans under schemes
like PM Vishwakarma and PM Surya Ghar Muft Bijli Yojana.
● Financial Performance:43 regional rural banks (RRBs) posted a consolidated net profit of ₹7,796
crore in FY24, up 26% from ₹6,178 crore in FY23, brightening prospects for some to tap the
capital market, including through an initial public offering (IPO).
● RRBs Coverage : As of March-end 2024, there were 43 RRBs (sponsored by 12 scheduled
commercial banks – 11 public sector banks and Jammu & Kashmir Bank) with 22,069 branches
spread across 26 States and three Union Territories (Puducherry, Jammu & Kashmir, and
Ladakh).
Fintechs urged to join financial cyber fraud reporting platform
● The Fintech Association of India (FACE) has asked its members to explore joining the Citizen
Financial Cyber Fraud Reporting and Management System (CFCFRMS) – part of the National
Cybercrime Reporting Portal.
● CFCFRMS provides an integrated platform where all stakeholders, including states and union
territories, major banks and financial intermediaries, payment wallets, crypto exchanges and e-
commerce companies work in tandem for quick, decisive, and system-based effective action to
prevent the flow of money from victims’ account to cyber fraudsters’ account.
ICICI Lombard Forms 7 New Bancassurance Partnerships with Banks and Non-banking Financial
Companies (NBFCs)
● ICICI Lombard General Insurance has teamed up with 7 different financial institutions for
bancassurance partnerships.
.
● The move is expected to expand its distribution network and make insurance more accessible to
customers across the country.
● The 7 financial institutions are
1. Aye Finance
2. Bandhan Bank
3. Karnataka Bank
4. Muthoot Mini
5. Nivara Home Finance Private Limited
6. NSDL Payment Bank
7. The Andhra Pradesh State Co-operative Bank.
8. The regulator had paved the way for corporate agents (banks) to have distribution tie up
with a maximum of 9 life insurers, 9 general insurers and 9 health insurers.
9. Also, insurance marketing firms (IMF) can now enter into tie up with as many as six life,
general and health insurers.
● MD & CEO : Sanjeev Mantri
State Bank of India, ICICI Bank, and IDBI Bank Play Crucial Role in Jaiprakash Associates' Insolvency
Resolution with Over ₹51,000 Crore in Claims
● State Bank of India (SBI), ICICI Bank, and IDBI Bank are the primary creditors, holding significant
claims in the Jaiprakash Associates (JAL) insolvency case.
● Total admitted claims amount to over ₹51,000 crore, making it one of the largest insolvency
cases since the Insolvency and Bankruptcy Code (IBC) was enacted in 2016.
● Breakdown of Claims:As of July, financial creditors, including homebuyers, are owed ₹51,510
crore.
● SBI is the largest creditor with claims of approximately ₹15,500 crore, accounting for 30% of the
total debt.
● ICICI Bank holds 18% of the debt, and IDBI Bank holds 11%.
● Together, these three banks hold nearly 60% of the debt.
National Payments Corporation of India Introduces 'UPI Circle' for Secure Payments Among Trusted
Users
.
● The National Payments Corporation of India (NPCI) has launched a new feature called 'UPI
Circle-Delegate Payments' on its Unified Payments Interface (UPI) platform.
● This feature allows primary UPI account holders to share their accounts with secondary users,
enabling delegated transactions
● Transaction Limits:Full Delegation:Maximum monthly limit of approximately ₹15,000 per
delegation.
● Maximum per transaction limit of approximately ₹5,000.
Bank Deposit and Locker Holders to be Allowed to Name Up to 4 Nominees Soon
● The Government introduced the Banking Laws (Amendment) Bill, 2024 which seeks to increase
the option for nominees per bank account to four, from existing one, among others.
Amended Laws:
➢ Reserve Bank of India (RBI) Act, 1934
➢ Banking Regulation Act, 1949
➢ State Bank of India (SBI) Act, 1955
➢ Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
➢ Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980
➢ Tenure of Directors in Cooperative Banks : The bill proposes extending the tenure of directors
(excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years,
aligning with the Constitution (Ninety-Seventh Amendment) Act, 2011.
➢ Substantial Interest Definition : Under the Banking Regulation Act, substantial interest in a
company refers to holding shares of over 5 lakh rupees or 10% of the paid-up capital of the
company, whichever is less.
➢ This may be held by an individual, his spouse, or minor child, either individually or collectively.
➢ The Bill amends this to increase the threshold to 2 crore rupees.
Reserve Bank of India Governor Shaktikanta Das Named Top Central Banker for Second Consecutive
Year
● Reserve Bank of India (RBI) Governor Shaktikanta Das has been ranked the top central banker
globally for the second consecutive year by US-based Global Finance magazine.
.
● Das has been placed at the top of the list of three central bank governors, who have been rated
A+.
● Grades are based on a scale from A to F for success in inflation control, economic growth goals,
currency stability and interest rate management.
● An 'A' represents excellent performance, while an 'F' for outright failure.
● Denmark's Christian Kettel Thomsen, India's Shaktikanta Das and Switzerland's Thomas Jordan
have been ranked under the 'A+' category of central bankers.
● The Central Banker Report Cards, published annually by Global Finance since 1994, grade
central bank governors of nearly 100 countries, territories and districts, including the European
Union, Eastern Caribbean Central Bank, Bank of Central African States and Central Bank of
West African States.
About RBI :
Patra
IDBI Bank Raises Fixed Deposit Interest Rate to 7.85% for 444-Day Term to Attract More Deposits
● IDBI Bank has increased its fixed deposit (FD) rate to 7.85% for a 444-day tenure, aiming to
attract more deposits.
● Offer Validity: The promotional offer is valid until September 30, 2024.
About IDBI Bank :
● MD & CEO : Rakesh Sharma
Reserve Bank of India launches RBI90Quiz for undergraduate college students
● The Reserve Bank of India (RBI) announced the launch of the RBI90Quiz for college students at
the undergraduate level.
● The quiz is a nationwide competition being held as part of the events to commemorate 90 years
of RBI’s functioning.
.
● Eligibility : The RBI90Quiz is open to undergraduate students who are not more than 25 years of
age on September 1, 2024 (i.e., those born on or after September 01, 1999) and pursuing
bachelor’s degree across any stream of study through colleges located in India.
● RBI employees (including contractual employees) and their immediate family members are not
eligible to participate.
● Employees and family members of the agencies associated directly or indirectly with RBI in
organising the quiz are also not eligible to participate.
● The participating teams of this RBI90Quiz program stand to win attractive prizes at various levels,
as detailed below:
Level 1st Prize 2nd Prize 3rd Prize

(₹) (₹) (₹)
Final 10 lakh 8 lakh 6 lakh
Zonal 5 lakh 4 Lakh 3 lakh
State 2 lakh 1.5 lakh 1 lakh
Reserve Bank of India unveils framework for financial market self-regulatory organisations
● The Reserve Bank of India (RBI) issued a framework for recognition of self-regulatory
organisations (SROs) in the financial markets space to help strengthen compliance culture and
provide a consultative platform for policy making.
● It follows the 'Omnibus Framework for recognition of SROs' issued in March 2024.
● The framework specifies the broad parameters, such as objectives, responsibilities, eligibility
criteria, membership, governance standards and application process for the recognition of SROs
in financial markets.
What is an SRO?
● A self-regulatory authority is an institution that can operate independently and with impartiality,
and importantly free from the influence of any single member or group of members.
Key Points on Eligibility Criteria for SROs under RBI Framework:
● Not-for-Profit Status:The entity applying for recognition as an SRO must be a not-for-profit
company registered under Section 8 of the Companies Act, 2013.
● A minimum net worth of ₹10 crore is required.
● Voluntary: The applicant must ensure that the membership of the SRO is voluntary.
.
BharatPe Introduces Secured Loans for Merchants, Expands Credit Services
● Fintech firm BharatPe announced its foray into facilitating secured loans for merchant partners on
its platform.
● The company has launched the facilitation of two-wheeler loans and Loans Against Mutual Funds
(LAMF) for its existing merchant partners in the first phase.
● BharatPe has partnered with OTO Capital, a digital commerce and lending platform, to enable
two-wheeler loans.
● The loan application process is 100% digital and merchants have the option to choose the
repayment period between 12- 48 months.
● With the launch of LAMF in partnership with Volt Money, BharatPe’s merchants can also avail
loans of up to Rs 1 crore against Mutual Funds.
About BharatPe :
● Founded : 2018
Bank of Baroda Secures ₹5,000 Crore Loan Agreement with Steel Authority of India Limited
● Bank of Baroda (BoB) secured a ₹5,000 crore loan deal with Steel Authority of India Limited
(SAIL), a major state-owned steelmaker.
● BoB won the deal with a competitive bid of 7.49% for a five-year loan, linked to the 364-day
treasury bill.
About BoB :
About SAIL :
● Chairman : Amarendu Prakash
● SAIL is a central public sector undertaking (PSU) based in New Delhi, India.
.
● It is under the ownership of the Ministry of Steel, Government of India.

Securities and Exchange Board of India Suggests Amendments to Simplify Compliance for Entities with
Listed Non-Convertible Securities
● Capital markets regulator Securities and Exchange Board of India (SEBI) proposed amendments
to ease the compliance requirements for entities with listed non-convertible securities.
● This move will ease the cost of compliance for participants in the financial sector, as announced
by the government in the FY 2023-24 Budget.
● It will also streamline the timeline for notifying the stock exchanges of record date by entities with
listed non-convertible securities may be reduced from 7 to 3 working days.
● The regulator's Corporate Bonds and Securitisation Advisory Committee also proposed
mandating that all disclosures by listed entities with non-convertible securities be filed in the
XBRL (eXtensible Business Reporting Language) format.
About SEBI :
Total Project Costs Financed by Lenders Hit Record ₹3.91 Lakh Crore in FY24: RBI Bulletin
● According to an article in Reserve Bank of India’s (RBI’s) latest monthly bulletin, the total
envisaged cost of the projects financed by banks/financial Institutions (FIs) reached a new high of
₹3.91 lakh crore during 2023-24, with 54% planned to be invested by the year-end.
● Project Financing Growth:In FY 2023-24, 944 projects were financed with a total cost of
₹3,90,978 crore.
● This is a significant increase from FY 2022-23, where 547 projects were financed with a total cost
of ₹2,66,546 crore per the article “Private Corporate Investment: Growth in 2023-24 and Outlook
for 2024-25” authored by RBI officials Kamal Gupta, Rajesh B Kavediya, Sukti Khandekar and
Snigdha Yogindran.
● Investment Outlook:The expected capital expenditure (capex) from these projects is set to
increase to ₹2.45 lakh crore in FY 2024-25, up from ₹1.59 lakh crore in FY 2023-24.
.
● The top 5 states-Gujarat, Maharashtra, Karnataka, Andhra Pradesh, and Uttar Pradesh,
accounted for about 55% of the total project costs.
Non-banking finance companies Gross Bad Loans Expected to Increase by 30-50 Bps in FY25: ICRA
● According to the domestic rating agency ICRA report, Non-banking finance companies (NBFCs)
will likely see their gross stage-3 asset ratio or gross bad loans rising by 30-50 basis points (bps)
in the current financial year, from 2.8% in FY24.
● Unsecured Loans: The share of unsecured loans (personal and business) in NBFCs assets
under management (AUM) increased to 11% in March 2024 from 7% in March 2021, raising
concerns about loan quality risk.
● Infrastructure and Housing Loans: Shadow lenders in the infrastructure and housing loan
segments are anticipated to see an improvement in their gross bad loans ratio by 10-20 bps in
the current fiscal year.
● Funding Challenges:Growth: NBFCs are expected to experience slower AUM growth, easing to
13-15% in FY25 compared to 18% in FY24.
● Debt Funding: Estimated incremental debt funding required for AUM expansion is ₹5.6-6 trillion
for FY25.
● Founded : 1991
● Headquarters : Gurgaon,Haryana
● Managing Director & Group CEO : Ramnath Krishnan
Securities and Exchange Board of India Proposes Amendments to Regulations for Debenture Trustees
● Markets regulator Securities and Exchange Board of India (SEBI) has proposed changes to the
regulations concerning debenture trustees (DTs).
● SEBI issued a consultation paper to clarify the term 'pecuniary relationship' between a Debenture
Trustee and the issuer under existing norms.
● Stakeholders can submit comments on the paper until September 11, 2024.
● Pecuniary Relationship Restrictions:Currently, an entity cannot be appointed as a DT if its
pecuniary relationship with the issuer equals or exceeds 2% of its gross turnover or total income,
or ₹50 lakh, whichever is lower.
Nippon AMC Mutual Fund Introduces Nifty 500 Equal Weight Index Fund
● Nippon Life India Asset Management launched the Nifty 500 Equal Weight Index Fund, a unique
open-ended scheme tracking the Nifty 500 Equal Weight Index.
.
● The fund aims to capitalise on India's growth by providing exposure to a broad market, including
various market capitalizations.
● The fund invests 0.20% across all 500 stocks in the Nifty 500 Equal Weight Index, providing a
diversified portfolio across large-cap, mid-cap, and small-cap companies.
Centre Secures USD 500 Million Loan Package from Asian Development Bank for Health Infrastructure
in Maharashtra
● India has signed a USD 500 million loan package with the Asian Development Bank (ADB) for
the Maharashtra Tertiary Care and Medical Education Sector Development Program.
Signatories:
● Government of India: Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry
of Finance.
● ADB: Mio Oka, Country Director of ADBs India Resident Mission.
● Government of Maharashtra: Dinesh Waghmare, Principal Secretary, Medical Education and
Drugs Department.
Program Objectives:
● Health Care Improvement: Enhance access to quality and affordable tertiary health care and
medical education in Maharashtra.
● Infrastructure Development:
➢ Establish four new medical colleges attached to tertiary care teaching hospitals in under-
served districts.
➢ Incorporate climate-resilient, disaster-resilient, gender-responsive, and socially inclusive
features in these facilities.
About ADB :
Department of Economic Affairs Revises Foreign Exchange Management Rules, 2019 Following Union
Budget 2024-25 Announcement
.
● The Department of Economic Affairs has amended the Foreign Exchange Management (Non-
debt Instruments) Rules, 2019, to support the global expansion of Indian companies through
cross-border share swaps, mergers, and acquisitions.
● These changes, following the Union Budget's focus on simplifying foreign investment rules, aim
to help Indian companies grow internationally.
● The amendments aim to simplify cross-border share swaps and provide for the issue or transfer
of Indian company equity instruments in exchange for foreign company equity instruments.
About FEMA:
● FEMA (Foreign Exchange Management Act) was introduced in 1999 to replace the Foreign
Exchange Regulation Act (FERA) of 1973, in response to post-liberalization economic conditions.
● Minister of State : Pankaj Choudhary
Reserve Bank of India Expands E-Mandate Framework to Cover Auto Replenishment of FASTag and
National Common Mobility Card
● The Reserve Bank of India (RBI) has incorporated the auto replenishment of Fastags and
national common mobility cards (NCMCs) into the e-mandate framework.
● This inclusion applies when the balance falls below a customer-defined threshold.
● Exemption from Pre-Debit Notification: Issuers of FASTags and NCMCs are exempt from the
requirement to send a pre-debit notification 24 hours before a debit, due to the recurring nature
and lack of fixed periodicity of auto-replenishment payments.
● Effective Date: This circular from the RBI is effective from August 22, 2024.
● E-Mandate Framework Requirements: Under the RBI’s e-mandate framework, issuers are
typically required to send a pre-debit notification to customers at least 24 hours before a debit.
● Transaction Limit without AFA: For e-mandate-based recurring transactions, the limit without
Additional Factor Authentication (AFA) is Rs 2,000 per transaction.
● Transactions exceeding this limit must include an AFA.
What is the e-mandate framework?
● Established in 2019, the e-mandate framework aims to safeguard customers by ensuring they
are informed of upcoming debits to their accounts.
About NCMC :
.
● The NCMC is an inter-operable transport card conceived by the Ministry of Housing and Urban
Affairs of the Government of India.
● It was launched on 4 March 2019.
PGIM India Mutual Fund unveils a multicap fund; Axis Mutual Fund introduces a consumption-focused
fund
● PGIM India Mutual Fund has announced the launch of PGIM India Multi Cap Fund, an open-
ended equity scheme investing across large-cap, mid-cap and small-cap stocks.
● The fund is benchmarked against Nifty 500 Multicap 50:25:25 TRI.
● The New Fund Offer (NFO) opened for subscription on August 22, 2024, and will close on
September 05, 2024.
LIC Housing Finance Secures ₹1,050 Crore via 5-Year Bond Issued at 7.75%
● LIC Housing Finance raised ₹1,050 crore through a bond issue with a 5-year maturity period at a
coupon rate of 7.75%.
● The company aimed to raise up to ₹3,000 crore through the bond issue.
● The initial base size of the issue was ₹1,000 crore, with an additional greenshoe option of ₹2,000
crore.
About LIC Housing Finance Limited (LIC HFL) :
● MD & CEO : Tribhuwan Adhikary
IndusInd Bank Receives Reserve Bank of India Approval for Asset Management Subsidiary
● IndusInd Bank has received approval from the Reserve Bank of India (RBI) to establish a wholly
owned subsidiary focused on asset management in the mutual fund sector.
● The RBI's approval includes the provision for infusion of equity capital into the new subsidiary.
● Established : April 1994
● MD & CEO : Sumant Kathpalia
● Tagline : We Care Dil Se, We Make You Feel Richer
World Bank Issues 1st-Ever Carbon Removal Bond to Finance Amazon Reforestation
● The World Bank (International Bank for Reconstruction and Development, IBRD) has issued a 9-
year, $225 million principal-protected Amazon Reforestation-Linked Bond.
.
● The bond features a fixed guaranteed coupon component and a variable component linked to the
generation of Carbon Removal Units (CRUs) from reforestation projects in the Amazon rainforest
regions of Brazil.
● This is the first bond that links investors’ financial returns to carbon removal from the atmosphere,
as opposed to previous bonds tied to the sale of carbon credits from avoided emissions.
About World Bank :
Reserve Bank of India to Begin Redemption of 30 Gold Bonds on October 11, 2024
● The Reserve Bank of India (RBI) has announced the calendar for the premature redemption of
Sovereign Gold Bonds (SGBs) issued between May 2017 and May 2020.
● The RBI plans to redeem 30 tranches of these bonds between October 11, 2024, and February 7,
2025.
What are Sovereign Gold Bonds (SGBs)?
● SGBs are government securities denominated in grams of gold, and they are a substitute for
holding physical gold.
● The bonds are issued in denominations of one gram of gold and in multiples thereof.
● Investment Limits: The minimum investment in SGBs is one gram of gold, with a maximum limit
of 4 kg for individuals and 20 kg for trusts and similar entities per financial year.
● Interest Rate: Sovereign gold bonds currently offer an interest rate of 2.5%, payable semi-
annually.
● Issuing Authority: These bonds are issued by the Government of India under the Government of
India Stock, in accordance with Section 3 of the Government Securities Act, 2006 (GS Act 2006).
PhonePe Introduces Credit Line on UPI for Effortless Merchant Payments
● Walmart backed fintech firm PhonePe launched Credit Line on UPI on its platform to enable
consumers availing credit lines from their banks to seamlessly link them to UPI on PhonePe for
merchant payments.
● The feature will enable consumers to purchase with ease across millions of merchants and avail
the flexibility of short-term credit that helps them manage their monthly expenses better.
.
● This is the second major credit-related feature on UPI, following the success of Rupay Credit
Cards being linked to UPI.
About PhonePe :
PayU Teams Up with Amazon Pay Later to Provide Instant Digital Credit for Indian Shoppers
● Naspers-backed fintech firm PayU has partnered with Amazon Pay Later to provide instant digital
credit access to Indian shoppers.
● As part of this partnership, Amazon Pay Later will be integrated into PayU’s checkout
infrastructure, allowing online merchants to offer an instant credit line to their customers, thereby
boosting business revenues.
● PayU reported an 11% increase in its India revenue, reaching $444 million in fiscal year 2024, up
from $399 million the previous year. Payment services contributed 46% to its core revenue from
this segment, accounting for 60% of total payment volumes (TPV).
About PayU :
● Founded : 2002
● PayU is a Netherlands-based payment service provider to online merchants
About Amazon Pay :
● Founded : 2007
Bandhan Bank Introduces 'Avni', an Exclusive Savings Account for Women
● Bandhan Bank has introduced 'Avni', a savings account exclusively designed for women.
● Debit Card Benefits: Includes free airport lounge access, personal accident insurance cover of
₹10 lakh, and lost card liability of ₹3.5 lakh.
● Loyalty Program: Bandhan Bank has also launched a loyalty program named Bandhan Bank
Delights, which allows customers to earn reward points called Delight Points that can be
redeemed for purchases.
.
● MD & CEO : Ratan Kumar Kesh.

Aditya Birla Finance and AU Small Finance Bank Launch New Credit Cards on Visa and RuPay
Networks
● Aditya Birla Finance Limited ("ABFL"), a wholly owned subsidiary of Aditya Birla Capital, India's
leading financial services conglomerate and AU Small Finance Bank Limited (SFB), India's
largest small finance bank, has announced the launch of Aditya Birla Finance AU credit cards,
powered by and available on Visa and RuPay payment networks.
● The feature-loaded co-branded credit cards are available in four variants and offer
comprehensive reward benefits to serve the financial needs of different customer segments,
covering both individual customers and business owners.
➢ ABC AU Flex: Affordable option for mass India.
➢ ABC AU Nxt: Millennial-friendly with specialised features.
➢ ABC AU Pro: High-end card for the affluent.
➢ ABC AU Biz: Tailored for entrepreneurs and business owners.
● MD & CEO of Aditya Birla Finance Limited : Rakesh Singh
● Founded : 1996
Axis Bank Overtakes ICICI Bank to Become Top Player in Credit Card Terminals
● Axis Bank has become the leading player in credit card terminals in India, surpassing ICICI Bank.
● The bank achieved this position in just four years.
● The bank aims to further expand its credit card terminal business.
● It plans to use its leading position to increase deposit acquisitions and provide loans to small
businesses.
About Axis Bank :
● MD & CEO : Amitabh Chaudhry
Piramal Finance and Central Bank of India Announce Strategic Co-Lending Alliance
.
● Piramal Capital and Housing Finance Limited (referred to as Piramal Finance), a wholly owned
subsidiary of Piramal Enterprises Limited (‘PEL’), and Central Bank of India, have announced a
strategic partnership to expand their co-lending business.
● The collaboration will provide loans to middle and low-income borrowers, focusing on middle and
low-income segment borrowers with focus on rural and semi-urban regions.
What is meant by Co-Lending Alliance?
● A co-lending alliance is a partnership between a bank and a non-banking financial company
(NBFC) to jointly lend money to borrowers.
● This arrangement allows both parties to share risk and benefit, and improve credit flow to
underserved sectors at affordable rates.
About Central Bank of India :
● Headquarters: Mumbai,Maharashtra
● Tagline : Build a Better Life Around Us./ Central To You Since 1911
About Piramal Finance :
● Managing Director : Jairam Sridharan
Finance Minister Nirmala Sitharaman Requests Reserve Bank of India Assistance to Settle Regional
Rural Banks Dues with States
● Finance Minister (FM) Nirmala Sitharaman sought the Reserve Bank of India’s (RBI’s)
intervention for clearing the pending dues of Regional Rural Banks (RRBs) with state
governments.
● During a review meeting on the performance of 9 RRBs from Gujarat, Maharashtra, Madhya
Pradesh, Chhattisgarh, and Rajasthan, held in Udaipur, Sitharaman directed RRBs to leverage
their healthy Current Account Savings Account (CASA) ratio to provide more credit.
● The FM also directed RRBs to become more customer-friendly and use their local connections to
further improve performance.
● Capital Adequacy and Profitability:
➢ CRAR: The Consolidated Capital to Risk (Weighted) Assets Ratio (CRAR) of RRBs
increased from 7.8% in FY2021 to 13.7% in FY2024.
.
➢ Profitability: RRBs moved from a loss of ₹41 crore in FY2021 to a net profit of ₹2,018
crore in FY2024.
➢ GNPA: The Gross Non-Performing Assets (GNPA) ratio is relatively low at 3.9%.
Reserve Bank of India Levies Financial Penalty on NDX P2P Private Limited ('LiquiLoans') & Innofin
Solutions Private Limited (“LenDen Club”)
● The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,92,00,000 on NDX P2P
Private Limited, also known as 'LiquiLoans'.
● Reason for Penalty: The penalty was imposed for non-compliance with the provisions of the
'Non-Banking Financial Company - Peer to Peer Lending Platform (Reserve Bank) Directions,
2017' and the "Guidelines on Digital Lending" issued by the RBI.
● Legal Basis: The penalty was imposed under the powers conferred by clause (b) of sub-section
(1) of section 58G, read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of
India Act, 1934.
● The RBI also imposed a penalty of ₹1,99,50,000 on Innofin Solutions Private Limited, also known
as 'LenDen Club'.
Tata AIA Life Introduces 'Sampoorna Raksha Promise' Product with ₹3 Lakh Immediate Payout Feature
● Tata AIA Life Insurance has unveiled its latest term insurance product, Sampoorna Raksha
Promise.
● This product is designed to enhance financial security.
● Instant payout: The plan provides an immediate payout of ₹3 lakh upon death claim intimation to
cover urgent expenses.
● Premium deferral: Policyholders can defer their premium payments for up to 12 months once
every five years.
About Tata AIA Life Insurance :
● MD & CEO : Venkatachalam Iyer
Securities and Exchange Board of India Grants In-Principle Approval to Capitalmind to Launch Mutual
Fund Business
● Bengaluru-based investment management firm Capitalmind Financial Services Private Limited
has received in-principle approval from the Securities and Exchange Board of India (SEBI) to
launch a new mutual fund.
.
● Current Operations: Capitalmind currently functions as a portfolio manager, managing over

₹2,200 crore in assets under management (AUM) for more than 1,150 clients.
● The firm maintains a strong annual client retention rate of 98%.
About Capitalmind :
● CEO : Deepak Shenoy
GST filers without a valid bank account will be restricted from submitting GSTR-1 starting September 1,
2024
● GST taxpayers who do not furnish bank account details to GST authorities will be barred from
filing outward supply return GSTR-1 from September 1,2024.
● Filing Restrictions: Taxpayers who do not furnish valid bank account details will be barred from
filing their GSTR-1 (outward supply return) or using the Invoice Furnishing Facility (IFF) for the
tax period August 2024 onwards.
● GST Rule 10A: According to GST Rule 10A, a taxpayer is required to furnish bank account
details:
➢ Within 30 days from the date of grant of registration.
➢ Or before filing the details of outward supplies in Form GSTR-1 or using IFF, whichever is
earlier.
Reserve Bank of India Governor Shaktikanta Das Unveils Unified Lending Interface (ULI)
● The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the launch of the Unified
Lending Interface (ULI) during the Global Conference on Digital Public Infrastructure and
Emerging Technologies in Bengaluru, Karnataka.
● Purpose of ULI:ULI is designed to enhance the credit access and disbursement process in India,
especially benefiting underserved segments.
What is the Unified Lending Interface?
● The ULI platform facilitates seamless and consent-based flow of digital information, including
land records of various states, from multiple data service providers to lenders.
● This cuts down the time taken for credit appraisal, especially for smaller and rural borrowers.
● The ULI is a cutting-edge digital platform designed to streamline the lending process across the
financial ecosystem.
● Integration and Efficiency:ULI connects banks, non-banking financial companies (NBFCs),
fintech firms, and borrowers.
.
● Relation to JAM Trinity:The ULI is seen as part of India's broader digital infrastructure
development, alongside JAM (Jan Dhan, Aadhar, and Mobile) and UPI (Unified Payments
Interface).
● The 'new trinity' of JAM-UPI-ULI represents a significant advancement in India’s digital
infrastructure journey.
About JAM Trinity :
● JAM Trinity- (Jan Dhan, Aadhar, and Mobile) is a tool used by the government to transfer cash
benefits directly to the bank account of the intended beneficiary.
● JAM Trinity is the key enabler of India's transformed and well-developed digital landscape.
Small Savings Schemes Grow 13.8% Driven by Sukanya Samriddhi and Senior Citizens Scheme
● According to the data from the Reserve Bank of India (RBI) indicate that people are continuing to
repose faith in small savings schemes with the corpus clocking a decent annual growth of 13.8%
up to February 2024 reaching ₹18.1 lakh crore.
About Small savings schemes :
● Small savings schemes are savings instruments floated by the Centre with the twin objective of
helping finance its expenditure as well as to inculcate the habit of saving regularly among
investors.
Historical Data:
● February 2015: Outstanding balance was ₹6.2 lakh crore.
● February 2019: Outstanding balance rose to ₹10.4 lakh crore.
● February 2023: Outstanding balance reached ₹15.9 lakh crore, showing a 12.1% year-on-year
growth.
● February 2024: Outstanding balance achieved ₹18.1 lakh crore, reflecting a 13.8% growth.
● Performance of Individual Schemes:Seven of the 20 small savings schemes saw growth between
9% and 11% over the past year. Notable examples include:
➢ Post Office Savings Bank Deposits: 9% growth.
➢ Post Office Recurring Deposits: 11% growth.
● Most schemes have interest rates ranging from 4% to 9%.
● Schemes with Highest Growth:Sukanya Samriddhi Yojana Account (SSA): Grew by 41% from
₹77,472 crore (Feb 2023) to ₹1 lakh crore (Feb 2024).
● Senior Citizens Scheme 2004: Saw a 28% growth from ₹1.3 lakh crore (Feb 2023) to ₹1.7 lakh
crore (Feb 2024).
.
Amazon Pay UPI reaches a significant milestone by surpassing 100 million customers
● Amazon Pay UPI has crossed 100 million customers, with the online platform used mainly for e-
commerce transactions, utility bill payments and mobile recharges.
● The app has become a significant success, streamlining transactions both on Amazon.in
shopping app and across a wide range of external platforms.
● Launch and Usage: Launched in 2019, Amazon Pay UPI is primarily used for e-commerce
transactions, utility bill payments, and mobile recharges.
● It is widely adopted across major states like Maharashtra, Uttar Pradesh, Bihar, West Bengal,
and Karnataka, with growing use in tier II and III cities.
● Primary Users: The app is particularly popular among youth aged 18 to 24 years, indicating
strong adoption among the younger demographic.
Bank of Baroda Secures ₹5,000 Crore Through 10-Year Infrastructure Bonds at 7.3% Interest Rate
● State-owned Bank of Baroda (BoB) raised Rs 5,000 crore through 10-year infrastructure bonds at
a coupon rate of 7.3%.
● The bond offering, rated AAA by CRISIL Ratings, had a base issue size of Rs 2,000 crore and a
greenshoe option of Rs 3,000 crore and was fully subscribed.
About BoB :
Securities and Exchange Board of India bars Anil Ambani and 24 others from securities market for five
years over RHFL loan scandal, imposes ₹25 crore fine
● India's market regulator, the Securities and Exchange Board of India (SEBI), has imposed a five-
year ban on industrialist Anil Ambani and 24 others, including top executives of Reliance Home
Finance Limited. (RHFL), from participating in the securities market.
● This action follows a probe into RHFL, where funds were allegedly diverted through questionable
loans, leading to significant losses and raising concerns among investors.
.
● SEBI has imposed a ₹25 crore penalty on Anil Ambani and has barred him from holding any
directorial or key managerial positions in listed companies or intermediaries registered with SEBI
for 5 years.
UBS AG Added to the Second Schedule of the Reserve Bank of India Act, 1934
● Reserve Bank of India (RBI) announced that “UBS AG” has been included in the Second
Schedule of the Reserve Bank of India Act, 1934.
● Categories of Scheduled Banks : Scheduled commercial banks in India are categorised into five
different groups according to their ownership and/ or nature of operation.
1. State Bank of India and its associates.
2. Nationalised banks.
3. Regional rural banks.
4. Foreign banks.
5. Other Indian scheduled commercial banks (private sector).
● In the RBI Act, 1934, schedule banks are the banks that are listened to in the second schedule.
● Requirements for Scheduled Banks:Banks listed in the Second Schedule of the RBI Act must
have a minimum capital of Rs 5 lakhs.
About UBS Group AG :
● UBS Group AG is a multinational investment bank and financial services company.
● It is headquartered in Zürich and Basel, Switzerland.
● UBS AG is already involved in investment banking and other financial services in India.
Krung Thai Bank Public Company Limited Removed from Second Schedule of the Reserve Bank of
India Act, 1934
● The Reserve Bank of India (RBI) advised that “Krung Thai Bank Public Company Limited” has
been excluded from the Second Schedule of the Reserve Bank of India Act, 1934 .
About Krungthai Bank :
● Krungthai Bank, officially Krungthai Bank Public Company Limited, and sometimes known by its
initials KTB, is a state-owned bank under licence issued by the thailand government.
● Headquarters: Watthana, Bangkok, Thailand.
Credit Suisse AG Removed from the Second Schedule of the Reserve Bank of India Act, 1934
● Reserve Bank of India (RBI) advised that “Credit Suisse AG” has been excluded from the Second
Schedule of the Reserve Bank of India Act, 1934.
.
About Credit Suisse Group AG :

● Credit Suisse Group AG was a global investment bank and financial services company.
● It is based in Switzerland, it was initially an independent entity but is now a subsidiary of UBS.
● Headquarters: Zürich, Switzerland.
Reserve Bank of India Imposes Monetary Fines on Mahoba Urban Co-operative Bank Limited.,
Uttarkashi Zila Sahkari Bank Limited., and U.P. Postal Primary Co-operative Bank Limited
● The Reserve Bank of India (RBI) has imposed a monetary penalty on Mahoba Urban Co-
operative Bank Ltd., Mahoba, Uttar Pradesh, Uttarkashi Zila Sahkari Bank Ltd., Uttarkashi, U. P.
Postal Primary Co-operative Bank Ltd., Lucknow.
Mahoba Urban Co-operative Bank Ltd., Mahoba, Uttar Pradesh:
● Penalty Amount: ₹8.00 lakh
Uttarkashi Zila Sahkari Bank Ltd., Uttarkashi:
U. P. Postal Primary Co-operative Bank Ltd., Lucknow
ESAF Small Finance Bank Introduces Inori RuPay Platinum Credit Card
● ESAF Small Finance Bank has introduced the Inori RuPay Platinum Credit Card, a premium
financial product developed in collaboration with the National Payments Corporation of India
(NPCI).
● Card Name Significance:The name “Inori” is derived from the Japanese word for “wish,” reflecting
the bank's aspiration to meet the desires and expectations of its customers.
About ESAF Small Finance Bank (formerly known as ESAF Microfinance and Investments) :
● Headquarters : Thrissur, Kerala
● MD & CEO : K Paul Thomas
Jio Financial Services Receives Approval to Raise Foreign Investment Limit to 49%
● Jio Financial Services Limited has received approval from the Department of Economic Affairs to
raise the aggregate limit of foreign investment (including Foreign Portfolio Investors, FPIs) to 49%
of the paid-up equity share capital on a fully diluted basis.
● The adjustment is aimed at enhancing participation from foreign investors and FPIs.
.
● Current Foreign Investment:Foreign investors currently hold 17.55% of the company's stake,
from a public float of approximately 53%.
● MD & CEO : Hitesh Kumar Sethia
Goods and Services Tax Department Imposes ₹24 Lakh Penalty on Yes Bank
● The Goods and Services Tax (GST) department in Maharashtra has imposed a penalty on Yes
Bank amounting to ₹24,92,978.
● This penalty includes disallowance of input tax credit (ITC), interest, and the penalty amount itself.
Legal Basis:
● The penalty is based on:
○ Section 73 of the Central Goods and Services Tax Act, 2017
○ Maharashtra Goods and Services Tax Act, 2017
About Yes Bank :
● Founded : 2004
Zeta Partners with HDFC Bank to Enhance Credit Line Offerings on UPI (CLOU) Platform
● Zeta, a provider of next-gen banking technology to financial institutions globally, has partnered
with HDFC Bank to support the bank’s credit line offerings on the UPI (CLOU) platform.
● The partnership leverages Zeta’s Digital Credit as a Service (DCaaS) solution, which is designed
for rapid deployment and includes capabilities across origination, processing, lifecycle
management, digital experiences, and data analytics.
● Credit Line on UPI (CLOU):The Credit Line on UPI (CLOU) scheme was announced by NPCI
and allows banks to connect pre-approved credit lines directly to the UPI user base.
● Growth Potential:Zeta’s estimates suggest that the CLOU scheme could grow to a $1 trillion
opportunity for banks by 2030.
About Zeta :
● Founded : 2015
.
● CEO : Bhavin Turakhia

Reserve Bank of India Grants Approval to Fintech Association for Consumer Empowerment as a
FinTech Self-Regulatory Organization
● The Reserve Bank of India (RBI) has officially recognized the Fintech Association for Consumer
Empowerment (FACE) as the first Self-Regulatory Organization in the FinTech sector (SRO-FT).
● Purpose of SRO-FT: The SRO-FT framework was finalized by the RBI in May 2024 to promote
"healthy and sustainable development" within the FinTech industry under the central bank's
oversight.
What is an SRO-FT?
● Definition: A Self-Regulatory Organization in FinTech (SRO-FT) must be a registered not-for-
profit company.
● Responsibilities: It is responsible for setting guidelines on consumer protection, data security,
and privacy. SROs also have the authority to investigate and discipline non-compliant members.
● Function: SROs act as intermediaries between industry players and regulatory bodies like the
RBI, advocating for necessary changes and promoting compliance.
Eligibility and Membership Criteria:
● Not-for-Profit Requirement: The SRO-FT must be a not-for-profit company under Section 8 of the
Companies Act, 2013.
● Diversified Shareholding: No entity should hold 10% or more of the paid-up share capital, either
individually or in concert with others.
● Net Worth Requirement: The applicant should have a minimum net worth of INR 2 Crores within
one year of recognition or before commencing operations, whichever is earlier.
● Exclusions: Banks are not included in the membership base of an SRO-FT. Instead, it primarily
covers entities regulated by the RBI, such as NBFC-Account Aggregators and NBFC-Peer to
Peer Lending Platforms.
Department of Economic Affairs Amends Securities Contracts Regulation Rules (SCRR), 1956,
Enabling Direct Listing of Indian Companies' Securities on International Exchanges at GIFT IFSC
● The Department of Economic Affairs, under the Ministry of Finance, has amended the Securities
Contracts Regulation Rules (SCRR), 1956.
● Aim of the Amendments : To streamline listing requirements for Indian companies, facilitating the
direct listing of their securities on international exchanges within International Financial Service
Centres (IFSCs), especially at Gujarat International Finance Tech-City (GIFT City) in Gujarat.
.
● To further facilitate this, the new rules stipulate that:

➢ Minimum Public Offer: For public Indian companies desiring to list solely on international
exchanges in IFSCs, the minimum offer and allotment to the public as per the offer
document shall be at least 10% of the post-issue capital.
➢ Continuous Listing Requirements: The continuous listing requirement for such companies
has also been set at 10%, as outlined under Rules 19 (2)(b) and 19A of the SCRR.
Securities and Exchange Board of India Proposes UPI-Like Blocking Mechanism for Securities Market
● The Securities and Exchange Board of India (SEBI) has proposed that Qualified Stock Brokers
(QSBs) offer a UPI-based block mechanism for trading in the secondary market, similar to the
Application Supported by Blocked Amount (ASBA) facility used in the primary market.
● UPI Block Mechanism:Function: This mechanism allows clients to trade based on funds blocked
in their bank accounts rather than transferring funds upfront to the trading member.
● Alternative Option: SEBI has suggested that QSBs could alternatively offer a "3-in-1 trading
account facility":
● 3-in-1 Trading Accounts: Clients would maintain funds in their bank accounts, earning interest on
cash balances, and use this facility for both cash and derivatives segments without amount
restrictions.
Securities and Exchange Board of India Proposes 8-Year Mandatory Retention of Communication
Records
● Securities and Exchange Board of India (SEBI) proposed to make it mandatory for all entities
regulated by it to maintain communication records, including acknowledgements, for at least 8
years.
● The move is aimed at improving regulatory compliance, increasing transparency, protecting
investors' interest and boosting their confidence in the securities market.
● SEBI-regulated entities must make these records available to SEBI upon request to ensure
transparency and accountability.
Reserve Bank of India Imposes Fine of ₹1.25 lakh on The Valsad Mahila Nagarik Sahakari Bank
Limited., Valsad, Gujarat
.
● The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.25 lakh on The Valsad
Mahila Nagarik Sahakari Bank Ltd., Valsad, Gujarat.
Private Sector and Small Finance Banks Achieve Over 20% Growth in Deposits During FY24
● Analysis of Reserve Bank of India (RBI) data on deposits of scheduled commercial banks
(including regional rural) from FY19 to FY24 showed that deposits grew at 13.4% in FY24
compared to the previous year.
● This is higher than the 10.2% growth in FY23, 10.1% in FY22, 12.3% in FY21 and 8.8% in FY20.
● Deposits as of March 2024 stood at ₹212.5 lakh crore compared to ₹187.4 lakh crore as of
March 2023.
Finance Minister announces new pension scheme 'NPS Vatsalya' under the National Pension Scheme
(NPS)
● Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman made the
announcement of a new pension scheme under the National Pension Scheme (NPS), called NPS
Vatsalya.
About NPS Vatsalya Scheme :
● NPS Vatsalya is a new pension scheme under the National Pension Scheme (NPS).
● Objective: The scheme is designed to help parents and guardians plan for their children's future
financial needs, specifically for their retirement savings.
● Account Opening: Parents or guardians can open an NPS Vatsalya account for their minor
children and make contributions.
● Accumulation Period: The funds contributed will accumulate in the account until the child turns 18.
● Regulating Authority: The Pension Fund Regulatory and Development Authority (PFRDA) is the
governing body overseeing the NPS Vatsalya scheme.
AWARDS AND HONOUR

MRPL Wins Greentech Pollution Control Award for Circular Economy Leadership
• Mangalore Refinery and Petrochemicals Limited (MRPL) has been honoured with the Greentech
Pollution Control Waste Management & Recycling Award in the Circular Economy Leadership
category.
.
• This award recognizes MRPL’s excellence in managing hazardous and various types of waste
through environmentally sustainable practices and emphasizes its commitment to circular
economy principles.
• Award Recognition: MRPL was awarded the prestigious Greentech Pollution Control Waste
Management & Recycling Award in the Circular Economy Leadership category.
Vivek Verma of Spray Engineering Devices Limited Receives National Energy Efficiency Innovation
Award 2021
• Vivek Verma, Managing Director of Spray Engineering Devices Limited (SED), Mohali, Punjab,
was awarded the first prize in the Industries Category for his innovation, "Low Temperature
Evaporation Technology."
• The award was presented during the National Energy Efficiency Innovation Award 2021
ceremony, part of the Azadi ka Amrit Mahotsav celebrations.
• The prestigious award ceremony took place on National Energy Conservation Day at Vigyan
Bhawan, New Delhi.
Inaugural Rashtriya Vigyan Puraskars Announced: Honoring Excellence in Science and Innovation
• In a landmark initiative to recognize and celebrate outstanding contributions to science,
technology, and innovation, the Indian government has introduced the Rashtriya Vigyan
Puraskars.
• This new award system, which consolidates over 300 previous awards from various science
departments, is designed to honour the achievements of academics, technologists, and inventors
across the nation.
NI-MSME Awarded "UTKRISHT" Accreditation for Excellence in Civil Services Training and MSME
Development
● The National Institute for MSME (NI-MSME), under the Ministry of MSME, Government of India, has
been awarded the Accreditation Certificate for successfully meeting the National Standards for Civil
Services Training Institutions (NSCSTI).
● The institute received this prestigious recognition for its outstanding services in promoting and
developing MSMEs.
● NI-MSME received the "UTKRISHT" (3 Star) Accreditation Certificate for excellence in civil services
training.
Government Allocates 18 Coal Mining Projects to Private Firms Under MDO Model to Enhance
.
Production
● The government has identified 28 coal mining projects to be operated through mining
developers-cum-operators (MDOs), with 18 mines already awarded to leading private
companies.
● The initiative aims to boost coal production by enhancing operational efficiency, streamlining
processes, and reducing costs.
● Coal India Limited (CIL) initially selected 15 projects with a capacity of 168 million tonnes (MT)
for MDO implementation, which has now expanded to 28 projects with a total capacity of 257 MT.
WHO declares mpox a global public health emergency for second time in two years
● The World Health Organization (WHO) declared monkeypox a global public health emergency for
the second time in two years.
● This follows an outbreak in the Democratic Republic of Congo that has spread to neighbouring
countries in Africa.
Definition and Impact of PHEIC
● A “public health emergency of international concern” (PHEIC) is the WHO’s highest alert level.
● This designation can accelerate research, funding, and international public health measures and
cooperation to contain the disease.
About WHO:
● Founders: United States, Brazil, France, Mexico, Türkiye, Australia, and more
● Headquarters: Geneva, Switzerland
● Founded: 7 April 1948
● Director-General: Tedros Adhanom Ghebreyesus
● Parent Organization: United Nations Economic and Social Council
President Droupadi Murmu Approves 103 Gallantry Awards:
● President Droupadi Murmu approved 103 Gallantry awards for personnel from the Armed Forces
and Central Armed Police Forces.
● This prestigious recognition includes a variety of honours for bravery and distinguished service.
Key Points:
1. Gallantry Awards:
o Kirti Chakras: Four awards, including three posthumous.
o Shaurya Chakras: Eighteen awards, with four posthumous.
o Bar to Sena Medal (Gallantry): One award.
.
o Sena Medals (Gallantry): Sixty-three awards, including two posthumous.

o Nao Sena Medals (Gallantry): Eleven awards.
o Vayu Sena Medals (Gallantry): Six awards.
2. Additional Honors:
o Mention-in-Despatches: Thirty-nine recognitions, including a posthumous award to Army Dog
Kent, for their exceptional contributions to military operations.
o Indian Coast Guard Awards:
▪ One President’s Tatrakshak Medal (Distinguished Service).
▪ One Tatrakshak Medal (Gallantry).
▪ Two Tatrakshak Medals (Meritorious Service).
3. Police Awards:
o President’s Police Medal for Distinguished Service.
o Police Medal for Meritorious Service.
Highlights from the 70th National Film Awards
● The 70th National Film Awards celebrated significant achievements in Indian cinema, with Southern
films dominating the major categories.
Major Awards:
● Best Feature Film: Aattam: The Play (Malayalam), directed by Anand Ekarshi.
● Best Actor: Rishabh Shetty for Kantara (Kannada).
● Best Actress: Nithya Menen for Thiruchitrambalam (Tamil) and Manasi Parekh for Kutch Express
(Gujarati).
● Best Director: Sooraj R Barjatya for Uunchai (Bollywood).
● Best Supporting Actress: Nina Gupta for Uunchai.
● Best Supporting Actor: Pavan Malhotra for Fouja (Haryanvi).
Southern Cinema's Dominance:
● Malayalam cinema led with eight awards, including Best Child Actor, Best Screenplay, and Best
Editing.
● A total of 20 awards across various categories went to South Indian films, highlighting the
region’s significant contributions to the film industry.
Other Notable Wins:
● Best Popular Film Providing Wholesome Entertainment: Kantara (Kannada).
.
● Best Female Playback Singer: Padma Shri Jayashri Ramnath for “Chaayum Veyil” from Saudi
Vellaka CC 225/2009 (Malayalam).
● Best Music Director (Background Music): A.R. Rahman for Ponniyin Selvan-Part 1 (Tamil).
● Best Music Director (Songs): Pritam for Brahmastra-Part 1 (Hindi).
Special Mentions:
● Fouja also won awards for Best Debut Film by a Director (Pramod Kumar) and Best Lyrics
(Naushad Sadar Khan).
● The awards were announced by the jury members to Union I&B Minister Ashwini Vaishnaw.
Kerala State Film Awards 2023 Highlights
● Blessy directorial Aadujeevitham-The Goat Life bagged nine awards, including that of best popular
film, best director and best actor, at the Kerala State Film Awards 2023.
● Kathal The Core directed by Jeo Baby and produced by Mammootty Kampany, was adjudged the
best film.
Major Winners:
● Best Popular Film: Aadujeevitham - The Goat Life
● Best Director: Blessy (Aadujeevitham - The Goat Life)
● Best Actor: Prithviraj Sukumaran (Aadujeevitham - The Goat Life)
● Best Actress:
o Urvashi (Ullozhukku)
o Beena R. Chandran (Thadav)
● Best Film: Kathal The Core directed by Jeo Baby and produced by Mammootty Kampany
● Second-Best Film: Iratta directed by Rohit M. G. Krishnan
● Best Scriptwriter: Rohit M. G. Krishnan (Iratta)
● Special Jury Mention for Film: Gaganachari
Best Character Roles:
● Best Supporting Actor: Vijayaraghavan (Pookkalam)
● Best Supporting Actress: Sreeshma Chandran (Pembilai Orumai)
Best Article:
● Article Title: Deseeyathaye Azhichedukkunna Cinemakal
● Author: Rajesh M. R.
● Publication: Samakalika Malayalam Varika (a sister publication of TNIE).
Rajiv Gandhi International Airport Recognized as Best Airport in India for Third Consecutive Year
.
● The Rajiv Gandhi International Airport (RGIA) in Hyderabad has been honoured as the Best Airport
at the prestigious India Travel Awards for the third consecutive year.
● This recognition reflects the airport's ongoing commitment to providing exceptional experiences for
travellers.
● Previous Recognition: Last year, RGIA received the Skytrax Best Airport Staff in India & South Asia
2024 award in Frankfurt, further cementing its reputation for delivering world-class service and
customer-focused initiatives.
National Geoscience Awards 2023 Conferred by President Draupadi Murmu
● President of India, Smt. Droupadi Murmu was awarded the National Geoscience Awards (NGA) for
2023 at a ceremony held at the Rashtrapati Bhavan Cultural Centre in New Delhi.
● The event celebrated the contributions of 21 distinguished geoscientists from across India and
highlighted the vital role of geosciences in sustainable development.
● Award Categories and Winners:
o National Geoscience Award for Lifetime Achievement:
▪ Prof. Dhiraj Mohan Banerjee, Emeritus Scientist at the Indian National Science
Academy (INSA), recognized for his pioneering work in phosphorites, isotope geology,
and organic geochemistry, which has significantly advanced global understanding of
the Himalayas and phosphorites.
o National Young Geoscientist Award:
▪ Dr. Ashutosh Pandey, Assistant Professor at the Indian Institute of Science Education
and Research (IISER), Thiruvananthapuram, honored for his innovative research on
the geodynamic evolution of the Eastern Dharwar Craton and his alternative model for
the origin of Paleoproterozoic Lesser Himalayan mafic rocks.
o Other Awards:
▪ A total of 12 awards were presented, including three to teams, recognizing excellence
in various aspects of geosciences.
President Murmu Confers Inaugural Vigyan Ratna Puraskar and Other Science Awards:
● President Droupadi Murmu conferred the first-ever Vigyan Ratna Puraskar -- India's top science
award -- on noted biochemist and former director of the Bangalore-based Indian Institute of Science
Govind Rajan Padmanabhan
● Inaugural Vigyan Ratna Puraskar:
.
o Recipient: Govindrajan Padmanabhan, noted biochemist and former director of the Indian
Institute of Science, Bangalore.
o Significance: India's highest science award.
o Other Awards Conferred:
1. Vigyan Shri Puraskar: 13 awards.
2. Vigyan Yuva-Shanti Swarup Bhatnagar Prizes: 18 awards.
3. Vigyan Team Award: Given to the Chandrayaan-3 mission team, received by Project
Director P Veeramuthuvel.
MAK Lubricants Wins ‘Brand of the Decade Award 2024’
● MAK Lubricants, a premium brand of Bharat Petroleum Corporation Limited (BPCL), has been
honoured with the ‘Brand of the Decade Award 2024’.
● The award was presented by Herald Global and Brand Advertising Research & Consulting Pvt. Ltd.
(BARC).
24th International Mother Teresa Awards Ceremony Held in Dubai on Her 114th Birth Anniversary
● The 24th International Mother Teresa Awards Ceremony took place on August 26, 2024, at
Millennium Plaza Dubai, celebrating the 114th birth anniversary of Mother Teresa.
● Organized by the All-India Minority and Weaker Sections Council, this prestigious event was held
outside India for only the second time, with both international ceremonies occurring in Dubai.
● The awards, established posthumously after Mother Teresa died in 1997, honour individuals
across various sectors including education, science, culture, sports, social work, medicine,
industry, and politics.
Notable Awardees:
● João Bernardo Vieira II (Posthumously, Guinea-Bissau)
● Sidharth Srivastava and Namit Bajoria (Industry)
● Mohammed Mahtabur Rahman (Chairman, NRB Bank Limited)
● Irka Bochenko (Arts)
● MP Rozario (Education)
● Murli Panjabi and Sureandar Singh Khandari (Social Work, UAE)
● Ahmed al Hashemi (Young Musician and Child Prodigy)
Jana Small Finance Bank Recognized for Excellence at ICC Emerging Asia Banking Conclave &
Awards
.
o Jana Small Finance Bank secured four prestigious awards at the 2nd ICC Emerging Asia
Banking Conclave & Awards:
▪ Best Small Finance Bank, India
▪ Best Performance on Profitability (Runners-up)
▪ Best Performance on Asset Quality
▪ Best Performance on Risk Management
o The awards highlight the bank’s commitment to excellence, innovation, and its leading role in the
Indian banking sector.
Highlights from the Goalfest Conclave 2024: Recognitions, Awards, and Visionary Leadership
o The Goalfest Conclave 2024 took place at ITC Maratha, Mumbai, and was inaugurated with a
recognition ceremony led by Mr. Saimik Sen, Editor-In-Chief of Herald Global.
o The conclave featured prominent attendees, including Shri Arvind Sawant (MP for Mumbai
South and Chief Spokesperson of Shiv Sena), Dr. Vijay Kalantri (President of All India
Association of Industries), Dr. Sanjay Mukherjee (Metropolitan MMRDA Commissioner), Lalit
Gandhi (President of MACCIA), and Nitin Thakker (President of the Bombay Bar Association).
o These distinguished individuals were honored with the Pride of India Awards. Shri Arvind
Sawant delivered an inspiring speech that resonated deeply with attendees.
Anubhav Awards 2024: Celebrating Contributions of Retiring Civil Servants
o Launched in March 2015, the Anubhav portal serves as a platform for retiring government officials
to document and share their experiences and insights.
o The initiative aims to create a repository of knowledge that can guide future administrative reforms
and governance practices.
o The portal allows officials to detail their contributions to government policies, enhancing their
effectiveness.
Launch of #एक_पेड़_म _ां के _न म #Plant4Mother Campaign: A National Tree Plantation Initiative
o Union Minister for Agriculture & Farmers’ Welfare, Shri Shivraj Singh Chouhan, planted saplings
at the IARI Campus PUSA as part of the #एक_पेड़_म _ां के _न म #Plant4Mother campaign.
o The Ministry will establish a Matri Van on approximately 1 acre of land.
o Minister of State Shri Ramnath Thakur, Dr Himanshu Pathak (Secretary DARE & DG ICAR), and
about 200 officers/staff from the Ministry, along with school students, participated in the event.
.

Daljit Singh Chawdhary Appointed as Additional Border Security Force Director General Following Nitin
Agrawal's Repatriation
• Nitin Agrawal, the Director General (DG) of the Border Security Force (BSF), was repatriated to
his state cadre by the Central government.
• Daljit Singh Chawdhary, the DG of the Sahastra Seema Bal (SSB), has been given the additional
charge of the BSF DG position until a regular appointment is made or further orders are issued.
• Daljit Singh Chawdhary will oversee BSF operations in addition to his current role at SSB.
• Y B Khurania, the Special DG (West) of BSF, was also removed and repatriated to his state
cadre with immediate effect.
About BSF :
• Founded : 1965
• Motto : Duty Unto Death
• Role: The BSF is a paramilitary force responsible for guarding India's borders, particularly with
Pakistan and Bangladesh.
• It operates under the Ministry of Home Affairs and was established after the Indo-Pakistani War
of 1965 to secure India's borders and related matters.
Khurania Likely to Be Appointed as New Police Chief of Odisha

• Senior Indian Police Service (IPS) officer Yogesh Bahadur Khurania (Y.B. Khurania) of the 1990
batch is likely to become the next Director General of Police (DGP) of Odisha.
• The Ministry of Home Affairs (MHA) has approved Khurania's premature repatriation to Odisha,
increasing speculation about his appointment as DGP.
• The approval was granted by the Appointment Committee of the Cabinet (ACC).
• Currently, Khurania is posted as Special DG, BSF HeadQuarters in New Delhi.
• Service in Odisha:Khurania has served in various roles in Odisha, including:
Former Union Health Secretary Preeti Sudan, to Assume Role as Union Public Service Commission
Chairman
• Former Union Health Secretary Preeti Sudan will take charge as the Chairperson of the Union
Public Service Commission (UPSC) on August 1, 2024, under Article 316 A of the Constitution.
.
• Ms. Sudan is currently a member of the Commission.

• She will take over from Manoj Soni who resigned a few days ago due to “personal reasons”.
• Her tenure will last until April 2025, when she turns 65.
About UPSC :
• The UPSC is a constitutional body as mandated under Article 315-323 Part XIV Chapter II of the
Constitution of India.
• Functions: Conducts civil services examinations for IAS, Indian Foreign Service (IFS), Indian
Police Service (IPS) and Central Services - Group A and Group B.
• Structure: Headed by a Chairperson and can have a maximum of 10 members.
Lieutenant General Sadhna Saxena Nair Appointed as First Female Director General of Medical
Services (Army)
• Lieutenant General Sadhna Saxena Nair, assumed the office of Director General Medical
Services (Army), becoming the first woman to be appointed to this prestigious position.
• Prior to this, she was the first woman to hold the post of DG Hospital Services (Armed Forces) on
promotion to the rank of Air Marshal.
• Lt Gen Nair graduated from the Armed Forces Medical College, Pune with a distinguished
academic record and was commissioned into the Army Medical Corps in December 1985.
• For her meritorious service, she has been awarded the Air Officer Commanding-in-Chief,
Western Air Command and Chief of the Air Staff Commendations as well as Vishisht Seva Medal
by the President of India.
Dr. Grinson George assumes office as the new Director of Central Marine Fisheries Research Institute
● Grinson George, former head of the Marine Biodiversity and Environment Management Division
at the Central Marine Fisheries Research Institute (CMFRI) has assumed charge as Director of
the CMFRI.
● He has also held the position of Senior Programme Specialist at the South Asian Association for
Regional Cooperation (SAARC) in Dhaka.
● Dr. George hails from Chalakudy in Thrissur district, Kerala.
.
● He is a fisheries researcher with over two decades of experience, specializing in fishery resource
management, marine biodiversity, environment management, fisheries oceanography, remote
sensing, and climate change.
About CMFRI :
● Headquarters : Kochi, Kerala
● The CMFRI was established under the Ministry of Agriculture and Farmers Welfare and later, in
1967, it joined the Indian Council of Agricultural Research (ICAR) family and emerged as a
leading tropical marine fisheries research institute in the world.
Meesho adds 4 new directors to its board

● E-commerce platform Meesho has appointed four independent directors to its board to enhance
its corporate governance structure.
● Kalpana Morparia: Former chairman of South and South East Asia at JPMorgan, with over 45
years of experience in India’s financial sector. She serves on the boards of several global
companies.
● Hari S Bhartia: Founder and co-chairman of Jubilant Bhartia Group, leading a group with four
listed companies and a combined market cap of around $7.65 billion.
● Surojit Chatterjee: Founder and CEO of AI firm Ema, with previous senior positions at Coinbase
and Google.
● Rohit Bhagat: Non-executive chairman on the board of PhonePe, with leadership roles at
BlackRock and Barclays Global Investors.
About Meesho :
● Founded : December 2015
● Founder and CEO : Vidit Aatrey
RBI Approves Inderjit Camotra's Reappointment as Unity Small Finance Bank Chief Executive Officer
for Two More Years
.
● The Reserve Bank of India (RBI) has approved the re-appointment of Inderjit Camotra as
Managing Director (MD) and Chief Executive Officer (CEO) of Unity Small Finance Bank (SFB)
for two years.
● Under his leadership, the bank has built a deposit base of over ₹8,000 crore, a loan book of over
₹8,500 crore and a network of about 400 banking outlets and offices across 21 States and UTs in
India.
● Prior to being appointed as head of Unity SFB, Camotra was Executive Director with Centrum
Financial Services Limited/CFSL (Promoter Entity of Unity Bank).
About Unity SFB :
● Founded : 2021
Air France-KLM Appoints Stefan Gumuseli as General Manager for India and Middle East Markets
• European air carrier Air France-KLM has appointed Stefan Gumuseli as the new General
Manager for the India-Middle East markets, effective August 1, 2024.
• Stefan Gumuseli, who is succeeding Simon Scholte, will be based at the airline’s regional office
in Dubai, UAE.
• Overseeing the passenger business for India and the Middle East.
• Managing operations in diverse and multicultural countries such as India, UAE, Saudi Arabia,
Lebanon, and Egypt, along with additional offline countries.
About Air France-KLM :
• Chairwoman : Anne-Marie Couderc
• CEO : Benjamin Smith
Anish Dayal Singh was Assigned an Additional Role as Director General of the Central Industrial
Security Force
• Anish Dayal Singh, the Director General (DG) of the Central Reserve Police Force (CRPF), has
been assigned the additional charge of Director General of the Central Industrial Security Force
(CISF) effective the day before the retirement of Nina Singh.
• Anish Dayal Singh is a 1988 batch IPS officer of Manipur cadre.
• He had served as DG of Indo-Tibetan Border Police (ITBP).
.
About CISF :
• Established: March 10, 1969.
• Role: A Central Armed Police Force under the Ministry of Home Affairs.
• Primary Mission: To provide security to large institutions, both governmental and private.
Boeing's new CEO is aerospace veteran Robert ‘Kelly’ Ortberg
• Boeing has named aerospace veteran Robert "Kelly" Ortberg as its next CEO.
• Ortberg, who previously led Rockwell Collins's integration into United Technologies (which later
merged with Raytheon to form RTX), will officially take over on August 8.
• His appointment comes at a time when Boeing is grappling with significant operational problems
and financial losses.
• Retirement from RTX: The 64-year-old retired from RTX in 2021.
Sanjay Shukla Takes Over as Managing Director of National Housing Bank
• Sanjay Shukla has officially assumed the role of Managing Director (MD) of the National Housing
Bank (NHB) as of July 30, 2024.
• He Began his career in 1991 as an officer at LIC Housing Finance Limited.
• Previous Positions:Founding Managing Director and CEO of Centrum Housing Finance Limited
(CHFL) from October 2016.
• Managing Director and CEO of Cent Bank Home Finance Ltd (CBHFL), where he improved
assets under management and asset quality.
About National Housing Bank :
• Founded: July 9, 1988, under the National Housing Bank Act, 1987.
• Role: Apex regulatory body for the regulation and licensing of housing finance companies in
India.
• Jurisdiction: Operates under the Ministry of Finance, Government of India.
Government Panel Approves CS Setty's Appointment as State Bank of India Chairman for 3-Year Term
• The government appointed Challa Sreenivasulu Setty as Chairman of the country's biggest
lender State Bank of India (SBI) for a period of 3 years starting from August 28, 2024.
• He will replace Dinesh Kumar Khara, who is retiring on August 28, 2024, upon reaching the age
of 63, which is the upper age limit for the SBI chairman position.
.
• The appointment was approved by the Appointments Committee of the Cabinet (ACC) based on
the recommendation of the Financial Services Institutions Bureau (FSIB).
About SBI :
Senior IAS Officer T.V. Somanathan Appointed as Cabinet Secretary for a Two-Year Term
• The Appointments Committee of the Union Cabinet appointed senior bureaucrat T V
Somanathan as the cabinet secretary of India.
• He will remain in office for a tenure of two years, starting August 30, 2024.
• He will succeed Rajiv Gauba, who is completing his five-year term in the position.
• Somanathan is a 1987-batch IAS officer of the Tamil Nadu cadre.
• He is currently serving as the Finance Secretary of India.
President Mohammed Shahabuddin Appoints Nobel Laureate Muhammad Yunus as Head of
Bangladesh's Interim Government
• Nobel laureate Muhammad Yunus was appointed as the head of Bangladesh's interim
government by President Mohammed Shahabuddin.
• The appointment followed the resignation of Prime Minister Sheikh Hasina on August 05, 2024,
amid deadly protests over a controversial job quota system.
• Sheikh Hasina Wazed was the longest-serving prime minister in the history of Bangladesh until
her resignation.
DBS Appoints Tan Su Shan as First Female CEO to Succeed Piyush Gupta
• DBS Group announced that Tan Su Shan, its head of institutional banking, will succeed Piyush
Gupta as Chief Executive Officer (CEO) when he retires in March 2025.
• Tan Su Shan will be the first woman to lead Singapore's and Southeast Asia's biggest bank.
• She is also the first internal candidate to be appointed as CEO.
• Tan will be the second female leader of a major Singaporean bank, following Helen Wong, who
was appointed head of Oversea-Chinese Banking Corp in 2021.
About DBS Bank Limited :
• Headquarters : Singapore
• Chairman : Peter Seah
Swiggy Instamart Names Sairam Krishnamurthy as Chief Operating Officer
.
• Swiggy Instamart, the quick commerce arm of IPO-bound food and grocery delivery firm Swiggy,
has appointed Sairam Krishnamurthy as the firm’s senior vice president and chief operating
officer (COO).
• Role and Responsibilities:
• Overseeing dark store operations.
• Managing infrastructure operations.
• Leading city growth and expansion.
Nandakumar Velayudhan Pillai Assumes Role as Director-Refinery at Mangalore Refinery and

Petrochemicals Limited
● Nandakumar Velayudhan Pillai took charge as Director (Refinery) of Mangalore Refinery and
Petrochemicals Ltd. (MRPL).
● Pillai is a seasoned refining industry expert with over 30 years of experience.
● He was closely associated with all the major milestones in the organisation’s growth having
worked in Production Planning, Process Engineering, Operations, and Project Departments, as
well as in the Refinery Head Office in various capacities.
About MRPL :
● Headquarters : Mangalore, Karnataka
● Chairman : Arun Kumar Singh
● MRPL, is a division of Oil and Natural Gas Corporation (ONGC) which is under the ownership of
the Ministry of Petroleum and Natural Gas of the Government of India
Vice Admiral Anupam Kapur Takes Over as Director General of Hospital Services (Armed Forces)
● Surgeon Vice Admiral Anupam Kapur has assumed the role of Director General Hospital
Services (Armed Forces) at the office of the Director General Armed Forces Medical Services.
● Vice Admiral Kapur was commissioned into the Indian Navy on June 27, 1987.
● Prior to taking over as the DGHS(Armed Forces), the Flag Officer served as the Command
Medical Officer of the Western Naval Command.
● Minister of State : Sanjay Seth
.
Securities and Exchange Board of India Approves Praveena Rai as New MD & CEO of Multi
Commodity Exchange
● The Securities and Exchange Board of India (SEBI) has approved Praveena Rai’s appointment
as the Managing Director (MD) and Chief Executive Officer (CEO) of the Multi Commodity
Exchange (MCX), India’s largest commodity exchange.
● The position had been vacant for three months following the conclusion of PS Reddy's five-year
term as CEO on May 9, 2024.
About MCX :
● Founded : November 10, 2003
Punjab & Sind Bank Appoints Rajeeva as Executive Director
● Shri Rajeeva has been appointed as the Executive Director of Punjab & Sind Bank for a period of
three years, effective immediately or until further orders, whichever is earlier.
● Before his elevation to Executive Director, Shri Rajeeva served as the Chief General Manager of
Punjab National Bank (PNB).
About PNB:
● Founded: 24 June 1908 (116 years ago)
● Headquarters: Rajendra Place, New Delhi, India
● Charan Singh – Non-Executive Chairman
● Swarup Kumar Saha – Managing Director & CEO
PM Modi to be chief guest at The ET World Leaders Forum

● Prime Minister Narendra Modi will be the chief guest at The Economic Times World Leaders
Forum on August 31 in New Delhi.
Forum Theme:
● The inaugural edition of the ET World Leaders Forum will focus on "Leadership for Global
Prosperity," offering a platform for global investors, policymakers, business leaders, and
entrepreneurs to engage in dialogue on opportunities arising from India's rapid economic
progress.
● India's economy grew by 8.2% in FY24, even as the global economy faces stagnation,
geopolitical tensions, and climate crises.
.
Standard Chartered names Aditya Mandloi as Head, Wealth and Retail Banking, India and South Asia
● Standard Chartered Bank has announced the appointment of Aditya Mandloi as Head of Wealth
and Retail Banking (WRB) for India and South Asia.
● His appointment is effective from August 1, 2024.
● Mandloi has been with Standard Chartered for 27 years, beginning as an international graduate
in 1997.
● Mandloi will be responsible for driving the WRB business across India, Bangladesh, Sri Lanka,
and Nepal.
Senior IAS officer Govind Mohan appointed as next Union Home Secretary
● The Centre has appointed Govind Mohan, an Indian Administrative Services (IAS) officer, as the
next Union Home Secretary.
● Mohan, a Sikkim cadre officer of the 1989 batch, is currently serving as the Union Culture
Secretary.
Vinay Mohan Kwatra, India’s new Ambassador to the US.
● Vinay Mohan Kwatra, former Foreign Secretary, has assumed charge as the Ambassador of
India to the United States.
● He succeeds Taranjit Singh Sandhu, India's former envoy to the United States and a BJP leader.
Japan’s Prime Minister Fumio Kishida says he will step down in September
● Japanese Prime Minister Fumio Kishida has announced that he will not seek re-election as the
leader of the ruling Liberal Democratic Party (LDP) in next month’s party polls.
● This decision means Japan will also have a new prime minister.
Acting ED chief Rahul Navin appointed full-time director for two years
● The Centre has appointed Rahul Navin as the full-time Director of the Enforcement Directorate
(ED) for a two-year term, according to a government order.
● Navin, a 1993-batch IRS officer, had previously been serving as the acting director of the ED
since September last year.
Deepak Sood appointed as Insurance Regulatory and Development Authority of India’s Whole-Time
Member (Non-Life)
● Deepak Sood has been appointed as the Whole Time Member (Non-Life) of the Insurance
Regulatory and Development Authority of India (IRDAI) by the Central Government.
.
● The position of Member (Non-Life) became vacant after Thomas Devasia retired on July 12,
2024.
● Sood currently serves as Independent Director at Prudent Corporate Advisory Services Limited
and Non-Executive Director at Gimar Insurance Brokers.
About IRDAI :
● Location : Hyderabad, Telangana
● Chairman : Debasish Panda
● The IRDAI is an autonomous and statutory body under the jurisdiction of the Ministry of Finance ,
Government Appoints Rajesh Kumar Singh as New Defence Secretary
● The Appointments Committee of the Cabinet (ACC) announced that Rajesh Kumar Singh will
become the new Defence Secretary succeeding Giridhar Aramane.
● Singh will first serve as Officer on Special Duty in the Ministry of Defence before officially taking
over on October 31, 2024.
● Singh’s tenure as Defence Secretary is extended until October 31, 2026, or until further notice.
● Rajesh Kumar Singh, a 1989-batch IAS officer from the Kerala cadre, is currently the Secretary
at the Department for Promotion of Industry and Internal Trade
Sanjeev Kumar:
● New Role: Appointed as Secretary of the Department of Defence Production.
● Current Role: Chairman of the Airports Authority of India (AAI).
Punya Salila Srivastava:
● New Role: Appointed as the new Health Secretary.
Amardeep Bhati:
● New Role: Appointed as Secretary of the Department for Promotion of Industry and Internal
Trade (DPIIT).
Manoj Govil:
● New Role: Appointed as the new Expenditure Secretary in the Finance Ministry.
● Current Role: Corporate Affairs Secretary.
Katikithala Srinivas:
.
● New Role: Appointed as Secretary at the Ministry of Housing and Urban Affairs.
● Current Role: Minority Affairs Secretary.
Paetongtarn Shinawatra Appointed as Thailand's Youngest Prime Minister
● Paetongtarn Shinawatra, a 37-year-old billionaire heiress, is set to become Thailand's youngest-

ever Prime Minister.
● Paetongtarn becomes the kingdom's second female Prime Minister, following her aunt Yingluck
Shinawatra.
● She is the 31st Prime Minister of Thailand and the youngest in the country's history.
About Thailand :
● Capital : Bangkok
● Currency : Thai baht
Reserve Bank of India Approves Salee Sukumaran Nair as New MD & CEO of Tamilnad Mercantile
Bank
● The Reserve Bank of India (RBI) has appointed Salee Sukumaran Nair as Managing Director
(MD) and Chief Executive Officer (CEO) of Tamilnad Mercantile Bank for a period of 3 years from
the date of assuming charge, subject to shareholders approval.
● Prior to this appointment, Salee Sukumaran Nair served as Deputy Managing Director and Chief
Credit Officer of State Bank of India (SBI) until May 2024.
● Tamilnad Mercantile Bank was managed by a three-member Committee of Executives (COEs)
after the resignation of the previous MD and CEO, Krishnan Sankarasubramaniam, in
September, 2023.
About TMB :
● Headquarters : Thoothukudi, Tamil Nadu, India
Boeing Appoints Industry Veteran Kelly Ortberg as New Chief Executive Officer
● Kelly Ortberg, an aerospace industry veteran, has been named as the new President and Chief
Executive Officer (CEO) of Boeing.
● Boeing is facing significant financial difficulties, having reported a $1.4 billion loss.
About Boeing :
.

● Headquarters : Virginia, United States
● Chair : Steven M. Mollenkopf
Almin Karamehmedovic Appointed as President of ABC News

● Almin Karamehmedovic, previously the executive producer of "World News Tonight," has been
named the President of ABC News.
● He will report to Debra O’Connell, the president of Disney News Group and Networks.
● He succeeds Kim Godwin, who left earlier in the year.
● Responsibilities: Karamehmedovic will manage the daily operations of ABC News and oversee
programming, including "World News Tonight" and "Good Morning America."
Rajesh Nambiar Appointed as NASSCOM President-Designate, Succeeding Debjani Ghosh
● Rajesh Nambiar has stepped down as Cognizant Technology Solutions Corps India chairman
and managing director to become president of information technology (IT) industry body National
Association of Software and Service Companies (Nasscom).
● Nambiar will succeed Debjani Ghosh, who has been the president of NASSCOM since 2018.
About NASSCOM :
● NASSCOM is an Indian non-governmental trade association and advocacy group that primarily
serves the Indian technology industry.
Senior IAS officer Amardeep Singh Bhatia assumes role as new Department for Promotion of Industry
and Internal Trade Secretary
● Senior IAS officer Amardeep Singh Bhatia has assumed the charge of Secretary in the
Department for Promotion of Industry and Internal Trade (DPIIT).
● Bhatia assumes charge during a period when India's Foreign Direct Investment (FDI) declined by
3.49% to $44.42 billion in 2023-24, due to global uncertainties
● He has replaced Rajesh Kumar Singh, who has been appointed as Officer on Special Duty,
Department of Defence.
About DPIIT :
● The DPIIT is a central government department under the Ministry of Commerce and Industry in
India.
.
● It is responsible for developing and implementing policies to promote and develop the industrial
sector.
Ashok Kumar Singh Assumes Role as Director General of Employees’ State Insurance Corporation
● Ashok Kumar Singh has been appointed as the Director General of the Employees’ State
Insurance Corporation (ESIC), which operates under the Ministry of Labour & Employment,
About ESIC :
● ESIC is one of the two main statutory social security bodies under the administrative control of
the Ministry of Labour and Employment, the other being the Employees' Provident Fund
Organisation.
Central Government Approves Senior-Level Bureaucratic Reshuffle and New Appointments
● The Appointments Committee of the Cabinet (ACC) approved a series of postings and reshuffle
at senior bureaucratic positions in various departments and ministries.
Appointments :
● Department of Personnel and Training: Vivek Joshi (IAS, Haryana cadre), Secretary of the
Department of Financial Services under the Finance Ministry, is appointed as Secretary, the
Department of Personnel and Training.
● Department of Defence: Rajesh Kumar Singh (IAS, Kerala cadre), currently Secretary,
Department for Promotion of Industry and Internal Trade, appointed as Officer on Special Duty in
the Department of Defence.
● He will assume the role of Secretary of, the Department of Defence, after the tenure of incumbent
Aramane Giridhar ends on October 31, 2024. Singh's tenure has been extended until October 31,
2026.
● Ministry of Housing and Urban Affairs: Katikithala Srinivas (IAS, Gujarat cadre), Secretary
(Minority Affairs), posted as Secretary.
● Department of Expenditure: Manoj Govil (IAS, Madhya Pradesh cadre), currently Secretary in the
Corporate Affairs Ministry, appointed as Secretary.
● Cabinet Secretariat (Coordination): Vandana Gurnani (IAS, Karnataka cadre) appointed as
Secretary (Coordination).
.
● Ministry of Minority Affairs:Chandra Sekhar Kumar (IAS, Odisha cadre), Special Secretary in the
Panchayati Raj Ministry, appointed as Secretary.
● Neelam Shammi Rao (IAS, Madhya Pradesh cadre), former Central Provident Fund
Commissioner, appointed as Secretary, National Commission for Minorities.
● Department of Health and Family Welfare: Punya Salila Srivastava (IAS, AGMUT cadre), Special
Secretary in the Prime Minister’s Office, appointed as Officer on Special Duty. She will take over
as Secretary upon Apurva Chandra's superannuation.
● Corporate Affairs: Deepti Gaur Mukherjee (IAS, Madhya Pradesh cadre), CEO of the National
Health Authority, appointed as Secretary.
● President's Secretariat: Deepti Umashankar (IAS, Haryana cadre), Establishment Officer and
Additional Secretary, DoPT, appointed as Officer on Special Duty to the President of India. She
will assume the role of Secretary to the President upon the superannuation of Rajesh Verma on
August 31.
● National Authority Chemical Weapons Convention: Sukriti Likhi (IAS, Haryana cadre), Additional
Secretary and Financial Adviser, Steel Ministry, appointed as Officer on Special Duty. She will
become Chairman on Mukhmeet Singh Bhatia's retirement on September 30.
● Department of Defence Production: Sanjeev Kumar (IAS, Maharashtra cadre), former Chairman
of Airports Authority of India, appointed as Secretary.
● Department for Promotion of Industry and Internal Trade: Amardeep Singh Bhatia (IAS,
Nagaland cadre), Additional Secretary in the Department of Commerce, appointed as Secretary.
● Ministry of New and Renewable Energy: Prashant Kumar Singh (IAS, Manipur cadre), CEO of
Government e-Marketplace Special Purpose Vehicle, to take over as Secretary upon Bhupinder
Singh Bhalla’s superannuation on September 30.
● Department of Drinking Water and Sanitation: Ashok Kumar Kaluram Meena (IAS, Odisha
cadre), Chairman and Managing Director of the Food Corporation of India, will become Secretary
following Vini Mahajan’s superannuation on October 31.
● Department of Financial Services: Nagaraju Maddirala (IAS, Tripura cadre), Additional Secretary,
Coal, appointed as Secretary.
● Atomic Energy Commission: Pankaj Kumar Mishra (IRS) appointed as Member-Finance.
● National Commission for Backward Classes: A. Neeraja (Indian Forest Service), Special
Secretary, Department of Fertilisers, to take over as Secretary upon Ashish Upadhyaya's
superannuation on September 30.
.
● Special Secretary Upgrades:

➢ Sunil Paliwal (IAS, Tamil Nadu cadre) was promoted in-situ to Chairman, Chennai Port
Trust.
➢ Vikram Dev Dutt (IAS, AGMUT cadre) was promoted in-situ as Director General,
Directorate General of Civil Aviation.
Parvathaneni Harish Named India’s Permanent Representative to the United Nations
● The Ministry of External Affairs appointed seasoned diplomat Parvathaneni Harish as India's next
Permanent Representative to the United Nations in New York.
● The position of India's ambassador or permanent representative to the UN has been lying vacant
after Ruchira Kamboj retired in June.
Apple Appoints Indian-Origin Engineer Kevan Parekh as New Chief Financial Officer
● Apple Inc named Kevan Parekh, an Indian-origin engineer, as its next Chief Financial Officer
(CFO).
● Parekh will assume the role on January 1, 2025, succeeding Luca Maestri, who is reportedly
moving to Corporate Services.
● Parekh is currently serving as Apple’s Vice-President of Financial Planning and Analysis.
About Apple Inc :
● Established : April 1, 1976
● CEO : Tim Cook
EaseMyTrip.com Appoints Bollywood star Jacqueline Fernandez as Brand Ambassador
● Online travel services operator EaseMyTrip.com has roped in Bollywood star Jacqueline
Fernandez as its brand ambassador.
● The strategic partnership is part of its long-term strategy to boost its brand presence and attract
new customers.
About EaseMyTrip :
● Headquarters: New Delhi, India.
● Founded: 2008.
● Founders: Nishant Pitti, Rikant Pitti, and Prashant Pitti
● EaseMyTrip, is an Indian multinational online travel company.
Subhasri Appointed as MD and CEO of Shriram Capital
.
● Shriram Capital Private Limited, the holding company of the Shriram Group, has announced the
appointment of Subhasri as the company’s Managing Director (MD) and Chief Executive Officer
(CEO), effective September 1, 2024.
● She is currently serving as the Joint Managing Director (JMD) of Shriram Capital.
Vice Admiral Rajesh Dhankhar Appointed as Director General of Project Seabird
● Vice Admiral Rajesh Dhankhar, NM assumed the duties of Director General of Project Seabird,
overseeing the largest defence infrastructure project at the Karwar Naval Base.
● He succeeded Vice Admiral Tarun Sobti at the Headquarters, of Project Seabird in New Delhi.
IRMS officer Satish Kumar Becomes 1st Dalit Chairman and Chief Executive Officer of the Railway
Board
● Satish Kumar, an officer from the Indian Railway Management Service (IRMS), has been
appointed as the Chairman and Chief Executive Officer (CEO) of the Railway Board.
● This appointment marks him as the first chairman and CEO from the Scheduled Castes in the
board’s history.
● Jaya Varma Sinha, who is the current chairperson and CEO of the board, is superannuating on
August 31,2024 and Kumar's appointment will be effective from September 1, 2024.
Senior IPS Officer B Srinivasan Appointed as Director General of National Security Guard
● B Srinivasan, a senior IPS officer, has been appointed as the Director General (DG) of the
National Security Guard (NSG).
● His appointment is effective from the date of joining the post and will continue until August 31,
2027, which is his date of superannuation.
● Srinivasan will take over as DG of NSG following the departure of Nalin Prabhat, who is being
deputed as Special Director General of Police in Jammu and Kashmir.
● Nalin Prabhat, a 1992 batch IPS officer of the Andhra Pradesh cadre, will assume the role of
Special DG in Jammu and Kashmir after the retirement of RR Swain on September 30.
About NSG :
● Formed : 16 October 1984
● Headquarters : New Delhi, Delhi,India
● The National Security Guard (NSG), commonly known as Black Cats, is a counter-terrorism unit
of India under the Ministry of Home Affairs.
Fatemeh Mohajerani Appointed as Iran's First Female Government Spokesperson
.
● Fatemeh Mohajerani has been appointed as Iran's first female government spokesperson,
marking a historic first for the country.
● The appointment was made at the suggestion of Iranian President Masoud Pezeshkian and
approved by the Cabinet of Ministers.
Other Notable Appointments:
● Alongside Mohajerani's appointment, Farzaneh Sadeq Malvajard has been approved as the
Minister of Roads and Urban Development, becoming the second woman minister in Iran post
the 1979 Islamic Revolution.
● Elias Hazrati, a former member of the Iranian Parliament, has been appointed as the Chairman
of the Government's Information Council.
About Iran :
● Capital : Tehran
● Currency : Iranian rial
Swiggy appoints ex-Flipkart executive Amitesh Jha as the CEO of Instamart
● Food delivery major Swiggy Announced the appointment of Amitesh Jha as the chief executive
officer (CEO) of its quick commerce arm Swiggy Instamart, effective September 4, 2024.
● Jha replaces Phani Kishan as CEO of Instamart.
● Sairam Krishnamurthy has been appointed as Senior Vice President and Chief Operating Officer
(COO) of Instamart.
About Swiggy :
● CEO : Sriharsha Majety
Rajwinder Bhatti Appointed as Central Industrial Security Force Chief, Daljit Chaudhary Named New
Border Security Force Director General
● The Centre announced that IPS officer Rajwinder Singh Bhatti will be the new Director General of
the Central Industrial Security Force (CISF), and IPS officer Daljit Singh Chaudhary will be the
Chief of the Border Security Force (BSF).
About CISF :
● Formed : 10 March 1969
● The CISF is a Central Armed Police Force in India under the Ministry of Home Affairs.
.
● CISF's primary mission is to provide security to large institutions, be it Governmental or private.

About BSF :
● Formed : 1965
● BSF is the Border Service branch of the Central Armed Police Force of India.
Nasscom Names SAP Labs India MD Sindhu Gangadharan as New Chairperson
● Sindhu Gangadharan, Managing Director of SAP Labs India, has been appointed as the
chairperson of Nasscom (National Association of Software and Service Companies), effective
immediately.
● She succeeds Rajesh Nambiar, who has been named president-designate for Nasscom.
About NASSCOM :
● NASSCOM is an Indian non-governmental trade association and advocacy group that primarily
serves the Indian technology industry.
Liu Jin Steps Down as President of Bank of China Due to Unspecified Personal Reasons
● Liu Jin has resigned from his roles as Vice Chairman and President of the Bank of China.
● His resignation was due to unspecified "personal reasons" and is unexpected given he has not
yet reached the official retirement age of 60.
● Ge Haijiao, the Chairman and Party Secretary of the Bank of China, will serve as the acting
President until a permanent successor is appointed.
Sanjeev Raina Named Additional Director General of Indo-Tibetan Border Police
● Sanjeev Raina, a 1987-batch ITBP officer, has been appointed as the Additional Director General
(ADG) of the Indo-Tibetan Border Police (ITBP).
● This is only the second time in ITBP history that a cadre officer has been promoted to the ADG
post, the second-highest rank in the force after the Director General (DG).
● Along with Raina, IG Jaspal Singh has also been elevated to the ADG rank for the panel year
2024.
About ITBP :
● ITBP was established in response to Chinese aggression in 1962, initially with four battalions.
.
● Originally designed as a “guerrilla-cum-intelligence-cum-fighting force,” it evolved into a

specialized border guarding force.
● ITBP was initially raised under the CRPF Act, and later, the ITBP Act was enacted in 1992, with
rules framed in 1994.
Chirag Paswan Re-Elected as Lok Janshakti Party President for a Five-Year Term
● Union Minister Chirag Paswan has been re-elected as the national president of the Lok Janshakti
Party (Ram Vilas) for a term of five years.
● The re-election decision was made unanimously during the LJP (RV) national executive meeting
held in Ranchi.
MOUS AND AGREEMENT

RITES Signs MoU with NHAI for Consultancy Services in Infrastructure Projects
• RITES, a leading engineering consultancy firm, has signed a Memorandum of Understanding
(MoU) with the National Highways Authority of India (NHAI), under the Ministry of Road Transport
and Highways, Government of India.
• This collaboration is set to enhance the quality and safety of infrastructure projects across the
country.
• Partnership Focus: The MoU between RITES and NHAI aims to provide consultancy services for
NHAI projects, particularly in the domains of highways, bridges, tunnels, and road safety audits.
India and Vietnam Enhance Strategic Ties with New Action Plan
• India and Vietnam have strengthened their strategic partnership with a new action plan.
• Prime Minister Narendra Modi emphasised both nations' commitment to a free and rules-based
Indo-Pacific region and highlighted New Delhi's focus on development over expansionism.
• Strategic Partnership Expansion: India and Vietnam firmed up a new action plan to enhance their
strategic ties.
MoU on Cooperation in Sports Matters between India and Saint Christopher and Nevis
• Dr Mansukh Mandaviya, Hon’ble Minister of Youth Affairs and Sports of the Government of India,
and Dr. Denzil Douglas, Hon’ble Minister of Foreign Affairs of the Government of the Federation of
Saint Christopher and Nevis, signed a Memorandum of Understanding (MoU) to enhance
cooperation in sports between the two countries.
• Joint training programs and competitions for athletes and athletic teams from both countries.
• Programs to train coaches and provide technical assistance to enhance their skills and knowledge.
.
Landmark Joint Venture Agreement for Coal to Synthetic Natural Gas (SNG) Plant
• The Ministry of Coal, in collaboration with the Ministry of Power & Natural Gas, has facilitated a
significant joint venture agreement between two leading Maharatna Central Public Sector
Enterprises (CPSEs), Coal India Limited (CIL) and GAIL (India) Limited (GAIL).
• This agreement marks a major milestone in setting up a Coal to Synthetic Natural Gas (SNG)
plant using Surface Coal Gasification (SCG) technology.
• Location: Raniganj area, Eastern Coalfields Limited, West Bengal
• Coal Requirement: 1.9 million tonnes (mts) per annum
• Coal Supplier: Coal India Limited (CIL)
POWERGRID's CSR Collaboration with AIIMS for Enhanced Healthcare Services

• R. K. Tyagi, Chairman and Managing Director of Power Grid Corporation of India Limited
(POWERGRID), met with M. Srinivas, Director of AIIMS Delhi, along with senior officials from
both organizations, to discuss potential collaborations in Corporate Social Responsibility (CSR)
initiatives aimed at enhancing healthcare services for the poor and underprivileged.
• VishramSadan Projects: As part of its CSR activities, POWERGRID has established a 300-bed
VishramSadan at AIIMS, Delhi. This facility provides a comfortable and affordable stay for
patients and their relatives during treatment.
Nagaland Signs MoU for Innovative Disaster Risk Insurance Programme

• Nagaland Chief Secretary J Alam has signed a Memorandum of Understanding (MoU) with SBI
General Insurance Company Limited to launch the Disaster Risk Transfer Parametric Insurance
Solutions (DRTPS) programme.
• Financial Resilience: The DRTPS programme aims to enhance financial resilience for Nagaland's
population and safeguard critical infrastructure during disasters.
• Safe Livelihoods: The initiative is designed to ensure economic security and stability in the face
of natural calamities.
NTPC-NPCI JV to start work on Rs 50,000-crore Rajasthan nuclear power plant this fiscal
• NTPC Ltd, in collaboration with NPCIL, is set to develop the Mahi Banswara nuclear power plant
with a capacity of 2.8 GW and is also exploring the development of Bharat Small Reactors.
.
• The company plans to significantly increase its green energy capacity and diversify into other energy
and chemical sectors.
1. Mahi Banswara Nuclear Power Plant:
o Joint Venture: NTPC Ltd and Nuclear Power Corp of India (NPCIL) through Anushakti Vidhyut
Nigam.
o Project Cost: ₹50,000 crore.
o Capacity: 2.8 GW.
o Timeline: Bids to be invited and construction to start before the end of the fiscal year 2024-25.
RailTel and Cylus Partnership: Enhancing Cybersecurity for Indian Railways

• RailTel, a leading public sector entity in telecommunications and ICT solutions, has entered a
strategic partnership with Cylus, a prominent cybersecurity firm specializing in the rail sector.
• This collaboration aims to bolster the cybersecurity framework of Indian Railways' extensive
infrastructure.
• Cybersecurity Enhancement: The primary goal is to enhance the security of railway signalling
systems, including trackside, onboard, and SCADA systems, through the integration of CylusOne,
Cylus' proprietary cybersecurity solution.
India and Nepal Collaborate to Launch Munal Satellite
• The Ministry of External Affairs (MEA) of India and NewSpace India Limited (NSIL), the
commercial arm of ISRO, signed an agreement to assist in launching the Nepal-built Munal
satellite.
• Munal is an indigenous satellite developed in Nepal under the guidance of the Nepal Academy of
Science and Technology (NAST).
• Collaboration for Satellite Launch: The agreement between MEA and NSIL aims to support the
launch of the Monal satellite, developed in Nepal.
GAIL and RRVUNL Sign MoU to Explore Joint Venture for Gas-Based Power Plants and Renewable
Projects
• State-run GAIL has signed a Memorandum of Understanding (MoU) with Rajasthan Rajya Vidyut
Utpadan Nigam (RRVUNL) to explore the transfer of RRVUNL’s gas-based power plants into a
proposed joint venture company (JVC).
• This development is crucial for enhancing power reliability during peak consumption periods.
.
• Gas-Based Power Plants: The MoU aims to explore transferring RRVUNL’s gas-based power
plants in Dholpur and Ramgarh to a JVC between GAIL and RRVUNL.
• Renewable Energy Projects: The partnership will also involve setting up approximately 1,000
megawatts (MW) of solar and wind projects to provide round-the-clock (RTC) power.
MoU Between All India Institute of Ayurveda and Amity University to Boost Education, Research, and
Technology
• A significant Memorandum of Understanding (MoU) was signed between the All India Institute of
Ayurveda (AIIA), New Delhi, and Amity University, Noida.
• The MoU aims to foster collaboration in education, research, and technology.
• The signing ceremony was attended by notable dignitaries and marked the extension of an
ongoing five-year agreement between the two institutions.
• The MoU was signed by Prof. Tanuja Nesari, Director of AIIA, and Asha Premnath, Joint
Registrar of Amity University.
SAMEER Transfers Microwave-Based BRIX Measurement Technology to Industry Partners for Large-
Scale Manufacturing
● The Society for Applied Microwave Electronics Engineering & Research (SAMEER), an R&D
institute under the Ministry of Electronics and Information Technology (MeitY), Government of India,
has signed a significant Transfer of Technology (ToT) agreement with Toshniwal Hyvac Pvt. Ltd.
and Sir Automation Industries.
● This agreement focuses on producing the Microwave-based in-situ BRIX measurement system,
known as the Sugar COntent MeasuREment (SCORE) system.
About SAMEER
● The Society for Applied Microwave Electronics Engineering and Research (SAMEER) is a premier
R&D institution under MeitY, specializing in the research, development, and commercialization of
microwave electronics, electromagnetic technology, and related areas. SAMEER plays a crucial role
in advancing indigenous technologies to support various industries and sectors in India.
India and U.S. Sign MoU to Enhance MSME Participation in Global Markets
● India and the U.S. signed a Memorandum of Understanding (MoU) to enable Micro, Small, and
Medium Enterprises (MSMEs) from both countries to participate more effectively in global markets,
drive innovation, and foster trade.
● The MoU aims to support MSMEs, including women entrepreneurs, in accessing global markets
and expanding their business opportunities.
.
● The MoU provides a platform for discussing issues related to MSMEs and exploring areas of
mutual cooperation, including trade and export finance, technology, digital trade, green economy,
and trade facilitation.
Assam Government Partners with Prasar Bharati for Documentary Series on Lachit Borphukan
● The Assam government has signed a Memorandum of Understanding (MoU) with Prasar Bharati to
produce and broadcast a 52-episode documentary series on the legendary Ahom General Lachit
Borphukan.
● This series will be available on Prasar Bharati's platforms, including Akashwani and Doordarshan, as
well as its digital services, Prasar Bharati News Services (PBNS).
● The documentary series aims to explore the life and achievements of Lachit Borphukan, a general of
the Royal Army of the Ahom Kingdom.
CITI and ILO Unite to Tackle Labor Issues in Indian Cotton Sector
● The Confederation of Indian Textile Industry (CITI) and the International Labour Organisation (ILO)
have launched a joint project to address labor challenges in the Indian cotton industry, focusing on
eliminating child and forced labor.
IIT Bhubaneswar and IG Drones Collaborate to Establish Advanced Drone Excellence Centre for
Disaster Management
● IIT Bhubaneswar has partnered with IG Drones, a leading drone-tech and AI company, to establish
an Advanced Drone Excellence Centre at the IIT Bhubaneswar Research and Entrepreneurship
Park.
● This collaboration aims to enhance research and development in drone technology, specifically for
disaster management applications, marking a significant step forward in addressing the challenges
faced by disaster-prone regions in India.
Objectives and Facilities:
o The partnership aims to develop drone technologies and research methodologies tailored for
disaster management.
o The centre will occupy a 2000 sq ft space equipped with necessary facilities for R&D.
India and UK Initiate Talks to Enhance Critical Minerals Collaboration
● India and the United Kingdom have commenced negotiations to strengthen their partnership in the
critical minerals sector under the newly established UK-India Technology Security Initiative (TSI).
India and the US Explore Collaborative Opportunities in Clean Energy and Manufacturing
.
● The Indian Power Ministry engaged with a US delegation led by John Podesta, Senior Advisor to
the President for International Climate Policy.
● Focus: Exploring technical exchanges and financial support for energy system upgrades.
India-Africa Bilateral Trade Targets and Collaboration Opportunities
● Bilateral trade between India and Africa reached $100 billion in 2022.
● Future Target: The aim is to double this figure to $200 billion by 2030.
● Identified Sectors: The African Continental Free Trade Area (AfCFTA) has highlighted four
sectors for potential growth:
o Automobiles
o Agriculture and Agro-Processing
o Pharmaceuticals
o Transportation and Logistics
India and Australia Hold 10th Round of CECA Negotiations, Focus on Key Areas for Enhanced
Economic Partnership
● The 10th Round of India-Australia Comprehensive Economic Cooperation Agreement (CECA)
negotiations was held in Sydney from 19-22 August 2024.
● Discussions focused on five key areas: Goods, Services, Digital Trade, Government
Procurement, Rules of Origin, and Agri-tech.
● India and Australia are key strategic partners, collaborating in regional initiatives like the Indo-
Pacific Economic Forum for Prosperity (IPEF) and the Trilateral Supply Chain Resilience Initiative
(SCRI).
India and Indonesia Reaffirm Commitment to Combat Terrorism at the 6th Joint Working Group Meeting
● India and Indonesia held the sixth meeting of the India-Indonesia Joint Working Group on
Counter-Terrorism in Jakarta, reaffirming their commitment to combating terrorism.
● Both nations strongly condemned the use of terrorist proxies for cross-border terrorism, with
particular emphasis on Pakistan’s support to terror groups targeting Jammu and Kashmir.
Finance Minister Nirmala Sitharaman Advances Bilateral Ties with Singapore
o Finance Minister Nirmala Sitharaman met with Singapore President Tharman
Shanmugaratnam and Prime Minister Lawrence Wong to further strengthen the bilateral
strategic partnership between India and Singapore.
Sri Lanka and India Collaborate on LNG Infrastructure Development for Power Generation
.
● The Sri Lankan government and India's state-run firm, Petronet LNG Limited, have signed a
Memorandum of Understanding (MoU) to develop critical infrastructure for the storage,
regasification, and supply of Liquefied Natural Gas (LNG) to power plants in Sri Lanka.
● This significant agreement was formalized at a ceremony attended by Sri Lankan Minister of Power
and Energy, Kanchana Wijesekera, and India's Deputy High Commissioner, Satyanjal Pandey.
India and Malaysia Elevate Strategic Partnership and Expand Cooperation
● During the recent state visit of Malaysia’s Prime Minister to India, the two countries announced an
elevation of their bilateral ties from an Enhanced Strategic Partnership, which was established in
2015.
● This move signifies a deeper and broader cooperation between the two nations.
Key Outcomes of the Visit:
1. International Big Cat Alliance (IBCA):
o Malaysia's Participation: Malaysia has agreed to join IBCA as a founding member.
o Purpose: IBCA, headquartered in India, aims to conserve seven big cat species globally,
with 96 countries and organizations involved in the coalition.
GAIL and Petron Sign MoU to Explore Bio-Ethylene Plant Joint Venture
● GAIL (India) Limited and Petron Scientech Inc (Petron) have inked a Memorandum of Understanding
(MoU) to jointly explore setting up of a 500 Kilo Tons per Annum (KTA) bio-ethylene plant along with
its downstream unit(s) in India, based on bio-ethanol produced in the plant in a 50:50 Joint Venture
(JV) mode.
Centre Partners with MicroSave to Optimize Community Investment Support Fund (CIF) Utilization
● The Centre has roped in private consulting firm MicroSave to optimize utilisation of the Community
Investment Support Fund (CIF) a nd enhance the effectiveness and sustainability of organizations
working under the Rural Livelihood Mission.
● Focus: Optimize CIF utilization and enhance effectiveness and sustainability of organizations under
the Rural Livelihood Mission.
KVIC and Department of Posts Sign MoU to Enhance PMEGP Implementation
● Khadi and Village Industries Commission (KVIC), Ministry of Micro, Small and Medium Enterprises
(MSME) signed an important MoU with the Department of Posts working under the Ministry of
Communications at KVIC
Signatories:
o KVIC: Chairman Manoj Kumar, CEO Vatsalya Saxena, and Dy. CEO Rajan Babu.
.
o Department of Posts: General Manager Manisha Bansal Badal and Dy. General Manager
Dr. Amanpreet Singh.
Eligibility and Financing:
● Beneficiaries: Individuals above 18 years of age; no income ceiling.
● Ineligible Costs: Land cost and projects without capital expenditure.
● Financial Institutions: Public Sector Banks, Regional Rural Banks, Co-operative Banks, Private
Sector Banks, and SIDBI.
● Loan Terms:
o Sanction: 90% for general category, 95% for special category.
o Interest: Normal rate; repayment over 3 to 7 years with a moratorium as prescribed by the
bank.
REC Ltd and JNPA Sign MoU for ₹45,000 Crore Financing of Infrastructure Projects
● REC Ltd and Jawaharlal Nehru Port Authority (JNPA) signed a memorandum of understanding
(MoU).
● The agreement involves financing up to ₹45,000 crore for various upcoming infrastructure projects,
including the development of a port at Vadhavan in Maharashtra.
● Rahul Dwivedi, Executive Director of REC, and Unmesh Sharad Wagh, Chairman of JNPA, signed
the MoU in the presence of Sarbananda Sonowal, Union Minister for Ports, Shipping, and
Waterways.
RANKING AND REPORTS

RIL jumps up 2 places in Fortune’s Global 500 list for 2024
• Reliance Industries has improved its ranking in Fortune’s Global 500 list for 2024 to 86 from 88,
maintaining its top position as the highest ranked among Indian corporates.
• The company has gained 69 places in the last three years from 155 in 2021.
Reliance Industries(RIL):
• Ranking: 86 (up from 88 in 2023)
• Total Companies: Nine Indian firms in the Global 500 list
• Public Sector: IOCL, LIC, ONGC, BPCL, SBI
• Private Sector: Reliance Industries, and three others
• Top 5: Walmart, Amazon, State Grid, Saudi Aramco, Sinopec Group
Italy Tops UNESCO World Heritage List with 60 Recognized Sites
.
• Italy is at the top of the UNESCO World Heritage list with 60 sites, the latest being the "Via Appia
Regina Viarum" added during the 46th session of the World Heritage Committee in New Delhi.
• Newly Recognized Sites:
o Italy: Via Appia Regina Viarum
o Germany: Ensemble Schwerin residence
o Malaysia: Niah National Park
o Saudi Arabia: Archaeological area of Al-Faw
o Romania: Constantin Brâncuși's sculptural ensemble in Târgu Jiu and the Frontiers of the
Roman Empire in Dacia
World Bank Study Highlights Challenges for Developing Countries to Escape the Middle-Income Trap
• A new World Bank study reveals that over 100 countries, including China, India, Brazil, and
South Africa, face significant challenges in achieving high-income status in the coming decades.
• The World Development Report 2024: The Middle Income Trap provides a roadmap for
developing countries to overcome these obstacles.
• The 3i Strategy:
o 1i Phase (Investment): Low-income countries should focus on increasing investment.
o 2i Phase (Investment and Infusion): Lower-middle-income countries should adopt foreign
technologies and integrate them into their economies.

o 3i Phase (Investment, Infusion, and Innovation): Upper-middle-income countries should
innovate and push technological frontiers.
India retains eighth position in global agriculture exports in 2023: WTO

• In 2023, India remained a leading global exporter of agricultural products despite a decline in its
export value, maintaining its position as the eighth-largest exporter.
• India's Export Performance:
o Total Exports: $51 billion in 2023, down from $55 billion in 2022.
o Position: Eighth-largest exporter globally.
• Global Export Trends:
o Top Exporters:
▪ European Union: Maintained the top position with $836 billion in exports, up from
$799 billion in 2022.
.
▪ United States: Second-largest exporter with $198 billion, down from $222 billion in
2022.
▪ Brazil: Third place with $157 billion, up from $148 billion in 2022.
▪ China: Fourth place with $95 billion, slightly down from $96 billion in 2022.
o Other Top Exporters: Canada, Mexico, Indonesia, and Australia also featured among the
top ten.
IIT Madras Achievements and NIRF Rankings 2024
• IIT Madras has been ranked as India's number one educational institution for the sixth
consecutive year by the National Institutional Ranking Framework (NIRF) announced by the
Ministry of Education.
• Top Engineering Institute: IIT Madras also secured the top position among engineering institutes,
followed by IIT Delhi, IIT Bombay, IIT Kanpur, and IIT Kharagpur.
• Top 5 Overall Institutes:
o IIT Madras
o Indian Institute of Science (IISc) Bengaluru
o IIT Bombay
o IIT Delhi
o IIT Kanpur
Cancer death among men to increase 93% by 2050
• The study published in the journal Cancer presents alarming projections for cancer among men,
indicating a substantial rise in both cases and deaths by 2050.:
• Projected Cancer Trends for Men
• Overall Increase in Cases:
o 2022: 10.3 million cancer cases
o 2050: Expected to rise to 19 million
o Increase: 84%
Microsoft Named India's Most Attractive Employer Brand in 2024: Randstad Survey
• Microsoft has emerged as India's most attractive employer brand, securing the top position in the
Randstad Employer Brand Research (REBR) 2024.
• The tech giant was highly rated for its financial health, good reputation, and career progression
opportunities—the top three Employee Value Proposition (EVP) drivers identified by the survey.
Top 10 Most Attractive Employer Brands in India:
.
• Microsoft
• Tata Consultancy Services (TCS)
• Amazon
• Tata Power Company
• Tata Motors
• Samsung India
• Infosys
• Larsen & Toubro
• Reliance Industries
• Mercedes-Benz
2024 Barclays Private Clients Hurun India Most Valuable Family Businesses List:
• The Ambani family business, led by Reliance Industries Chairman Mukesh Ambani — the richest
man in Asia, has topped 'The 2024 Barclays Private Clients Hurun India Most Valuable Family
Businesses List', as per a Business Standard report.
Top 5 Family Businesses:
1. Ambani Family (Reliance Industries)
o Valuation: ₹25.75 lakh crore
2. Bajaj Family (Bajaj Group)
3. Birla Family (Aditya Birla Group)
o Leader: Kumar Mangalam Birla
4. Jindal Family (JSW Group)
o Leader: Sajjan Jindal
5. Nadar Family (HCL Technologies)
o Leader: Roshni Nadar Malhotra
o Note: Roshni Nadar Malhotra is the only woman in the top 10.
Rail Vikas Nigam Ltd. and Six Other Stocks to Join MSCI India Index; Bandhan Bank Excluded
● Rail Vikas Nigam Ltd. (RVNL) Added to the MSCI India Index, part of the MSCI Global Standard
Index.
.
● Other New Additions: Vodafone Idea, Dixon Technologies, Oil India, Prestige Estates, Oracle
Financial, and Zydus Lifesciences.
● Exclusions:
o Bandhan Bank: Removed from the MSCI India Index.
● MSCI India Domestic Index:
o New Additions: Bosch, PB Fintech, alongside the aforementioned stocks.
o Other Inclusions: Inox Wind Energy, Inox Green Energy Services, Shakti Pumps, Aurionpro
Solutions, Gulf Oil Lubricants.
o Exclusions: Cochin Shipyard, IREDA, JP Associates, PB Fintech, Phoenix Mills, and RVNL.
Stock Action Expected Notes
Inflows
Rail Vikas Nigam Added to MSCI $219 million Shares surged 11% on
Ltd. (RVNL) India Index Monday; 220% YTD gain
Vodafone Idea Added to MSCI $278 million
India Index
Dixon Added to MSCI $281 million
Technologies India Index
Oil India Added to MSCI $238 million
India Index
Prestige Estates Added to MSCI $181 million
India Index
Oracle Financial Added to MSCI $170 million
India Index
Zydus Added to MSCI $230 million
Lifesciences India Index
Bandhan Bank Excluded from -
MSCI India
Index
HDFC Bank Weightage $1.8 billion Increase in two phases; first
Increase (expected) post-current review, second
post-November review
.
Amul Named World's Strongest Food Brand in 2024

● Amul has been recognized as the world's strongest food brand in Brand Finance’s Global Food &
Drinks Report 2024, achieving a Brand Strength Index (BSI) score of 91 and a brand valuation of
$3.3 billion.
● This marks an 11% increase in brand value compared to 2023.
Top Food Brands:
● Most Valuable Food Brand: Nestlé remains at the top with a valuation of $20.8 billion, despite a
7% decline.
● Second Place: Lay’s has risen to second position with a valuation of $12 billion.
● Beverage Leaders: In the non-alcoholic sector, Coca-Cola leads the market, followed by Pepsi.
WEF Report: India's Agriculture Sector Faces Severe Impact from Extreme Climate Events
● A recent report by the World Economic Forum (WEF) sheds light on the significant challenges facing
India's agriculture sector due to extreme climate events.
● Between 2015 and 2021, India lost 33.9 million hectares of crops due to excessive rainfall and an
additional 35 million hectares due to drought conditions.
Evolution of Indian Consumer Preferences: Insights from 'The X Index' India Report 2024
● The latest edition of "The X Index" India report by Havas CX India highlights a significant shift in
consumer preferences and expectations, reflecting the changing landscape of customer experience
(CX) in India.
● This sixth annual report, based on a survey of 55,000 consumers across nine global markets,
including India, evaluates the CX performance of 525 brands across 23 metrics.
Top Brands Leading in Customer Experience in India:
The report identifies ten brands that have excelled in delivering superior customer experiences in India:
1. Tata Motors
2. Apple
3. Tata Cliq Luxury
4. Kia
5. Samsung
6. ITC
7. Nexa
8. Zara
9. JBL
.
10. Tata Cliq Palette

Mumbai and Delhi Among Top Global Cities for Prime Residential Price Rise in June Quarter 2024
o Manila ranked first globally with a 26% annual increase in prime residential property prices
during the June quarter of 2024, according to a report by Knight Frank.
o Mumbai and New Delhi secured the second and third positions, respectively, among 44 cities
worldwide, showcasing strong price growth in the luxury residential market.
Performance of Indian Cities:
o Mumbai:
▪ Recorded a 13% annual price rise in prime residences, improving from its 6th position
in the previous year to 2nd place in 2024.
o New Delhi:
▪ Noted a 10.6% year-on-year increase in prime residential property prices, jumping from
26th position a year earlier to 3rd place during the June quarter.
o Bengaluru:
▪ Experienced a 3.7% rise in annual price growth, maintaining its 15th rank from the
previous year.
South Asia Faces Highest Global Impact of Air Pollution on Life Expectancy: AQLI Report
o South Asia remains the world's most polluted region, accounting for 45% of global life years lost
due to high pollution, despite some improvements in air quality compared to previous years.
o The Air Quality Life Index (AQLI) report by the Energy Policy Institute at the University of
Chicago (EPIC) reveals that people in the most polluted regions breathe air six times more
polluted than those in the least polluted areas, shortening lifespans by 2.7 years.
High Pollution Levels in South Asian Countries:
o Bangladesh, India, Nepal, and Pakistanhome to 23.2% of the global populationare among the
most polluted countries worldwide.
About the Air Quality Life Index (AQLI):
o The AQLI translates particulate air pollution data into its impact on life expectancy.
o Developed by Michael Greenstone and his team at EPIC, the AQLI combines research on
human exposure to air pollution with local and global particulate measurements.
o It serves as a tool for policymakers to understand the potential impact of air pollution policies on
increasing life expectancy by aligning with the WHO guidelines or user-defined air quality
standards.
.
Adani Surges to Richest Indian, Ambani's Net Worth Rises in 2024 Hurun India Rich List
o Gautam Adani's net worth surged by 95% to Rs 11.6 lakh crore in the past year, making him the
richest Indian, surpassing Mukesh Ambani.
o This sharp rise in Adani's wealth contrasts with a 57% decline reported in 2023 due to allegations
from Hindenburg Research, which Adani's conglomerate has denied.
o Mukesh Ambani saw a 25% increase in his net worth, reaching Rs 10.14 lakh crore.
o Shiv Nadar and family of HCL moved up to the third richest with a net worth of Rs 3.14 lakh crore.
o Cyrus Poonawalla of Serum Institute slipped to the fourth position with Rs 2.89 lakh crore.
o Dilip Shanghvi of Sun Pharmaceuticals secured the fifth position with a net worth of Rs 2.50 lakh
crore.

Competition Commission of India Approves Merger of Mangalore Chemicals & Fertilizers with Paradeep
Phosphates and Zuari Maroc Phosphates' Acquisition of Mangalore Chemicals & Fertilizers Shares
• The Competition Commission of India (CCI) has approved the amalgamation of Mangalore
Chemicals & Fertilizers Limited (MCFL) with Paradeep Phosphates Limited (PPL).
• CCI has also approved the proposed acquisition of equity shares of MCFL by Zuari Maroc
Phosphates Private Limited (ZMPPL).
• Proposed Combination:Proposed Merger: Amalgamation of MCFL with and into PPL, continuing
as a going concern.
• Proposed Acquisition: ZMPPL acquiring 3,92,06,000 equity shares of MCFL from ZuariAgro
Chemicals Ltd (ZACL).
About CCI :
• It is a statutory body within the Ministry of Corporate Affairsand is responsible for enforcing the
Carlyle Group divests 12.8% stake in PNB Housing Finance for ₹2,578 crore; Singapore government
acquires stake
.
● Carlyle Group divested a 12.8% stake in PNB Housing Finance for ₹2,578 crore through open
market transactions.
● The Singapore government and the Monetary Authority of Singapore acquired stakes in PNB
Housing Finance.
● US-based global investment firm Carlyle group through its affiliate Quality Investment Holdings
PCC offloaded 3,32,60,000 shares, amounting to a 12.8% stake in PNB Housing Finance.
● Carlyle's stake in PNB Housing Finance was reduced from 32.68% to 19.88%.
About PNB Housing Finance Limited :
● Managing Director : Girish Kousgi
● PNB Housing Finance Limited is an Indian housing finance company registered with National
Housing Bank.
● PNB Housing is promoted by Punjab National Bank.
About Carlyle Group :
● Founded : 1987
● CEO : Harvey Schwartz
Competition Commission of India approves the acquisition of 100% share capital of Viterra by Bunge
● The Competition Commission of India (CCI) has approved the acquisition of 100% share capital
of Viterra Limited by Bunge Global SA.
● Proposed Combination: Bunge Global SA (Acquirer) is set to acquire 100% of the issued and
outstanding share capital of Viterra Limited (Target).
● Global Activities:Bunge: Mainly active in the sale of oilseed meals, vegetable oils, grains, milled
products, and unprocessed oilseeds.
● Viterra: Focuses on the purchase and sale of unprocessed commodity crops, particularly grains.
● Viterra has limited origination activities in India for commodities such as channa, wheat, maize,
lentils, and cotton.
About CCI :
.

IDBI Bank Sells Rs 6,151 Crore Distressed Portfolio to Omkara Asset Reconstruction Company
• IDBI Bank is selling its Rs 6,151 crore legacy stressed asset portfolio to Omkara Asset
Reconstruction Company (ARC) in a move that will help the government fetch an improved
valuation for the proposed stake sale in the lender.
• At inter-se bidding held August 3, 2024, Omkara ARC gave the highest offer of Rs 652 crore,
outbidding government-promoted National Asset Reconstruction Company Limited (NARCL).
• Financial Impact:Recovery Rate: The sale equates to a 10.5% recovery for IDBI Bank.
About IDBI Bank :
• Owner : Life Insurance Corporation of India (49.24%), Government of India (45.5%)
• It is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India
(LIC) and Government of India.
Competition Commission of India Approves Full Acquisition of ATC Telecom Infrastructure by Data
Infrastructure Trust Along with Related Transactions
● The Competition Commission of India (CCI) has approved the proposed acquisition of 100% of
the share capital of ATC Telecom Infrastructure Private Limited (ATC India) by Data
Infrastructure Trust (DIT) and certain inter-connected transactions.
● DIT is an infrastructure investment trust registered under the Securities and Exchange Board of
India (Infrastructure Investment Trusts) Regulations, 2014.
● ATC India is an indirect subsidiary of American Tower International, Inc. It is engaged in the
business of provision of passive telecom infrastructure services in India.
About CCI :
.

Competition Act, 2002.
Competition Commission of India Approves Restructuring of Re Sustainability Limited's Business,

Including Demerger of Waste Management and Waste-to-Energy Operations to Ramky Sustainability
Solutions
● The Competition Commission of India (CCI) has approved the restructuring of Re Sustainability
Limited (ReSL), including its subsidiaries and joint ventures.
● The restructuring involves the demerger of ReSL's municipal solid waste (MSW) business and
waste-to-energy (WTE) business to a newly incorporated entity, Ramky Sustainability Solutions
Private Limited (RSSPL).
● Post-restructuring, RSSPL's fully diluted shareholding will reflect ReSL’s existing shareholding
pattern, including the shares held by Metropolis and the Founding Group.
Competition Commission of India Approves Highway Infrastructure Trust's Acquisition of 100% Equity
Stake and Control in 12 special purpose vehicles of PNC Infratech and PNC Infra Holdings
● The Competition Commission of India (CCI) has approved the acquisition of 100% equity stake,
management and control in 12 special purpose vehicles of PNC Infratech Limited and PNC Infra
Holdings (PNC SPVs/Targets) by Highway Infrastructure Trust (Acquirer Trust).
● Acquirer Trust:Highway Infrastructure Trust is an irrevocable trust under the Indian Trusts Act,
1882, and registered as an infrastructure investment trust with the Securities and Exchange
Board of India (SEBI) under the SEBI (Infrastructure Investment Trusts) Regulations, 2014.
Competition Commission of India Approves 360 ONE Private Equity Fund's Acquisition of Stake in
Vastu Housing Finance Corporation Limited
● The Competition Commission of India (CCI) has approved the acquisition by 360 ONE Private
Equity Fund in Vastu Housing Finance Corporation Limited (VHFCL).
● 360 ONE Private Equity Fund (360 Fund) is registered with the Securities and Exchange Board
of India (SEBI) as a Category II Alternativ e Investment Fund.
● The fund is established for investing in various sectors both in India and globally.
.
● 360 ONE Alternates Asset Management Limited (360 AAML) is the investment manager of the
360 Fund.
Adani Group Pledges 51% Stake in Navi Mumbai Airport for ₹12,770 Crore Loan
● The Adani Group-controlled Mumbai International Airport Ltd (MIAL) has pledged a 51% stake in
the upcoming Navi Mumbai International Airport (NMIAL) to the State Bank of India (SBI).
● This move is linked to a substantial loan facility amounting to Rs 12,770 crore, sanctioned by SBI
for the greenfield airport project.
● Previous Financing Arrangement: A previous financing deal with Yes Bank worth ₹8,645 crore
was cancelled, leading to the revised arrangement with SBI.
About MIAL :
● Mumbai International Airport Limited (MIAL) is managed by Adani Airport Holding Limited
(AAHL), a subsidiary of Adani Enterprises, the flagship company of the globally diversified Adani
Group.
National Company Law Tribunal greenlights merger of Slice with North East Small Finance Bank
● Consumer payments and lending company Slice has received approval from the National
Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB).
● The NCLT Guwahati bench has sanctioned a scheme involving multiple entities, including
Garagepreneurs Internet Private Limited, Quadrillion Finance Pvt Ltd, Intergalactory Foundry Pvt
Ltd, RGVN (North East) Microfinance Ltd, and NESFB.
About NCLT :
● The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates
issues relating to Indian companies.
● The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the
government of India and is based on the recommendation of the V. Balakrishna Eradi committee
on the law relating to the insolvency and the winding up of companies.
Life Insurance Corporation of India Sells 2.09% Stake in Hindustan Copper for ₹447 Crore Through
Open Market
● Life Insurance Corporation of India (LIC) sold a 2.09% stake in state-owned Hindustan Copper
Ltd (HCL) for ₹447 crore through an open market transaction.
.
● LIC sold 2,01,62,682 shares at an average price of ₹221.64 per share, amounting to a total
transaction value of ₹446.8 crore.
● Post-sale, LIC's ownership in Hindustan Copper decreased from 8.17% to 6.09%.
About HCL :
● Hindustan Copper Ltd (HCL) is under the administrative control of the Ministry of Mines.
● It is the only company in the country engaged in the mining of copper ore and owns all the
operating mining leases of Copper ore and also the only integrated producer of refined copper
(vertically integrated company).
About LIC :
● Chairman : Siddhartha Mohanty
Competition Commission of India approves IndusInd International Holdings Limited's stake acquisition
in Invesco Asset Management (India) and Invesco Trustee Private Limited
● The Competition Commission of India (CCI) approved the acquisition of a 60% shareholding in
Invesco Asset Management (India) Private Limited and Invesco Trustee Private Limited by
IndusInd International Holdings Limited (IIHL).
About CCI :
Pine Labs Gets National Company Law Tribunal approval for Merging Its Domestic and Singapore
Operations
● Fintech major Pine Labs has received an initial approval from the National Company Law
Tribunal (NCLT) to merge its entities in India and Singapore.
● The company will file a second motion with the NCLT for final approval after the initial motion has
been approved.
.
About Pine Labs :

● Founded : 1998
● Headquarters : Noida, Uttar Pradesh
● Executive Chairman : Lokvir Kapoor
● CEO : B.Amrish Rau
● Pine Labs is an Indian company that provides point of sales systems and payment systems.
About NCLT :
● The NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
● The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the
on law relating to the insolvency and the winding up of companies.
CCI approves Mango Crest Investment Limited's acquisition of stake in Shriram Housing Finance
Limited
● The Competition Commission of India (CCI) has approved the acquisition of shareholding in
Shriram Housing Finance Limited by Mango Crest Investment Limited.
● Mango Crest Investment Ltd. is a company incorporated in the Republic of Mauritius.
● The principal business activity of the Acquirer is undertaking investment holding activities.
● Shriram Housing Finance Limited is a housing finance company registered with the National
Housing Bank.
CCI approves Advent's acquisition of Apollo Healthco via Rasmeli, Apollo Healthco's acquisition of
Keimed, and Keimed's merger into Apollo Healthco
● The Competition Commission of India (CCI) has approved the proposed combination involving
the acquisition by Advent (through Rasmeli) in Apollo Healthco, the acquisition by Apollo
Healthco in Keimed and the Merger of Keimed into Apollo Healthco.
Reserve Bank of India Approves SBI Mutual Fund to Acquire Up to 9.99% Stake in Karur Vysya Bank
● The Reserve Bank of India (RBI) has granted approval to SBI Mutual Fund (SBI MF) to acquire
up to 9.99% of the paid-up share capital or voting rights of Karur Vysya Bank (KVB).
● The approval was communicated through a letter dated August 23, 2024, in line with Regulation
30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure
Requirements (LODR) Regulations, 2015.
About SBI Mutual Fund:
● Established in 1987, SBI Mutual Fund is a significant entity in the mutual fund industry.
.
● It is sponsored by the State Bank of India (SBI) and became a joint venture with AMUNDI Asset
Management in 2011.
● Ownership Structure:SBI holds a 63% majority stake in SBI Funds Management Pvt Ltd
(SBIFMPL).
● AMUNDI Asset Management owns the remaining 37% stake.
Competition Commission of India Approves Merger Involving Reliance Industries, Viacom18, Digital18
Media, Star India, and Star Television Productions
● The Competition Commission of India (CCI) has approved the proposed combination involving
Reliance Industries Limited (RIL), Viacom18 Media Private Limited (Viacom18), Digital18 Media
Limited, Star India Private Limited (SIPL), and Star Television Productions Limited (STPL).
Zomato Finalizes Acquisition of Paytm’s Entertainment and Ticketing Business
● Food delivery major Zomato has completed the acquisition of Paytm’s event ticketing
subsidiaries Wasteland Entertainment Private Limited (WEPL) and Orbgen Technologies Private
Limited (OTPL).
● The acquisition deal was valued at ₹2,048 crore.
Platforms and Subsidiaries:
● OTPL operates the TicketNew platform.
● WEPL operates the Insider platform.
About Zomato :
Jio Financial Increases Stake in Jio Payments Bank to 82.17% with ₹68 Crore Investment
● Jio Financial Services Limited. (JFS) has raised its stake in Jio Payments Bank Limited. (JPBL)
from 78.95% to 82.17%.
● JFS has invested ₹68 crore by subscribing to 6.8 crore shares of JPBL.
About Jio Payments Bank Limited :
● Headquarters : Navi Mumbai, India
● Chairman : Vivek Bhandari
● MD & CEO : Vinod Easwaran
.
● Jio Payments Bank Limited is an Indian payments bank, and is currently a subsidiary of Jio
Financial Services, which was initially owned by Reliance Industries but was listed separately on
stock exchanges in 2023.
DEFENCE NEWS
India to host first multinational air exercise ‘Tarang Shakti 2024’ in two phases
• Indian Air Force vice chief Air Marshal AP Singh announced that the air exercise ‘Tarang Shakti’
will be the largest international air exercise ever conducted in India, with invitations extended to
51 countries.
• The exercise will be held in two phases and aims to boost military cooperation and highlight
India’s defence industry, supporting the country’s vision of Atmanirbhar Bharat (self-reliant India).
• The Indian Air Force has received confirmation from ten countries for participation with their
assets and 18 countries as observers for the exercise.
About the Indian Armed Forces
• Headquarters: New Delhi, India
• Founded: 8 October 1932
• Chief of Defence Staff (CDS): General Anil Chauhan
• Commander-in-Chief: President Draupadi Murmu
Defence Acquisition Council Sanctions amendment to MQ-9B UAV deal with U.S
● The Defence Acquisition Council (DAC) chaired by Defence Minister Rajnath Singh reviewed and
approved amendments to the deal for 31 MQ-9B High Altitude Long Endurance (HALE)
Unmanned Aerial Vehicles (UAV) from General Atomics of the US.
● The DAC also gave approval to a proposal regarding the scheduled refit of aircraft carrier INS
Vikramaditya later this year.
● The amendments approved are within the scope of the Acceptance of Necessity (AoN) that was
granted for the MQ-9B deal.
About DAC :
● Chairman : Union Minister of Defence (Rajnath Singh)
● It is the highest decision-making body of the defence ministry on procurement.
● Its members include the Chief of Defence Staff (CDS) and chiefs of the Army, Navy, and Air
Force.
.
Indian Navy Submarine INS Shalki Docks in Colombo for Official Visit
• Indian Navy’s submarine INS Shalki is on a two-day visit to Sri Lanka, reflecting the growing
maritime security cooperation between India and Sri Lanka.
• The submarine was given a ceremonial reception by the Sri Lanka Navy on 2nd August 2024.
• Diplomatic Engagements:During the visit, the Commanding Officer of INS Shalki is scheduled to
meet Rear Admiral WDCU Kumarasinghe, the Commander of the Western Naval Area.
• Sri Lanka Navy personnel will receive a briefing onboard INS Shalki.
Indian Naval Ship Shivalik Clinches Naval Gunfire Support Competition at RIMPAC 2024
• Indian Naval Ship (INS) Shivalik of the Eastern Fleet emerged victorious in the Naval Gunfire
Support Competition at the Rim of the Pacific Exercise- 2024 (RIMPAC-2024), held in Hawaii and
won the coveted RODEO trophy.
• The event which featured 25 partner nations saw INS Shivalik demonstrate exceptional firepower
and precision in delivering ordnance on target.
• This biennial event, known as the world’s largest international maritime exercise, saw
participation from 29 nations.
• The Indian Navy’s participation in RIMPAC 2024 was marked by the advanced capabilities of the
P-8I and INS Shivalik.
Indian Air Force Team Returns After Successfully Participating in Exercise Udara Shakti 2024 in
Malaysia
• The Indian Air Force (IAF) contingent has returned to India following a successful engagement in
Exercise Udara Shakti 2024, a joint air exercise conducted in collaboration with the Royal
Malaysian Air Force (RMAF).
• The exercise took place from August 5th to 9th, 2024, at Kuantan, Malaysia.
• IAF's Participation:The IAF deployed its Su-30MKI fighter jets for the exercise.
.
• These jets flew alongside RMAF's Su-30MKM fighters in various air combat missions.
Army conducts 'Parvat Prahaar' exercise in Ladakh, focuses on high-altitude ops
• Exercise Name: 'Parvat Prahaar' (Mountain Strike)
• Location: Ladakh, India
• Duration: Over a fortnight
• Focus: High-altitude warfare and operations in mountainous and rugged terrains.
• Purpose: To maintain Army readiness and effectiveness in the sensitive region near the India-
China border.
DRDO carries out successful maiden flight test of Long Range Glide Bomb ‘GAURAV’ from Su-30 MK-I
platform off Odisha coast
● DRDO successfully conducted the maiden flight test of the Long Range Glide Bomb (LRGB),
GAURAV, from the Su-30 MK-I platform of the Indian Air Force (IAF).
● Test conducted off the coast of Odisha.
● Air-launched 1,000 kg class glide bomb.
● Capable of hitting targets at long distances.
● Uses a highly accurate hybrid navigation scheme with INS and GPS data.
● Designed and developed by Research Centre Imarat (RCI), Hyderabad.
About DRDO:
● Formed: 1958
● Headquarters: DRDO Bhavan, New Delhi, India
● Minister Responsible: Rajnath Singh, Minister of Defence
● Chairman: Sameer V. Kamat
● Parent Agency: Ministry of Defence
‘Mitra Shakti’: India-Sri Lanka joint military exercise begins
● The 10th edition of the India-Sri Lanka Joint Military Exercise 'Mitra Shakti' commenced on
August 12, 2024, at the Army Training School in Maduru Oya, Sri Lanka.
● The exercise will continue until August 25, 2024.
● The last edition of 'Mitra Shakti' was conducted in Pune, India, in November 2023.
Purpose and Objectives
● The aim of 'Mitra Shakti 2024' is to enhance the joint military capability of both India and Sri
Lanka to undertake counter-insurgency operations in a sub-conventional scenario under Chapter
VII of the United Nations Mandate.
.
● The exercise focuses on operations in a semi-urban environment, improving interoperability, and

sharing best practices between the two nations.
Participants
● The Indian contingent, consisting of 106 personnel, is represented by a Battalion of Rajputana
Rifles, along with personnel from other arms and services.
● The Sri Lankan contingent is represented by personnel from the Gajaba Regiment of the Sri
Lankan Army.
Boeing Collaborates with AI Engineering Services to Support Navy's P-8I Fleet
● United States (US) aerospace giant Boeing has partnered with India’s AI Engineering Services
Limited (AIESL) to enhance local maintenance, repair, and overhaul (MRO) capabilities for the
Indian Navy's fleet of 12 P-8I maritime surveillance aircraft.
● The partnership will provide in-country overhaul services for critical components of the P-8I
Poseidon Long Range Maritime Reconnaissance Anti-Submarine Warfare (LRMR ASW) aircraft.
● The first landing gear overhaul was recently completed at INS Rajali, marking a significant
milestone in India’s MRO capabilities.
Indian Air Force and Army Successfully Execute First-Ever Precision Para-Drop of BHISHM Trauma
Care Cube from 15,000 Feet
● The Indian Air Force (IAF) and Indian Army have jointly carried out a first-of-its-kind precise para-
drop operation of the Aarogya Maitri Health Cube at a high-altitude area close to 15,000 feet.
● These critical trauma care cubes have been indigenously developed under Project BHISHM
(Bharat Health Initiative for Sahyog Hita and Maitri).
● The operation was conducted in line with Prime Minister Shri Narendra Modi's vision of providing
critical supplies to Humanitarian Aid and Disaster Relief (HADR) affected areas.
About IAF :
About Indian Army :
● Chief of the Army Staff : General Upendra Dwivedi
● Vice Chief of the Army Staff : Lieutenant General N. S. Raja Subramani
.
Raksha Mantri Rajnath Singh Inaugurates Advanced ICG Maritime Rescue Coordination Centre in
Chennai, and Virtually Launches Regional Marine Pollution Response Centre and Coast Guard Air
Enclave in Puducherry
● Raksha Mantri Shri Rajnath Singh inaugurated the newly-constructed state-of-the-art Indian
Coast Guard (ICG) Maritime Rescue Coordination Centre building in Chennai, Tamil Nadu.
● He also virtually launched the Regional Marine Pollution Response Centre, located at the
Chennai Port premises, and the Coast Guard Air Enclave in Puducherry.
● The buildings have been established to ensure robust maritime security and provide efficient
responses to emergencies, reinforcing the country's commitment to maritime safety and
environmental protection.
Indian naval ship INS Mumbai to make first visit to Sri Lanka
● The Indian Naval Ship (INS) Mumbai will make its maiden visit to Sri Lanka, arriving at the port of
Colombo for a three-day stay.
● This is INS Mumbai’s first visit to a Sri Lankan port and the eighth visit by an Indian Navy ship to
Sri Lanka in 2024.
Purpose of Visit:
● INS Mumbai will deliver essential spare parts for the Dornier maritime patrol aircraft operated by
the Sri Lanka Air Force.
● The Indian Navy also supports the maintenance of these aircraft with technical teams and spare
parts.
● The Dornier aircraft have provided critical surveillance capabilities over Sri Lanka's Sea Area of
Responsibility (AOR) since their induction two years ago.
● INS Mumbai Specifications:INS Mumbai is the third of the Delhi-class destroyers and was
commissioned into the Indian Navy on January 22, 2001.
India's First Indigenous Pollution Control Vessel, 'Samudra Pratap,' Launched by Indian Coast Guard in
Goa with Raksha Rajya Mantri Present
● The first indigenously designed and built Pollution Control Vessel (PCV) for the Indian Coast
Guard (ICG) is named 'Samudra Pratap'.
● The vessel was designed and built by Goa Shipyard Limited (GSL), a defense Public Sector
Undertaking (PSU).
● This is the first time such vessels are being designed and constructed indigenously by GSL.
.
● The ship was launched in Goa and named 'Samudra Pratap' by Smt. Neeta Seth in the presence
of Shri Sanjay Seth, the Raksha Rajya Mantri (Minister of State for Defence).
Indias second nuclear ballistic missile submarine, INS Arighaat commissioned into service
● INS Arighaat, Indias second nuclear-powered ballistic missile submarine, was commissioned into
service in Visakhapatnam in the presence of Defence Minister Rajnath Singh.
● INS Arighaat joins INS Arihant, the first nuclear ballistic missile submarine, which was
commissioned in 2016.
● It has a displacement of 6,000 tonnes and is powered by an 83 MW pressurised light-water
reactor with enriched uranium.
India Secures Repeat Order for 73,000 SIG716 Assault Rifles, Delivery Expected by End of 2025
● India has placed a repeat order for 73,000 SIG716 assault rifles from the U.S. firm SiG Sauer Inc.
● This order adds to the earlier purchase of 72,400 SIG716 rifles, which were procured in February
2019.
● These rifles were distributed among the Army (66,400), Air Force (4,000), and Navy (2,000).
● Purpose: The rifles are intended for infantry battalions deployed along the borders with China
and Pakistan, amid ongoing military tensions, especially along the eastern Ladakh region.

IN-SPACe Invites Private Sector Proposals for Building and Launching Telecom Satellites
• The Indian National Space Promotion and Authorization Centre (IN-SPACe) has issued its first
‘Announcement of Opportunity’ (AO) inviting non-government entities (NGEs) to build, launch,
and use a telecommunications satellite.
• Objective of AO: To identify and enable eligible NGEs to utilize unutilized ITU filings, ensuring
efficient use of orbital slots and frequencies to avoid interference.
• Unutilized ITU filing refers to filings made by ISRO to the International Telecommunication Union
(ITU) for registering a satellite or satellite network.
About IN-SPACe :
• IN-SPACe, headquartered in Ahmedabad, Gujarat, is promoting space-related activities in India.
• IN–SPACe is a single-window autonomous agency under the Department of Space of the
.
• It recently released an Expression of Interest (EoI) inviting proposals from Indian entities to build
and manage a space-based Earth Observation (EO) system under a Public-Private Partnership
(PPP) model to boost the Earth Observation-based space economy in India.
India Chooses 2 Crew Members for Axiom-4 Mission to the International Space Station
• India has shortlisted two astronaut-designates for the upcoming Axiom-4 mission to the
International Space Station.
• Indian astronauts Group Captain Shubhanshu Shukla and Group Captain Prasanth Balakrishnan
Nair have been shortlisted to go to the U.S. to train for the upcoming Axiom-4 mission to the
International Space Station (ISS).
• A National Mission Assignment Board has recommended two Gaganyatris (astronauts) as prime
and backup Mission Pilot for this mission. Group Captain
• Shukla will be the prime mission pilot and Group Captain Nair will be the back up.
Indian National Space Promotion and Authorization Centre Authorizes Azista BST Aerospace to
Establish and Operate Ground Station
• The Indian National Space Promotion and Authorization Centre (IN-SPACe) has granted
authorisation to Azista BST Aerospace Private Limited, Hyderabad, for the establishment and
operation of a ground station in UHF frequency bands.
• Functions and Services:The ground station will support Azista BST Aerospace's satellites and
offer Ground Station as a Service (GSaaS) for Telemetry, Tracking, and Command (TT&C)
operations.
• Frequency Bands:The ground stations will operate in the UHF frequency band (300 MHz to 3
GHz), primarily used for satellite communications, including data relay for remote sensing,
telemetry, and control of satellites.
NASA’s InSight Uncovers Vast Reservoir of Liquid Water
● Geophysicists using seismic data from NASA’s Insight lander have uncovered a large
underground water reservoir on Mars.
● The reservoir is trapped within the mid-crust of Mars, located between 11.5 and 20 kilometres
below the surface.
● This finding challenges previous theories that most of Mars’ water escaped into space.
● The discovery suggests that Mars’ water was absorbed into its crust, potentially altering the
understanding of the planet's aridity.
.
Indian Space Research Organisation Successfully Launches Earth Observation Satellite EOS-08
● Indian Space Research Organisation (ISRO) launched the Earth Observation Satellite ‘EOS-08’
using the Small Satellite Launch Vehicle (SSLV)-D3 from the Satish Dhawan Space Centre,
Sriharikota, Andhra Pradesh.
● The primary objectives of the EOS-08 mission include designing and developing a microsatellite,
creating payload instruments compatible with the microsatellite bus, and incorporating new
technologies required for future operational satellites.
● EOS-08 is built on the Microsat/IMS-1 bus, weighing approximately 175.5 kg, with a power
generation of around 420 W. It is set to operate in a Circular Low Earth Orbit (LEO) at an altitude
of 475 km with an inclination of 37.4° and has a mission life of 1 year.
● Payloads: The satellite carries three payloads:
1. Electro Optical Infrared Payload (EOIR): Captures images in the Mid-Wave IR (MIR) and Long-
Wave IR (LWIR) bands.
2. Global Navigation Satellite System-Reflectometry payload (GNSS-R): Demonstrates GNSS-R-
based remote sensing for ocean surface wind analysis, soil moisture assessment, cryosphere
studies, flood detection, and inland waterbody detection.
3. SiC UV Dosimeter: Monitors UV irradiance in the Gaganyaan Mission’s Crew Module and serves
as a high-dose alarm sensor for gamma radiation.
About ISRO :
● Chairman : Sreedhara Somanath
Ola Electric Unveils Indigenous 'Bharat' Battery Cell
● Ola Electric, the winner of the Centre's flagship Rs 18,100 crore production-linked incentive (PLI)
scheme for advanced chemical cells (ACC), unveiled the ‘Bharat’ battery cell — an indigenous
4680 cell.
● At the Ola Electric Sankalp 2024 event, Aggarwal detailed the company’s plan to revolutionise
energy in India.
● The phased approach begins with 5 GwH cell manufacturing in 2024, scaling up to 20 GwH by
2026, and aiming for 100 GwH by 2030.
● PLI Scheme Allocation: Ola Electric was awarded 20 GWh of the 50 GWh allocated under the
ACC PLI scheme.
.
● Other recipients include ACC Energy Storage and Reliance New Energy Battery Storage.
● Pilot Production: Ola Electric has completed pilot production of approximately 10,000 cells and
informed the Ministry of Heavy Industries (MHI), the nodal ministry for the ACC PLI.
About Ola Electric :
● Founded : 2017
● CEO : Bhavish Aggarwal
Bhavish Aggarwal's Krutrim Set to Develop and Launch Its First AI Chip by 2026
● Krutrim, the Artificial Intelligence (AI) startup founded by Bhavish Aggarwal, plans to launch its
first AI chip, Bodhi 1, by 2026, followed by a superior Bodhi 2 in 2028.
● Krutrim is developing a family of chips named “Bodhi” for AI, “Sarv” for general computing, and
“Ojas” for Edge computing.
● Strategic Partnerships: The development of Bodhi-II involves strategic partnerships with global
chip-makers Arm and Untether AI.
● Data Centre Expansion: Krutrim aims to scale up its data centre capacity to 1 GW by 2028, from
the current 20 MW.
● Ola Coins Loyalty Program: A loyalty program called Ola Coins has been launched, applicable
across several Ola services.
National Aeronautics and Space Administration Greenhouse Gas-Tracking Instrument Successfully
Launched
● A satellite named Tanager-1, developed by a coalition of companies and organizations including
National Aeronautics and Space Administration’s (NASA's) Jet Propulsion Laboratory, was
launched aboard a SpaceX Falcon 9 rocket from Vandenberg Space Force Base in California.
● Surface Coverage: The satellite can scan 130,000 square kilometers of Earth's surface per day.
● Comparison to MethaneSAT: The launch of Tanager-1 follows the earlier launch of MethaneSAT
in March, which also tracks and measures methane emissions.
About Methane :
● Methane is a potent greenhouse gas, 80 times more effective at warming than carbon dioxide
over a 20-year period, and it is responsible for 30% of global warming since the Industrial
Revolution.
● Methane is the second-largest contributor to global warming after carbon dioxide, making the
monitoring and reduction of its emissions crucial for combating climate change.
.
About NASA :
● Headquarters : Washington, D.C, United States
Experian India Launches AI-Driven Tool AiDRIAN for Real-Time Fraud Detection
● Experian India, a leader in data and technology, has unveiled AiDRIAN, an advanced tool that
detects potential fraud.
● AiDRIAN detects potential fraud at its source, preventing the possibility of financial loss in real
time.
● The tool enhances customer experience while reducing the need for manual reviews and
interventions.
Nokia Collaborates with Axiom Space for NASA's Moon Mission's Next-Gen Spacesuit Communication
● Nokia has joined hands with Axiom Space to integrate advanced 4G/LTE communication
capabilities into the next-generation spacesuits that will be used for the Artemis III mission,
NASA's ambitious plans to land humans at the south pole of the moon.
● The Artemis-III mission is likely to be launched in 2026 and Nokia plans to build the first cellular
network on the moon, which would be in-built in the space suits used by astronauts.
● Nokia and Axiom Space will incorporate high-speed cellular-network capabilities in the Axiom
Extravehicular Mobility Unit (AxEMU), supporting HD video, telemetry data and voice
transmission over multiple kilometres on the Moon.
India's National Aerospace Laboratories Unveils 'Kamikaze' Drone with 1000 km Range
● India's National Aerospace Laboratories (NAL) developed the 'Kamikaze' drone, featuring an
indigenously built engine and a range of 1,000 kilometres.
● Drone Specifications: The drone measures approximately 2.8 metres in length with a 3.5-meter
wingspan and weighs about 120 kilograms.
● Engine and Speed: It is powered by a 30-horsepower Wankel Engine, enabling speeds of up to
180 kilometers per hour.
● Payload and Range: It is Capable of carrying a 25-kilogram explosive payload, the drone is
designed for extended combat scenarios.
About National Aerospace Laboratories :
.
● Location : Bangalore, Karnataka, India

● Director : Abhay Pashilkar
● The NAL is India's first and largest aerospace research company established by the Council of
Scientific and Industrial Research (CSIR) in Delhi
India Unveils World's First Mobile Hybrid Rocket: RHUMI-1
● India launched its first reusable hybrid rocket, named RHUMI-1.
● The rocket was developed by the Tamil Nadu-based start-up Space Zone India in collaboration
with the Martin Group.
● The rocket was launched from Thiruvidandhai in Chennai, India.
● Payload and Purpose:RHUMI-1 carried three Cube satellites to monitor and collect data on
atmospheric conditions, including cosmic radiation intensity, UV radiation intensity, and air
quality.
● It also deployed 50 Pico satellites to study various atmospheric parameters such as vibration,
accelerometer readings, altitude, ozone levels, and toxic content.
● These satellites will collect data to support research on global warming and climate change.
● Technical Specifications:RHUMI-1 is equipped with a generic-fuel-based hybrid motor and an
electrically triggered parachute deployer.
● It is 100% pyrotechnic-free, with 0% TNT.
● Mission Leadership:The mission, known as Mission RHUMI 2024, is led by Anand Megalingam,
the founder of Space Zone India.
● The project is mentored by Dr. Mylswamy Annadurai, former Director of the ISRO Satellite
Centre (ISAC) and project director of India's Moon Mission “Chandrayaan”.
● Space Zone India, an aero-technology company based in Chennai, aims to provide low-cost,
long-term solutions in the space industry.
Finance Minister Nirmala Sitharaman unveils ₹1,000 crore venture capital fund to boost the space
economy
● Finance Minister Nirmala Sitharaman announced the creation of a ₹1,000 crore venture capital
fund to enhance the space economy.
● The fund aims to significantly boost Indias space economy and increase its global market share.
● Government Vision: The goal is to expand India's space economy fivefold over the next 10 years
and to increase India's share in the global commercial space economy to 10% by 2030.
.
● Current Market Share: India currently holds only 2% of the global space market, despite being a
major spacefaring nation.
CURRENT AFFAIRS : ENVIRONMENT

New Flowering Plant Species-Ceropegia Shivarayina, Discovered at Vishalgarh Fort in Maharashtra's
Kolhapur District
● A new flowering plant species named Ceropegia Shivarayina was discovered at Vishalgarh Fort
in Kolhapur district, Maharashtra.
● The species belongs to the Ceropegia genus and the Apocynaceae family.
● It is part of the Kandil Pushpa class.
● The species is named in honour of Chhatrapati Shivaji Maharaj, the founder of the Maratha
Empire.
● So far, 6 new species have been discovered within this class.
CURRENT AFFAIRS: SUMMITS AND CONFERENCE

South Korea, Japan, and U.S. Reaffirm Trilateral Cooperation on Camp David Summit Anniversary
● The leaders of South Korea, Japan, and the United States issued a joint statement, commemorating
the anniversary of their summit at Camp David.
● The statement, released by South Korea's presidential office, reaffirmed the countries' commitment
to jointly address regional challenges.
● The statement marks one year since the Camp David summit when the leaders of South Korea,
Japan, and the U.S. established principles for trilateral cooperation.
Telangana to Host First Global AI Summit and Unveil AI City Plans
o Telangana is set to host its first Global AI Summit on September 5-6, 2024.
o The summit aims to bring together industry leaders, policymakers, and innovators to explore
AI's potential societal impact.
BOOKS AND AUTHOR

A Fly on the RBI Wall: An Insider’s View of the Central Bank by Alpana Killawala
.
● Alpana Killawala’s book, A Fly on the RBI Wall: An Insider’s View of the Central Bank , provides an
in-depth look at her 25-year career with the Reserve Bank of India (RBI) and the evolution of its
communication strategies.
● The book offers a candid and insightful account of her journey and the transformation of the RBI
over more than two decades.
● Publisher: Rupa Publications India
Dr. Kalpana Sankar's Autobiography "The Scientist Entrepreneur: Empowering Millions of Women"
Launched
● Dr. Kalpana Sankar's autobiography, “The Scientist Entrepreneur: Empowering Millions of Women,”
was unveiled at Cathedral Road.
● The event celebrated women's empowerment and social entrepreneurship, bringing together
influential figures from diverse fields
SPORTS NEWS
National Basketball Academy in Collaboration with Corvuss American Academy
• The Basketball Federation of India (BFI) has partnered with Corvuss American Academy to set
up the National Basketball Academy in Mumbai.
• The academy is located 95 km away from both Pune and Mumbai at Corvuss, India's first
international residential school for student-athletes.
o The academy will start with 30 boys and 30 girls.
o A nationwide talent hunt will be conducted to select the students.
Indian Shooter Swapnil Kusale Wins Historic Bronze in Men’s 50m Rifle 3 Positions at Paris 2024
Olympics
• Indian shooter Swapnil Kusale achieved a remarkable milestone by winning the bronze medal in
the men’s 50m rifle 3 positions final at the Paris 2024 Olympics.
• This victory marks India's first-ever Olympic medal in this event and the third overall in rifle
shooting, following Abhinav Bindra's gold in men’s 10m air rifle at Beijing 2008 and Gagan
Narang's bronze in the same event at London 2012.
• Medal Winners:
o Gold: Liu Yukun (China) - 463.6 points
o Silver: Serhiy Kulish (Ukraine) - 461.3 points
.
o Bronze: Swapnil Kusale (India) - 451.4 points
Tatjana Smith Wins Gold Medal in Women's 100m Breaststroke at Paris Olympics
• South Africa's Tatjana Smith clinched gold in the women's 100m breaststroke at the Paris
Olympics, making a stunning late surge to secure the victory.
• Smith, who previously won silver in the same event at the Tokyo Olympics, overtook China's
Tang Qianting in the final 10 meters, finishing with a time of 1:05.28 at La Defense Arena.
• Gold Medal Performance: Tatjana Smith touched the wall in 1:05.28, claiming the gold medal.
• Silver and Bronze: China's Tang Qianting took the silver with a time of 1:05.54, while Ireland's
Mona McSharry earned the bronze in 1:05.59.
Leon Marchand Secures Second Gold Medal at Paris Olympics, Eyes Historic Same-Day Double
• Leon Marchand from France won his second gold medal at the Paris 2024 Olympics.
• He set an Olympic record in the 200-metre butterfly event.
• Marchand is aiming for an unprecedented same-day double in the 200-metre butterfly and
breaststroke events.
• Marchand triumphed in the 200-metre butterfly, setting an Olympic record.
• He defeated Hungary's world record holder and reigning champion Kristof Milak.
• Canada's Ilya Kharun secured the bronze medal.
63rd Subroto Cup Football Tournament Kicks Off with Junior Girls Event
• The 63rd Subroto Cup football tournament will commence with the Junior girls' event.
• The tournament will be held in the National Capital Region (NCR) from August 5 to 14.
• Four grounds, including the iconic Ambedkar Stadium, will host the matches.
• The sub-junior boys competition will take place in Bengaluru from August 19 to 28.
Sarah Sjostrom Claims Women's 100m Freestyle Gold at Paris Olympics

• Sarah Sjostrom of Sweden won the women’s 100-metre freestyle gold at the Paris Olympics.
• The victory came as a surprise, as Sjostrom only decided to race the 100m freestyle shortly
before the Games.
• Sjostrom clocked 52.16 seconds, winning by 0.13 seconds.
• She made a strong comeback in the final 50 metres to secure the gold medal.
Podium Finishers:
.
o Gold: Sarah Sjostrom (Sweden)

o Silver: Torri Huske (USA)
o Bronze: Siobhan Haughey (Hong Kong)
Daniel Wiffen's Historic Win in the 800m Freestyle - Paris 2024 Olympics
• Wiffen became the first athlete from Northern Ireland to win an Olympic gold medal in 36 years.
• He triumphed in the 800m freestyle final at 7:38.19, setting an Olympic record.
• His stunning finish over the last 50 meters allowed him to edge out American Bobby Finke by
0.56 seconds.
• Finke, a formidable competitor, was narrowly defeated by Wiffen's remarkable final surge.
Cassandre Beaugrand's Triumphant Win in the Women's Triathlon - Paris 2024 Olympics
• Gold: Cassandre Beaugrand (France)
• Beaugrand claimed France's first individual Olympic medal in triathlon, delivering an impressive
performance.
• She was among the leaders from the start and surged ahead in the final kilometre of the 10km
run to secure the gold medal.
• Silver: Julie Derron (Switzerland)
• Bronze: Beth Potter (Great Britain)
Alex Yee's Dramatic Victory in Men's Olympic Triathlon - Paris 2024

• Gold: Alex Yee (Great Britain)
o Yee ran a perfectly paced 10km, overtaking New Zealand’s Hayden Wilde in the final 300
meters.
• Silver: Hayden Wilde (New Zealand)
o Wilde, the bronze medalist from Tokyo, took an early lead in the run but could not maintain
his pace under the harsh conditions, ultimately finishing second.
• Bronze: Leo Bergere (France)
o Bergere secured the bronze, contributing to a successful day for the host nation, following
Cassandre Beaugrand’s victory in the women's race.
David Popovici Claims Gold in Men's 200m Freestyle at Paris Olympics
.
• Romania's David Popovici secured the gold medal in the men's 200m freestyle at the Paris
Olympics, narrowly defeating Britain's Matt Richards by just 0.02 seconds.
• In a thrilling race at La Defense Arena, Popovici, the 2022 world champion, finished with a time of
1:44.72.
• Gold Medal Victory: David Popovici won the gold with a time of 1:44.72, overtaking competitors in
the final stretch.
• Close Finish: Britain's Matt Richards claimed silver, finishing only 0.02 seconds behind Popovici.
• Bronze Medal: Luke Hobson of the United States took bronze, just 0.07 seconds behind the
winner.
Takanori Nagase Retains Olympic Judo Title, Andreja Leski Wins Slovenia's First Gold in Paris
• Japan's Takanori Nagase successfully defended his Olympic under 81kg judo title at the Paris
Olympics, securing victory by ippon against Georgia's three-time world champion, Tato
Grigalashvili.
• Meanwhile, Slovenia's Andreja Leski triumphed in the women's under 63kg final, earning her
country its first gold medal of the Games.
• Leski secured Slovenia's first gold medal of the Paris Games in the women's under 63kg judo
final.
China's Sun Yingsha and Wang Chuqin Win Mixed Doubles Table Tennis Gold at Paris Olympics
• China's top-ranked table tennis duo, Sun Yingsha and Wang Chuqin claimed the gold medal in
the mixed doubles event at the Paris Olympics.
• The pair secured a 4-2 victory over Democratic People's Republic of Korea's Ri Jong-sik and Kim
Kum-yong in a thrilling final at South Paris Arena 4.
• Sun Yingsha and Wang Chuqin, the world number one pair, won the mixed doubles gold with a
4-2 scoreline.
• South Korea's Lim Jong-hoon and Shin Yu-bin dominated their match against Hong Kong's
Wong Chun Ting and Doo Hoi Kem, winning 4-0 to take the bronze medal.
France's Teddy Riner wins 100+kg judo for record fourth gold medal
• French judoka Teddy Riner claimed his fourth Olympic gold medal in the 100+kg category at the
Paris 2024 Olympics.
.
• Total Medals: Riner now holds six Olympic medals, surpassing Japanese judoka Ryoko Tani’s
record of five Olympic judo medals.
• Previous Titles: Riner won individual golds at the London 2012 and Rio 2016 Games and a team
gold at Tokyo 2021.
• Olympic Record: With four golds, Riner now holds the French Summer Olympics record for the most
titles.
Toni Kroos is Germany’s player of the year, Xabi Alonso wins coaching accolade
• Toni Kroos capped his illustrious career by being named Germany’s Player of the Year for the
2023-24 season.
• Xabi Alonso, having masterminded Bayer Leverkusen's unbeaten Bundesliga campaign and
German Cup victory, was honoured as Germany's Coach of the Year.
• Player of the Year: Toni Kroos
• Winner: Toni Kroos
• Recognition: Voted Germany’s Player of the Year for the second time (previously won in 2018).
• Coach of the Year: Xabi Alonso:
Kaylia Nemour Makes History with Olympic Gold in Gymnastics
• Kaylia Nemour, the 17-year-old Algerian gymnast, made history by becoming the first African to
win an Olympic gymnastics medal, capturing gold on the uneven bars.
Competitors:
o Silver: Shanieka Ricketts (Jamaica).
o Bronze: Jasmine Moore (USA).
Katie Ledecky Triumphs Again in 800-Meter Freestyle at Paris Olympics
• Katie Ledecky showcased her legendary prowess by winning the gold medal in the grueling 800-
meter freestyle final at the Paris Olympics, fending off a strong challenge from Australian star
Ariarne Titmus, who secured the silver medal.
• Medalists:
• Gold: Katie Ledecky (USA) - 8:11.04
• Silver: Ariarne Titmus (Australia) - Close behind Ledecky
• Bronze: Paige Madden (USA) - Fought her way to third place
United States Sets World Record in Mixed 4x100m Medley Relay at Paris Olympics
• Caeleb Dressel made history from the sidelines as the United States shattered the world record
in the mixed 4x100m medley relay, securing a gold medal at the Paris Olympics.
.
• Medalists:
o Gold: United States
o Silver: China
o Bronze: Australia
Novak Djokovic Wins Olympic Gold, Completes Career Achievements
• Novak Djokovic defeated Carlos Alcaraz 7-6 (3) and 7-6 (2) in the Olympic men’s tennis singles
final.
• Rankings Record: He has spent the most weeks at No. 1 in the ATP rankings, surpassing all
male and female players.
• The podium is complete in men's singles tennis at the 2024 Paris Olympics
• GOLD: Novak Djokovic of Serbia
• SILVER: Carlos Alcaraz of Spain
• BRONZE: Lorenzo Musetti of Italy
Dinesh Karthik joins Paarl Royals, becomes first Indian player to sign up for SA20
• Former India wicketkeeper-batter Dinesh Karthik is set to become the first Indian player to
participate in SA20 league after signing with the Paarl Royals for the 2025 edition of the
tournament.
• This move comes shortly after Karthik was appointed as the league ambassador alongside AB
de Villiers.
• Team: Paarl Royals
• Other Overseas Signing: Joe Root
Paris 2024 Olympics:

China’s Li claims 25m rapid fire pistol gold, Italy wins mixed team skeet
• In a remarkable display at the Paris Olympics, China's Li Yuehong clinched the gold medal in the
men's 25 meters rapid fire pistol event.
• Li's performance was dominant, securing a comfortable 32-25 victory over South Korea's Cho
Yeong-jae, who took home the silver.
Men’s 25 Meters Rapid Fire Pistol:
• Gold: Li Yuehong (China) - 32 points
• Silver: Cho Yeong-jae (South Korea) - 25 points
• Bronze: Wang Xinjie (China)
.
Mixed Team Skeet Final:

• Gold: Italy (Gabriele Rossetti and Diana Bacosi) - 45 points
• Silver: USA (Vincent Hancock and Austen Smith) - 44 points
• Bronze: China (Jiang Yiting and Lyu Jianlin) - 44 points
• Fourth Place: India (Maheshwari Chauhan and Anant Jeet Singh Naruka) - 43 points
Paris Olympics Badminton Results
• Men’s Singles
• Gold: Viktor Axelsen (Denmark)
• Silver: Kunlavut Vitidsarn (Thailand)
o This was Thailand’s first-ever Olympic medal in badminton.
• Bronze: Lee Zii Jia (Malaysia)
o Defeated Lakshya Sen (India) 13-21, 21-16, 21-11
Mixed Doubles
• Gold: China
Women’s Doubles
• Gold: China
Men’s Doubles
• Gold: Taiwan
Women’s Singles
• Gold: An Se-young (South Korea)
Paris Olympics Badminton Women’s Singles
• Gold: An Se-young (South Korea)
• Silver: He Bingjiao (China)
• Bronze: Gregoria Mariska Tunjung (Indonesia)
MiltiadisTentoglou Retains Olympic Long Jump Title at Paris 2024
• MiltiadisTentoglou of Greece achieved a historic feat at the Paris 2024 Olympics by becoming
the first man since Carl Lewis in 1996 to retain the Olympic long jump title.
• Tentoglou secured gold with a leap of 8.48 meters, continuing his dominance in the sport.
Key Results:
• Gold: MiltiadisTentoglou (Greece) - 8.48m
• Silver: Wayne Pinnock (Jamaica) - 8.36m
• Bronze: Mattia Furlani (Italy) - 8.34m
.
Vinesh Phogat Announces Retirement Following Olympic Disqualification

• Vinesh Phogat, a 29-year-old Indian wrestler, has announced her retirement after being
disqualified from the Olympics.
• She was disqualified for being 100gm overweight before her 50kg category gold medal bout.
India to Host ISSF World Cup Final at Karni Singh Ranges in October
• India will host the ISSF World Cup Final (WCF) at the Karni Singh Ranges in October 2024,
bringing together the world's top shooters.
• The ISSF World Cup Final in India was announced during the Paris Olympics by ISSF President
Luciano Rossi in Châteauroux.
• This marks the 10th international shooting competition hosted by India since the 10th Asian Air
Gun Championship in 2015, and the second ISSF World Cup Final, with the first held in 2017.
• In 2023, Bhopal hosted its first ISSF World Cup.
Comprehensive Overview of Paris Olympics 2024
• The Paris Olympics 2024 marks the 33rd edition of the Summer Olympic Games and the third
time Paris will host, previously hosted in 1900 and 1924.
• This year's theme, "Let’s Move and Celebrate," emphasizes the joy of movement,
commemorating a century since the last Paris Olympics.
• The Phryges: Official mascots symbolizing the spirit and history of the Games.
• Indian Athletes: A total of 117 athletes represented India, competing from July 26 to August 11.
• Medals Won: India secured six medals - one silver and five bronze.
Thomas Bach to Step Down as IOC President After Second Term Ends in 2025
• Thomas Bach, President of the International Olympic Committee (IOC), announced he will not
seek an extension after his second term ends in 2025.
• Bach, who has led the IOC since 2013, will conclude his presidency as per the Olympic charter's
12-year term limit.
• The Olympic charter, which Bach helped draft, restricts the IOC president to a maximum of 12
years: an eight-year first term followed by a four-year second term.
Arshad Nadeem to Receive Hilal-e-Imtiaz for Historic Olympic Gold in Javelin Throw
.
• The Javelin Throw gold medallist in the ongoing Paris Olympics 2024, Pakistan's Arshad
Nadeem, is set to be honoured with Hilal-e-Imtiaz by the country's government.
• Hilal-e-Imtiaz is the second-highest civilian award given by the Government of Pakistan and
Nadeem will get this award following his brilliant performance in the final of the competition
• Pakistan's Arshad Nadeem won the gold medal in the Javelin Throw at the Paris 2024 Olympics,
setting a new Olympic record with a throw of 92.97 meters.
Neeraj Chopra Claims Silver at Paris 2024 Olympics Javelin Event
• Neeraj Chopra achieved his season-best throw of 89.45 meters on his second attempt at the Paris
2024 Olympics held at the Stade de France.
• After an initial foul, Neeraj's impressive second throw positioned him in second place behind
Pakistan's Arshad Nadeem.
• Arshad Nadeem set a new Olympic record with a throw of 92.97 meters on his second attempt,
leading the competition.
• Following the first two throws, Neeraj was in second place with Nadeem leading.
India Wins Olympic Bronze in Field Hockey at Paris 2024

• India clinched the bronze medal in men's field hockey at the Paris 2024 Olympics, marking their
second consecutive Olympic bronze.
• Harmanpreet Singh played a pivotal role, scoring both goals in a tense 2-1 victory over Spain.
• India’s men’s hockey team won the bronze medal at the Paris 2024 Olympics.
• Star Player: Harmanpreet Singh scored two key goals for India.
PARIS OLYMPICS 2024:
Aman Sehrawat clinches 57kg wrestling bronze at Paris Olympics
• Indian wrestler Aman Sehrawat showcased his potential by clinching the men's 57kg freestyle
bronze medal at the Paris Olympics.
• His decisive 13-5 victory over Darian Toi Cruz in the bronze play-off injected hope into the Indian
wrestling team, facing recent controversies.
• The 21-year-old U-23 world champion was the only male wrestler from India to qualify for the
Paris Games, and he rose to the occasion with a stellar performance at the Champ de Mars
Arena.
• Bronze Medal Victory: Aman Sehrawat won the bronze medal in the men's 57kg freestyle
category with a commanding 13-5 win over Darian Toi Cruz.
.
Karlos Nasar Sets New World Record in Men's 89kg Weightlifting at Paris Olympics
• Bulgaria’s Karlos Nasar electrified the Paris Expo with a world-record-breaking performance to
claim the men's 89kg Olympic weightlifting title at the Paris Games.
• The 20-year-old lifter achieved a total lift of 404kg, surpassing his previous clean and jerk record
with a final lift of 224kg, breaking the 223kg record set at the Qatar Grand Prix in Doha in 2023.
• Added to his best snatch result of 180kg, Nasar shattered China’s Li Dajin’s total record of
396kg.
PR Sreejesh and Manu Bhaker Announced as Flag-Bearers for Closing Ceremony of Paris 2024
Olympics
• Hockey goalkeeper PR Sreejesh and pistol shooter Manu Bhaker have been named as the joint
flag-bearers for the Indian contingent at the closing ceremony of the Paris 2024 Olympic Games.
• This announcement was confirmed by the Indian Olympic Association (IOA).
• PR Sreejesh, the renowned hockey goalkeeper, will join Manu Bhaker, a star pistol shooter, as
the flag-bearer for India at the closing ceremony of the Paris 2024 Olympics.
Sydney McLaughlin-Levrone Sets New World Record to Defend Olympic Title

• Sydney McLaughlin-Levrone solidified her dominance in the 400-meter hurdles by breaking her
world record with a time of 50.37 seconds, successfully defending her Olympic title.
o Gold: Sydney McLaughlin-Levrone (USA) – 50.37 seconds
o Silver: Anna Cockrell (USA) – 51.87 seconds (personal best)
o Bronze: Femke Bol (Netherlands) – 52.15 seconds
Sachin Tendulkar Ventures into Entrepreneurship with New Athleisure Brand
● Sachin Tendulkar, the iconic cricketer, is stepping into the world of entrepreneurship by launching a
new sports athleisure brand.
● This venture is a joint effort with Karthik Gurumurthy, the former head of Swiggy Instamart, and
former Swiggy executive Karan Arora, who will be the third co-founder.
Rohit Sharma Rises to Second in ICC ODI Batting Rankings; India Tops Team Rankings
● In the latest ICC ODI rankings, Indian skipper Rohit Sharma has moved up to second place among
batters following his impressive performance in the recent series against Sri Lanka.
● Despite India losing the three-match series 0-2, Rohit accumulated 157 runs, including two half-
centuries, with an average of 52.33.
.
● The series opener ended in a tie.

● Batting Rankings:
o Rohit Sharma: 2nd place with 765 rating points.
o Shubman Gill: 3rd place (dropped one spot).
o Virat Kohli: 4th place (unchanged).
o Shreyas Iyer: 16th place.
o KL Rahul: 21st place (dropped one spot).
● Bowling Rankings:
o Kuldeep Yadav: 4th place (highest-ranked Indian bowler).
o Jasprit Bumrah: 8th place (unchanged).
o Mohammed Siraj: 9th place (dropped five spots, tied with Trent Boult).
o Mohammed Shami: 12th place (currently recovering from ankle surgery).
● All-Rounders Rankings:
o Ravindra Jadeja: 16th place (highest-placed Indian all-rounder).
o Hardik Pandya: 26th place (dropped four spots).
Team Rankings:
● India: 1st place with 118 rating points.
● Australia: 2nd place with 116 rating points.
● South Africa: 3rd place with 112 rating points.
Former Indian Cricketer Dodda Ganesh Appointed Head Coach of Kenya’s Men’s Cricket Team
● Former Indian all-rounder Dodda Ganesh has been appointed the head coach of Kenya’s men’s
cricket team.
● Ganesh, 51, who played four Tests and one ODI for India and had a successful first-class career
with Karnataka, will aim to revitalise Kenyan cricket as the team prepares for the Africa Qualifiers for
the 2026 T20 World Cup.
Zeeshan Ali Resigns as Coach of the Indian Davis Cup Team
● Zeeshan Ali announced his resignation as the coach of the Indian Davis Cup team, a month before
the team's upcoming match against Sweden in Stockholm.
● Ali, 54, who took over as coach in 2013, has served the team for 11 years and was instrumental in
various roles, including serving as captain during the historic tie against Pakistan earlier this year.
PR Sreejesh Retires and is Appointed Coach of the Indian Junior Hockey Team
.
● Following his historic bronze medal at the Paris Olympics, Indian hockey legend PR Sreejesh has
announced his retirement.
● Hockey India's General Secretary, Bhola Nath Singh, declared that Sreejesh’s jersey number will be
retired, and he will take on the role of coach for the Indian Junior Hockey team.
● This marks a new chapter in Sreejesh's illustrious 18-year career, during which he has become an
icon of Indian hockey.
VVS Laxman to Continue Leading the National Cricket Academy: A Key Role in Indian Cricket's Future
● VVS Laxman, the former Indian batting great, is set to extend his tenure as the head of the
National Cricket Academy (NCA) in Bengaluru for at least another year, according to a report by
ESPNcricinfo.
● His initial three-year contract, which began in December 2021, was due to end in September
2023.
Kylian Mbappe Shines in Real Madrid Debut, Secures UEFA Super Cup Victory
● Kylian Mbappe made an impactful debut for Real Madrid, scoring a crucial goal to help his team
win the UEFA Super Cup with a 2-0 victory over Atalanta in Warsaw.
● This victory marked a record sixth Super Cup win for Real Madrid.
● With this victory, Real Madrid's coach Carlo Ancelotti matched a club record by winning his 14th
title as the team's coach, tying with former coach Miguel Munoz.
Niroshan Dickwella Suspended by Sri Lanka Cricket for Alleged Anti-Doping Violation
● Sri Lanka Cricket (SLC) announced the immediate suspension of wicketkeeper-batter Niroshan
Dickwella following allegations of an anti-doping violation.
● The alleged incident took place during the recently concluded Lanka Premier League (LPL) 2024,
where Dickwella captained the Galle Marvels.
Sumit Antil and Bhagyashri Jadhav Named Joint Flag-Bearers for Paris 2024 Paralympics
● Indian para-athletes Sumit Antil and Bhagyashri Jadhav have been named joint flag-bearers for
the Paris 2024 Paralympics Opening Ceremony, scheduled for August 28.
Ashutosh Singh to coach Indian Davis Cup team former national champion
● Ashutosh Singh will serve as the new national coach for India’s Davis Cup team.
● He replaces long-time coach Zeeshan Ali, who recently stepped down from the position.
● Sumit Nagal is set to lead the five-member Indian tennis team for the Davis Cup 2024 World Group I
tie against Sweden.
.
● The tie will be held on the indoor hard courts at the Royal Tennis Hall in Stockholm on September 14
and 15.
Lauren Coughlin Secures Victory at Women’s Scottish Open and Solheim Cup Spot
● Event: Women’s Scottish Open
● Location: Dundonald Links, Ayrshire Coast
Winner: Lauren Coughlin
● Final Score: 15-under 273
Runner-Up: Esther Henseleit
● Score: 11-under 277
● Final Round: 2-under 70
Other Contenders:
● Megan Khang (USA): Finished tied for third after a 74 in the final round.
● Ayaka Furue (Japan): Also tied for third with a final round of 68.
● Charley Hull (England): Finished fifth with a final round of 73.
Significance of the Win:
● LPGA Titles: This is Coughlin’s second LPGA victory this summer, following her win at the CPKC
Women’s Open in Canada.
● Solheim Cup Qualification: With this win, Coughlin secured enough points to earn an automatic
spot on the U.S. Solheim Cup team, marking her debut in the event.
Pankaj Advani Clinches Western India Billiards and Snooker Championship Title
● Event: Western India Billiards and Snooker Championship
● Location: Mumbai
Final Match:
● Winner: Pankaj Advani (ONGC)
o Final Score: 822-520
o Opponent: S Shrikrishna (BPCL)
Money:
● Winner: Pankaj Advani - ₹2 lakh
● Runner-up: S Shrikrishna - ₹1.2 lakh
● Semi-finalists: Dhvaj Haria and Shahyan Razmi - ₹60,000 each
● Match Summary: Both Advani and Shrikrishna started the final match tentatively, struggling to put
together big breaks initially. However, Advani's experience and skill allowed him to gradually pull
.
ahead, securing the title in a contest that saw only a handful of substantial breaks over its three-
hour duration.
Francesco Bagnaia Secures Victory at Austrian MotoGP, Extends Championship Lead
● Race Winner: Francesco Bagnaia (Ducati)
o Achievement: Bagnaia clinched the Austrian Grand Prix, completing a weekend double
and extending his lead in the MotoGP World Championship.
o Championship Points: 275, 5 points ahead of rival Jorge Martin.
● Second Place: Jorge Martin (Prima Pramac Racing)
o Qualifying: Martin started from pole position but was overtaken by Bagnaia on the second
lap.
o Championship Points: 270
● Third Place: Enea Bastianini (Ducati)
o Race Outcome: Bastianini completed a Ducati sweep of the podium.
Australia to Host Special Test Match Celebrating 150 Years of Test Cricket at MCG in 2027
Summary:
● Event: Stand-alone celebratory Test match
● Teams: Australia vs. England
● Venue: Melbourne Cricket Ground (MCG)
● Date: 2027
● Occasion: Celebrating 150 years of Test cricket since its inception in March 1877.
Brooks Koepka Wins LIV Golf Greenbrier Title in Playoff Against Jon Rahm
● Brooks Koepka secured his fifth career LIV Golf title, defeating Jon Rahm in a playoff at the LIV Golf
Greenbrier.
● This win, which marked Koepka's first LIV victory since May, was achieved after a dramatic finish at
the Old White course in White Sulphur Springs, West Virginia.
Ilkay Gündoğan Announces Retirement from International Football
● Ilkay Gündoğan, who captained Germany during Euro 2024 on home soil, officially retired from
international football at 33.
Satya Prakash Sangwan Named Chef de Mission for India's Largest-Ever Contingent at Paris
Paralympics 2024
● Chef de Mission: Satya Prakash Sangwan, Vice-President of the Paralympic Committee of India
(PCI), was appointed chef de mission for the Indian team.
.
● Indian Contingent: 84 athletes to participate in the Paris Paralympics 2024, the largest-ever from
India, surpassing the 54 athletes who competed in Tokyo.
● Flagbearers: Bhagyashree Jadhav and Sumit Antil have been named as India's flagbearers for the
event.
ICC Confirms Venue Change for 2024 Women's T20 World Cup from Bangladesh to UAE
● The International Cricket Council (ICC) has officially confirmed that the 2024 Women's T20 World
Cup will be relocated from Bangladesh to the United Arab Emirates (UAE).
● The tournament will proceed as planned, starting on October 3, and will be hosted at two venues in
Dubai and Sharjah, concluding on October 20.
Jay Shah Poised to Become ICC Chair, Succeeding Greg Barclay
● Jay Shah, the current secretary of the Board of Control for Cricket in India (BCCI), is expected to
succeed Greg Barclay as the next chair of the International Cricket Council (ICC).
Manuel Neuer Retires from International Football After 15 Years
● Germany's legendary goalkeeper, Manuel Neuer, announced his retirement from international
football after an illustrious 15-year career and 124 caps for the national team.
● Although Neuer will continue playing club football with Bayern Munich, his decision marks the end of
an era for Germany.
First Women’s Test Match at Lord's in 2026
● The England and Wales Cricket Board (ECB) announced that Lord's, often called the 'home of
cricket,' will host its first-ever women’s Test match in 2026.
● The historic match will feature the national teams of India and England, marking a significant
moment in women's cricket.
● Schedule: The Test match is scheduled to follow a three-match ODI series between India and
England in July 2025, as per the ECB's official announcement.
ICC Undergoes Leadership Transition with Departure of Indra Nooyi and Search for New Chairman
● The International Cricket Council (ICC) is undergoing a significant leadership transition following
the completion of Indra Nooyi's six-year term as the first female independent director and the
upcoming election for a new chairman.
● Indra Nooyi, former CEO of PepsiCo, made history in 2018 as the first female independent
director of the ICC, marking a pivotal moment for the organization in promoting diversity and
inclusion at the leadership level.
Shikhar Dhawan Announces Retirement from All Forms of Cricket
.
● Indian cricketer Shikhar Dhawan announced his retirement from all forms of cricket.
● The 38-year-old shared this heartfelt decision on social media, marking the end of an illustrious
career that spanned over 12 years.
India Wins Silver at Maruhaba Cup and Secures Asian Games Surfing Quota
● India won the silver medal at the Maruhaba Cup during the Asian Surfing Championships 2024, held
in Thulusdhoo, Maldives.
● The Indian team comprised Kamali P, Ajeesh Ali, Srikanth D, and Sanjay Selvamani.
● Japan claimed the gold medal with a score of 58.40, while India scored 24.13 to secure second
place.
● Taipei won the bronze with 23.93, and China finished fourth with 22.10.
Tanvi Patri Wins Under-15 Girls Singles Title at Badminton Asia Junior Championships
● Tanvi Patri won the under-15 girls singles title at the Badminton Asia U-17 & U-15 Junior
Championships.
● The event was held in Chengdu, China.
● Patri, seeded No. 1, defeated Thi Thu Huyen Nguyen of Vietnam in straight games.
● The final score was 22-20, 21-11, with the match concluding in just 34 minutes.
Lando Norris Takes Pole Position at Dutch Grand Prix Qualifying
● Lando Norris secured pole position for the Dutch Grand Prix with a standout qualifying performance.
● Norris’ final lap was significantly faster, placing him 0.356 seconds ahead of second-place Max
Verstappen.
India Secures Silver at Maruhaba Cup, Marks Milestone in Asian Surfing Championships 2024
● The Indian national surfing team clinched a silver medal at the Maruhaba Cup, a prestigious
team event at the Asian Surfing Championships 2024.
● The competition took place in Thulusdhoo, Maldives, and concluded.
● Final Results:
○ Japan won the gold medal with a score of 58.40.
○ India secured the silver medal with a score of 24.13.
○ Taipei took the bronze medal with 23.93.
○ China finished in fourth place with 22.10.
14-Year-Old Tanvi Patri Makes History at Asian U-15 Badminton Championships 2024
● In a significant achievement for Indian badminton, Tanvi Patri, a 14-year-old from Odisha, India,
won the women’s singles title at the Asian U-15 Junior Championships 2024 held in Chengdu,
.
China.
● This victory marks Patri as the third Indian to claim this prestigious title.
Championship Results
U-15 Competition
● Women’s Singles: India (Tanvi Patri)
● Men’s Singles: China
● Women’s Doubles: South Korea
● Men’s Doubles: Chinese Taipei (Taiwan)
● Mixed Doubles: South Korea
U-17 Tournament
● Men’s Singles: Indonesia
● Men’s Doubles: Indonesia
● Women’s Singles: China
● Women’s Doubles: China
● Mixed Doubles: Chinese Taipei
About Badminton Asia
● Role: Governing body for badminton in Asia, under the Badminton World Federation (BWF)
● Membership: 43 national badminton associations
● Headquarters: Petaling Jaya, Selangor, Malaysia
● Current President: Kim Jong Soo
Jay Shah Elected as ICC Chairman: Youngest Ever to Lead Global Cricket
o Jay Shah was elected unopposed as the next ICC Chairman.
o He is 35 and the youngest to lead global cricket administration.
o Shah is set to take over from Greg Barclay on December 1, 2024.
ILT20 Organizers Consider New Schedule to Avoid Clashes with Global Tournaments
● The International League T20 (ILT20) organizers are considering a new window for future editions to
avoid scheduling conflicts with other major leagues like the Big Bash League (BBL) and SA20.
● The third edition of ILT20 is scheduled from January 11 to February 9, 2024, but overlaps with other
global leagues may prompt a reconsideration of the dates.
Dawid Malan Announces Retirement from International Cricket
o Dawid Malan, the England star and former World No.1 T20I batter, has officially announced his
retirement from international cricket.
.
o His last appearance for England was during the ICC Mens Cricket World Cup 2023.
Caroline Groot Wins First Gold Medal of the Paralympic Games
● Caroline Groot of the Netherlands claimed the first gold medal of the Paralympic Games by winning
the 500-meter time trial in women's track cycling for the C4 and C5 classifications.
● Groot set a world record in the C5 classification with a time of 35.390 seconds.
Medalists in Women's 500m Time Trial:
o Gold: Caroline Groot (Netherlands, C5)
o Silver: Marie Patouillet (France, C5) France's first medal of the Games.
o Bronze: Kate OBrien (Canada, C4)
OBITUARIES
Legendary cricketer Anshuman Gaekwad dies at 71 after battling cancer
Early Career and Playing Achievements
• Former Indian cricketer Anshuman Gaekwad passed away at the age of 71 after a prolonged
battle with blood cancer.
• In a career that spanned 12 years, Gaekwad played 40 Tests and 15 ODIs, scoring a total of
2254 runs.
• He achieved two centuries, with his highest score being 201 against Pakistan in Jalandhar in
1983.
Renowned Bharatanatyam Dancer Yamini Krishnamurthy Passed Away
• Bharatanatyam and Kuchipudi veteran Yamini Krishnamurthy passed away in New Delhi at the
age of 83.
• Born on December 20, 1940 in Madanapalli in Andhra Pradesh’s Chittoor district to Sanskrit
scholar M. Krishnamurti.
• She began dancing at the tender age of five at the Kalakshetra School of Dance in Chennai
under the tutelage of legendary Bharatanatyam dancer Rukmini Devi Arundale.
Former Chairman and Managing Director of GAIL, CR Prasad passed away
• CR Prasad, former Chairman and Managing Director (CMD) of GAIL (India) Limited, has passed
• Dr CR Prasad joined GAIL as Director (Planning) in 1994 and rose to the position of CMD in
1996.
• He was chairman and managing director (CMD) of the company till his superannuation in 2001.
.
Founder of Camlin Subhash Dandekar Passed away

• Subhash Dandekar, the founder of stationery brand Camlin, has passed away at the age of 86.
• Dandekar served as the President of the Maharashtra Chamber of Commerce and Industries
from 1990 to 1992, contributing to the development of the industrial sector in Maharashtra.
Economist and Former Madras Christian College Professor C.T. Kurien Passed Away
• The world of economics lost a brilliant mind and compassionate soul. Christopher Thomas Kurien
(C.T. Kurien), a distinguished economist and former professor of Madras Christian College,
passed away at the age of 93 due to age-related ailments.
• Kurien received a Master’s degree in Economics from the Madras Christian College (MCC) in
1953.
• He was a Visiting Fellow at Yale University in 1968-69.
Albania's Renowned Novelist Ismail Kadare Passed away

• Albanian novelist and poet Ismail Kadare, whose irreverent works from inside communist Albania
earned him international renown and repression from the country's dictatorship, has passed away
at the age of 83 in Tirana.
• Ismail Kadare born on 28 January 1936 in Gjirokastër, Albania.
• He became internationally recognized after his novel “The General of the Dead Army” — which
later inspired a film starring Marcello Mastroianni and Anouk Aimee was published in 1963.
Nobel Prize-winning physicist Tsung-Dao Lee Passed away
• Chinese-American physicist Tsung-Dao Lee, who in 1957 became the second-youngest scientist
to receive a Nobel Prize, Passed away at the age of 97 in San Francisco, California, the United
States of America (USA).
• Lee was born in Shanghai, China.
• He was a Chinese-American physicist, known for his work on parity violation, the Lee–Yang
theorem, particle physics, relativistic heavy ion (RHIC) physics, nontopological solitons, and
soliton stars.
Veteran Communist Leader and Former West Bengal Chief Minister Buddhadeb Bhattacharjee Passed
away
.
• Former West Bengal Chief Minister and veteran Communist leader Buddhadeb Bhattacharjee
passed away at the age of 80 in Kolkata, West Bengal.
• Bhattacharya was born on 1 March 1944 in North Kolkata.
• He was an Indian communist politician and a former member of the Politburo of the Communist
Party of India (Marxist), who served as the 7th Chief Minister of West Bengal from 2000 to 2011.
Former External Affairs Minister and Padma Vibhushan Honoree K Natwar Singh Passed Away
• Veteran Congress leader and former External Affairs Minister K Natwar Singh passed away at
the age of 93 in Gurugram, near Delhi.
• Born in 1931 in Bharatpur district, Rajasthan.
• In 1953, he served as India’s Deputy High Commissioner to the UK (1973-77) and then became
India’s High Commissioner to Zambia in 1977.
Renowned Indian Missile Scientist & Key Figure in Agni Missile Development RN Agarwal Passes Away
● Dr. RN Agarwal, an acclaimed aerospace scientist and a key figure in India's missile technology,
passed away at the age of 84 in Hyderabad.
● He made significant contributions to the Agni missile program, launched in 1983, and served as
its first program director.
● Known as the "Father of Agni Missiles," he was instrumental in the development of India's long-
range Agni missile program.
● He led the first successful launch of the Agni missile on May 22, 1989, and was pivotal in
developing various versions of the Intercontinental Ballistic Missile (ICBM).
● Agni V, developed under his guidance, has a range of over 5,000 km, placing India among the
top nations in missile technology.
Awards and Recognition:
● Dr. Agarwal was awarded the Padma Shri in 1990 and the Padma Bhushan in 2000 for his
contributions to missile technology.
● He received the Lifetime Achievement Award in 2004 for his work in aerospace and the Agni
program, as well as the DRDO Technology Leadership Award and Chandrasekhara Saraswati
National Eminence Award.
IGMDP and India's Missile Development:
● The Agni missile was developed under the Integrated Guided Missile Development Programme
(IGMDP), which was led by Dr. APJ Abdul Kalam.
● IGMDP also developed four other missiles: Prithvi, Akash, Nag, and Trishul.
.
Renowned Award-Winning U.S. Actor Gena Rowlands Passes Away

● Actor Gena Rowlands, who was in the entertainment industry for over six decades, died at the
age of 94.
● Gena Rowlands, born Virginia Cathryn Rowlands on June 19, 1930, in Madison, Wisconsin, was
a prominent American actress with a career spanning over six decades.
● She appeared in popular films such as "The Notebook" (2004), directed by her son Nick
Cassavetes, and "The Skeleton Key" (2005).
Awards and Honors :
● Rowlands won the Golden Globe for Best Actress for “A Woman Under the Influence.”
● In 1987, she won an Emmy and a Golden Globe for her performance as Betty Ford in “The Betty
Ford Story.”
● She also won Emmys for “Face of a Stranger” (1991) and “Hysterical Blindness” (2003), and a
Daytime Emmy for “The Incredible Mrs. Ritchie” (2004).
● Throughout her career, Rowlands received numerous accolades, including three Primetime
Emmy Awards, one Daytime Emmy, and two Golden Globes.
● In 2015, She received an Honorary Academy Award at the Governors Awards.
Veteran Gandhian & Padma Bhushan Awardee Shobhana Ranade Passed Away
● Veteran Gandhian and social worker Shobhana Ranade passed away in Pune, Maharashtra at
the age of 99.
● Ranade was born on 26 October 1924,in Pune, Maharashtra.
● The Government of India (GoI) honoured her in 2011, with the Padma Bhushan-the third highest
civilian award for her services to the society.
Indian Coast Guard's Director General Rakesh Pal Passed Away
● Director General of Indian Coast Guard Rakesh Pal Passed away in Chennai, Tamil Nadu (TN).
● Pal took charge as the 25th Director General of the Indian Coast Guard on July 19, 2023.
● Pal hailed from Uttar Pradesh.
● For his illustrious service, he was conferred the Ati Vishisht Seva Medal, President Tatrakshak
Medal and Tatrakshak Medal for distinguished service.
Former Council of Scientific and Industrial Research Director General Girish Sahni Passed away
● Former director-general of the Council of Scientific and Industrial Research (CSIR), Girish Sahni,
known for developing clot busters for the treatment of cardiovascular diseases passed away at
the age of 68.
.
● Dr. Sahni joined the Institute of Microbial Technology (IMTECH), a CSIR laboratory in
Chandigarh, in 1991.
● He became its director in 2005, a position he held until he was appointed the CSIR director-
general in 2015.
General S. Padmanabhan, former Army Chief who led during Operation Parakram, passed away
● India’s 20th Chief of Army Staff (COAS) General Sundararajan Padmanabhan, a highly
decorated officer under whose leadership the Indian Army made big gains over armed militants in
Jammu and Kashmir in the early 1990s, passed away at the age of 83.
● Born on December 5, 1940, in Thiruvananthapuram, Kerala.
Graham Thorpe, former England cricketer, dies after being hit by a train at Surrey railway station
● Graham Thorpe (England) passed away after being struck by a train at a railway station in
Surrey.
Sara Abraham, a leading figure in contemporary Indian art passed away
● Sara Abraham, the doyenne of contemporary Indian Art in the early Seventies, passed away at
Chennai, Tamil Nadu (TN).
● Sara Abraham tooks art to greater heights by reaching out to the people through the ‘Kala Yatra’
— a “travelling art gallery” that took the form of exhibitions in different cities.
World's Oldest Person, Maria Branyas Morera, Passed away in Spain
● The world's oldest person, Spain's Maria Branyas Morera, who was born in the United States,
● Branyas was officially recognized as the world's oldest person by Guinness World Records in
January 2023, following the death of French nun Lucile Randon aged 118.
● Historical Ranking : Branyas was the 8th oldest verified person in history at the age of 117.
● Jeanne Calment, a Frenchwoman, was the oldest person ever recorded, living to 122 years and
164 days.
● Current Oldest Living Person: Japan's Tomiko Itooka, born on May 23, 1908, currently holds the
title of the oldest living person, according to the US Gerontology Research Group.
Former Player and Ex-Coach of Federer, Peter Lundgren, Passed Away
● Former Swedish tennis player Peter Lundgren, who also coached Roger Federer early in the
Swiss player's career, has passed away at the age of 59.
.
5-Time Venezuelan Olympic Cyclist Daniela Chirinos Passed Away

● Daniela Larreal Chirinos, a five-time Olympic cyclist who competed for Venezuela over the
course of a decade, has passed away at the age of 51.
● Daniela Greluis Larreal Chirinos was born on 2 October 1973 in Maracaibo,Venezuela.
Former Five-Time Lebanese Prime Minister Salim Hoss Passed Away
● Five-time former Lebanese Prime Minister Salim Hoss, who served during some of the most
tumultuous years of his country’s modern history, passed away at the age of 94.
● Salim al-Huss was born in Beirut, Lebanon on 20 December 1929.
About Lebanese :
● Prime Minister : Najib Mikati
● Capital : Beirut
● Currency : Lebanese pound
Veteran Congress Leader and Nanded MP Vasantrao Chavan Passed Away
● Veteran Congress leader and recently elected Member of Parliament representing Nanded
constituency, Vasantrao Chavan, passed away at the age of 70.Swedish Coach Sven-Goran
Eriksson, First Foreigner to Lead England Team, Passed Away
● Sven-Goran Eriksson, the Swedish football manager who spent five years as England’s first ever
foreign-born coach after making his name winning trophies at club level in Italy, Portugal and
Sweden, passed away at the age of 76.
● Sven-Göran Eriksson was born on 5 February 1948 in Sunne, Sweden.
● He was known as “Svennis” in Sweden & had a nine-year playing career as a right-back, retiring
at 27.
Important Monthly Current Affairs Capsule – September 2024
2. NATIONAL NEWS 10
4. STATE NEWS 50
5. BUSINESS NEWS 63
14. SPORTS NEWS 193
16. OBITUARIES 204
IMPORTANT DAYS
National Nutrition Week: 1st to 7th September,2024
o National Nutrition Week is observed annually in India from 1st to 7th September to highlight the
importance of proper nutrition and its impact on a healthy lifestyle.
o National Nutrition Week was first initiated in March 1973 by the American Dietetic Association (now
the Academy of Nutrition and Dietetics) to promote nutrition education and the profession of
dietitians.
World Coconut Day: September 2, 2024
• Celebrated annually on September 2, World Coconut Day aims to highlight the benefits of coconuts
and promote awareness about their importance.
• Major coconut-producing states in India include Tamil Nadu, Karnataka, Kerala, West Bengal, and
Andhra Pradesh.
o Asian and Pacific Coconut Community (APCC), established in 1969 and headquartered in
Jakarta, Indonesia, supports the growth, production, sale, and export of coconuts in Asian
countries.
o In 2009, APCC initiated World Coconut Day to recognise and celebrate the fruit's significance.
Skyscraper Day 2024: September 3
• Date and Significance:
o Skyscraper Day is celebrated on September 3 every year.
o The day marks the birth anniversary of Louis H. Sullivan, known as the 'father of modern
skyscrapers'.
o The world's first skyscraper was the Home Insurance Building in Chicago, completed in 1885.
National Teachers Day 2024: September 5
• In India, every year 5th of September is celebrated as National Teachers Day to contribute to our
teachers.
• The theme for Teacher's Day 2024 is "Empowering Educators for a Sustainable Future,"
• Fifth September is the birth anniversary of Dr. Sarevepalli Radhakrishnan, the former president of
India who was a well-known Teacher, Scholar, and Philosopher.
• Since 1962 every year 5th of September is celebrated as National Teachers Day in India.
International Day Of Charity 2024: September 5
• International Day of Charity is observed on September 5th to promote and encourage charitable
activities around the globe.
• In 2012, the United Nations General Assembly declared the International Day of Charity was
observed on the 5th of September.
• They declared September 5 as an International Day of Charity in order to remember the death
anniversary of Mother Theresa who was awarded the Nobel Prize for Peace in 1979.
International Vulture Awareness Day (IVAD) 2024:
• International Vulture Awareness Day (IVAD) is observed annually on the first Saturday of
September to spotlight the world’s most endangered group of birds—vultures.
• Initiated in South Africa and the United Kingdom, IVAD has been commemorated since
September 2009.
• Vultures, often misunderstood due to their association with death, play a crucial role in
maintaining ecological balance.
International Day of Police Cooperation: September 7

• On September 7, the world observes the International Day of Police Cooperation, honouring the
critical role law enforcement plays in global security.
• The date aligns with the centenary of INTERPOL (International Criminal Police Organization).
INTERPOL, originally known as the International Criminal Police Commission (ICPC), was
founded on September 7, 1923.
• The United Nations General Assembly officially designated this observance on December 16,
2022, and the first celebration took place in 2023, coinciding with INTERPOL’s 100th
anniversary.
World Duchenne Muscular Dystrophy Day: 7th September

• Every year on 7th September, the world observes World Duchenne Muscular Dystrophy Day to
raise awareness about Duchenne muscular dystrophy (DMD), a rare degenerative disease that
progressively weakens muscles, eventually impacting the entire body.
• Duchenne Muscular Dystrophy (DMD) is a genetic disorder caused by a mutation on the X-
chromosome, affecting 1 in 5,000 boys.
• Theme for 2023: "Duchenne: Breaking Barriers"
World Physical Therapy Day 2024: September 8

• Every year 8th of September is observed as World Physical Therapy Day.
• The theme for World Physical Therapy Day 2024 is "Low back pain (LBP) and the role of
physiotherapy in its management and prevention."
• In India, physiotherapy was first started in the year of 1952.
• The first physiotherapy centre was started in Mumbai with the support of the Government and the
support of the World Health Organisation(WHO).
World Literacy Day 2024: September 8

• Since 1967, World Literacy Day or International Literacy Day is observed each year on the 8th of
September.
• The theme for International Literacy Day 2024 is 'Promoting multilingual education: Literacy for
mutual understanding and peace.”
• This day was declared by The United Nations Educational, Scientific, and Cultural Organisation
or UNESCO on 26th October 1966.
World Suicide Prevention Day: 10 September
• World Suicide Prevention Day (WSPD): Observed annually on September 10 since 2003, WSPD
was established by the International Association for Suicide Prevention (IASP) in collaboration
with the World Health Organization (WHO).
• To focus global attention on the issue of suicide, reduce stigma, and raise awareness among
organizations, governments, and the public about suicide prevention.
National Forest Martyrs Day 2024: September 11
• National Forest Martyrs Day is observed annually on September 11th.
• The day honours individuals who sacrificed their lives in the protection of India's forests and
wildlife.
• It aims to raise awareness about forest conservation and recognize the efforts of forest guards,
rangers, and officers.
Hindi Diwas 2024: September 14
• Every year of 14th September is celebrated as a Hindi Diwas or Hindi day.
• After India got its independence, in the year of 1949 there were a lot of discussions to make Hindi
the official language of India.
• In the year of 1953, the first Hindi Diwas was celebrated.
Engineers Day in India 2024: September 15
• Every year 15th September is celebrated as National Engineers Day in India.

• National Engineers Day is celebrated on 15th September in India, in order to pay tribute to our
Indian engineer and Bharat Ratna Sir Mokshagundam Viswesvaraya on his birthday.
• In the year of 1968, the Government of India announced that Sir M. Visvesvaraya’s birth
anniversary was celebrated as Engineers Day in India.
International Day of Democracy 2024: September 15
• The International Day of Democracy is observed every year on the 15th of September.
• The first International Day of Democracy was observed in the year of 2008.
• The first International Conference on Democracy was held by the UN.
World Ozone Day 2024: September 16
• Every year World Ozone Day is observed on 16 September.
• The theme for this year is “Montreal Protocol: Advancing Climate Actions”.
• In 1994, the United Nations General Assembly decided to organize World Ozone Day on the 16th
of September.
World Patient Safety Day 2024: September 17

• Every year September 17 is observed as World Patient Safety Day.
• The World Patient Safety Day Theme in 2024 is "Improving diagnosis for patient safety", to
recognize the crucial role patients, families, and caregivers play in health care safety.
• Though this day was established in 2019, this day was first observed in the year 2021.
World Bamboo Day 2024: September 18
• Every year 18th of September is celebrated as World Bamboo Day.
• the World Bamboo Organization recognized World Bamboo Day in the year of 2009.
• World Bamboo Day was founded by Kamesh Salam, the former president of the World Bamboo
Organization.
• The World Bamboo Organization Headquarters was located in Antwerp, Belgium.
• The 8th World Bamboo Congress was held in Bangkok on 18 September 2009.
World Alzheimers Day 2024: September 21
• Every year World Alzheimers Day is observed on 21st September.
• The theme for World Alzheimer's Day 2024 is "Time to act on dementia, Time to act on
Alzheimer's."
• Alzheimer's disease was first diagnosed in an old German lady in 1901 by Alois Alzheimer, a
German Psychiatrist. This illness was named after the German Psychiatrist.
International Day of Peace 2024: September 21

• International Day of Peace is celebrated on 21st September of every year.
• The International Day of Peace 2024 Theme is “Cultivating a Culture of Peace”.
• The United Nations General Assembly declared the International Day of Peace to strengthen the
ideas of peace.
World Rose Day: September 22
● World Rose Day is observed every year on September 22, dedicated to honouring and
supporting cancer patients globally.
● This day serves as a reminder of the courage and bravery shown by those battling cancer and
their caregivers.
International Day of Sign Languages: September 23
● The International Day of Sign Languages is celebrated annually on September 23 to promote
awareness of sign languages and the rights of deaf individuals.
● This year’s theme is “Sign up for Sign Language Rights.”
● The first celebration took place in 2018, marking a significant step towards recognizing the
linguistic rights of deaf people.
● September 23 was chosen because it commemorates the founding of the World Federation of
the Deaf (WFD) in 1951.
World Rivers Day 2024: September 22
● World Rivers Day is celebrated on the fourth Sunday of September of every year.
● This year World Rivers Day falls on the 22nd of September.
● Theme: ‘Waterways of Life’ ; The theme for World Rivers Day 2024 is ‘Waterways of Life,’
emphasising the essential role rivers play in ecosystems, wildlife, agriculture, and communities.
● This year’s theme highlights the crucial role rivers play in supporting ecosystems, wildlife,
agriculture, and communities.
● The first World Rivers Day was celebrated in 2005, marking a significant global event.
World Pharmacists Day 2024: September 25
● Every year we observe 25th September as World Pharmacists Day.
● This year, the theme of World Pharmacy Day is “Pharmacists: Meeting Global Health Needs”.
● In 2009, at Turkey’s Istanbul, The International Pharmaceutical Federation Council announced

that World Pharmacists Day would be celebrated on 25th September.
● In the year of 1912, the International Pharmaceutical Federation was established on September
25.
Antyodaya Diwas 2024: September 25
● The Antyodaya Diwas is observed every year on 25th September in India.
● The theme of 2024 is “Empowering the Last Person.”
● This day is celebrated on September 25 to mark the birth anniversary of Pandit Deendayal
Upadhyaya.
● Pandit Deendayal Upadhyaya was born on 25th September 1916 in Mathura.
World Contraception Day 2024: September 26
● The World Contraception Day is observed on 26th September of every year.
● This day is observed to spread awareness about the available contraceptive methods.
● This year, 2024, the theme of World Contraception Day is "A choice for all. Freedom to plan,
power to choose."
● The ten international family planning organizations observed World Contraception Day on 26
September 2007 to raise awareness about contraception.
World Environmental Health Day 2024: September 26
● World Environmental Health Day is observed on the 26th of September of every year.
● This day is observed in order to spread awareness about environmental health worldwide.
● World Environmental Health Day was established by the International Federation of
Environmental Health(IFEH) on 26th September 2011.
International Day for the Total Elimination of Nuclear Weapons: September 26
● The International Day for the Total Elimination of Nuclear Weapons is celebrated on September
26th every year to raise awareness about the threat of nuclear weapons and to promote their
elimination.
● Purpose: To raise awareness about the threat posed by nuclear weapons and promote their
elimination.
● Established: Declared by the UN General Assembly (UNGA) in 2013.
World Maritime Day 2024: September 26, 2024
● World Maritime Day, observed annually on the last Thursday of September, This year, the World
Maritime Day is taking place on September 26
● Recognize and honour the contributions of those in the maritime industry, including seafarers,
marine officials, and service agents.
● Theme for 2024 “Navigating the Future: Safety First!”
World Tourism Day 2024: September 27
● World Tourism Day is celebrated annually on 27th September. For 2024, the host country is
Tbilisi, Georgia, and the theme is "Tourism and Peace".
● First Observance: World Tourism Day was first celebrated as an international observance on
27th September 1980 by the United Nations World Tourism Organization (UNWTO).
● World Tourism Day Symbolism : The colour associated with World Tourism Day is blue,
symbolizing peace, the sea, and the sky, which are closely linked with travel and tourism.
World Rabies Day 2024: September 28
● World Rabies Day is celebrated on 28th September of every year.
● This year's World Rabies Day theme is: “Breaking Rabies Boundaries”
● The Global Alliance for Rabies Control (GARC) established World Rabies Day in 2007.
● This day was recognized by the World Health Organization(WHO).
World Heart Day 2024: September 29
● Every year World Heart Day is celebrated on 29th September.
● The heart is the primary organ of the circulatory system. It is located between the lungs, in the
middle compartment of the chest.
● The World Heart Federation (WHF) has announced a powerful theme for the years 2024 to
2026: “Use Heart for Action.”
● In 1999, The World Heart Federation (WFH) along with the World Health Organization (WHO)
established World Heart Day.
● The first celebration of this day took place on 24th September 2000.
International Translation Day 2024: September 30
● International Translation Day is celebrated on 30th September of every year.
● The theme for International Translation Day (ITD) in 2024 is "Translation, an art worth
protecting".
● On 24 May 2017, the General Assembly approved resolution 71/288 and declared September 30
as International Translation Day in order to identify the role of Translators in interconnecting
nations.
● The celebration has been promoted by the International Federation of Translators (FIT) which
was started in the year of 1953.
NATIONAL NEWS
Indian Government Launches 'AgriSure' Fund to Support Agritech Startups
The Indian government has introduced a ₹750 crore (approximately $90 million) fund named 'AgriSure'
to support agritech startups.
The fund aims to provide financial assistance in the form of both equity and debt capital to startups and
agripreneurs in the agriculture sector.
Union Government Sets Up the 23rd Law Commission (2024-2027)
o The Union government has established the 23rd Law Commission for a period of three years, from
September 1, 2024, to August 31, 2027.
o The commission's main responsibilities include identifying obsolete laws for repeal, auditing laws
that impact the poor, and providing recommendations on laws referred by the Law and Justice
Ministry.
o The commission will have a full-time chairperson, four full-time members, Secretaries of the Legal
Affairs and Legislative departments as ex-officio members, and up to five part-time members.
Vishanu Yuddh Abhyas: India's First Comprehensive Pandemic Preparedness Mock Drill
o Under the National One Health Mission (NOHM), a national mock drill named "Vishanu Yuddh
Abhyas" (Virus War Exercise) was conducted from August 27 to August 31, 2024, in Ajmer district,
Rajasthan.
o The exercise aimed to assess pandemic preparedness by evaluating the readiness and response of
the National Joint Outbreak Response Team (NJORT), which includes experts from human health,
animal husbandry, and wildlife sectors.
o A mock zoonotic disease outbreak scenario was created to simulate a real-world outbreak, allowing
stakeholders to test their response capabilities.
Government Extends Interest Equalisation Scheme for Exporters till September 30, 2024
• The government has extended the Interest Equalisation Scheme on pre- and post-shipment
rupee export credit by one more month, now valid until September 30, 2024.
• This extension aims to support the country's outbound shipments.
• The scheme, which offers interest benefits to exporters, was initially set to expire on August 31,
2024.
• It had already been extended for two additional months in June.
Government Poised to Approve Third Phase of FAME Scheme

• The Centre is anticipated to approve the third phase of the Faster Adoption and Manufacturing of
(Hybrid and) Electric Vehicles (FAME) scheme within the next one to two months, according to
Heavy Industries Minister H.D. Kumaraswamy.
• Current Status: The Electric Mobility Promotion Scheme (EMPS) 2024, set to expire at the end of
the month, is being reviewed. An inter-ministerial group is working to address issues identified in
the earlier phases of the FAME scheme.
• Minister’s Statement: Kumaraswamy indicated that the government is addressing suggestions
and issues from FAME-I and FAME-II, with input from the PMO. He expects the new phase to be
cleared within one to two months.
Union Minister Shri Jyotiraditya M Scindia inaugurates Department of Posts Officers’ Conclave 2024
• The Officers’ Conclave 2024, organized by the Department of Posts, was a crucial event to drive
transformation and foster innovation within India’s vast postal network.
• With a rich legacy spanning over 150 years, India Post remains the backbone of communication
in the country.
• The conclave represents a significant step towards redefining its role in the digital era.
NPS Vatsalya Scheme: A New Financial Initiative for Minors

• The NPS Vatsalya scheme, a long-anticipated initiative designed to secure the financial futures
of minors, is set to launch within the next two weeks.
• This new scheme, introduced in the 2024-25 Budget, will be officially unveiled by Finance
Minister Nirmala Sitharaman.
• Key Details of NPS Vatsalya:
o NPS Vatsalya is a tailored version of the National Pension System (NPS) specifically for
minors.
o Parents or guardians can open an NPS account for their children and make regular
contributions until the child turns 18.
Key Differences Between ICAI and NFRA on ISA 600 Adoption

• Discrepancies between the Institute of Chartered Accountants of India (ICAI) and the National
Financial Reporting Authority (NFRA) regarding the adoption of the revised International
Standard on Auditing (ISA) 600.
• Cause: The differences are attributed to a communication gap between the two organizations.
• Resolution: The issue is expected to be resolved through dialogue between ICAI and NFRA.
Government Launches Simplified Pension Application Form 'Bhavishya' for Central Government
Employees
• The government introduced a new, simplified pension application form named ‘Bhavishya’ to
streamline the retirement process for central government employees.
• Launched by Union Minister Jitendra Singh via video conference, the new form, Form 6A,
consolidates nine separate forms into a single, unified document.
1. Availability and Applicability:
o The new form will be available on the Bhavishya and e-HRMS portals.
o It will be accessible to all central government employees retiring from December 2024
onwards.
HAL and SAFHAL to Develop 'Aravalli' Engine for India's Future Multi-Role Helicopters
• Hindustan Aeronautics Limited (HAL), based in Bengaluru, has signed a contract with SAFHAL
Helicopter Engines to jointly design, develop, and produce a new engine named 'Aravalli'.
• The engine will be used in the future 13-tonne Indian Multi-Role Helicopter (IMRH) and its deck-
based version, the 12.5-tonne Deck-Based Multi-Role Helicopter (DBMRH).
o SAFHAL is a joint venture between HAL and the French firm Safran Helicopter Engines.
o The partnership with SAFHAL marks a critical step towards technological self-reliance in India’s
aerospace and defence sector, according to HAL chief C.B. Ananthakrishnan.
Labour Ministry to Launch Revamped Shram Suvidha Portal with AI and ML Integration
o The Labour Ministry is set to launch a revamped, user-friendly version of the Shram Suvidha
Portal by the end of the year.
o The new portal aims to enhance the ease of doing business by simplifying processes for
businesses.
o The upgraded portal will incorporate Artificial Intelligence (AI) and Machine Learning (ML)
technologies to streamline various operations.

o This will facilitate easier filing of registrations and submission of returns required under different
labour laws.
India Joins Indo-Pacific Economic Framework for Prosperity (IPEF) Agreements on Clean and Fair
Economy
• The Union Cabinet has approved India's participation in the Indo-Pacific Economic Framework
for Prosperity (IPEF) agreements focused on creating a clean and fair economy.
• This decision follows the commerce ministry's proposal and marks India's entry into collaborative
efforts on key issues like energy security, climate resilience, and anti-corruption.
• The Union Cabinet has approved India's decision to join two agreements under the IPEF: a clean
economy and a fair economy. This decision comes after India's earlier reservation, which
required domestic approval before joining.
Union Cabinet Approves Semiconductor Unit in Sanand, Gujarat

• The Union Cabinet approved establishing a semiconductor manufacturing unit in Sanand,
Gujarat, by Kaynes Semicon Pvt Ltd.
• This approval aligns with the India Semiconductor Mission under the government’s modified
scheme to boost semiconductor manufacturing in India.
• The project approval comes under the India Semiconductor Mission's modified scheme, which
provides 50% fiscal support for capital investment in setting up semiconductor fabs. The scheme
has a total outlay of ₹76,000 crore.
• The Sanand plant by Kaynes Semicon Pvt Ltd will involve an initial investment of ₹3,300 crore.
Nitin Gadkari Urges GST Reduction on Flex-Fuel Vehicles

• Union Minister Nitin Gadkari suggested that state finance ministers consider reducing the Goods
and Services Tax (GST) on flex-fuel vehicles to 12% during the upcoming GST Council meeting.
• His remarks came during his address at the India Bio-Energy & Tech Expo organised by the
Indian Federation of Green Energy (IFGE).
• Call for Lower GST on Flex-Fuel Vehicles: Gadkari proposed reducing GST on flex-engine
vehicles, cars, and scooters to 12% to encourage the adoption of these eco-friendly alternatives.
Union Cabinet Approves ₹13,966 Crore Schemes for Agriculture and Semiconductor Sector
o The Union Cabinet approved seven schemes worth nearly ₹13,966 crore aimed at enhancing
farmer incomes through technological advancements and modernising existing agricultural
practices.
• Digital Agriculture Mission:
o Outlay: ₹2,817 crore.
o Purpose: To build Digital Public Infrastructure (DPI) for farmers, which includes:
• Other Approved Schemes:
o Crop Science for Food and Nutritional Security:
▪ Outlay: ₹3,979 crore.
▪ Focus: Research and development in plant genetics, improving food and fodder crops, pulses,
oilseeds, and commercial crops.
Cabinet Committee on Economic Affairs Approves Major Railway Projects

o The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi,
has approved three major railway projects with a total estimated cost of ₹6,456 crore.
o The projects will span seven districts across Odisha, Jharkhand, West Bengal, and
Chhattisgarh.
o They will expand the Indian Railways network by approximately 300 kilometers.
Union Cabinet Approves Expansion of Agriculture Infrastructure Fund Scheme

• The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved expanding the
Agriculture Infrastructure Fund (AIF) scheme to enhance agricultural infrastructure and support
the farming community.
• The expansion aims to make the AIF scheme more attractive, impactful, and inclusive by
broadening the scope of eligible projects and integrating supportive measures.
▪ Extension of AIF credit guarantee coverage for FPOs through NABSanrakshan Trustee
Company Pvt. Ltd., enhancing financial security and encouraging investments in agricultural
infrastructure.
Centre Plans to Increase Insurance Cover Under PMJJBY and PMSBY Schemes
o The central government is planning to increase the insurance coverage amount under its
flagship schemes—Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri
Suraksha Bima Yojana (PMSBY).
o The proposed increase will raise the coverage from the current ₹2 lakh to ₹5 lakh under both
schemes.
o The increase in coverage aligns with the government’s goal of achieving “insurance for all by
2047.”
o PMJJBY has over 200 million subscribers, while PMSBY enrolments stand at 453.6 million.
Government to Revise 2016 Guidelines on Dividend, Bonus Issues, and Share Buyback by CPSEs
o The Indian government is working to amend its 2016 guidelines regarding dividend payments,
bonus issues, and share buybacks by Central Public Sector Enterprises (CPSEs).
o The revised guidelines are expected to be issued by the finance ministry this month.
o The existing guidelines, titled ‘Capital Restructuring of Central Public Sector Enterprises
(CPSEs),’ were issued by the finance ministry in May 2016 to ensure efficient management of
government investments in CPSEs.
Samunnati to Host 4th FPO Conclave on Sustainable Agriculture in Hyderabad
o Samunnati, a prominent agri-value chain enabler, will host the 4th edition of the Farmer
Producer Organization (FPO) Conclave on September 3-4, 2024, in Hyderabad, Telangana.

o The conclave will focus on 'Sustainable Agriculture Solutions', aiming to empower small-holder
farmers and agribusinesses across over 20 states in India.
o The event will feature over 500 FPO representatives, industry experts, and policymakers who
will discuss and explore innovative, eco-friendly agricultural solutions.
Government Plans National Brand for FPO Products Amid Policy Finalization
• The Union government is finalizing a national policy for Farmer Producer Organisations (FPOs)
and is considering the creation of a national brand for products emerging from the FPO
ecosystem.
• As part of the 10,000 FPO Programme launched in 2020, approximately 9,000 FPOs have
already been formed, involving 20 lakh farmers.
• Over the next two years, the program aims to increase the FPO membership base to 50 lakh
farmers with plans to boost equity infusion to over ₹800 crore.
Defence Acquisition Council (DAC) Approves Rs 1.44 Lakh Crore for Defence Proposals to Boost
Indigenous Manufacturing
• The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, approved
the Acceptance of Necessity (AoN) for 10 capital acquisition proposals worth Rs 1,44,716 crore.
• 99% of the acquisitions will be sourced from indigenous origins under the Buy (Indian) and Buy
(Indian-Indigenously Designed Developed and Manufactured) categories.
• This decision aligns with the government’s vision of boosting local manufacturing and reducing
dependency on foreign imports.
Maharashtra CM Eknath Shinde Praises National e-Governance Award Winners
• Maharashtra Chief Minister Eknath Shinde commended the winners of the National e-
Governance Awards, referring to them as revolutionaries making lives easier for citizens across
the country.
• He announced at the inauguration of the 27th National Conference on e-Governance in Mumbai.
• Conference Theme: The theme for the two-day event is "Viksit Bharat: Secure and Sustainable
e-Service Delivery."
International Conference "Spectrum of Literacy" Chaired by Shri Sanjay Kumar Ahead of International
Literacy Day 2024
• An international conference titled “Spectrum of Literacy” was chaired by Shri Sanjay Kumar,
Secretary of the Department of School Education and Literacy (DoSEL), at the CIET, NCERT,
New Delhi.
• Organized by the Ministry of Education, this virtual event served as a prelude to International
Literacy Day 2024, which will be celebrated at Vigyan Bhawan, New Delhi.
• The conference brought together global and national experts, educators, policymakers, and
literacy advocates to discuss the evolving dimensions of literacy.
Extension of EV Subsidies and Upcoming FAME-III Program
• Union Heavy Industries Minister H.D. Kumaraswamy has announced that the third phase of the
Faster Adoption and Manufacturing of Electric (and Hybrid) Vehicles (FAME-III) will be introduced
in approximately two months.
• Objective: The new phase aims to continue providing subsidies to support India's electric vehicle
(EV) sector's growth.
Key Initiatives Launched on the Foundation Day of Indian Cyber Crime Coordination Centre (I4C)
• The first Foundation Day of the Indian Cyber Crime Coordination Centre (I4C) was held at Vigyan
Bhavan, New Delhi.
• Union Home Minister Amit Shah was the Chief Guest and launched several key initiatives for the
prevention of cybercrime
• Cyber Fraud Mitigation Centre (CFMC): Aimed at bringing banks, financial institutions, telecom
companies, ISPs, and police on a single platform to prevent cyber fraud. It focuses on identifying
the modus operandi of cybercriminals and preventing online financial crimes through cooperative
federalism in law enforcement.
Cabinet Approves Rs 14,335-Crore Scheme to Boost Electric Mobility in India
• The Indian government has taken a significant step to promote green mobility with the approval
of a new Rs 14,335-crore incentive scheme for the electric vehicle (EV) sector.
• The scheme aims to enhance electric mobility by subsidising electric two-wheelers, three-
wheelers, ambulances, trucks, buses, and charging infrastructure.
• Replacement of FAME: The new PM E-DRIVE scheme replaces the previous FAME (Faster
Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme.
• Budget Allocation: Rs 10,900 crore has been allocated for the PM E-DRIVE scheme, which will
be in effect for two years.
Rural Development Ministry Approves Road Construction Projects in Three States

• The Ministry of Rural Development, under the leadership of Minister Shivraj Singh Chouhan, has
approved a series of road construction projects across three Indian states—Madhya Pradesh,
Maharashtra, and Kerala.
• Madhya Pradesh:
o Roads Approved: 60 roads spanning a total of 152.44 km.
o Scheme: The construction in Madhya Pradesh will be carried out under the Pradhan
Mantri Janjati Adivasi Nyaya Maha Abhiyan.
o Budget Allocation: The total cost for these roads is estimated at Rs 113.58 crore.
• Maharashtra:
o Roads Approved: 117 roads with a total length of 745.286 km.
o Scheme: The roads will be constructed under the Pradhan Mantri Gram Sadak Yojana
(PMGSY).
o Budget Allocation: The estimated cost for these road projects in Maharashtra is Rs 655.66
crore.
• Kerala:
o Infrastructure Approved: 11 bridges.
o Scheme: The construction of these bridges will also be under the Pradhan Mantri Gram
Sadak Yojana (PMGSY).
o Budget Allocation: The project will be carried out at an estimated cost of Rs 55.28 crore.
Union Cabinet Approves Fourth Phase of Pradhan Mantri Gram Sadak Yojana (PMGSY)
• The Union Cabinet has approved the fourth phase of the Pradhan Mantri Gram Sadak Yojana
(PMGSY), the flagship rural roads programme, with a significant outlay of Rs 70,125 crore over
the next five years.
• This phase continues the government's commitment to enhancing rural connectivity across India.
• Total Length of Roads:62,500 kilometers of rural roads will be constructed.
• New Connectivity: This phase aims to connect 25,000 unconnected habitations.
Union Cabinet Approves Modified Scheme for Hydro Electric Projects (HEP) Infrastructure Development
• The Union Cabinet, led by Prime Minister Narendra Modi, has approved a proposal by the
Ministry of Power to modify the scheme for budgetary support for the Enabling Infrastructure for
Hydro Electric Projects (HEP).
• This initiative aims to accelerate the development of hydropower projects across India,
particularly in remote and hilly regions and is part of India's broader goal to achieve 500 GW of
renewable energy capacity by 2030.
Union Cabinet Expands Ayushman Bharat Health Coverage to All Senior Citizens Aged 70 and Above
• In a significant step towards enhancing healthcare access for the elderly, the Union Cabinet has
approved the expansion of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-
PMJAY) to cover all senior citizens aged 70 years or above.
• This move is set to benefit approximately 45 million families, encompassing around 60 million
senior citizens, providing them with free health insurance coverage of ₹5 lakh on a family basis.
India's Push for Semiconductor Manufacturing Gains Momentum with Over $15 Billion in Investments
• India is making significant strides in becoming a global hub for semiconductor manufacturing,
with the government approving investments exceeding $15 billion in the sector.
• This move aligns with Prime Minister Narendra Modi's ambitious goal to expand the country's
electronics sector to$500 billion by the end of the decade.
India Aims for Full Telecom Coverage by Mid-2025 with Expanded BSNL 4G Network Rollout
• Telecom Minister Jyotiraditya Scindia announced that 25,000 villages currently lacking telecom
and mobile internet connectivity will be connected by mid-2025 as part of India's efforts to
achieve "full saturation" in telecom coverage.
• Bharat Sanchar Nigam Limited (BSNL), the state-run telecom operator, is set to roll out its 4G
network across India with the installation of 100,000 telecom towers by mid-2025.
Union Cabinet Approves "Mission Mausam" to Enhance Weather and Climate Prediction
• The Union Cabinet, led by Prime Minister Narendra Modi, has approved"Mission Mausam" with a
significant budget of Rs 2,000 crore over the next two years.
• This ambitious initiative aims to strengthen India’s capabilities in predicting and responding to
extreme weather events and the impacts of climate change.
• Enhance India's ability to predict and manage extreme weather events, including monsoon
variability, cyclones, and other climate impacts.
India's ₹30 Trillion Renewable Energy Investment Strategy: Financial Institutions to Pledge Support
• The Ministry of New and Renewable Energy (MNRE) is actively engaging with financial
institutions, including public and private sector banks, to secure funding for India’s ambitious goal
of installing 500 GW of non-fossil fuel capacity by 2030.
• To meet the substantial funding requirements estimated at ₹30 trillion, these institutions are
being encouraged to commit a portion of their loans to renewable energy projects.
• Funding Goal:
o Total Required: ₹30 trillion
o Target Capacity: 500 GW of non-fossil fuel energy by 2030
Government to Launch Farmers' Registration for Unique ID:
o The Indian government is set to begin the registration of farmers across the country to provide them
with a unique ID similar to Aadhaar.
o Agriculture Secretary Devesh Chaturvedi announced the initiative at the Outlook Agri-Tech Summit
and Swaraj Awards.
o Guidelines for the registration process will be issued soon.
o The registration is set to begin in the first week of October.
o The target is to register five crore farmers by March next year.
o The registration initiative is a part of the government's Rs 2,817-crore Digital
PM Modi to Inaugurate Global RE-INVEST 2024 in Gujarat:

o Prime Minister Narendra Modi will inaugurate the fourth edition of the Global RE-INVEST Renewable
Energy Investors Meet and Expo.
o The event will be held at Mahatma Mandir in Gandhinagar, Gujarat, from September 16 to 18, 2024.
o Organized by the Union Ministry of New and Renewable Energy, the event aims to promote
international cooperation and innovation in the renewable energy sector.
o It serves as a platform for global investors and stakeholders to explore opportunities in the field of
renewable energy.
Information and Broadcasting Ministry organised Khel Utsav 2024
• In honor of National Sports Day 2024, coinciding with the birth anniversary of hockey legend
Major Dhyan Chand, the Ministry of Information and Broadcasting hosted the inaugural “Khel
Utsav 2024” from August 27 to August 30, 2024.
• The event was held at two prominent venues in New Delhi: Major Dhyan Chand Stadium and
Jawaharlal Nehru Stadium.
• Event Highlights
• Dates: August 27 to August 30, 2024
• Locations: Major Dhyan Chand Stadium and Jawaharlal Nehru Stadium, New Delhi
Introduction of BPaLM Regimen for MDR-TB under India's National TB Elimination Program
• In alignment with the Hon’ble Prime Minister’s vision to eliminate tuberculosis (TB) from India by
2025—five years ahead of the global Sustainable Development Goals—the Union Ministry of
Health & Family Welfare has approved the introduction of the BPaLM regimen for treating Multi-
Drug-Resistant Tuberculosis (MDR-TB).
• This novel treatment option is a significant advancement under the National TB Elimination
Program (NTEP).
Amit Shah releases documentary on Mumbai Samachar’s 200-year journey
• Event: Release of the "200 Not Out" documentary celebrating 200 years of the newspaper
Mumbai Samachar.
• Date: September 8, 2024
• Location: Mumbai, Maharashtra
• Chief Guest: Union Home Minister and Minister of Cooperation, Shri Amit Shah
• Other Dignitaries: Chief Minister of Maharashtra, Shri Eknath Shinde
India’s Pioneering Fashion Forecasting Initiative VisioNxt Launched by Textile Ministry

• The Union Ministry of Textiles has launched the VisioNxt web portal to establish India as a global
fashion leader.
• The web portal will use information technology to provide India-specific real-time trend insights
for the Indian fashion industry.
• This service is expected to benefit India's textile and apparel industry greatly.
• It will help establish India as a leader in the global fashion sector and reduce its dependence on
foreign fashion forecasting agencies.
• The VisioNxt web portal was launched by the Union Minister of Textiles, Giriraj Singh, at a
function in New Delhi on 5 September 2024.
Draft Proposal for the Green Hydrogen Certification Scheme of India

• The Ministry of New and Renewable Energy (MNRE) has released a draft proposal for India's Green
Hydrogen Certification Scheme.
• The scheme aims to enhance transparency and accountability in the green hydrogen sector.
• The Bureau of Energy Efficiency (BEE) will serve as the nodal authority.
• BEE will be responsible for accrediting agencies for monitoring, verifying, and certifying green
hydrogen projects.
Prime Minister Modi Chairs First Meeting of Governing Board of Anusandhan National Research
Foundation (ANRF)
• Prime Minister Narendra Modi chaired the first meeting of the Governing Board of the Anusandhan
National Research Foundation (ANRF) at his residence.
• The meeting focused on India's Science and Technology landscape and redesigning research and
development (R&D) programmes.
• The Governing Board decided to launch a hub and spoke programme, pairing universities with
nascent research capabilities with top-tier institutions for mentorship.
First Foundation Day Celebration of Indian Cybercrime Coordination Centre (I4C) and Launch of Key
Initiatives by Union Home Minister Amit Shah
• Union Home Minister and Minister of Cooperation, Shri Amit Shah, will address the first foundation
day celebration of the Indian Cybercrime Coordination Centre (I4C) on September 10, 2024, in New
Delhi.
• The event will focus on launching key initiatives for the prevention of cybercrime in India.
• The Cyber Fraud Mitigation Centre (CFMC) will be dedicated to the nation by Shri Amit Shah.
India’s Achievement in Financial Action Task Force (FATF) Mutual Evaluation

• India will join the Financial Action Task Force’s (FATF) top performers club on September 19,
2024.
• This significant milestone reflects India's strong commitment to curbing money laundering and
terror financing.
• India surpassed major economies like the US, China, Germany, Japan, and Canada by
maintaining higher standards in combating financial crimes.
• India received positive ratings on 37 out of 40 stringent evaluation parameters, a feat achieved
by only three G20 members – the United Kingdom, France, and Italy.
About FATF:
• Established in 1989, FATF is the global watchdog for money laundering and terrorist financing.
• It has 38 member countries and two regional bodies (European Union and Gulf Cooperation
Council), with other countries associated through nine regional groups.
• Multilateral institutions like the World Bank and the United Nations have observer status in FATF.
Union Government's plans to unveil social security plan for gig workers
• The Union government is poised to introduce a social safety net for India’s estimated 7.7 million gig
economy workers.
• This initiative may be unveiled on September 17, coinciding with the completion of 100 days of the
Narendra Modi government’s third term and the Prime Minister’s 74th birthday.
• Revenue Contribution: Aggregators might be required to contribute 1-2% of their revenue to a social
security fund.
• Benefits: The fund will likely provide health insurance and other benefits to gig workers.
Messe Muenchen India’s Major Electronics Event: electronica India & productronica India 2024
• Messe Muenchen India (MMI) is hosting its largest-ever edition of Electronica India and
Productronica India in 2024.
• This event is pivotal for the Indian electronics sector, given the significance of global value chains
(GVCs) in modern manufacturing.
• Global Trade: GVCs account for 70% of global trade.
• India’s Electronics Sector: 75% of India’s electronics exports are reliant on GVCs.
NaBFID Notified as a Public Financial Institution
• The government has designated the National Bank for Financing Infrastructure and Development
(NaBFID) as a "public financial institution" under the Companies Act, 2013.
• This move aims to strengthen the country's infrastructure finance framework and enhance
NaBFID's role in funding large-scale projects.
• The Ministry of Corporate Affairs issued a notification on September 10, 2024, in consultation
with the Reserve Bank of India (RBI), designating NaBFID as a public financial institution under
Section 2 of the Companies Act, 2013.
About NaBFID:
• Establishment: NaBFID is a specialized Development Finance Institution (DFI) set up in 2021
under The National Bank for Financing Infrastructure and Development Act, 2021.
• Objectives: Its key goals include bridging gaps in long-term non-recourse financing for
infrastructure, fostering the development of bonds and derivatives markets, and driving
sustainable economic growth.
ONDC Launches New App to Raise Awareness and Ease Shopping Experience
• The Open Network for Digital Commerce (ONDC) has launched an app named ‘ONDC Network:
How to Shop’ to raise awareness among consumers on utilising the network for shopping.
• Available on Playstore and iOS, this app is a gateway for consumers to discover and access
various shopping applications, also known as ‘buyer apps’.
• The move aligns with ONDC’s goal to achieve 0-40 million monthly transactions by the end of
FY25.
Government Aims to Boost Seafood Exports to ₹1 Trillion and Strengthen Fishery Sector
• Union Minister Rajiv Ranjan Singh announced the goal to increase annual seafood exports from
around ₹60,000 crore to ₹1 trillion.
• No specific timeline was provided for achieving this target.
• Pradhan Mantri Matsya Kisan Samridhi Sah-Yojna was launched.
• The sector supports over 30 million fishers and fish farmers.
• Fish production has risen to 17.545 million tonnes in 2023-24, up from 9.579 million tonnes in
2013-14.
PM Modi to Distribute Financial Assistance for 20 Million Rural Homes Under PMAY-Grameen
• Prime Minister Narendra Modi will initiate the release of the first instalment of central financial
assistance under the Pradhan Mantri Awas Yojana – Grameen (PMAY-G) over the coming days.
• The scheme aims to build 20 million new houses in rural areas over the next five years, in
addition to the 26 million homes already constructed in the last decade.
• The events will commence in Jharkhand on September 15, where PM Modi will distribute
approval letters to 20,000 beneficiaries.
• The functions will culminate on PM Modi's birthday, September 17, marking a significant event in
his tenure.
Commerce Minister Piyush Goyal Launches Two Portals to Enhance Digital Services and Export Credit
Insurance
• Union Commerce and Industry Minister Piyush Goyal introduced two new online portals during the
third Board of Trade meeting.
• These portals aim to ensure timely and transparent service delivery and reduce the need for physical
visits to Commerce Ministry offices.
• Jan Sunwai Portal: An online platform designed to provide information and services, including
grievance redressal.
• This portal features an on-demand videoconferencing facility for addressing trade and industry
issues. Scheduled interactions will also be available, allowing stakeholders to connect with Ministry
offices without physical visits.
PM Modi's Government Approves ₹3 Lakh Crore Infrastructure Projects in 100 Days

• The Prime Minister Narendra Modi-led government has approved infrastructure projects worth ₹3
lakh crore in the first 100 days of its third term.
• The overarching goal is to bolster connectivity, stimulate economic growth, and create job
opportunities.
• The government aims to invest ₹15 lakh crore in infrastructure to drive progress and
development, with a vision for India to become a developed nation by 2047.
• PM Modi laid the foundation stone for the Vadhvan Port project in Maharashtra’s Palghar district,
valued at ₹76,000 crore.
Union Cabinet Approves Rs 10,900 Crore for PM E-DRIVE Scheme to Boost Electric Mobility
• In a boost to green mobility, the Cabinet approved a Rs 10,900-crore incentive for promotion of
electric mobility, including 25 lakh two-wheelers, and another Rs 3,435 crore for uninterrupted
operation of more than 38,000 electric buses across cities and towns.
• PM E-DRIVE Scheme:
o Outlay: ₹10,900 crore
o Duration: 2 years (replacing the FAME scheme)
o Objective: Promote electric mobility by incentivizing electric vehicles (EVs), including two-
wheelers, three-wheelers, e-buses, e-ambulances, and e-trucks.
Spices Board launch ‘CardsApp’ to boost cardamom production

• The Spices Board India has introduced a new mobile application called ‘CardsApp’, aimed at
enhancing cardamom production.
• The launch took place during the Spices Conclave and Buyer-Seller Meet held at the Indian
Cardamom Research Institute in Myladumpara, Idukki.
• The event was inaugurated by K.G. Jagadeesha, Secretary of the Spices Board.
• The Spices Board aims to empower farmers by leveraging technological advancements like
‘CardsApp’ to boost productivity and promote sustainable growth in India’s cardamom production
industry.
India's New Criminal Laws to be Implemented Nationwide in Two Years

• The three new criminal laws will be implemented across the country in two years, said a top
government official, listing the achievements of 100 days of the NDA government.
• New Criminal Laws:
o Bharatiya Nyaya Sanhita: Replaces the Indian Penal Code (IPC) of 1860.
o Bharatiya Nagarik Suraksha Sanhita: Replaces the Code of Criminal Procedure (CrPC) of
1973.
o Bharatiya Saksha Sanhita: Replaces the Indian Evidence Act of 1872.
Prime Minister Narendra Modi Launches Six Vande Bharat Express Trains
• Prime Minister Narendra Modi inaugurated six Vande Bharat Express trains via video conference
from Ranchi.
• Bihar received four of these trains, enhancing connectivity within the state and beyond.
• Train Routes:
o Tatanagar-Patna: Covers 451 km in 7 hours and 15 minutes, excluding Mondays. Stops at
Chandil, Muri, Bokaro Steel City, Gomoh, Parasnath, Koderma, and Gaya.
o Gaya-Howrah: Semi-high-speed service with stops at Koderma, Dhanbad, Asansol, and
Durgapur.
o Varanasi-Deoghar: Connects important pilgrimage sites.
o Bhagalpur-Howrah: Provides Bhagalpur with its first direct link to Howrah, enhancing
connectivity under the Malda division of Eastern Railway.
Launch of Bharat Startup Knowledge Access Registry (BHASKAR): Commerce and Industry Minister
Piyush Goyal
• Commerce and Industry Minister Piyush Goyal launched the Bharat Startup Knowledge Access
Registry (BHASKAR) in New Delhi.
• This interactive online platform aims to centralize and enhance collaboration among key
stakeholders in the entrepreneurial ecosystem.
• Serve as a central hub for startups, investors, service providers, and government bodies to
collaborate and exchange ideas.
• Build the world's largest digital registry for stakeholders within the startup ecosystem.
Government to Cover MTNL’s Bond Interest Payment Due to Financial Shortfall
• The Department of Telecommunications (DoT) has confirmed that the government will once
again cover Mahanagar Telephone Nigam Limited’s (MTNL) upcoming interest payment on
bonds
• The government will cover Mahanagar Telephone Nigam Limited's (MTNL) bond interest
payment due to financial shortfalls.
• This marks the second consecutive instance of government support for MTNL's interest
payments.
• The first occurred in July 2023.
Statistics Ministry to Leverage AI for the Eighth Economic Census in 2025
• The Statistics Ministry plans to use Artificial Intelligence (AI) in the Eighth Economic Census
(EC), scheduled from January to December 2025.
• AI will be used to pre-fill data in survey forms, reducing errors and the time required to complete
the process.
• AI is expected to become a key tool in future government surveys, helping streamline data
collection and analysis.
Indian Government's Rs 6,000-Crore Scheme to Promote Precision Farming
• The Indian government has proposed a Rs 6,000-crore initiative to promote precision farming
through smart technologies like AI, IoT, and drones.
• The Smart Precision Horticulture Programme, under the Mission for Integrated Development of
Horticulture (MIDH), aims to revolutionise Indian agriculture with technology-driven solutions.
• Precision farming, also known as precision agriculture, leverages modern technologies such as
GPS, sensors, drones, AI, and IoT to monitor and optimize crop production.
8th India Water Week 2024: A Global Event for Inclusive Water Development and Management
• President of India, Smt. Droupadi Murmu, will inaugurate the 8th India Water Week (IWW) 2024
on 17th September in New Delhi.
• Union Minister of Jal Shakti, Shri C. R. Paatil, and Minister of State, Shri Raj Bhushan
Choudhary, will also be present.
• The event will witness participation from international water experts, Central and State
Government leaders, academics, NGOs, and civil society representatives.
• The theme of IWW 2024
The theme is “Partnerships and Cooperation for Inclusive Water Development and
Management”, emphasizing the need for cross-sectoral collaboration to achieve sustainable
water management.
ICAR-Central Institute of Fisheries Technology Designated as a Fisheries Incubation Centre

• During the 4th Anniversary Celebrations of the Pradhan Mantri Matsya Sampada Yojana
(PMMSY) in New Delhi, the ICAR-Central Institute of Fisheries Technology (ICAR-CIFT) was
officially designated as a Fisheries Incubation Centre under PMMSY.
• The announcement was made in the presence of key dignitaries, including:
• Shri Rajiv Ranjan Singh, Union Minister of Fisheries, Animal Husbandry & Dairying, and Minister
of Panchayati Raj
• Prof S. P. Singh Baghel and Shri George Kurian, Union Ministers of State for Fisheries and
related ministries.
ICAI Approves AQMM 2.0 for Enhanced Audit Quality
• The Institute of Chartered Accountants of India (ICAI) has officially approved the second version
of its Audit Quality Maturity Model (AQMM 2.0).
• This updated model will be mandatory for audit firms engaged with specific public interest
entities, including listed companies, banks, and insurance companies.
• Applicability: AQMM 2.0 will apply to audit firms auditing listed entities, banks, and insurance
companies. Co-operative and multi-state co-operative banks are excluded.
• Purpose: The AQMM 2.0 is part of a broader initiative to enhance audit quality in response to
recent corporate fraud incidents and the role of statutory auditors in detecting malpractices.
India to Host Second Edition of Global Food Regulators Summit
• India is set to host the second edition of the Global Food Regulators Summit from September 19-21,
2024, in New Delhi.
• Organized by the Food Safety and Standards Authority of India (FSSAI) under the Union Ministry of
Health and Family Welfare, the event aims to bring together international experts and regulators to
discuss critical food safety regulations.
• The summit will focus on fostering international cooperation on food safety regulations.
Enhanced Credit Guarantee for Women-Owned MSMEs Under CGTMSE Scheme

• Union Minister Jitan Ram Manjhi announced a significant policy change that will benefit women-
owned micro and small enterprises (MSMEs) by providing enhanced credit guarantee coverage
under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme.
• This adjustment was approved by the CGTMSE Board.
• Enhanced Credit Guarantee Coverage:
o New Coverage: 90%
o Previous Coverage: 85%
o Beneficiaries: Expected to impact 27 lakh women-led MSMEs.
Union Cabinet Approves National Centre of Excellence (NCoE) for AVGC-XR in Mumbai
• The Union Cabinet has approved the establishment of the National Centre of Excellence (NCoE)
for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) in Mumbai.
• This project aims to promote India's AVGC sector and position the country as a global content
hub.
• The centre will be formed as a Section 8 Company under the Companies Act, 2013.
• The Federation of Indian Chambers of Commerce & Industry (FICCI) and the Confederation of
Indian Industry (CII) will partner with the Government of India for this initiative.
Union Cabinet Approves One Nation One Election Proposal

• The Union Cabinet has taken a significant step towards implementing One Nation One Election by
clearing the proposal for simultaneous elections to the Lok Sabha and state Assemblies.
• This development follows the recommendations of a high-level committee chaired by former
president Ram Nath Kovind, whose report was presented to the Cabinet.
Amit Shah to Launch Key Dairy Sector Initiatives, Including White Revolution 2.0
• Union Cooperation Minister Amit Shah is set to unveil three significant initiatives to transform the
Indian dairy sector.
• These include White Revolution 2.0, and measures to improve financial access for dairy farmers
through micro-ATMs and Rupay-Kisan Credit Cards.
• NDDB will initially fund the White Revolution 2.0, with further support expected from the National
Programme for Dairy Development 2.0.
• Additionally, the government has signed MoUs for related projects such as organic produce
procurement and maize hybrid development for ethanol production.
Union Cabinet Approves Pradhan Mantri Janjatiya Unnat Gram Abhiyan for Tribal Upliftment
• The Union Cabinet has given the green light to the Pradhan Mantri Janjatiya Unnat Gram
Abhiyan, a scheme aimed at improving the socio-economic conditions of tribal communities in
India.
• This initiative will cover approximately 63,000 villages across tribal-majority areas and aspirational
districts, benefiting over 5 crore tribal people.
Total Outlay and Funding:
• Total Outlay: ₹79,156 crore.
• Central Share: ₹56,333 crore.
• State Share: ₹22,823 crore.
Union Cabinet approves Rs. 35,000 crore continuation of PM-AASHA schemes to support farmers and
control price volatility
• The Union Cabinet has approved the continuation of the Pradhan Mantri Annadata Aay
Sanrakshan Abhiyan (PM-AASHA) scheme, with a financial allocation of ₹35,000 crore for the
15th Finance Commission cycle, which extends until 2025-26.
• The scheme now consolidates the Price Support Scheme (PSS) and the Price Stabilization Fund
(PSF), along with other components, to create a unified program for better price stabilization and
farmer support.
Union Cabinet Approves Chandrayaan-4 and Venus Orbiter Mission (VOM)

• The Union Cabinet cleared the new moon mission Chandrayaan-4 and approved the
development of the Venus Orbiter Mission (VOM) as part of the government’s vision to explore
and study the Earth’s closest planet.
o Objective: To develop and demonstrate technologies for a lunar return mission, including landing
on the moon, collecting lunar samples, and returning them to Earth.
o Cost: Rs 2,104.06 crore.
Government Approves ₹24,474.53 Crore Subsidy for Phosphatic and Potassic (P&K) Fertilizers for Rabi
2024-25
• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved a subsidy of ₹24,474.53
crore on Phosphatic and Potassic (P&K) fertilisers for the Rabi season 2024-25 (October 2024 to
March 2025).
• This decision ensures the availability of fertilisers at affordable and subsidized prices to farmers.
• The subsidy falls under the Nutrient Based Subsidy (NBS) scheme, operational since April 1,
2010.
Ministry of Labour & Employment Directs Registration of Gig Workers on e-Shram Portal
• In a significant step toward ensuring social security for gig and platform workers, the Ministry of
Labour & Employment (MoLE) has directed platform aggregators to register their workers on the
e-Shram portal.
• This initiative aims to provide essential social security protections tailored to the unique needs of
this workforce.
• Union Labour Minister Mansukh Mandaviya has set a target for onboarding workers on the e-
Shram portal within the next three months. This registration is vital for accessing various
government benefits.
First Anniversary of PM Vishwakarma Scheme:
● The Ministry of Skill Development and Entrepreneurship (MSDE) will be celebrating the 1st
Anniversary of the PM Vishwakarma Scheme on September 20, 2024.
● The scheme, launched by Prime Minister Narendra Modi on September 17, 2023, focuses on
enhancing traditional artisans' skills (Vishwakarmas) by providing them with modern tools,
techniques, and credit support for expanding their businesses.
● The ultimate goal is to bring Samman (respect), Samarthya (capability), and Samriddhi
(prosperity) to the Vishwakarmas.
● Objective: To instil a culture of disciplined saving and secure long-term financial stability for
minors.
● Target Audience: Minors up to the age of 18.
● Administration: Regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
● Minimum Investment: ₹1,000 per month with no upper limit.
Prime Minister Narendra Modi's Upcoming Visit for the Quad Summit:
● Prime Minister Narendra Modi is set to attend the Quad Leaders’ Summit in Wilmington,
Delaware, from September 21 to 23, 2024.
● The visit underscores critical themes such as the development of the Indo-Pacific region and the
pursuit of sustainable development goals, as stated by Foreign Secretary Vikram Misri.
● India and the US will sign two agreements during the bilateral meeting between PM Modi and
President Joe Biden on the sidelines of the summit.
● The agenda includes a review of the Comprehensive Global Strategic Partnership and
discussions on the Indo-Pacific Economic Framework (IPEF) and the India-US Drug Framework.
● After the Quad Summit, PM Modi will attend the Summit of the Future at the United Nations,
themed ‘Multilateral Solutions for a Better Tomorrow’. India will advocate for inclusive and
equitable sustainable development, focusing on the Global South's aspirations.
Launch of Expanded Ayushman Bharat-PMJAY and U-Win Portal
● Prime Minister Narendra Modi is set to officially launch the expanded Ayushman Bharat-Pradhan
Mantri Jan Arogya Yojana (AB-PMJAY) scheme and the vaccination tracking portal U-Win, as
announced by Health Minister J.P. Nadda.
● AB-PMJAY Expansion:
o The scheme will benefit approximately 60 million eligible citizens aged 70 and above across
45 million families.
o It has been expanded to cover all senior citizens aged 70 and above, with no income cap.
o Provides a cashless and paperless benefit of Rs 5 lakh per annum per family for
hospitalization in empanelled hospitals across India.
● Current Coverage:
o Over 354 million citizens have been covered under the scheme, receiving PMJAY cards for
health insurance.
● U-Win Portal:
o The U-Win vaccination management portal is currently operational on a pilot basis, with 64.6
million beneficiaries registered.
o The expanded AB-PMJAY will be implemented in October 2024.
Government Advisory on Tobacco-Free Educational Institutions
● In a significant initiative to curb tobacco use among youth, the Secretaries of the Union Ministry
of Education and the Ministry of Health & Family Welfare have jointly issued an advisory to all
States and Union Territories.
● This advisory calls for the rigorous implementation of the Tobacco-Free Educational Institution
(ToFEI) manual, under the Cigarettes and Other Tobacco Products Act (COTPA), 2003.
● Focus on Youth: It highlights alarming statistics from the Global Youth Tobacco Survey (GYTS)
2019, revealing that 8.5% of school students aged 13 to 15 in India consume tobacco. Notably,
over 5,500 children start using tobacco daily, and 55% of lifelong users initiate the habit before
the age of 20.
.
Integration of EPFO and e-Shram Databases to Track Workforce Formalisation
● The Union Labour Ministry is set to integrate the databases of the e-Shram portal and the
Employees Provident Fund Organisation (EPFO) to monitor better and understand the trends in
workforce formalisation.
● This move is a crucial step in tracking the transition of workers from the unorganised sector to the
formal sector and vice versa.
● By linking these databases, the government aims to collect real-time data that will assist in the
design of more targeted welfare policies.
● Objective: To observe real-time movements between the unorganised and formal sectors and to
shape welfare policies accordingly.
● The e-Shram database, which includes 300 million unorganised workers, is being integrated with
various central and state welfare schemes.
● Ten central schemes have already been integrated, including:
o PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi)
o Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)
o Pradhan Mantri Awas Yojana (PMAY) Gramin and Urban
o National Career Service portal
o Pradhan Mantri Shram Yogi Maandhan
o National Disability and Widow Pension Schemes
o PM Matisya Sampada Yojana (PMMSY)
o Skill India Digital Hub (SIDH)
Monthly Labour Force Surveys (PLFS) to be Launched by MoSPI from January
● In response to the increasing demand for more frequent labour market data, the Ministry of Statistics
and Programme Implementation (MoSPI) will introduce monthly Periodic Labour Force Surveys
(PLFS) for both rural and urban areas starting January 2025.
● This development aims to provide more timely and frequent insights into the labour force across
India.
● The PLFS was launched in April 2017 by the NSSO under MoSPI to provide details on labour force
indicators such as Labour Force Participation Rate (LFPR), Worker Population Ratio (WPR), and
Unemployment Rate (UR).
● Currently, PLFS rural data is released annually, while urban PLFS data is released quarterly with an
annual report
India Announces $7.5 Million Support Package for Cervical Cancer
● During the Quad Cancer Moonshot event, Prime Minister Narendra Modi announced a $7.5 million
support package for sampling kits, detection kits, and vaccines to aid countries in their fight against
cervical cancer.
● This announcement was made at the Quad Leaders’ Summit in Wilmington, Delaware, hosted by
U.S. President Joe Biden.
Key Highlights:
1. Support Package Details:
o $7.5 million allocated for sampling kits, detection kits, and vaccines.
o Emphasis on India’s experience and expertise in cancer care.
2. The U.S. Embassy in New Delhi facilitated the inaugural U.S.-India Cancer Moonshot Dialogue,
focusing on enhancing biomedical research cooperation and developing global health solutions.
Mumbai's Road Network Transformation: A ₹58,000 Crore Ring Road Project
● The Mumbai Metropolitan Region Development Authority (MMRDA) has initiated a transformative
plan to enhance Mumbai's road network through a ₹58,000 crore project that aims to construct a
series of ring roads.
● This initiative is designed to alleviate the city’s notorious traffic congestion and improve travel times,
ultimately reshaping Mumbai's transport landscape over the next five years.
● Construction of over 90 kilometres of new roads, bridges, and tunnels to create a comprehensive
network around Mumbai.
● The project involves collaboration between MMRDA, Brihanmumbai Municipal Corporation (BMC),
Maharashtra State Road Development Corporation (MSRDC), and National Highways Authority of
India (NHAI).
● Key Projects Included:
o Versova-Bandra Sea Link
o Versova-Dahisar and Mira Bhayander-Dahisar Link Road

o Alibaug-Virar Multi Modal Corridor
o Vadodara-Mumbai Expressway
Cabinet Approves Centrally Sponsored Wildlife Conservation Scheme
● The Cabinet, during its meeting, approved a significant centrally sponsored scheme focused on
wildlife conservation, as announced by the Environment Ministry.
● This initiative includes critical components like Project Tiger, Project Elephant, and Development of
Wildlife Habitat.
Key Components of the Scheme:
● Project Tiger: ₹1,575 crore allocated
● Project Elephant: ₹182.58 crore allocated
● Development of Wildlife Habitat: ₹845.4 crore allocated
Objectives:
● To boost technological interventions in wildlife habitats over the current and next financial year.
● To ensure the dual growth of economy and ecology, emphasizing government commitment to
wildlife conservation.
ANIMATE 2024: Fostering Creativity Through 2D Animation Hackathon
● ANIMATE 2024, a 2D animation hackathon organised by FOSSEE, IIT Bombay, in partnership with
Whistling Woods International, concluded with an award ceremony at the Whistling Woods campus.
● Participants from across the country, including rural areas, participated in the hackathon.
● Organizer: FOSSEE, IIT Bombay in collaboration with Whistling Woods International
● Concluded on: September 20, 2024
● Location: Whistling Woods Campus, Mumbai
Key Highlights:
● Theme: "Celebrating India's Innovation"
● Participation: Over 5,000 students from across India, including rural areas, took part in the 2D
animation hackathon.
Prime Minister Address at the UN Summit of the Future
● Prime Minister Narendra Modi is set to address the UN Summit of the Future in New York, marking
the final day of his three-day visit to the U.S.
● This comes a day after the UN General Assembly approved a 42-page plan to address global issues
like climate change, AI, war, inequality, and poverty.
Summit Highlights:
● Theme: “Multilateral Solutions for a Better Tomorrow”
● Key Attendees: World leaders such as Iran’s Masoud Pezeshkian, Ukraine’s Volodymyr
Zelenskyy, U.S. Secretary of State Antony Blinken, and Russian Deputy Foreign Minister Sergey
Vershinin.
MGNREGS Allocation for FY25: Current Status and Future Outlook
● The national rural job guarantee scheme that gives millions of the poorest Indians employment is
unlikely to see a higher allocation in FY25, citing government hopes of improving the rural economy
this year on the back of better rains.
● Scheme: Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)
● Purpose: Provides guaranteed wage employment for the poorest households in rural India.
Key Points:
● Current Allocation: The budget for FY25 allocates ₹86,000 crore for MGNREGS.
Employment Trends:
● Current Data (April 1 - September 23, 2024):
o Average days of employment per household: 33.93 days (compared to 52.08 days in
FY24).
o Total households employed under MGNREGS: 44.3 million (compared to 60 million in
FY24).
India's 100-Day Power Plan: Thermal Capacity Expansion and Future Energy Goals
● A total of 12.8 GW of thermal power capacity has been awarded during the first 100 days of the
new National Democratic Alliance (NDA), according to Pankaj Agarwal, secretary to the Union
Ministry of power.
● Thermal Power Capacity Expansion:
o A total of 12.8 GW of new thermal power capacity has been awarded for construction
within the first 100 days of the new National Democratic Alliance (NDA) government.
o 28.4 GW of the targeted 80 GW additional capacity by FY32 is already under construction.
● Future Targets:
o The government is committed to adding 80,000 MW of power capacity, with 28,400 MW
already under construction and 12,800 MW awarded recently.
o The plan, to be launched soon, will outline a strategy to meet a peak power demand of
425 GW by 2030 and 458 GW by 2032.
o The transmission network will need to expand from 4.85 lakh circuit kilometers (ckm) in
2024 to 6.48 lakh ckm by 2032.
● Financial Commitment:
o The cost of implementing the National Electricity Plan is estimated at Rs 9.15 lakh crore.
This will help meet rising electricity demand and integrate renewable energy and green
hydrogen into the grid.
President Droupadi Murmu to Inaugurate the 16th ASOSAI Assembly in New Delhi
● President Droupadi Murmu will inaugurate the 16th Assembly of the Asian Organization of Supreme
Audit Institutions (ASOSAI) in New Delhi.
● The assembly will focus on the evolving role of Supreme Audit Institutions (SAIs) in promoting
transparency and accountability.
1. Chairmanship of ASOSAI:
o Girish Chandra Murmu, the Comptroller and Auditor General (CAG) of India, will assume
the ASOSAI chair for the term 2024-2027.
o His leadership is expected to drive advancements in public auditing and strengthen
governance frameworks across Asia.
o The assembly, hosted by the CAG of India, will be held from September 24-27, 2024, with
over 200 delegates from 42 countries and international organizations participating.
1. A one-day symposium will address the theme: “Digital Public Infrastructure and
Gender Divide – Issues of Inclusion and Accessibility”, exploring how technology
can reduce gender disparities in accessing public services.
o Historical Significance of ASOSAI:
1. ASOSAI was founded in 1979 with 11 member institutions and has grown to include
48 Supreme Audit Institutions (SAIs).
2. ASOSAI is a regional group within the International Organization of Supreme Audit
Institutions (INTOSAI).
3. The first ASOSAI Assembly took place in New Delhi in May 1979; this year's event
continues the legacy.
FCRA Licence Cancellation of International Cooperative Alliance and Related NGOs
● The Union Home Ministry has cancelled the FCRA licence of the International Cooperative Alliance
(ICA) due to alleged violations of rules.
● ICA, established in 1895, represents over 1 billion members worldwide in the cooperative sector.
● 10 foreign donors from Australia, America, and Europe working in fields like climate change,
environment, and child rights have been placed on the MHA's watchlist.
● The Reserve Bank of India (RBI) instructed banks to seek MHA permission before clearing funds
from these donors.
FCRA Amendment Act, 2020
Key Amendments:
1. Public Servants Restriction:
o Public servants are prohibited from receiving foreign contributions.
2. Designated Accounts:
o All foreign contributions must be deposited in designated State Bank of India accounts in
New Delhi.
3. Administrative Expenses Cap:
o NGOs' administrative expenses must not exceed 20% of total foreign funds (previously
50%).
India Joins US-Led Minerals Security Finance Network to Strengthen Critical Mineral Supply Chains
● India has joined the Minerals Security Finance Network initiated by the United States.
● The network promotes cooperation, information exchange, and co-financing among participating
institutions from the Indo-Pacific and Europe.
Objective of the Network:
o It aims to advance secure, diverse, and sustainable supply chains for critical minerals essential
to global industries.
o The network is a part of the Minerals Security Partnership, which was established in 2022 with
13 countries and the European Commission.
Delhi Government Plans to Extend EV Policy Till March 2025
● Delhi’s Electric Vehicle (EV) policy is set to be extended until March 2025 as directed by Transport
Minister Kailash Gahlot.
● The proposal will be submitted for Cabinet approval, ensuring the continuation of subsidies and
perks like road tax exemption for EV buyers.
● Development of EV Policy 2.0:
o A new version, EV Policy 2.0, is currently being drafted and is expected to be finalized within
2-3 months.
o The existing policy, initially set to expire in August 2023, has already been extended and will
remain active to avoid disruption for EV buyers.
Ship-Building and Repair Clusters in Five States, Major Maritime Developments Announced
● The Ministry of Ports, Shipping and Waterways (MoPSW) announced the establishment of ship-
building and repair clusters in five states: Gujarat, Andhra Pradesh, Maharashtra, Kerala, and
Odisha.
● These clusters aim to enhance the strategic importance of India's shipbuilding and ship repair
industry.
Container Handling Projections:
o Over the next five years, container handling capacity across Indian ports is expected to reach
40 million TEUs (Twenty-foot Equivalent Units).
o This expansion is projected to create 2 million job opportunities.
o Jawaharlal Nehru Port Authority (JNPA) will increase its capacity from 6.6 million TEUs to 10
million TEUs, becoming the first Indian port to reach this milestone.
Prime Minister Narendra Modi's Visit to Pune, Maharashtra
● Prime Minister Narendra Modi visit Pune in Maharashtra.
● He will inaugurate, lay the foundation stone, and dedicate to the nation various projects worth over
22 thousand 600 crore rupees
Ministry of Textiles introduces Quality Control Order for Medical Textiles to enhance Public Health and
Safety
● The Ministry of Textiles has announced the Medical Textiles (Quality Control) Order, 2023, which will
come into effect on October 1, 2024.
● This landmark initiative aims to establish stringent quality standards for critical medical textile
products.
Prime Minister Narendra Modi unveiled three advanced supercomputers named Param Rudra
● Prime Minister Narendra Modi unveiled three advanced supercomputers named Param Rudra as
part of India's National Supercomputing Mission.
Government to Launch Digital Portal for Unclaimed Shares and Dividends by 2025
● To expedite the refund process for unclaimed shares and dividends, the government is developing
an integrated digital portal, expected to be operational by early 2025.
● This initiative aims to simplify searching for and claiming lost shares, improving efficiency and
accessibility for rightful claimants.
Launch of India-Specific Fashion Initiatives: "Paridhi 24×25" and VisioNxt
● Union Minister of Textiles, Shri Giriraj Singh, and Union Minister of State for External Affairs &
Textiles, Pabitra Margherita, launched several significant initiatives to enhance India’s fashion and
textile sectors, including:
● "Paridhi 24×25" Fashion Trend Book
● VisioNxt Bilingual Web Portal
● AI Taxonomy E-Book
● The event attracted over 150 industry leaders from fashion, textiles, and retail, along with
prominent craftsmen and weavers.
Government’s Borrowing Plan for H2 FY 2024-25
● The central government has set a borrowing target of Rs 6.61 lakh crore for the second half (H2) of
the financial year 2024-25.
● This borrowing strategy aims to address revenue gaps and stimulate economic growth.
Ministry of Tourism Announces Winners of the Best Tourism Villages Competition 2024
● On 27th September 2024, in celebration of World Tourism Day, the Ministry of Tourism,
Government of India revealed the Best Tourism Villages Competition 2024 winners.
● Launched in 2023, this competition highlights villages that exemplify cultural and natural
preservation, community-based values, and sustainability.
Inauguration of Oxygen Bird Park (Amrit Mahotsav Park) by Union Minister Nitin Gadkari
● Union Minister for Road, Transport and Highways, Shri Nitin Gadkari, is set to inaugurate the
Oxygen Bird Park (Amrit Mahotsav Park) located on the Nagpur-Hyderabad National Highway 44
in Nagpur, Maharashtra.
● Area: Total area of 8.23 hectares, with 2.5 hectares dedicated to social forestry.
● Initiative by: National Highway Authority of India (NHAI), situated at Jamtha Clover Leaf along the
Nagpur-Hyderabad Highway.
Union Textiles Minister Shri Giriraj Singh says the roadmap set for the textiles industry to grow to
US$350 bn by 2030
● India aims to grow its textile industry to $350 billion by 2030, up from approximately $164 billion
currently, with an expected creation of 4.5 to 6 crore jobs.
● Textile Minister Giriraj Singh made this announcement during the ministry’s 100-day program.
57th Executive Committee Meeting of NMCG approves Projects worth ₹1,062 Crore
● The 57th Executive Committee (EC) meeting of the National Mission for Clean Ganga (NMCG),
chaired by Shri Rajeev Kumar Mital, approved various projects totalling ₹1,062 crore aimed at
conserving and cleaning the Ganga River, alongside initiatives for Mahakumbh 2025.
Key Approved Projects
1. Katihar, Bihar
o Project Cost: ₹350 crore
o Focus: Improvement of drainage and sewage management.
o Components:
▪ 35 MLD STP in Rojitpur with structures to tap four drains.
▪ 20.5 MLD STP in Sharifganj, tapping five drains.
o Model: DBOT (Design, Build, Operate, and Transfer) with a 15-year operation and
maintenance commitment.
2. Aligarh, Uttar Pradesh
o Project Cost: ₹488 crore
o Focus: Interception, diversion, and sewage treatment.
o Components:
▪ Two STPs: 65 MLD and 48 MLD capacities.
▪ 30 KLD septage co-treatment facility.
▪ Three interception and diversion structures.
o Timeline: Completion within 24 months, with 15 years of operation and
maintenance.
3. Supaul, Bihar
o Project Cost: ₹76.69 crore
o Focus: Construction of STPs and diversion structures
Government's Initiative on PLI Scheme for Speciality Steel
● The Indian government is planning a second round of the Production-Linked Incentive (PLI)
scheme for speciality steel, as the initial response to the first round did not meet expectations.
● This announcement was made by Steel Secretary Sandeep Poundrik during the CII Steel
Summit 2024 in New Delhi.
Indian Economy To Grow At 6.5-7 Percent In FY 2024-25: CEA Nageswaran
● Chief Economic Advisor (CEA) V. Anantha Nageswaran estimates the Indian economy will grow
at 6.5-7% in the current financial year on a steady-state basis.
● The nominal growth rate, which accounts for inflation, is expected to be around 11%.
● Real GDP Growth: Expected at 6.5-7% for the current financial year.
INTERNATIONAL NEWS
2nd Joint Russian-Indian Commission Meeting on Emergency Management Held in Moscow
• The Second Meeting of the Joint Russian- Indian Commission on the Cooperation in the Field of
Emergency Management was held in Moscow, Russia.
• Shri Nityanand Rai, Minister of State for Home Affairs, India is leading the Indian delegation.
• The working plan of the Joint Russian-Indian Commission on Cooperation in the Field of
Emergency Management for 2025-2026 was signed by Mr. Rai and Minister of the Russian
Federation for Civil Defence, Emergencies, and Elimination of Consequences of Natural
Disasters, Kurenkov Aleksandr Vyacheslavovich.
About Russia :
• President : Vladimir Putin
• Prime Minister : Mikhail Mishustin
• Capital : Moscow
• Currency : Ruble
World Health Organization Designates Monkeypox a Global Public Health Emergency

• The World Health Organization (WHO) has declared monkeypox, which has badly affected the
Democratic Republic of the Congo (DRC) and a growing number of countries in Africa, to be a
public health emergency of international concern.
• This is the second time the viral infection has been designated such.
About WHO :
• Formation : 7 April 1948
• The WHO is a specialized agency of the United Nations responsible for international public
health.
India and Poland Elevate Bilateral Ties to 'Strategic Partnership' During PM Modi's Historic Visit,
Announce 5-Year Implementation Program
• During Prime Minister (PM) Narendra Modi’s visit to Poland, India and Poland elevated their
bilateral relationship to a "strategic partnership" and announced a five-year Action Plan for 2024-
2028.
• Both countries will maintain regular contacts between their foreign ministers, utilizing both
bilateral and multilateral fora for interactions.
• Multilateral Cooperation: India and Poland will support each other's aspirations on a case-by-
case basis to enhance multilateral cooperation, aligning with the spirit of the United Nations
Charter.
About Poland :
• President : Andrzej Sebastian Duda
• Prime Minister : Donald Tusk
• Capital and largest city : Warsaw
• Currency : Zloty
United States, European Union, and United Kingdom to Sign 1st International Artificial Intelligence
Treaty with Legal Binding
• The Council of Europe Framework Convention on Artificial Intelligence and Human Rights,
Democracy, and the Rule of Law is the first international treaty establishing legal rules for AI
technology development and use.
• The treaty ensures that AI systems respect human rights and democratic values.
• The treaty was opened for signature at a Council of Europe justice ministers' conference in
Vilnius, Lithuania.
• Initial signatories include major global players: the United States (US), European Union (EU),
United Kingdom (UK), and other countries like Andorra, Georgia, Iceland, Norway, Moldova, San
Marino, and Israel.
About US :
• President : Joe Biden
• Capital : Washington, D.C
• Currency : U.S. dollar
About EU :
• President of the European Council : Charles Michel
• President of the Commission : Ursula von der Leyen

• Membership : 27 Members
About UK :
• Prime Minister : Keir Starmer
• Capital : London
• Currency : Pound sterling
2024 Edition of the Chief Science Advisers’ Roundtable (CSAR) to Be Held at UNESCO Headquarters
in Paris, France
• The 2024 Edition of the Chief Science Advisers’ Roundtable (CSAR) is scheduled to be
organised at the headquarters of the United Nations Educational, Scientific and Cultural
Organization (UNESCO) in Paris, France.
• This roundtable is co-organised by the Office of Principal Scientific Adviser to the Indian
Government and the Natural Sciences Sector of UNESCO.
• CSAR was conceptualised and launched as a Sherpa-track initiative during the Indian G20
Presidency last year.
About UNESCO :
• Founded: 16 November 194
• Director General : Audrey Azoulay
• UNESCO is a specialised agency of the United Nations aimed at promoting world peace and
security through international cooperation in education, arts, sciences and culture.
External Affairs Minister S. Jaishankar to Participate in Inaugural India-Gulf Cooperation Council
Foreign Ministers’ Meeting in Riyadh
• External Affairs Minister S. Jaishankar attended the first India-Gulf Cooperation Council (GCC)
Foreign Ministers' Meeting in Riyadh on September 08 & 09, 2024 to strengthen ties between
India and the Gulf nations.
• The meeting will focus on enhancing cooperation in various sectors, including trade, investment,
and energy.
• India-GCC Trade:The total trade volume between India and GCC countries stood at USD 184.46
billion in FY 2022-23, highlighting the economic significance of the partnership.
About GCC :
• Established in 1981, the GCC promotes economic, security, cultural and social cooperation
between the six states.
• The GCC is an influential grouping comprising the United Arab Emirates, Bahrain, Saudi Arabia,
Oman, Qatar and Kuwait.
• It holds a summit every year to discuss cooperation and regional affairs.
Mexico Becomes the 1st Country to Approve Popular Election of Judges
• Mexico became the first country to allow voters to elect judges at all levels.
• The reform was driven by outgoing President Andrés Manuel López Obrador, who criticised the
judiciary for favouring political and economic elites.
• Constitutional Amendment: The reform was passed with 86 votes in favour and 41 against,
surpassing the two-thirds majority required to amend the constitution.
About Mexico :
• Capital : Mexico City
• Currency : Mexican peso
International Cooperative Alliance (ICA) General Assembly and Global Cooperative Conference 2024
Set for November 25-30, 2024 in New Delhi
• The International Cooperative Alliance (ICA) General Assembly and the Global Cooperative
Conference 2024 are scheduled to take place from November 25th to November 30th, 2024, at
Bharat Mandapam, Pragati Maidan, New Delhi.
• The theme for this year’s conference is “Cooperatives Build Prosperity for All,” which is in line
with Prime Minister Shri Narendra Modi’s vision of ‘Sahkar se Samriddhi’.
• The conference will mark the official launch of the UN International Year of Cooperatives – 2025.
• A commemorative stamp celebrating the International Year of Cooperatives – 2025 will be
unveiled during the event.
About ICA :
• Headquarters : Brussels, Belgium
• President : Ariel Guarco
• Director General : Jeroen Douglas
World Health Organisation approves first mpox vaccine to strengthen response efforts in Africa
• The World Health Organization (WHO) granted its first authorisation for a mpox vaccine for use in
adults, marking a critical step in combating the disease, particularly in Africa.
• The vaccine is produced by Bavarian Nordic A/S, and its pre-qualification allows global health
agencies like GAVI and UNICEF to purchase it.
• Current Situation: The Africa Centre for Disease Control and Prevention (Africa CDC) reported
that nearly 70% of mpox cases in Congo, the country most affected, are among children under
15 years old, who also account for 85% of deaths.
About WHO :
Former United States President Donald Trump Unveils Cryptocurrency Venture 'World Liberty Financial'
● Former President Donald Trump launched a new cryptocurrency venture called World Liberty
Financial just 50 days before Election Day.
● World Liberty Financial is designed to be a crypto banking service that allows users to borrow,
lend, and invest in digital currencies.
● World Liberty Financial is Donald Trump's new cryptocurrency venture, aiming to offer
decentralized finance (DeFi) services.
55th International Film Festival of India (IFFI) 2024 to Take Place in Goa from November 20-28, 2024
● The 55th International Film Festival of India (IFFI) 2024 is slated to be held in Goa from 20th to
28th November 2024.
● The Ministry of Information and Broadcasting has instituted a new section as part of IFFI, 2024
for the Indian young filmmaker called "Best Debut Indian Film Section 2024".
● Best Debut Indian Film Section 2024 will focus on Indian debut films, which will showcase a
diverse range of narratives and cinematic styles from across the country.
Ukraine, Gaza, key pacts on agenda during Indian Prime Minister’s US visit
Quad Initiatives
• Discussions on peace and stability in the Indo-Pacific.
• Reform of global governance structures.
• Addressing pressing conflicts in Ukraine and Gaza.
• September 21: Participation in the Quad Summit in Wilmington, Delaware, with President Biden,
Australian PM Anthony Albanese, and Japan's PM Fumio Kishida.
• September 22: Interaction with the Indian diaspora at Long Island.
• September 23: Participation in the Summit of the Future at the UN General Assembly, along with
bilateral meetings and a roundtable with CEOs of American firms.
Cambodia’s Angkor Wat, the most photogenic UNESCO World Heritage site in Asia
• Cambodian Prime Minister Hun Manet announced that Angkor Wat has been recognized as the
most photogenic UNESCO World Heritage site in Asia by Times Travel.
Top Photogenic UNESCO Sites in Asia
• Angkor Wat (Cambodia)
• Taj Mahal (India)
• Great Wall (China)
• Bagan (Myanmar)
• Borobudur (Indonesia)
• Halong Bay (Vietnam)
• Kyoto’s Historical Monuments (Japan)
• Petra (Jordan)
• Rice Terraces of the Philippines Cordilleras
• Hampi (India)
Jordan becomes first country to eliminate leprosy, receives WHO verification

• The World Health Organization (WHO) has congratulated Jordan for becoming the first country in
the world to be officially verified as having eliminated leprosy.
• This achievement represents a major milestone in global public health efforts.
• WHO Director-General Tedros Adhanom Ghebreyesus praised Jordan, saying the country has
successfully stopped the transmission of leprosy, freeing individuals and communities from the
disease's suffering and stigma.
About World Health Organization (WHO):
• Founded: 7 April 1948
• Director-General: Tedros Adhanom Ghebreyesus
• Deputy Director-General: Michael Ryan
European Union proposes €35 billion loan for Ukraine, secured by Russian assets
● European Commission President Ursula von der Leyen announced a €35 billion loan to Ukraine,
backed by profits from immobilized Russian central bank assets.
● The plan was revealed after a meeting with Ukrainian President Volodymyr Zelenskyy in Kyiv.
● Broader Financial Package:This loan is part of a larger $50 billion support package developed in
coordination with the U.S. and G7 countries.
● Use of Russian Assets:The repayments for the loan will come from the profits of $280 billion in
frozen Russian Central Bank funds, mostly held in Europe.
About European Commission :
● Established :16 January 1958
● President : Ursula von der Leyen
● Member States : 27
About Ukraine :
● President : Volodymyr Zelenskyy
● Prime Minister : Denys Shmyhal
● Capital : Kyiv
● Currency : Hryvnia
France Commits Comprehensive Support for Nuclear Submarines, Jet Engines, and Underwater
Drones to India
● The India-France strategic defence partnership is poised for significant advancements,
particularly in the construction of nuclear attack submarines and the transfer of technology for
aircraft engines and underwater drones.
● Discussions between Indian National Security Advisor Ajit Doval and French diplomatic advisor
Emmanuel Bonne will take place in Paris from September 30 to October 1, 2024.
● France is prepared to offer a 100% transfer of technology for 110 kilo-Newton thrust aircraft
engines and advanced underwater drones to India.
● This meeting marks the first bilateral strategic engagement following French President
Emmanuel Macron's visit to India in January 2024.
About France :
● President : Emmanuel Macron
● Prime Minister : Michel Barnier
● Capital : Paris
● Currency : Euro
India and South Korea Engage in Talks to Enhance Trade Agreement and Boost Investments
● India and South Korea discussed addressing non-tariff barriers affecting Indian exporters in the
Korean market to promote more balanced trade.
● The meeting involved discussions on upgrading the existing Comprehensive Economic
Partnership Agreement (CEPA), originally signed in 2009 and effective from 2010.
● The meeting was held at Vientiane in Laos on the sidelines of the ASEAN-India Economic
Ministers’ meeting and the East Asia Summit Economic Ministers’ Meeting.
About South Korea :
● President : Yoon Suk Yeol
● Prime Minister : Han Duck-soo
● Capital : Seoul
● Currency : Korean Republic won
Prime Minister Shri Narendra Modi Presents US President Mr. Joe Biden with Antique Silver Hand-
Engraved Train Model
● Prime Minister Shri Narendra Modi presented gifts to United States (US) President Mr Joe Biden
and First Lady Jill Biden, symbolizing India's rich cultural heritage.
● President Biden received an antique silver, hand-engraved train model with "Delhi-Delaware"
inscribed on the main carriage, signifying strong India-US ties.
● First Lady Jill Biden was gifted a Pashmina shawl in an intricately designed Papier Mache box.
About Antique Silver Train Model:
● Crafted by artisans from Maharashtra, known for its heritage in silver craftsmanship.
● Made of 92.5% silver with intricate detailing achieved through techniques like engraving,
repousse, and filigree work.
● Inscribed with "Delhi-Delaware" on the carriage and "Indian Railways" on the engine in both
English and Hindi, reflecting standard passenger train formats in India.
About Pashmina Shawl:
● A Pashmina shawl, known for its high quality, was gifted to First Lady Jill Biden.
● The shawl is sourced from Jammu and Kashmir and features vibrant hues from natural dyes
derived from plants and minerals.
About US :

● Vice President : Kamala Harris
● Currency : U.S. dollar ($)
Commerce and Industry Minister Piyush Goyal Wraps Up Three-Day Visit to Australia
● Union Minister for Commerce and Industry, Shri Piyush Goyal, concluded a 3-day visit to
Australia from September 23 to 26, 2024.
● The Minister co-chaired the 19th Joint Ministerial Commission meeting with Senator Don Farrell,
Minister for Trade and Tourism of Australia, on September 25, 2024, at Government House in
Adelaide.
About Australia :
● Prime Minister : Anthony Albanese
● Capital : Canberra
● Currency : Australian dollar
STATE NEWS
India Meteorological Department Warns Cyclone 'Asna' to Bring Heavy Rains in Gujarat as it Moves
West-Northwest Over Northeast Arabian Sea
● The Indian Meteorological Department (IMD) issued a warning for Cyclone Asna, which is a deep
depression over the Arabian Sea.
● The cyclone is expected to move West-Northwest over the Northeast Arabian Sea and away
from the Indian coast within the next 24 hours.
● Current Position and Movement:As of the latest update, Cyclone Asna is moving at a speed of 14
km per hour.
● Its coordinates are approximately 23.6° N latitude and 66.4° E longitude.
Maharashtra Chief Minister Eknath Shinde Unveils Solar Village Scheme, With Manyachiwadi as the
First 100% Solar-Powered Village
• Maharashtra Chief Minister Eknath Shinde launched the Solar Village Scheme, an initiative
aimed at providing 100% solar-powered electricity to 100 villages, at a function held in Satara.
• Manyachiwadi, a village in Satara district, has become the 1st village in the state to be electrified
100% by solar power.
• The scheme aims to achieve zero electricity bills for households under the PM SuryagarhMuft
Bijali Yojana.
• It also aims to provide free electricity to farmers.
About Maharashtra :
• Governor: C. P. Radhakrishnan
• Capital: Mumbai
Sanctuary
Maharashtra Government Declares Ratnagiri Geoglyphs and Petroglyphs as Protected Monuments
Under 1960 Act
• The Maharashtra government has declared the geoglyphs and petroglyphs in Ratnagiri as
'protected monuments' under the Maharashtra Ancient Monuments and Archaeological Sites and
Remains Act, 1960.
• According to a notification issued by the Culture Department, the group of petroglyphs at Deud in
Ratnagiri dates back to the Mesolithic Age (about 20,000–10,000 years ago).
About Maharashtra :
• Governor: C. P. Radhakrishnan
• Capital: Mumbai
Sanctuary
TANGEDCO Launches ₹10,000 Crore Project to Upgrade Low Tension Lines to High Tension to
Reduce Transmission Losses
• Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) is undertaking a

₹10,000 crore project to convert low tension (LT) lines to high tension (HT) lines in its
transmission system.
• Primary goal of the project : To reduce transmission losses. HT lines are preferred for long-
distance transmission due to their higher voltage (11kV and above), which minimises
transmission losses compared to LT lines (220V) used for shorter distances.
About Tangedco :
• Chairman and Managing Director : Rajesh Lakhoni
• TANGEDCO is an electrical power generation and distribution public sector undertaking owned
by the Government of Tamil Nadu.
Centre Sanctions 8 Lakh Pradhan Mantri Awas Yojana Houses in Chhattisgarh

• The Centre has sanctioned the construction of more than 8 lakh houses under the Pradhan
Mantri Awas Yojana (PMAY) in rural areas of Chhattisgarh.
• The newly-elected BJP government approved the sanctioning of 18 lakh houses for beneficiaries
in rural areas as a key promise made ahead of the 2023 assembly elections.
• The state government has also launched the ‘Niyad Nellanar’ (your good village) scheme for
development in villages within a 5-km radius of security camps.
About PMAY:
• Pradhan Mantri Awas Yojana (Urban) (PMAY-U) was launched by the Government of India in
June 2015.
• Objective: To provide affordable housing to the urban poor, with a target of constructing 2 crore
(20 million) housing units by 31 March 2022.
• Governor : Ramen Deka
• Chief Minister : Vishnu Deo Sai
• Capital : Raipur
Uttar Pradesh Government to Construct 3D Vedic Museum in Varanasi
• The Uttar Pradesh (UP) government will build the Vedic-3D museum in Varanasi, Prime Minister
Narendra Modi’s parliamentary constituency.
• The museum will be situated in the main building of Sampurnanand Sanskrit University.
• Museum Focus:The museum will be dedicated to Indian astrology, astronomy, and Vedic
literature.
About UP :
Andhra Pradesh Chief Minister Unveils India's First Homegrown RT-PCR Kit for Monkeypox Detection
• Andhra Pradesh (AP) Chief Minister (CM), Nara Chandrababu Naidu launched India’s first
indigenous Monkeypox RT-PCR Kit at the AP Medtech Zone (AMTZ) in Visakhapatnam.
• The kit was developed at AMTZ in collaboration with Transasia Diagnostics.
• It has been validated by the Indian Council of Medical Research (ICMR) and the Central Drugs
Standard Control Organization (CDSCO).
About AP :
• Governor : Syed Abdul Nazeer
• Chief Minister : N. Chandrababu Naidu
• Capital : Amaravati
• Wildlife Sanctuaries : Coringa Wildlife Sanctuary, Kambalakonda Wildlife Sanctuary, Rollapadu
Wildlife Sanctuary,Koundinya Wildlife Sanctuary & Gundla Brahmeswaram Wildlife Sanctuary
West Bengal Assembly Unanimously Approves Landmark ‘Aparajita’ Anti-Rape Bill Amidst Political
Tensions
• The West Bengal Assembly unanimously passed the 'Aparajita Woman and Child Bill (West
Bengal Criminal Laws and Amendment) Bill 2024'.
• The bill seeks capital punishment for rape convicts if their actions result in the victim’s death or
leave her in a vegetative state.
• The bill proposes to amend the Bharatiya Nyay Sanhita 2023, Bharatiya Nagarik Suraksha
Sanhita 2023, and the Protection of Children from Sexual Offences (POCSO) Act 2012 within the
state.
• West Bengal becomes the first state to amend central laws relating to rape, gang-rape, and
sexual crimes against children.
About West Bengal :
• Governor : C. V. Ananda Bose
• Chief Minister : Mamata Banerjee
• Capital : Kolkata
• Wildlife Sanctuaries : Ballabhpur Wildlife Sanctuary, Bethuadahari Wildlife Sanctuary,
Bibhutibhushan Wildlife Sanctuary.
United Nations World Food Programme and Odisha Government Introduce India's
First 'Grain ATM' to Enhance Food Security
• The United Nations World Food Programme (WFP) and the Government of Odisha launched
India’s first around-the-clock grain dispensing machine, the 'Grain ATM,' also known as
'Annapurti' (Hindi for fulfiller of food), in the state capital Bhubaneswar.
• The machine was inaugurated by Krushna Chandra Patra, Odisha Minister of Food Supplies,
Consumer Welfare, Science and Technology, with Nozomi Hashimoto, Deputy Country Director
for WFP in India, present.
• Odisha is the first state in India to provide round-the-clock access to the PDS, enhancing
convenience and efficiency.
About World Food Programme :
• Headquarters : Rome, Italy
• Executive Director : Cindy McCain
• WFP is an international organisation within the United Nations that provides food assistance
worldwide.
• It is the world's largest humanitarian organization and the leading provider of school meals.
Odisha Chief Minister Mohan Charan Majhi Launches CM Kisan Yojana
• Odisha Chief Minister Mohan Charan Majhi launched the CM Kisan Yojana by releasing the first
instalment of ₹925 crore to benefit nearly 46 lakh farmers.
• The program was launched at Gangadhar Meher University, Sambalpur, coinciding with Western
Odisha's major agricultural festival, Nuakhai.
• The BJP government implemented the CM Kisan Yojana, replacing the previous BJD government's
Krushak Assistance for Livelihood and Income Augmentation (KALIA) scheme.
India's 1st Silicon Carbide manufacturing facility to be set up in Odisha

• Odisha Chief Minister Mohan Charan Majhi attended the ground-breaking ceremony for India’s first
silicon carbide manufacturing facility in Odisha, with an investment of ₹620 crore.
• The facility will be developed by RIR Power Electronics Limited, a leading company in India’s
semiconductor power electronics sector.
• The facility will be set up at EMC Park, Info valley, Bhubaneswar, Odisha.
About Odisha :
Madhya Pradesh Government Approves Transfer of State Cooperative Dairy Operations to National
Dairy Development Board for 5 Years
• The Madhya Pradesh government has approved the transfer of operations of the State
Cooperative Dairy Federation and affiliated milk unions to the National Dairy Development Board
(NDDB) for the next five years.
• The opposition Congress views this decision as a potential "backdoor" entry for Gujarat’s Amul to
take over MP's state-run milk brand Sanchi since Amul is a major shareholder in NDDB.
About MP :
• Governor: Mangubhai C. Patel
• Chief Minister: Mohan Yadav
• Capital: Bhopal
• National Park: Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary: Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary
Government to rename Andaman & Nicobar Islands' capital Port Blair as "Sri Vijaya Puram"
• Union Home Minister Amit Shah announced the renaming of Port Blair, the capital of Andaman &
Nicobar Islands to “Sri Vijaya Puram” as a move to “free the nation from colonial imprints.”
• The renaming is aimed at removing colonial legacies associated with the original name, Port
Blair, which was named after British naval surveyor Archibald Blair.
• Previous Renaming Initiatives:In a move to honor Netaji Subhash Chandra Bose, three islands in
the Andaman and Nicobar Islands were renamed: Ross Island to Subhash Chandra Bose
Dweep, Neil Island to Shaheed Dweep, and Havelock Island to Swaraj Dweep.
About Andaman & Nicobar Islands :
• Lieutenant governor : Devendra Kumar Joshi
Gujarat Government Establishes GRIT as Policy Think Tank Led by CM Bhupendra Patel
• The Gujarat government has set up the Gujarat State Institution for Transformation-GRIT under
Chief Minister Bhupendra Patel’s chairmanship.
• The body will act as a policy think tank on the lines of NITI Ayog.
• A 10-member executive committee will be in place for the day-to-day operations of GRIT.
About Gujarat
• Capital: Gandhinagar
• Chief minister: Bhupendrabhai Patel
• Governor: Acharya Devvrat
• NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife
Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga
Wildlife Sanctuary
Uttar Pradesh's First Semiconductor Park to be Established in Greater Noida, State Allocates 225 Acres
of Land for Three Companies
● The first semiconductor park in Uttar Pradesh will be established in Greater Noida, near the
upcoming Noida International Airport.
● The Uttar Pradesh government has allocated 225 acres of land in Sector 10 and Sector 28 for
semiconductor manufacturing projects by three companies.
● Companies and Land Allocation : Arun Vir Singh, chief executive officer, Yamuna Development
Authority (YEIDA), stated that 50 acres of land in Sector-10 have been allocated to Kaynes
Semicon Private Limited and Vama Sundari Investments for setting up semiconductor units.
About UP :
● Governor : Anandiben Patel
● Chief Minister : Yogi Adityanath
● Capital : Lucknow
● National Park : Dudhwa National Park

● Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National
Uttar Pradesh Chief Minister Yogi Adityanath Opens Jatayu Conservation and Breeding Centre in
Gorakhpur Forest Division
• Uttar Pradesh Chief Minister Yogi Adityanath inaugurated the Jatayu Conservation and Breeding
Centre in the Bharivaisi, Campierganj Range of the Gorakhpur Forest Division.
• The centre is the world's first conservation and breeding centre specifically for the Asian King
Vulture (red-headed vulture).
• The Uttar Pradesh Forest Department, in collaboration with the Bombay Natural History Society
(BNHS), established the centre.
• The centre is spread over 1.5 hectares in the Gorakhpur Forest Division and was constructed at a
cost of Rs 2.8 crore.
About UP :
• National Park : Dudhwa National ParkWildlife Sanctuary : Bakhira Wildlife Sanctuary,
Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary
Zanskar Hosts 9th Edition of Ladakh Zanskar Festival 2024

• The 9th Ladakh Zanskar Festival 2024 began with remarkable grandeur in the picturesque village
of Sani, signifying a landmark event for the region.
• The festival was inaugurated by Lieutenant Governor Brigadier (Dr) BD Mishra.
• This year’s Zanskar Festival is especially significant as it marks the first celebration since Zanskar
was officially declared a district.
About Ladakh :
• Lieutenant Governor : B. D. Mishra
• Capitals : Leh, Kargil
• Current Districts : 7
Assam rolls Orunodoi 3.0 scheme with annual budget of Rs 5,604 crore
• The Assam government has launched Orunodoi 3.0, a women-centric financial assistance
scheme aimed at providing monthly financial support to economically disadvantaged families in
the state.
• This is part of the broader efforts by the Assam government to uplift marginalised communities
and ensure financial stability for vulnerable households.
• Initially targets 12 lakh additional beneficiaries, aiming to cover a total of 37 lakh women by early
2025.
About: Assam
• Capital: Dispur
• Chief Minister: Himanta Biswa Sarma
• Governor: Lakshman Acharya
• National Parks: Kaziranga National Park, Manas National Park, Dibru-Saikhowa National Park,
Nameri National Park, Rajiv Gandhi Orang National Park
Gujarat wins most awards at renewable energy meet

• At the 4th Global Renewable Energy Investors Meet and Expo, hosted for the first time outside
Delhi, Gujarat emerged as the top performer, winning the maximum number of awards.
• This three-day event highlighted the state’s leadership in renewable energy, with Chief Minister
Bhupendra Patel emphasizing Gujarat’s commitment to transitioning towards a cleaner energy
future.
About: Gujarat
• Capital: Gandhinagar
• Chief Minister: Bhupendrabhai Patel
• Governor: Acharya Devvrat
Prime Minister Narendra Modi Unveils ‘SUBHADRA’ - Odisha’s Largest Women-Centric Scheme in
Bhubaneswar
● The Prime Minister, Shri Narendra Modi launched ‘SUBHADRA’, the flagship Scheme of
Government of Odisha, in Bhubaneswar, Odisha.
● It is the largest, single women-centric scheme and is expected to cover more than 1 crore
women.
● Financial Assistance:The scheme provides ₹50,000 to each eligible beneficiary over a period of 5
years (2024-25 to 2028-29).
● Beneficiaries will receive ₹10,000 annually in two equal installments, directly credited to their
Aadhaar-enabled and DBT-enabled bank accounts.
● Eligibility:The scheme is targeted at women aged 21-60 years.
● PMAY-G Fund Release:The Prime Minister released the first instalment of assistance to nearly
10 lakh beneficiaries under PMAY-G (Pradhan Mantri Awaas Yojana-Gramin) across 14 states.
About Odisha :
Prime Minister Narendra Modi inaugurates 4th Global Renewable Energy Investor’s Meet and Expo
(RE-INVEST) in Gandhinagar, Gujarat
● The Prime Minister, Shri Narendra Modi inaugurated the 4th Global Renewable Energy Investors
Meet and Expo (RE-INVEST) at Mahatma Mandir, Gandhinagar in Gujarat.
● The 3-day summit honours the important contributors to India's remarkable achievement of over
200 GW of installed non-fossil fuel capacity.
● The 4th Global Renewable Energy Investor’s Meet and Expo (RE-INVEST) is poised to highlight
India's impressive progress in renewable energy manufacturing and deployment.
● Germany, Australia, Denmark and Norway are taking part in the event as partner countries.
● Gujarat is the host state and Andhra Pradesh, Karnataka, Madhya Pradesh, Maharashtra,
Rajasthan, Telangana and Uttar Pradesh are participating as Partner States.
About Gujarat :
● Chief Minister: Bhupendrabhai Patel
● National Parks: Gir National Park, Blackbuck (Velavadar) National Park, Marine National Park
(Gulf of Kachchh), Vansda (Bansda) National Park
● Wildlife Sanctuaries: Barda Wildlife Sanctuary, Girnar Wildlife Sanctuary, Kutch Desert Wildlife
Sanctuary, Purna Wildlife Sanctuary, Thol Lake Wildlife Sanctuary, Wild Ass Wildlife Sanctuary
Union Minister Jitan Ram Manjhi Virtually Inaugurates Centre for Rural Enterprise Acceleration through
Technology (CREATE) in Leh
● Union Minister for MSME, Shri Jitan Ram Manjhi, inaugurated the CREATE facility in Leh through
virtual mode.
● The Centre aims to enhance local productivity, improve product quality, boost economic
potential, and improve livelihoods for local communities.
Odisha prepares to join the Centre’s Ayushman Bharat health insurance scheme
● Odisha is set to join the Ayushman Bharat Pradhan Mantri - Jan Arogya Yojana (AB PM-JAY),
which offers health coverage of ₹5 lakh per family annually for secondary and tertiary
hospitalization.
● National Participation: Currently, 18 states have integrated their health schemes with AB PM-
JAY. States like Punjab are being engaged for compliance, while Bihar has recently joined.
● Beneficiary Demographics: 49% of Ayushman cards are issued to women, and of the 7.79 crore
hospital admissions, approximately 3.61 crore are utilized by women.
About Ayushman Bharat Pradhan Mantri - Jan Arogya Yojana (AB PM-JAY) :
● It is a national public health insurance scheme of the Government of India that aims to provide
free access to health insurance coverage for low income earners in the country.
Uttar Pradesh International Trade Show-2024: Yogi Adityanath announces Uttar Pradesh as the state
with the largest Micro, Small, and Medium Enterprises base in India
● Uttar Pradesh (U.P.) has the largest base of Micro, Small, and Medium Enterprises (MSMEs) in
India, with 96 lakh MSME units spread across 75 districts.
● MSMEs are the second-largest job creators in the U.P. after agriculture, playing a major role in
the state's industrial transformation
About UP :
● Governor : Anandiben Patel
● Chief Minister : Yogi Adityanath
● Capital : Lucknow
● National Park : Dudhwa National ParkWildlife Sanctuary : Bakhira Wildlife Sanctuary,
Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary
Delhi Chief Minister Atishi Updates Minimum Monthly Salaries for Unskilled, Semi-Skilled, and Skilled
Laborers
● Atishi announced a revision in the minimum monthly wages for unskilled, semi-skilled, and skilled
workers in her first decision as Chief Minister.
Revised Wage Details:

○ Unskilled Workers:
■ Previous Wage: ₹17,494
■ Revised Wage: ₹18,066
■ Percentage Increase: 3.2%
○ Semi-Skilled Workers:
○ Skilled Workers:
● Additional Wage Increases:
○ Non-Matriculate Workers: Minimum wage increased by 3.6%.
○ Matriculate Workers: Wage increased from ₹20,903 by 4.85%.
○ Graduate Workers: Wage increased from ₹23,082 by 3.26%.
● Launch of the Action Plan: The Delhi government introduced a comprehensive 21-point Winter
Action Plan to combat air pollution.
About Delhi :
● Lt. Governor : Vinai Kumar Saxena
● Chief Minister : Atishi Marlena Singh
Tripura Government Introduces CM-SATH Scheme to Support Meritorious Students in Pursuing Higher
Education
● The Chief Minister of Tripura, Manik Saha, launched the CM-SATH scheme to support
meritorious students in higher education, fulfilling a pre-poll promise.
● The scheme offers financial aid of ₹60,000 (₹5,000 monthly) for a duration of two to three years
to 200 selected students based on merit.
About Tripura :
● Governor : Indrasena Reddy
● Chief Minister : Manik Saha
● Capital : Agartala
● National Park : Bison (Rajbari) National Park, Clouded Leopard National Park
● Ramsar Site : Rudrasagar Lake
6th Session of the India-Egypt Joint Trade Committee (JTC) held successfully in New Delhi
● The 6th Session of the India-Egypt JTC was held in New Delhi on 16th-17th September 2024.
● The session Co-chaired by Ms. Priya P. Nair, Economic Adviser, Department of Commerce,
Government of India, and Mr. Yahya Elwathik Bellah, Deputy Minister of Investment & Foreign
Trade of Egypt.
● The Egyptian delegation included the Ambassador to India, H.E. Mr. Wael Mohamed Awad
Hamed, and eight delegates from relevant ministries.
● India secured necessary approvals to sign a Memorandum of Understanding (MoU) between the
National Small Industries Corporation (NSIC) of India and the MSME Development Agency
(MSMEDA) of Egypt, aiming for early signing and operationalization.
Uttar Pradesh introduces Krishi Sakhi scheme to empower women in agriculture
● The "Krishi Sakhi" scheme was launched in Uttar Pradesh (UP) to empower women in
agriculture.
● The scheme aims to promote self-reliance and improve economic status through modern
agricultural practices.
About the Scheme :
● Training and Participation:A total of 7,634 women have been trained through 269 training
programs under this initiative.
● Krishi Sakhis are selected from self-help groups (SHGs) established under the Uttar Pradesh
State Rural Livelihood Mission.
● Coordination and Support:The state government coordinates efforts between Krishi Sakhis and
various government departments to enhance financial stability.
● Training includes initiatives from the Department of Agriculture, Horticulture Department, Silk
Directorate, and Ground Water Department.
● Selection Criteria:Women aged between 21 to 45 years with an interest and experience in
agriculture are eligible for selection.
● Training Body:The National Institute of Agricultural Extension Management (MANAGE) is
responsible for training Krishi Sakhis.
● Training focuses on natural, organic, and agroecology-based farming practices.
● Role in Community:Krishi Sakhis are actively involved in the "Lakhpati Mahil Program,"
organizing agricultural and animal husbandry schools for women farmers.
Karnataka Unveils Draft Policy for Global Capability Centres, Targeting 500 New Centres and 350,000
Jobs by 2029
● Karnataka is set to strengthen its position in the global outsourcing landscape by targeting a
doubling of its Global Capability Centres (GCCs) to 1,000 and generating 350,000 new jobs by
2029.
● Incentives Offered:The draft policy includes various incentives for attracting foreign firms, such
as:
➢ Reimbursement of rental costs.
➢ Assistance with patent fees.
➢ Exemptions from electricity duties, based on employee numbers at GCCs.
● Additionally, the Karnataka government aims to achieve an economic output of $50 billion
through these new offices by 2029.
BUSINESS NEWS
PM Modi Lays Foundation Stone for Vadhvan Port, India's Largest Deep-Water Port
• Prime Minister Narendra Modi laid the foundation for the Vadhvan Port project on August 30.
• The Vadhvan Port is situated in the Palghar district of Maharashtra, approximately 150 km from
Mumbai. It is set to be India's largest deep-water port with an investment of ₹76,220 crore.
o The port will have a capacity of 300 million tonnes annually (mta), featuring 9 container
terminals and 4 multipurpose berths.
o The Jawaharlal Nehru Port Authority and Maharashtra Maritime Board will share the
construction costs in a 74:26 ratio.
Indian Economy Projected to Grow 7% in FY25 Despite Q1 Slowdown
• The Indian economy is forecasted to grow at 7% in FY25, according to HSBC Global Research,
despite experiencing a slowdown to 6.7% in the first quarter of FY25.
• This marks the lowest growth rate in five quarters.
• The positive outlook is supported by robust underlying growth momentum and a reduction in key
economic data gaps.
Finance Ministry Eases Cash Management Guidelines to Enhance Fiscal Spending
• The Finance Ministry has relaxed cash management guidelines to boost spending in the
remaining months of the current fiscal year.
• This change aims to address the impact of low government spending due to the general elections
on economic growth during the April-June quarter.
• The government has set a target of exceeding ₹11 lakh crore in capital expenditure for the
ongoing fiscal year.
• This target underscores the need for increased spending to drive economic growth.
World Bank and IMF Boost India's Growth Forecast for FY 2024-25
• The World Bank has increased India's GDP growth forecast for the Financial Year 2024-25 to
7%, up from 6.6%.
• This change reflects strong economic momentum driven by private consumption and investment.
• IMF Projection: The International Monetary Fund (IMF) has similarly revised its growth projection
for India to 7%, an increase of 20 basis points. This adjustment aligns with the World Bank’s
optimistic outlook.
India's Decision to Retain Current Tax Structure for Electric and Hybrid Vehicles
o The Indian government has decided to retain the current tax structure for electric and hybrid vehicles
for an extended period.
o Electric cars will continue to be taxed at a lower rate of 5%, whereas hybrid cars will face a higher
tax rate of 48%.
o The decision comes amid growing pressure from major car manufacturers like Maruti Suzuki India
and Toyota Kirloskar Motor to lower the tax burden on hybrid cars.
o Despite these demands, the government remains focused on promoting electric mobility and battery
manufacturing in India.
BPCL to Invest ₹2,500 Crore in Expanding City Gas Distribution Network by March 2025
• Bharat Petroleum Corporation Ltd (BPCL), India's second-largest state-controlled oil marketing
company, announced plans to invest ₹2,500 crore in the financial year ending March 2025.
• The investment aims to expand BPCL's city gas distribution (CGD) network, enhancing its presence
in the natural gas sector.
• BPCL holds authorization to establish CGD networks in 26 geographical areas (GAs), of which 25
GAs have been commissioned.
• Including joint ventures, BPCL is authorized for 52 GAs covering 154 districts across India.
Top-10 Valued Indian Firms See Market Valuation Surge by ₹1.53 Lakh Crore
o Eight of the top 10 most valued Indian companies saw their combined market valuation surge by
₹1,53,019.32 crore last week.
o The biggest gainers were Bharti Airtel, Infosys, and Tata Consultancy Services (TCS).
o The gains aligned with a record rally in the equity markets, with the BSE Sensex climbing
1,279.56 points (1.57%) last week.
GST Collections Rise 10% in August 2024, Indicating Robust Economic Activity
o The gross Goods and Services Tax (GST) collections for August 2024 (reflecting transactions
from July) rose 10% year-on-year (YoY) to ₹1.75 lakh crore, according to data from the finance
ministry.
o In contrast, GST collections for July 2024 (transactions from June) were ₹1.82 lakh crore, up
10.3% YoY.
o With refunds amounting to ₹24,460 crore issued during August, the net GST collections stood at
₹1.5 lakh crore, reflecting a 6% increase from the same period last year.
EV Registrations in India Drop to 14-Month Low in August 2024

o The total electric vehicle (EV) registrations in India fell to a 14-month low in August 2024,
showing a decline both month-on-month (MoM) and year-on-year (YoY).

o The total EV registrations across all categories stood at approximately 1.06 lakh units in August,
a 17% decline from 1.28 lakh units in July.

o Registrations of electric two-wheelers dropped significantly to 46,085 units in August, down from
61,498 units in July and 62,646 units in August 2023.

o Electric three-wheelers recorded higher volumes than two-wheelers, with 54,861 units sold in
August, though this was still lower than 59,151 units in July and 56,581 units in August 2023.
CoinSwitch Expands Services to Cater to High-Net-Worth Individuals and Institutional Investors
• India’s crypto exchange, CoinSwitch, has announced a strategic expansion of its services to
focus on High Net Worth Individuals (HNIs) and institutional investors.
• Mumbai-based exchange introduced a new service to provide these clients with personalized
investment advice, risk management solutions, and other financial services.
• This initiative comes at a time when crypto-related activities such as trading, investing, and
holding are permitted in India under the government’s tax regime.
India Overtakes China in MSCI Emerging Markets IMI: Implications for Equity Inflows
• India has recently surpassed China in the MSCI Emerging Markets Investable Market Index
(MSCI EM IMI), according to an announcement by Morgan Stanley.
• This shift in weightage is expected to have significant impacts on the Indian equity market.
• New Weightage:
o India: 22.27%
o China: 21.58%
Swiggy partners with the Indian government to offer skilling and employment opportunities
• Swiggy, India’s leading on-demand convenience platform, has partnered with the Ministry of Skill
Development and Entrepreneurship (MSDE) to launch "Swiggy Skills."
• The initiative aims to provide skilling and employment opportunities within Swiggy's expansive
food delivery and quick commerce network.
• "Swiggy Skills" was formally launched by Shri Jayant Chaudhary, Hon'ble Minister of State
(Independent Charge), Ministry of Skill Development and Entrepreneurship, and Minister of State
for Education.
India's Global Capability Centres (GCCs) Poised for Significant Growth by 2030
• India's global capability centres (GCCs) have dramatically transformed the tech landscape over
the past five years.
• According to a report, 70 per cent of Fortune 500 companies will expand their presence to India
by 2030.
• According to a report by Nasscom and Zinnov, titled ‘India GCC Landscape Report: The 5-year
Journey’, the expansion of GCCs in India is set to continue at a robust pace, driven by increasing
global roles, advancements in AI, and a focus on engineering and R&D.
Launch of "Trade Connect e-Platform" to Boost Indian Exports

• The Ministry of Commerce and Industry has introduced the “Trade Connect e-Platform”, a new
online tool designed to streamline and enhance foreign trade for existing and aspiring exporters.
• This platform aims to provide comprehensive, real-time trade information and facilitate
connections between exporters and key government entities.
• Offers access to critical trade-related data, including global demand, country-specific trade
information, international standards, market access conditions, and compliance requirements.
IREDA's New Subsidiary Receives Provisional Registration
• IREDA Global Green Energy Finance IFSC Limited, a wholly-owned subsidiary of the Indian
Renewable Energy Development Agency (IREDA), has secured provisional registration from the
International Financial Services Centre Authority (IFSCA) to operate as a finance company in
GIFT City.
• IREDA Global Green Energy Finance IFSC Limited has been granted provisional registration to
operate within the GIFT City, Gujarat.
• S&P Global Ratings recently assigned a ‘BBB-’ long-term and ‘A-3’ short-term issuer credit rating
to IREDA with a ‘Stable’ outlook.
Quick Estimates of Index of Industrial Production (IIP) for July 2024
• The Index of Industrial Production (IIP) for July 2024 shows a growth rate of 4.8%, a slight
increase from 4.7% in June 2024.
• The sectoral growth rates for July are 3.7% for Mining, 4.6% for Manufacturing, and a strong
7.9% for Electricity.
• The overall IIP for July 2024 stands at 149.6, up from 142.7 in July 2023.
• Sectoral Indices:
o Mining: 116.0
o Manufacturing: 148.6
o Electricity: 220.2
Updated Foreign Exchange (Compounding Proceedings) Rules, 2024

• The Finance Ministry has introduced significant modifications to the compounding rules under the
Foreign Exchange Management Act (FEMA), aimed at simplifying processes and enhancing
efficiency in adjudications.
• Compounding Application Fees: Doubled to Rs 10,000 plus GST.
• Assistant General Manager: Empowered to decide on applications up to Rs 60 lakh (increased
from Rs 10 lakh).
• Deputy General Manager: Authorized for cases up to Rs 2.5 crore.
• General Manager: Can adjudicate cases up to Rs 5 crore.
• Chief General Manager: Authorized for cases exceeding Rs 5 crore.
Retail Inflation in August 2024 Increases to 3.65% Amid Rising Food Prices
• Retail inflation for August 2024 inched up to 3.65%, slightly above the July figure of 3.6%, which
was a five-year low.
• The inflation rate remains below the Reserve Bank of India’s (RBI) median target of 4% for the
second consecutive month.
• Year-on-Year Inflation in August 2023 was significantly higher at 6.83%.
• Vegetables saw inflation rise to 10.71%, while pulses and products surged by 13.6%.
Retail Food Inflation Marginally Rises to 5.66% in August 2024 Amid Elevated Prices of Pulses and
Vegetables
• Retail food inflation increased to 5.66% in August 2024 from 5.42% in July 2024 due to elevated
prices of pulses, cereals, and vegetables.
• On a month-on-month basis, the Consumer Food Price Index (CFPI) decreased by 0.44% in
August compared to July.
• In August 2023, food inflation was 9.94%, and in July 2023, it was 11.51%.
• Pulses had the highest inflation in the food basket, rising to 13.6% in August.
• Cereals, eggs, fruits, and vegetables all saw inflation above 6%.
HAL Shares Rise with Prospects of Achieving Maharatna Status

• Reports suggest HAL may be upgraded from Navratna to Maharatna by the end of this year.
• Hindustan Aeronautics Ltd. (HAL) shares rose by over 1%.
• HAL shares were quoted at ₹4,649.75, reflecting a 0.17% increase compared to the previous
trading session.
• Reports suggest HAL may be upgraded from Navratna to Maharatna by the end of this year.
Agilitas Sports Secures Strategic Investment from Spring Marketing Capital to Propel Growth
• Bengaluru-based athleisure sportswear start-up Agilitas Sports has received an undisclosed
strategic investment from Spring Marketing Capital.
• The investment aims to help Agilitas Sports scale its operations and become a category-defining
leader in the sportswear industry.
• Agilitas Sports was founded in 2023 by former Puma India managing director Ganguly, alongside
Atul Bajaj and Amit Prabhu.
• The company has already raised over Rs 530 crore across two funding rounds from Convergent
Finance LLP, Nexus Venture Partners, and individual investors.
DGGI Detects Record GST Evasion in FY24, Focus on Online Gaming Industry
• The Directorate General of GST Intelligence (DGGI) identified the highest-ever GST evasion in
FY24, totalling Rs 81,875 crore across 78 cases in the online money gaming industry.
• Overall, DGGI uncovered 6,084 cases of tax evasion involving Rs 2.01 trillion in GST during
2023-24, a significant increase from FY23’s Rs 1.01 trillion.
• 46% of evasion cases were linked to non-payment of taxes, including clandestine supply and
undervaluation.
Government increases PF withdrawal limit to ₹1 lakh, likely to hike salary ceiling
• Union Labour Minister Mansukh Mandaviya announced significant updates regarding the
Employees' Provident Fund Organisation (EPFO), a government-managed retirement savings fund,
introducing enhanced flexibility for subscribers and changes to withdrawal limits and eligibility
criteria.
• New Limit: Subscribers can now withdraw up to ₹1 lakh from their EPFO accounts for personal
financial needs.
• Previous Limit: The withdrawal limit was ₹50,000, but it was deemed insufficient due to rising
living and consumption costs.
India's Trade Deficit Surges to a 10-Month High in August 2024
• India’s trade deficit soared to a 10-month high of $29.7 billion in August 2024, driven by record
imports of $64.4 billion and a contraction in exports for the second consecutive month.
• The widening gap between imports and exports is attributed to factors such as a doubling of gold
imports, weakening global demand, and softening oil prices.
1. Merchandise Exports:
o Decline: Exports shrank 9.3%, amounting to $34.7 billion in August.
o Factors: The contraction was driven by:
India's Wholesale Price Index (WPI) Inflation Falls to Four-Month Low in August
• India’s wholesale price index (WPI)-based inflation dropped to a four-month low of 1.31% in August
2024, down from 2.04% in July 2024.
• According to data from the Ministry of Commerce and Industry, this decline is attributed to reduced
prices in manufactured goods and food items.
• Food Prices Inflation:
o August: 3.11%
o July: 3.45%
India’s Exports Plunge and Trade Deficit Soars in August
• India’s exports experienced their sharpest decline in 13 months, falling by 9.3% in August 2024 to
₹2.91 lakh crores ($34.71 billion).
• This decline, coupled with a record high in imports, resulted in a substantial increase in the trade
deficit, which soared to a 10-month high of $29.65 billion.
Government relief on PDS wheat quota, to launch Rs 1K crore credit guarantee fund
• The Centre has announced a partial restoration of wheat allocation for beneficiaries of the
Pradhan Mantri Gareeb Kalyan Ann Yojana (PMGKAY), a major social welfare scheme providing
free food grains to over 800 million poor individuals.
• This decision comes after a reduction in wheat quota due to lower crop yields.
• Starting next month, an additional 3.5 million tonnes of wheat will be allocated under PMGKAY,
continuing until March 2025.
Navi Becomes India's Sixth-Largest UPI Player

• Navi, a fintech company founded by Flipkart co-founder Sachin Bansal, has emerged as India's
sixth-largest player on the Unified Payments Interface (UPI), surpassing Amazon Pay just one
year after launching its UPI services.
• In August, Navi processed 88.71 million UPI transactions worth Rs 4,651.32 crore.
• This marks a 29.56% increase in transaction volume from July, when it handled 68.47 million
transactions valued at Rs 3,574.61 crore.
Review of Integrated Goods and Service Tax (I-GST) Settlement Mechanism
● The government has initiated a review of the integrated goods and service tax (I-GST) settlement
mechanism following numerous complaints from various state governments about being deprived
of their rightful I-GST shares, leading to significant revenue losses.
● A committee consisting of central and state officials has been established to address the issue of
“negative balance” in the I-GST floating pool.
● The committee includes representatives from around 10 states, notably Tamil Nadu and Kerala,
which have consistently reported inadequate IGST transfers from the Centre.
● According to the Controller General of Accounts, the Centre's IGST collections from April to July
FY25 were Rs (-)10,659 crore, compared to Rs (-)9,144 crore in the same period last year. In
FY24, the total IGST mop-up was Rs (-)5,026 crore.
● States like Tamil Nadu and Kerala have received lower IGST transfers than expected. The State
Fiscal Review Committee of Kerala estimated a Rs 35,000 crore loss in IGST settlements since
the GST regime began in 2017.
CARE Ratings Downgrades IIFL Finance Ltd’s Long-Term Instruments
● CARE Ratings has downgraded the long-term instruments rating of IIFL Finance Ltd (IFL) from
“AA” to “AA-” due to a significant decline in the company's gold loan book, following restrictions
imposed by the Reserve Bank of India (RBI).
● This rating action occurred shortly after the RBI lifted these restrictions on March 4, 2024.
Ministry of Corporate Affairs to Launch Internship Scheme for Skill Development
● The Ministry of Corporate Affairs (MCA) is preparing to release a list of 500 companies eligible to
participate in the Centre's internship scheme, based on the average annual corporate social
responsibility (CSR) expenditure over the past three years.
● Union Finance Minister Nirmala Sitharaman announced this initiative during the Budget 2024-25.
o The government aims to skill 10 million youths (aged 21-24) in India’s top companies over the
next five years.
o Internships will provide exposure to a real-life business environment for a duration of 12
months.
● Financial Support:
o The Centre will offer an internship allowance of Rs 5,000 per month and a one-time
assistance of Rs 6,000.
o Companies will be expected to cover training costs and 10% of the internship costs from their
CSR funds.
o Between FY19 and FY22, Reliance Industries was the top CSR spender, but in 2022-23, it
ranked third with an expenditure of Rs 743.4 crore, following HDFC Bank and Tata
Consultancy Services. Other notable CSR spenders include ICICI Bank and Tata Steel.
India's Economic Growth in FY25 Projected to Reach 7.2%: MoSPI
● India's economy is projected to achieve a growth rate of 7.2% in FY25, with potential to surpass this
estimate, as reported by a senior official from the Ministry of Statistics and Programme
Implementation (MoSPI).
● Although the Q1FY25 growth was recorded at 6.7%, it is expected that higher growth rates in the
following quarters will compensate for the initial slowdown, possibly leading to upward revisions in
Q1 data.
Unemployment and Labour Force Report: July 2023 - June 2024
● Unemployment rate for persons aged 15 years and above has remained unchanged at 3.2 per cent
in July 2023 to June 2024, according to the labour force survey annual report released.
● Unemployment Rate (UR):
o Remained unchanged at 3.2% for persons aged 15 and above.
o Male UR: Slight decline from 3.3% (2022-23) to 3.2% (2023-24).
o Female UR: Increased from 2.9% to 3.2% during the same period.
● Labour Force Participation Rate (LFPR):
o Overall LFPR for persons aged 15+ rose to 60.1% from 57.9% (2022-23).
o Male LFPR: Increased slightly from 78.5% to 78.8%.
o Female LFPR: Notable rise from 37.0% to 41.7%.
● Worker Population Ratio (WPR):
o Overall WPR increased to 58.2% from 56.0%.
o Male WPR: 76.3%.
o Female WPR: Significant rise from 35.9% to 40.3%.
Definitions:
● Unemployment Rate (UR): Percentage of unemployed persons in the labour force.
● Labour Force Participation Rate (LFPR): Percentage of people working or seeking work in the
total population.
● Worker Population Ratio (WPR): Percentage of employed persons in the total population.
PLFS Overview:
● Periodic Labour Force Survey (PLFS) was launched in April 2017 to provide regular updates on
employment and unemployment.
NHPC Pays Final Dividend of Rs 338.51 Crore to Government of India for FY 2023-24
● State-owned hydro power giant NHPC has paid a final dividend of Rs 338.51 crore to the
Government of India for 2023-24.
Key Points:
1. Final Dividend Payment:
o NHPC, a state-owned hydro power giant, has paid a final dividend of Rs 338.51 crore to
the Government of India for the financial year 2023-24.
2. Total Dividend for 2023-24:
o In addition to the final dividend, an interim dividend of Rs 947.82 crore was paid on March
5, 2024.
o This brings the total dividend for FY 2023-24 to Rs 1,286.33 crore
SEBI Introduces UPI Rules for Public Issues of Debt Securities to Simplify Investment Process
● Effective from November 1, 2024, the Securities and Exchange Board of India (SEBI) will mandate
the use of the Unified Payments Interface (UPI) for individual investors applying for amounts up to
₹5 lakh through intermediaries.
● The new rule simplifies the application process for public issues of debt securities, aligning it with the
process for public issues of equity shares and convertibles.
● Mandatory UPI for Retail Investors:
o Retail investors applying through intermediaries like stock brokers, registrars, syndicate
members, or depository participants must provide their UPI ID linked to their bank accounts in
the bid-cum-application form.
● Reduced Time for Issuers to Access Funds:
o SEBI has shortened the minimum subscription period for public issues of debt securities from
three to two working days.
GoM Favours Reducing GST on Education Materials, Considers Raising Tax on Textiles
● The Group of Ministers (GoM) on GST rate rationalisation is leaning towards reducing the GST on
education materials from 12% to 5%. This move is intended to provide relief to a large section of
people.
● Increase in GST on Textiles and Apparel:
o The GoM is also considering raising the GST rate on textiles and apparel priced above
₹1,000 from the current 5% to either 12% or 18%.
o The goal is to achieve revenue neutrality, raising the weighted average GST rate closer to its
original target of 15.5%, as it had fallen below 11% due to various rate reductions since the
introduction of GST in July 2017.
Airtel Launches India’s First AI-Powered Spam Detection Solution
● In a groundbreaking initiative to tackle the growing issue of spam calls and messages in India, Bharti
Airtel has launched the country’s first network-based, AI-powered spam detection solution.
● This pioneering tool aims to reduce spam communication for its customers significantly.
BANKING AND ECONOMY

Star Health Introduces Insurance Policy in Braille
• Star Health and Allied Insurance Company Limited has introduced an insurance policy in Braille
named ‘Special Care Gold’.
• The policy is designed for individuals with 40% or more disability and offers comprehensive
protection tailored to persons with disabilities (PWD), including those with physical, sensory, or
cognitive impairments.
• Collaboration: The Braille version was produced in collaboration with the National Association of
the Blind (NAB).
About Star Health and Allied Insurance Co Ltd :
• Founded : 2006
• MD & CEO : Mr. Anand Roy
India's Foreign Direct Investment Inflows Surge 47.8% to $16.17 Billion in April-June FY25, Boosted by
Services, Telecom, and Pharma Sectors
• According to government data, Foreign direct investment (FDI) in India jumped 47.8% to $ 16.17
billion in April-June this fiscal on healthy inflows in services, computer, telecom and pharma
sectors.
• FDI inflows were at $ 10.94 billion in April-June 2023-24.
• Monthly FDI Data:May: Inflows rose to $5.85 billion (from $2.67 billion in May FY24).
Association of Mutual Funds in India Sets Out Plan to Address Front Running at Asset Management
Companies
• The Association of Mutual Funds in India (AMFI) has established minimum standards to prevent
front running and market abuse by Asset Management Companies (AMCs).
• In August 2024, SEBI issued a circular directing AMCs to implement an institutional mechanism
to deter front running and market abuse.
• Implementation Timeline:Phase-wise Implementation:
About AMFI :

• CEO : Venkat Nageswar Chalasani
• AMFI is an Indian trade association for all the asset management companies of SEBI registered
mutual funds in India.
Securities and Exchange Board of India Updates Rules to Regulate Unregistered Financial Influencers
Amid Growing Concerns
• Markets watchdog, Securities and Exchange Board of India (SEBI) has amended norms in a bid
to regulate unregistered financial influencers or finfluencers amid growing concerns about
potential risk associated with such unregistered persons.
• The regulator has restricted associations between its regulated entities and unregistered
individuals.
About SEBI :
National Company Law Tribunal approves ICICI Securities de-listing scheme

• The Mumbai bench of the National Company Law Tribunal (NCLT) has approved ICICI Securities
Limited’s application for delisting from the stock exchanges.
• Under the approved scheme, ICICI Securities shareholders will receive 67 ICICI Bank Ltd shares
for every 100 shares they hold in ICICI Securities.
• The delisting proposal was approved by 93.82% of ICICI Securities' equity shareholders in terms
of value.
About NCLT :
• The NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
• The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the
on the law relating to the insolvency and the winding up of companies.
Insurance Regulatory and Development Authority of India Issues Master Circular to Simplify
Policyholder Protection Norms
• The Insurance Regulatory and Development Authority of India (IRDAI) has issued a Master
Circular to streamline norms on policyholder protection.
• The Master Circular replaces 30 previous circulars and consolidates them into a comprehensive
document.
• The Master Circular on Protection of Policyholders’ Interests under the IRDAI (protection of
policyholders’ interests, operations, and allied matters of insurers) Regulations, combines
policyholder entitlements into a comprehensive reference document.
About IRDAI :
PNB Housing Finance to Raise ₹2,500 Crore Through Non-Convertible Debentures

• PNB Housing Finance Limited’s (PNBHFL) Board of Directors will meet to approve the plan to
raise up to ₹2,500 crore through Non-Convertible Debentures (NCDs).
• The NCDs will be issued on a private placement basis and in tranches over the next 6 months.
• Non-Convertible Debentures (NCDs) are a type of debt instrument used by companies to raise
funds from the public or institutional investors.
About PNB Housing Finance :
• MD & CEO : Girish Kousgi
• PNB Housing Finance, promoted by Punjab National Bank, is among the leading providers of
housing and non-housing loans in India.
Canara Bank Raises $300 Million by Issuing 5-Year Bonds via IFSC Banking Unit
• Canara Bank has issued $300 million in 5-year bonds.
• The bonds were issued under the bank's USD 3 billion Medium-Term Note (MTN) program
through its IFSC Banking Unit.
• The 5-year bond is priced at T+125 basis points, with a semi-annual coupon rate of 4.896% and
a maturity date of September 11, 2029.
• The proceeds from the bonds will be used by the issuer’s IFSC/GIFT banking unit for general
corporate purposes.
About Canara Bank :
• Founded : 1906
• MD & CEO : K Satyanarayana Raju
Bandhan Bank Teams Up with Ashok Leyland to Offer Vehicle Finance Solutions
• Ashok Leyland, a commercial vehicle manufacturer, has signed a Memorandum of
Understanding (MoU) with Bandhan Bank.
• The partnership aims to provide customized financial solutions to Ashok Leyland customers.
• Bandhan Bank will offer end-to-end financial solutions, including vehicle loans.
• The loans will feature convenient monthly repayment plans tailored to customer preferences.
About Ashok Leyland :
• MD & CEO : Ratan Kumar Kesh
• Tagline : 'Aapka Bhala. Sabki Bhalai. ', (Your benefit. Everyone's welfare.)
Finance Ministry Eases Rules for Expenditures Over ₹500 Crore to Speed Up Capex
• The Finance Ministry has relaxed norms for expenditures exceeding ₹500 crore to expedite
capital expenditure (capex) for the current fiscal year.
• The capital expenditure target for the fiscal year is set at a record ₹11.11 lakh crore, reflecting an
11.1% increase from the previous target.
• The relaxation aims to boost government spending, which had slowed down due to the general
elections.
Bank of India Introduces Special Fixed Deposit with Interest Rates Up to 7.9% for Limited Tenure
• Public sector lender Bank of India has launched a special tenure fixed deposit scheme Star Dhan
Vriddhi, offering an interest rate of up to 7.9% to senior citizens.
• Bank of India has revised its FD interest rates for amounts less than Rs 3 crore and also
introduced a new special FD tenure of 333 days with higher rates.
• These rates are effective from September 1, 2024.
• Following the revision, the bank will offer FD interest rates ranging from 3% to 7.25% for tenures
between 7 days and 10 years for general customers.
About BoI :
• Tagline : Relationship beyond banking
57% of Women Micro-Business Owners Unaware of UPI-Based Services: Report

• The ‘UPI for Her’ initiative, a collaboration between the National Payments Corporation of India
(NPCI) and Women’s World Banking (WWB), released its first report.
• The report highlights that women’s micro businesses are largely undiscovered by merchant
aggregators.
• These micro businesses are often mature but operate in semi-urban and rural areas, making
them less visible to merchant aggregators.
Nepal to introduce banknotes featuring disputed territories with India

• Nepal's central bank, Nepal Rastra Bank, is set to introduce new banknotes featuring a revised
map that includes disputed territories with India.
• The updated banknotes will display the areas of Kalapani, Lipulekh, and Limpiyadhura as part of
Nepal's territory.
• Printing Timeline:The process for printing the updated banknotes has been initiated, and the
entire procedure is expected to be completed within 6 months to a year.
• Nepal-India Border:Nepal shares a border of over 1,850 km with five Indian states: Sikkim, West
Bengal, Bihar, Uttar Pradesh, and Uttarakhand.
IndianOil and RBL Bank Introduce Co-Branded Credit Card

• Indian Oil Corporation Limited (IndianOil) has launched a co-branded credit card in partnership
with RBL Bank at the Global Fintech Fest (GFF) in Mumbai, Maharashtra.
• The credit card offers attractive rewards and benefits, including the ability to earn up to 250 litres
of free petrol annually.
About RBL Bank (formerly known as Ratnakar Bank Limited) :
• Founded : 1943
Securities and Exchange Board of India Revises Alternative Investment Funds Regulations to Set
Maximum Tenure Extension Limits for Large Value Funds
• Markets regulator Securities and Exchange Board of India (SEBI) has amended alternative
investment funds (AIF) norms specifying maximum permissible limit for extension of tenure by
'Large Value Funds'.
• Extension of Tenure for Large Value Funds:Large Value Funds for accredited investors can
extend their tenure by up to 5 years.
• This extension is subject to the approval of two-thirds of the unit holders by the value of their
investment in the fund.
• Purpose of the Amendment:The amendment aims to provide clarity to investors in Large Value
Funds for Accredited Investors (LVFs) about their investment horizon.
About SEBI :
Visa partners with Pine Labs to expand digital payment acceptance nationwide
• Visa, a global leader in digital payments, has partnered with fintech company Pine Labs to
expand digital payment acceptance across India.
• The collaboration aims to improve the in-store payment experience for millions of merchants
currently using printed QR codes or other low-tech solutions.
• The two companies have jointly unveiled Pine Labs Mini, a soundbox-enabled device for QR,
near-field communication (NFC) and card payments.
About Pine Labs :
• Founded : 1998
• CEO : B Amrish Rau
Reserve Bank of India Imposes ₹2.68 Crore Penalty on UCO Bank and ₹2.1 Lakh Penalty on Cent
Bank Home Finance Limited
● The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.68 crore on UCO Bank.
● Contravention of provisions under Section 26A of the Banking Regulation Act, 1949 (BR Act).
○ Non-compliance with RBI directions related to:
■ Interest Rate on Advances
■ Opening of Current Accounts by Banks (Need for Discipline)
■ Interest Rate on Deposits
■ Classification and Reporting of Frauds by Commercial Banks and Select Financial
Institutions (FIs).
About RBI :
Patra
Finance Minister Nirmala Sitharaman Grants 'Navratna' Status to 4 Central Public Sector Enterprises
● Union Finance Minister Nirmala Sitharaman approved the upgradation of 4 Central Public Sector
Enterprises (CPSEs) to Navratna status.
● These CPSEs are:
1. Railtel Corporation of India (RCIL)
2. Solar Energy Corporation of India (SECI) Limited
3. Satluj Jal Vidyut Nigam (SJVN) Limited
4. National Hydroelectric Power Corporation (NHPC)
● With this approval, the total number of Navratna CPSEs in India has increased to 25.
Reserve Bank of India Data Shows Increase in Private Sector Banks' Credit Share in June 2024, While
Public Sector Banks' Share Declines
● According to the Reserve Bank of India’s (RBI’s) quarterly BSR data, the share of public sector
banks (PSBs) in total credit continued to decline and stood at 53.1% in June 2024 (55.8% a year
ago) with concomitant rise for private sector banks (PvBs).
● The share of PvBs in total credit increased to 46.9% in June 2024, up from 36.5% in March 2021,
highlighting their growing market share.
AU Small Finance Bank Seeks Reserve Bank of India Green Light for Transition to Universal Bank
• AU Small Finance Bank has formally applied to the Reserve Bank of India (RBI) for approval to
transition from a small finance bank to a universal bank.
• The RBI's invitation for applications from small finance banks (SFBs) to become universal banks
was issued on April 26, 2024.
• Net Worth: Minimum net worth of ₹1,000 crore at the end of the previous quarter.
• Listing: Shares of the bank should be listed on a recognized stock exchange.
• Profitability: Net profit in the last two financial years.
• Founded : 1996
• Tagline : Badlaav Humse Hai
National Payments Corporation of India Unveils New ATM Products and Renames BBPS to Bharat
Connect
• The National Payments Corporation of India (NPCI) unveiled products aimed at transforming
ATM infrastructure in the country.
• These new offerings include Bharat BillPay (BBPS) for Business, designed to streamline
business-to-business (B2B) transactions across different ERPs and accounting platforms, and
UPI Circle, which enables delegate payments to users.
• NPCI's launches at the Global Fintech Fest included UPI Interoperable Cash Deposit and banks
showcasing digital banking units.
About NPCI :
• Founded : 2008
India.
Securities and Exchange Board of India seeks Reserve Bank of India's assistance to enhance
participation in the corporate bond repo market
• The Securities and Exchange Board of India (SEBI) has requested the Reserve Bank of India
(RBI) to provide certain approvals to AMC Repo Clearing (ARCL) to facilitate the participation
from banks and primary dealers (PDs).
• ARCL Launch: ARCL was launched in July, 2023 by Finance Minister Nirmala Sitharaman to
enhance liquidity in the corporate bond repo market.
• Market Growth: The corporate bond repo market volume has surpassed ₹1 trillion within a year,
with monthly transactions ranging between ₹10,000 crore and ₹15,000 crore.
About ARCL :
• Chairman & Public Interest Director : Mr. Srinivasan Varadarajan
• ARCL is promoted by all Asset Management Companies (AMCs).

About SEBI :
SEBI Proposes Measures to Enhance Appeal of Rights Issues for Fundraising

• The Securities and Exchange Board of India (SEBI) has proposed a number of steps to increase
the attractiveness of rights issues as a mode of fundraising.
• The measures include doing away with the requirement of filing a draft letter of offer (DLoF) with
SEBI, rationalising the content of the letter of offer (LoF) by reducing the number of disclosures,
reviewing the role of intermediaries, reducing the timelines and enabling allotment to select
investors.
• Merchant Banker Requirement : The requirement of appointing a merchant banker may be done
away with and their activities may be outsourced to the issuer, registrar to the issue, and stock
exchanges.
India's Account Aggregator Framework Reaches 100 Million Consents in 3 Years

• India’s Account Aggregator (AA) framework has surpassed 100 million consents in three years.
• Approximately 80-90 million individuals, or about 8% of the adult population in India, are utilising
the AA system.
• Function of AAs : In India, account aggregators act as consent managers independent of
Financial Information Users (FIUs), that enable individuals and businesses to share their financial
data with their consent and manage their consents at one place.
International Financial Services Centres Authority Announces Final Rules for Gift City Listings and Sets
Initial Public Offering Eligibility Criteria
● The International Financial Services Centres Authority (IFSCA) issued the final norms specifying
eligibility conditions and norms for direct listing on the exchanges in the GIFT City.
● With the final notification in place, the gates of IFSCA will be open for foreign entities and
domestic unlisted companies, especially startups eyeing offshore investors, to explore listing on
the two exchanges in the financial hub.
➢ Revenue: Minimum operating revenue of $20 million in the previous financial year.
➢ Profit: Minimum pre-tax profit of $1 million.
➢ Market Capitalisation: Post-issue market capitalisation must be at least $25 million.
Public Sector Banks Reduce Government Securities Holdings Under Held-to-Maturity by 50%
• Public sector banks have cut their holdings of government securities (G-Secs) under the Held-to-
Maturity (HTM) category by over 50%.
• This reduction follows revised investment norms issued by the Reserve Bank of India (RBI).
• The new guidelines came into effect on April 1, 2024.
• New RBI Guidelines : Categories: Investments must now be classified into HTM, Available-for-
Sale (AFS), and Fair Value through Profit and Loss.
Unified Payment Interface Transactions Reach New High in August; Volume Increases, Value Slightly
Decreases
• Unified Payment Interface (UPI) transactions saw a 3% rise in volume in August to 14.96 billion,
compared to 14.44 billion in July, the highest ever since the digital payment platform turned
operational in April 2016.
• The total value of UPI transactions slightly decreased to Rs 20.61 trillion in August, compared to
Rs 20.64 trillion in July.
• According to the data shared by the National Payments Corporation of India (NPCI) in August,
UPI volume posted a 41% year-on-year (Y-o-Y) growth and 31% Y-o-Y growth in value.
Securities and Exchange Board of India Suggests Comprehensive Revision of Merchant Bankers’
Regulations
• The Securities and Exchange Board of India (SEBI) proposed an overhaul of merchant bankers’
regulations amid a boom in the equity capital market.
• Merchant bankers play an imperative role in the primary market and have been entrusted with
the responsibility to ensure appropriate due diligence, maintain integrity of the primary market
and ensure compliance with the relevant laws on their own account and on behalf of the issuers.
• Net Worth Requirements: The current net worth requirement for merchant bankers is ₹5 crore,
which was last hiked in 1995 from ₹1 crore, said SEBI.
About SEBI :
BharatPe Collaborates with Unity Bank to Introduce Third-Party App for Simplified Payments
• BharatPe has partnered with Unity Bank to launch its UPI Third Party Application Provider
(TPAP) service.
• The "postpe" app has been rebranded as "BharatPe," now available for UPI payments.
• UPI Features: Customers can create UPI IDs on the BharatPe app to make payments to
individuals, merchants, and pay various bills directly through the app.
• Platform Availability: The BharatPe UPI app is currently available for Android users, with a launch
on Apple's App Store planned in the coming months.
• App Variants: BharatPe now offers two apps - "BharatPe" for general users and "BharatPe for
Business" for merchants.
About BharatPe :
• Founded : 2018
• CEO : Nalin Negi
• BharatPe is an Indian fintech company that sells digital payment and financial services to small
About Unity Bank :
• Founded : 2006
• Headquarters : Lagos, Nigeria
• Managing Director : Tomi Somefun
Reserve Bank of India Permits Foreign Investors in International Financial Services Centre to Invest in
Sovereign Green Bonds

• The Reserve Bank of India (RBI) has introduced a scheme to allow foreign investors in the
International Financial Services Centre (IFSC) to invest in sovereign green bonds (SGrBs),
aiming to facilitate wider non-resident participation.
• The Government of India issued sovereign green bonds in January 2023.
Karnataka Bank to Provide Personal Loans through Open Network for Digital Commerce
• Karnataka Bank will offer personal loans through the Open Network for Digital Commerce
(ONDC), becoming the first bank to do so.
• The personal loans will be available through buyer apps on the ONDC network.
• Initially, this service will be available to the bank’s existing customers.
• Executive Director : Sekhar Rao
Securities and Exchange Board of India Considers Broadening Informal Guidance Scheme Scope and
Increases Fees
● Capital markets regulator Securities and Exchange Board of India (SEBI) proposed changes to
the informal guidance scheme to expand the list of applicants who can seek guidance under the
plan and enhance the fee for applying.
● New entities that will be allowed to seek IG mechanisms are stock exchanges, clearing
corporations and depositories, managers of pooled investment vehicles such as alternative
investment funds, Real Estate Investment Trust (ReiT), Infrastructure Investment Trust (InVIT)
and Collective Investment Scheme (CIS).
● Fee Structure Changes : On rationalising fees, Sebi has proposed to raise the fees to Rs 75,000
from the current Rs 25,000 from an applicant while making an application under the IG scheme.
Securities and Exchange Board of India Updates Criteria for Inclusion and Removal of Stocks in
Futures and Options (F&O) Segment
● The Securities and Exchange Board of India (SEBI) has revised the eligibility criteria for the entry
and exit of stocks in the derivatives (F&O) segment to ensure only high-quality stocks with
sufficient market liquidity are allowed to trade.
● Performance Criteria for Entry : To be eligible for entry into the derivatives segment, stocks must
meet certain criteria based on their performance in the cash market over the previous six months
on a rolling basis.
HDFC Bank Unveils DigiPassBook to Streamline Investments in a Single Platform

● HDFC Bank has launched DigiPassBook, a new feature on its SmartWealth app which allows
users to consolidate all their investments under one roof.
● It allows users to manage and view all their equity investments, ETFs and demat accounts in the
app.
● DigiPassBook is supported by the account aggregator framework, which allows users to
consolidate financial assets from different institutions.
● In the future, HDFC Bank plans to expand the DigiPassBook to include investments in insurance
and bonds, marking a significant enhancement for the SmartWealth app.
About HDFC Bank :
Aditya Birla and Policybazaar Introduce Lifetime Family Income Protection Plan
● Aditya Birla Sun Life Insurance (ABSLI) and Policybazaar have jointly launched a new term
insurance plan called ‘Income Suraksha Plan’.
● The plan provides a guaranteed monthly income for life in the "unfortunate event" of the
policyholder's death.
● Increasing Income Protection Option: Offers a 5% annual increment in the monthly income,
capped at 1.5 times the initial amount.
● Premium Discount: Up to a 9% one-time discount on the first-year premium.
● Eligibility Criteria:
➢ Age at Entry: 21 to 55 years.
➢ Maturity Age: 31 to 70 years.

About Aditya Birla Sun Life Insurance :
● Incorporated : August 4, 2000 (Commenced Operations-January 17th, 2001)
● MD & CEO : Kamlesh Rao
● ABSLI is a 51:49 joint venture between the Aditya Birla Group and Sun Life Financial Inc., an
international financial services organization in Canada.
HDFC Bank Introduces GIGA, Financial Product Tailored for India's Gig Workers
● HDFC Bank has introduced GIGA, a financial suite designed for gig workers and freelancers.
● The programme aims to address the financial needs of India's burgeoning gig economy.
● The gig economy is estimated to employ 30-50 million workers: Fom management consultants
and software programmers to delivery partners.
● GIGA will cater to this diverse group's financial requirements.
Reserve Bank of India Initiates September 2024 Consumer Confidence Survey Round
● The Reserve Bank of India (RBI) regularly conducts the Consumer Confidence Survey (CCS) to
gauge public sentiment on economic conditions.
● The September 2024 round of the CCS has been launched.
● Survey Objectives:The survey collects qualitative responses from households regarding:
➢ General economic situation
➢ Employment scenario
➢ Price levels
➢ Household income
➢ Spending patterns
Securities and Exchange Board of India to Revise Criteria for Stock Inclusion and Exclusion in Futures
and Options (F&O) Market
• The markets regulator Securities and Exchange Board of India (SEBI) is revising the criteria for
the entry and exit of stocks in the futures and options (F&O) market.
• This revision may impact 79 popular stocks, including Life Insurance Corporation of India, Paytm,
DMart, Jio Financial Services, and Zomato.
• Potential Exclusions:18 stocks could be dropped from the current F&O list of 182 if they do not
meet the new criteria within the next three months.
About SEBI :
Bank Credit to Commercial Real Estate Surges in July 2024 Due to Increased Office Space Demand
• Bank credit to the commercial real estate sector rose to ₹4.85 lakh crore outstanding as of July
26, 2024, from ₹4.38 lakh crore on July 28, 2023.
• Growth Drivers:Office Leasing: Significant growth in office leasing activity, with expected leasing
between 50 and 60 million square feet in 2024.
• The first half of 2024 saw office leasing surpass 29 million square feet, a 19% year-over-year
increase.
• The June quarter saw a 50% rise in leasing across major office markets like Mumbai, Delhi-NCR,
and Bengaluru.
Reserve Bank of India manages liquidity to align inflation with 4% target while supporting economic
growth
• With the July retail inflation easing to a five-year low of 3.54% and the first quarter GDP growth
decelerating to a five-quarter low of 6.7%, the RBI is focusing on maintaining adequate liquidity in
the banking system.
• This approach is aimed at balancing its dual objectives of steering inflation towards a sustainable
4% and supporting economic growth, according to market experts.
• RBI's Monetary Policy Statement:Retail Inflation: RBI Governor Shaktikanta Das indicated that
the expected moderation in retail inflation during Q2 of 2024-25 might reverse in Q3 due to base
effects.
Life Insurance Corporation of India Receives ₹606 Crore GST Demand and Penalty Notice
• Life Insurance Corporation of India (LIC) received a GST tax demand, interest, and penalty order
amounting to ₹605.58 crore.
• The order was issued by the Deputy Commissioner of State Tax, Mumbai, Maharashtra.
• Breakdown of the Demand:
• The total demand for the Financial Year 2020 is divided as follows:
• GST: ₹294.43 crore
• Interest: ₹281.70 crore
• Penalty: ₹29.44 crore
About LIC :
State Bank of India Secures ₹7,500 Crore Through Tier 2 Bond Issuance
• State Bank of India (SBI) raised ₹7,500 crore through its first Basel III compliant Tier 2 bond
issuance for the current financial year.
• The bonds were issued at a coupon rate of 7.42%.
• The bonds have a tenure of 15 years, with a call option after 10 years and on each anniversary
date thereafter.
• SBI received 70 bids amounting to over ₹8,800 crore, against a base issue size of ₹5,000 crore,
indicating oversubscription and strong investor interest.
About SBI :
• Chairman :Challa Sreenivasulu Setty
Union Bank of India freezes accounts of telecom firm MTNL over non-payment of dues
• Union Bank of India has frozen all accounts of the telecom company MTNL due to non-payment
of dues.
• In Aug 2024, MTNL reported to stock exchanges that it defaulted on bank loan payments
amounting to Rs 422.05 crore.
Breakdown of Loan Defaults:
• Union Bank of India: Rs 155.76 crore
• State Bank of India (SBI): Rs 140.37 crore
• Bank of India: Rs 40.33 crore

• Punjab & Sind Bank: Rs 40.01 crore
• Punjab National Bank (PNB): Rs 41.54 crore
• UCO Bank: Rs 4.04 crore
• MD &CEO : A. Manimekhalai
• Tagline : Good people to bank with
IndiaFirst Life Becomes the First Indian Life Insurer to Launch Operations in GIFT City
• IndiaFirst Life Insurance Company Limited (IndiaFirstLife ) has become the first Indian life insurer
to commence operations in Gujarat International Finance Tec City (GIFT City), Gandhinagar,
Gujarat.
• The company inaugurated its IFSC Insurance Office (IIO) at the country's international financial
gateway.
• IndiaFirst Life's IIO will have a dedicated team involving specialists who will cater to the needs of
GIFT City's global audience.
About IndiaFirst Life Insurance Company Ltd :
• MD & CEO: Rushabh Gandhi
• Paid-Up Share Capital: ₹754 crore
• Shareholders: Bank of Baroda, Union Bank of India, and Carmel Point Investments India Pvt Ltd
Amazon Pay ICICI Bank Credit Card: India's Top Co-Branded Card with 5 Million Users
• The Amazon Pay ICICI Bank credit card, powered by VISA, has achieved a significant milestone
becoming the first co-branded credit card in India to onboard over 5 million customers
nationwide.
• Offers a straightforward rewards program with unlimited cashback.
• Lifetime free credit card.
• Instant issuance within 30 minutes through a digital process.
Max Life Forms Bancassurance Partnership with CSB Bank

• Max Life Insurance Company Limited has entered into a bancassurance partnership with CSB
Bank, a private sector bank in India.
• The partnership aims to offer a range of savings, protection, retirement, and group life insurance
plans to over 2.5 million CSB Bank customers.
• Benefits of the Partnership:Max Life will provide its diverse insurance solutions to CSB Bank’s
customers, helping them to achieve their aspirations and protect their loved ones at different life
stages.
About Max Life Insurance Company Limited :
• MD & CEO : Prashant Tripathy
• It is an 80:20 joint venture between Max Financial Services and Axis Bank. The company is a
subsidiary of the publicly-listed Max Financial Services.
About CSB Bank :
• Headquarters : Thrissur, Kerala, India
• MD & CEO : Pralay Mondal
National Bank for Agriculture and Rural Development Plans to Collaborate with Global Agencies to
Establish Carbon Fund: Chairman Shaji K V
• The National Bank for Agriculture and Rural Development (NABARD) is in discussions with
international agencies to establish a carbon fund aimed at addressing challenges posed by
climate risk, according to Chairman Shaji K V at the FIBAC conference in Mumbai, Maharashtra.
• NABARD's Climate Change Fund:NABARD has set up a Rs 100 crore Climate Change Fund to
enhance the capacities of institutions working in rural areas.
• This fund will be utilized to develop innovative products that mitigate climate change challenges.
About NABARD :
• Chairman : Shri. Shaji K V
• It was established on the recommendations of B. Sivaraman Committee (by Act 61, 1981 of
• NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex
• It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).
Chennai-Based Fintech Paysharp Gets Final Reserve Bank of India Authorization as Payment
Aggregator
• Chennai-based fintech startup, Paysharp has received final authorisation from the Reserve Bank
of India (RBI) to operate as an online payment aggregator (PA).
• It was granted an in-principle license in December 2022 and received final approval in 2023.
• Paysharp is now authorized to onboard merchants and process payments as part of India’s
payment system.
• Paysharp is one of authorised Payment Aggregators from Tamil Nadu. As on date RBI has
authorized 36 payment aggregators including Razorpay, Cashfree and Stripe.
About Paysharp :
• Founded : 2019
• Founder and CEO : Krishna Kumar Mani
• It caters to various sectors, including government, B2B, NBFC and SMBs and is now expanding
into the ecommerce segment.
• The company focuses on non-card-based payments, including UPI and virtual account-based
solutions for NEFT, IMPS, and RTGS collections.
• Its product portfolio includes Link Payment and Payment Pages powered by UPI.
International Solar Alliance and Multilateral Investment Guarantee Agency Launch Multi-Donor Trust
Fund to Promote Solar Projects
• The Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, and the
International Solar Alliance (ISA) have established the MIGA-ISA Solar Facility, a multi-donor
trust fund.
• Aim : To accelerate global adoption of solar energy, offering concessional financing tools,
including first-loss instruments and reinsurance capacity, to enhance project bankability and
lower MIGA guarantee costs.
• Partnership Goal: The World Bank Group and the African Development Bank Group aim to
provide at least 300 million people in Africa with electricity access by 2030.
About MIGA :
• MIGA is an international financial institution which offers political risk insurance and credit
enhancement guarantees.
• It is a member of the World Bank Group .
About ISA :
• Director General : Dr. Ajay Mathur
RBI rejects Canara Bank's bid for credit card subsidiary amid concerns
• Current Operations: Canara Bank currently issues credit cards under its own name.
• Proposal: The bank approached the Reserve Bank of India (RBI) to set up a non-banking
financial company (NBFC) to manage its credit card business.
• Objective: Canara Bank aimed to bring more focus and specialization to its credit card offerings,
enhancing its competitiveness in the market.
About Canara Bank:
• Founded: 1906
• Headquarters: Bengaluru, Karnataka, India
• MD & CEO: K. Satyanarayana Raju
• Tagline: "Together We Can"
The 54th meeting of the Goods and Services Tax Council chaired by Finance Minister Nirmala
Sitharaman concluded in New Delhi
• Key Decisions from the 54th GST Council Meeting:
• Reverse Charge Mechanism (RCM) for Commercial Property:
• Renting of commercial property by an unregistered person to a registered person will now fall under
the Reverse Charge Mechanism (RCM) to prevent revenue leakage.
• Under the RCM, the GST liability shifts from the supplier (landlord) to the recipient (tenant) of
commercial rental services.
Bank of Baroda receives a 2.8X subscription for its ₹5,000 cr infra bond issuance
• Bond Issuance Details:
o Date: September 9, 2024.
o Amount Raised: Rs 5,000 crore.
o Coupon Rate: 7.26% per annum.
o Type: Long-term, 10-year infrastructure bonds.
• Investor Response:
o Total Demand: Rs 14,215 crore from 105 bids.
o Strong demand allowed pricing at a competitive rate of 7.26% per annum.
About Bank of Baroda:
• Founded: July 20, 1908
• Headquarters: Vadodara, Gujarat, India
• MD & CEO: Debadatta Chand
• Tagline: "India’s International Bank"
Union Bank of India becomes first major Indian Bank to sign Partnership for Carbon Accounting
Financials (PCAF)
• Union Bank of India has announced its decision to join the Partnership for Carbon Accounting
Financials (PCAF), an international alliance of financial institutions dedicated to standardizing the
measurement and disclosure of greenhouse gas emissions related to loans and investments.
• Commitment to Climate Risk Management: By joining PCAF, Union Bank of India aligns itself
with global efforts to measure and manage financed emissions, which are crucial for
understanding and mitigating climate risks in banking.
About Union Bank of India:
• Founded: November 11, 1919
• MD & CEO: A. Manimekhalai
• Tagline: "Good People to Bank With"
Securities and Exchange Board of India Forms 22-Member Expert Committee on Listing Obligations
• The Securities and Exchange Board of India (SEBI) has set up a 22-member advisory committee
to streamline the rules for listing obligations and disclosures.
• The committee is chaired by R Gandhi, former Deputy Governor of the Reserve Bank of India
(RBI).
• It was formed on August 28, 2024.
About SEBI :
Airtel Payments Bank Teams Up with Noise and National Payments Corporation of India to Launch
National Common Mobility Card -Enabled Smartwatch
• Airtel Payments Bank has collaborated with wearables maker Noise and the National Payments
Corporation of India (NPCI) to launch a National Common Mobility Card (NCMC)-enabled
smartwatch integrated with the RuPay chip.
• The smartwatch, developed by Noise, allows users to perform NCMC-enabled tap and pay
transactions, bringing payment capabilities directly to the user's wrist.
About Airtel Payments Bank :
• MD & CEO : Anubrata Biswas
• The company is a subsidiary of Bharti Airtel.
• On 5 January 2022, it was granted the scheduled bank status by the Reserve Bank of India
under the second schedule of RBI Act, 1934.
SBI Life Insurance Launches Digital Film to Support Indian Athletes for Paralympic Games Paris 2024
• SBI Life Insurance has unveiled a new digital film to support the Indian contingent for the
Paralympic Games Paris 2024.
• The film aims to highlight the inspiring stories of para athletes: Simran Sharma (runner), Ashok
Malik (powerlifter), and Mona Agarwal (shooter), showcasing their indomitable resolve.
• The digital film embodies the theme of 'IRADDE', reflecting the athletes' determination and aligns
with SBI Life’s philosophy, 'Apne Liye, Apno Ke Liye'.
About SBI Life Insurance :
• MD & CEO : Mr. Amit Jhigran
• It was incorporated in October 2000 and was registered with the Insurance Regulatory and
Development Authority of India (IRDAI) in March 2001.
• It is a joint venture between State Bank of India (SBI) and French financial institution BNP
Paribas Cardif.
Federal Bank Unveils India's First Facial Recognition Payment System, SmilePay™
• India’s Federal Bank has launched SmilePay™, a facial authentication technology that will
enable customers to complete transactions using only their faces.
• It is a first-of-its-kind payment solution in India, utilising advanced facial authentication technology
and built on UIDAI’s BHIM Aadhaar Pay.
• The product eliminates the need for traditional payment methods, offering unmatched
convenience for customers and enhanced efficiency for merchants.
• Headquarters : Aluva, Kochi, Kerala, India
• MD & CEO : Shyam Srinivasan
Aditya Birla Capital Digital Unveils DigiGold Gifting, Family Health Scan, and SIMPLiNVEST at GFF
2024
• Aditya Birla Capital Digital Limited ("ABCDL"), the digital-first arm of India's leading financial
services conglomerate, Aditya Birla Capital, announced the launch of a suite of three new
product offerings - DigiGold Gifting, Family Health Scan and SIMPLiNVEST on ABCD,
omnichannel D2C platform at the Global Fintech Festival.
• These new offerings are aimed at providing users with a more personalized and convenient
digital financial experience, making "Everything Finance as Simple as ABCD".
State Bank of India launches 3 new services for daily commuters

• The State Bank of India (SBI) introduced three new offerings targeting the daily commuters.
• These include the India's first MTS card -MTS RuPay NCMC prepaid card, which provides an
offline payment solution; the One View mobile app, a one-stop solution to manage all SBI NCMC
prepaid cards; and an advanced design for SBI FASTag that reduces travel time for commuters.
• The MTS RuPay NCMC prepaid card is designed to offer a seamless, offline payment solution
for all NCMC-enabled transit projects, including metro rails, buses, ferries, tolls, and parking.
About SBI :
• Chairman : Challa Sreenivasulu Setty
India Post Payments Bank celebrates 7th Foundation Day

• India Post Payments Bank (IPPB), a key player in driving financial inclusion across the country,
celebrated its 7th Foundation Day (IPPB Day) on 1st September, 2024.
• Since its nation-wide roll-out in 2018 by Prime Minister Narendra Modi, the IPPB has been at the
forefront of transforming India's financial landscape by providing accessible, affordable and
trusted digital banking services to underserved and unbanked families at their doorstep.
About India Post Payment Bank :
• Established : September 01, 2018
• Chairman : Smt. Vandita Kaul
• MD & CEO : Shri R. Viswesvaran
• India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry
of Communication with 100% equity owned by the Government of India.
HDB Financial Services Becomes First Non-Banking Financial Company to Integrate NPCI's e-KYC
Setu System
• HDB Financial Services (HDBFS), is the first non-banking financial company (NBFC) to integrate
the National Payments Corporation of India (NPCI)'s e-KYC Setu System.
• This integration sets a new industry benchmark for the NBFC sector.
About HDBFS :
• HDB Financial Services, a subsidiary company of HDFC Bank, is one of the biggest NBFC in the
country who provides a variety of loans and finance to the people.
South Indian Bank Partners with Sohan Lal Commodity Management to Launch ‘Unified Collateral
Management Solutions
• South Indian Bank and Sohan Lal Commodity Management (SLCM) have announced a
collaboration to deliver “Unified Collateral Management Solutions,” aimed at supporting farmers
and other stakeholders within the agricultural ecosystem.
• This collaboration will facilitate access to post-harvest credit at competitive interest rates, while
also providing scientific storage services and ensuring fair commodity pricing at marketplaces
(mandis).
• The partnership is aimed to tackle key challenges in the agricultural sector, particularly in post-
harvest storage and financing.

• Founded : 1929
• Headquarters : Thrissur, Kerala, India
• MD & CEO : P R Seshadri
Indian Rupee Second-Worst Performing Asian Currency in August 2024 Due to High Dollar Demand
and Equity Outflows
• The Indian rupee was the second-worst-performing Asian currency in August 2024 after the
Bangladeshi taka due to strong dollar demand and outflows from domestic equities.
• It depreciated by 0.2% during the month.
• The two were the only Asian currencies that experienced a decline against the US dollar over the
month.
World Bank advises India to reassess RCEP decision to achieve $1 trillion export target
• The World Bank, urged India to re-evaluate its regional integration strategy, including its decision
not to join the Regional Comprehensive Economic Partnership (RCEP), as part of its plan to
achieve the $1 trillion export target by 2030.
• India has opted out of major trade agreements like RCEP, while neighbouring countries like
Bangladesh and Sri Lanka have shown interest in joining this East Asian trade and global value
chain (GVC) hub
• Re-evaluating Trade Strategy: As other South Asian economies explore trade agreements
outside the region, India may need to reassess its position on regional integration, particularly
regarding RCEP.
About World Bank :
• President : Ajay Banga
UPI Sees 37% Surge in Transactions, Reaching ₹80.8 Lakh Crore ($964 Billion) from April-July 2024
• Unified Payments Interface (UPI), which has emerged as the world's most popular alternative
payments method (APM), processed transactions to the tune of ₹80.8 lakh crore ($964 billion) in
April-July 2024, a sharp 37% year-on-year (y-o-y) surge compared to the same timeframe the
previous year.
• Transactions on UPI totalled Rs 20.64 lakh crore in July this year or about $247 billion.
• Skrill has emerged as the second-most popular alternative payment method in the world.
About UPI :
• UPI, developed by the National Payments Corporation of India (NPCI) and regulated by the
Reserve Bank of India (RBI), has enhanced financial accessibility since its launch in 2016.
Tata AIA Life Insurance Launches USD Life Insurance Solutions for Non-Resident Indians
• Tata AIA Life Insurance Company Limited, one of India’s leading life insurance agencies, has
launched its offshore branch at Gujarat International Finance Tech-City (GIFT City), India’s first
International Financial Services Centre (IFSC).
• The branch aims to provide non-resident Indians (NRIs) with US dollar-denominated life
insurance through its website.
About Tata AIA Life Insurance Company Limited :
• CEO : Venkatachalam Iyer
• Tata AIA is a joint venture by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA).
Mastercard Launches Global Payment Passkey Service to Enhance Security and Ease of Online
Shopping
• Mastercard has announced the worldwide launch of its new Payment Passkey Service to
enhance the security and convenience of online shopping.
• The service has been introduced in India as a pilot program with major payment players,
including payment aggregators Juspay, Razorpay, and PayU, as well as online merchants like
Bigbasket and banks such as Axis Bank.
• Payment passkeys use device-based biometric authentication methods, such as fingerprints or
facial scans, to streamline online shopping experiences.
About Mastercard :
• Founded : 1966
• Headquarters : New York, United States
• CEO : Michael Miebach
POP Introduces India’s First Multi-Brand Co-Branded Card in Collaboration with RuPay and Yes Bank
• POP, a fintech enabler for direct-to-consumer brands started by former Flipkart employees, has
introduced India’s first multi-brand co-branded credit card developed in collaboration with RuPay
and Yes Bank.
• This launch coincides with POP surpassing one million UPI transactions and aims to leverage the
power of the RuPay network to make credit on UPI easier for its network of users.
• The credit card was launched at the Global Fintech Festival (GFF) in the presence of Mr. Nalin
Bansal- Chief of Corporate and Fintech Relationships at NPCI and Mr. Amit Sinha- Head of credit
card sales and partnerships at Yes Bank.
RBL Bank Partners with Indian Oil Corporation Limited to Launch New Fuel Credit Card
• RBL Bank has launched the 'Xtra Credit Card' in partnership with Indian Oil Corporation (IOCL),
providing customers with fuel savings.
• The Card offers customers 8.5% savings on fuel purchases, the highest in the segment
compared to other co-branded fuel credit cards.
• Earning Fuel Points: Customers can earn 15 fuel points for every ₹100 spent, with a cap of 2,000
points per month.
• Expected Portfolio Growth: After partnering with IOCL, RBL Bank expects its credit card portfolio
to grow by 12-15% in the current fiscal year, lower than the industry growth of 20-25%.
About RBL Bank :

State Bank of India Plans to Raise Up to ₹7,500 Crore Through Tier-2 Bonds
• State Bank of India (SBI) is expected to raise up to ₹7,500 crore through the issuance of tier-2
bonds.
• The funds raised will be used to meet regulatory requirements and support business growth,
addressing the gap between credit demand and deposit accretion.
• September 19.
• Base Size: The base size of the bond issuance is expected to be between ₹3,500 crore and
₹4,000 crore.
About SBI :
Reserve Bank of India Imposes ₹1.91 Crore Fine on Axis Bank and ₹1 Crore Penalty on HDFC Bank
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.91 crore on Axis Bank
Limited.
• The penalty is for contravention of provisions under Section 19 (1) (a) of the Banking Regulation
Act, 1949 (BR Act), and non-compliance with RBI directions on:
• Interest Rate on Deposits
• Know Your Customer (KYC)
• Credit Flow to Agriculture - Collateral-Free Agricultural Loans
• The penalty is imposed under Section 47 A (1) (c) read with Section 46 (4) (i) of the BR Act.
Reserve Bank of India Announces Loan Eligibility for Resident Overseas Citizens of India Cardholders
for Overseas Education
• The Reserve Bank of India (RBI) has clarified to banks that Overseas Citizens of India (OCI)
cardholders are eligible for education loans for studies abroad, provided they are residing in
India.
• The Reserve Bank of India (RBI) defines an Overseas Citizen of India (OCI) as a foreign national
of Indian origin who is registered as an OCI cardholder under Section 7(A) of the Citizenship Act,
1955.
• The OCI scheme was introduced in 2005 to address the demand for dual citizenship for
individuals of Indian origin.
Deposit Insurance and Credit Guarantee Corporation Introduces Daava Soochak Tool to Help
Depositors Monitor Claim Status
• The Deposit Insurance and Credit Guarantee Corporation (DICGC) has introduced an online tool
named Daava Soochak, designed for depositors to track the status of their insurance claims.
• Since its inception, DICGC has been responsible for reimbursing insured amounts to depositors
of banks that have failed.
• Daava Soochak, a user-friendly online tool, is part of DICGC's ongoing commitment to improving
the services provided for depositors.
About DICGC :
• Formed : 1978
• DICGC is a specialised division of the Reserve Bank of India which is under the jurisdiction of the
Ministry of Finance, Government of India.
• It was established under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 for
the purpose of providing insurance of deposits and guaranteeing of credit facilities.
RBI Fines 3 Housing Finance Companies ₹13.50 Lakh, Including Godrej Housing Finance, Aadhar
Housing Finance, and Housing and Urban Development Corporation Limited
• The Reserve Bank of India (RBI) has imposed monetary penalties on three Non-Banking
Financial Companies (NBFCs) for non-compliance with RBI directions related to housing finance
companies.
• Godrej Housing Finance Limited: Penalized ₹5,00,000 for non-compliance with the ‘Non-Banking
Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021’.
• Aadhar Housing Finance Limited: Penalized ₹5,00,000 for non-compliance with the ‘Non-Banking
Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021’.
PayMate Teams Up with NPCI Bharat BillPay Limited to Introduce BBPS-B2B Platform for
Revolutionising Business Payments and Financing in Digital India
• PayMate, India's leading digital B2B payments company, has announced its partnership with
NPCI Bharat BillPay Limited. (NBBL) to launch the innovative PayMate BBPS-B2B platform.
• The BBPS-B2B platform aims to standardise and digitize commercial processes related to
invoicing, payments, and collections on a large scale across the nation.
About PayMate :
• Founded : May 2006
• Founder, MD & CEO : Ajay Adiseshann
AU Small Finance Bank and United India Insurance Sign Agreement to Offerr Insurance Products
• AU Small Finance Bank (AU SFB) and state-owned United India Insurance Company (UIIC)
announced a strategic partnership to distribute general insurance solutions to the bank's
customers.
• Insurance Products Offered:The partnership will provide a range of insurance products including
motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper
insurance, and cyber incident insurance.
About UIIC :
• Chairman & MD : Bhupesh Sushil Rahul
Securities and Exchange Board of India Revises Margin Trading Framework to Ease Collateral
Requirements
• The Securities and Exchange Board of India (SEBI) has revised the framework for margin trading
facilities (MTF) to reduce the burden of additional collateral.
• Cash Collateral as Maintenance Margin:Securities funded through cash collateral can now be
considered as maintenance margin for MTF.
• If a broker uses cash collateral received from a client to meet settlement obligations with the
clearing corporation (CC), this collateral can be treated as a maintenance margin.
• Effective Date:The new rules will come into effect from October 1, 2024.
•
About SEBI :
Small Finance Banks Increasing Focus on High Deposit Rates

• More than seven small finance banks (SFBs) have increased their fixed deposit (FD) rates to
above 8% for two-year tenures in competition with major banks like State Bank of India (SBI) and
HDFC Bank.
• SFBs are offering 100-125 basis points higher on FDs than they did a year ago and
approximately 120 basis points more than what big banks like SBI and HDFC Bank currently
offer.
• Current Offers:Utkarsh SFB and Suryoday SFB: Offering 8.5% on two to three-year tenures.
Bank of Baroda Approves Resolution Plan for Supertech's Dehradun Project
• Bank of Baroda, one of the lenders in Supertech Group has approved and sanctioned the
resolution plan for company’s Dehradun project paving way for delivery of over 600 homebuyers.
• Supertech submitted a project-wise resolution plan to the National Company Law Appellate
Tribunal (NCLAT), and this is the first project to receive lender approval.
• The bank has consented to the inclusion of a co-developer in the Dehradun project.
• Kotak Investment Advisors Ltd (KIAL) is investing ₹450 crore into Supertech’s stalled Noida
project, providing significant financial support.
About Bank of Baroda :

Finance Ministry Revises Compounding Rules for Foreign Exchange Management Act Offences
• The Finance Ministry has come out with new rules for processing of compounding applications
under the Foreign Exchange Management Act (FEMA).
• The new rules aim to further promote ease of investment.
• The rules follow Finance Minister Nirmala Sitharaman’s Budget announcement to streamline
Foreign Direct Investments (FDIs) and overseas investments.
• The new rules will replace the Foreign Exchange (Compounding Proceedings) Rules, 2000,
which had been in effect for nearly 24 years.
Reserve Bank of India to Maintain Higher Requirement for Digitally-Linked Deposit Buffer
• The Reserve Bank of India (RBI) proposed that banks hold an additional 5% "run-off factor" on
digitally accessible retail deposits to manage risks of mass withdrawals via digital platforms like
internet or mobile banking.
• The new rules are scheduled to take effect in April 2025.
• Impact on Banks' Liquidity Coverage Ratio (LCR):The additional buffer is expected to impact
banks' Liquidity Coverage Ratios (LCR), which represent the amount of highly liquid assets
available to meet short-term obligations.
HDFC Bank in Discussions with Global Lenders to Offload $1 Billion in Loans

• HDFC Bank Ltd., India’s largest private sector lender, is in talks with several global banks to
offload as much as Rs 8,400 crore ($1 billion) in loans to reduce its credit book and bring it more
in line with deposits.
• The bank is in discussions with several global lenders, including Barclays Plc, JPMorgan Chase
& Co., and ICICI Bank.
• Sale Terms:The loan portfolio sale is planned to be executed through a pass-through certificate,
a type of debt instrument. The final terms of the sale are yet to be decided.
About HDFC Bank :
Reserve Bank of India Cancels Treasury Bill Auction for the Remainder of September 2024
• According to the Calendar for Auction of Government of India Treasury Bills for the Quarter
ending September 2024, the auctions were initially scheduled for September 18, 2024, and
September 25, 2024.
• The Reserve Bank of India (RBI), in consultation with the Government of India, has decided to
cancel the T-bill auctions scheduled for September 18, 2024, and September 25, 2024.
• The Government of India has reduced its borrowings via Treasury Bills by approximately ₹50,000
crore for the current fiscal year.
About RBI :
Patra
State Bank of India Approves ₹10,050 Crore Loan for Damodar Valley Corporation’s Proposed 1600
MW Ultra Super Critical Thermal Power Project in Jharkhand
• State Bank of India (SBI) has sanctioned ₹10,050 crore to Damodar Valley Corporation (DVC) for
its ultra-supercritical thermal power project.
• The project involves the construction of a 1600 MW (800 MW * 2) ultra-supercritical thermal
power plant located at Koderma, Jharkhand.
• DVC is India's first multipurpose river valley project, established by the Damodar Valley
Corporation Act, 1948.
About SBI :

Insurance Regulatory and Development Authority of India Fines SBI Life Insurance ₹1 Crore for
Breaching Regulations on Web Aggregators and Outsourcing Activities
• The Insurance Regulatory and Development Authority of India (IRDAI) has fined SBI Life
Insurance ₹1 crore for regulatory violations.
• The violations pertain to SBI Life Insurance's dealings with insurance web aggregators and its
outsourcing activities.
• IRDAI has issued an advisory to SBI Life Insurance regarding the repudiation of multiple
insurance claims.
About IRDAI :
About SBI Life Insurance :
• Founded : March 2001
• MD & CEO : Amit Jhigran
State Bank of India plans to raise up to ₹7,500 crore through second tranche of Tier-II bonds
• The State Bank of India (SBI) plans to raise up to ₹7,500 crore through the issuance of a second
tranche of Tier-II bonds.
• Bond Details: The bonds have a maturity period of 15 years.
• The issuance includes a base size of ₹4,000 crore with an additional greenshoe option of ₹3,500
crore.
• Credit Rating: The bonds are rated "AAA" by ICRA and India Ratings and Research, indicating
high credit quality.
About SBI :

Bank of Baroda to roll out 7 phygital branches as a pilot project

• Bank of Baroda (BoB) is planning to launch 7 phygital branches as a pilot project across the
country.
• These branches integrate self-service and assisted service models.
• The first phygital branch was opened at Horniman Circle, Mumbai in July.
• The second branch was inaugurated at Vile Parle, Mumbai, and another branch at Chanda
Nagar, Hyderabad.
About BoB :
S&P Global Ratings predicts SBI's cost-to-income ratio will drop to 54-55% in the next two years
• State Bank of India’s (SBI’s) cost-to-income (C/I) ratio sharply increased to 60% in FY24 from
56.2% in FY23 due to higher employee expenses.
• S&P Global Ratings forecasts that SBI’s C/I ratio will normalize to 54-55% over the next two
years as the bank improves operating efficiency and leverages digital platforms.
• The risk-adjusted capital (RAC) ratio is expected to stay moderate at 5.5-6.0% over the next two
years, compared to 5.9% as of March 31, 2024.
• SBI's credit cost is expected to remain under 1% due to low asset quality risks.
• Credit Rating:S&P Global has affirmed SBI’s issuer credit rating at “BBB-/Positive.”
Outward FDI Increases by $1 Billion in August, 2024: RBI Data
• According to Reserve Bank of India (RBI) data, India's outward foreign direct investment (FDI)
commitments rose by $1 billion to $3.21 billion in August 2024, up from $2.29 billion in August
2023.
• Sequential Growth: Outbound FDI commitments increased from $3 billion in July 2024.
• Three Components: Outward FDI commitments are classified into three categories: equity, loans,
and guarantees.
Life Insurance Corporation of India Increases Its Stake in Indian Railway Catering and Tourism
Corporation to Approximately 9.3%
• Life Insurance Corporation of India (LIC) increased its stake in Indian Railway Catering and
Tourism Corporation (IRCTC) to approximately 9.3%.
• LIC's stake in IRCTC grew by 2.02% between December 16, 2022, and September 11, 2024,
through open market purchases.
About IRCTC :
• Chairman & MD : Sanjay Kumar Jain
• IRCTC was established in 1999 by the Government of India and operates under the Ministry of
Railways.
• IRCTC is a 'Miniratna' public sector undertaking (PSU) that provides services such as ticketing,
catering, and tourism for Indian Railways.
Reserve Bank of India Fines BNP Paribas and Three Other Banks for Compliance Failures
• The Reserve Bank of India has imposed a penalty of Rs 31.8 lakh on BNP Paribas for non-
compliance with certain directions issued by RBI on ‘Interest Rate on Advances’.
• This penalty has been imposed in the exercise of powers conferred on RBI under the provisions
of Section 47 A (1) (c) read with Sections 46 (4) (i) of the Banking Regulation Act, 1949.
Penalty on Hewlett Packard Financial Services (India) Private Limited:
• Amount: ₹10.4 lakh
• Reason: Non-compliance with RBI's 'Know Your Customer (KYC) Directions, 2016,' 'Non-
Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit
taking Company (Reserve Bank) Directions, 2016,' and 'Master Direction - Information
Technology Framework for the NBFC Sector.'
Penalty on Muthoot Vehicle & Asset Finance Limited:
• Reason: Non-compliance with RBI's 'Liquidity Risk Management Framework for Non-Banking
Financial Companies and Core Investment Companies' and 'Non-Banking Financial Company -
Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve
Bank) Directions, 2016.'
Penalty on SMFG India Credit Company Limited (formerly Fullerton India Credit Company Limited):

• Reason: Non-compliance with 'Master Direction - Information Technology Framework for the
NBFC Sector' and directions relating to cyber security measures.
Reserve Bank of India to Overhaul Currency Management Infrastructure to Meet Future Cash Demands
• The Reserve Bank of India (RBI) plans to comprehensively revamp its currency management
infrastructure over the next 4-5 years to meet future cash demands of the growing economy.
• Project Timeline: The entire project is expected to be completed within 4-5 years, as per RBI's
expression of interest (EoI) document.
• CIC Growth:Coins in Circulation (CIC) volume also increased to 132.35 bpcs by March 31, 2024,
from 127.92 bpcs a year earlier.
National Payments Corporation of India Raises Unified Payments Interface Transaction Limit for Tax
Payments to ₹5 Lakh per Transaction
• The National Payments Corporation of India (NPCI) has increased transaction limits for tax
payments using the Unified Payments Interface (UPI), allowing people to transfer Rs 5 lakh in a
single transaction.
• This service is only applicable for tax payments only.
• The increase in the transaction limit aims to facilitate smoother and larger tax payments through
UPI, addressing the growing use of UPI as a payment method.
• Applicability: The Rs 5 lakh limit applies exclusively to tax payments.
PhonePe and Liquid Group Partner to Expand UPI QR Payment Services in Singapore
• PhonePe, a Walmart group fintech firm, partnered with Liquid Group, a cross-border payment
solutions provider, to expand its merchant acceptance network in Singapore.
• The partnership enables PhonePe users traveling to Singapore to scan and pay using the app at
Liquid Group's merchants.
• QR codes will be available at tourist-centric locations, such as Changi Airport, duty-free shops,
restaurants, bars, retailers (e.g., The Cocoa Trees, Hard Rock Cafe), sightseeing spots, and
transportation services.
About Phonepe :
• Founded : 2015

Union Finance Minister Smt. Nirmala Sitharaman to Unveil NPS Vatsalya Scheme on September 18,
2024
• In pursuance of the announcement in the Union Budget 2024-25, Union Minister for Finance and
Corporate Affairs Smt. Nirmala Sitharaman will launch the NPS Vatsalya scheme on September
18, 2024, in New Delhi.
• Online Platform: An online platform will be introduced for subscribing to NPS Vatsalya.
• Scheme Brochure: The brochure of the scheme will be released.
• PRAN Cards: Permanent Retirement Account Number (PRAN) cards will be distributed to new
minor subscribers.
• Finance Secretary : Tuhin Kanta Pandey
Money view Becomes 2024's Sixth Unicorn After Securing $4.6 Million in Funding
• Fintech start-up Moneyview became the sixth unicorn in 2024 after raising $4.6 million (INR 38.6
Cr) from Accel India and Nexus Ventures.
• After approval from the company's board, 60.23 lakh equity shares were allotted to Accel India
and Nexus Ventures.
• Compared to 2023, there has been an increase in the number of unicorns in 2024.
• In 2023, only two unicorns were created, which include quick commerce start-up Zepto and
fintech start-up InCred Finance.
About Moneyview :
• Founded : 2014
• Founders : Puneet Agarwal and Sanjay Aggarwal.
Securities and Exchange Board of India fast-tracks credit, trading of bonus shares to T+2 days
• The Securities and Exchange Board of India (SEBI) has decided to shorten the time taken for
credit of bonus shares and their subsequent trading to two days from the record date.
• This new rule will apply to all bonus issues announced from October 1.
• Timeline Details:Credit of Bonus Shares: Bonus shares will be credited to investor accounts one
working day after the record date (T+1).
About SEBI :
the Ministry of Finance, GoI
Axis Bank Expands Wealth Management Services to 15 Additional Cities

• Axis Bank is expanding its private banking business, Burgundy Private, to 15 new cities.
• This expansion will increase Burgundy Private's presence to 42 locations across India.
• Purpose and Focus:The expansion aims to provide bespoke wealth management services to
clients in India's Tier 2 markets.
• New Locations:The new cities include Bhubaneswar, Patna, Raipur, Agra, Ghaziabad, Jodhpur,
Udaipur, Jalandhar, Meerut, Belgaum, Kozhikode, Thiruvananthapuram, Aurangabad, Nagpur,
and Gandhidham.
About Axis Bank :
HDFC Bank Aims to Increase Income for 5 Lakh Marginal Farmers by 2025 Through Parivartan CSR
Initiative
• The country's biggest private sector lender, HDFC Bank, looks to increase the income of 5 lakh
marginal farmers earning less than Rs 60,000 annually by 2025 as part of its corporate social
responsibility (CSR) initiative, Parivartan.
• Parivartan Overview: Launched in 2014, Parivartan is one of India's largest CSR programs,
active in 28 states and 8 Union Territories, with a focus on rural development and sustainable
livelihoods.
• CSR Expenditure: HDFC Bank has spent ₹5,100 crore on CSR activities over the last decade,
and reported a CSR spend of ₹945.31 crore for FY 2023-24.
About HDFC Bank :
Life Insurance Corporation of India Chooses Infosys for Advanced Digital Insurance Platform
Development
• The Life Insurance Corporation of India (LIC) has selected IT major Infosys to develop its
NextGen digital platform.
• This platform will be a comprehensive end-to-end digital insurance solution aimed at providing
excellent customer services, sales lifecycle management, and operational support for employees
and intermediaries.
• The NextGen Digital Platform will be modular, flexible, cloud-native, and have platform driven
architecture which will be capable of quickly adopting innovative technologies, new products and
features.
About LIC :
• CEO and MD : Siddhartha Mohanty
Securities and Exchange Board of India Approves Tenfold Increase in NSE's Share Capital
• The Securities and Exchange Board of India (SEBI) has approved amendments to the National
Stock Exchange (NSE) memorandum of association, allowing a 10-fold increase in authorised
share capital to ₹500 crore.
• This move will pave the way for the bourse's proposed bonus issue.
• This increase also provides flexibility if the exchange decides to issue fresh shares during its
public offering.
• On August 27, the NSE board also sought a no-objection certificate (NOC) from Sebi to move
forward with its IPO, which has been delayed due to ongoing regulatory matters, including the co-
location case.
About NSE :
• Founded : 1992
• Chairman : Girish Chandra Chaturvedi
• MD & CEO : Ashishkumar Chauhan
• NSE is under the ownership of various financial institutions such as banks and insurance
companies.
ICRA ESG Ratings Issues First Rating to InCred Financial Services

• ICRA ESG Ratings Limited has assigned its first Environmental, Social, and Governance (ESG)
rating to InCred Financial Services, a Non-Banking Financial Company (NBFC).
• ICRA ESG Registration:ICRA ESG received registration as a Category-I ESG Rating Provider
(ERP) from the Securities and Exchange Board of India (SEBI) earlier this fiscal year.
• ICRA ESG was previously known as Pragati Development Consulting Services Limited (PDCSL).
• Founded : 1991
• Headquarters : Gurgaon, India
• MD & Group CEO : Ramnath Krishnan
Star Health and Policybazaar Introduce 'SUPER STAR': A Modular Long-Term Health Insurance Plan
• Star Health and Allied Insurance Company Limited (Star Health Insurance) and Policybazaar
announced the launch of 'SUPER STAR', a personalised long-term health insurance plan which
is customer-centric in nature with an objective of delivering greater customer value.
• Headquarters : Gurgaon, Haryana
About Star Health and Allied Insurance Co Ltd :
• Founded : 2006
• MD & CEO : Mr. Anand Roy
AU Small Finance Bank and Kotak Life Partner to Provide Life Insurance and Financial Security
Solutions
• AU Small Finance Bank (AU SFB) and Kotak Life announced a partnership to offer life insurance
and financial security solutions.
• This collaboration is a continuation of Kotak Life’s previous relationship with the former Fincare
Small Finance Bank, which is now merged with AU SFB.
• This partnership enables AU SFB’s new and existing customers, including those from former
Fincare SFB branches, to access Kotak Life’s full range of life insurance products, such as term,
retirement, savings, and select investment plans.
About AU SFB :
• Founded : 1996
• AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and has established
itself as the largest SFB in India since starting its banking journey in April 2017.
• Founded : 2001
• Chairman : Uday Kotak
• MD : Mahesh Balasubramanian
• Kotak Mahindra Life Insurance Company Limited (Kotak Life) is a 100% owned subsidiary of
Kotak Mahindra Bank Limited (Kotak). Kotak Life provides insurance products with high customer
empathy.
Asian Development Bank Pledges $2 Billion in Annual Loans to Support Cash-Strapped Pakistan:
Report
● The Asian Development Bank (ADB) has assured Pakistan of providing $2 billion annually in new
loans from 2024 to 2027, totalling $8 billion over four years.
● ADB President Masatsugu Asakawa gave the assurance during his visit and interaction with
Pakistani authorities.
● Loan Terms:Out of the $2 billion annual loan, $1 billion will be provided at a fixed 2% interest rate
under ADB’s concessional window.
About ADB :
● Headquarters: Manila, Philippines
● Membership: 68 members, including 49 regional members (countries in Asia and the Pacific) and
19 non-regional members (countries outside the region)
World Bank Commits Additional USD 2 Billion to Support Key Reforms in Bangladesh
● The World Bank pledged an additional $2 billion in financing to Bangladesh during this fiscal year
to support critical reforms, flood response, air quality improvement, and healthcare.
● Abdoulaye Seck, World Bank Country Director, made the pledge during his meeting with Chief
Adviser Muhammad Yunus at the State Guest House Jamuna in Dhaka.
● World Bank Commitment:The World Bank is committed to increasing lending to Bangladesh to
support the reform agenda of the Interim Government.
About World Bank :
State Bank of India secures ₹7,500 crore through Tier-2 bonds at a 7.33% interest rate
• The State Bank of India (SBI) raised ₹7,500 crore through its second Basel III-compliant Tier-2
bond issuance of the current fiscal year.
• The bonds have a coupon rate of 7.33% and a 15-year maturity with a call option after 10 years
and on each anniversary thereafter.
• It attracted bids more than three times the base issue size of ₹4,000 crore.
• This earlier issuance also carried a AAA rating with a stable outlook from CRISIL Ratings and
CARE Ratings.
• Total Fundraising for FY:For the current financial year, SBI has raised a total of ₹15,000 crore
through Basel III-compliant Tier-2 bonds.
About SBI :
Bank of Baroda Launches GenAI-Powered Virtual Relationship Manager for Conversational Banking
• Bank of Baroda (BoB) has introduced ‘Aditi’, a GenAI-powered virtual relationship manager, to
enhance the digital customer service experience.
• Aditi offers conversational banking through digital avatars with human-like interfaces.
• Available on BoB’s web portal, Aditi supports audio, video, and chat-based assistance, providing
24x7 banking services with multilingual support.
• 'GyanSahay.AI' Knowledge Management Platform:BoB also launched a GenAI-enabled
knowledge management platform called ‘GyanSahay.AI’ for its employees.
About BoB :
Finance ministry plans 'One State, One RRB' policy to boost efficiency
• The "One State, One RRB" policy, aimed at consolidating Regional Rural Banks (RRBs) for
operational efficiency, is in the drafting phase.
• As per the Department of Financial Services (DFS), draft rules for the policy will be completed by
the end of September 2024.
• S. Venkateshwar Reddy, Secretary General of the AIRRBEA, stated that the policy may
eventually lead to the creation of the National Rural Bank of India, reducing the number of
sponsor banks.
Jana Small Finance Bank launches “Liquid Plus” FD at 6.75% interest rate
• Jana Small Finance Bank has launched a new "Liquid Plus" fixed deposit offering, providing an
interest rate of 6.75% per annum for tenures ranging from 7 to 180 days.
• This rate applies to a minimum deposit of ₹10 lakhs for retail deposits up to ₹3 crores, and for
bulk deposits between ₹3 crores and ₹200 crores per customer.
About Jana Small Finance Bank
• Founded: 2008, Bengaluru
• CEO: Ajay Kanwal (since August 1, 2017)
• President: Buvanesh Tharashankar
• Headquarters: India
Reserve Bank of India Report: Credit and Deposit Growth Gap Narrowing, but Challenges Persist
● According to the latest State of the Economy report released by the Central Bank (RBI), the gap
between credit and deposit growth in banks, which has been a major concern for the Reserve
Bank of India (RBI) over the past two years, is finally narrowing.
● Narrowing Gap Between Credit and Deposit Growth:As of September 6, 2024, the gap between
credit growth and deposit growth in banks has reduced to just over 200 basis points (bps), down
from over 700 bps earlier in 2024.
● Loan growth has moderated to 13.3%, while deposit growth has risen to over 11%.
● Private Credit Market Concerns:Private credit assets under management are estimated to be
around $15 billion.
● Fintech lenders now hold over 52% of the market share in personal loans and are increasingly
turning to private credit for funding.
● Inflation Developments:Headline retail inflation remained below the RBI’s 4% target.
Deadline Approaches for Special Fixed Deposits at SBI, IDBI, and Indian Bank on September 30, 2024
● The deadline for special fixed deposits (FDs) by the State Bank of India (SBI), IDBI, and Indian
Bank is nearing on September 30, 2024 .
● These FDs offer higher interest rates compared to regular FDs.
● Interest Rates:Special FDs are offering 7.05%-7.35% interest for 300-444-day tenures.
● Senior citizens get an additional 50 basis points over the standard interest rate.
● SBI’s Special FDs:Amrit Kalash offers 7.1% interest for a 400-day tenure, with senior citizens
receiving 7.60%.
● Amrit Vrishti offers 7.25% for the general public and 7.75% for senior citizens for a 444-day
tenure. The deadline for this scheme is March 31, 2025.
● IDBI Bank’s Special FDs:The UTSAV Special Deposits offer 7.2%-7.35% interest for 300-700-
day tenures.
Central Board of Direct Taxes issues Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV)
Scheme, 2024
● In pursuance of the announcement in Union Budget 2024-25 by Union Minister for Finance and
Corporate Affairs Smt. Nirmala Sitharaman, the Central Board of Direct Taxes (CBDT) has
notified the Direct Tax Vivad Se Vishwas Scheme, 2024 (referred as DTVSV, 2024) to resolve
pending appeals in the case of income tax disputes.
● The Scheme will come into effect from October 1, 2024.

● The scheme aims to resolve pending income tax disputes and appeals.
● The initiative aims to improve litigation management and reduce the backlog of income tax
disputes.
Department of Financial Services Secretary M. Nagaraju chairs the Conference of Debt Recovery
Appellate Tribunals Chairpersons and Debt Recovery of Tribunals Presiding Officers in New Delhi
● Shri M. Nagaraju, Secretary of the Department of Financial Services (DFS), chaired a conference
of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt
Recovery Tribunals (DRTs) in New Delhi.
● Participants: The meeting was attended by senior officers from public and private sector banks,
the Deputy CEO of the Indian Bank Association (IBA), and senior Ministry of Finance officials.
● DRT Regulations 2024: Introduction of the DRT Regulations 2024, which improve upon the 2015
regulations, aiming to make the recovery process more effective and time-efficient.
Finance Minister Nirmala Sitharaman Unveils NPS Vatsalya Scheme in New Delhi
● Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman launched the National
Pension System Vatsalya (NPS Vatsalya) scheme, ‘a pension scheme for minors’ at New Delhi.
● The NPS Vatsalya was announced by the Union Finance Minister in the Union Budget 2024-25
on 23rd July, 2024.
● The launch of NPS Vatsalya was simultaneously organised at 75 locations throughout the
country, with distribution of over 250 PRAN to minor subscribers.
● Eligibility Criteria:The scheme is available for all minor citizens (under 18 years).
● Both the child and the parent must be Indian citizens, and all parties must meet Know Your
Customer (KYC) requirements.
● Opening Process:Accounts can be established through various Points of Presence regulated by
the Pension Fund Regulatory Authority of India (PFRDA), including major banks, India Post,
pension funds, and online platforms (e-NPS).
● Contribution Details:A minimum annual contribution of ₹1,000 is required, with no maximum
contribution limit.
● Minister of State : Pankaj Choudhar
● Finance Secretary : Tuhin Kanta Pandey

Bajaj Becomes Third Most Valued Financial Group
● India's financial sector is primarily controlled by large government-owned and private-sector
banks like State Bank of India (SBI), HDFC Bank, and ICICI Bank.
● These institutions dominate across areas like lending, insurance, and asset management.
● Bajaj Group's Rise:Bajaj Group has emerged as the third-largest financial group in India by
market capitalization (mcap), surpassing the SBI Group.
● The high profitability of Bajaj Group's financial arms (Bajaj Finserv, Bajaj Finance, Bajaj Housing
Finance) has fueled its rise.
● Bajaj Housing Finance IPO:Bajaj Housing Finance, listed, more than doubled its market
capitalisation on its IPO day.
● Its stock price surged from the IPO price of ₹825 to ₹1,637.4 on the BSE.
● This added ₹1.36 trillion to the Bajaj Group's total market capitalisation.
● Market Capitalisation (Mcap):The four listed financial entities of Bajaj Group (Bajaj Holdings,
Bajaj Finserv, Bajaj Finance, Bajaj Housing Finance) have a combined mcap of ₹10.36 trillion.
Top 5 Financial Groups by Mcap:
1. HDFC Group: ₹15.75 trillion
2. ICICI Group: ₹11.95 trillion
3. Bajaj Group: ₹10.36 trillion
4. SBI Group: ₹9.60 trillion
5. Axis Bank: ₹3.85 trillion
Punjab & Sind Bank to Raise Up to ₹3,000 Crore Through Infrastructure Bonds, Appoints Bankers
● Public sector lender, Punjab & Sind Bank plans to raise up to ₹3,000 crore through infrastructure
bonds as a cost-effective option amid increasing competition for deposits.
● Other banks:State Bank of India (SBI) raised ₹20,000 crore in two tranches through 15-year infra
bonds.
● Canara Bank raised ₹10,000 crore via 10-year infra bonds at a 7.4% rate.
● Bank of India raised ₹5,000 crore through 10-year bonds at 7.54%.
● Bond Rating:CRISIL has assigned a "AA/Stable" rating to the proposed infrastructure bonds of
Punjab & Sind Bank.
● Domestic Bond Yields:Bond yields softened in August and September 2024, with the 10-year
Indian government security (G-sec) yield ranging between 6.76% and 6.87%.
About Punjab and Sind Bank :

● MD & CEO : Swarup Kumar Saha
Jan-Dhan: A New Avenue for Public Sector Banks to Attract Deposits
● State-owned banks are targeting Jan-Dhan accounts to enhance deposit mobilization amid rising
credit growth and the shift of household savings to higher-yielding instruments.
● The Reserve Bank of India (RBI) and the Finance Ministry have raised concerns about sluggish
deposit growth (11.3%) compared to credit growth (15%) as of August 23, 2024, which may lead
to asset-liability management issues for banks.
● Banks are exploring untapped areas to mobilize deposits without engaging in an interest rate war.
● This includes targeting low-value segments within Jan-Dhan accounts.
Untapped Potential (Jan-Dhan Accounts)
Category Beneficiaries (mn) Deposits (₹ cr) RuPay debit cards

(mn)
Public sector 416 1,77,179.26 314.9

banks
Regional rural 99.3 44,923.22 35.1

banks
Private sector 16.5 6,026.14 13.6

banks
Rural cooperative 1.9 0.01 0

banks
Total 533.7 2,28,994.32 363.6
Jan-Dhan Scheme Overview:

● Launched to provide banking access to unbanked segments through basic savings accounts.
● Features include no minimum balance requirement, interest on deposits, and the issuance of a
RuPay debit card.
Asian Development Bank Recommends Pakistan Implement Indian ULLAS Scheme to Improve
Education System
● The Asian Development Bank (ADB) advised Pakistan to adopt India's ULLAS (Understanding of
Lifelong Learning for All in Society) scheme to address its dysfunctional education system and
provide quality training to its citizens.
● Pakistan requested financial support from the ADB to improve its education system and address
the issue of educating 26 million out-of-school children.
About India's ULLAS Scheme:
● ULLAS was launched by the Government of India in July 2023 to assist non-literates and adults
who missed formal schooling.
● The scheme aims to provide foundational literacy and numeracy, along with critical life skills such
as financial literacy, digital literacy, healthcare awareness, and family welfare.
About ADB :
Indian Overseas Bank Wins Rajbhasha Kirti Puraskar for Second Consecutive YearIndian Overseas
Bank Wins Rajbhasha Kirti Puraskar for Second Consecutive Year
● Indian Overseas Bank (IOB) won the Rajbhasha Kirti Pratham Puraskar for the second
consecutive year in the Official Language Implementation category for 2023-24.
● The award is presented by the Ministry of Home Affairs to recognize efforts in promoting the
Hindi language and official language policies.
● The award was presented by Union Home Minister Amit Shah to IOB's Managing Director and
CEO, Ajay Kumar Srivastava, in New Delhi.
● The recognition highlights IOB's commitment to enhancing the use of the Hindi language and
improving the implementation of official language policies across its operations
● The Rajbhasha Kirti Puraskar scheme was introduced by the Ministry of Home Affairs to
encourage the implementation of official language policies among various entities, including
ministries, departments, public sector undertakings, and nationalized banks.
About IOB :

● MD & CEO : Ajay Kumar Srivastava
● Tagline : Good people to grow with
Banks submit bids exceeding ₹1 lakh crore to access funds through a 1-day Variable Rate Reverse
Repo from the Reserve Bank of India
● Banks placed bids totalling ₹1,02,655 crore to draw liquidity from the Reserve Bank of India (RBI)
through the 1-day Variable Rate Repo (VRR) auction.
● The notified amount for the auction was ₹50,000 crore, and the RBI accepted bids worth ₹50,007
crore at a weighted average rate of 6.66%.
● Liquidity Deficit and Surplus:The banking system’s liquidity shifted from a surplus of ₹2.55 lakh
crore on September 5, 2024 to a deficit of ₹5,000 crore on September 18 due to monthly GST
and quarterly advance tax outflows.
● Liquidity returned to a mild surplus of around ₹25,000 crore post these outflows.
● RBI’s Liquidity Management:The RBI conducts liquidity management operations to ensure the
weighted average call rate remains within the 6.40% to 6.60% range.
Digitisation of land records poses a major challenge to implementing the Unique Land Parcel
Identification Number (ULI) system
● The Reserve Bank of India (RBI) plans to launch the Unified Lending Interface (ULI) at a national
level to transform the lending sector.
● ULI is part of the digital public infrastructure aimed at streamlining the lending process for Micro,
Small, and Medium Enterprises (MSMEs) and farmers.
● Purpose of ULI: ULI will facilitate the seamless flow of financial and non-financial data from
multiple platforms, providing customised data to lenders.
● Lenders will gain access to customer data from various silos, such as land records, government
databases, and satellite imagery.
Non-Banking Financial Companies sector demonstrates resilience with robust credit growth and
declining Non-Performing Asset under Reserve Bank of India's scale-based regulatory framework:
Report
● The non-banking financial companies sector continues to demonstrate resilience within the
Scale-Based Regulations framework.
● According to the RBI report ‘Peeling the Layers: A Review of the NBFC Sector in Recent Times’,
The sector maintained double-digit credit growth, adequate capital levels and a low delinquency
ratio by December, 2023.
● Improved Asset Quality : Since the introduction of SBR in October 2022, the gross non-
performing asset (NPA) ratio has decreased markedly, falling from a range of 4.4% to 10.6% in
December 2021 to 2.4% to 6.3% by December 2023.
● Extension of PCA Norms:The introduction of Prompt Corrective Action (PCA) norms for
government-owned NBFCs is expected to strengthen the sector further.
● Upper Layer NBFCs:The RBI has identified several major NBFCs as part of the Upper Layer
under the SBR framework, including:
➢ LIC Housing Finance
➢ Bajaj Finance
➢ Shriram Finance
➢ Tata Sons
➢ L&T Finance
➢ Indiabulls Housing Finance
➢ Piramal Capital & Housing Finance
➢ Cholamandalam Investment and Finance
➢ Mahindra & Mahindra Financial Services
➢ PNB Housing Finance
➢ Tata Capital Financial Services
➢ Aditya Birla Finance
➢ HDB Financial Services
➢ Muthoot Finance
➢ Bajaj Housing Finance
● Compliance with Listing Requirements:
● All companies in the Upper Layer List, except Tata Sons, have complied or are initiating steps to
meet listing requirements.
Reserve Bank of India's Proposed Liquidity Coverage Ratio Norms to Further Restrict Bank Lending to
Non-Banking Financial Companies
● The Reserve Bank of India’s (RBI's) proposed draft guidelines on the Liquidity Coverage Ratio
(LCR) are under the Basel-III norms and are set to take effect in April 2025.
● Bank Lending Bias:The draft guidelines are expected to skew bank lending towards higher-rated
NBFCs, specifically those with AAA or AA ratings, making it harder for smaller or low-rated
NBFCs to compete.
● Tighter Lending Norms:Due to existing tighter lending norms, bank credit to NBFCs has already
fallen significantly, dropping from a year-on-year growth rate of 36% in October 2022 to just 8.5%
as of June 2024.
● Increased Risk Weightage:Earlier in 2024, the RBI increased the risk weightage on loans to
NBFCs by 25 basis points to 125%, further discouraging banks from lending to these institutions.
Finance Ministry establishes a ₹27.5 lakh crore target for agricultural credit in FY25
● The government has set an agriculture credit disbursement target of ₹27.5 lakh crore for the
fiscal year 2024-25.
● This target represents an 11% increase compared to actual loans disbursed in FY24.
● Credit Approval Alignment:The finance ministry has instructed lenders to align credit approvals
with the Gross Value Added (GVA) of crops for respective states to address regional imbalances
in loan availability.
● Loan Distribution Plans
➢ ₹16 lakh crore is earmarked for short-term crop loans.
➢ ₹11.5 lakh crore is allocated for term loans for the fiscal year 2024-25.
➢ State-Specific Disbursal:
➢ The highest credit disbursal was to Tamil Nadu (₹4.39 trillion, 17.6% of total disbursal),
followed by Andhra Pradesh (₹2.96 trillion, 12%).
➢ Over ₹12.5 trillion (50.5%) was disbursed to five southern states: Andhra Pradesh,
Telangana, Karnataka, Tamil Nadu, and Kerala.
● RBI Initiatives:The RBI has ranked districts based on per capita credit flow and is developing an
incentive framework for districts with lower credit flow.
● Interest Subvention Scheme : Modified Interest Subvention Scheme (MISS):
➢ Farmers with Kisan Credit Cards (KCCs) can borrow up to ₹3 lakh at 7% interest per
annum for working capital.
➢ An additional 3% interest subvention is provided for prompt repayment, effectively
lowering the interest rate to 4%.

State Bank of India to invest in defaulter Supreme Infrastructure India Limited after agreeing to a haircut
● After taking a substantial haircut in a debt restructuring proposal of Supreme Infrastructure India
Ltd (SIIL), the State Bank of India (SBI) has proposed to invest in the preferential share issue of
the defaulting company.
● State Bank of India (SBI) proposed to invest ₹24.33 crore in the preferential share issue of
Supreme Infrastructure India Ltd (SIIL).
● SBI will acquire 28.55 lakh shares at ₹85.23 per share, giving it a 2.08% equity stake in the
company.
● Debt Restructuring and Haircut:The debt restructuring proposal resulted in a 79% haircut for the
creditors, reducing outstanding debt from ₹2,200 crore to ₹464 crore.
● SBI had an outstanding debt of ₹1,023 crore in SIIL prior to restructuring.
● Key Financial Creditors:Other banks involved in the debt exposure include:
➢ Union Bank: ₹238 crore
➢ PNB (Punjab National Bank): ₹296 crore
➢ Bank of India: ₹148 crore
➢ Central Bank of India: ₹115 crore
➢ Canara Bank: ₹197 crore
➢ ICICI Bank: ₹122 crore
➢ SREI: ₹130 crore
ICRA Forecasts Bank Borrowings via Bonds to Hit Rs 1.2-1.3 Trillion in FY25 Due to Tight Liquidity and
Rising Credit Demand
● According to rating agency ICRA, Banks' borrowings through bonds are expected to reach Rs
1.2-1.3 trillion in this financial year (FY25) amid tight liquidity conditions and credit outpacing
deposit growth.
● Historical Context:Bond issuances in FY25 may exceed the previous peak of Rs 1.1 trillion
recorded in FY23.
● In FY24, banks issued bonds worth Rs 1 trillion.
● Public Sector Banks' Dominance:Public sector banks are projected to account for 82-85% of total
bank bond issuances in FY25.
● Infrastructure bonds have been issued with tenures of 10 to 15 years, exceeding the minimum
regulatory requirement of 7 years.
About ICRA :
● Founded : 1991
● Managing Director : Ramnath Krishnan
S&P maintains India's FY25 growth forecast at 6.8%, anticipates rate cut in October 2024
● The global credit ratings agency S&P Global, in its report, titled ‘Economic Outlook Asia-Pacific
Q4 2024 retained India's growth forecast at 6.8% for the current financial year 2024-2025 and
expressed optimism that the Reserve Bank of India (RBI) would start cutting interest rates in its
October, 2024 monetary policy review.
● The agency has projected growth at 6.9% for fiscal year 2025-26 and 7%for fiscal years 2026-27
and 2027-28.
India's Growth Forecast by Other Agencies:
Agency GDP Growth Forecast
Moody's Analytics (2024) 7.1%
International Monetary Fund (FY25) 7.0%
World Bank (FY25) 7.0%
Reserve Bank of India (FY25) 7.2%
● Economic Context:India's post-pandemic economic recovery saw a 7.8% growth rate in 2023,
driven by strong demand, which is expected to moderate in 2024 to 7.1%, according to Moody's
Analytics.
● For the next few years, growth is expected to stabilize, with 6.5% growth in 2025 and 6.6% in
2026.
UCO Bank unveils "Project Parivartan" to enhance the bank's digital banking services
● Ashwani Kumar, Managing Director (MD) & Chief Executive Officer (CEO),UCO Bank launched
“Project Parivartan”, a major transformation initiative in the existing digital banking facilities
offered by the Bank.
● Key points of Project Parivartan include close collaboration with Fintechs and technology
providers, customer engagement through personalization, analytics-driven campaigns, and the
enhancement of digital journeys for both asset as well as liability products.
About UCO Bank :
Piramal Finance Collaborates with Digital India's Common Service Centers to Improve Credit Access for
Budget Customers in Bharat
● Piramal Capital & Housing Finance Ltd (Piramal Finance), a wholly-owned subsidiary of Piramal
Enterprises Ltd, has partnered with Digital India's Common Service Centers (CSCs) to meet the
lending needs of Bharat by improving access to formal credit for underserved individuals and
MSMEs (micro, small and medium enterprises).
● Through this collaboration, over Rs 100 crore has been successfully disbursed in August 2024 to
boost credit availability in semi-urban areas, providing essential financial products such as home
and business loans.
About Piramal Capital & Housing Finance Limited :
● Managing Director : Jairam Sridharan
About Common Service Centers :
● MD & CEO : Sanjay Rakesh
● CSCs are a key component of the Digital India initiative launched by the Government of India.
● These centers aim to provide essential government and non-government services to citizens,
particularly in rural and remote areas, through digital means.
Financial Action Task Force Commends India's Initiatives to Combat Illicit Finance, Money Laundering,
and Terror Funding
● The Financial Action Task Force (FATF) released its mutual evaluation report on India,
highlighting the country’s significant progress in tackling illicit finance.
● The report commended India for achieving a high level of technical compliance across FATF
recommendations and for its substantial measures in addressing financial crime.
● India has been placed in the “regular follow-up” category by FATF, a distinction awarded to
countries that demonstrate significant compliance with FATF standards.
● Compliance with FATF Recommendations : India achieved a high level of technical compliance,
being compliant or largely compliant with 37 out of 40 FATF recommendations.
● The threshold to qualify for the "regular follow-up" category is compliance with at least 32 out of
40 recommendations.
● India met this threshold, further receiving five 'substantially effective' or 'highly effective' ratings in
Immediate Outcomes (IOs), with no low effectiveness ratings.
● Jan Dhan-Aadhaar-Mobile (JAM) Initiative:FATF praised India's Jan Dhan-Aadhaar-Mobile (JAM)
initiative, which has significantly improved financial inclusion and reduced dependency on cash
transactions.
About FATF :
● Headquarters : Paris
● President : Elisa de Anda Modrazo
● Membership : 40
OLX teams up with IDFC FIRST Bank to offer innovative financing solutions for used vehicles
● OLX has launched a comprehensive used-vehicle financing solution in collaboration with IDFC
FIRST Bank.
● This new service simplifies the purchasing process for pre-owned cars and bikes by offering
quick and easy financing directly through the OLX platform, eliminating the need for multiple site
visits.
● Founded : October 2015
● MD & CEO : V. Vaidyanathan
Reserve Bank of India Lifts Restrictions on IIFL Finance's Gold Loan Operations
● The Reserve Bank of India (RBI) has removed restrictions on IIFL Finance's gold loan operations.
● Timeline of Restrictions: The restrictions were imposed on March 4, 2024, prohibiting IIFL
Finance from sanctioning, disbursing, or selling any gold loans during this period.
About IIFL Finance Limited :
● Founded : 1995
● Chairman : Nirmal Jain
Securities and Exchange Board of India Introduces New Rules: Unified Payments Interface Required for
Bids Up to ₹5 Lakh in Public Debt Issues Starting November 1, 2024
● The Securities and Exchange Board of India (SEBI) has introduced new guidelines to streamline
the application process for public issues of debt securities.
● Retail investors applying for public issues of debt securities through stock brokers for amounts up
to Rs 5 lakh should only use UPI to block funds.
● Individual investors would continue to have the choice of availing other modes through the stock
exchange platform for making an application in the public issue.
● The new rules apply to:
➢ Public issues of debt securities
➢ Non-convertible redeemable preference shares
➢ Municipal debt securities
➢ Securitised debt instruments
● The new rules will come into effect on November 1, 2024.
● Shorter Review Periods: SEBI reduced the period for seeking public comments on the draft offer
documents from 7 working days to 1 day for issuers whose specified securities are already listed
and 5 days for other issuers.
About SEBI :
Bank of India secures ₹2,500 crore through tier-II bonds at 7.49%

● Bank of India (BoI) raised Rs 2,500 crore through tier-II bonds at a coupon rate of 7.49%.
● Previous Fundraising:In July,2024 BoI raised ₹5,000 crore through 10-year infrastructure bonds
at a 7.54% coupon rate.
● The coupon rate for the recent Tier-II bonds was lower than a previous issuance, where the rate
was 7.88%.
● Comparison with SBI:In Sep 2024, State Bank of India (SBI) raised ₹7,500 crore at a coupon rate
of 7.33% via Tier-II bonds, part of its ₹15,000 crore fundraising through Basel III-compliant bonds
in FY25.
National Payments Corporation of India Plans to Expand Unified Payments Interface Digital Payments
to Africa and South America
● India is in discussions with several countries in Africa and South America to help them build
digital payment systems using the Unified Payments Interface (UPI) as a model.
● Two UPI-like systems are expected to launch by late 2026 or early 2027.
● The National Payments Corporation of India (NPCI) oversees retail payment systems in India
and operates UPI, the most popular digital payment method in the country.
● UPI's monthly transaction volume surged by 41% to nearly 15 billion in August, 2024.
● NIPL Team Expansion:NIPL plans to double its current 60-member team by March 2025,
expanding its overseas operations beyond Singapore and the Middle East.
● CEO of NPCI International Payments Ltd (NIPL) : Ritesh Shukla
About NPCI :
● Founded : 2008
● The NPCI is an umbrella organization that operates retail payments and settlement systems in
India.
provisions of the Payment and Settlement Systems Act, 2007, to create a robust Payment &
ICRA predicts organised gold loan market to surpass ₹10 lakh crore in FY25
● According to an assessment by ICRA, the organised gold loan market, comprising banks and
non-banking financial companies (NBFCs), is set to cross the ₹10-lakh-crore mark in the current
fiscal from ₹9.2 lakh crore in FY24 and touch ₹15 lakh crore by March 2027.
● Banks are the dominant players in the gold loan segment, primarily driven by gold jewellery-
backed agricultural loans.
● NBFC Growth:Non-banking financial companies (NBFCs) are positioned to lead in retail gold
loans, with an expected growth rate of 17-19% in FY25 and a compound annual growth rate
(CAGR) of 14-15% during FY26-27.
Banks Shift Focus to Certificates of Deposit Issuances in September 2024 Due to Slow Deposit Growth
● According to data from the Clearing Corporation of India, Banks issued ₹1.35 trillion worth of
Certificates of Deposit (CDs) in September 2024, a 65% increase compared to August.
● Highest Issuance in FY25: The issuance in September is the second-highest monthly CD
issuance for FY25, after ₹1.45 trillion in June.
● Year-on-Year Growth: Banks issued ₹7.78 trillion in CDs between January and August 2024,
compared to ₹4.9 trillion in the same period of 2023, reflecting a 59% growth.
● Significant Contributors: Canara Bank was the largest issuer with Rs 68,250 crore, followed by
Bank of Baroda (Rs 63,325 crore) and HDFC Bank (Rs 60,230 crore).
● Dominance of State-Owned Banks: The top five issuers included four state-owned banks and
HDFC Bank, which collectively accounted for 61% of total CD issuances, with state-owned banks
making up 68% of the total amount raised.
Private Capex Set to Rise with ₹4 Lakh Crore Credit Demand Pipeline from Indian Corporates: SBI
Chairman
● State Bank of India (SBI) Chairman C. S. Setty announced that the bank has secured a strong
credit pipeline of ₹4 lakh crore from Indian corporates.
● Key sectors for infrastructure financing include:
➢ Roads
➢ Renewable energy
➢ Refineries
● Government Capital Expenditure:Finance Minister Nirmala Sitharaman proposed an 11.1%
increase in capital expenditure to ₹11.11 lakh crore for the fiscal year 2024-25.
● This proposed expenditure represents 3.4% of India's GDP.
About SBI :
● Chairman : Challa Sreenivasulu Setty
Finance Ministry calls on Debt Recovery Tribunals and banks to accelerate loan recovery efforts
● The Finance Ministry has urged banks to establish a clearly defined policy for handling small and
high-value cases pending in Debt Recovery Tribunals (DRTs).
● It has been emphasised that some of the best practices can be adopted across DRTs for better
outcomes.
● SARFAESI Act: The Securitisation and Reconstruction of Financial Assets & Enforcement of
Security Interest Act, 2002 (SARFAESI Act) allows banks and financial institutions to recover
secured debts without court intervention at the initial stage.
● Current Infrastructure: There are currently 39 DRTs and 5 Debt Recovery Appellate Tribunals
(DRATs) operating across India, each led by a Presiding Officer and a Chairperson, respectively.
● Debt Recovery Importance: The effectiveness of DRTs is crucial for maintaining creditor
confidence and improving the overall financial health of banks and financial institutions in India.
Asian Development Bank maintains India's growth forecast at 7%
● The Asian Development Bank (ADB) retained India's growth forecast for FY 2024-2025 at 7%,
attributing this to improved agricultural output and increased government spending.
● Economic Drivers: Key drivers of economic activity identified include:
➢ Enhanced agricultural productivity.
➢ Increased government expenditure.
➢ Previous Fiscal Performance: India’s economy grew at an impressive 8.2% in the previous
fiscal year (2023-24).
Government’s Borrowing Strategy for the Second Half of FY 2024-25
● The Government of India, in consultation with the Reserve Bank of India (RBI), has outlined its
borrowing program for the second half (H2) of FY 2024-25.
● Total Gross Market Borrowing: For FY 2024-25, the total gross market borrowing is set at ₹14.01
lakh crore, of which ₹6.61 lakh crore (47.2%) will be raised in H2.
● Sovereign Green Bonds: This borrowing plan includes ₹20,000 crore specifically allocated for
Sovereign Green Bonds (SGrBs).
● Maturities of Securities: The borrowing will be diversified across various maturities: The share of
borrowing (including SGrBs) under different maturities will be: 3-year (5.3%), 5-year (10.6%), 7-
year (7.6%), 10-year (24.8%), 15-year (13.2%), 30-year (12.1%), 40-year (15.9%) and 50-year
(10.6%).
Axis Bank and Mastercard Partner to Introduce Credit Card for Small Business Owners
● Axis Bank, and Mastercard, a global technology company in the payments industry, announced
their collaboration to launch MyBiz, a business credit card designed exclusively for sole
proprietors and small business owners.
● The new card, part of the World Mastercard category, combines a wide range of business and
travel benefits to meet the diverse needs of small and medium-sized enterprises (SMEs) owners.
PayU Launches First-Ever Biometric Authentication Solution for Card Payments in the Industry
● PayU, one of India's leading digital financial services providers, has introduced an industry-first
biometric authentication solution for card payments - Flash Pay.
● The solution aims to simplify the payment experience, improve transaction success rates, and
significantly enhance security for users.
● Flash Pay was unveiled at the Global Fintech Festival (GFF) 2024, a prestigious event in the
fintech sector.
About PayU :
● Headquarters : Hoofddorp, Netherlands
India's Net Foreign Direct Investment (FDI) Increases to $5.5 Billion from $3.8 Billion in April-July FY24
- RBI Report
● According to the latest report by the Reserve Bank of India (RBI), India's net foreign direct
investment (FDI) during the April-July period of the current financial year (FY25) rose to $5.5
billion compared to $3.8 billion in the year-ago period.
● The increase was due to an improvement in gross inward FDI, which grew by 23.6 per cent year-
on-year (Y-o-Y) to $27.7 billion during the four months of FY25.
● The major source countries were Singapore, Mauritius, the Netherlands, the US, Belgium, and
Japan.
● FDI has three components: equity capital, reinvested earnings and other capital.
● Equity capital is the foreign direct investor's purchase of shares of an enterprise in a country
other than its own.
● Reinvested earnings comprise the direct investor’s share (in proportion to direct equity
participation) of earnings not distributed as dividends by affiliates, or earnings not remitted to
the direct investor.
● Such retained profits by affiliates are reinvested.
HDFC Life forms a tri-party partnership with Metropolis and CallHealth
● HDFC Life, one of India's leading life insurers, has entered into a bespoke agreement with
Metropolis Healthcare Limited, a leading Indian diagnostic company, and CallHealth, an
integrated healthcare platform respectively.
About HDFC Life :
● Founded : 2000
● MD & CEO : Vibha Padalkar
● Non-Executive Director & Chairman : Mr. Keki M Mistry
● It is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of
India's leading housing finance institutions and Abrdn, a global investment company.
Mahindra Finance collaborates with UGRO Capital to offer affordable loans to Micro, Small & Medium
Enterprises
● Mahindra Finance has entered into a co-origination partnership with UGRO Capital to provide
affordable loans to MSMEs (Micro, Small & Medium Enterprises).
● The collaboration aims to provide secured business and affordable loans against properties (LAP)
to the Micro, Small & Medium Enterprise (MSME) sector, supporting their business growth.
Employees’ Provident Fund Organisation Enhances Efficiency: Claims Settlement Now 30% Faster
● The Centre for Development of Advanced Computing (C-DAC), under the Ministry of Electronics
and Information Technology (MeitY), developed new software for Employee Provident Fund
Organisation (EPFO), reducing claim rejections and improving settlement efficiency.
● The new software has made claim settlements 30% faster.
● Rejection rates, which had increased from 13% in 2017-18 to 34% in 2022-23, have now
decreased significantly after the upgrade.
About EPFO :
● Central Provident Fund Commissioner : Neelam Shami Rao
Reserve Bank of India Greenlights Voluntary Amalgamation of Rajapur Sahakari Bank and Malad
Sahakari Bank in Mumbai, Maharashtra
● The Reserve Bank of India (RBI) has sanctioned the Scheme of Amalgamation of The Rajapur
Sahakari Bank Limited., Mumbai, Maharashtra with The Malad Sahakari Bank Limited., Mumbai,
Maharashtra.
● The sanction has been made under Sub-Section (4) of Section 44A read with Section 56 of the
Banking Regulation Act, 1949.
Reserve Bank of India Imposes ₹61.60 Lakh Penalty on Surat People’s Co-operative Bank and ₹1.50
Lakh on Bihar Awami Co-operative Bank for Regulatory Violations
● The Reserve Bank of India (RBI) has, imposed a monetary penalty of ₹61.60 lakh on The Surat
People’s Co-operative Bank Limited, Surat, for non-compliance with certain directions issued by
RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters’,
‘Loans and advances to directors and their relatives, and firms/concerns in which they are
interested’, ‘Maintenance of Deposit Accounts’ and ‘Customer Service’.
section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.
● This action is based on deficiencies in regulatory compliance and is not intended to pronounce
upon the validity of any transaction or agreement entered into by the bank with its customers.
● The RBI also has, imposed a monetary penalty of ₹1.50 lakh on The Bihar Awami Co-operative
Bank Ltd., Patna for contravention of the provisions of section 26A read with section 56 of the
Banking Regulation Act, 1949 (BR Act) and for non-compliance with certain directions issued by
RBI on ‘Know Your Customer (KYC)’.
AWARDS AND HONOUR

Accolades for The Hindu: Maitri Porecha's Article Wins at Laadli Media & Advertising Awards for
Gender Sensitivity 2024
• The Hindu and thehindu.com received accolades at the 14th Laadli Media & Advertising Awards
for Gender Sensitivity 2024.
• Award Category: Print/Feature/English (Northern Region)
• Recipient: Senior Assistant Editor Maitri Porecha
• Article Title: “Talking Therapy: Asha Workers Offer Hope in Rural Madhya Pradesh”
Professor Bantval Jayant Baliga was Awarded 2024 Millennium Technology Prize
• Recipient: Professor Bantval Jayant Baliga, a 76-year-old Indian-American electrical engineer
born in Chennai, Tamil Nadu.
• Award: 2024 Millennium Technology Prize, given by Technology Academy Finland.
• Prize Value: €1 million (approximately $1.1 million).
• Recognition: Awarded for his invention of the Insulated Gate Bipolar Transistor (IGBT).
Dr. Dasari Radhika Honored with Prestigious ‘Gender Diversity’ Award

• Award: Dr. Dasari Radhika, Deputy General Manager (HR) at Rashtriya Ispat Nigam Limited
(RINL), was conferred with the ‘Gender Diversity’ award by the Indian Steel Association.
• Contribution: Recognized for her exemplary leadership in the steel industry, a traditionally male-
dominated sector, Dr. Radhika has been instrumental in promoting gender equity, fostering an
inclusive workplace, and creating a culture of belongingness.
National Teachers' Awards 2024: Honoring Excellence in Education
• On September 5, 2024, in New Delhi, President Smt. Droupadi Murmu conferred the National
Teachers’ Award 2024 to 82 exceptional educators across the country during the Teachers' Day
celebration.
• About the National Teachers’ Award:
• Date of Ceremony: September 5, 2024
• Honoring: 82 teachers
• Purpose: To recognize and celebrate the significant contributions of teachers who have
enhanced the quality of education and positively impacted their students’ lives.
• Award Details: Each recipient receives a certificate of merit, a cash award of ₹50,000, and a
silver medal.
REC Ltd. Honored as “Nodal Agency of the Year” at Bharat Electricity – Powering India Awards 2024
• REC Ltd has been awarded the prestigious “Nodal Agency of the Year” title at the Bharat
Electricity – Powering India Awards 2024.
• This accolade highlights REC’s significant contributions and leadership in the energy sector,
particularly in advancing India’s power infrastructure.
• Award Presentation: The award was presented during the PowerGen India & Indian Utility Week
2024, a premier event that gathers industry leaders, policymakers, and energy experts.
Union Environment Minister Bhupender Yadav and Chief Minister of Rajasthan Bhajan Lal Sharma
presented the Swachh Vayu Survekshan Award, 2024
• The International Day of Clean Air for Blue Skies, also known as Swachh Vayu Diwas, was
observed on September 7, 2024, in Jaipur.
• Host: Rajasthan State Pollution Control Boar
• Union Minister of Environment, Forest & Climate Change, Shri Bhupender Yadav
• Chief Minister of Rajasthan, Shri Bhajan Lal Sharma
• Minister of State for Forest, Environment & Climate Change, Shri Sanjay Sharma
• Union Minister of State Urban Development and Local Self Government, Shri Jhabar Singh
Kharra
Sanjukta Sethi Receives National Florence Nightingale Award-2024
• Sanjukta Sethi, a dedicated nursing officer at the Malkangiri district headquarters hospital (DHH),
was honoured with the prestigious National Florence Nightingale Award-2024 by President
Droupadi Murmu at Rashtrapati Bhawan.
• National Florence Nightingale Award-2024 is presented by the Ministry of Health and Family
Welfare to recognize exemplary service by nurses.
• Sanjukta Sethi has served as a nurse for 30 years, currently holding the position of nursing
officer and OT in-charge at Malkangiri DHH.
Dommaraju Gukesh Receives Young Changemaker Award
• Dommaraju Gukesh, an 18-year-old chess prodigy, was awarded Businessline’s Young
Changemaker Award.
• The award was accepted by his grandparents, Usha and Shankar Raju, as Gukesh was
participating in the 45th Chess Olympiad in Budapest, Hungary.
• Gukesh made history by becoming the youngest chess world championship challenger ever.
Bezan Chenoy Honored for 50 Years as a Professional Trainer by RWITC

• The Royal Western India Turf Club (RWITC) honoured Bezan Chenoy for completing 50 years as
a professional horse trainer.
• The recognition took place at the Pune race course.
• The RWITC chairman and managing committee felicitated Chenoy, acknowledging his dedication
and contributions to Indian horse racing.
• Chenoy remarked, “Fifty years have flown by, but it’s been a great ride.”
2024 Primetime Emmy Awards:
• The 2024 76th Emmy Awards were held at the Peacock Theatre and broadcast live on Lionsgate
Play in India, celebrating exceptional television performances and productions.
• Best Comedy Series: Hacks – WINNER
• The Bear set a record with 11 Emmy wins, including:
o Best Lead Actor in a Comedy Series: Jeremy Allen White
o Best Supporting Actress: Liza Colón-Zayas (first Latina winner)
o Best Supporting Actor: Ebon Moss-Bachrach
o Best Directing: Christopher Storer
Bharat Heavy Electricals Limited (BHEL) Receives Rajbhasha Kirti Puraskar
• Bharat Heavy Electricals Limited (BHEL) has been honored with the prestigious Rajbhasha Kirti
Puraskar by the Department of Official Language, Ministry of Home Affairs, Government of India.
• This award is presented for excellence in implementing the Official Language policy.
Key Details:
• Award: Rajbhasha Kirti Puraskar

• Awarding Body: Department of Official Language, Ministry of Home Affairs, Government of India
DIG Subrato Ghosh Honored with ‘CHRO of the Year Award’ at HRMC Awards 2024
● Garden Reach Shipbuilders & Engineers Limited (GRSE) Director (Personnel), DIG Subrato Ghosh
(ICG Retd.), received the prestigious ‘CHRO of the Year Award’ at the 23rd Edition of the Asia
Pacific HRMC Awards 2024, held at Taj MG Road, Bengaluru
Kiran Rao’s Laapataa Ladies Selected as India’s Official Entry for Oscars 2025
● Filmmaker Kiran Rao’s comedy-drama “Laapataa Ladies” has been chosen and submitted as India's
official entry in the Best Foreign Film Category for the Oscars 2025 by the Film Federation of India.
Overview
● Film: Laapataa Ladies
● Director: Kiran Rao
● Category: Best Foreign Film
● Submitted by: Film Federation of India (FFI)
● Oscars Date: March 2025

French President Macron appoints former EU Brexit negotiator Michel Barnier as France's new Prime
Minister
• Michel Barnier, former EU Brexit negotiator, was named by President Emmanuel Macron as
France's new Prime Minister.
• Barnier replaced Gabriel Attal, who resigned on July 16, 2024 after legislative elections left
France with a hung parliament, causing political instability.
• Michel Barnier, aged 73, has had a political career spanning over 50 years, holding various
ministerial positions, including:
About France :
• Capital : Paris
• Currency : Euro
L'Oreal Paris Appoints Actor Alia Bhatt as New Global Brand Ambassador
• Leading French cosmetic maker L'Oreal Paris has roped in Bollywood actress Alia Bhatt as its
new global brand ambassador.
• With this, Bhatt joins the brand's diverse roster of L'Oreal brand ambassadors like Viola Davis,
Jane Fonda, Eva Longoria, Kendall Jenner, Elle Fanning, Camila Cabello, and many others.
• Bhatt will feature in the French beauty brand's campaigns starting in September 2024.
About L'Oreal Paris :
• Headquarters : Clichy, France
• Chairman : Jean-Paul Agon
• CEO : Nicolas Hieronimus
Air Marshal Tejinder Singh Assumes Role as Deputy Chief of the Air Staff
• Air Marshal Tejinder Singh has taken over as the Deputy Chief of the Air Staff (DCAS) of the
Indian Air Force at Air Headquarters (Vayu Bhawan).
• After assuming his new role, he paid homage to the fallen soldiers by laying a wreath at the
National War Memorial in New Delhi.
• He is an alumnus of the National Defence Academy and was commissioned into the fighter
stream of the IAF on 13 June 1987.
• Cabinet Minister :Rajnath Singh
• Minister of State :Sanjay Seth
Philips Names Bharath Sesha as New Managing Director for India
• Dutch multinational conglomerate Philips has appointed Bharath Sesha as Managing Director for
India, starting September 1, 2024.
• Responsibilities: He will lead Philips' growth strategy in India, oversee the healthcare business
based in Gurugram, and manage operations across key locations in India.
• Sesha succeeds Daniel Mazon, who has transitioned to a global role at Philips' headquarters in
the Netherlands.
About Philips :
• Headquarters : Amsterdam, Netherlands
• CEO : Roy Jakobs
V Satish Kumar Assumes Additional Charge as Chairman of Indian Oil Corporation
• V. Satish Kumar, Director (Marketing) of Indian Oil Corporation Limited (IOCL), has taken over as
the interim Chairman after Shrikant Madhav Vaidya completed his tenure.
• V. Satish Kumar has been the Director (Marketing) since October 2021.
• He also held additional charge as Director (Finance) from October 2022 for one year.
About IOCL :
• Founded : 30 June 1959
• IndianOil, is an Indian multinational oil and gas company under the ownership of the Ministry of
Financial Services Institutions Bureau Recommends Rama Mohan Rao Amara for State Bank of India
Managing Director
• The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned
banks and financial institutions, recommended Rama Mohan Rao Amara for the position of
managing director (MD) of State Bank of India (SBI).
• Amara is currently Deputy Managing Director of the bank.
• The vacancy arose following the elevation of C S Setty to the position of Chairman of SBI.
About FSIB :
• FSIB is headed by Bhanu Pratap Sharma, former Secretary, Department of Personnel and
Training (DoPT).
• Other members include Animesh Chauhan (former Chairman and MD of Oriental Bank of
Commerce), Deepak Singhal (former RBI Executive Director), and Shailendra Bhandari (former
MD of ING Vysya Bank).
• The final decision on FSIB's recommendation would be taken by the Appointments Committee of
the Cabinet headed by Prime Minister Narendra Modi.
Meesho Appoints Mohit Rajani as Chief Product Officer
• E-commerce major Meesho has appointed Mohit Rajani as Chief Product Officer (CPO).
• In his role as CPO, Mohit will lead Meesho’s product organisation, overseeing the product
management, design, and analytics teams.
• Rajani has previously been associated with Meta, Google, and Carta.
About Meesho :
• Founded : December 2015
• CEO : Vidit Aatrey
Government Appoints Deepti Gaur Mukherjee as SEBI Board Member
• The Centre has appointed Deepti Gaur Mukherjee, Secretary of the Ministry of Corporate Affairs
(MCA), as a Member of the SEBI Board.
• The Centre has nominated Deepti Gaur Mukherjee, Secretary of the Corporate Affairs Ministry
(MCA), as a Member of the Board of market regulator SEBI.
• The Financial Markets division in the Department of Economic Affairs of the Finance Ministry
issued the notification for this appointment.
• Deepti Gaur Mukherjee replaces Manoj Govil, the former MCA Secretary, who has been posted
as Expenditure Secretary in the Finance Ministry.
Senior IAS Officer T.V. Somanathan Assumes Role as Cabinet Secretary

• Dr. T.V. Somanathan took over as the new Cabinet Secretary in the Government of India after
the superannuation of Shri Rajiv Gauba.
• Dr. Somanathan is an IAS officer of Tamil Nadu cadre (1987 batch). He holds a Ph.D. in
Economics from Calcutta University.
• He has held important assignments at the Centre like Joint Secretary and Additional Secretary in
the Prime Minister’s Office.
Rajneesh Narang, HPCL Director (Finance), appointed as Chairman and Managing Director
• Rajneesh Narang, Director (Finance) of Hindustan Petroleum Corporation Limited (HPCL), will
take on the roles of Chairman and Managing Director for a period of three months starting from
September 1, 2024.
• He succeeds Pushp Kumar Joshi, who retired after reaching the age of 60 on August 31, 2024.
• HPCL is an Indian oil and gas company with corporate headquarters in Mumbai, Maharashtra.
Federation of Automobile Dealers Associations Names C S Vigneshwar as New President for 2024-26
Term
• The Federation of Automobile Dealers Associations (FADA) appointed C S Vigneshwar as its
37th President for the 2024-26 term.
• Vigneshwar succeeds Manish Raj Singhania.
• The decision was made at FADA's 315th governing council meeting, which followed its 60th
Annual General Meeting.
• Vigneshwar is the Managing Director of Anaamalais Toyota in Coimbatore, Tamil Nadu.
About FADA :
• Founded : 1964
• FADA, is the apex national body of Automobile Retail Industry in India engaged in the sale,
service and spares of 2 & 3 Wheelers, Passenger Cars, UVs, Commercial Vehicles (including
buses and trucks) and Tractors.
Suresh Prabhu nominated to World Agriculture Forum Board
• Former Union Minister and Rajya Sabha member Suresh Prabhu has been nominated to the
World Agriculture Forum (WAF) Board.
• Rudy Rabbinge, Chairman of the WAF Board, stated that Prabhu's expertise will be invaluable in
shaping discussions about the future of the agricultural sector.
Y Haragopal appointed as Managing Director of NABCONS
• Y Haragopal has been appointed Managing Director of NABCONS (NABARD Consultancy
Services), a wholly-owned subsidiary of the National Bank for Agriculture and Rural
Development.
• He was previously the Chief Operating Officer (COO) at NABCONS.
• NABCONS has four Zonal offices in Mumbai, Hyderabad, Jaipur, and Guwahati.
Algerian President Tebboune Re-elected for Second Term with 95% of the Vote
• Algeria's incumbent President Abdelmadjid Tebboune has been re-elected with almost 95% of
the vote.
• More than 5.3 million people voted for Tebboune.
• Official preliminary results gave Tebboune 95% of the vote, enough to avoid a second round run-
off, with Abdelaali Hassani Cherif getting 3% and Youcef Aouchiche 2%.
• Turnout was 48%.
• Tebboune, backed by the military, was facing only nominal opposition from Hassani Cherif, a
moderate Islamist, and Aouchiche, a moderate secularist.
About Algeria :
• Prime Minister : Nadir Larbaoui
• Capital : Algiers
• Currency : Algerian dinar
• Algeria is Africa's largest country by area and, with almost 45 million people, it's the continent's
second most populous after South Africa to hold presidential elections in 2024.
Former Election Commissioner,Arun Goel Appointed as India’s New Ambassador to Croatia
• Arun Goel has been appointed as India's next ambassador to Croatia, according to the Ministry
of External Affairs.
• Arun Goel is a retired bureaucrat who previously served as the Election Commissioner of India.
• He was appointed as Election Commissioner in November 2022 and resigned in March 2024.
• Before his role as EC, he retired voluntarily from the Indian Administrative Service (IAS) as a
1985-batch officer of the Punjab cadre.
• Diplomatic relations between India and Croatia were established on July 9, 1992, following
Croatia’s independence from Yugoslavia.
About Croatia :
• President : Zoran Milanović
• Prime Minister : Andrej Plenković
• Capital : Zagreb
• Currency : Euro
DIPAM Secretary Tuhin Kanta Pandey appointed as Finance Secretary
• Tuhin Kanta Pandey, a senior bureaucrat and 1987-batch Indian Administrative Service (IAS)
officer of the Odisha cadre, has been designated as the new finance secretary, according to an
official order issued by the personnel ministry.
• Pandey is presently serving as the Secretary of the Department of Investment and Public Asset
Management (DIPAM).
• The Appointments Committee of the Cabinet approved Pandey's designation as finance
secretary.
• The position became vacant following the appointment of TV Somanathan as the Cabinet
Secretary last month.
Randhir Singh becomes Olympic Council of Asia (OCA) president
• Position: Randhir Singh, a five-time Olympian and sports administrator, has been elected as the
President of the OCA.
• Event: 44th OCA General Assembly in New Delhi.
• Age: 77 years old.
• Previous Role: Acting President of the OCA since 2021, filling in for Kuwait’s Sheikh Ahmad Al-
Fahad Al-Sabah, who was banned from sports administration in May 2024.
Tata Motors Managing Director Shailesh Chandra was Appointed as the New President of the Society
of Indian Automobile Manufacturers
• The Society of Indian Automobile Manufacturers (Siam), the apex body representing India’s leading
automobile manufacturers, announced the election of Shailesh Chandra, Managing Director of Tata
Motors Passenger Vehicles, as its new president for the term 2024-25.
• Chandra succeeds Vinod Aggarwal, Managing Director & CEO of Volvo Eicher Commercial Vehicles
(VECV).
Partha Sinha was Appointed as the New Chairman of the Advertising Standards Council of India
• Partha Sinha, President & Chief Brand Officer of BCCL, has been appointed as the Chairman of
Advertising Standards Council of India’s (ASCI) Board of Governors for 2024-25, succeeding
Saugata Gupta, MD & CEO of Marico Limited.
• Partha Sinha has previously worked with prominent companies such as Ogilvy, Publicis, BBH, McCann, a
Citibank.
• Vice-Chairman: Sudhanshu Vats, Deputy Managing Director, Pidilite Industries.
• Hon. Treasurer: S. Subramanyeswar, Group CEO & Chief Strategy Officer-APAC, Lintas India.
About ASCI :
• The ASCI is a voluntary self-regulatory organisation of the advertising industry in India.
• ASCI is registered as a non-profit company under section 8 of the Company Act.
Nehal Vora reappointed as Managing Director and CEO of Central Depository Services India
• Nehal Vora has been reappointed as the Managing Director (MD) and Chief Executive Officer
(CEO) of Central Depository Services India (CDSL) for a second five-year term, from September
18, 2024, to September 17, 2029.
• Nehal Vora has over 25 years of experience in the Indian capital markets, having held significant
roles at organizations like BSE, DSP Merrill Lynch, and SEBI.
About CDSL :
• CDSL manages more than 130 million demat accounts, making it a leading player in India's
depository system.
• CDSL is India’s only listed depository and aims to provide secure, reliable, and affordable
depository services to market participants.
• It maintains and services over 11.56 crore demat accounts across India.
• In February,2024 CDSL became the first depository in India to open 60 million active demat
accounts.
Government appoints Arunangshu Sarkar as Oil and Natural Gas Corporation’s 1st Director of Strategy
• Arunangshu Sarkar has been appointed as the Director (Strategy and Corporate Affairs) at Oil
and Natural Gas Corporation (ONGC), making him the first to hold this position
• The appointment is part of the government’s efforts to revamp and innovate within ONGC, aiming
to bring fresh perspectives to the public sector company.
• Role and Responsibilities: As Director (Strategy), Sarkar will be responsible for overseeing
strategic and corporate affairs, contributing to the company's strategic direction and corporate
planning.
About ONGC :
• Chairman & CEO : Arun Kumar Singh
• ONGC is an Indian central public sector undertaking under the ownership of the Ministry of
World Trade Organization Chief Ngozi Okonjo-Iweala to Pursue Second Term
• Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), is seeking a
second term.
• Her current term expires on August 31, 2024.
• Okonjo-Iweala made history in 2021 by becoming the first female and first African Director-
General of the WTO.
• The WTO is facing rising protectionism from some of its founding members, impacting its role as
a rule-setting body for international commerce.
About WTO :
• Membership : 166 members (162 UN member states, the European Union, Hong Kong, Macao,
and Taiwan
RS Sharma appointed as Non-Executive Chairperson of Open Network for Digital Commerce
• The Open Network for Digital Commerce (ONDC) announced the appointment of RS Sharma as
the Non-Executive Chairperson of ONDC.
• In his career in the Indian Administrative Service (IAS), he has held many key positions, including
Director General and Mission Director of UIDAI, Chairman of TRAI, and CEO of the National
Health Authority.
• He has been a member of the ONDC Advisory Council and the ONDC Technology & Strategy
Review Council.
About ONDC :
• CEO: Thampy Koshy
• ONDC, is a private non-profit Section 8 company established by the Department for Promotion of
Industry and Internal Trade of Government of India to develop open e-commerce.
Arvind Kejriwal Steps Down as Delhi Chief Minister; Atishi Seeks to Form New Government
● Arvind Kejriwal, the Aam Aadmi Party (AAP) convenor, resigned as the Delhi Chief Minister on
17 September 2024.
● He submitted his resignation to Lieutenant Governor Vinai Kumar Saxena.
● Arvind Kejriwal proposed the name of Atishi Marlena, Delhi Minister, as his successor for the
position of Chief Minister.
● Atishi will be the third woman Chief Minister of Delhi after Sheila Dikshit and Sushma Swaraj.
Supreme Court Collegium Recommends Appointment of Four New High Court Chief Justices
The Supreme Court Collegium recommended afresh to the Centre the appointment of Chief Justices of
the High Courts of Meghalaya, Jammu and Kashmir and Ladakh, Madhya Pradesh, and Himachal
Pradesh.
● The SC Collegium, headed by the Chief Justice of India D.Y. Chandrachud.
Position Recommended Current Position Details

Appointee
Chief Justice, Justice Indra Senior-most Appointed as a

Meghalaya High Prasanna Mukerji Puisne Judge of judge in May 2009
Court Calcutta High
Court
Chief Justice, Justice Tashi Senior-most Appointed as a

Jammu and Rabstan Puisne Judge of judge in March
Kashmir and Jammu and 2013
Ladakh High Court Kashmir and
Ladakh High Court
Chief Justice, Justice Suresh Senior Puisne Appointed as a

Madhya Pradesh Kumar Kait Judge of Delhi judge in
High Court High Court September 2008
Chief Justice, Justice G.S. Senior-most Appointed as a

Himachal Pradesh Sandhawalia Puisne Judge of judge in
High Court Punjab and September 2011
Haryana High
Court
RBI approves re-appointment of V Vaidyanathan as IDFC First Bank's MD & CEO

• The Reserve Bank of India (RBI) has approved the re-appointment of V Vaidyanathan as the
Managing Director (MD) and Chief Executive Officer (CEO) of IDFC First Bank.
• His new term will begin on December 19, 2024, as confirmed in an exchange filing by the lender.
• Sindhu Gangadharan, MD of SAP Labs India, was recently appointed as the chairperson of
Nasscom.
Manu Bhaker appointed brand ambassador for the Ministry of Ports, Shipping and Waterways
• India's Ministry of Ports, Shipping, and Waterways (MoPSW) has appointed Manu Bhaker, the
double Olympic medal-winning shooter, as its brand ambassador.
• This decision reflects the ministry's commitment to promoting the marine sector by associating it
with a celebrated sports figure like Bhaker.
• Manu Bhaker: A renowned shooter who recently won medals at the Paris Summer Olympics.
She is also the daughter of a marine engineer, making her an ideal candidate to promote India's
maritime sector.
Vice Chief of the Air Staff Air Marshal Amar Preet Singh named as the next Chief of the Air Staff
● Air Marshal Amar Preet Singh, currently Vice Chief of the Air Staff, appointed as the next Chief of
the Air Staff (CAS).
● He will assume the position in the rank of Air Chief Marshal effective from September 30, 2024.
● He succeeds Air Chief Marshal Vivek Ram Chaudhari, who retires on the same day.
Magnus Carlsen and Judit Polgar were Honoured at the FIDE 100 Awards
● At the FIDE 100 Awards ceremony in Hungary, Magnus Carlsen and Judit Polgar were
recognized as the best male and female players, respectively.
● This event celebrated the centenary of the International Chess Federation, honouring exceptional
contributions to the chess community over the past century.
FIDE 100 Event Overview
● The FIDE 100 event marked a significant milestone, celebrating the evolution and impact of
chess while recognizing individuals, groups, and organizations that have made remarkable
contributions to the game.
● The awards were given in 18 categories.
Marxist leader Anura Dissanayake elected as Sri Lanka's president
● Anura Kumara Dissanayake, leader of the Marxist Janatha Vimukthi Peramuna (JVP) and
National People's Power (NPP), won the Sri Lankan presidential election.
● He was declared the winner after an unprecedented second round of counting by the Election
Commission.
● He is Sri Lanka's 9th president and the first Marxist to hold the position.
● The NPP's popularity surged after securing only 3% of the vote in the 2019 presidential election.
● The party rebranded itself in 2019, distancing from its violent past and broadening its appeal.
About Sri Lanka :
● Capital : Sri Jayawardenepura KotteColombo
● Currency : Sri Lankan rupee
Centre Announces Appointments of Chief Justices in 8 High Courts
● The Centre notified the appointment of Chief Justices in eight High Courts.
● These include the High Courts of Delhi, Himachal Pradesh, Kerala, Jammu and Kashmir,
Madhya Pradesh, Meghalaya, Madras (Tamil Nadu) and Jharkhand.
● The appointments came after the Supreme Court Collegium (September 17, 2024) amended
some of its July 11, 2024 recommendations.
List of 8 New Appointments :
Judge Current Position New Appointment
Justice K.R. Shriram Judge, Bombay High Chief Justice, Madras

Court High Court
Justice Nitin Madhukar Judge, Bombay High Chief Justice, Kerala High
Jamdar Court Court
Justice Manmohan Acting Chief Justice, Delhi Chief Justice, Delhi High
High Court Court
Justice Rajiv Shakdher Judge, Delhi High Court Chief Justice, Himachal
Pradesh High Court
Justice M.S. Chief Justice, Himachal Chief Justice, Jharkhand

Ramachandra Rao Pradesh High Court High Court
Justice Suresh Kumar Judge, Delhi High Court Chief Justice, Madhya
Kait Pradesh High Court
Justice Tashi Rabstan Judge, Jammu and Chief Justice, Jammu and
Kashmir and Ladakh High Kashmir and Ladakh High
Court Court
Justice Indra Prasanna Judge, Calcutta High Chief Justice, Meghalaya

Mukerji Court High Court
Lieutenant General Muhammad Asim Malik appointed as the new Director General of Pakistan's Inter-
Services Intelligence agency
● Lieutenant General Muhammad Asim Malik has been appointed as the new Director General of
Pakistan’s spy agency – Inter-Services Intelligence (ISI).
● He will assume office on September 30, 2024, replacing the current DG, Lt Gen Nadeem Anjum.
● The ISI chief is appointed by the Prime Minister of Pakistan, but traditionally this is done in
consultation with the Army Chief.
About Inter-Services Intelligence :
● Formed : 1 January 1948
● Headquarters : Islamabad, Pakistan

● The ISI is the largest and best-known component of the Pakistani intelligence community.
First-Time Lawmaker Harini Amarasuriya Sworn in as Sri Lanka's First Woman Prime Minister in 24
Years
● Harini Amarasuriya, a 54-year-old lawmaker and university professor, has been sworn in as Sri
Lanka's 16th Prime Minister.
● Amarasuriya is the leader of the National People's Power (NPP) party.
● Harini is the first woman prime minister of Sri Lanka since the late Sirimavo Bandaranaike took
up office in 1994 and the third female prime minister in Sri Lanka’s history.
● She replaces Dinesh Gunawardena, who resigned following the recent presidential election.
● Sirimavo Bandaranaike, who served as Prime Minister from 1960 to 2000, was the world’s first
female head of government.
● Her daughter, Chandrika Kumaratunga, later served as Sri Lanka’s first and only female
president from 1994 to 2005.
KVS Manian Takes Charge as Chief Executive Officer of Federal Bank
● K.V.S. Manian has taken over as Managing Director (MD) and Chief Executive Officer (CEO) of
Federal Bank.
● He replaces Shyam Srinivasan, who retired after leading the bank since September 2010.
UN Climate Change Appoints Ibrahima Cheikh Diong as First Director of Fund for Climate Disaster
Relief
● Ibrahima Cheikh Diong, a Senegalese finance specialist, has been appointed as the first director
of the Fund for Responding to Loss and Damage, as announced by the UN Framework
Convention on Climate Change.
● This appointment is a significant milestone in the operationalization of the new fund, which is
administered by the World Bank.
● The fund was created in 2022 to assist countries affected by climate-driven disasters.
Alok Ranjan named National Crime Records Bureau Director, Amit Garg appointed as National Police
Academy Chief
● Alok Ranjan, a 1991-batch Indian Police Service (IPS) officer of Madhya Pradesh cadre, has
been appointed as the Director, National Crime Records Bureau (NCRB) for a tenure up to his
superannuation on June 30, 2026.
● Ranjan succeeds his service and batchmate Vivek Gogia, who has been repatriated to AGMUT
(Arunachal Pradesh-Goa-Mizoram and Union Territory) cadre.
● Garg, a 1993-batch IPS officer of Andhra Pradesh cadre, has been appointed as the Director,
Sardar Vallabhbhai Patel National Police Academy (SVPNPA) for a term up to his retirement on
October 31, 2027.
● The Appointments Committee of the Cabinet (ACC) has approved the appointments of four
senior IPS officers, all from 1993 batch - Rithwik Rudra (Himachal Pradesh cadre) , Mahesh Dixit
(Andhra Pradesh cadre), Praveen Kumar (West Bengal cadre) and Arvind Kumar (Bihar cadre)
as Special Director in the Intelligence Bureau (IB).
● All these officers were working as the Additional Director in the IB.
● Besides them, Praveer Ranjan has been appointed as Special Director General in Central
Industrial Security Force (CISF) for a tenure of two years.
● Praveer Ranjan, a 1993-batch IPS officer of AGMUT cadre, is currently Additional Director
General (ADG), CISF.
● Vitul Kumar, currently ADG in the Central Reserve Police Force (CRPF), has been appointed as
Special DG in the same force, till the date of his superannuation on August 31, 2028.
● R Prasad Meena, at present ADG in the Border Security Force (BSF), has been appointed as
Special DG in the force, till the date of his retirement, that is July 31, 2025.
About NCRB :
● Parent Department : Ministry of Home Affairs
● NCRB is an Indian government agency responsible for collecting and analyzing crime data as
defined by the Indian Penal Code (IPC) and Special and Local Laws (SLL).
IndiGo Appoints Isidro Porqueras as Chief Operating Officer
● IndiGo has nominated Isidro Porqueras as its new Chief Operating Officer (COO), effective from
November 1, 2024 (subject to regulatory approvals).
● He will succeed Wolfgang Prock-Schauer, who is retiring after over seven years in the role.
About IndiGo :
● Founded : 2006 (Commenced Operations - 4 August 2006)
● CEO : Pieter Elbers
Shigeru Ishiba Wins Ruling Party Leadership Election, Poised to Become Japan’s Next Prime Minister
● Shigeru Ishiba, a veteran lawmaker and former Defence Minister, won the ruling Liberal
Democratic Party (LDP) leadership election to become Japan’s next Prime Minister.
● This marks his fifth and final attempt to lead the LDP, succeeding after a closely fought contest.
● Ishiba defeated Sanae Takaichi, the economic security minister, in a run-off election. Takaichi
was aiming to become Japan’s first female prime minister.
● The election featured a crowded field of nine candidates, one of the most unpredictable
leadership contests in decades.
● Ishiba won 215 votes in the run-off, while Takaichi garnered 194 votes.
● Ishiba is set to succeed Prime Minister Fumio Kishida, who decided not to run for re-election in
August, ending his three-year term.
About Japan :
● Capital : Tokyo
● Currency : Japanese yen (¥)
IndusInd Bank extends Sumant Kathpalia's term as Managing Director and Chief Executive Officer for
an additional 3 years
● The board of directors of private sector lender IndusInd Bank has approved the re-appointment of
Sumant Kathpalia as the managing director and chief executive officer (MD & CEO) of the bank
for a period of three years.
● The re-appointment will be effective March 24, 2025 upto March 23, 2028.
● The re-appointment of Kathpalia is, however, subject to Reserve Bank of India’s (RBI) approval
and shareholders approval.
● Established : April 1994
● Tagline : We Care Dil Se, We Make You Feel Richer
M V Shreyams Kumar elected as Indian Newspaper Society president, taking over from Rakesh
Sharma
● M V Shreyams Kumar was elected as the president of the Indian Newspaper Society (INS)
during the 85th annual general meeting held via video conferencing.
● He succeeds Rakesh Sharma from Aaj Samaj newspaper.
● Vivek Gupta from Sanmarg was elected as the deputy president.
● Karan Rajendra Darda from Lokmat became the vice president.
● Tanmay Maheshwari from Amar Ujala was elected as the honorary treasurer.
About Indian Newspaper Society :
● The INS acts as the central organization of the Press of India, an independent body
authenticating circulation figures of newspapers and periodicals in India.
Tamil Nadu Cabinet Reshuffle: Udhayanidhi Stalin Appointed as Deputy Chief Minister, Senthil Balaji
Rejoins Cabinet
● Udhayanidhi Stalin, the 45-year-old son of Chief Minister M K Stalin, was elevated to the post of
Deputy Chief Minister of Tamil Nadu.
● Udhayanidhi is a first-time MLA from Chepauk and previously served as the Minister for Youth
Welfare and Sports Development.
● Dr. Govi Chezhiaan was appointed as the Higher Education Minister, making him the fourth Dalit
minister in the Tamil Nadu cabinet.
About Tamil Nadu :
Sanctuary
Zomato Co-Founder and Chief People Officer Akriti Chopra Steps Down from Her Position
● Online food ordering and delivery platform Zomato announced its co-founder and Chief People
Officer Akriti Chopra has resigned to pursue other interests.
● Designated as senior management personnel, Chopra has tendered her resignation, with effect
from September 27, 2024.
● She has been with the company for 13 years and played a key role in setting up and scaling
Zomato's legal and finance teams in her previous role as Chief Financial Officer (CFO).
● Prior to joining Zomato, she worked at PwC for three years, focusing on tax and regulatory
practice.
About Zomato :
● CEO : Deepinder Singh
Jitendra Jadhav named Director General of Aeronautical Development Agency
● Jitendra J. Jadhav was appointed as Director General (DG) of the Aeronautical Development
Agency (ADA).
● He also holds additional charge as Programme Director (Combat Aircraft) and Director ADA.
About ADA :
● ADA is an autonomous body under the Ministry of Defence, established in 1984 to manage the
LCA program.
● ADA has designed the Tejas and is now developing its advanced versions like Mark 2, AMCA,
and TEDBF.
Kalikesh Singh was elected as the new president of National Rifle Association of India
● Kalikesh Narayan Singh Deo was elected as the new president of the National Rifle Association
of India (NRAI), defeating VK Dhall with a vote count of 36 to 21.
● Kalikesh will serve as president of the NRAI until 2025, when the next general body meeting is
scheduled to take place.
About National Rifle Association of India :
● Founded : 1951
R. Ravindra named as India's new Ambassador to Iceland

● R. Ravindra has been appointed as India's next Ambassador to Iceland by the Ministry of
External Affairs.
● Prior to this appointment, he served as the Deputy Permanent Representative of India to the
United Nations in New York.
● R. Ravindra succeeds Mr. B. Shyam as the ambassador to Iceland.
About Iceland :
● President : Halla Tómasdóttir
● Prime Minister : Bjarni Benediktsson
● Capital : Reykjavík
● Currency : Icelandic króna
MOUS AND AGREEMENT

Tamil Nadu Urged to Sign MoU for PM-SHRI Scheme for Fund Release under Samagra Shiksha
• Tamil Nadu Chief Minister M.K. Stalin has requested the release of funds for the Samagra
Shiksha Scheme for the financial year 2024-25.
• Union Education Minister Dharmendra Pradhan responded, stating that Tamil Nadu is required to
sign a Memorandum of Understanding (MoU) under the PM-SHRI scheme to develop exemplar
model schools.
o The Central government has approved ₹4,305.66 crore for Tamil Nadu under the Samagra
Shiksha Scheme for 2024-25.
National Test House (NTH) and BEE Collaborate to Promote Energy Efficiency in India
• The National Test House (NTH) under the Department of Consumer Affairs signed a
Memorandum of Understanding (MoU) with the Bureau of Energy Efficiency (BEE) to strengthen
India's energy efficiency initiatives.
• The MoU aims to enhance the Standards & Labelling (S&L) Programme, a vital initiative that
promotes energy efficiency across the country.
• Under this agreement, NTH will be recognized as a referral laboratory by BEE, handling cases
related to technical disputes regarding test results.
CAG of India Signs MoU with UAE Accountability Authority to Enhance Public Sector Audit Cooperation
• The Comptroller and Auditor General of India (CAG) has signed a Memorandum of
Understanding (MoU) with the Accountability Authority of the United Arab Emirates (UAE) during
a bilateral meeting in Abu Dhabi.
• The MoU aims to promote and develop cooperation between the two Supreme Audit Institutions
(SAIs), enhancing their professional capacity and improving methodologies in public sector
auditing.
• Areas of Cooperation:
o The agreement encompasses various areas, including:
▪ Exchange of Knowledge and Experiences: Facilitating the sharing of expertise in
public auditing.
▪ Capacity Development Programmes: Conducting training programs at SAI India or
SAI UAE based on identified needs.
India-UK Free Trade Agreement (FTA) Negotiations Near Completion
• The Free Trade Agreement (FTA) between India and the UK is in its final stages of negotiation.
• Statement: B.V.R. Subrahmanyam, CEO of NITI Aayog, indicated that both sides are very close
to finalizing the agreement.
• Negotiation Timeline: FTA negotiations began in January 2022 but were temporarily stalled due
to general elections in both countries.
• Objective: The agreement aims to significantly enhance the current GBP 38.1 billion annual
bilateral trading partnership.
Historic Memorandum of Settlement Signed Between Government of India, Tripura, NLFT, and ATTF
• A significant Memorandum of Settlement was signed between the Government of India, the
Government of Tripura, the National Liberation Front of Tripura (NLFT), and All Tripura Tiger
Force (ATTF) in the presence of Union Home Minister Shri Amit Shah in New Delhi.
• This agreement marks a critical step toward achieving Prime Minister Narendra Modi’s vision of a
peaceful, prosperous, and insurgency-free Northeast.
• Tripura Chief Minister Prof. (Dr.) Manik Saha and senior officials from the Ministry of Home
Affairs and the Government of Tripura were present at the signing.
India and Singapore Strengthen Ties with Four New Memorandums of Understanding
• India and Singapore have signed four significant Memorandums of Understanding (MoUs) aimed
at enhancing cooperation in digital technologies, semiconductors, health, and skill development.
• The agreements were finalized during Prime Minister Narendra Modi’s visit to Singapore.
o Signed by: India's Ministry of Electronics and Information Technology and Singapore's
Ministry of Digital Development and Information.
o Focus Areas: Cooperation in digital technologies, including DPI, cybersecurity, 5G, super-
computing, quantum computing, and artificial intelligence.
Meta Partners with Telangana Government to Drive AI Innovation in e-Governance
• Meta has announced a two-year strategic partnership with the Department of Information
Technology, Electronics, and Communications (IT, E&C) of the Government of Telangana.
• This collaboration aims to leverage the latest advancements in Artificial Intelligence (AI) to
enhance e-governance and citizen services in the state.
• Objective: The partnership focuses on empowering public officials and citizens with emerging AI
technologies to transform public service delivery and improve e-governance.
India-Japan Finance Dialogue 2024: Enhancing Bilateral Financial Cooperation
• The second India-Japan Finance Dialogue was held in Tokyo on September 6, 2024.
• The primary aim was to enhance financial cooperation and strengthen bilateral relations between
India and Japan.
• Indian Delegation: Led by Ajay Seth, Economic Affairs Secretary. Other participants included
representatives from the Ministry of Finance, RBI, SEBI, PFRDA, IRDAI, and IFSCA.
• Japanese Delegation: Led by Atsushi Mimura, Vice Minister of Finance for International Affairs.
The team included Ministry of Finance and the Financial Services Agency (FSA) members.
US and India Partner to Strengthen Semiconductor Ecosystem:

• The US Department of State will collaborate with the India Semiconductor Mission and the
Ministry of Electronics and IT of the Government of India.
• The collaboration aims to enhance and diversify the global semiconductor ecosystem under the
International Technology Security and Innovation (ITSI) Fund, established by the CHIPS Act of
2022.
• Create a resilient, secure, and sustainable global semiconductor value chain.
India and UAE Sign Key Agreements to Boost Energy Cooperation

• India and the United Arab Emirates (UAE) signed five agreements to enhance cooperation in the
energy sector and other areas.
• The agreements were finalized during the three-day visit of Abu Dhabi Crown Prince Sheikh
Khaled bin Mohamed bin Zayed Al Nahyan to India.
• Liquefied Natural Gas (LNG) Supply: An agreement between Abu Dhabi National Oil Company
(ADNOC) and Indian Oil Corporation (IOC) for the long-term supply of LNG. ADNOC will deliver
1 million tonnes of LNG annually for 15 years from its Ruwais natural gas project.
Government Approves Anushakti Vidhyut Nigam Ltd. (ASHVINI) for Nuclear Power Development
• The Indian government has approved Anushakti Vidhyut Nigam Ltd. (ASHVINI), a joint venture
between Nuclear Power Corporation of India Limited (NPCIL) (51%) and NTPC Ltd (49%), to
build, own, and operate nuclear power plants across India.
• This move is aimed at accelerating the country’s nuclear power capacity expansion to meet long-
term energy goals, including the net zero target by 2070.
• The joint venture will focus on the rapid expansion of nuclear power in India, pooling resources
from both NPCIL and NTPC, including finances, technology, and project management expertise.
MoU Signed Between the Cotton Association of India and the International Cotton Association
• The Cotton Association of India (CAI) and the Liverpool-based International Cotton Association
Ltd (ICA) have signed a Memorandum of Understanding (MoU) to enhance cooperation and
promote fair business practices in the cotton industry.
• The agreement aims to combine efforts for promoting contract sanctity and fair business
practices in cotton trading.
Food Ministry and FCI Sign MoU for Enhanced Foodgrain Procurement and Distribution Efficiency
• The Food Ministry and the Food Corporation of India (FCI) signed a Memorandum of
Understanding (MoU) for the 2024-25 fiscal year, focused on enhancing the efficiency and
accountability of foodgrain procurement and distribution operations.
• The MoU outlines specific performance metrics for FCI depots, such as capacity utilization,
operational losses, and security measures.
• It also emphasizes the modernisation of processes and better management of public funds in
food security operations.
India and US Sign MoU to Boost Defence Innovation Cooperation at INDUS-X Summit
• A Memorandum of Understanding (MoU) was signed between the US Department of Defence’s
Defence Innovation Unit (DIU) and India’s iDEX (Innovations for Defence Excellence) of the
Ministry of Defence's Defence Innovation Organization (DIO) at the INDUS-X Summit in

California.
• The agreement aims to expand cooperation in defence innovation, providing militaries access to
cutting-edge technologies.
• The MoU focuses on increasing cooperation in defence innovation and facilitating industry,
research, and investment partnerships between both countries.
• INDUS-X Summit:
ISMA Signs MoUs with TERI and PRAJ Industries to Advance Sustainable Bioenergy Solutions
• Indian Sugar & Bio Energy Manufacturers Association (ISMA) has signed Memoranda of
Understanding (MoUs) with The Energy and Resources Institute (TERI) and PRAJ Industries.
• The focus is on advancing sustainable bioenergy solutions including Sustainable Aviation Fuel
(SAF), bio-ethanol, bio-gas, green bio-hydrogen, and green methanol.
China and Maldives Sign Trade Agreement Amidst Maldives' Debt Concerns
• China's central bank, the People's Bank of China (PBoC), has signed a memorandum of
understanding (MoU) with the Maldivian Ministry of Economic Development and Trade to
strengthen trade and investment.
• The agreement aims to promote local currency settlement for current account transactions and
direct investment, with no further details provided by PBoC.
• China, as the largest bilateral lender to the Maldives, has been in talks with the Maldivian
government regarding its debt.
• The Maldives owes $1.37 billion to China and $124 million to India in loans, according to World
Bank Data.
Zomato Teams Up with IRCTC to Launch 'Food Delivery in Trains' Service

• Zomato has announced its collaboration with Indian Railway Catering and Tourism Corporation
(IRCTC) to introduce 'Zomato - Food Delivery in Trains'. This service aims to enhance the train
travel experience by allowing passengers to enjoy a variety of dishes from their seats.
• The service is currently operational across 88 cities and has delivered 10 lakh orders across 100
stations since the partnership began.
• Zomato tracks train timings to adjust delivery schedules in case of delays, ensuring timely service
even during schedule changes.
Bilateral Meetings of Indian Delegation Led by Minister of State for Agriculture, Shri Ram Nath Thakur
(Brazil, September 2024)
• Minister of State for Agriculture and Farmers’ Welfare Shri Ram Nath Thakur led the Indian
delegation and the Ambassador of India to Brazil Shri Suresh Reddy and Joint Secretary Shri
Franklin L. Khobung, Department of Agriculture & Farmers during the bilateral meetings.
• Areas of Cooperation: Focus on technology, food processing, cold storage, sustainability, and
agricultural productivity.
Metro Bank Partners with Infosys to Enhance Digital Capabilities and Business Operations
• Metro Bank, the UK’s community-focused bank, has announced a long-term collaboration with
Infosys, a global leader in digital services and consulting, to significantly improve its IT and support
functions.
• This partnership aligns with Metro Bank’s ongoing efforts to boost efficiency and cut costs while
undergoing a digital transformation to optimize business operations.
• Infosys will play a crucial role in enhancing Metro Bank’s digital capabilities, focusing on improving
automation, refining data management, and embedding AI technologies to streamline processes and
enhance customer experience.
REC Signs MoUs for Renewable Energy Projects Worth ₹1.12 Lakh Crore
• REC has signed non-binding memorandum of understandings (MoUs) with Renewable Energy
(RE) developers aggregating about Rs 1.12 lakh crore, which will be implemented over a period
of 5 years.
o Total MoUs Signed: Approximately ₹1.12 lakh crore.
o Duration: Over 5 years.
o Types of Projects Covered: Solar and wind hybrid projects, solar and wind RTC projects, FDRE
power, floating solar plants, ultra mega renewable energy parks, hydroelectric power projects,
battery energy storage systems (BESS), pumped storage, hydropower, green
ammonia/hydrogen, solar cell/module manufacturing, and other innovative technologies.
MoU Signed Between ARIES and BEL for Space Situational Awareness
● The Aryabhatta Research Institute of Observational Sciences (ARIES), Nainital, has signed a
Memorandum of Understanding (MoU) with Bharat Electronics Limited (BEL), a Navaratna
Defence PSU, to collaborate on space technologies with a specific focus on Space Situational
Awareness (SSA).
● Objective: The collaboration aims to develop advanced technologies for tracking space objects,
including near-Earth objects and artificial satellites, to enhance satellite safety and user
protection.
● This MoU aligns with the Indian government's ‘Atmanirbhar Bharat’ and ‘Make-in-India’ initiatives,
aiming to bolster India's technological capabilities in space.
● The MoU was signed at BEL's Ghaziabad Unit by Prof. Dipankar Banerjee, Director of ARIES,
and Ms. Rashmi Kathuria, GM (SCCS) & Unit Head of BEL, with other senior officials from both
organizations present.
India Signs Agreements under the Indo-Pacific Economic Framework (IPEF)
● During Prime Minister Narendra Modi’s three-day visit to the U.S. for the Quad Summit, India signed
two significant agreements under the Indo-Pacific Economic Framework (IPEF), focusing on clean
energy, anti-corruption, and trade transparency.
● These agreements aim to foster a “clean” and “fair economy,” enhancing India's sustainability efforts
and collaboration with IPEF member countries, including the U.S., Australia, Brunei Darussalam, Fiji,
Indonesia, Japan, and Korea.
● IPEF Structure:
o Launched in Tokyo on 23 May 2022, comprising 14 partner countries.
o Structured around four pillars: trade, supply-chain resilience, clean economy, and fair
economy.
● A memorandum of understanding was signed between Indian, Singaporean, and Japanese
companies for a green ammonia plant in Thoothukudi, Tamil Nadu.
● Sembcorp will invest ₹36,238 crore in this project, marking a significant milestone in India’s green
energy ambitions.
Zoho Joins ONDC With Seller App Vikra, Launches Low-Code Platform Zoho IoT
● Chennai-based global technology company Zoho has introduced two major offerings at its annual
user conference, Zoholics India.
● These new products—Vikra and Zoho IoT—represent significant advancements in digital commerce
and Internet of Things (IoT) solutions.
Tata Electronics' Landmark Agreement with PSMC for India's First Semiconductor Fab
● Tata Electronics has finalised a Rs 91,000 crore ($11 billion) Definitive Agreement with Powerchip
Semiconductor Manufacturing Corporation (PSMC) of Taiwan, marking a significant step toward
building India's first AI-enabled semiconductor fabrication plant in Dholera, Gujarat.
Department of Space and Technology launched the Women in Space Leadership Programme in
Collaboration with the British Council
● The Women in Space Leadership Programme (WiSLP) was inaugurated by the Department of
Science and Technology (DST) in collaboration with the British Council, as part of the UK-India
Education and Research Initiative (UKIERI).
● Objective of the InitiativeFocus: To support institutions in enhancing gender-inclusive practices
and fostering women’s leadership in space sciences.
India and Republic of Uzbekistan sign Bilateral Investment Treaty in Tashkent
● The Bilateral Investment Treaty (BIT) between the Government of the Republic of India and the
Government of the Republic of Uzbekistan was signed by Union Minister for Finance and
Corporate Affairs Smt. Nirmala Sitharaman and H.E. Mr. Khodjayev Jamshid Abdukhakimovich,
Deputy Prime Minister of Uzbekistan, in Tashkent.
RANKING AND REPORTS

Telangana, Tamil Nadu, and Rajasthan Record Highest GSDP Growth in FY24
• Telangana, Tamil Nadu, and Rajasthan have recorded the highest growth in real Gross State
Domestic Product (GSDP) in FY24 among India's ten largest states.
• Growth Rates:
o Telangana (9th largest state) grew its economy by 9.2%, reaching a real GSDP of ₹7.9
lakh crore, surpassing the national GDP growth of 8.2%.
o Tamil Nadu (3rd largest state) grew by 8.2%, achieving a real GSDP of ₹15.7 lakh crore.
o Rajasthan (7th largest state) recorded an 8% growth.
Top Celebrity Taxpayers of India in 2024: Shah Rukh Khan Leads the Pack
• In 2024, Shah Rukh Khan has topped the list of highest tax-paying celebrities in India, reportedly
contributing ₹92 crore, according to Fortune India.
• He is closely followed by actor Vijay, who paid ₹80 crore, and Salman Khan, with a tax
contribution of ₹75 crore.
• Key Points:
• Top 3 Taxpayers:
o Shah Rukh Khan: Paid ₹92 crore in taxes, the highest among all Indian celebrities.
o Vijay: Paid ₹80 crore, securing the second spot.
o Salman Khan: Paid ₹75 crore in taxes.
Kerala and Andhra Pradesh Lead in Ease of Doing Business Rankings

• Kerala and Andhra Pradesh have been recognized as the top performers in promoting ease of
doing business under the Business Reforms Action Plan (BRAP), according to a recent official
statement from the Ministry of Commerce and Industry.
• Top Performers:
• Kerala
o Ranked as the top performer for promoting ease of doing business.
• Andhra Pradesh
o Followed Kerala as the second-best performer.
Kerala Shines in Business Reforms and Citizen Services at National Awards

• Kerala has been recognized as a leader in business-centric and citizen-centric reforms according
to the Union Ministry of Commerce and Industry.
• The state excelled in two business-related categories and seven citizen-focused categories in the
recent Business Reforms Action Plan '22 (BRAP 22) rankings.
• Event: Conference of State Industries Ministers, held on Thursday at the Yashobhumi
Convention Centre, New Delhi.
• Award Presented By: Union Minister of Commerce Piyush Goyal.
• Recipient: P Rajeev, Minister for Industries, Law, and Coir, Government of Kerala.
Haryana Cities Feature Prominently Among India's Most Polluted: Urgent Need for Reform
• A recent analysis reveals that 15 out of 24 cities in Haryana ranked among India's 100 most
polluted cities in the first half of 2024 based on PM2.5 levels.
• This data underscores the escalating issue of particulate pollution in the state.
• Cities Exceed National and Global Standards
• National Standards: India’s National Ambient Air Quality Standards (NAAQS) set annual limits for
PM2.5 and PM10 at 40 micrograms per cubic meter and 60 micrograms per cubic meter,
respectively.
From Anil Kapoor to Ashwini Vaishnaw: Indians shine in TIME100 most influential people in AI 2024
Featured Indians on the List
• TIME magazine’s prestigious list of the 100 "Most Influential People in AI 2024," released,
includes 15 prominent Indian or Indian-origin individuals. Key names featured are:
• Ashwini Vaishnaw: Union Information Technology Minister of India.
• Nandan Nilekani: Co-founder of Infosys.
• Anil Kapoor: Renowned Indian actor.
• Sundar Pichai: CEO of Google.
• Satya Nadella: CEO of Microsoft.
South India secures 40% share in NIRF top 25 rankings for last 5 years
o South Indian institutions have consistently secured a significant portion of the top 25 spots in the
National Institutional Ranking Framework (NIRF) over the past five years.
o At least 40 percent of the top 25 spots have been occupied by institutions from South Indian states:
Tamil Nadu, Kerala, Karnataka, Andhra Pradesh, and Telangana.
o Tamil Nadu has emerged as the leading state among South Indian states, frequently placing the
highest number of institutes in the top 25.
IGI world’s 24th best-connected airport rises one spot
• Indira Gandhi International Airport (IGIA) in Delhi has moved up to 24th position in the latest global
rankings, improving from 25th in 2023, according to the Official Airline Guide (OAG).
• Chhatrapati Shivaji Maharaj International Airport in Mumbai fell to 44th position, down from 34th last
year.
• NetZero Carbon Emission Compliance: IGIA has become the first airport in India to achieve this
status.
• Top Performer: London’s Heathrow Airport (LHR) retained its position as the most internationally
connected airport in the world.
India Retains Top Spot in Global Cryptocurrency Adoption Amid Regulatory Challenges
• India has maintained its leadership position in global cryptocurrency adoption for the second
consecutive year, despite facing stringent regulations and high trading taxes.
• This insight comes from a recent report by blockchain analytics firmChainalysis.
• India ranks highly in the use of both centralized exchanges and decentralized finance (DeFi)
assets from June 2023 to July 2024.
Top 5 countries:
• India
• Nigeria
• Indonesia
• United States
• Vietnam
India Overtakes China in MSCI Equities Index
• For the first time, India has surpassed China in a key MSCI equities index, signaling India's
growing prominence in global markets.
• India’s weight in the MSCI investible large-, mid-, and small-cap index has risen to 2.35%,
surpassing China’s 2.24%, as per a note by Morgan Stanley.
• India’s stock markets have been among the best performers globally this year, with NSE Nifty 50
and S&P BSE Sensex rising by 17% and 15% respectively.
Economic Liberalisation and Its Impact on State GDP Shares (1990-2024)
• A working paper by the Economic Advisory Council to the Prime Minister (EAC-PM) highlights
the significant effects of economic liberalisation that began in the 1990s, particularly on certain
states in India.
• States like Gujarat, Haryana, Karnataka, Tamil Nadu, and Delhi have notably increased their
share of the national GDP from 1990-91 to 2023-24.
• Maharashtra's GDP share decreased from 14.6% in 1990-91 to 13.3% in 2023-24, although it
remains the highest among all states.
Wayanad Ranks Fifth in Kerala for Landslide Susceptibility in ISRO's 2023 Landslide Atlas
● In the 2023 Landslide Atlas of India prepared by ISRO's National Remote Sensing Centre (NRSC),
Wayanad ranks fifth in Kerala and 13th nationally out of 147 districts across 17 states and two Union
Territories.
● Wayanad’s landslide risk was highlighted after the July 30, 2024 disaster, underscoring the district's
vulnerability to such events.
1. Other Highly Prone Districts in Kerala:
● Other districts in Kerala identified as highly susceptible to landslides include:
o Thrissur (3rd nationally)
o Palakkad (5th nationally)
o Malappuram (7th nationally)
o Kozhikode (10th nationally)
2. ISRO’s Landslide Atlas of India:

o The Landslide Atlas of India, published by the NRSC in February 2023, provides detailed
mapping of landslide occurrences based on geospatial data and satellite imagery. It maps
around 80,000 landslides from 1998 to 2022, categorized as seasonal, event-based, or
route-wise inventories.
India climbs one position to 39th rank in Global Innovation Index 2024
● India has achieved a significant milestone by climbing to the 39th position among 133 global
economies in the Global Innovation Index (GII) 2024, as announced by Union Minister Piyush Goyal.
● This advancement highlights India’s leadership in the Central and Southern Asia region and its
dominance among lower-middle-income economies.
Key Achievements:
● Top Rankings:
o 1st in the Central and Southern Asia region.
o 1st among lower-middle-income economies.
o 4th in the WIPO’s Science & Technology Cluster Rankings.
o Cities like Mumbai, Delhi, Bengaluru, and Chennai rank in the global top 100 S&T clusters.
o 7th globally in intangible asset intensity.
● Historical Progress:
o India was ranked 81st in 2015 and has now risen to 39th, driven by a thriving innovation
ecosystem powered by entrepreneurs, startups, and public-private partnerships.
Global Performance Overview:
● In the Central and Southern Asia region, India (39th) continues to lead, advancing by one spot:
o Iran is ranked 64th (down two places).
o Kazakhstan holds the 78th position.
o Uzbekistan remains at 83rd.
● Fast Climbers:
o Countries such as China, Turkey, Vietnam, and the Philippines have shown significant
improvement over the last decade.
Global Rankings of Top Innovators:
1. Switzerland
2. Sweden
3. United States
4. United Kingdom
5. Singapore
6. Finland
7. Netherlands
8. Germany
9. Denmark
10. Republic of Korea
Central and Southern Asia Region Rankings:
GII Rank Economy Income Group Rank Region Rank
39 India 1 1
64 Iran (Islamic Republic of) 6 2
78 Kazakhstan 25 3
83 Uzbekistan 10 4
88 Pakistan 12 5
90 Sri Lanka 13 6
105 Bangladesh 22 7
106 Kyrgyzstan 23 8
108 Nepal 24 9
111 Tajikistan 27 10
IMD World Talent Ranking 2024: Switzerland Retains Top Spot, India Declines in Global
Competitiveness
● The IMD World Talent Ranking 2024 has revealed significant insights into global talent hubs, with
Switzerland maintaining its lead in investment, development, and appeal factors.
● The IMD World Talent Ranking 2024 shows the overall ranking for 67 economies.
● The economies are ranked from the most to the least competitive, and the change from the Previous
year’s rankings is also shown.
● The ranking evaluates countries based on their ability to develop, retain, and attract highly qualified
domestic and international talent.
Key Highlights:
● Top Talent Hubs:
o 1. Switzerland: Excels in quality of life, health infrastructure, educational attainment, statutory

minimum wage, and foreign personnel attraction.
o 2. Singapore: Climbed from 18th in 2014 to 2nd, noted for its rich talent pool, low
discrimination, and strong skilled labour availability.
o 3. Luxembourg
o 4. Sweden
o 5. Denmark
o 6. Iceland
o 7. Norway
o 8. Netherlands
o 9. Hong Kong SAR: Reinforces Asia’s competitive presence.
o 10. Austria
India's Performance:
● Global Rank: 58th, down from 56th last year and 52nd in 2022, with a talent score of 40.47.

Gujarat Gas Board Approves Merger and Demerger Plan Involving Gujarat State Petroleum Corporation
Limited and GSPL
• The board of Gujarat Gas Limited (GGL) approved a scheme of arrangement and amalgamation
involving Gujarat State Petroleum Corporation Limited (GSPC), GSPC Energy Limited, and
Gujarat State Petronet Limited (GSPL) merging into GGL.
• The arrangement outlines the integration of GSPC, GSPL, and GEL with GGL.
• The scheme also includes the demerger of GGL's Gas Transmission Business, which will be
separately listed as GSPL Transmission Limited (GTL) on stock exchanges.
National Stock Exchange Divests Digital Examination Business to CL Educate for ₹230 Crore
● The National Stock Exchange (NSE) has sold its digital examination business (DEX) to CL
Educate for Rs 230 crore.
● The move is part of the country’s top bourse’s plan to divest non-core businesses.
● Transaction Details:The transaction involves a non-binding offer with the payment amount being
₹230 crore in cash.
● An additional ₹75 crore is payable contingent upon achieving certain business milestones.
Competition Commission of India Clears $8.5 Billion Merger Between Reliance and Disney India
• The Competition Commission of India (CCI) has approved the $8.5 billion merger between
Reliance Industries Limited and Disney’s Indian media assets.
• CCI has not yet specified any voluntary modifications for the original merger deal made by the
two companies.
• The merger aims to create the largest entertainment player in India to compete with major
players like Sony, Netflix, and Amazon.
About CCI :
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the
Rakesh Gangwal’s Family Trust Sells 5.83% Stake in IndiGo for ₹10,500 Crore
● InterGlobe Aviation promoter Rakesh Gangwal and his family trust have reduced their stakes in
the airline by selling a combined 5.83% shareholding for about Rs 10,500 crore.
● A total of 2.25 crore shares or 5.83% holding in InterGlobe Aviation were sold by Gangwal and
Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company
of Delaware.
● In two separate regulatory filings, Rakesh Gangwal sold 22.50 lakh shares of InterGlobe Aviation
and the Chinkerpoo Family Trust disposed of more than 2.02 crore script of the airline.
● After the share sale, Gangwal's stake in InterGlobe Aviation has come down to 5.31% from
5.89%, while the Chinkerpoo Family Trust's stake has declined to 8.24% from 13.49%.
Finance Ministry to Divest 6.78% Stake in GIC Re for Rs 4,700 Crore
• The Union Ministry of Finance will dilute a 6.78% stake in General Insurance Corporation of India
(GIC Re) to raise approximately Rs 4,700 crore.
• This is the first stake sale since GIC Re's listing in 2017.
• The sale will be through the OFS route, beginning with non-retail investors.
• 3.39% equity stake will be divested.

Ministry of Corporate Affairs Implements Deal Value Threshold Norms Mandating Notification of
Mergers and Acquisitions Exceeding ₹2,000 Crore to Competition Commission of India for Approval
• The Ministry of Corporate Affairs (MCA) has introduced the Deal Value Threshold (DVT) norms,
which require mergers and acquisitions (M&As) with a deal value above ₹2,000 crore to be notified
to the Competition Commission of India (CCI) for approval.
• The implementation of DVT is expected to increase the number of relevant filings with the CCI by
30%, raising the compliance burden on companies.
Yes Bank Stake Sale Faces RBI Obstacle; Regulator Reluctant to Allow Majority Foreign Ownership
• The proposed stake sale of Yes Bank has encountered a regulatory roadblock as the Reserve
Bank of India (RBI) is reluctant to allow a foreign institution to hold a majority stake in the bank.
• Japanese lender Sumitomo Mitsui Banking Corp (SMBC) and Dubai-based Emirates NBD are
interested in acquiring a majority stake of over 51% in Yes Bank.
• Sumitomo Mitsui is a unit of Sumitomo Mitsui Financial Group, Japan’s second-largest bank.
About Yes Bank :
Competition Commission of India Grants Approval for Naspers Ventures B.V.'s Acquisition of Vastu
Housing Finance Corporation Limited
● The Competition Commission of India (CCI) has approved the proposed acquisition by Naspers
Ventures B.V. in Vastu Housing Finance Corporation Limited.
● Naspers Ventures B.V. (Naspers Ventures/ Acquirer) is an indirect, wholly owned subsidiary of
Prosus N.V. (Prosus).
● The Acquirer is an investment holding company and its principal activity is to make investments
by providing direct and indirect equity and debt funding.
● The proposed transaction involves the acquisition of less than 10% equity shareholding (on a
fully diluted basis) in VHFCL by Naspers Ventures.
About Naspers Limited :
● Naspers Limited is a South African multinational internet, technology and multimedia holding
company headquartered in Cape Town, with interests in online retail, publishing and venture
capital investment.
DEFENCE NEWS
Indian Army Launches Project NAMAN: SPARSH-Based Service Centres Established Nationwide
● The Indian Army launched the first phase of Project NAMAN in the presence of General Upendra
Dwivedi, Chief of the Army Staff, and Mrs. Sunita Dwivedi, President of the Army Wives Welfare
Association (AWWA).
● Objective of Project NAMAN:Project NAMAN is designed to provide dedicated support and
services to Defence Pensioners, Veterans, and their families.
● It is centred around the implementation of the SPARSH (System for Pension Administration
Raksha) digital pension system to streamline pension-related processes.
● Cabinet Minister : Rajnath Singh
● Minister of State : Sanjay Seth
Defence Research and Development Organisation Transfers Production Documentation for 30mm High
Explosive Preformed Fragmentation Shell to the Director General of Naval Armament Inspection
• The Defence Research and Development Organisation (DRDO) handed over the production
document for the 30mm High Explosive Preformed Fragmentation (HEPF) Shell to the Director
General of Naval Armament Inspection (DGNAI).
• The ceremony took place at the Armament Research and Development Establishment (ARDE) in
Pashan, Pune.
• This 30mm HEPF shell, developed by ARDE, the Pune-based laboratory of DRDO, will further
enhance the combat capability of the Indian Navy against drones.
About DRDO :
Indian Army Hands Over 'Xploder' and 'Agniastra' Technologies to Private Firms for Large-Scale
Production
• In a major stride towards technological self-reliance, the Indian Army announced the successful
transfer of technology (ToT) for its indigenously developed "Xploder" UGV and "Agniastra"
detonation system to private Indian firms.
• This landmark development, part of the Army's "Year of Tech Absorption," underscores its
unwavering commitment to modernization and operational excellence.
About Indian Army :
• Chief of the Army Staff : General Upendra Dwivedi
Department of Defence Production Becomes Licensing Authority for Ammunition Exports under Special
Chemicals, Organisms, Materials, Equipment and Technologies
• The Directorate General of Foreign Trade (DGFT) has designated the Department of Defence
Production (DDP) under the Ministry of Defence as the licensing authority for the export of
ammunition items listed under Category 6 of the SCOMET (Special Chemicals, Organisms,
Materials, Equipment and Technologies) meant for military use.
• The DGFT, under the Ministry of Commerce and Industry, has notified and updated the SCOMET
list for 2024.
• The list is outlined in Appendix 3 to Schedule 2 of the ITC (HS) Classification of Export and
Import Items.
About Ministry of Defence (MoD) :
India's First Indigenous Combat Drone FWD 200B Successfully Takes Flight
• In a historic leap for India's defence capabilities, Flying Wedge Defence and Aerospace (FWDA)
has successfully launched India's first indigenously built combat unmanned aerial vehicle (UAV),
the FWD 200B.
• This marks a significant milestone, as India joins the ranks of nations equipped with advanced
unmanned combat aircraft.
• The bomber FWD 200B is classified as a Medium Altitude Long Endurance (MALE) unmanned
combat aerial vehicle (UCAV) and represents India's increasing self-reliance in defence
technology.
About FWDA :
• FWDA was incorporated in 2022 and holds patents for killer drones and bomber UAVs.
• It is the first Indian company to receive Directorate General of Civil Aviation (DGCA) type
certification for indigenous UAV technology.
• Founder and CEO : Suhas Tejaskanda
Indian Army Suspends Purchase of 200 Logistic Drones from Dhaksha Unmanned Systems Amid
Chinese Parts Allegations
• The Indian Army has put on hold the acquisition of 200 logistic drones from Dhaksha Unmanned
Systems Private Limited, a Chennai-based subsidiary of Coromandel International.
• Reason for Suspension:The suspension follows allegations that Dhaksha Unmanned Systems is
using Chinese parts in their unmanned aerial vehicles (UAVs).
About Indian Army :
• Chief of the Army Staff : General Upendra Dwivedi
Indian Naval Ship Tabar Arrives in Malaga, Spain for a Two-Day Visit
● Indian Navy’s frontline stealth frigate, INS Tabar commanded by Captain MR Harish arrived at
Malaga, Spain on 25 Aug 24 for a two day visit to enhance the existing bilateral relations
between India and Spain.
● The visit aims to enhance the existing bilateral relations between India and Spain, which were
established in 1956.
● Purpose of the Visit:The visit by INS Tabar seeks to strengthen diplomatic and defense ties
between India and Spain.
Indian Naval Ship Tabar and P8I Aircraft Participate in 22nd India-France Naval Exercise VARUNA in
the Mediterranean sea
• Indian Naval Ship (INS) Tabar, an Indian Navy frontline stealth frigate, commanded by Captain
MR Harish, visited Toulon, France from 29 August to 01 September 2024, and later participated
in the 22nd edition of Exercise VARUNA from 02 to 04 September 2024 in the Mediterranean
Sea.
• India was represented by INS Tabar, a shipborne helicopter, and LRMR Aircraft P8I.
• France was represented by FS Provence, Submarine Suffren, Aircraft F20, Atlantique2, fighters
MB339, and helicopters NH90 and Dauphin.

Indian Army and Indian Air Force signs MoU with Gati Shakti Vishwavidyalaya
• To enhance the skills and capability building of personnel from the Indian Army and Indian Air
Force, a Memorandum of Understanding (MoU) was signed with Gati Shakti Vishwavidyalaya,
Vadodara.
• The signing took place in the presence of Raksha Mantri Shri Rajnath Singh and Minister of
Railways Shri Ashwini Vaishnaw in New Delhi on September 09, 2024.
• The MoU aims to enable the two Services to acquire higher expertise in logistics and develop in-
house knowledge on various aspects of logistics operations, contributing to the national
development plans – PM Gati Shakti National Master Plan 2021 and National Logistics Policy
2022.
Naval might: 2 anti-submarine warfare ships launched at Cochin Shipyard
o The Indian Navy launched the fourth and fifth ships of the 8 Anti-Submarine Warfare Shallow Water
Craft (ASW SWC) project.
o The ships, Malpe and Mulki, were built by Cochin Shipyard Limited (CSL), Kochi.
o The launch was conducted by Mrs. Vijaya Srinivas in the presence of Vice Admiral V. Srinivas, Flag
Officer Commanding in Chief, Southern Naval Command, in line with maritime traditions.
MoD signs ₹26,000-crore contract with HAL for 240 SU-30MKI jet engines
• The Defence Ministry signed a ₹26,000-crore contract with Hindustan Aeronautics Limited (HAL)
for 240 aero-engines to power the Indian Air Force's (IAF) Sukhoi-30 MKI fighter aircraft.
• The deal was cleared by the Cabinet Committee on Security on September 2.
• HAL will supply 30 AL-31FP engines annually from its Koraput facility in Odisha, with the delivery
scheduled for completion over eight years.
• The engines will be manufactured from the raw material stage with technology transfer from
Russia.
Indian Navy and South African Navy Sign Agreement to Boost Submarine Rescue Support Cooperation
• The Indian Navy has signed an agreement with the South African Navy to rescue its Submarine
personnel who have met an accident or are in distress in the deep sea.
• This agreement between the two Navies will further strengthen the longstanding maritime
relationship between India and South Africa.
• The agreement, officially called the Implementing Agreement, was signed by the Indian Chief of
Naval Staff, Admiral Dinesh Kumar Tripathi, and the Chief of the South African Navy, Vice
Admiral Monde Lobese.
About Indian Navy :
• Chief of the Naval Staff : Admiral Dinesh K Tripathi
Indian Army Contingent Leaves for India-Oman Joint Military Exercise Al Najah V
• The Indian Army contingent departed for the 5th edition of India-Oman Joint Military Exercise AL
NAJAH.
• The exercise is scheduled to be conducted from 13th to 26th September 2024 at Rabkoot
Training Area in Salalah, Oman.
• Exercise AL NAJAH has been held biennially since 2015, alternating between India and Oman.
• The 4th edition of the exercise was conducted at Mahajan in Rajasthan.
About Oman :
• Capital : Muscat
• Currency : Omani rial
Defence Research & Development Organisation and Indian Navy Conduct Successful Flight Test of
Vertical Launch Short Range Surface-to-Air Missile off Odisha Coast
• The Defence Research & Development Organisation (DRDO) and the Indian Navy successfully
conducted a flight test of the Vertical Launch Short Range Surface-to-Air Missile (VL-SRSAM).
• The test was carried out from the Integrated Test Range (ITR) in Chandipur, off the coast of
Odisha, at approximately 1500 hours.
• The flight test was carried out from a land-based vertical launcher, targeting a high-speed aerial
target flying at a low altitude.
About DRDO :
About Indian Navy :
• Chief of the Naval Staff (CNS) : Admiral Dinesh K Tripathi

• Vice Chief of the Naval Staff (VCNS) : Vice Admiral Krishna Swaminathan
Cochin Shipyard Launches Two Anti-Submarine Warfare Vessels for Indian Navy
• Two Anti-Submarine Warfare Shallow Watercrafts (ASWCWC) of the Indian Navy, INS Malpe
and INS Mulki, were launched at Cochin Shipyard.
• These vessels are indigenously designed and constructed by Cochin Shipyard Limited (CSL).
• They are part of a series of eight ASWCWC vessels being built under a contract signed between
the Ministry of Defence (MoD) and CSL on April 30, 2019.
• Replacement of Abhay Class:These vessels, known as the Mahe Class, will replace the Abhay
Class ASW Corvettes in the Indian Navy.
Hindustan Aeronautics Limited to Deliver Final 4 Light Combat Aircraft Mk-1 Trainer Aircraft to IAF
Within Six Months
• Hindustan Aeronautics Limited (HAL) will deliver the final four LCA Mk-1 trainers to the Indian Air
Force (IAF) by March 31, 2025.
• The LCA Mk-1 trainers are twin-seater jets used for pilot training but can also function as fighters
when required.
• Slow Progress: The LCA Mk-1 programme experienced delays. The Initial Operational Clearance
(IOC) contract was signed in 2006 (completion by 2011), and the Final Operational Clearance
(FOC) contract in 2010 (completion by 2016).
Defence Research and Development Organisation successfully completed initial phase of

Developmental Field Firing Trials for Indian Light Tank 'Zorawar'
• The Defence Research and Development Organisation (DRDO), successfully conducted the
preliminary automotive trials of the Indian light Tank, Zorawar, a highly versatile platform capable
of deployment in high-altitude areas.
• Zorawar has been successfully developed by the Combat Vehicles Research & Development
Establishment (CVRDE), a unit of the Defence Research and Development Organisation (DRDO),
in collaboration with Larsen & Toubro Limited.
About DRDO :
• Founded : 1958
Indian Air Force Successfully Concludes Eastern Bridge VII Exercise at RAFO Masirah
● The Indian Air Force (IAF) has successfully completed Exercise Eastern Bridge VII with the
Royal Air Force of Oman (RAFO) at the RAFO airbase in Masirah.
● The main goal was to enhance military cooperation and interoperability between the IAF and
RAFO.
● IAF Contingent: The IAF contingent returned to India after a series of training missions involving
MiG-29 and Jaguar aircraft.
● Aircraft Participation: The exercise featured aircraft from both IAF (MiG-29, Jaguar) and RAFO
(F-16, Hawk).
Defence Research and Development Organisation Hands Over High-Altitude Sustenance Technologies
to Power Grid Corporation of India Limited
● The Defence Institute of Physiology and Allied Sciences (DIPAS), a leading laboratory under the
Defence Research and Development Organisation (DRDO) handed over critical high-altitude
sustenance technologies to the Power Grid Corporation of India Ltd (PGCIL) during an
orientation workshop on September 21, 2024, at PGCIL’s regional headquarters in Jammu.
● This workshop was organised to prepare employees for high-altitude operations as part of the
5000 MW Pang-Kaithal High Voltage Direct Current (HVDC) Project in Ladakh.
● The Pang-Kaithal HVDC Project, located at an altitude of 15,760 feet, is a significant step
towards energy security in the region of Ladakh and the wider integration of solar power into
India’s national grid.
About DRDO :
Indian Navy Set to Host the 5th edition of Goa Maritime Symposium
● The 5th edition of Goa Maritime Symposium (GMS) 2024 was hosted by the Indian Navy from
23-24 September 24 under the aegis of Naval War College, Goa.
● This edition of the Goa Maritime Symposium was conducted in the newly inaugurated, state-of-
the-art Chola building of the Naval War College.
● Theme : The theme for GMS 2024 was "Common Maritime Security Challenges in the Indian
Ocean Region (IOR) – Progressing Lines of Effort to Mitigate Dynamic Threats such as IUU
Fishing and Other Illegal Maritime Activities."
● The theme aligns with the Indian Government’s vision of Security and Growth for All in the
Region (SAGAR).
● Participants: Representatives from 12 Indian Ocean Littoral countries: Bangladesh, Comoros,
Indonesia, Madagascar, Malaysia, Maldives, Mauritius, Myanmar, Seychelles, Singapore, Sri
Lanka, and Thailand.
● Observers from Kenya and Tanzania.
About Goa Maritime Symposium (GMS) :
● It was conceptualised and instituted by the Indian Navy in 2016.
● The symposium is conducted biennially by the Naval War College (NWC), Goa.
● 4th edition of the biennial Goa Maritime Symposium was conducted successfully by the Indian
Navy at Goa from 31 October to 01 November 2022.
About the Indian Ocean Rim Association :
● Established in 1997 as an intergovernmental organization of states on the rim of the Indian
Ocean.
● The association has 23 member states and 11 dialogue partners from regions including Africa,
West Asia, South Asia, Southeast Asia, Europe, and Oceania.
Defence Research & Development Organisation and Indian Institute of Technology Delhi Collaborate to
Create Lightweight Bulletproof Jackets Named Advanced Ballistics for High Energy Defeat
● The Defence Research & Development Organisation (DRDO), along with researchers of Indian
Institute of Technology (IIT) Delhi has developed Light Weight Bullet Proof Jackets named
ABHED (Advanced Ballistics for High Energy Defeat).
● The jackets have been developed at the DRDO Industry Academia Centre of Excellence (DIA-
CoE) at IIT, Delhi.
● Weight Specifications: The jackets weigh a minimum of 8.2 kg and 9.5 kg for different Bureau of
Indian Standards (BIS) levels, providing modular design with front and rear armors for 360-
degree protection.
Defence Research & Development Organisation and Indian National Academy of Engineering Host 11th
Engineers Conclave in Hyderabad to Explore Advancements in Indigenization and Emerging
Technologies
● The 11th Engineers Conclave, organized jointly by the Defence Research & Development
Organisation (DRDO) and the Indian National Academy of Engineering (INAE), commenced on
September 26, 2024, in Hyderabad.
● The aim of the two-day annual conclave is to deliberate on two strategic priorities i.e., ‘Additive
Manufacturing for Defence Applications’ and ‘Defence Manufacturing Technologies’.
● The event, being held at Defence Research & Development Laboratory (DRDL) of DRDO, brings
together engineers, scientists, academicians and industry leaders to discuss emerging
technologies & advancements in indigenisation.
Admiral Dinesh K. Tripathi, Chief of Naval Staff, Undertakes Official Visit to Greece
● Admiral Dinesh K Tripathi, Chief of the Naval Staff (CNS), is on a four day official visit to Greece
from 26 to 29 Sep 2024.
● The visit aims to consolidate bilateral defense relations between India and Greece, with a focus
on enhancing naval cooperation.
● During the visit, the CNS will engage in bilateral discussions with senior Greek defence officials,
including Mr Ioannis Kefalogiannis, Deputy Minister of Defence, Vice Admiral Dimitrios E
Kataras, Chief of the Hellenic Navy General Staff (HGNS), Vice Admiral Christos Sasiakos,
Deputy Chief of Hellenic National Defence General Staff.
Delivery of the 5th Missile Cum Ammunition Barge, LSAM 13 (Yard 81), for INS Tunir Completed
● The Missile Cum Ammunition Barge (MCA), LSAM 13 (Yard 81), was delivered on September
25, 2024, at Naval Dockyards, Mumbai, for INS Tunir.
● The ceremony was presided over by Commodore C. Rami Reddy, Commanding Officer of INS
Tunir.
● LSAM 13 is the fifth barge in the project to construct a total of eight Missile Cum Ammunition
Barges, built by MSME Shipyard, M/s SECON Engineering Projects Private Limited,
Visakhapatnam.
Shankh Air, India's Latest Airline by Shankh Aviation Private Limited, Receives Union Civil Aviation
Ministry Approval to Commence Operations
● Shankh Air, India’s newest airline owned by Shankh Aviation Private Limited, has got approval
from the Union Civil Aviation Ministry to start operations.
● The No Objection Certificate (NOC) issued to the airline is valid for 3 years.
● However, Shankh Air will also need clearance from the aviation regulator, Directorate General of
Civil Aviation (DGCA), before starting flights.
● Shankh Air will be the first scheduled airline to launch from Uttar Pradesh.
● Shankh Air is set to launch its flight services with a fleet of new-generation Boeing 737-800NG
narrow-body aircraft.
● With more than 60% of the Indian aviation market, IndiGo is the market leader.
● The second-biggest airline in the nation is called Air India.
India Hosts Second IORA Seminar on Illegal, Unreported, and Unregulated (IUU) Fishing at Naval War
College, Goa
● The second edition of the Indian Ocean Rim Association (IORA) seminar on Illegal, Unreported
and Unregulated (IUU) Fishing was conducted at Naval War College, Goa on 25 Sep 2024.
● The seminar focused on reviewing IUU fishing activities in the Indian Ocean Region (IOR),
highlighting their economic, environmental, and security implications, as well as the legal gaps in
addressing these issues.
● The first edition of the seminar on IUU fishing under IORA was conducted by the Indian Navy at
Goa on 2nd November 2022.
About IORA:
● Established: 1997.
● Headquarters: Ebene, Mauritius.
● Secretary General: Salman Al Farisi.
● Membership: IORA has 23 member countries from Africa, West Asia, South Asia, Southeast
Asia, and Australia, including India, Australia, Indonesia, South Africa, Malaysia, UAE, and more.
● Governance: The Council of Foreign Ministers is IORA's apex body, meeting annually.
● The Chair rotates every 2 years among members.
● Sri Lanka is the current Chair, India is the Vice-Chair, and Bangladesh was the previous Chair.

Nokia to Build World's Largest Fixed Network Testbed in Chennai to Advance Ultra-High-Speed Internet
Technology
• Nokia is set to establish the world's largest fixed network testbed in Chennai, marking a
significant step towards advancing technology in ultra-high-speed internet access.
• The project involves an investment of approximately US$ 54.07 million (Rs. 450 crore).
• The testbed will concentrate on advancements in 10G, 25G, 50G, and 100G passive optical
networks
• The new facility, to be located at the State Industries Promotion Corporation of Tamil Nadu in
Siruseri, will serve as one of Nokia's major research and development centres.
About Nokia :
• Headquarters : Espoo, Finland
• Chairwoman : Sari Baldauf
• President & CEO : Pekka Lundmark
International Solar Alliance to Unveil $100 Million Solar Facility and Insurance Initiative to Enhance
Solar Projects Across Africa
• The International Solar Alliance (ISA) will launch a $100 million fund, Global Solar Facility, that
will help catalysing up to $1.5 billion in funding to expand decentralised solar power capacities
across the least developed countries in Africa, where more than 700 million people have no
access to electricity.
• Insurance Mechanism:ISA is developing an insurance mechanism to accelerate investment in
solar projects in impoverished nations.
About ISA :
• Director General : Ajay Mathur
• Membership : 120+ members of UN, incl. the United States, Japan, France, Brazil, Argentina,
Chile, Algeria and Australia etc.
• Purpose : Bring together a group of nations to endorse clean energy, sustainable environment,
public transport and climate
• ISA was originally initiated by India and France to combat climate change through solar power.
Japan's Space Agency Halts Moon Lander Mission After Losing Contact with Uncrewed Spacecraft
• Japan's space agency ended its Moon lander operation after losing communication with the
uncrewed spacecraft.
• The Smart Lander for Investigating Moon (SLIM), dubbed the "Moon Sniper" for its landing
precision, touched down eight months ago-making Japan only the 5th nation to achieve a soft
lunar landing.
• The touchdown of the unmanned lander in January was a success, but it landed at a wonky
angle that left its solar panels facing the wrong way.
About Japan :
• Prime Minister : Fumio Kishida
• Capital : Tokyo
• Currency : Japanese yen
European Union and Council of Scientific and Industrial Research, India Announce Co-Funding to Boost
EU-India Research Collaboration under Marie Skłodowska-Curie Actions
• The European Union and India’s Council of Scientific and Industrial Research (CSIR) have
launched a new co-funding initiative for the Marie Skłodowska-Curie Actions (MSCA) Staff
Exchanges, part of the EU’s research and innovation programme, Horizon Europe.
• Through this scheme, CSIR will top up selected MSCA Staff Exchanges projects, enabling its
institutes to engage in joint research projects with European and international partners and
second their scientific and technical staff to European research organisations for knowledge
sharing and research activities.
About CSIR :
• Founded in 1942
• Location : New Delhi, India
• CSIR is India’s premier research and development organisation, comprising 37 national
laboratories and a dedicated team of over 8,000 scientific and technical staff.
IndiGo Airlines Becomes 1st Indian Carrier to Implement Required Navigation Performance
Authorisation Required Flight Procedure for Safer Landings at Kathmandu's Tribhuvan International
Airport
• IndiGo Airlines has become the first Indian carrier to adopt the Required Navigation Performance
Authorisation Required (RNP AR) flight procedure for operations in Kathmandu, which enables
safer and more efficient landings at the Tribhuvan International Airport, which is nestled in a
valley surrounded by the Himalayas.
• Purpose and Benefits:The RNP AR technology enhances safety and efficiency during landings at
airports with challenging geographical conditions, such as Tribhuvan International Airport.
About Indigo :
• Founded : 2006
• Managing Director: Rahul Bhatia
Pixxel becomes the first Indian space startup to receive an order from the National Aeronautics and
Space Administration
• Bengaluru-based space technology startup Pixxel, which specialises in cutting-edge
hyperspectral earth-imaging technology, has won the largest supplier deal by an Indian company
from the National Aeronautics and Space Administration (NASA).
• It has become part of NASA’s $476-million commercial smallsat data acquisition program.
• This contract period for the program runs through November 2028.
About Pixxel :
• Co-founder and chief executive officer (CEO) : Awais Ahmed
NASA spacecraft approved for October launch to study underground ocean on Jupiter's moon Europa
• The National Aeronautics and Space Administration (NASA) has approved the launch of the
Europa Clipper spacecraft scheduled for October 2024, following a review of its capability to
withstand Jupiter's intense radiation.
• The Europa Clipper will explore Europa, one of Jupiter’s largest moons, which is noted for its icy
surface and potential subsurface ocean of saltwater. The mission aims to investigate Europa’s
ice shell, geology, and potential habitability.
About NASA :
• Founded: July 29, 1958
• Headquarters: Washington, D.C, United States
• Administrator: Bill Nelson
International Solar Alliance Engages in Exclusive Talks with Africa50 to Oversee $200M Africa Solar
Fund
• International Solar Alliance (ISA) has entered into exclusive discussions with Africa50 to serve as a
potential investment manager for its proposed Africa Solar Facility (ASF).
• The ASF is a $200 million initiative designed to unlock investment in distributed solar projects across
Africa.
• The ASF will play a vital role in expanding energy access, accelerating solar deployment, and driving
sustainable development across the continent.
About ISA :

• Director General : Dr. Ajay Mathur
India Successfully Launches Agni-4 Ballistic Missile from Integrated Test Range in Chandipur, Odisha
• India successfully launched the Agni-4 ballistic missile from the Integrated Test Range (ITR) in
Chandipur, Odisha.
• The test was conducted under the Strategic Forces Command (SFC)
• The Agni missiles are long-range, nuclear-capable surface-to-surface ballistic missiles developed
by India.
• The Agni-4 is a long-range, surface-to-surface ballistic missile with a range of 4,000 kilometres.
Indian Immunologicals Limited Launches Paediatric Dose of Hepatitis A Vaccine

• Indian Immunologicals Limited (IIL) launched its paediatric dose of India’s first indigenous
Hepatitis A vaccine, Havisure.
• IIL is the only company in India to develop an indigenous Hepatitis A vaccine.
• Hepatitis A is a highly contagious liver infection caused by the Hepatitis A virus, which
predominantly affects children and can lead to severe health complications.
• Vaccination is the most cost-effective, yet efficient, method to prevent the disease.
Bharat Biotech and Alopexx Inc. to Co-Develop and Commercialize Anti-Microbial Vaccine AV0328 for
India and Other Low-Income Countries
• Hyderabad-based vaccine maker Bharat Biotech and clinical-stage U.S. biotechnology firm
Alopexx Inc. will collaborate to co-develop and commercialise anti-microbial vaccine AV0328 in
India and other low-income and lower-middle-income countries.
• AV0328 is a proprietary broad-spectrum anti-microbial vaccine candidate from Alopexx.
• It is designed to target poly N-acetyl glucosamine (PNAG), which is present on the surface of a
variety of bacterial, fungal, and parasitic pathogens.
About Bharat Biotech :
• Founded : 1996
• Headquarters : Hyderabad, India
• Executive Chairman : Krishna Ella
Indian Scientists Create 'Brain on a Chip' Technology
• Indian scientists at the Indian Institute of Science (IISc) have developed a groundbreaking “brain
on a chip” technology.
• This technology can store and process data in 16,500 states within a molecular film.
• The advancement was made by a team from IISc’s Centre for Nano Science and Engineering,
including Sreetosh Goswami, Navkanta Bhat, Deepak Sharma, Santi Prasad Rath, Bidyabhusan
Kundu, and Sreebrata Goswami. They collaborated with Anil Korkmaz and R Stanley Williams
from Texas A&M University, and Damien Thompson from the University of Limerick.
Indian Immunologicals Limited and Central Institute of Brackishwater Aquaculture Collaborate to Create
Commercial Fish Vaccine
• Indian Immunologicals Limited (IIL) and the Central Institute of Brackishwater Aquaculture (CIBA)
have partnered to develop a commercial vaccine targeting Viral Nervous Necrosis (VNN) in
finfish.
• VNN is a disease that causes high mortality rates in young fish and can be transmitted from
adults to offspring.
• India's Fish Production:India is the third-largest fish producer globally.
• Over 65% of India's fish production comes from inland fisheries and aquaculture.
About IIL:
• IIL was established by the National Dairy Development Board in 1982 and entered the aqua
business in 2022.
• IIL has launched products for pond and gut management and has announced partnerships with
ICAR institutes to develop fish vaccines.
• IIL’s Managing Director, K Anand Kumar, stated that IIL is the first company in India to develop
fish vaccines and is working on solutions for various fish species and culture conditions.
SpaceX Mission Sends All-Civilian Crew on Historic First Private Spacewalk in Orbit
• SpaceX launched its daring Polaris Dawn mission, a multiday orbital expedition carrying a four-
member civilian crew for the first spacewalk by non-professional astronauts.
• The Polaris Dawn crew consists of four members: Anna Menon, Scott Poteet, Jared Isaacman,
and Sarah Gillis.
• The launch took place from Launch Complex-39A at NASA's Kennedy Space Center (KSC).
About SpaceX :
• Founded : March 14, 2002

• Headquarters : United States
• CEO : Elon Musk
United States Government Collaborates with IIT Madras Research Park on Solar and Green Hydrogen
Initiatives
• The United States (US) government and IIT Madras Research Park are set to announce a
partnership focusing on four key areas: solar, green hydrogen, electric vehicles and batteries,
and green buildings.
• The goal is to bring together researchers, academia, and industry from both the US and India to
create a collaborative ecosystem in these four areas.
• Working groups will be established under each of the four focus areas, consisting of members
from the US government and IIT Madras Research Park.
India successfully conducts back-to-back test firings of surface-to-air missiles over two days: DRDO
• India successfully test-fired the Vertical Launch Short Range Surface to Air Missile (VLSRSAM)
on two consecutive days, September 12 and 13, 2024, from the Integrated Test Range (ITR) at
Chandipur, Odisha.
• The tests were conducted by the Defence Research and Development Organisation (DRDO) in
collaboration with the Indian Navy.
• The tests mark a critical achievement in India’s defence capabilities.
European-Japanese Spacecraft Captures Closest Images of Mercury's Surface at Sunrise

• BepiColombo is a joint mission between the European Space Agency (ESA) and the Japan
Aerospace Exploration Agency (JAXA) aimed at studying Mercury.
• BepiColombo made its closest approach to Mercury, capturing detailed black-and-white images
of the planet’s surface.
• Significant Findings:The spacecraft provided the first clear images of Mercury's south pole and
detailed views of its craters, including those with unusual peak rings.
SpaceX Launches Polaris Dawn Mission: Civilian Crew Embarks on First-Ever Spacewalk by Non-
Professional Astronauts
• SpaceX launched its daring Polaris Dawn mission, a multiday orbital expedition carrying a four-
member civilian crew for the first spacewalk by non-professional astronauts.
• The mission will involve orbiting through the Van Allen Belts.
• The Allen Belt discovered in the 1950s is Located beyond low-Earth orbit, these radiation belts
were discovered in 1958 by astrophysicist James Van Allen who helped uncover the key to
enabling exploration of the outer solar system.
About SpaceX :
• Founded : March 14, 2002
• Headquarters : Texas, United States
• CEO : Elon Musk
Iran Successfully Launches Chamran-1 Research Satellite into Orbit Using Revolutionary Guard's
Qaem-100 Rocket
● Iran launched the Chamran-1 research satellite into orbit using the Qaem-100 rocket, developed
by the paramilitary Revolutionary Guard.
● The event marks a key advancement in Iran's aerospace program, despite scrutiny from Western
nations due to concerns about ballistic missile development.
● Satellite Details:Chamran-1 weighs 60 kilograms and was placed into a 550-kilometer orbit.
● Rocket Specifications:The Qaem-100 rocket is a solid-fuel, three-stage vehicle and had been
previously used for a satellite launch in January.
● Mission Objective:The primary mission of Chamran-1 is to test hardware and software systems
for orbital maneuver technology validation.
About Iran :
● President : Masoud Pezeshkian
● Capital : Tehran
● Currency : Iranian rial
Newly Discovered Asteroid 2024 PT5 to Temporarily Orbit Earth from September 29 to November 25,
2024
● Newly discovered asteroid named 2024 PT5 will temporarily be captured by Earth's gravity and
orbit the planet from September 29 to November 25, 2024.
● After this, it will return to a heliocentric orbit (orbit around the sun).
● Origin of Asteroid 2024 PT5:The asteroid originated from the Arjuna asteroid belt, which consists
of small asteroids with orbits similar to Earth's orbit around the sun.
● Discovery & Observations:Astronomers first spotted the asteroid on August 7, 2024 using the
NASA-funded ATLAS observatory in South Africa.
● The asteroid is estimated to be about 37 feet (11 metres) in diameter, but its size could range
from 16 to 138 feet (5 to 42 metres).
● Long-capture mini-moon events are rare, occurring every 10 to 20 years.
● Asteroid Speed and Proximity:Mini-moons like 2024 PT5 approach Earth within 2.8 million miles
(4.5 million kilometers) at speeds under 2,237 miles per hour (3,600 kilometers per hour).
Airtel collaborates with Italy's Sparkle for Blue-Raman subsea cable project
● Strengthening its global connectivity infrastructure, Bharti Airtel has partnered with Italy’s
international service provider Sparkle to access capacity on Blue-Raman Submarine Cable
Systems connecting India and Italy.
● The two companies will also work together on the development of new business opportunities
and projects in the Indian sub-continent, leveraging their respective cable infrastructures.
● Sparkle is a major player in the telecommunication cable industry, which owns and manages a
network of more than 600,000 km of fibre spanning from Europe to Africa and the Middle East,
the Americas and Asia.
● The 2Africa is among the longest subsea cable systems in the world, spanning over 45,000 km.
● It will have a capacity of 180 terabits per second (tbps), connecting 33 countries, including Sunil
Mittal-led Airtel’s landing station in Mumbai.
Bengaluru Startup Bellatrix Aerospace Launches Project 200: A New Satellite for Ultra-Low Earth Orbit
Operations at Bengaluru Space Expo 2024
● Bengaluru-based space startup Bellatrix Aerospace unveiled Project 200, an innovative satellite
designed to operate at an Ultra-Low Earth Orbit (180 km-250 km) on the inaugural day of the
Bengaluru Space Expo 2024.
About Project 200 :
● “Project 200 is a technology demonstration mission to qualify a new unconventional satellite
powered by an innovative propulsion system at around 200 km.
● Traditionally, satellites have been deployed in orbits at altitudes well above 450 km.
About Bellatrix Aerospace :
● Founded : 2015
● Founders : Rohan M Ganapathy, Yashas Karanam
Airtel Introduces India's First AI-Driven Spam Detection Solution Based on Network Technology
● Bharti Airtel introduced India's first network-based, Artificial Intelligence (AI)-powered spam
detection solution to combat spam calls and messages.
● This is a first-of-its-kind solution among telecom service providers in India, providing real-time
alerts to customers about suspected spam calls and SMS messages.
● Chairman : Sunil Mittal
India Set to Launch Its First Venus Mission in 2028
● The Union Cabinet approved India's first mission to Venus, set to be launched by the Indian
Space Research Organisation (ISRO) in March 2028.
● The total budget for the Venus Orbiter Mission is ₹1,236 crore, with ₹824 crore dedicated to
spacecraft development.
● This will be India's second interplanetary mission, following the successful Mars Orbiter Mission
launched in 2013.
Characteristics of Venus:
● Venus is similar to Earth in mass, density, and size, earning the nickname "Earth’s twin."
● However, it has extreme surface temperatures of around 462°C and much higher atmospheric
pressure than Earth.
● The atmosphere of Venus consists of 96.5% carbon dioxide, with clouds of sulfuric acid.
PERSON IN NEWS
Two Women Officers from Indian Navy Set to Embark on Challenging Global Blue-Water Voyage
• Lt. Commanders A. Roopa and K. Dilna of the Indian Navy are set to embark on a blue-water
voyage around the world onboard INSV Tarini.
• The voyage is part of the Sagar Parikrama expedition, which the officers have been preparing for
over the last three years.
• Background of Officers:Lt. Commander K. Dilna hails from Kozhikode, Kerala, and was
commissioned into the Navy in June 2014.
SPORTS NEWS
Aarti Wins Bronze in Women's 10,000m Race Walk at World U20 Athletics Championships
• Aarti, a 17-year-old Indian athlete, secured a bronze medal in the Women’s 10,000m race walk
event at the World U20 Athletics Championships held in Lima, Peru.
• She clocked a time of 44 minutes 39.39 seconds, setting a new National U20 record for India and
marking the country's first medal at the championship.
• Aarti broke her own previous national record of 47 minutes 21.04 seconds, which she set earlier this
year in the National Federation Cup U20 Championships in Lucknow.
Indian Shooters Shine at Paris Paralympics: Avani Lekhara Defends Gold, Mona Agarwal Secures
Bronze
• Indian shooters Avani Lekhara, Mona Agarwal, and Manish Narwal made a significant impact on the
first day of shooting at the Paris Paralympics.
• Avani Lekhara became the first Indian to win back-to-back Paralympic gold medals, successfully
defending her title in the women’s 10m air rifle (SH1) event.
• Avani shot an impressive 249.7, breaking her own previous Paralympic record of 249.6, set during
the Tokyo Games three years ago.
Rubina Francis Secures Bronze in Women's 10m Air Pistol at Paris Paralympics
o Rubina Francis, a 25-year-old shooter from Jabalpur, Madhya Pradesh, won a bronze medal in
the women's 10m air pistol SH1 event at the Paris Paralympics.
o Rubina scored an aggregate of 211.1 to finish third in the eight-woman final.
o She was behind Sareh Javanmardi of Iran (gold with 236.8 points) and Aysel Ozgan of Turkey
(silver with 231.1 points).

Charles Leclerc Triumphs at Italian Grand Prix; Lando Norris Cuts Verstappen’s Championship Lead
o Charles Leclerc secured victory at the Italian Grand Prix on September 1, 2024, delighting the
massive Ferrari fanbase. This win marks Leclerc’s second victory at Monza, having previously
won in 2019.
o Leclerc led the race from the 16th lap, maintaining his position after a single pit stop.
o He held McLaren’s Oscar Piastri and Lando Norris off, with Piastri finishing second and Norris in
third.
India Achieves Record Medal Haul at the Paralympics
• India has achieved its best-ever medal tally at the Paralympics, surpassing its previous record
from the Tokyo Paralympics.
• Medal Count: India's medal tally stands at 21 medals: three gold, eight silver, and 10 bronze.
This surpasses the previous best of 19 medals achieved in Tokyo.
• Track and Field Success: India’s track and field athletes have delivered outstanding
performances, contributing significantly to the medal count with five medals on Day Six: two silver
and three bronze.
Yogesh Kathuniya Wins Silver at Paris Paralympics 2024

o Indian para-athlete Yogesh Kathuniya secured a silver medal in the men's discus throw F56
event at the Paris Paralympics 2024.

o This marks his second consecutive Paralympic silver medal.
o Kathuniya, a 27-year-old from Haryana, achieved a throw of 42.22m in his first attempt, securing
the second position.
o His subsequent throws were 41.50m, 41.55m, 40.33m, 40.89m, and 39.68m.
o Claudiney Batista dos Santos of Brazil won the gold with a Paralympic record throw of 46.86m.
India's Impressive Performance at Paris Paralympics 2024

• India's para-athletes have made the nation proud at the Paris Paralympics 2024, securing a total
of 15 medals: 3 gold, 5 silver, and 7 bronze.
• This remarkable achievement highlights India's growing strength in para-sports on the global
stage.
Key Highlights
• Sumit Antil's Historic Achievement:
• Event: Men's Javelin Throw - F64
• Medal: Gold
BCCI Appoints Ajay Ratra as New Selector for Men's Cricket Team
• The Board of Control for Cricket in India (BCCI) has appointed Ajay Ratra, a former India
wicketkeeper, as a selector for the men's cricket team.
• Ratra replaces Salil Ankola in the five-member selection panel.
• Zone Representation:
o As per the convention, each of the five selectors represents a different zone. Ratra will
represent the North Zone in the committee, which is headed by Ajit Agarkar.
India's Achievements at the 2nd World Deaf Shooting Championship
o Dhanush Srikanth and Mahit Sandhu secured the gold medal in the mixed air rifle event at
the 2nd World Deaf Shooting Championship in Hannover, Germany.
o The duo defeated fellow Indian competitors Mohammed Vania and Natasha Joshi with a
score of 17-5 in the final.
o Dhanush Srikanth and Mahit Sandhu set a world record in the qualification round with a
score of 628.8, showcasing their exceptional shooting skills.
Dharambir and Pranav Soorma Shine in Men's F51 Club Throw at Paralympics
• Gold Medal:
o Dharambir:
▪ Performance: Won gold with a throw of 34.92m in his fifth attempt.
• Silver Medal:
o Pranav Soorma:
▪ Performance: Secured silver with a throw of 34.59m in his first attempt.
• Bronze Medal:
o Filip Graovac (Serbia):
▪ Performance: Achieved bronze with a throw of 34.18m in his second attempt.
Sharath Kamal Appointed ITTF Foundation Ambassador

• On the 11th day of the Ultimate Table Tennis (UTT) season five at the Jawaharlal Nehru Indoor
Stadium, Sharath Kamal, India’s top table tennis player, was named the first Indian ambassador
of the International Table Tennis Federation (ITTF) Foundation.
• Her Highness Zeina Shaban: Princess of Jordan and two-time Olympian
Brendon McCullum to Lead England Across All Formats from 2024

• Brendon McCullum, currently the coach of England’s Test cricket team since 2022, will also take
charge of the one-day international (ODI) and Twenty20 (T20) teams starting from 2024.
• This decision is part of a revised leadership structure within the England and Wales Cricket
Board (ECB).
Suhas Yathiraj Shines with Silver in Para-Badminton at Paris 2024 Paralympics

o Suhas Lalinakere Yathiraj, a prominent Indian para-badminton star, secured the silver
medal in the men’s singles SL4 category at the Paris 2024 Paralympics.
o The match was held at the Stade Pierre de Coubertin, where Suhas faced world champion
Lucas Mazur.
o Despite a hard-fought battle, Suhas finished with a silver medal.
Dhanush Srikanth Shines at World Deaf Shooting Championship

• Dhanush Srikanth won three gold medals for India at the World Deaf Shooting Championship in
Hanover, Germany.
• World Record: He broke the world record in the men's 10m air rifle event qualification with a
score of 632.7, outperforming fellow Indians Shourya Saini (625) and Mohammed Vania (622.7)
in the finals.
Rajasthan Royals Appoints Rahul Dravid as Head Coach
• The Rajasthan Royals, owned by Royals Sports Group, has announced the appointment of
Rahul Dravid as their new Head Coach on a multi-year contract.
• Previous Involvement:
• Rahul Dravid, who previously served as captain and coach for the Royals from 2011 to 2015, will
now return in a new role.
• Dravid initially began his coaching career with the Royals in 2014, transitioning from captain to
mentor.
Indian Athletes Harvinder Singh and Preethi Pal to Lead as Flag-Bearers at Paris 2024 Paralympics
Closing Ceremony
• India will be represented by archer Harvinder Singh and sprinter Preethi Pal as the flag-bearers
at the closing ceremony of the Paris 2024 Paralympics, scheduled.
• At 33, Harvinder Singh made history by becoming the first Indian archer to win a gold medal at
the Paralympics. He secured this win by defeating Poland’s Lukasz Ciszek 6-0 in the men’s
individual recurve final.
• At just 23, Preethi Pal achieved bronze medals in the women’s 100m and 200m races in the T35
category at Paris 2024. She is the first Indian athlete to win a track medal at the Paralympics.
England all-rounder Moeen Ali retires from international cricket
• Moeen Ali, at 37 years old, decided to retire from international cricket after recognizing that he
was no longer in consideration for England's future assignments.
• He felt it was time for the next generation to take over and acknowledged the team's need to
rebuild ahead of upcoming tournaments like the ICC Champions Trophy 2025 and the ICC Men's
T20 World Cup 2026.
• International Debut: Moeen Ali made his international debut in 2014 against the West Indies.
India Sets New Records at South Asian Junior Athletics Meet
• Siddharth Choudhary set a new meet record in the men’s shot put event.
• Pooja established a new record in the women’s high jump with a jump of 1.80m, surpassing the
previous record of 1.75m.
• Abinaya Rajarajan won gold in the women’s 100m with a record-breaking time of 11.77 seconds.
• Pooja attempted to better her National U-20 high jump record of 1.83m, set at the 2024 World U-
20 meet in Peru, but did not clear 1.84m.
ICC Men's Cricket World Cup 2023 Delivers $1.39 Billion Economic Impact to India
• The ICC Men's Cricket World Cup 2023 generated a substantial $1.39 billion economic impact
for India.
• International visitors contributed $861.4 million in revenue through accommodation, travel,
transportation, and food and beverage.
• The tournament attracted 1.25 million spectators, with nearly 75% attending a 50-over match for
the first time.
• Secondary and incremental spending by international fans amounted to $515.7 million, with
$281.2 million spent on tourism.
Paris Paralympics 2024 takeaways: India’s historic run of 29 medals
Medal Haul and Key Takeaways
• India achieved its best-ever performance at the Paralympics, winning a total of 29 medals (7
gold, 9 silver, and 13 bronze).
• The tally of 29 medals and 7 gold medals set new records for India, surpassing the previous best
of 19 medals and 5 golds from the Tokyo 2020 Paralympics.
• India finished 18th on the medal table, an improvement from 24th place in Tokyo.
• Indian women athletes made significant contributions, winning 11 medals (including one in mixed
team events). This marked a substantial increase compared to previous Games.
Goa Challengers defends UTT title in styleHistoric Moment in Ultimate Table Tennis
• Date and Venue: The final took place on September 7, 2024, at the Jawaharlal Nehru Indoor
Stadium.
• It was the first time in the league's history that a team was set to become a two-time champion,
regardless of the final's outcome.
• Outcome: Goa Challengers defended their title with an emphatic 8-2 win over Dabang Delhi TTC
Jannik Sinner beats Taylor Fritz to win U.S. Open

• Jannik Sinner (Italy) defeated American Taylor Fritz to win U.S Open
• Jannik Sinner becomes the first Italian man to win the U.S. Open and claims his second Grand
Slam title after winning the Australian Open earlier this year.
• Sinner delivered a powerful display from the baseline, controlling the match with his aggressive
style.
Velavan Senthilkumar Wins ACE Challenger Tour 2024
o Velavan Senthilkumar, a top-seeded Indian squash player, won the ACE Challenger Tour 2024.
o He defeated Noor Zaman of Pakistan with scores of 11-5, 11-6, 11-9 in the final.
o Senthilkumar showcased his form by reaching the semi-finals of the recent Tuanku Muhriz Squash
Trophy.
Indian Team Tops Medal Tally at World Deaf Shooting Championships

• India won a total of 21 medals at the second World Deaf Shooting Championships held in Hanover,
Germany.
• The medal tally included 7 gold, 7 silver, and 7 bronze medals.
• India topped the medal tally.
• Ukraine secured second place with 7 gold, 5 silver, and 6 bronze.
Tayyab Ikram Set to be Elected Unopposed as FIH President
• Tayyab Ikram is set to be elected unopposed as the President of the International Hockey
Federation (FIH) at its 49th Congress in Muscat, Oman, on November 9.
• The nominations for FIH elections were submitted by the August 31 deadline.
• Ikram is the sole candidate for the president’s post, representing Hong Kong Macau.
• There is no Indian candidate in the FIH election race.
US Open 2024 Highlights:
• The 2024 US Open, held from August 19 to September 8 at Flushing Meadows, Queens, New York
City, concluded with historic wins in both the men’s and women’s singles categories.
• Italian Jannik Sinner and Belarusian Aryna Sabalenka each claimed their first US Open title, marking
significant milestones in their careers.
Neeraj Chopra Concludes 2024 Season with Second-Place Finish at Diamond League Final
• Neeraj Chopra, India's Olympic gold medalist in javelin, finished the 2024 season with a second-
place result at the Diamond League final in Brussels.
• Grenada's Anderson Peters, a Paris 2024 Olympics bronze medallist, won his first Diamond
League title with an effort of 87.87 m. The 2023 European Games champion Julian Weber of
Germany was third with a distance of 85.97 m.
• Despite winning the Paavo Nurmi Games in Finland earlier in the season, Chopra faced
struggles at key events, including the Paris Olympics.
Detailed Overview of the 21st HCL International Bridge Championship
• The 21st HCL International Bridge Championship recently concluded in Delhi with a series of
highly competitive events, showcasing exceptional skill and strategy in the game of bridge.
• The championship featured multiple categories, including the Mixed IMP Pairs event, where
players competed for top honours and significant prizes.
• Mixed IMP Pairs Event
• Winning Pair: Arun Jain & Gopika Tandon
• Runners-up: Alka Kshirsagar & Joyrup Mullick
• Third Place: Marianne Karmarkar & Sandeep Karmarkar
• Mixed IMP Pairs Silver
• Winners: T.V. Ramani & Bindiya Kohli
Runners-up: Dagmar Neumann & Maurits van der Vlugt
• Third Place: Timur Edis & Elvan Edis
Top Seed Ajay Malik Triumphs in AITA Men's Tennis Tournament

• The Rs. 100,000 AITA Men's Tennis Tournament, held at the Ace Academy, concluded with top
seed Ajay Malik clinching the championship title.
• The tournament showcased competitive matches and high-level tennis.
• Champion: Ajay Malik
Opponent: Vansh Nandal (8th Seed)
Harmanpreet Singh and PR Sreejesh were Nominated for the FIH Hockey Stars Awards
• India's hockey captain Harmanpreet Singh and veteran goalkeeper PR Sreejesh have been
shortlisted for the prestigious FIH Hockey Stars Awards following their outstanding performances at
the Paris Olympics.
• The nominations were announced by the International Hockey Federation (FIH).
Player of the Year Award - Nominees:
• Men's Category:
o Harmanpreet Singh (India)
o Thierry Brinkman (Netherlands)
o Joep de Mol (Netherlands)
o Hannes Müller (Germany)
o Zach Wallace (England)
Goalkeeper of the Year Award - Nominees:
• Men's Category:
o PR Sreejesh (India)
o Pirmin Blaak (Netherlands)
o Luis Calzado (Spain)
o Jean-Paul Danneberg (Germany)
o Tomas Santiago (Argentina)
India Clinches 5th Asian Champions Trophy Title with Narrow Win Over China
• India won their fifth Asian Champions Trophy title with a hard-fought 1-0 victory over China.
• The decisive goal was scored by Jugraj Singh in the 51st minute, assisted by Harmanpreet Singh.
• Despite China's resilient defence, India managed to secure the win and retain their crown.
Punjab Kings Appoint Ricky Ponting as New Head Coach

• Ricky Ponting has been named the Head Coach of Punjab Kings for the 2025 season and
beyond.
• Ponting's Coaching Experience:
o Coached Mumbai Indians and Delhi Capitals in the IPL, leading them to one championship and
four playoff appearances.
o Guided Washington Freedom to a title in the 2024 MLC season.

Saleema Imtiaz: First Pakistani Woman Nominated to ICC International Panel of Development Umpires
● Saleema Imtiaz has made history by becoming the first Pakistani woman to be nominated to the
ICC International Panel of Development Umpires, as announced by the Pakistan Cricket Board
(PCB).
● Umpiring Background: Saleema began her career with the PCB women's panel in 2008.
● Notable Matches: She officiated in the 2022 Asia Cup and the 2023 ACC Emerging Women’s
Cup in Hong Kong.
● Experience: She has officiated in 22 T20Is, including 16 on-field and 6 as a TV umpire. Her most
recent match as an on-field umpire was the Women’s Asia Cup Final in Dambulla.
About the ICC
● The International Cricket Council (ICC) is the global governing body for cricket, headquartered in
Dubai, UAE, with 108 member nations (12 Full Members and 96 Associate Members).
● Current Chairman: Greg Barcley (New Zealand)
● Upcoming Chairman: Jay Shah (effective December 1, 2024)
● For the 2024-25 panel, Indian umpires Narayanan Janani and Vrinda Rathi have also been
included.
India Wins First Gold Medal in Women’s Section at 2024 Chess Olympiad
● India achieved a historic victory by securing its first-ever gold medal in the women's section of the
2024 Chess Olympiad, held at the SYMA Sports and Conference Centre in Budapest, Hungary.
● Final Round Victory: In the decisive final round, Divya Deshmukh, Vantika Agrawal, and Harika
Dronavalli won their matches, while R. Vaishali contributed with a draw.
● Support from the USA: India's triumph was bolstered by the USA's 2-2 draw against title-chasing
Kazakhstan, preventing them from overtaking India.
● Medal Standings: Kazakhstan finished with the silver medal, and the USA took home the bronze.
● The Indian men's team also celebrated a first-ever gold medal at the 45th Olympiad, marking a
double success for Indian chess.
● India retained the Gaprindashvili Trophy, awarded to the team with the best overall performance
across both open and women's sections.
● Prior to this gold medal, India's best result in the women's section was a bronze medal at the 2022
Olympiad in Mahabalipuram.
Alcaraz Secures Laver Cup Victory for Team Europe
● Four-time Grand Slam champion Carlos Alcaraz overcame Taylor Fritz 6-2, 7-5 as Team Europe
rallied to beat Team World 13-11 and win the Laver Cup.
● Alcaraz broke the U.S. Open runner-up Fritz in the 11th game and then closed out victory on serve,
sparking celebrations as the Europe team rejoiced with captain Bjrn Borg in Berlin.
● Event: Laver Cup 2024
● Date: September 23, 2024
● Location: Berlin
Match Summary:
● Final Score: Team Europe 13, Team World 11
● Decisive Match:
o Player: Carlos Alcaraz (Europe)
o Opponent: Taylor Fritz (World)
o Score: 6-2, 7-5
Pratyasa Ray Wins 32nd Ekalabya Puraskar for 2024 for Swimming Achievements
● Pratyasa Ray, an emerging swimming talent from Odisha, has been selected for the prestigious
32nd Ekalabya Puraskar 2024 for her outstanding achievements in swimming.
● Achievements:
o 2024: Joint-Best Swimmer in Women’s Open category, winning 6 Gold medals at the 64th
Odisha State Swimming Championship.
o 2023: Won 6 Gold medals at the 63rd Odisha State Swimming Championship.
o Pratyasa Ray will receive a cash prize of Rs 7 lakh (up from the previous Rs 5 lakh) along
with a citation during the award ceremony.
● Ekalabya Puraskar:
o Instituted by Indian Metals Public Charitable Trust (IMPaCT) in 1993, this award is managed
by IMFA, a leading ferro alloys producer in India.
o The award is considered Odisha’s most prestigious sports award and is given annually to
young sportspersons for their achievements over the previous two years.
Indian Duo Wins Men's Doubles Title at 2024 Hangzhou Open
● Jeevan Nedunchezhiyan and Vijay Sundar Prashanth clinched the men’s doubles title at the 2024
Hangzhou Open.
● They triumphed over Germany’s Constantin Frantzen and Hendrik Jebens with a final score of 4-6,
7(7)-6(5), 10-7.
1. Individual Achievements:
o This victory marks Jeevan's second ATP title, his first being at the 2017 Chennai Open
with Rohan Bopanna.
o Vijay celebrated his first ATP title.
Shakib Al Hasan Announces Retirement from T20I and Future Plans in Cricket
● Former Bangladesh 37-year-old skipper and all-rounder Shakib Al Hasan has officially retired from
T20I cricket after featuring in 129 matches.
● In addition, he has expressed his desire to retire from Test cricket following the home series against
South Africa next month in Mirpur.
Lay’s Becomes Official Sponsor of FIFA World Cup 2026 and FIFA Women’s World Cup 2027
● Lay’s has become the official sponsor for both the FIFA World Cup 2026 and the FIFA Women’s
World Cup 2027.
● This marks a significant global expansion of Frito-Lay’s successful involvement as a regional
supporter during the FIFA World Cup Qatar 2022 and as a tournament supporter for the FIFA
Women’s World Cup 2023.
BOOKS AND AUTHORS

ISRO Chairman Launches Coffee-Table Book on India's Space Journey
• S. Somanath, Chairman of the Indian Space Research Organisation (ISRO), unveiled a coffee-
table book titled “ISRO: Exploring New Frontiers – To The Moon, The Sun & Beyond” published
by The Hindu Group of Publications.
• Key Highlights:
• Book Title: “ISRO: Exploring New Frontiers – To The Moon, The Sun & Beyond”
• Curator: T.S. Subramanian, former associate of Frontline magazine
About ISRO (Indian Space Research Organisation):
• Role: India’s National Space Agency under the Department of Space, Government of India.
• Headquarters: Bengaluru, Karnataka.
• Vision: To utilize space technology for national development, conduct space science research,
and explore other planets.
New Book Titled : “From Oil to Lithium: Navigating the Future of Energy” by Kuldeep Gupta has been
released
• In a world increasingly focused on sustainable energy solutions, Kuldeep Gupta’s new book,
“From Oil to Lithium: Navigating the Future of Energy”, stands out as a transformative read.
• This compelling work combines personal narrative with a critical examination of global energy
challenges.
OBITUARIES
New Zealand’s Māori King Kiingi Tuheitia Passed away
• New Zealand’s Māori King, Kiingi Tuheitia Pootatau Te Wherowhero VII, passed away at the age
of 69.
• His death occurred shortly after celebrating his 18th year on the throne.
• Born Tuheitia Paki in 1955 in Huntly, North Island, New Zealand.
• He was crowned as Māori King on August 21, 2006, following the death of his mother, Te Arikinui
Dame Te Atairangikaahu.
James Earl Jones, Iconic Darth Vader Voice and Legendary Actor Passed Away
• James Earl Jones, the legendary American actor who appeared in films like Star Wars, Field of
Dreams, and The Lion King, passed away at the age of 93.
• James Earl Jones was born in Arkabutla, Mississippi, United States (US) on January 17, 1931.
Leading Lebanese novelist Elias Khoury Passed away
• Lebanese novelist Elias Khoury who dedicated much of his writings to the Palestinian cause and
taught at universities around the world, making him one of Lebanon's most prominent
intellectuals, has passed away at the age of 76.
• Elias Khoury was born and raised in Beirut on July 12, 1948.
• He was a Greek Orthodox Christian and had significant involvement in Lebanon's civil war (1975-
1990), where he was wounded in battle.
Renowned poet and ex-intelligence officer Keki N. Daruwalla Passed away
● Renowned poet and former IPS officer Keki N Daruwalla, an inspiration to countless young
writers and poets who looked at him as a mentor,passed away at the age of 87.
● He was awarded the Sahitya Akademi Award, in 1984 for his poetry collection, The Keeper of the
Dead, by the Sahitya Akademi, India's National Academy of Letters.
● He was awarded Padma Shri, the fourth highest civilian award in India, in 2014.

6 month CA

Uploaded by

Copyright:

Available Formats

6 month CA

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

6 month CA

Uploaded by

Copyright:

Available Formats

.

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

2. BANKING AND ECONOMY 08

5. STATE NEWS 103

6. BUSINESS NEWS 105

7. AWARDS AND HONOURS 118

8. APPOINTMENTS & RESIGNATIONS 123

9. MOUS AND AGREEMENT 152

10. RANKING AND INDEXES 163

11. DEFENCE NEWS 170

12. SCIENCE & TECHNOLOGY 181

13. ACQUISITIONS & MERGERS 188

14. SPORTS NEWS 190

15. BOOKS AND AUTHORS 201

16. OBITUARIES 201

Important Monthly Current Affairs Capsule – April 2024

International Day for Mine Awareness 2024: April 4

World Health Day 2024: April 7

Important Monthly Current Affairs Capsule – April 2024

Ugadi 2024: Telugu New Year- April 9

National Pet Day 2024: April 11

National Safe Motherhood Day 2024: April 11

Jallianwala Bagh Massacre 2024: April 13

Important Monthly Current Affairs Capsule – April 2024

World Haemophilia Day 2024: April 17

Important Monthly Current Affairs Capsule – April 2024

● The theme for World Earth Day 2024 is Planet vs Plastics.

English Language Day 2024: April 23

Important Monthly Current Affairs Capsule – April 2024

National Panchayati Raj Day 2024: April 24

World Intellectual Property Day 2024: April 26

Important Monthly Current Affairs Capsule – April 2024

Day for Safety and Health at Work.

International Dance Day 2024: April 29

● The scheme was announced by Prime Minister Narendra Modi in 2018.

BANKING AND ECONOMY

Important Monthly Current Affairs Capsule – April 2024

• Requirement for Underlying Exposure: Rupee-denominated currency contracts traded on the

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

36.91 Million New Demat Accounts Opened in Fiscal Year 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Comprehensive Guidelines on Housing Finance: Master Circular

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

• Objective of Verification Process:The verification process aims to enhance transparency and

Kotak Mahindra Bank Leads in Equity Offerings Ranking

Important Monthly Current Affairs Capsule – April 2024

• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024

Important Monthly Current Affairs Capsule – April 2024