Daily Current Affairs July 08 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

RBI cancels licences of Malkapur Urban Co-operative Bank Limited & Shushruti Souharda Sahakara Bank Niyamita

• The Reserve Bank of India (RBI) cancelled the license of two cooperative bankse. Karnataka-based Shushruti Souharda Sahakara Bank Niyamita and Maharashtra-based Malkapur Urban Co-operative Bank Limited.

Reason :

• These banks did not have adequate capital and earning prospects.
• As such, they do not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
• Besides, these banks have failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949.
• However, On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
• As per the data submitted by the Shushruti Souharda Sahakara Bank Niyamita, 91.92% of the depositors and as per the data submitted by Malkapur Urban Co-operative Bank Limited, 97.60% of the depositors will be receiving the full amount of their deposits from DICGC.

Recent News :

• In June 2023, The Reserve Bank of India (RBI) cancelled the banking licence of the Karnataka-based Mahalaxmi Cooperative Bank, Dharwad, and allowed it to function only as a Non-Banking Financial Company (NBFC).

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar

Flipkart ties-up with Axis Bank to offer personal loans for Shopping Customers

• Walmart-owned Flipkart has partnered with Axis Bank to offer personal loan service to its 450 million e-commerce customers.
• The personal loan service allows customers to avail instant, end-to-end digital loans of up to Rs 5 lakhs.
• The lending service is accessible through Flipkart’s app and boasts a 30-second approval time while removing the need for document submission.
• The move also comes after Amazon, one of Flipkart’s largest competitors, signalled a slowdown in India.

Key Highlights :

• By introducing personal loans, Flipkart is expanding its range of financial services, which already includes a ‘buy now, pay later’ option, EMI payments, and a co-branded credit card.
• Expanding on the financing options available to customers alleviates the immediate burden of large purchases, encouraging higher transaction volumes and fostering customer loyalty & trust.

Recent News :

• In June 2023, One of the largest private sector banks, Axis Bank, launched its latest feature, ‘One-View’, on Axis Mobile Application.

About Axis Bank :

• Established : 3 December 1993
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

About Flipkart :

• Founded : 2007
• Headquarters : Bengaluru, Karnataka
• CEO : Kalyan Krishnamurthi

Private banks are more aggressive in writing off bad loans than public banks

• According to the data from the Reserve Bank of India’s (RBI) financial stability report, the private sector banks in India have been more aggressive when it comes to writing-off bad loans as compared to the public sector banks.

Key Highlights :

• According to RBI’s Financial Stability Report, the write-offs to gross non-performing assets (GNPAs) ratio of private sector banks stood at 47.9% in FY23.
• The write-offs to gross non-performing assets (GNPAs) ratio of public sector banks was 22.2%.
• However, the data highlighted that both public and private banks have stepped up writing off the loans in the past two years.
• The write-offs to GNPAs ratio of private sector banks in FY22 and FY21 was at 26.2% and 31%, respectively.
• The write-offs to GNPAs ratio of public sector banks in FY22 and FY21 was at 17.7% and 17.3%, respectively.
• The write-offs to GNPAs ratio is the ratio of write-offs during a financial year to GNPA at the beginning of the year.
• In write-off, loans are transferred to the off-balance sheet records.
• Writing-off a loan does not entail forgiving the debt.
• The borrower still owes money to the bank.

ADB Provides $200 Million Additional Funding for Ongoing Urban Development Project in India

• The Asian Development Bank (ADB) has approved a $200 million additional financing for the Rajasthan Secondary Towns Development Sector Project to improve water supply and sanitation systems and support the enhancement of urban resilience and heritage living in India.
• The ongoing project earlier approved in September 2020 has so far laid 1,451 kilometres (km) of water supply pipes and 1,110 km of sewer pipes and connected 68,098 households to water services in selected secondary towns in Rajasthan.

Key Highlights :

• The loan will improve water supply systems in at least 7 project towns by converting all groundwater sources to surface water, replacing about 700 km of leaking water pipes, installing 1,400 km of new water supply pipelines, and providing 77,000 households connections with water metres.
• It will also establish 3 new water treatment plants.
• Sanitation systems will be upgraded in at least 8 project towns by rehabilitating about 580 km of sewers, building 7 sewage treatment plants with co-treatment units to process faecal sludge and septage and connecting more than 50,000 households to the sewage system.
• The project will encourage private sector investments and financing to improve water services in Rajasthan’s manufacturing areas.
• The plan is to establish designated pipe networks to carry treated wastewater from the sewage treatment plants to industrial facilities.

Recent News :

• The Asian Development Bank (ADB) has approved a $295 million loan to widen and upgrade around 265 kilometres of state highways, improving transport connectivity and safety in the state of Bihar in India.

About ADB :

• Established : 19 December 1966
• Headquarters : Mandaluyong, Metro Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 countries (49 are from within Asia and the Pacific and 19 outside.)

CURRENT AFFAIRS: NATIONAL NEWS

The Railway Manufacturing Unit’s foundation stone will be laid by PM Narendra Modi in Kazipet:

• Prime Minister Narendra Modi will be laying the foundation stone for the Railway Manufacturing Unit at Kazipet.
• The Prime minister will be laying the foundation stone for several infrastructure projects at Warangal as part of his four-state visit.
• South Central Railways general manager Arun Kumar Jain informed media that the manufacturing unit will be the first of its kind in the state and will contribute to the overall development of the region.
• The Railway Manufacturing Unit at Kazipet to be set up at an initial cost of 501 crore rupees will stimulate the ecosystem for new industrial development in Hanamkonda.
• He further informed that initially, a Wagon Repair Workshop was sanctioned at Kazipet to undertake a Periodic Overhauling unit (POH) of 200 wagons per month.
• The project is expected to create approximately 1200 direct job opportunities once completed.

Prime Minister dedicates to the nation several development projects totalling approximately Rs 7500 crores in Raipur:

• The Prime Minister, Shri Narendra Modi laid the foundation stone and dedicated to the nation various development projects worth around Rs 7500 crores in Raipur, Chhattisgarh.
• He dedicated and laid the foundation stone for 5 National Highway projects worth around Rs 6,400 crores.
• The Prime Minister also dedicated to the nation the doubling of the 103 km long Raipur – Khariar Road Rail Line which has been completed for Rs 750 crores, a 17 km long new railway line connecting Keoti – Antagarh developed for Rs 290 crores.
• Further, the Prime Minister dedicated to the nation a bottling plant of the Indian Oil Corporation with a capacity of 60 thousand metric tons per annum at Korba constructed at a cost of over Rs 130 crores.
• He also flagged off Antagarh – Raipur Train via video link. Further, the Prime Minister initiated the distribution of 75 lakh cards to the beneficiaries under the Ayushman Bharat.
• In a major push towards infrastructure development, the Prime Minister dedicated and laid the foundation stone for 5 National Highway projects worth around Rs 6,400 crores.
• The projects that will be dedicated to the nation include the 33 km long 4-lining of the Raipur to Kodebod section on the Jabalpur-Jagdalpur National Highway.

The NTPC Group’s installed electricity generation capacity has surpassed 73 GW:

• The group installed the electricity generation capacity of NTPC, India’s leading integrated power producer, which has touched 73,024 MW.
• This includes 57,038 MW installed capacity of power plants owned by NTPC and 15,986 MW capacity of plants owned by NTPC’s subsidiaries and joint ventures.
• The total capacity of the group crossed 73 MW with the commissioning of 660 MW capacity Unit-2 of Stage-I (3 x 660 MW) of the Barh Super Thermal Power Project in Bihar.
• This includes 50 NTPC Stations (26 Coal based stations, 7 gas-based stations, 1 Hydro station, 16 Renewable Energy based stations) and 39 stations by Joint Ventures and subsidiaries (9 coal based, 4 gas based, 8 hydro and 18 Renewable Energy based stations).
• The accomplishment reinforces NTPC’s commitment to delivering reliable and affordable power to the Nation.
• Further, the company is committed to achieving 60,000 MW of Renewable Energy capacity by the year 2032.

About NTPC:

• NTPC Ltd. is India’s largest integrated power utility, contributing 1/4th of the power requirement of the country.
• With a diverse portfolio of thermal, hydro, solar, and wind power plants, the company is committed to adopting best practices, fostering innovation, and embracing clean energy technologies for a greener future.
• Founded: 7 November 1975
• Headquarters: New Delhi, India
• Chairman & Managing Director: Gurdeep Singh

Recent News

• NTPC, which is setting up a more than ₹1 lakh crore green hydrogen hub in coastal Andhra Pradesh, will install 13.4 gigawatts (GW) of solar power and 6.6 GW of pumped storage project (PSP).
• The production from captive coal mines of NTPC almost doubled to 8.48 million metric tonnes (MMT) in the first quarter of FY24. NTPC produced 4.27 MMT of coal from its captive mines in Q1 FY23.
• State-owned power giant NTPC reported over a six per cent decline in its consolidated net profit to ₹4,871.55 crore in March.

CURRENT AFFAIRS: BUSINESS NEWS

Adani Green to raise Rs 12,300 crores to fund expansion

• The board of Adani Green Energy (AGEL) cleared plans to raise Rs 12,300 crores by way of qualified institutional placements (QIPs) of shares or any other share-sale instrument.
• The company will use the proceeds to repay debt and expand capacity.
• Two group companies — Adani Enterprises (AEL) and Adani Transmission — had earlier announced they would raise Rs 21,000 crore via the QIP/share sale route.
• All QIPs will be launched later this year.
• Adani promoter entities, too, are raising funds to repay debt. American financial powerhouse GQG Partners (GQG), along with other investors, acquired on June 28 via block deals additional shares worth Rs 8,200 crore from the Adani family in the group’s flagship Adani Enterprises and AGEL.
• Within days, promoter companies sold a 3 per cent stake in Adani Transmission to raise Rs 2,666 crore from GQG and other investors.
• The promoter companies had in March raised Rs 15,446 crore by selling shares to GQG.
• Later that month, GQG bought from the market additional shares worth Rs 3,800 crore in Adani group companies. GQG’s investment led to a revival in Adani Group shares.
• In June, GQG’s total investment in AEL and AGEL increased to Rs 23,200 crore.

Recent News

• Adani Ports and Special Economic Zone Ltd (APSEZ) has completed the acquisition of Karaikal Port Pvt Ltd (KPPL) under National Company Law Tribunal (NCLT) approval. Earlier, APSEZ was declared a successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP) of KPPL.
• The Adani Group has pledged its entire stake worth USD 13 billion in Ambuja Cements and ACC, days after completing its USD 6.5 billion acquisition of the two companies.
• The Competition Commission of India (CCI) has approved the acquisition of 100 per cent share capital of Diligent Power Private Limited and DB Power Limited by Adani Power Limited.

Blackstone Group top bidder for ESR, German investor Allianz platform

• The US-headquartered investor Blackstone Group has emerged as the highest bidder to buy a 90 per cent stake in the warehousing platform of Asia-focused logistics company ESR and German investor Allianz.
• The marquee investor has quoted Rs 2,000 crore for the stake, informed sources in the know.
• Blackstone has overtaken the likes of GIC and Ontario Municipal Employees Retirement System to become the finalist to pick up a stake.
• While Allianz is exiting its investment by selling its 50 per cent stake, ESR is selling 40 per cent and holding 10 per cent in the platform.
• They (ESR and Allianz) have finalised on Blackstone.
• The total value of assets is $450-475 million
• The platform, set up in late 2018, has eight assets with an area of 10.5 million square feet (MSF).
• The 50:50 partnership between ESR and Allianz planned to invest $1 billion in the venture.
• The platform ran a bidding process through Anarock Capital.

About Blackstone

• CEO: Stephen A. Schwarzman
• Founders: Stephen A. Schwarzman, Peter G. Peterson
• CFO: Michael S. Chae
• CTO: John Stecher
• Headquarters: New York

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

RBI appoints P Vasudevan as a new Executive Director

• The Reserve Bank of India (RBI) has appointed P Vasudevan as new Executive Director (ED).
• As executive director, P. Vasudevan will look after the Department of Currency Management, Corporate Strategy and Budget Department (Areas other than that of Budget & Funds), and Enforcement Department.

About P Vasudevan :

• Vasudevan has, over a span of nearly three decades in the Reserve Bank, served in the supervision of banks and non-banking financial companies, payment and settlement systems, and other areas in the Reserve Bank, including a stint as a Member of Faculty in Bankers’ Training College.
• He has also worked in the Central Office as well as Bengaluru, Mumbai, and New Delhi Regional Offices of the Reserve Bank.
• Prior to this new appointment, Vasudevan was the Chief General Manager in-charge of the Department of Payment and Settlement Systems.

Recent News :

• In June 2023, The Appointments Committee of the Cabinet (ACC) selected State Bank of India (SBI) Managing Director (MD) Swaminathan Janakiraman for the post of Deputy Governor (DG) in the Reserve Bank of India (RBI) for a period of 3 years.

Financial Planning Standards Board of India appoints Krishan Mishra as its new CEO

• The Financial Planning Standards Board of India (FPSB India) has appointed Krishan Mishra as its Chief Executive Officer (CEO) , effective from 1 August 2023.
• In his new role, Mishra will lead the strategy and operations of FPSB India and champion the advancement of the financial planning profession in India.
• He was recognized in 2019 as one of the Top 100 Leaders in Education for his significant contributions to the field of education at the Global Forum for Education and Learning.

About FPSB India :

• CEO : Dante De Gori
• FPSB India is the Indian subsidiary of FPSB, the global standards-setting body for the financial planning profession and owner of the international Certified Financial Planner (CFP) certification program.

CURRENT AFFAIRS: AWARDS AND HONOURS

NLC India Ltd receives a GeM Award for 2023 in the “Timely Payments (CPSEs)” Category:

• NLC India Limited, a navratna company under the Ministry of Coal, bagged the GeM award in the category “Timely Payments (CPSEs)” for the year 2023 for its outstanding contribution to improving the reliability of e-market practices in line with the vision of GeM.
• NLCIL registered and on-boarded in the GeM portal in the year 2017.
• NLCIL’s growth in GeM procurement started from a small value of Rs 2.21 crore during the year 2018-19 and the company has registered an impressive growth of Rs 984.93 crore during the year FY 2022-23.
• Government e-Marketplace GeM is a dedicated e-Market service platform, a National public procurement portal, governed by the Government of India for marketing different goods and services.
• To promote the power market in line with GEM’s vision of transparent, inclusive and efficient public procurement in India, awards are being presented by the Government of India.
• Shri K Mohan Reddy, Director (Planning and Projects) received the award on behalf of NLC India Limited.
• Shri Prasanna Kumar Mottupalli, CMD, NLCIL complimented the officials of NLCIL for their efforts and wished them more success in future.

About NLC India Ltd

• NLC India Limited is a central public sector undertaking under the administrative control of the Ministry of Coal, Government of India.
• Founded: 1956
• Headquarters: Chennai, India

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Panama signed a memorandum of understanding on electoral cooperation:

• The Election Commission of India and the Electoral Tribunal (ET) of Panama signed a Memorandum of Understanding in Panama City to establish the institutional framework for their ongoing cooperation in the field of election management and administration.
• A three-member ECI delegation led by Chief Election Commissioner of India Shri Rajiv Kumar held interactions with the Presiding Magistrate, Electoral Tribunal of Panama Mr Alfredo Juncá Wendehake on strengthening collaboration and knowledge exchange between the two Election Management Bodies (EMBs). Mr. Eduardo Valdes Escoffery, first vice presidential magistrate and Mr. Luis A. Guerra Morales, second vice presidential magistrate, ET of Panama were also present.
• ECI has been expanding its links and cooperation with foreign Election Management Bodies (EMBs) through its ‘International Cooperation Programme’.
• Having signed MoUs with Mexico, Brazil and Chile in the past years, this is the fourth MoU signed by ECI with an EMB in the Latin Americas region, with an overall 31 MoUs with EMBs and international organisations across the world.
• The Election Commission of India and the Electoral Tribunal of Panama are members of the Association of World Election Bodies (A-WEB).
• Officials from ET of Panama also attended the international conference on ‘Inclusive Elections and Elections Integrity’ organised by ECI in March 2023 as the lead for ‘Cohort on Elections Integrity’ under the aegis of ‘Summit for Democracy’.
• The signing ceremony was attended by representatives from both organisations. The ECI delegation will be attending the 11th Executive Board Meeting of A-WEB and an International Conference in Cartagena, Colombia.
• The Association of World Election Bodies (A-WEB) is the largest association of Election Management Bodies (EMBs) worldwide with 119 EMBs as Members & 20 Regional Associations/Organisations as Associate Members.

About Panama

• Capital: Panama City
• Currencies: Panamanian Balboa, United States Dollar
• President: Laurentino Cortizo

The Indian Coast Guard and MoD have signed a contract for two upgraded Dornier aircraft worth Rs 458 crore:

• Ministry of Defence signed a contract with Hindustan Aeronautics Limited (HAL) in New Delhi for the procurement of two Dornier Aircraft for the Indian Coast Guard (ICG) along with an associated Engineering Support package at an overall cost of Rs 458.87 crore.
• The aircraft will be procured under the Buy (Indian) Category.
• The aircraft will be fitted with several advanced equipment viz., Glass Cockpit, Maritime Patrol Radar, Electro-Optic Infra-Red device, Mission Management System etc.
• The addition will further bolster the aerial surveillance capability of maritime areas of responsibilities of the ICG.
• The Dornier aircraft are being indigenously manufactured at HAL (Transport Aircraft Division), Kanpur and will significantly contribute to achieving Aatmanirbharta in defence, in consonance with the ‘Make in India’ initiative of the Government.

About HAL

• Headquarters: India
• Founded: 23 December 1940, Bengaluru
• CEO: Mihir Kanti Mishra

Recent News

• The defence ministry sealed a deal with Hindustan Aeronautics Limited (HAL) to procure six Dornier aircraft for Rs 667 crore for the Indian Air Force. The addition of the six aircraft will further bolster the operational capability of the IAF in remote areas.
• Shares of Hindustan Aeronautics (HAL) rose over 3% to Rs 2,795 intraday trade after the company signed an agreement with India’s defence ministry to procure 70 HTT-40 Basic Trainer Aircraft for Rs 6,800 crore.
• India’s defence ministry signed an agreement with Hindustan Aeronautics Limited (HAL) to procure 70 HTT-40 Basic Trainer Aircraft for Rs 6,800 crore.

An MoU on Cooperation in the field of Personnel Management and Public Administration is extended by five years by India and Singapore in a Protocol Document until 2028:

• The Department of Administrative Reforms and Public Grievances, Ministry of Personnel, Public Grievances and Pensions, Government of India and The Public Service Division, of the Republic of Singapore signed a Protocol Document extending for five years the current MoU on Cooperation in the field of Personnel Management and Public Administration till 2028.
• The MoU was signed by Shri V. Srinivas, Secretary on behalf of the Department of Administrative Reforms and Public Grievances and Mr Simon Wong, High Commissioner of Singapore to India.
• The signing ceremony was attended by senior officers of the Singapore High Commission and DARPG.
• The event was also attended and addressed virtually by the Permanent Secretary, Public Service Division, Republic of Singapore.
• The MoU aims at strengthening the partnership between the two countries through various forms of cooperation between both countries’ Public Service officers.
• Cooperation in areas such as Administrative Reforms & Public Sector Transformation, Public Service Delivery, Leadership and Talent Development, E-Governance, Capacity Building and Training form part of the areas to be covered under the activities of the MoU.

About Singapore:

• Prime minister: Lee Hsien Loong
• Capital: Singapore city
• Currency: Singapore dollar

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

IDFC Limited to merge with IDFC First Bank

• The Board of Directors of IDFC FIRST Bank Limited and IDFC Limited, have approved the Scheme of Amalgamation of IDFC Limited with IDFC FIRST Bank.
• The Scheme is subject to the receipt of requisite approvals from the Reserve Bank of India (“RBI”), the Securities and Exchange Board of India (“SEBI”), the Competition Commission of India, the National Company Law Tribunal, BSE Limited and the National Stock Exchange of India Limited (collectively, the “Stock Exchanges”) and other statutory and regulatory authorities, and the respective shareholders, under applicable law.

Key Highlights :

• According to the approved scheme of amalgamation, the share exchange ratio will be 155 equity shares of face value of Rs 10 of IDFC First Bank for every 100 equity shares of face value of Rs 10 of IDFC Ltd.

The merger includes:

• Merger of IDFC Financial Holding Company Limited (HFCL) and IDFC with the bank.
• Reduction of the securities premium account of the bank.
• IDFC Ltd’s shares have a market capitalisation of Rs 17,455 crore.
• IDFC First Bank has a market capitalization of Rs 54,311 crore.
• After the merger, the bank’s standalone book value per share would increase by 4.9%, as calculated on audited financials as of March 31, 2023.

Recent News :

• HDFC Bank, the largest private sector bank in India, and housing finance company HDFC Ltd are set to complete their merger by July 1,2023.

About IDFC First Bank :

• Founded : 2015
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : V. Vaidyanathan
• It is the first universal bank to offer monthly interest credit on savings accounts, lifetime free credit cards with dynamic and low annual percentage rates.

About IDFC :

• Founded : 1997
• Headquarters : Chennai, Tamil Nadu.
• Infrastructure Development Finance Company Limited (IDFC) is a finance company under the Department of Financial Services, Government of India (GoI).

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy hosts the 7th edition of Japan-India maritime exercise 2023 – JIMEX-23      

• The 7th edition of the bilateral Japan-India Maritime Exercise 2023 (JIMEX 23) hosted by the Indian Navy (IN), is being conducted from 5 July to 10 July 2023 at Visakhapatnam, Andhra Pradesh (AP).
• This edition marks the 11th anniversary of JIMEX since its inception in 2012.

Aim :

• To promote mutual cooperation and underline the region’s common commitment to maritime security.

Participants :

• Japan Maritime Self Defence Force (JMSDF) units under the command of RAdm Nishiyama Takahiro, Commander Escort Flotilla One are participating in the exercise.
• Indian Naval ships under the command of RAdm Gurcharan Singh, Flag Officer Commanding Eastern Fleet are participating in the exercise.
• JIMEX 23 will witness the participation of INS Delhi, India’s first indigenously built Guided Missile Destroyer, INS Kamorta, an indigenously designed and built Anti-Submarine Warfare Corvette, fleet tanker INS Shakti, a submarine, maritime patrol aircraft P8I and Dornier, ship-borne helicopters and fighter aircraft.

Key Highlights :

• JIMEX 23 provides an opportunity to learn from each other’s best practices and facilitates operational interactions between IN and JMSDF to foster mutual cooperation and reaffirm their shared commitment towards maritime security in the region.
• JMSDF will be represented by the guided missile destroyer JS Samidare and its integral helicopters.
• The exercise will be conducted over 6 days in two phases- a harbour phase at Visakhapatnam which will include professional, sports and social interactions.
• In the second phase, both the navies will jointly hone their warfare skills at sea and enhance interoperability in the surface, sub-surface and air domains through complex multi-discipline operations.
• The 6th edition of Japan India Maritime Exercise 2022 (JIMEX 22) hosted by the Indian Navy commenced in the Bay of Bengal on 11 Sep 22.

Other Exercises between India and Japan :

• Malabar Exercise : India and Japan with the United States (US) and Australia participate in the naval war gaming exercise named Malabar (Started in 1992).

Recent News :

• The Indian Air Force (IAF) participated in Exercise Shinyuu Maitri with the Japan Air Self-Defence Force (JASDF) on the 1st and 2nd of March 2023.
• The 4th edition of joint military exercise, “EX DHARMA GUARDIAN”, between India and Japan is being conducted at Camp Imazu in Shiga province, Japan from 17 February to 02 March 2023.

7th edition of Indian Navy – United States of America Navy Salvage & Explosive Ordnance Disposal Exercise held in Kerala

• The 7th edition of Indian Navy – United States Navy (IN – USN) Salvage and Explosive Ordnance Disposal (EOD) exercise, SALVEX was conducted from 26 June to 06 July 23 at Kochi, Kerala.
• IN and USN have been participating in joint Salvage and EOD exercises since 2005.

Participants :

• The exercise saw participation from both the navies which included the ships – Indian Naval Ship (INS) Nireekshak and US Naval Ship (USNS) Salvor in addition to Specialist Diving and EOD teams.

Key Highlights :

• Spanning over 10 days, the Diving teams of both the countries shared experiences on Maritime Salvage and trained together in various facets of EOD Operations on land as well as at sea.
• SALVEX also saw the conduct of joint training exercises towards enhancing interoperability, cohesiveness and gaining from best practices mutually in Maritime Salvage and EOD operations.
• The constructive engagements on operational terms enhanced the skill-sets of the Diving teams in a number of diverse disciplines such as mine detection and neutralisation, wreck location and salvage.

About Ministry of Defence : 

• Defence Minister :  Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

ISRO to launch moon mission Chandrayaan-3 on July 14 from Sriharikota

• The Indian Space Research Organisation (ISRO) announced that its lunar mission Chandrayaan-3 will be launched on July 14,2023 from the space port at Sriharikota in Andhra Pradesh (AP).
• ISRO’s new heavy lift launch vehicle LVM-3 will carry out the Moon mission.
• ISRO to attempt soft-landing on Moon on August 23 or August 24, 2023.

About the Chandrayaan-3 Mission :

• Chandrayaan-3 (“mooncraft”) is a planned 3rd lunar exploration mission by the ISRO.
• The Chandrayaan-3 mission carries scientific instruments to study the thermophysical properties of the lunar regolith, lunar seismicity, lunar surface plasma environment and elemental composition in the vicinity of the landing site.
• While the scope of these scientific instruments on the lander and the rover would fit in the theme of “Science of the Moon”, another experimental instrument will study the spectro-polarimetric signatures of the Earth from the lunar orbit, which would fit in the theme of “Science from the Moon”.
• Unlike Chandrayaan-2, it will not have an orbiter and its propulsion module will behave like a communications relay satellite.
• Chandrayaan-3 interplanetary mission has 3 major modules: the Propulsion module, Lander module, and

History :

• India’s first moon mission to the moon, Chandrayaan-1, was launched in October 2008 from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh (AP) with the goal of studying the lunar surface and looking for evidence of water.
• India’s second mission to the Moon, Chandrayaan-2 was launched on 22nd July 2019 from Satish Dhawan Space Center, Sriharikota, AP.

Recent News :

• In June 2023, The Indian Space Research Organisation (ISRO) plans to retain the names of the Chandrayaan-2 lander (Vikram) and rover (Pragyan) for their Chandrayaan-3 equivalents as well & this means, the Chandrayaan-3 lander will bear the name ‘Vikram’ (after Vikram Sarabhai, the father of the Indian space programme) and the rover, ‘Pragyan’.
• In June 2023, ISRO Chairman Somanath had announced ISRO’s plans to launch the third moon mission in mid-July aboard the LVM3 (formerly GSLV Mk-III) rocket from Sriharikota, Andhra Pradesh (AP).
• In March,2023 the Chandrayaan-3 spacecraft successfully completed the essential tests that validated its capability to withstand the harsh vibration and acoustic environment that the spacecraft would face during its launch.

About ISRO :

• Founded : 15 August 1969
• Headquarters : Bangalore, Karnataka, India
• Chairman : Sreedhara Somanath

Daily CA One-Liner: July 8

• The Reserve Bank of India (RBI) cancelled the license of two cooperative bankse. Karnataka based Shushruti Souharda Sahakara Bank Niyamita and Maharashtra based Malkapur Urban Co-operative Bank Limited.
• Walmart-owned Flipkart has partnered with Axis Bank to offer personal loan service to its 450 million e-commerce customers.
• According to data from the Reserve Bank of India’s (RBI) financial stability report, the private sector banks in India have been more aggressive when it comes to writing-off bad loans as compared to the public sector banks.
• The Asian Development Bank (ADB) has approved a $200 million additional financing for the Rajasthan Secondary Towns Development Sector Project to improve water supply and sanitation systems and support the enhancement of urban resilience and heritage living in India.
• The Reserve Bank of India (RBI) has appointed P Vasudevan as its new Executive Director (ED).
• Prime Minister Narendra Modi will be laying the foundation stone for the Railway Manufacturing Unit at Kazipet.
• The Prime Minister, Shri Narendra Modi laid the foundation stone and dedicated to the nation various development projects worth around Rs 7500 crores in Raipur, Chhattisgarh.
• The group installed the electricity generation capacity of NTPC, India’s leading integrated power producer, which has touched 73,024 MW.
• The board of Adani Green Energy (AGEL) cleared plans to raise Rs 12,300 crores by way of qualified institutional placements (QIPs) of shares or any other share-sale instrument.
• US-headquartered investor Blackstone Group has emerged as the highest bidder to buy a 90 per cent stake in the warehousing platform of Asia-focused logistics company ESR and German investor Allianz.
• NLC India Limited, a navratna company under the Ministry of Coal, bagged the GeM award in the category “Timely Payments (CPSEs)” for the year 2023 for its outstanding contribution to improving the reliability of e-market practices in line with the vision of GeM.
• The Election Commission of India and the Electoral Tribunal (ET) of Panama signed a Memorandum of Understanding in Panama City to establish the institutional framework for their ongoing cooperation in the field of election management and administration.
• Ministry of Defence signed, in New Delhi, a contract with Hindustan Aeronautics Limited (HAL) for the procurement of two Dornier Aircraft for the Indian Coast Guard (ICG) along with an associated Engineering Support package at an overall cost of Rs 458.87 crore.
• The Department of Administrative Reforms and Public Grievances, Ministry of Personnel, Public Grievances and Pensions, Government of India and The Public Service Division, of the Republic of Singapore signed a Protocol Document extending for five years the current MoU on Cooperation in the field of Personnel Management and Public Administration till 2028.
• The Financial Planning Standards Board of India (FPSB India) has appointed Krishan Mishra as Chief Executive Officer (CEO), effective from 1 August 2023.
• The Board of Directors of IDFC FIRST Bank Limited and IDFC Limited, have approved the Scheme of Amalgamation of IDFC Limited with IDFC FIRST Bank.
• The 7th edition of the bilateral Japan-India Maritime Exercise 2023 (JIMEX 23) hosted by the Indian Navy (IN), is being conducted from 5 July to 10 July 2023 at Visakhapatnam, Andhra Pradesh (AP).
• The 7th edition of Indian Navy – United States Navy (IN – USN) Salvage and Explosive Ordnance Disposal (EOD) exercise, SALVEX was conducted from 26 June to 06 July 23 at Kochi, Kerala.
• The Indian Space Research Organisation (ISRO) announced that its lunar mission Chandrayaan-3 will be launched on July 14,2023 from the space port at Sriharikota in Andhra Pradesh (AP).