Daily Current Affairs July 28 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Canara Bank becomes a major lender to State PSUs and corporations in FY23

• Canara Bank topped the list of public sector banks (PSBs) with the highest lending to corporations and public sector undertakings (PSUs) of States and Union Territories (UTs) for the 5th year in a row.
• According to government data, Canara Bank led the lending to government-backed entities, with a total disbursement of ₹187,813 crore in FY23.
• The Lending amount was 11% higher than the ₹1,69,532 crore the state-run bank lent to government entities.
• Canara Bank’s lending to State-run public sector enterprises and corporations alone accounted for over 45% of the total lending of all PSBs.

Key Highlights :

• Canara Bank was followed by Punjab National Bank ( ₹70,142.5 crore), State Bank of India ( ₹66,523.2 crore), Bank of India ( ₹25,147 crore), Bank of Baroda ( ₹15,706.8 crore), Union Bank of India ( ₹12,584.8 crore), Bank of Maharashtra ( ₹10,822.7 crore), Indian Bank ( ₹9,021 crore), Indian Overseas Bank ( ₹7,490 crore), Central Bank of India ( ₹3,949 crore), UCO Bank ( ₹2,939.4 crore).
• Punjab & Sind Bank had the lowest exposure to State PSUs and corporations in FY23 at ₹88 crore, against a lending of ₹3,570 crore in 2021-22.
• The total lending by 12 public sector banks to government entities fell to ₹4.12-lakh crore in FY23 from ₹4.93-lakh crore in FY22.

Other key Highlights :

• Meanwhile, the finance minister Smt Nirmala Sitharaman informed the Lok Sabha that PSBs will have to take steps to adopt a focused approach on ease of service delivery and customer protection, follow regulatory norms, adopt robust risk management practices, focus on increasing rural, agriculture and sectoral credit to meet the Priority Sector Lending targets.
• “Performance under PM SVANidhi scheme, which was started to support COVID affected street vendors to restart their businesses, was noted, wherein 50.57 lakh loans have been disbursed, amounting to ₹6,482 crore, to 38.5 lakh street vendors as on 20.7.2023.
• The PSBs have posted record aggregate net profit of ₹1.04 trillion in FY 2022-23,
• Meanwhile, she also informed parliament that The National Asset Reconstruction Company Ltd (NARCL) has as of 17 July, 2023 acquired 3 borrower entities -Jaypee Infratech Ltd, SSA International Ltd, Helios Photo Voltaic Ltd with an aggregate debt exposure of ₹21,349 crore.
• She further added that comprehensive measures have been taken by the government and the Reserve Bank of India (RBI) to recover the bad debts, due to which scheduled commercial banks have recovered a total amount of ₹ 7.16 trillion (provisional data for FY 2022-23) during the last 5 financial years.

Recent News :

• In June 2023, Canara Bank became the first Public Sector Bank (PSB) in India to introduce the facility of Unified Payments Interface (UPI) payments to merchants through RuPay Credit Card in association with the National Payments Corporation of India (NPCI).

About Canara Bank :

• Headquarters : Bangalore, Karnataka
• MD & CEO : K Satyanarayana Raju
• Tagline : Together We Can

RBI permits banks to open Vostro accounts from 22 countries for rupee trade 

• The Reserve Bank of India (RBI) has permitted 20 banks operating in the country to open 92 Special Rupee Vostro Accounts (SRVAs) of partner banks from 22 countries as part of efforts to promote bilateral trade in local currencies.

Aim:

• To promote bilateral trade in local currencies.

Key Highlights :

• As on July 23, 20 banks in India have been permitted to open SRVAs of partner banks from 22 countries, including Bangladesh, Belarus, Botswana, Fiji, Germany, Guyana, Israel, Kazakhstan, Kenya, Malaysia, Maldives, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, and United Kingdom (UK).
• Minister of State for Commerce and Industry Sri Som Parkash also informed that an Memorondum of Understanding (MoU) has been signed between the Reserve Bank of India (RBI) and the Central Bank of UAE on July 15, 2023.
• This would enable exporters and importers to invoice and pay in their respective domestic currencies enabling the development of a bilateral foreign exchange market.
• India’s exports rose by 36.6% during the last 5 years from USD 330.07 billion in 2018-19 to USD 450.95 billion in 2022-23.
• India’s imports rose by 38.8% during the last five years from USD 514.07 billion in 2018-19 to USD 714.04 billion in 2022-23.

What is a Vostro account?

• A Vostro account is an account that a domestic bank holds for a foreign bank in the domestic bank’s currency which, in the case of India, is the rupee.

Difference between the Nostro and Vostro account

Vostro account	Nostro account
The term comes from the Latin term, Vostro, meaning ‘your’.	The term comes from the Latin term, Nostro, meaning ‘our’.
The Vostro account is maintained in domestic currency.	Nostro accounts are maintained in foreign currency.
Vostro accounts are used for monitoring funds that are either held by or owed to a bank by a third party.	Nostro accounts are used to record the amount of money from the original bank being held by another institution.
The Vostro account serves as an intermediary for transactions in foreign banking, where the correspondent bank supervises and manages the funds.	Nostro account holds funds in the foreign country’s currency where the correspondent firm operates, facilitating international trade transactions that involve different currencies and foreign exchange.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

RBI sets restrictions on Bengaluru-based national cooperative bank   

• The Reserve Bank of India (RBI) has imposed limitations on The National Cooperative Bank Limited, one of Bengaluru’s oldest institutions, due to its deteriorating financial status.
• The business limits are in effect for 6 months, starting from July 24, 2023
• The Deposit Insurance and Credit Guarantee Corporation (DICGC) will pay depositors up to ₹5 lakh in deposit insurance claims.

What are all the limitations?

• The bank can now only pay depositors ₹50,000 across all accounts.
• The RBI has barred the bank from renewing loans, making investments, creating liabilities, making payments, or accepting new deposits.
• The installation of business limits, however, does not result in the termination of a banking license.
• The bank will continue to conduct banking operations with limits until its financial status improves.
• The RBI levied a monetary penalty on the National Co-operative Bank in May,2023 citing regulatory infractions.

About National Cooperative Bank :

• Founded : 1975
• Headquarters : Mumbai, Maharashtra, India
• Founder : T R Shamanna
• Chairman : H C Krishna

Federal Bank Launched NR Savings Accounts For NRI Women Customers

• On the occasion of the start of the FIFA Women’s World Cup, Federal Bank has launched a unique NR savings account plan designed exclusively for Non-Resident Indian (NRI) women.
• This scheme, known as NRE Eve+, has been designed to meet the specific financial needs of NRI women.

Objective:

• To provide a variety of advantages that are geared at enhancing their financial journeys.

Key Highlights :

• With NRE Eve+, account customers get free access to domestic and international airport lounges, providing a seamless and luxurious travel experience.
• The power-packed NRE Eve+ debit card unlocks a world of customised offers, including exclusive deals on beauty, healthcare, shopping, dining, travel, and entertainment, tailored to suit women’s preferences.
• Balance savings accounts are available for two children below 12 years of age.
• Complimentary insurance coverage is available up to ₹78 Lakh, including child education benefits, accidental death, hospital cash, and card protection.

About Federal Bank :

• Headquarters : Aluva, Kochi, Kerala, India
• MD & CEO :Shyam Srinivasan
• Tagline : your perfect banking partner.

Union Bank of India Collaborates with IBM India to co-create Digital Business Platform 

• Indian public sector bank Union Bank of India (UBI) has partnered with technology company IBM India Private limited to co-create a state-of-the-art Digital Business Platform.
• The development is part of Union Bank’s future-ready and customer-centric approach with its ambitious Digital Transformation initiative.

Key Highlights :

• The introduction of an omni-channel experience ensures that customers have the flexibility to engage with the bank through various channels, including mobile, online, and in-branch.
• This multi-dimensional approach enables users to access their accounts anytime, anywhere, ensuring unparalleled convenience.
• Furthermore, the integration of data-driven hyper-personalization allows UBI to cater to the unique financial needs of each individual customer.

Aim of the Partnership :

• To establish a Digital Bank equipped with capabilities that focus on omnichannel experiences, data-driven hyper-personalization, and an extensive financial services superstore designed for seamless cross-selling and upselling.

About Digital Business Platform :

• The Digital Business Platform will also facilitate full digital journeys, providing customers with unparalleled convenience and efficiency.
• Furthermore, the bank will embrace Open Banking capabilities, allowing for seamless integration of services across multiple partnerships.
• By streamlining processes and eliminating unnecessary paperwork, the bank ensures a hassle-free experience for its customers.
• This digital-first approach allows for faster and more efficient transactions, contributing to enhanced customer satisfaction.

Recent News :

• Union Bank of India (UBI) has launched 4 bank account schemes named Union Unnati, Union Samriddhi, Union Samman, Union SBCHS acknowledges the significance of cooperative housing societies, targeting women, women entrepreneurs and professionals, pensioners and cooperative housing societies.

About Union Bank of India :

• Established : 11 November 1919
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : A. Manimekhalai
• Tagline : Good People to Bank with

Bajaj Finserv AMC Launches its 1st Equity Scheme Bajaj Finserv Flexi Cap Fund   

• Bajaj Finserv Asset Management launched its first equity scheme, the Bajaj Finserv Flexi Cap Fund, an open-ended equity scheme.

Aim : 

• To invest in equity and equity-related instruments across market capitalization for long-term capital appreciation.
• The new fund offer (NFO) runs from July 24 to August 7, 2023.

Key Highlights :

• Bajaj Finserv Flexi Cap Fund is an open-ended equity scheme which will invest across large-cap, mid-cap, and small-cap stocks.
• The minimum subscription amount during the NFO is Rs 500, and after that, in multiple of Re. 1.
• The scheme will follow the “InQuBe” investment philosophy, a proprietary framework that adds a “layer of behavioural finance to the informational and quantitative edges”.
• Investors can hugely benefit from the “strongest megatrends” across sectors, themes, market capitalisation and geographies rather than looking at past performance.
• The scheme is being managed by Chief Investment Officer Nimesh Chandan, Senior Fund Manager, Sorbh Gupta (Equity portion) and Siddharth Chaudhary (Debt portion).

About Bajaj Finserv Asset Management :

• CEO : Ganesh Mohan
• Bajaj Finserv Asset Management Ltd., is a wholly-owned subsidiary of Bajaj Finserv Ltd.

SEBI issues consultation paper on cyber security & resilience framework      

• The Securities and Exchange Board of India (SEBI) came out with a consultation paper on boosting the cyber security framework for entities regulated by it.
• The consultation paper on ‘Consolidated Cyber Security and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (RES)’ looks at providing a common structure for multiple approaches to cyber security to prevent any cyber-risks and incidents.
• The framework is based on 5 concurrent and continuous functions of cyber security as defined by National Institute of Standards and Technology (NIST) – Identify, Protect, Detect, Respond, and Recover.
• All REs shall formulate an up-to-date Cyber Crisis Management Plan (CCMP).

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• 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 the Ministry of Finance (MoF), GoI.

CURRENT AFFAIRS: NATIONAL NEWS

The Prime Minister laid the foundation stone for several development projects and dedicated them to the nation in Sikar, Rajasthan.

• The Prime Minister, Shri Narendra Modi laid the foundation stone and dedicated to the nation’s various development projects in Sikar, Rajasthan.
• The projects include dedicating to the nation more than 1.25 lakh PM Kisan Samriddhi Kendras (PMKSKs), launching Urea Gold – a new variety of Urea coated with Sulphur, onboarding 1600 Farmer Producer Organisations (FPOs) on Open Network for Digital Commerce (ONDC), releasing 14th instalment amount of about Rs 17,000 crores under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) to 8.5 crore beneficiaries, inaugurating 5 new medical colleges at Chittorgarh, Dholpur, Sirohi, Sikar and Sri Ganganagar, laying the foundation stone for 7 medical colleges at Baran, Bundi, Karauli, Jhunjhunu, Sawai Madhopur, Jaisalmer and Tonk, and inaugurating 6 Eklavya Model Residential Schools located in districts of Udaipur, Banswara, Partapgarh and Dungarpur and Kendriya Vidyalaya Tivri, Jodhpur.
• The Prime Minister launched Urea Gold – a new variety of Urea that is coated with Sulphur.
• The introduction of Sulphur Coated Urea will address sulfur deficiencies in the soil.
• This innovative fertilizer is more economical and efficient than neem-coated urea, improves nitrogen use efficiency in plants, reduces the consumption of fertilizer, and enhances crop quality.
• During the programme, the Prime Minister launched the onboarding of 1600 Farmer Producer Organisations (FPOs) on the Open Network for Digital Commerce (ONDC).

About Rajasthan :

• Governor: Kalraj Mishra
• Chief Minister : Ashok Gehlot
• Capital: Jaipur
• National Park: Keoladeo National Park, Ranthambore National Park
• Wildlife Sanctuary: Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary

Recent News

• The Rajasthan Government has announced the minimum income guarantee to provide social security to citizens of Rajasthan.
• International Financial Services Centers Authority (IFSCA) and PIEDS BITS Pilani, have signed a MoU at BITS Pilani PIEDS Finxcelerator, Pilani Campus in Rajasthan
• REC Limited has extended a loan of ₹ 4,785 crores to HPCL Rajasthan Refinery Limited (HRRL), for setting up a green field refinery cum petrochemical complex in Barmer district, Rajasthan.
• Union Minister for Road Transport and Highways Shri Nitin Gadkari inaugurated and laid the foundation stone of 11 NH projects worth Rs 5600 Crore in Pratapgarh, Rajasthan

TRAI releases Telecom Regulatory Authority of India Repealing Regulations, 2023

• Telecom Regulatory Authority of India (TRAI) issued Telecom Regulatory Authority of India Repealing Regulations, 2023 (02 of 2023) dated July 25, 2023, to repeal the Regulation on quality of service of dial-up and leased line internet access service, 2001 (4 of 2001) with effect from the date of its notification in Official Gazette.
• The TRAI notified the Regulation on quality of service of dial-up and leased line internet access service, 2001 (4 of 2001) on December 10, 2001.
• This regulation applied to all the Basic Service Operators and Internet Service Providers, including the incumbent operators viz. BSNL, MTNL and VSNL.
• The purpose of laying down Quality of Service Parameters was to ensure customer satisfaction by laying down norms of network performance, which the service provider is required to achieve by proper dimensioning of his network; measure the Quality of Service from time to time and to compare that with the specified norms to monitor the level of performance, provided by various service providers and to protect the interests of subscribers of the Internet services.

About TRAI

• Founded: 20 February 1997
• Headquarters: New Delhi

The Army Postal Service Corps has opened its first Permanent Aadhaar Enrolment Centre:

• Army Postal Service Corps inaugurated the first Permanent Aadhaar Enrolment Centre-PAEC at Central Base Post Office in New Delhi.
• Ministry of Communications said in a statement that this initiative will facilitate Aadhaar-related services for tri-services personnel and their dependents through their Field Post Offices in 48 identified locations across the country.
• The Department of Posts and UIDAI have supported the establishment of these PAECs in terms of training, equipment and tech support.
• These 48 PAECs will be functional in both Field and Peace locations.

The Minister of Environment is launching a circular economy Industry coalition.

• The Resource Efficiency and Circular Economy Industry Coalition (RECEIC) is set to be launched at the side event during the 4th Environment and Climate Sustainability Working Group and Environment and Climate Ministers meeting in Chennai, Tamil Nadu.
• Conceptualized under India’s G20 Presidency, RECEIC is an industry-driven initiative aimed at promoting resource efficiency and circular economy practices globally.
• The coalition is envisioned to be a self-sustaining entity that will continue to operate beyond India’s G20 Presidency, making a lasting impact on environmental sustainability.
• 39 companies headquartered in 11 different countries have joined the coalition as its founding members.
• As a collaborative platform, RECEIC aims to facilitate knowledge-sharing, best practice sharing, and sustainable practices among the participating industries.
• The coalition has three guiding principles – Partnerships for impact, Technology Cooperation and Finance for scale.
• The RECEIC will be launched by the hon Minister for Environment, Forest and Climate Change Shri Bhupender Yadav in the presence of the Commissioner on Environment from the European Union and Honorable Ministers from Canada, France, Italy, Denmark, Mauritius and the United Arab Emirates.

About Tamilnadu

• Chief minister: M. K. Stalin
• Capital: Chennai
• Governor: R. N. Ravi
• NP: Guindy National Park, Mudumalai National Park, Mukurthi National Park, Indira Gandhi National Park (Annamalai), and Gulf of Mannar Marine National Park.

The Ministry of Science and Technology is planning to hold a Chintan Shivir at IIT Kharagpur, aimed at enhancing the collaboration between CRTDHs and MSMEs.

• The Ministry of Science and Technology will organize a one-day Chintan Shivir to strengthen the interaction between Common Research and Technology Development Hubs-CRTDHs and MSMEs at the Indian Institute of Technology-IIT, Kharagpur.
• During the event, interactive sessions will be held with key stakeholders to come up with possible solutions for the challenges faced by MSMEs, startups, and innovators across the country.
• The ministry in a statement said that the Department of Scientific and Industrial Research-DSIR has planned to organize the Chintan Shivir at all the 18 Common Research and Technology Development Hubs established by DSIR.
• Department of Scientific and Industrial Research-DSIR under the Ministry is operating Common Research and Technology Development Hubs since 2014.
• These hubs are engaged in meaningful Research and Development activities in five different sectors namely Electronics/Renewable energy, Affordable health, Environmental interventions, Low-cost machining and new chemical process, and creating significant societal impact.
• The event will be attended by the representatives of IIT Kharagpur, Micro, Small, and Medium Enterprises-MSMEs, and delegates from the Chambers of Commerce, and industry associations.

The Prime Minister has officially opened the International Exhibition-cum-Convention Centre (IECC) complex at Pragati Maidan in New Delhi.

• The Prime Minister, Shri Narendra Modi inaugurated the International Exhibition-cum-Convention Centre (IECC) complex at Pragati Maidan in New Delhi.
• He also unveiled the G-20 coin and G-20 stamp.
• The Prime Minister also witnessed the naming ceremony of the Convention Centre as ‘Bharat Mandapam’ carried out via drone and a cultural program that was showcased on the occasion.
• Visioned by the Prime Minister and developed as a national project at a cost of about Rs 2700 crores, the new IECC complex at Pragati Maidan will help in promoting India as a global business destination.
• The Prime Minister’s vision of having a world-class infrastructure for hosting meetings, conferences and exhibitions in the country has led to the conceptualization of the International Exhibition-cum-Convention Centre (IECC) at Pragati Maidan.
• The project revamps the old and outdated facilities at Pragati Maidan and developed as a National project at a cost of about Rs 2700 crores.
• With a campus area of approximately 123 acres, the IECC complex has been developed as India’s largest MICE (Meetings, Incentives, Conferences, and Exhibitions) destination.

The PMVKY has been approved for implementation from 2021-22 to 2025-26, costing Rs. 26135.46 crores.

• Ministry of Tribal Affairs is implementing ‘Pradhan Mantri Vanbandhu KalyanYojana (PMVKY)’ which includes many schemes for the development and welfare of tribal communities.
• The scheme has been approved for implementation during 2021-22 to 2025-26 with a total cost of Rs. 26135.46 crores.
• The PMVKY is aimed at holistic development of tribal communities and tribal areas across the country focussing on integrated development of villages and capacity building through interventions in education and livelihood in convergence with State and Central TSP funds.
• Scheme components covered under the PMVKY are as follows:

1. Pradhan Mantri Adi Adarsh Gram Yojna (PMAAGY)
2. Development of Particularly Vulnerable Tribal Groups (PVTGs)

• Support to Tribal Research Institutes

1. Pre-Matric Scholarship
2. Post-Matric Scholarship Scheme

Union Government finalises scheme for Indian carbon market, steering committee to be formed

• To boost the trading of carbon credits in the country, the Ministry of Power has notified the Carbon Credit Market Scheme.
• This development comes within days of the government releasing a draft document for establishing a green credits market in India.
• Through a gazette notification last week, the ministry approved the formation of India’s first domestic regulated carbon market.
• The scheme also necessitates the formation of a National Steering Committee, which will govern and have direct oversight over the functioning of the Indian carbon market.
• The steering committee will be managed by the Ministry of Power (MoP) along with the Ministry of Environment Forest and Climate Change (MoEFCC) along with a representation of other ministries.
• The empowered committee will soon issue guidance on issuance criteria, the validity of issued emission reductions along with detailed application procedures.
• This will ensure a structured approach towards meeting the nationally determined contribution (NDCs) of India by 2030

Shri Sarbananda Sonowal has initiated a campaign to develop 75 iconic lighthouses in India into tourism spots.

• The Union Minister of Ports, Shipping & Waterways and Ayush, Shri Sarbananda Sonowal launched a campaign to transform 75 historic Lighthouses into Tourism Spots when he inaugurated three revamped lighthouses in Dwarka, Gopnath & Veraval that were transformed as tourist destinations at Dwarka, Gujarat.
• The historic lighthouses were renovated with adequate facilities to act as tourist spots.
• This marks the beginning of the campaign by the Ministry of Ports, Shipping & Waterways (MoPSW) to transform 75 historic lighthouses across India into tourism spots.
• This is in line with the visionary approach of the Prime Minister, Shri Narendra Modi to transform India’s distinctive lighthouses into captivating tourism sites.
• The initiative aims to showcase the rich culture, significance, and allure of these magnificent structures whereby they can propel the prospect of tourism and power the local economy.

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

Recent News

• The Union Minister of Ports, Shipping & Waterways and Ayush, Shri Sarbananda Sonowal laid the foundation stone of the Inland Waterways Transport (IWT) terminal to be developed at Bogibeel in Dibrugarh, by the bank of the River Brahmaputra (National Waterways 2) in Dibrugarh, Assam
• The Union Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal, inaugurated the ‘Sagar Sampark’ Differential Global Navigation Satellite System (DGNSS) in New Delhi, Delhi to strengthen the maritime sector in India

PM Narendra Modi to lay the foundation of textile park

• The Centre had announced to set up seven mega textile parks under PM Mega Integrated Textile Regions and Apparel (PM MITRA) scheme.
• Prime Minister Narendra Modi lauded the setting up of PM Mega Integrated Textile Sector and Apparel (PM MITRA) textiles park in Uttar Pradesh’s Lucknow and Hardoi districts.
• The Minister for medium, small and micro enterprises (MSME) Rakesh Sachan stated this at the inaugural event of the two-day ‘Uttar Pradesh MSME Conference 2023’ being organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).
• The project will be supported by road networks, 24×7 power and water supply, a warehousing facility and effluent treatment plants.
• It has the potential to generate employment opportunities for one lakh people from the local community.
• The foundation of the project would be laid by Prime Minister Narendra Modi.

CURRENT AFFAIRS : INTERNATIONAL NEWS

UAE Minister for Foreign Trade Dr Thani Al Zeyoudi elected as chair of WTO’s 13th Ministerial Conference

• United Arab Emirates (UAE) Minister for Foreign Trade Dr Thani Al Zeyoudi has been elected as the chair of the World Trade Organisation’s (WTO’s) 13th Ministerial Conference (MC13) that will be held in Abu Dhabi,United Arab Emirates (UAE) in February 2024.
• The announcement was made during a meeting with WTO director-general Ngozi Okonjo-Iweala at the WTO General Council in Geneva, Switzerland.
• The conference will be attended by representatives from 164 countries and will involve reviewing the trading system’s performance and making decisions on future work.
• It will review the performance of the trading system, make decisions on future work and set up the road map for the next conference.

Note :

• The WTO’s 12th Ministerial Conference (MC12) took place from 12 to 17 June 2022 at WTO headquarters in Geneva, Switzerland.
• The Conference was co-hosted by Kazakhstan and chaired by Mr Timur Suleimenov, Deputy Chief of Staff of Kazakhstan’s President.

About WTO :

• Established : 1 January 1995
• Headquarters : Geneva, Switzerland
• Director General : Ngozi Okonjo-Iweala (first woman and the first African to serve as DG of WTO)
• Membership : 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.
• The highest authority of the WTO is the Ministerial Conference, which must meet at least every two years.

CURRENT AFFAIRS : STATE NEWS

Ladakh gets its 1st women’s police station in Kargil  

• In a significant step towards empowering women and ensuring their safety and security, the Ladakh Police Department inaugurated the first-ever Women Police Station in Kargil district.

Aim :

• To foster trust and cooperation between women and law enforcement, ultimately leading to a safer and more secure environment for all residents of Kargil.
• The inauguration ceremony took place at Petrol Pump Kargil NH1 and was graced by the presence of SD Singh Jamwal, the Additional Director General of Police (ADGP) for Ladakh, along with other distinguished guests.
• The establishment of the Women Police Station in Kargil marks a momentous occasion for the region, as it will play a pivotal role in addressing the unique concerns and challenges faced by women in the area.

Key Highlights :

• The establishment of the Women Police Station in Kargil marks a momentous occasion for the region, as it will play a pivotal role in addressing the unique concerns and challenges faced by women in the area.
• The inauguration of the Women Police Station in Kargil is a significant step towards creating a more inclusive and secure society.
• This initiative will enable women to approach the police with greater confidence, knowing that their concerns will be addressed sensitively and expeditiously.
• The station will operate round the clock to ensure immediate assistance and support for women in need.
• Additionally, it will act as a resource centre, providing guidance and counselling services for women facing challenging situations by Special Cell for Women.

About Ladakh :

• Lieutenant Governor : B. D. Mishra
• Capitals : Leh, Kargil

CURRENT AFFAIRS: RANKING AND INDEX

Iceland is the world’s most peaceful country according to the 2023 Global Peace Index.

• The Institute for Economics and Peace has released the 2023 Global Peace Index, which ranks the most peaceful countries in the world.
• This is the 17th edition of the annual report, which is considered the leading measure of peacefulness worldwide.
• Out of 163 countries, India’s rank on the Global Peace Index is 126, with an overall score of 2.31, which is below the global average of 2.314. Although India faces persistent challenges in attaining high levels of peace, it provides a chance for enhancement.
• Unfortunately, the report reveals a disturbing trend of deteriorating global peacefulness for the ninth consecutive year.
• A staggering 79 countries have experienced a decline, while only 84 have shown improvement.
• The deteriorations have outweighed the improvements, indicating a significant decline in global peacefulness.
• This article highlights some of the report’s key findings, including Iceland’s continued reign as the most peaceful country, as well as India’s ranking.
• Since 2008, Iceland has consistently remained the most peaceful country, excelling in domestic and international conflict resolution, societal safety and security, and lack of militarization.
• This sets a positive example for other nations to follow.
• Additionally, Europe has a strong reputation for peace, with seven out of the top 10 peaceful countries located on the continent.
• Denmark, Ireland, and Switzerland are among the European nations contributing to this reputation, while New Zealand, Singapore, Japan, and Slovenia also feature in the top 10.

RANK	COUNTRY	POINTS
1	Iceland	1.124
2	Denmark	1.31
3	Ireland	1.312
4	New Zealand	1.313
5	Austria	1.316
6	Singapore	1.332
7	Portugal	1.333
8	Slovenia	1.334
9	Japan	1.336
10	Switzerland	1.339

About Iceland:

• Capital: Reykjavík
• Currency: króna
• Prime minister: Katrín Jakobsdóttir

About Institute for Economics and Peace

• The Institute for Economics and Peace is a global think tank headquartered in Sydney, Australia with branches in New York City, Mexico City and Oxford.
• Founded: 2008

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

BRICS’ New Development Bank elects Thuraiya Alhashmi as a board member

• BRICS’ New Development Bank (NDB) has elected Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organizations Department at the UAE Ministry of Finance, as a member of its Board of Directors and a Constituency Director.
• She was appointed following an internal voting process during NDB’s 8th Annual Meeting, held recently in Shanghai, China.
• Thuraiya Alhashmi will become the first Emirati and Arab woman to assume a Director’s position at the New Development Bank.
• In her new role, Thuraiya Alhashmi will be able to serve the UAE and its global contributions across financial areas, becoming an outstanding example of Emirati women leaders who have established renowned standing and capabilities, and distinguished themselves on the global field and in the largest economic institutions.

About Thuraiya Hamid Alhashmi :

• Alhashmi has been working at the Ministry of Finance since March 2020 as Director of International Financial Relations and Organizations Department, where she manages a team that addresses issues related to government investments, treaties, bilateral negotiations, and exchange of information for tax purposes.
• She was involved in managing the UAE’s relationship with international financial organisations, including the World Bank, the International Monetary Fund (IMF), the European Bank for Reconstruction and Development (EBRD), NDB, the OPEC Fund for International Development, the Islamic Development Bank (IsDB), and the G20 Finance Track.
• She has also represented the UAE in numerous international meetings and forums.

About BRICS’ NDB :

• Established : 2015
• Headquarters : Shanghai, China
• President : Dilma Rousseff
• Membership : Bangladesh, Brazil, China, Egypt, India, Russia, South Africa, United Arab Emirates, Uruguay
• The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).
• NDB mobilises resources through loans, securities, and equity participation to finance infrastructure projects and sustainable development projects.
• Since its establishment, it has approved more than 90 projects for a total amount of $32 billion, supporting transport, water and sanitation, digital and social infrastructures, and clean energy.
• The UAE joined NDB in 2021 following a cabinet resolution in the same year.

Government extends Amitava Mukherjee’s additional charge as CMD of NMDC Steel      

• The Ministry of Steel (MoS) has extended the tenure of Amitava Mukherjee’s additional charge as Chairman cum Managing Director (CMD) of NMDC Limited, formerly National Mineral Development Corporation and NMDC Steel Limited for a period of 3 months with effect from September 01, 2023 to November 19, 2023.
• Mukherjee is a Director (Finance) at NMDC and holds the additional charge of the CMD of NMDC since March 13, 2023 and NMDC Steel March 21, 2023.

About NMDC Limited :

• Established : 1958
• Headquarters : Hyderabad, Telangana
• NMDC is an Indian public sector undertaking involved in the exploration of iron ore, copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, coal etc.
• NMDC Ltd contributes 17-20 per to India’s total iron ore production.

CURRENT AFFAIRS : OBITUARIES

West Bengal MLA Bishnu Pada Roy Passed away   

• Member of the Legislative Assembly (MLA) from Dhupguri, Bishnu Pada Roy, passed away at the age of 61.

About Bishnu Pada Ray :

• Bishnu Pada Ray born on June 19, 1950 in Nalanda, West Bengal, India
• In 1999, he was elected to the 13th Lok Sabha from Andaman and Nicobar Islands constituency.
• He was re-elected from the same constituency to the 15th Lok Sabha in 2009 and to the 16th Lok Sabha in 2014.
• He was a hardworking legislator who made many efforts to fulfil people’s aspirations.

CURRENT AFFAIRS: IMPORTANT DAYS

World Nature Conservation Day 2023: July 28

• On July 28th, World Nature Conservation Day 2023 is celebrated and observed all over the world as an awareness program to conserve Nature.
• The theme of World Nature Conservation Day 2023 is “Forests and Livelihoods: Sustaining People and Planet”.
• In 2018, The E.U. completely restricted the outdoor use of three neonicotinoids (a type of pesticide).
• Between 1995 — 1996, Thirty-one grey wolves from western Canada were released into Yellowstone National Park, 40 years after they were wiped out by people.
• In 1973, The Endangered Species Act was passed to encourage the conservation of ecosystems upon which threatened and endangered species rely for survival.
• On October 5, 1948, In Fontainebleau, a small town in France, the International Union for Conservation of Nature was established.

Daily CA One-Liner: July 28

• Canara Bank topped the list of public sector banks (PSBs) with the highest lending to corporations and public sector undertakings (PSUs) of States and Union Territories (UTs) for the 5th year in a row.
• The Reserve Bank of India (RBI) has permitted 20 banks operating in the country to open 92 Special Rupee Vostro Accounts (SRVAs) of partner banks from 22 countries as part of efforts to promote bilateral trade in local currencies.
• The Reserve Bank of India (RBI) has imposed limitations on The National Cooperative Bank Limited, one of Bengaluru’s oldest institutions, due to its deteriorating financial status.
• On the occasion of the start of the FIFA Women’s World Cup,Federal Bank has launched an unique NR savings account plan designed exclusively for Non-Resident Indian (NRI) women.
• Indian public sector bank Union Bank of India (UBI) has partnered with technology company IBM India Private limited to co-create a state-of-the-art Digital Business Platform.
• Bajaj Finserv Asset Management launched its first equity scheme, the Bajaj Finserv Flexi Cap Fund, an open-ended equity scheme.
• The Securities and Exchange Board of India (SEBI) came out with a consultation paper on boosting the cyber security framework for entities regulated by it.
• The Prime Minister, Shri Narendra Modi laid the foundation stone and dedicated to the nation’s various development projects in Sikar, Rajasthan.
• Telecom Regulatory Authority of India (TRAI) issued Telecom Regulatory Authority of India Repealing Regulations, 2023 (02 of 2023) dated July 25, 2023, to repeal the Regulation on quality of service of dial-up and leased line internet access service, 2001 (4 of 2001) with effect from the date of its notification in Official Gazette.
• Army Postal Service Corps inaugurated the first Permanent Aadhaar Enrolment Centre-PAEC at Central Base Post Office in New Delhi.
• The Resource Efficiency and Circular Economy Industry Coalition (RECEIC) is set to be launched at the side event during the 4th Environment and Climate Sustainability Working Group and Environment and Climate Ministers meeting in Chennai, Tamil Nadu.
• The Ministry of Science and Technology will organize a one-day Chintan Shivir to strengthen the interaction between Common Research and Technology Development Hubs-CRTDHs and MSMEs at the Indian Institute of Technology-IIT, Kharagpur.
• The Prime Minister, Shri Narendra Modi inaugurated the International Exhibition-cum-Convention Centre (IECC) complex at Pragati Maidan in New Delhi.
• Ministry of Tribal Affairs is implementing ‘Pradhan Mantri Vanbandhu KalyanYojana (PMVKY)’ which includes many schemes for the development and welfare of tribal communities.
• To boost the trading of carbon credits in the country, the Ministry of Power has notified the Carbon Credit Market Scheme.
• The Union Minister of Ports, Shipping & Waterways and Ayush, Shri Sarbananda Sonowal launched a campaign to transform 75 historic Lighthouses into Tourism Spots when he inaugurated three revamped lighthouses in Dwarka, Gopnath & Veraval that were transformed as tourist destinations at Dwarka, Gujarat.
• The Centre had announced to set up seven mega textile parks under PM Mega Integrated Textile Regions and Apparel (PM MITRA) scheme.
• The Institute for Economics and Peace has released the 2023 Global Peace Index, which ranks the most peaceful countries in the world.
• United Arab Emirates (UAE) Minister for Foreign Trade Dr Thani Al Zeyoudi has been elected as the chair of the World Trade Organisation’s (WTO’s) 13th Ministerial Conference (MC13) that will be held in Abu Dhabi,United Arab Emirates (UAE) in February 2024.
• In a significant step towards empowering women and ensuring their safety and security, the Ladakh Police Department inaugurated the first-ever Women Police Station in Kargil district.
• BRICS’ New Development Bank (NDB) has elected Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organizations Department at the UAE Ministry of Finance, as a member of its Board of Directors and a Constituency Director.
• The Ministry of Steel (MoS) has extended the tenure of Amitava Mukherjee’s additional charge as Chairman cum Managing Director (CMD) of NMDC Limited, formerly National Mineral Development Corporation and NMDC Steel Limited for a period of 3 months with effect from September 01, 2023 to November 19, 2023.
• Member of the Legislative Assembly (MLA) from Dhupguri, Bishnu Pada Roy, passed away at the age of 61.
• On July 28th, World Nature Conservation Day 2023 is celebrated and observed all over the world as an awareness program to conserve Nature