Daily Current Affairs August 08 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Mastercard Launches CVV-Free Payment Feature For Tokenized Transactions

• Payments giant Mastercard announced the introduction of Cardholder Verification Value (CVV)-less online transactions for its debit and credit cardholders who have tokenized their cards on merchant platforms.

Aim :

• To reduce the checkout time and make virtual transactions hassle-free and more secure.

Key Highlights :

• CVV is the 3-digit number printed on the back of debit and credit cards.
• According to the Reserve Bank of India’s (RBI’s) tokenization guidelines, merchants who adopt tokenized payments will collect CVV only once, which is while tokenizing the card.
• From the second transaction onwards, cardholders will be required to select their tokenized card from the checkout page, confirm the one-time password (OTP) and complete the transaction without entering the CVV.
• Mastercard claimed that Indian companies like Cash Free Payments and Zomato have already adopted CVV-less payments.

Recent News :

• In May 2023, Visa launched a new feature CVV-free payments in India that allows users to make online payments without the need for a CVV number.

About Mastercard :

• Founded : 1966
• Headquarters : New York, U.S
• CEO : Michael Miebach

Union Finance Minister Smt. Nirmala Sitharaman launches the AMC Repo Clearing Limited (ARCL) and Corporate Debt Market Development Fund (CDMDF)

• The Union Minister of Finance and Corporate Affairs Nirmala Sitharaman inaugurated the Corporate Debt Market Development Fund (CDMDF) and initiated the trading on Limited Purpose Clearing Corporation (LPCC) mechanism called AMC Repo Clearing Limited (ARCL), in Mumbai, Maharashtra.
• Both the initiatives intend to deepen the functioning of the corporate debt markets.

About CDMDF :

• CDMDF is a backstop facility for specified debt funds during market dislocations.
• The fund is intended to provide liquidity support in the event of a financial crisis.
• It will be in the form of an alternative investment fund (AIF), meant to instil confidence among the participants in the Corporate Bond Market during times of stress
• The fund has Rs 33,000-crore backstop facility for Mutual Funds.
• Of the Rs 33,000 crore, Rs 30,000 crore will come from the government, while the balance Rs 3,000 crore will be contributed by the Asset Management Companies (AMCs).
• Contributions to the fund can be done by the specified debt-oriented mutual fund schemes and asset management companies of mutual funds.
• This fund is guaranteed by the National Credit Guarantee Trust Company (NCGTC) and the backstop facility will be managed by SBI Mutual Fund.
• Specified debt-oriented mutual fund schemes here are ‘open-ended debt oriented mutual fund schemes, excluding the overnight funds and gilt funds and including conservative hybrid funds’.
• These specified debt-oriented schemes will invest 25 basis points (0.25%) of their asset under management (AUM) in CDMDF units and will increase their contribution when their AUM increases and review it every 6 months.
• However, there will be no redemption from CDMDF in case their AUM reduces.
• The AMCs are also required to make a contribution of 2% of their specified debt-oriented schemes’ AUM as a one-time contribution.
• The initial contribution for this purpose will be based on the AUM as of December 31, 2022, in the specified schemes of the mutual funds.

About ARCL :

• The AMC Repo Clearing Limited (ARCL) is an institution that has been set up with the purpose of clearing and settlement of corporate bond repo transactions.
• The market for repo in government securities is one of the most liquid markets in the country.
• Lack of a Central counterparty is the reason for repo in corporate bonds to take off.
• It is a type of Limited Purpose Clearing Corporation (LPCC) that functions to deepen corporate bond markets.
• It will be developed as an active repo market, which will improve liquidity in the corporate bond market.
• It will widen and deepen the corporate bond repo market.
• It will allow market makers to access cost-effective funding for their inventory.
• It will allow markets to holders of bonds to meet their short-term liquidity needs without having to liquidate their assets.
• Short-term surpluses can be deployed by the entities in a safe and efficient manner.
• It offers clearing and settlement services to all trades enlisted on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
• It is a collaboration of industry, regulator and the Government towards building market institutions where both issuers and investors in the debt market are benefitted.
• The LPCC, tri party repo services and the central counterparty services of ARCL in the bond market will offer better efficiency in collateral and settlement for its members.
• Tri-party repo is a type of Repo contract where a third entity (apart from the borrower and lender), called a tri-party agent, acts as an intermediary between the two parties.
• It facilitates services like collateral selection, payment and settlement, custody and management during the life of the transaction.
• The release added that on the day of the launch, the total traded value reported was Rs 480 crore.

Union Finance Minister Nirmala Sitharaman chairs the review meeting of Regional Rural Banks from Southern Region, in Chennai

• The Union Finance Minister Smt Nirmala Sitharaman chaired a meeting with Chairpersons and senior officials of Regional Rural Banks (RRBs) from Southern Region, in Chennai, Tamil Nadu (TN),
• The meeting was also attended by the Secretary, Department of Financial Services, and senior RBI officials Reserve Bank of India, with representation by the Finance/Special Secretaries/senior officers of the Finance Department of Tamil Nadu, Andhra Pradesh, Telangana, Kerala, Puducherry, and Karnataka.

Key Highlights :

• The CD ratio, gross NPAs, and provision coverage ratio (PCR) of RRBs of the Southern region were better than the national average.
• However, RRBs have to improve the current and savings account (CASA) ratio, she stated that while chairing a review meeting with Chairpersons and senior officials of Regional Rural Banks RRBs from the Southern Region, in Chennai.
• She also urged RRBs in the southern region to work closely with the RBI and State Authorities concerned to improve their physical presence across the state.
• She also highlighted leveraging Account Aggregator Framework, especially for lending to the allied agricultural sector like fisheries and animal husbandry, besides granting loans to street vendors under PM SVANidhi.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad, Pankaj Choudhary

State Bank of India Q1 Results: Net profit grows 178% to Rs 16,884 crores & Net interest income  rises 25%

• State Bank of India’s (SBI) first quarter (Q1FY24) standalone net profit soared 178% year-on-year (yoy) in the first quarter to ₹16,884 crore, buoyed by a 5-fold increase in other income, robust net interest income, and a decline in loan loss provisions.
• The Q1FY24 net profit is SBI’s highest ever net profit for the fourth quarter in succession.
• The bottomline surpassed broking firms estimates’, which ranged from ₹13,200 crore to ₹16,500 crore.

Key highlights :

• India’s largest bank reported a net profit of ₹6,068 crore in the year-ago quarter.
• Net interest income (NII) rose 25% yoy to ₹38,905 crore (₹31,196 crore).
• The SBI chief emphasised that the Bank is well capitalised (capital adequacy ratio (CAR): 14.56%) to support normal business growth & this level of CAR can support further loan growth of ₹7 lakh crore.
• Gross non-performing assets (GNPAs) improved a shade to 2.76% of gross advances as of June-end 2023 from 2.78% as of March-end 2023.
• Net NPAs edged up marginally to 0.71% of net advances from 0.67%.
• The Bank sees net NPAs at 0.50% by March-end 2024.

About SBI :

• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara

Recent News :

• In May 2023, State Bank of India (SBI) reported an 83% year-on-year (yoy) jump in net profit at ₹16,694.51 crore for the 4th quarter of 2022-23 fiscal on higher interest income and low provisioning.

IRDAI allows insurers to hold HDFC investments till maturity

• Insurance Regulatory and Development Authority of India (IRDAI) has allowed insurance companies’ bond holdings in erstwhile Housing Development Finance Corporation (HDFC) to be treated as ‘housing and infrastructure’ investments till maturity.
• Till its merger, HDFC was the largest issuer in the bond market, raising around ₹64,000 crore each in FY22 and FY23, accounting for 10% of the total funds raised via EBP (electronic bidding platforms).
• Further, insurance companies have been exempted from complying with the single investee equity exposure and investment regulation norms, with respect to shares of HDFC Bank post the merger, till June 30, 2024.
• Following the merger of parent HDFC with HDFC Bank, effective July 1, insurers had sought that IRDAI allow investments in HDFC’s bonds to be continued to be classified as is.
• They had also sought exemptions from single entity exposure limits prescribed for segregated funds of ULIP (unit-linked insurance plans) with respect to investments in the shares of HDFC Bank.
• In April 2022, IRDAI had hiked the limit for insurers’ investment in financial and insurance companies to 30% from 25% earlier.
• Bondholders were concerned regarding their holdings in HDFC following the merger, on expectations that the bonds would be classified as ‘banking bonds’ where insurers already have existing holdings within the prescribed limits.

CURRENT AFFAIRS: NATIONAL NEWS

PM Modi To Participate in National Handloom Day Celebration

• Prime Minister Narendra Modi said that Vocal for Local has become a mass movement that has given a new impetus to the textile sector in the country.
• Addressing the 9th National Handloom Day celebration at Bharat Mandapam in Pragati Maidan, Delhi Mr Modi said that the schemes that have been initiated in the textile sector bring justice to weavers and artisans.
• The Prime Minister also urged the people to their commitment to popularise local products on National Handloom Day.
• Prime Minister Modi said that India’s vibrant handlooms exemplify the country’s diversity.
• During the programme, Mr Modi launched the e-portal of ‘Bhartiya Vastra evam Shilp Kosh’- a Repository of Textiles and Crafts that has been developed by the National Institute of Fashion Technology NIFT.
• The programme was attended by over 3000 handloom and khadi weavers, artisans and stakeholders from the textile and MSME sectors.
• The government started celebrating National Handloom Day, with the first such celebration being held on 7th August 2015.
• The date was specifically chosen as an ode to the Swadeshi Movement which was launched on 7th August 1905 and encouraged indigenous industries and in particular handloom weavers.

Valid license for import of laptops, tablets, and personal computers to be required from November 1

• The Union Government has said that a valid License for imports of laptops, tablets, and personal computers will be required from the 1st of November this year(2023).
• In a notification, the Directorate General of Foreign Trade said, import consignments can be cleared till the 31st of October 2023 without a license for restricted imports.
• The Centre has said that there is no ban on the import of IT Hardware like tablets and laptops as such devices can be imported after obtaining a valid license by companies or traders.
• DGFT has prepared a portal, and companies and traders can apply online for getting a license.
• India has sufficient capacity and capability for manufacturing IT Hardware devices and to boost further production.
• The Government has notified Production Linked Incentive, PLI, Scheme 2.0 for IT Hardware.
• The scheme is expected to lead to a total production of nearly three lakh 29 thousand crore rupees worth of IT Hardware and create 75 thousand additional jobs in five to six years.

NIA intensifies its crackdown on PFI for its alleged anti-national activities

• The National Investigation Agency (NIA) has intensified its crackdown on the Popular Front of India (PFI) for its alleged anti-national activities.
• NIA arrested one more accused, identified as Shahid Reza from Bihar’s East Champaran district, in the Patna case relating to radicalization and indoctrination of youth.
• This has brought the total number of arrests in the case to 16.
• The agency has recovered a pistol, ammunition, an air pistol, a sword, and two knives from Reza’s residence.
• The NIA’s investigation revealed that the PFI members were involved in anti-national agenda.

Vice President addresses the Valedictory Ceremony of the Festival of Libraries at Pragati Maidan, New Delhi

• The Valedictory Ceremony, on the second day of the first-ever ‘Festival of Libraries 2023’, witnessed the gracious presence of the Vice-President of India, Sh. Jagdeep Dhankhar.
• The festival, organised by the Union Ministry of Culture, was inaugurated by the President of India, Droupadi Murmu.
• MoS, Culture and External Affairs, Smt Meenakshi Lekhi, and Secretary, Culture Shs Govind Mohan, Joint Secretary, Culture Smt. Mugdha Sinha was among those present on the occasion.
• The Festival of Libraries, a part of the second phase of ‘Azadi ka Amrit Mahotsav’, aligns with the Prime Minister’s vision of promoting the development and digitisation of libraries in India while fostering a culture of reading.
• Addressing the Valedictory Ceremony of the Festival of Libraries, Shri Dhankhar described informed citizens as the greatest spinal strength of any democratic process.
• Underscoring that only an informed citizenry can neutralize anti-national forces & narratives, he said that libraries are quintessential to achieving informed citizen status.

Lok Sabha membership of Congress leader Rahul Gandhi restored

• The Lok Sabha secretariat restored Congress leader Rahul Gandhi’s membership in the Lower House.
• The decision was taken after the supreme court stayed Mr Gandhi’s conviction in a criminal defamation case.
• Mr Gandhi is a Lok Sabha member from the Wayanad constituency in Kerala.
• He was disqualified from the Lok Sabha in March this year.
• Soon after Mr Gandhi’s Lok Sabha membership was restored, he reached Parliament and offered floral tributes at the Mahatma Gandhi statue in the Parliament House complex.

Ministry of Tourism identifies ‘Prayagraj’ and ‘Naimisharanya’ in UP as destinations for development under ‘Swadesh Darshan 2.0 (SD2.0)

• The Ministry of Tourism has identified ‘Prayagraj’ and ‘Naimisharanya’ in Uttar Pradesh as destinations for development under ‘Swadesh Darshan 2.0 (0) to develop sustainable and responsible tourism destinations.
• Minister of Tourism G. Kishan Reddy said that the State Perspective Plan (SPP) prepared by the State Government of Uttar Pradesh did not include Hastinapur Wildlife Sanctuary for development.
• He further added that the government launched the ‘Swadesh Darshan Scheme’ (SDS) in the year 2014-15 for the integrated development of Theme-Based Tourist Circuits in the country and there are 08 projects of identified thematic circuits in Uttar Pradesh.

Ministerial Conference of Ministry of WCD on Women’s Empowerment Celebrates Actions to Accelerate Women-Led Development

• The G20 Ministerial Conference on Women’s Empowerment was held in Gandhinagar, Gujarat from 2nd to 4th August 2023, with participation by Women and Gender Equality Ministers from across the G20 and Guest countries.
• The Ministry of Women and Child Development as the Nodal Officer for G20 Empower and W20 organized seven international meetings including the Ministerial Conference for Woman Empowerment.
• The Conference had a total participation of over 138 International delegates from 15 G20 Countries namely Argentina, Australia, Brazil, Canada, European Union, Germany, Indonesia, Italy, Japan, Mexico, the Republic of Korea, Saudi Arabia, Türkiye, United Kingdom, and USA and 5 Guest Countries namely Bangladesh, Mauritius, Netherlands, Singapore and UAE. There have been over 60 speakers at the Conference.
• The Inaugural session of the Conference was addressed by Hon’ble Prime Minister of India, Sh. Narendra Modi; Chief Coordinator, India’s G20 Presidency, Shri Harsh Vardhan Shringla; Hon’ble Minister for Women & Child Development and Minority Affairs, India, Smt Smriti Zubin Irani; Hon’ble Minister of Women’s Empowerment and Child Protection, Indonesia, Ms I Gusti Ayu Bintang Darmawati; Hon’ble Vice Minister of Women, Government of the Federative Republic of Brazil, Ms Maria Helena Guarezi; and Secretary, Ministry of Women & Child Development, India, Sh. Indevar Pandey.

DG, NMCG gives a presentation on Namami Gange to World Bank EDs during an impact assessment meeting in Agra

• A meeting was held in Agra, Uttar Pradesh as part of a visit by the Executive Directors of the World Bank to understand the transformational impact of the Bank’s projects in the country.
• Director General of, the National Mission for Clean Ganga (NMCG) Mr. G. Asok Kumar gave a detailed presentation on Namami Gange to the Executive Directors of the World Bank from around the world.
• Auguste Kouame, Country Director, World Bank, India was also present on the occasion.
• Nine EDs of the World Bank Group were present during the meeting: Mr Jack Kurski, Poland; Mr Khalid Bawazier, Saudi Arabia; Ms Zainab Shamsuna Ahmed, Nigeria; Mr Junhong Chang, China; Mr Erivaldo Gomes, Brazil; Mr Ernesto Acevedo, Mexico; Ms Cecilia Nohan, Argentina; and Mr Robin Tasker, United Kingdom. Shri Bhaskar Dasgupta, ED, Finance, NMCG and Shri D.P. Mathuria, ED, Technical, NMCG were also present.
• A tour of the iconic Taj Mahal was also organised.

CURRENT AFFAIRS: INTERNATIONAL

Japan’s PM Fumio Kishida observes a moment of silence in a ceremony to mark the 78th anniversary of the atomic bombing

• Japan’s Prime Minister Fumio Kishida, observed a moment of silence during a ceremony marking the 78th anniversary of the world’s first atomic bombing at the Hiroshima Peace Memorial Park in Hiroshima, Japan.
• Mr Kishida said, Japan, as the only nation to have suffered atomic bombings in war, will continue efforts towards a nuclear-free world.
• On August 6, 1945, during World War II, a U.S. B-29 Superfortress Enola Gay dropped an atomic bomb code-named “Little Boy” on Hiroshima, Japan, resulting in an estimated 1,40,000 deaths.
• Every year on the 6th of August, people around the world reflect on the impact of nuclear warfare and the call for global unity towards peace and disarmament.

CURRENT AFFAIRS: STATE NEWS

Special art exhibition dedicates to G-20 member countries to commence in Bihar

• In Bihar, a special art exhibition dedicated to G-20 member countries will commence in the Bihar Museum, Patna.
• The title of the two-month-long exhibition is Together We Art and it will conclude on 7th October 2023.
• Director General of Bihar Museum Anjani Kumar Singh said the exhibition will be inaugurated by Chief Minister Nitish Kumar.
• The DG said 29 countries including India are participating in the exhibition which is organized by the Union Art and Culture Ministry as part of India’s presidency of G-20 countries.
• Mr Singh said along with the commemoration of the foundation day a five-month-long Bihar Museum Biennale 2023 will also begin.

126 stations in Maharashtra to be developed as world-class railway stations

• Prime Minister Narendra Modi laid the foundation stone for the redevelopment of 508 railway stations at a cost of over 24 thousand 470 crore rupees under the Amrit Bharat Station Scheme across the country through video conferencing.
• In Mumbai, Central Railways organised events at Parel, Vikhroli, and Kanjurmarg stations.
• Governor of Maharashtra Ramesh Bais said while addressing the gathering, that 126 stations in Maharashtra are planned to be developed as world-class railway stations.
• He added that among these, foundation stones for the redevelopment of 44 stations will be laid.
• He expressed happiness that 15 stations of the Mumbai division are going to be redeveloped under the Amrit Bharat station scheme.
• Maharashtra Governor remarked that there has been a radical change in the Indian Railways as railway journey has become very pleasant and comfortable.

Gujarat Government implement the One District One Product (ODOP) scheme with a grant of 58 crores rupees

• Government of Gujarat has implemented the One District One Product (ODOP) scheme with a grant of 58 crores rupees to promote its indigenous products at the international level.
• The Gujarat State Handicrafts and Handicrafts Development Corporation (GSHHDC) has started the implementation of this scheme.
• Providing details on this, Managing Director of GSHHCD Lalit Narayan Sandu said, the focus is on specific products like Sujani Handloom, Bandhani of Jamnagar and Patola of Patan under ODOP in Gujarat, to promote it in the market.
• Under this scheme, more than 25 handicraft products and those from the handicrafts sector have been selected from 21 districts of the state, including traditional handicrafts like Gamthi Block Print and Mata-ni-Pachhedi.
• The ODOP initiative is aimed at fostering balanced regional development across all districts of the country, enabling holistic socio-economic growth across all regions.
• The objective is to focus on the district of the country as a unit for converting into a manufacturing and export hub by identifying products with export potential in the district.

Union Minister Amit Shah launches digital portal of Central Registrar of Cooperative Societies in Pune

• Union Minister of Cooperation Amit Shah said that the cooperative movement cannot progress without transparency and the digital portal will serve that purpose.
• He asserted that the digital portal would be useful in promoting cooperative-based economic progress, as well as strengthening the cooperative movement in the country.
• Mr Shah was speaking in Pune after launching the digital portal of the Central Registrar of Cooperative Societies
• Deputy Chief Ministers Devendra Fadanvis and Ajit Pawar, Union MoS for Cooperation B L Varma and Minister of Cooperation of Maharashtra Dilip Walse Patil were also present on the occasion.

Details of Land Acquisition and Compensation Given by NLCIL in Tamil Nadu

• The lands required for NLC India are acquired by the District Administration as per the Land Acquisition Act prevailing at the time of acquisition.
• The entitled compensation and other rehabilitation and resettlement benefits are fully provided to the land owners and livelihoods are protected.
• Currently, the lands are acquired as per the “Tamil Nadu Acquisition of Land for Industrial Purposes Act, 1997”, with the provisions relating to the determination of compensation as specified in the First Schedule, rehabilitation and resettlement as specified in the Second Schedule and infrastructure amenities as specified in the Third Schedule of RFCTLARR Act, 2013.
• About 1054 hectares of land required for mine advancement for the next 5 years is being acquired to sustain continuous electricity generation which will contribute to the development of the state.
• As per the revised NLCIL’s enhanced compensation & R&R policy for the Neyveli region, the minimum compensation is paid (including Multiplying factor, Solatium, and Additional Market Value), wherever the land compensation arrived by LAO as per the provision of Schedule-I of RFCTLARR Act is less than following:

25. for Agricultural lands, Rs.25 Lakh per acre (a special GO Ms No. 185 dated 25.08.2022 has been issued by GoTN for making minimum land compensation payment of Rs. 23 lakhs per acre and the balance Rs 2 Lakhs per acre is being paid as ex-gratis)
26. for House site lands acquired from Rural Areas, Rs 40 Lakh per acre.

• for House lands acquired from Urban areas, Rs.75 Lakh per acre.

CURRENT AFFAIRS: BUSINESS NEWS

8.51% Increase in Coal Production till June 2023

• During the current year till Jun 20623, domestic coal production has increased by over 8.51% compared to the same period of last year.
• Most of the requirement for coal in the country is met through indigenous production/supply.
• The focus of the Government is on increasing the domestic production of coal and eliminating the non-essential import of coal in the country.
• In the year 2022-23, coal production increased by 14.77% over the previous year.
• No worker is retrenched from the services of Coal companies (Coal India Limited/Singareni Collieries Company Limited) on the closure of coal mines.
• Workers are relocated/transferred to other units /establishments for their effective utilization, with providing sufficient training.

TDB-DST supports M/s Alchemy Recyclers Private Limited, Gujarat, for the development of an Integrated Plant for the Recovery of Precious Metals from E-waste, Jewellers Waste and Automobile Catalyst Waste

• The Technology Development Board signed the second agreement under the initiative “Technology intervention towards ‘Garbage Free Cities’”.
• TDB signed an agreement with M/s Alchemy R recyclers Private Limited, Gujarat, for the development of an Integrated Plant for the Recovery of Precious Metals from E-waste, Jewellers Waste, and Automobile Catalyst Waste’.
• The board has agreed to provide support of ₹14 Crores out of the total project cost of ₹1.90 crores.
• The Technology intervention call is aimed at encouraging proposals that will not only eliminate waste from Indian cities but also utilize technological interventions to generate wealth from waste.
• Taking inspiration from the Prime Minister’s vision, the Swachh Bharat Mission: Urban 2.0 aimed to make all our cities free from garbage and emphasizes cleanliness, the Technology Development Board (a statutory body of the DST, Government of India) invited applications from Indian companies having innovative indigenous technologies at the commercialization stage in the waste management domain.

CURRENT AFFAIRS: APPOINTMENTS AND RESIGNATION

Cambodian King Norodom Sihamoni appoints Hun Manet- as the new Prime Minister of Cambodia

• Cambodia’s King Norodom Sihamoni has appointed former Prime Minister Hun Sen’s son – Hun Manet– as the new prime minister of the country.
• A royal decree was issued by the King stating that he appoints Dr Hun Manet as the prime minister of the Kingdom of Ca Cambodia for the 7th mandate of the parliament.
• While the King has appointed Hun Manet as the PM, the leader and his cabinet must win the confidence vote on August 22 to assume office.
• During the Cambodian Elections 2023, Hun Sen’s party – the Cambodian People’s Party – won with a landslide victory.
• Days after their victory, former PM Hun Sen announced that he will be stepping down as the Prime Minister, after assuming office in 1998.

CURRENT AFFAIRS: SCIENCE AND TECHNOLOGY

ISRO successfully carries out orbit reduction manoeuvre of moon mission Chandrayaan-3

• The Indian Space Research Organisation successfully carried out the lunar-orbit reduction manoeuvre of India’s third moon mission Chandrayaan-3, a day after ing it into the lunar orbit.
• ISRO said the spacecraft successfully underwent a planned orbit reduction manoeuvre which brought it closer to the Moon’s surface now to 170 km x 4313 km orbit means the spacecraft’s farthest point from the moon is 4313 km and the closest point is 170 km only.
• The space agency said it will carry out the next such operation, 9th August between 1 pm and 2 pm.
• There will be three more moon-bound manoeuvres till August 17, following which the landing module, comprising the lander and rover, will break away from the propulsion module.
• After this, de-orbiting manoeuvres will be carried out on the lander before the final descent on the moon.
• According to ISRO, it would attempt a soft landing on the moon’s surface on August 23.

CURRENT AFFAIRS: SPORTS NEWS

Indian men’s team reclaim top spot in ongoing Asian Champions Trophy competition in Chennai defeating Malaysia

• In Hockey, the Indian men’s team reclaimed the top spot in the ongoing Asian Champions Trophy after they defeated Malaysia by 5-0 in their round-robin clash at the Mayor Radhakrishnan Stadium in Chennai.
• India had drawn 1-1 with Japan.
• They had started the campaign at home with a huge 7-2 win over China.
• India is at the top spot, with two wins and a draw in three matches and a total of seven points.
• India will face South Korea at 8:30 this evening before wrapping up the group stage against Pakistan.
• Malaysia is in the second spot with two wins and a loss in three matches and a total of six points and defending champions South Korea are third with four points.

Tennis: Prarthana Thombare clinches women’s doubles title in Barcelona, Spain

• Prarthana Thombare has clinched the doubles title at the women’s tennis hardcourt event in Barcelona, Spain.
• The Asian Games bronze medallist, combined with Russian Anastasia Tikhonova, edged out France’s Estelle Cascino and Latvia’s Diana Marcinkevica 3-6, 6-1, 10-7 in the final.
• It is the second title of the year and 26th overall for Prarthana, who bagged bronze with Sania Mirza in 2014 at Incheon.
• Siddhant Banthia and Sai Karteek Reddy won their second title this season in the ITF men’s event in Astana, Kazakhstan.
• They defeated Estonia’s Daniil Glinka and Karl Kiur Saar 7-5, 6-7, 10-4 to lift the trophy in the hard-court event.
• It is the first crown for both the players who triumphed in their first appearance as a team in an event in Jakarta in June.
• In the ITF women’s event in Foxhills, Britain, Rutuja Bhosale in partnership with Destanee Aiava of Australia beat the top seeds Talia Gibson and Petra Hule of Australia in the doubles final.
• It was the 22nd career doubles title for the 27-year-old Rutuja.

CURRENT AFFAIRS: IMPORTANT DAYS

Quit India Movement – August 8:

• Quit India Movement is observed annually on August 8.
• This day is also known as August Kranti Din.
• This day is observed as an important movement in the freedom struggle and many freedom fighters took charge themselves.
• Quit India Movement was launched in the year 1942.
• In April 1942, when the cripp’s mission failed, a great mass struggle was launched and this struggle was known as Quit India Movement.
• This resolution approved the starting of a mass struggle of non-violence for the independence of the country.
• After the resolution passed, Mahatma Gandhi in his speech said, “Do or Die. We shall either be free or die in the attempt”
• In 1942, most of the leaders were arrested and lodged in prisons.
• People attacked Government property, Government organizations, railway lines and telephones.
• There is a conflict between people and the police and the Government imposed restrictions on the publication of the Quit India Movement.

Daily CA One-Liner: August 8

• Payments giant Mastercard announced the introduction of Cardholder Verification Value (CVV)-less online transactions for its debit and credit cardholders who have tokenized their cards on merchant platforms.
• The Union Minister of Finance and Corporate Affairs Nirmala Sitharaman inaugurated the Corporate Debt Market Development Fund (CDMDF) and initiated the trading on Limited Purpose Clearing Corporation (LPCC) mechanism called AMC Repo Clearing Limited (ARCL), in Mumbai, Maharashtra.
• Union Finance Minister Smt Nirmala Sitharaman chaired a meeting with Chairpersons and senior officials of Regional Rural Banks (RRBs) from Southern Region, in Chennai, Tamil Nadu (TN),
• State Bank of India’s (SBI) first quarter (Q1FY24) standalone net profit soared 178% year-on-year (yoy) in the first quarter to ₹16,884 crore, buoyed by a 5-fold increase in other income, robust net interest income, and a decline in loan loss provisions.
• Insurance Regulatory and Development Authority of India (IRDAI) has allowed insurance companies’ bond holdings in the erstwhile Housing Development Finance Corporation (HDFC) to be treated as ‘housing and infrastructure’ investments till maturity.

• Prime Minister Narendra Modi said that Vocal for Local has become a mass movement that has given a new impetus to the textile sector in the country.
• The Government has said that a valid License for imports of laptops, tablets, and personal computers will be required from the 1st of November this year.
• The National Investigation Agency (NIA) has intensified its crackdown on the Popular Front of India (PFI) for its alleged anti-national activities.
• The Valedictory Ceremony, on the second day of the first-ever ‘Festival of Libraries 2023’, witnessed the gracious presence of the Vice-President of India, Sh. Jagdeep Dhankhar.
• The Lok Sabha secretariat restored Congress leader Rahul Gandhi’s membership in the Lower House.
• The Ministry of Tourism has identified ‘Prayagraj’ and ‘Naimisharanya’ in Uttar Pradesh as destinations for development under ‘Swadesh Darshan 2.0 (0) to develop sustainable and responsible tourism destinations.
• The G20 Ministerial Conference on Women’s Empowerment was held in Gandhinagar, Gujarat from 2nd to 4th August 2023, with participation by Women and Gender Equality Ministers from across the G20 and Guest countries.
• A meeting was held in Agra, Uttar Pradesh as part of a visit by the Executive Directors of the World Bank to understand the transformational impact of the Bank’s projects in the country.
• Japan’s Prime Minister Fumio Kishida, observed a moment of silence during a ceremony marking the 78th anniversary of the world’s first atomic bombing at the Hiroshima Peace Memorial Park in Hiroshima, Japan.
• In Bihar, a special art exhibition dedicated to G-20 member countries will commence in the Bihar Museum, Patna.
• Prime Minister Narendra Modi laid the foundation stone for the redevelopment of 508 railway stations at a cost of over 24 thousand 470 crore rupees under the Amrit Bharat Station Scheme across the country through video conferencing.
• Government of Gujarat has implemented the One District One Product (ODOP) scheme with a grant of 58 crores rupees to promote its indigenous products at the international level.
• Union Minister of Cooperation Amit Shah said that the cooperative movement cannot progress without transparency and the digital portal will serve that purpose.
• The lands required for NLC India are acquired by the District Administration as per the Land Acquisition Act prevailing at the time of acquisition.
• During the current year till Jun 2023, domestic coal production has increased by over 8.51% compared to the same period of last year.
• The Technology Development Board signed the second agreement under the initiative “Technology Intervention towards ‘Garbage Free Cities’.
• Cambodia’s King Norodom Sihamoni has appointed former Prime Minister Hun Sen’s son – Hun Manet– as the new prime minister of the country.
• The Indian Space Research Organisation successfully carried out the lunar-orbit reduction manoeuvre of India’s third moon mission Chandrayaan-3, a day after ing it into the lunar orbit.
• In Hockey, the Indian men’s team reclaimed the top spot in the ongoing Asian Champions Trophy after they defeated Malaysia by 5-0 in their round-robin clash at the Mayor Radhakrishnan Stadium in Chennai.
• Prarthana Thombare has clinched the doubles title at the women’s tennis hardcourt event in Barcelona, Spain.
• Quit India Movement is observed annually on August 8.