CURRENT AFFAIRS : BANKING & FINANCE
NABARD sanctions Rs 1,974 crores to the Government of Rajasthan for Rural Infrastructure Development Fund for 2023-24
- National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 1,974.07 crore to the Rajasthan government under the Rural Infrastructure Development Fund (RIDF) for 2023-24.
- Rs 930.44 crore has been sanctioned for 3 rural drinking water supply projects in Ajmer, Jalore, and Kota districts.
- Rs 926.48 crore are sanctioned for the construction of 676 rural roads in the desert and tribal areas of Rajasthan.
- This comes after Rs 117.15 crore had been sanctioned for the construction of 104 veterinary hospitals and 431 sub-centers in all districts of the state.
Key Highlights :
- Drinking water supply projects are expected to provide clean and potable water to 87 lakh households in 2,500 villages, whereas rural road projects will improve connectivity in 1,229 villages across 12 districts.
- NABARD is also supporting the state government in bringing 4.28 lakh hectares under micro-irrigation with a support of Rs 740 crore from the Micro Irrigation Fund.
- The lining of 450 km of earthen canals in Kota and Bundi districts is under construction following a Rs 623.38-crore assistance under NABARD Infrastructure Development Assistance.
About NABARD :
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Shri. Shaji K V
- It was established on the recommendations of Sivaraman Committee (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
- NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex cooperative banks in India.
- It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).
IndusInd Bank partners with Tiger Fintech to launch co-branded credit cards
- IndusInd Bank and Tiger Fintech Private Limited, a Bajaj Capital Group company, announced the launch of the IndusInd Bank Tiger Credit Card, a co-branded credit card powered by Visa.
- With this launch, customers will get access to best-in-class credit cards to meet their lifestyle needs.
About IndusInd Bank Tiger Credit Card :
- The credit card comes with benefits including the ‘Magnificent Rewards Program’ where customers earn up-to 6X accelerated rewards.
- Cardholders will also be able to convert their rewards points to air miles and enjoy discounted foreign currency mark-up of5% on international spends.
- This co-branded credit card offers access to complimentary benefits like 24×7 concierge facility, domestic and international lounge access at the airports, games/lessons of golf, assured movie tickets and many other entertainment benefits.
About IndusInd Bank :
- Founded : April 1994
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Sumant Kathpalia.
- Tagline : We Make You Feel Richer
SEBI allows Offers for Sale for units of privately listed InvITs through the Stock Exchange
- Capital markets regulator Securities and Exchange Board of India (SEBI), allowed Offer For Sale (OFS) for units of private listed Infrastructure Investment Trusts (InvlTs) through a stock exchange mechanism.
- This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act,1992 to protect the interest of investors in securities and to promote the development of and to regulate the securities market.
About InvITs :
- InvITs were introduced in India to provide investors with an opportunity to gain exposure to infrastructure projects with diversification of risks through pooling arrangements.
- Privately placed InvITs can invest in under-construction assets as well as completed and revenue-generating assets and public InvITs can invest majorly in completed and revenue-generating assets.
Key Highlights :
- Based on the feedback received from market participants, it has been decided to modify the framework to allow OFS for units of private listed InvITs.
- The OFS for the sale of units of REITs and InvITs by sponsor or sponsor group entities, and other unit holders are permitted in units of listed REITs.
- In the case of OFS for listed InvITs, the trading lot will be the same as the trading lot prescribed for such InvITs in the secondary market under SEBI’s Infrastructure Investment Trusts rules.
What is OFS?
- Offer for Sale means the promoters (owners) sell their shares to raise additional funds for the company.
- The primary purpose of selling shares to outside investors is to gain access to funds for various purposes, including growth and expansion.
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.
Swiss Investor responsAbility signs Agreement to Fund $15 Million to Electronica Finance
- Electronica Finance Limited (EFL), a leading Pune based Non-Banking Financial Company (NBFC) specialising in financing Micro, Small and Medium Enterprises (MSMEs) with a focus on financial inclusion and energy efficient machine financing, has signed a US$15 million deal from Global Climate Partnership Fund (GCPF), managed by responsAbility Investments AG to promote green financing in India as part of its sustainability goal.
Key Highlights :
- Electronica Finance Limited will use the funding for financing energy-efficient machines and promote rooftop solar installation.
- The NBFC received $7.5 million from responsIbility in July 2023, and plans to draw the remainder later
- The fund was raised at a 11.4% yield.
About Electronica Finance Limited :
- MD & CEO : Shilpa Pophale
- It is supported by the Small Industries Development Bank of India (SIDBI).
SEBI & APMI jointly set standards for performance audit of PMS players
- The Securities and Exchange Board of India (SEBI) and Association of Portfolio Managers in India (APMI) will jointly set standards for performance audit of portfolio management services (PMS) players effective from October 01, 2023.
- In order to have uniformity, it has been decided that APMI, in consultation with SEBI, shall specify standardised Terms of Reference (‘ToR’) for aforesaid audit of firm-level performance data.
- The standard ToR will include a requirement for Portfolio Managers to consider clients’ portfolios under all services for the purpose of audit of firm-level performance data.
- The portfolio managers are required to audit firm-level performance data on an annual basis and submit the confirmation of compliance with the requirement of the annual audit of firm-level performance data in line with the standard ToR within 60 days from the end of each financial year.
CURRENT AFFAIRS: NATIONAL NEWS
IIT – Hyderabad and Kathmandu University agreed to offer JDP at a PhD level in all areas of research
- The Indian Institute of Technology-Hyderabad and Kathmandu University (KU) have agreed to offer a Joint Doctoral Programme (JDP) at the PhD level in all areas of research.
- Several decisions to strengthen the ties between the two Institutes have been taken during the recent visit of the IIT-H delegation to KU.
- According to an official release, students from India and Nepal will have the opportunity to work on frontier areas of science, technology, design, and medical innovations under the programme.
- The students admitted to the JDP at KU will have an opportunity to spend up to one year at IIT-H, supported by an IIT-H scholarship during their stay at IIT-H and vice versa.
- This association is aimed at developing successful academic and research collaborations in the areas of common interest and complementary capabilities.
Parliament approves Bill to simplify birth and death registration and make it digital
- Parliament has approved the Registration of Births and Deaths (Amendment) Bill, 2023.
- Rajya Sabha passed the bill while Lok Sabha cleared it on the 1st of this month.
- Replying to a discussion on the bill, Minister of State for Home Nityanand Rai said, the bill has been brought to simplify the birth and death registration and it will be completely digital.
- The Bill seeks to amend the Registration of Births and Deaths Act, of 1969 which provides for the regulation and registration of births and deaths.
- The Act provides for the appointment of a Registrar-General, India who may issue directions for registration of births and deaths.
- The Bill adds that the Registrar General will maintain a national database of registered births and deaths.
- Sulata Deo of BJD, Seema Dwivedi of BJP, Subhas Chandra Bose Pilli and Vijaysai Reddy of YSRCP, and M Thambidurai of AIADMK participated in the discussion.
NeGD Organises the 39th CISO Deep Dive Training Programme Under MeitY’s initiative Cyber Surakshit Bharat
- Cyber Surakshit Bharat initiative of MeitY was conceptualised with the mission to spread awareness about cyber-crime and build capacities of Chief Information Security Officers (CISOs) and frontline IT officials, across all government departments, for ensuring adequate safety measures to combat the growing menace – Organisations need to defend their digital infrastructures and become future-ready in tackling cyber-attacks.
- National e-Governance Division (NeGD), under its Capacity Building scheme, organised the 39th CISO Deep-Dive training programme from August 7th-11th 2023 with 25 participants from Central Line Ministries at the Indian Institute of Public Administration in New Delhi.
- The programme was inaugurated by Sh. S.N Tripathi, Director General IIPA, Smt. Savita Utreja, Scientist G (Senior Director) & Group Coordinator, Cyber Security, MeitY, Sh. Rajnish Kumar, Director-Capacity Building & Finance, NeGD, MeitY and Sh. Vinod Kumar Chouhan, Scientist E, Cyber Security, MeitY and Prof. Charu Malhotra, Course Coordinator, IIPA.
- The purpose of the program is to spread awareness, build capacity as well as enable Government departments on steps that need to be taken to create a cyber-resilient ecosystem.
- This programme aims to sensitise and orient participants on cyber safety and security in taking the Digital India programme forward for integrated delivery of various Govt. services to citizens, present holistic information and knowledge and understanding about cyber security, spreading awareness, build capacities as well as enable government departments to look after their cyber hygiene, safety and security.
Parliament passes the Govt of National Capital Territory of Delhi (Amendment) Bill 2023, empowering Centre to make rules for Delhi
- Parliament has passed the Government of National Capital Territory of Delhi (Amendment) Bill 2023 with Rajya Sabha approving it.
- The Rajya Sabha cleared it by voting 131 MPs in favour of the bill, while 102 MPs were against the bill.
- The Bill was passed in the Lok Sabha last week. It seeks to amend the Government of National Capital Territory of Delhi Act 1991. It empowers the Central Government to make rules in connection with the affairs of the Government of National Capital Territory of Delhi including the functions, terms and other conditions of service of officers and employees. It also has a provision in the constitution of the National Capital Civil Service Authority.
- The authority consists of the Delhi Chief Minister, the Chief Secretary of Delhi, and the Principal Home Secretary of Delhi.
- The Authority will make recommendations to Delhi Lieutenant Governor regarding transfers and postings of officials and disciplinary matters.
- The Centre had brought an ordinance in this regard in May this year.
Postal Life Insurance (PLI) Launches Direct Incentive Disbursement for Sales Force: A Transformational Step
- Postal Life Insurance (PLI), a distinguished name in the insurance sector since 1884, is taking a momentous leap forward in its customer-centric approach.
- Recognising the pivotal role of its sales force, the PLI is proud to introduce the pilot program for “Direct Incentive Disbursement” in the Delhi and Uttarakhand Circles.
- The cornerstone of PLI’s success has always been its sales staff, the driving force behind the department’s accomplishments.
- Their dedication profoundly influences PLI’s ability to acquire and retain clients, making them indispensable brand ambassadors.
- By delivering personalised services and cultivating strong client relationships, PLI’s agents consistently contribute to the growth of revenue.
- In alignment with its unwavering commitment to continuous improvement, PLI is now unveiling a major enhancement to its agent incentive program.
- Through the “Direct Incentive Disbursement” feature, agents will experience the seamless transfer of their hard-earned commissions from the previous month directly to their Post Office Savings Bank Accounts.
Union Commerce and Industry Minister Shri Piyush Goyal participates in the 13th BRICS Trade Ministers’ Meeting
- Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal attended the 13th BRICS Trade Ministers’ Meeting held under the BRICS Presidency of South Africa virtually.
- The theme of BRICS this year is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism”.
- Shri Piyush Goyal, touched upon issues related to WTO, Supply chain, Digitalisation, MSMEs and on the issue of Mispricing and under-invoicing in the meeting.
- The Minister lauded the South African Presidency for having an ambitious Agenda and completing outcome-oriented activities under the Contact Group on Economic and Trade Issues (CGETI).
- He extended strong support to the BRICS spirit of equality, openness, inclusiveness, consensus, mutual respect and understanding.
- Shri Piyush Goyal stressed building trust among each other and expressed strong belief in small, achievable, incremental steps towards WTO Reform.
- He also expressed how India wishes to see invigorated, improved, inclusive WTO as it completes three decades, talking about ’30 for 30’, which is an effort to bring at least 30 operational improvements to the WTO before the Organization completes 30 years, i.e., by 1 January 2025.
CURRENT AFFAIRS: INTERNATIONAL
5th India-Vietnam Joint Trade Sub-Commission meeting in New Delhi
- The 5th meeting of the India-Vietnam Joint Trade Sub-Commission (JTSC) was held in New Delhi.
- The meeting was co-chaired by the Additional Secretary, Department of Commerce, Ministry of Commerce & Industry, Shri Rajesh Agrawal from the Indian side and Deputy Minister, Ministry of Industry and Trade, Ms Phan Thi Thang from the Vietnam side.
- This meeting was held after a gap of more than four years since the 4th JTSC meeting held in January 2019, on account of the COVID-19 pandemic and other factors.
- Vietnam is the 23rd largest global trade partner of India and the 5th largest among ASEAN countries with bilateral trade of USD 14.70 Bn during 2022-23.
- Vietnam accounts for 11.2% of India’s total trade with ASEAN. Vietnam is an important destination for India’s iron & steel and agricultural and animal products mainly meat products, animal fodder, cereals and marine products.
APEDA facilitates the export of the first trial shipment of fresh pomegranate to the USA via air
- Agricultural and Processed Food Products Export Development Authority (APEDA), which works under the aegis of the Ministry of Commerce and Industry, has facilitated the export of the first trial shipment of fresh pomegranate to the USA through an air route.
- The first export consignment of pomegranate to the USA was initiated by APEDA in collaboration with the National Plant Protection Organization (NPPO) of India, the US’s Animal & Plant Health Inspection Service (US-APHIS), Maharashtra State Agricultural Marketing Board (MSAMB), ICAR-National Research Centre on Pomegranate, Solapur (NRC-Solapur) and others.
- Chairman, APEDA, Shri Abhishek Dev said that the increase in pomegranate exports to the USA would result in higher price realisation and an increase in farmers’ income.
- There has been an encouraging response from the importers of the pomegranate shipment.
- The trial shipment of pomegranate was carried out by the APEDA registered ‘INI Farms’, which is amongst the top exporters of fruits and vegetables from India.
- It has built a value chain of bananas and pomegranates by working directly with farmers.
- As a part of the Agrostar group, complete services from agronomy, agri-inputs and off-take are provided to farmers with the produce exported to over 35 countries across the world.
Construction work of the Indian Buddhist Culture and Heritage Centre begins in Lumbini, Nepal
- In Nepal, the construction work of the Indian Buddhist Culture and Heritage Centre has begun in Lumbini after the Bhumi Pujan ceremony with special recitation by Buddhist monks.
- The 1.60 billion rupee heritage Centre is expected to be lotus shaped which will be built in zero-net technology and may be completed in one and a half years.
- Prime Minister Narendra Modi and the then Prime Minister of Nepal, Sher Bahadur Deuba, had jointly laid the foundation stone during Mr Modi’s Lumbini visit in 2022.
- Our Kathmandu correspondent reports, India and Nepal share cultural heritage, and constructing a monastery at international standards in Lumbini will promote spiritual and religious tourism.
CURRENT AFFAIRS: STATE NEWS
17 new districts and 3 new divisions come into existence in Rajasthan
- 17 new districts and 3 new divisions have come into existence in Rajasthan.
- Chief Minister Ashok Gehlot inaugurated new districts and divisions through video conference in a program organized at Birla Auditorium in Jaipur.
- Inauguration programs were also organized in all the new districts and divisions, where the minister in charge participated.
- The Chief Minister also launched the website of all the new districts.
- Before the inauguration program, Havan, Puja and Yagya were performed in all the districts. Addressing the programme, Chief Minister Ashok Gehlot said that the state has created history.
- He said that with the increasing population, decentralization of the administrative system is necessary.
- He said that these new districts would give a new impetus to the development of the state.
CURRENT AFFAIRS: APPOINTMENT AND RESIGNATION
Tesla appoints Indian-origin Vaibhav Taneja as its new CFO
- Tesla appointed Vaibhav Taneja as its new Chief Financial Officer.
- The 45-year-old will take over the new position, also known as ‘Master of Coin’, in addition to his role as the electric vehicle company’s Chief Accounting Officer (CAO).
- Vaibhav Taneja was announced as the new CFO after Zachary Kirkhorn, who previously held the post, stepped down.
- Taneja’s appointment comes as Elon Musk’s Tesla is looking to grab a foothold in the Indian market.
- The company recently leased its first office space in Pune.
- Before that, the 45-year-old was employed at PricewaterhouseCoopers in both India and the US between July 1999 and March 2016, as per his LinkedIn profile.
- He has more than 17 years of experience working with multinational companies in technology, retail & telecommunication.
CURRENT AFFAIRS: SCIENCE AND TECHNOLOGY
Successful commissioning of GSAT-24 unlocks one more step towards Aatmanirbhar Bharat: I&B Secy Apurva Chandra
- New Space India Limited NSIL has collaborated with Tata Play and launched the GSAT-24 satellite in June 2022 aligned with the Make in India vision of the Government.
- Tata Play commenced the use of this satellite, now in its orbital position, starting.
- In the inauguration ceremony in New Delhi, Information and Broadcasting Secretary Apurva Chandra expressed happiness and said, this event unlocks one more step towards Aatmanirbhar Bharat and self-reliance in the field of space and communication.
- Indian Space Research Organisation ISRO Chairman S. Somanath said, GSAT-24, a 4-tonne class communication satellite built by ISRO for providing DTH services is fully operational at its maximum satellite capacity, following exhaustive in-orbit testing.
- He said, this achievement signifies a revolution in India’s telecommunications space, driven by cutting-edge indigenous technology. Mr Somnath said, it serves as a tribute to the nation’s aerospace prowess and heralds India’s successful entry into the Demand Driven Mission segment.
- Chairman and Managing Director NSIL Radhakrishnan Durairaj said, GSAT-24 has been the first Demand Driven communication satellite mission undertaken by NSIL post space sector reforms.
- Tata Play’s MD and CEO Harit Nagpal said, the collaboration with NSIL will provide their DTH subscribers with even better video and audio quality and many more channels and services.
CURRENT AFFAIRS: SPORTS NEWS
World No. 1 men’s doubles pair Pramod Bhagat and Sukant Kadam won a gold medal in the SL3-SL4 category
- World No. 1 men’s doubles pair of Pramod Bhagat and Sukant Kadam won a gold medal in the SL3-SL4 category in the Four Nations Para-Badminton International- 2023 in Sheffield, England, defeating compatriots Deep Ranjan Bisoyee and Manoj Sarkar 21-17 21-17.
- Bhagat also secured silver in the singles SL3 category, as also as silver in the mixed doubles SL3- SU5 category with Manisha Ramdass.
- Kadam won a bronze in the singles SL4 category.
India to play their third T-20 International against West Indies at Providence Stadium in Guyana
- In Cricket, India will clash against West Indies in their third T-20 International at Providence Stadium in Guyana.
- Till now West Indies have a lead of 2-0 against India in the five-match series.
- The last two matches will be played in the United States.
- The fourth match will be held on the 12th of August in Florida and the 5th match of the series will be played on the 13th of this month at the same venue.
CURRENT AFFAIRS: IMPORTANT DAYS
Nagasaki Day 2023 – August 9
- Nagasaki Day is observed on August 9 every
- This day is the 78th Anniversary of the US atomic bombing.
- On August 9, 1945, during the second world war, the US dropped a bomb on Nagasaki in the city of Japan.
- The nuclear bomb that was attacked by the US in Nagasaki was called the ‘FAT MAN’.
- This bomb attack suddenly devastates Nagasaki and killed almost 70,000 people during the attack.
- The US warplane drop the bomb named FAT MAN in Nagasaki and this led to the surrender of Japan in the second world war II.
- Due to the bomb attack, several people develop cancer and severe illness due to sudden radiation exposure.
- After 5 to 6 years of bombing, the incidence of leukaemia causes several other diseases like thyroid, breast diseases, lung cancer etc.
- After so many decades, the risk caused by radiation exposure continues to increase and causes disease.
International Day of World’s Indigenous People 2023 – August 9:
- International Day of World’s Indigenous people is observed annually on August 9.
- This year’s theme is Indigenous Youth as Agents of Change for Self-determination.
- This day is observed to raise awareness about life and to protect the indigenous people.
- This day was first observed by United Nations General Assembly (UNGA) in December 1994.
- This day is observed annually to recognize the first UN working group on indigenous people meeting in Geneva in 1982.
- On December 23, 1994, the UN General Assembly observed August 9 as the International Day of the world’s indigenous people day.
- The second International decade of World’s indigenous people was observed by the assembly in 2004 and it was continued annually as International Day of world’s indigenous people day.
- This day explains the problems faced by indigenous people in the areas like education, health, culture, environment and economic development.
- In April 2000, Human Rights Commission established the permanent UN Forum on indigenous people’s Issues showcased by the Economic and social council.
Daily CA One-Liner: August 9
- National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 1,974.07 crores to the Rajasthan government under the Rural Infrastructure Development Fund (RIDF) for 2023-24.
- IndusInd Bank and Tiger Fintech Private Limited, a Bajaj Capital Group company, announced the launch of the IndusInd Bank Tiger Credit Card, a co-branded credit card powered by Visa.
- The Capital markets regulator Securities and Exchange Board of India (SEBI), allowed Offer For Sale (OFS) for units of private listed Infrastructure Investment Trusts (InvlTs) through a stock exchange mechanism.
- Electronica Finance Limited (EFL), a leading Pune based Non-Banking Financial Company (NBFC) specialising in financing Micro, Small and Medium Enterprises (MSMEs) with a focus on financial inclusion and energy efficient machine financing, has signed a US$15 million deal from Global Climate Partnership Fund (GCPF), managed by responsAbility Investments AG to promote green financing in India as part of its sustainability goal.
- The Securities and Exchange Board of India (SEBI) and the Association of Portfolio Managers in India (APMI) will jointly set standards for performance audit of portfolio management services (PMS) players effective from October 01, 2023.
- The Indian Institute of Technology-Hyderabad and Kathmandu University (KU) have agreed to offer a Joint Doctoral Programme (JDP) at the PhD level in all areas of research.
- Parliament has approved the Registration of Births and Deaths (Amendment) Bill,
- Cyber Surakshit Bharat initiative of MeitY was conceptualised with the mission to spread awareness about cyber-crime and build capacities of Chief Information Security Officers (CISOs) and frontline IT officials, across all government departments, for ensuring adequate safety measures to combat the growing menace – Organisations need to defend their digital infrastructures and become future-ready in tackling cyber-attacks.
- Parliament has passed the Government of National Capital Territory of Delhi (Amendment) Bill 2023 with Rajya Sabha approving it.
- Postal Life Insurance (PLI), a distinguished name in the insurance sector since 1884, is taking a momentous leap forward in its customer-centric approach.
- Union Minister of Commerce and Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal attended the 13th BRICS Trade Ministers’ Meeting held under the BRICS Presidency of South Africa virtually.
- The 5th meeting of the India-Vietnam Joint Trade Sub-Commission (JTSC) was held in New Delhi.
- Agricultural and Processed Food Products Export Development Authority (APEDA), which works under the aegis of the Ministry of Commerce and Industry, has facilitated the export of the first trial shipment of fresh pomegranate to the USA through an air route.
- In Nepal, the construction work of the Indian Buddhist Culture and Heritage Centre has begun in Lumbini after the Bhumi Pujan ceremony with special recitation by Buddhist monks.
- 17 new districts and 3 new divisions have come into existence in Rajasthan.
- Tesla appointed Vaibhav Taneja as its new Chief Financial Officer.
- New Space India Limited NSIL has collaborated with Tata Play and launched the GSAT-24 satellite in June 2022 aligned with the Make in India vision of the Government.
- World No. 1 men’s doubles pair of Pramod Bhagat and Sukant Kadam won a gold medal in the SL3-SL4 category in the Four Nations Para-Badminton International- 2023 in Sheffield, England, defeating compatriots Deep Ranjan Bisoyee and Manoj Sarkar 21-17 21-17.
- In Cricket, India will clash against West Indies in their third T-20 International at Providence Stadium in Guyana.
- Nagasaki Day is observed on August 9 every
- International Day of World’s Indigenous People is observed annually on August 9.
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