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CURRENT AFFAIRS : BANKING & FINANCE
Tata AIA partners with WhatsApp & PayU to introduce industry’s 1st premium payment feature
- Tata Group-backed life insurance arm, Tata AIA has introduced a first-of-its-kind in the insurance industry, by enabling digital payments via WhatsApp and Unified Payment Interfaces (UPI).
- This feature provides an instant premium payment facility through WhatsApp and UPI-enabled payment options.
Key Highlights :
- For easy use for both tech and non-tech-savvy consumers, it also offers a hassle-free premium payment experience.
- Through the new feature, policyholders can pay premiums digitally and receive a quick premium payment confirmation & acknowledgement.
- Notably, WhatsApp and UPI have become household messaging and payment facilities, respectively, in India.
- India currently has around 500 million WhatsApp users and more than 300 million UPI users.
- The Tata AIA has enabled the renewal of premium collections via multiple digital modes and enhanced its language capability to 5 languages: English, Hindi, Tamil, Gujarati and
Recent News :
- In March 2023, Tata AIA, a life insurance subsidiary of the Tata Group, launched a digital campaign called ‘Empowering You To Achieve Your Dreams’ with the aim of encouraging Indian women to take control of their financial planning and fulfil their aspirations.
About Tata AIA Insurance :
- Established : 2001
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Naveen Tahilyani
RBI concluded norms for banks to hold capital for operational risks
- The Reserve Bank of India (RBI) has finalised the directions for commercial banks to hold sufficient regulatory capital against their exposures arising from operational risks.
Key Highlights :
- Operational risk means the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.
- This definition includes legal risk, but excludes strategic and reputational risk.
- The directions require all specified commercial banks, excluding local area banks, payments banks, regional rural banks, and small finance banks, to hold sufficient regulatory capital against their operational risk exposures.
- RBI’s all existing approaches including the basic indicator approach, the standardised approach, and the advanced measurement approach for measuring minimum operational risk capital (ORC) requirements will be replaced by a new standardised approach, in line with Basel III rules, with the coming into effect of these directions.
- At present, banks use methods like basic indicator approach (BIA) and the standardised approach (TSA) to measure minimum ORC.
- Banks will be bucketed in 3 segments based on their business indicator component.
- The operational risk capital of banks’ requirements shall be equal to business indicator, which may however require banks in buckets 2 and 3 to calculate their operational risks using data fewer than 5 years of loss if the internal loss multiplier is greater than one and the supervisor believes that these losses are representative of the banks’ operational risk exposure.
- Banks in buckets 2 and 3 which do not meet the 5 years of high-quality loss data criteria will be required to hold operational risk capital at a minimum equal to the business indicator.
- The risk-weighted assets for operational risk shall be calculated by multiplying the operational risk capital by 5.
- Also, banks will have to annually disclose general qualitative information on its operational risk framework, historical losses and quarterly notify minimum required operational risk capital and business indicator and subcomponents.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
World Bank approved ₹12,600 crore for India’s clean energy transition
- The World Bank has approved USD 1.5 billion (around ₹12,600 crore) in financing to accelerate India’s low-carbon energy infrastructure.
- The financing will help India promote low-carbon energy by scaling up renewable energy and developing green hydrogen, supporting carbon markets and stimulating climate financing.
- The low-carbon hydrogen energy is produced by electrolysis of water powered by renewable energy.
- The First Low-Carbon Energy Programmatic Development Policy Operation – the first in a series of two envisaged operations – will support India in developing green hydrogen.
- The program will support the successful implementation of the National Green Hydrogen Mission that aims to stimulate $100 billion in private sector investment by 2030.
- The World Bank remains committed to supporting India’s low-carbon transition by complementing public financing and enabling private-sector investments.
- Notably, at the Conference of the Parties 26 (COP26) summit in Glasgow in 2021, India committed to an ambitious five-part “Panchamrit” pledge, including reaching 500 GW of non-fossil electricity capacity, to generate half of all energy requirements from renewables, to reduce emissions by 1 billion tons by 2030.
- At present, India’s per capita energy consumption is only one-third of the global average.
- India aims to achieve net zero by 2070.
Recent News :
- In June 2023, the World Bank approved a USD 255.5 million loan for improving the quality of technical education in government-run institutions in India.
- In June 2023, the World Bank approved a loan worth USD 300 million to help expand and improve the quality of education in government-run schools in Chhattisgarh.
About World Bank :
- Established : July 7, 1944
- Headquarters : Washington, D.C., United States
- President : Ajay Banga
- The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.
Paytm partnered with Shriram Finance to extend digital financial services to small merchants
- The One97 Communications Ltd, owners of the brand Paytm, has partnered with retail non-banking finance company (NBFC) Shriram Finance Limited to offer financial services to its users, including loan products.
Key Highlights :
- Through this joint venture, Shriram Finance products would be made available on the digital platform to further expand Paytm’s business to credit services as well, and drive financial inclusion.
- It is powered by Paytm’s fintech leadership as a loan service provider (LSP) focussed on compliance and quality of loans.
- This partnership will integrate Shriram Finance wide geographical presence across the country especially rural areas.
Recent News :
- In June 2023, Paytm Payment Services Limited signed a Memorandum of Understanding (MoU) with Arunachal Pradesh Innovation and Investment Park (APIIP) to create a startup ecosystem for the youth.
- In June 2023, Paytm introduced a UPI software development kit (SDK) for customers to make payments to online merchants without any failure of the system.
- In June 2023, Piramal Enterprises sold its entire stake of34% in Non-Banking Financial Company (NBFC) major Shriram Finance through a block deal.
About Paytm :
- Founded : August 2010
- Headquarters : Noida, Uttar Pradesh, India
- Founder & CEO : Vijay Shekhar Sharma
South Indian Bank partners with Mahindra and Mahindra Limited for dealer financing
- South Indian Bank (SIB) has signed a memorandum of understanding (MoU) with Mahindra and Mahindra Ltd (Automobile division) for providing the latter’s dealers with financing solutions.
Aim :
- To provide much-needed financial support to M&M’s dealers, allowing them to meet their vehicle inventory funding requirements effectively.
- Under the partnership, SIB will provide unmatched dealer finance solutions to M&M’s dealers, thereby meeting their vehicle inventory funding requirements.
Recent News :
- In June 2023, South Indian Bank (SIB) introduced SIB SWIFTe, an innovative and customer-centric digital account opening platform that eliminates the hassle of paper-based documentation.
- In June 2023, South Indian Bank (SIB) was recognised with ‘Outstanding Digital CX – SME Loans’ at the 6th Digital CX Awards held in Singapore, making it the second international award for the bank.
About SIB :
- Founded : 1928
- Headquarters : Thrissur, Kerala, India
- MD & CEO : Murali Ramakrishnan
About Mahindra & Mahindra Limited :
- Established : 1945
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Anish Shah.
- Mahindra & Mahindra Limited is an Indian multinational automotive manufacturing corporation.
Kotak Mahindra Bank partnered with National Payments Corporation of India to offer Rupay credit card on Unified Payments Interface
- Kotak Mahindra Bank Limited (KMBL), partnered with National Payments Corporation of India (NPCI), to introduce the facility of linking its RuPay Credit Card to UPI (Unified Payments Interface) apps.
- Customers are no longer needed to carry their physical credit card.
Key Highlights :
- Customers can directly link their credit cards to their preferred UPI applications, such as BHIM, PhonePe, Paytm, Google Pay, Slice, MobiKwik, and others.
- They can choose from 7 RuPay credit cards and scan Quick Response (QR) codes or initiate transactions on POS (Point of Sale) throughout India.
- Kotak RuPay Credit Card-UPI linkage will also provide customers with rewards and an interest-free credit period of up to 50 days.
- The Kotak RuPay Credit Cards will be linked to a Virtual financial Address (VPA), also known as a UPI ID, allowing for safe and secure financial transactions.
- Furthermore, the RuPay Credit Card can be used to make purchases for both e-commerce and in-store transactions.
Recent News :
- In June 2023, Kotak Mahindra Bank Limited (KMBL) launched its ActivMoney feature which gives customers the benefit of fixed deposit (FD)-like interest rates of up to 7% per annum with no charges on premature withdrawal.
- In June 2023, RING, India’s leading digital credit platform, partnered with National Payments Corporation of India (NPCI) to add its newly launched UPI Plug-in functionality to RING’s pre-existing suite of digital services.
About KMBL :
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Uday Kotak
- Tagline : Let’s make money simple
CURRENT AFFAIRS: NATIONAL NEWS
The Prime Minister launches the National Sickle Cell Anaemia Elimination Mission in Shahdol, Madhya Pradesh.
- The Prime Minister, Shri Narendra Modi launched the National Sickle Cell Anaemia Elimination Mission in Shahdol, Madhya Pradesh and distributed sickle cell genetic status cards to the beneficiaries.
- The Prime Minister also kickstarted the distribution of about 3.57 crore Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) cards in Madhya Pradesh.
- During the programme, the Prime Minister honoured Rani Durgavati the ruling queen of Gondwana in the mid-16th century.
- Addressing the gathering, the Prime Minister paid tributes to Rani Durgavati and said that the National Sickle Cell Anaemia Elimination Mission inspired by her is being initiated today.
- He also mentioned that 1 crore Ayushman Cards are being issued to the people of Madhya Pradesh.
- The Prime Minister underlined that the biggest beneficiaries of the two major efforts are the people of Gond, Bhil and other Adivasi societies.
- He congratulated the people and the double-engine government of Madhya Pradesh on the occasion.
MP in Recent News:
- To empower the youth, the Government of Madhya Pradesh has unveiled the Mukhyamantri Seekho-Kamao Yojana to provide young individuals with the opportunity to learn and master their desired professions while earning a steady income each month
- This scheme will give youth a chance to learn their desired field of work with new possibilities and will also get money every month.
Union government updates the crop residue management regulations to allow for effective ex-situ management of the paddy straw produced in the States of Punjab, Haryana, UP, and Delhi.
- The Union Government has revised the Crop Residue Management guidelines enabling efficient ex-situ management of paddy straw generated in the States of Punjab, Haryana, UP and Delhi.
- As per the revised guidelines, techno-commercial pilot projects for Paddy Straw Supply Chain will be established under the bilateral agreement between the Beneficiary/Aggregator (Farmers, rural entrepreneurs, Cooperative Societies of Farmers, Farmers Producer Organizations (FPOs) and Panchayats) and Industries utilizing the paddy straw.
- Government shall provide financial assistance on the capital cost of machinery and equipment.
- The required working capital may be financed either by the Industry and Beneficiary jointly or utilizing the Agriculture Infrastructure Fund (AIF), NABARD Financial or Financing from the Financial Institutions by the beneficiary.
- The land for storage of the collected paddy straw will be arranged and prepared by the beneficiary as may be guided by the end-use industry.
- Project proposal-based financial assistance will be extended for machines and equipment such as Higher HP Tractor, Cutters, Tedder, Medium to Large Balers, Rakers, Loaders, Grabbers and Telehandlers which are essentially required for the establishment of a paddy straw supply chain.
- State Governments shall approve these projects through a project sanctioning committee.
- Government (jointly by Central and State Governments) will provide financial support of 65% of the project cost, Industry as the primary promoter of the project will contribute 25% and will act as the Primary consumer of the feedstock collected and Farmer or group of Farmers or Rural Entrepreneurs or Cooperative Societies of Farmers or Farmers Producer Organizations (FPOs), or Panchayats will be the direct Beneficiary of the project and will contribute the balance 10%.
DPIIT successfully organizes National Workshop on Industrial Park Rating System
- The Department for Promotion of Industry and Internal Trade (DPIIT) successfully organized the National Workshop on Industrial Park Rating System (IPRS) in New Delhi.
- While delivering the keynote address, Shri Rajesh Kumar Singh, Secretary, DPIIT emphasized the importance of Industrial parks in attracting investments and enhancing the share of the manufacturing sector in overall GDP.
- Shri Singh also expressed gratitude to the participating states and union territories, the steering committee, and the collaborating teams for their dedication and tireless efforts in making the IPRS exercise and the workshop a resounding success.
- The Workshop was a significant event aimed at advancing India’s industrial competitiveness which brought together government officials from DPIIT and State/UTs, industry experts and stakeholders to foster knowledge-sharing and capacity building in creating a robust industrial infrastructure in India.
- The Industrial Park Rating System (IPRS) is a major initiative by DPIIT. IPRS 2.0, launched on 5th October 2021, rates industrial parks across four pillars: internal infrastructure and utilities, external infrastructure and facilities, business support services, and environmental and safety management. This rating system has received nominations from 31 participating states and union territories, along with 50 additional Special Economic Zones (SEZs) nominated by the Department of Commerce (DoC).
- During the workshop, participants had the opportunity to exchange best practices observed during individual workshops conducted in collaboration with the States/UTs from November 2022 to March 2023.
- These include initiatives such as sustainable water supply systems, local self-governance models, industry-focused plug-and-play facilities, and the provision of common facilities to promote ease of doing business and improve the lives of citizens.
About DPIIT
- The Department for Promotion of Industry and Internal Trade is a central government department under the Ministry of Commerce and Industry in India.
- Founded: 1995
36th Annual General Meeting of Indian Renewable Energy Development Agency Ltd is held
- Indian Renewable Energy Development Agency Ltd. (IREDA) held its 36th Annual General Meeting (AGM) at India Habitat Centre in New Delhi.
- The annual accounts for the financial year 2022-23 were adopted at the AGM, showcasing remarkable achievements.
- Addressing shareholders, the Chairman & Managing Director (CMD) of IREDA, Shri Pradip Kumar Das gave an overview of IREDA’s performance during the year.
- IREDA has accomplished its highest-ever annual loan sanction, loan disbursement, loan book, profit, and net worth.
- Stating that the performance has been outstanding, the CMD provided a snapshot of the company’s performance in FY 23:
- ₹ 32,586.60 crore Loan Sanction (36.23% increase compared to FY 22)
- ₹ 21,639.21 crore Loan Disbursement (34.65% growth compared to FY 22)
- ₹ 47,076 crore Loan Book (38.75% growth compared to FY 22)
- ₹ 1,139.25 crore Profit Before Tax and ₹63 crore Profit After Tax (36.63% and 36.48% increase respectively compared to FY 22)
- ₹ 5,935.17 crore Net Worth (12.66% growth compared to FY 22)
- IREDA has also set a remarkable precedent of holding its AGM within 90 days after the conclusion of the financial year, a testament to IREDA’s streamlined internal processes, digitized data management and good governance principles and practices.
Healthy Improvement in Non-Performing Assets Ratios
- The CMD emphasized IREDA’s commitment to maintaining strong asset quality.
- As a result, IREDA successfully closed or upgraded 18 non-performing project loan accounts, recovering loans amounting to ₹43 crore.
- These efforts contributed to a healthy improvement in the NPA ratios at the end of FY 23:
- 21% Gross NPA, a significant decrease from 5.21% in FY 22
- 66% Net NPA, showing substantial improvement from 3.12% in FY 22
About IREDA
- IREDA is a Mini Ratna (Category – I) Government of India enterprise under the administrative control of the Ministry of New and Renewable Energy.
CURRENT AFFAIRS: BUSINESS NEWS
Gross GST revenue of 1,61,497 crores was collected in June 2023, representing a 12% increase year over year
- The gross GST revenue collected in the month of June 2023 is ₹1,61,497 crores of which CGST is ₹31,013 crores, SGST is ₹38,292 crores, IGST is ₹80,292 crores (including ₹ 39,035 crores collected on import of goods) and cess is ₹11,900 crore (including ₹ 1,028 crores collected on import of goods).
- The government has settled ₹36,224 crore to CGST and ₹30269 crore to SGST from IGST.
- The total revenue of the Centre and the States in the month of June 2023 after regular settlement is ₹67,237 crore for CGST and ₹68,561 crore for the SGST.
- The revenues for the month of June 2023 are 12% higher than the GST revenues in the same month last year.
- During the month, the revenues from domestic transactions (including import of services) are 18% higher than the revenues from these sources during the same month last year.
- It is for the fourth time, the gross GST collection has crossed Rs. 1.60 lakh crore mark.
- The average monthly gross GST collection for the first quarter of FY 2021-22, FY 22-23 & FY 23-24 are Rs. 1.10 lakh crore, Rs. 1.51 lakh crore and Rs. 1.69 lakh crore respectively.
- The chart below shows trends in monthly gross GST revenues during the current year.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Dr Neerja Gupta becomes 18th & 1st female vice-chancellor of Gujarat University
- After 73 years of the establishment (1949) of Gujarat University in Ahmedabad, Dr Neerja Gupta has been selected as the 18th & first female vice chancellor (VC).
- She has been appointed for a period of 3 years with effect from the date she takes over the charge of the office or till she attains the age of 65, whichever is earlier.
- She will take over from Himanshu Pandya, who completes his second term as V-C this month.
About Dr Neerja Gupta :
- She was a lecturer at the English department of the institute from 1998 till 2009.
- She was the principal of Bhartiya Vidya Bhavan’s Sheth RG PG College of Arts and Commerce in Ahmedabad from 2009-2021.
- Gupta has served as member of GU’s senate and syndicate and handled the university’s study abroad programme as well.
- Dr Neerja Gupta (59), who is currently the Vice Chancellor of Sanchi University of Buddhist-Indic Studies, Sanchi, Madhya Pradesh (MP).
State Bank of India appoints 4 directors – Ketan Shivji Vikamsey, Mrugank Madhukar Paranjape, Rajesh Kumar Dubey & Dharmendra Singh Shekhawat
- The State Bank of India (SBI) has appointed 4 directors on the central board of the bank.
- According to the disclosure under Regulation 30 (4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, SBI has reappointed Ketan Shivji Vikamsey and Mrugank Madhukar Paranjape to its board and has added Rajesh Kumar Dubey and Dharmendra Singh Shekhawat as directors.
- The appointment is for a period of 3 years, from June 26, 2023, to June 25, 2026.
Recent News :
- In June 2023, the State Bank of India (SBI) informed its Chief Financial Officer (CFO) Charanjit Surinder Singh Attra resigned from his position.
About SBI :
- Established : 01, July 1955
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Dinesh Kumar Khara
Tribhuvaneshwar Saran Singh Deo appointed as Deputy Chief Minister of Chhattisgarh
- TS Singh Deo has been appointed as the Deputy Chief Minister of
- TS Singh Deo becomes the 1st Deputy Chief Minister of Chhattisgarh.
- The 2023 Chhattisgarh Assembly poll is scheduled to be held by November, 2023 to elect all 90 members of the state’s Legislative Assembly.
About TS Singh Deo :
- S. Singh Deo has been elected from Ambikapur Assembly Constituency 3 times since 2008.
- He served as the Leader of Opposition in 4th Vidhan Sabha of Chhattisgarh.
- He is one of the most prominent and senior members of the Indian National Congress.
- He was the last mentor to sit on the throne of Surguja.
- He is often referred to as “S. Baba” in his local constituency.
- Currently, he is serving as a Cabinet Minister for Health in the Chhattisgarh government.
- He is also the current titular Maharaja of Surguja, with headquarters at Ambikapur.
About Chhattisgarh :
- Governor : Biswabhusan Harichandan
- Chief Minister :Bhupesh Baghel
- Capital : Raipur
- National Park : Guru Ghasi Das (Sanjay) National Park, Kanger Valley National Park
- Wildlife Sanctuary : Achanakmar Wildlife Sanctuary, Barnawapara Wildlife Sanctuary.
IAS officer Anurag Verma assumes charge as Punjab’s 42nd chief secretary
- The Senior Indian Administrative Service (IAS) officer Anurag Verma took charge as the 42nd chief secretary of Punjab .
- He succeeds Vijay Kumar Janjua, who retired on June 30., 2023.
About Anurag Verma :
- He belongs to Patiala, has earlier served as the deputy commissioner of Bathinda, Ludhiana and Jalandhar districts.
- He held the charge of additional chief secretary, home affairs and justice, along with some other additional charges.
Recent News :
- In June 2023, the Tamil Nadu (TN) government appointed senior bureaucrat Shiv Das Meena as the 49th Chief Secretary of TN.
Gaming platform Zupee onboards Kapil Sharma as a brand ambassador
- Cashgrail Private Limited-owned Zupee, a gaming platform, has announced comedian and actor Kapil Sharma as its new brand ambassador.
- Sharma will be seen in the company’s new ad film which will have a 360 degree campaign.
- Zupee announced its latest campaign, ‘India ka Apna Game’ which celebrates the bond and popularity of Ludo, honouring its connection among the masses, while further extending the platform’s outreach.
About Zupee :
- CEO and Founder : Dilsher Singh Malhi
- Zupee sells gaming products like Ludo and other board and casual games.
Centre Extends Term Of Tushar Mehta As Solicitor General Of India for 3 years
- The Appointments Committee of the Union Cabinet approved the re-appointment of Tushar Mehta as Solicitor General for India (SGI) for a further period of 3 years along with his team of 6 additional solicitor generals (ASG) in the Supreme Court.
About Tushar Mehta :
- Mehta hails from, Gujarat, India.
- He began his career as an advocate in 1987.
- He was appointed as the Additional Solicitor General of India in 2014.
- He was appointed as Solicitor General on October 10, 2018 and since then he had been granted extension twice.
Other Appointments :
- Senior Advocates Vikramjeet Banerjee, K. M. Nataraj, Balbir Singh, S. V. Raju, N. Venkataraman and Aishwarya Bhati were also re-appointed as Additional Solicitor Generals in the Supreme Court of India.
- The Central Government also re-appointed Chetan Sharma, Satya Pal Jain, Devang Girish Vyas and Krishna Nandan Singh as Additional Solicitor Generals in High Courts of Delhi, Punjab and Haryana, Gujarat and Patna.
- All the re-appointments were approved for a further tenure of 3 years.
- The re-appointments were announced by an order by the Ministry of Personnel, Public Grievances & Pensions.
About SGI :
- The SGI is subordinate to the Attorney General for India.
- The SGI is the second-highest law officer of the country, assists the Attorney General, and is assisted by Additional Solicitor Generals of India (Addl. SGIs).
- The duties of the Solicitor General are laid out in Law Officers (Conditions of Service) Rules, 1987.
CURRENT AFFAIRS : DEFENCE NEWS
Indian Air Force to host first-ever Largest multilateral exercise ‘Tarang Shakti’ in October 2023
- In a significant development for India’s military prowess and global alliances, the Indian Air Force (IAF) is gearing up to host its first-ever multilateral air force exercise called Tarang Shakti,‘ in October or November 2023.
Note :
- Tarang Shakti is set to be the largest multinational air exercise ever held in India.
Aim :
- To bolster military cooperation, enhance interoperability, and foster global collaboration.
Participating Countries :
- The location of the exercise has not been disclosed; air forces from countries like France, Australia, the United States (US), and the United Kingdom (UK) are expected to join Tarang Shakti.
About Tarang Shakti :
- Tarang Shakti, will witness the participation of 12 nations, with 6 nations joining with their aircraft and the remaining 6 as observers.
- The exercise showcased the country’s commitment to strengthening international military partnerships.
- The exercise serves as a platform to strengthen defence ties and facilitate the exchange of knowledge and best practices among the participating air forces.
- It will feature a range of aircraft, including fighter jets, military transport aircraft, mid-air refuelers, and airborne warning and control system (AWACS) aircraft.
Recent News :
- The Indian Air Force (IAF) carried out Exercise ‘Ranvijay’ with a focus on integration in UB Hills and Central Air Command Area of Responsibility from June 16 to June 23, 2023.
- The 6th edition of Cope India-2023, an Air Exercise between the Indian Air Force (IAF) and United States Air Force (USAF), conducted over the two weeks at Air Force Stations Kalaikunda (West Bengal), Panagarh (West Bengal) and Agra (Uttar Pradesh), culminated on 24 Apr 2023.
- In April 2023, IAF took part in the Exercise Orion in France and INIOCHOS in Greece.
About IAF :
- Headquarters : New Delhi, Delhi
- Chief of Defence Staff : General Anil Chauhan
- Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari
Indian defence ministry inks Rs 2,725 crores contract with Mazagon Dock Shipbuilders Limited for Indian Naval Ship Shankush submarine
- The Ministry of Defence (MoD) inked a Rs 2,725 crores contract with the Mazagon Dock Shipbuilders Limited (MDL) for refit of submarine Indian Naval Ship (INS) Shankush.
- The contract has been signed for Medium Refit with Life Certification (MRLC) of Submarine INS Shankush.
- The project, known as Medium Refit with Life Certification (MRLC), aims to upgrade the submarine’s combat capabilities.
Key Highlights :
- INS Shankush, a sub-surface warfare class submarine, will undergo a minor overhaul at Mazagon Dock Shipbuilders Limited, Mumbai, Maharashtra.
- The submarine will be delivered in 2026 post MRLC as per the contract.
- After completion of MRLC, INS Shankush will be combat-ready and will be inducted into the active fleet of the Indian Navy.
- This project is a significant step towards the growth of Mazagon Dock Shipbuilders Limited.
- The project will cover more than 30 micro, small, and medium enterprise (MSME) sectors and would lead to employment generation of 1200 man-days per day for the project duration.
- The project will be the proud flag bearer of Atmanirbhar Bharat in line with the Government’s Make-in-India initiative.
About INS Shankush :
- INS Shankush belongs to the Shishumar class of submarines and has a speed of 22 knots.
- It is a Sub-Surface Killer (SSK) Class diesel-electric submarine.
- These submarines are developed by the German yard Howaldtswerke-Deutsche Werft (HDW).
- The first two of these vessels (INS Shishumar and Shankush) were built by HDW at Kiel, while the remainder (Shalki and Shankul ) have been built at Mazagon Dock Limited (MDL) Mumbai.
Recent News :
- In June 2023, the Ministry of Defence (MoD) cleared the acquisition of 31 MQ-9 Reaper (Predator B) armed drones from the United States of America (USA) during a Defence Acquisition Council meeting led by Defence Minister Shri Rajnath Singh.
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Ajay Bhatt
- Defence Secretary : Giridhar Aramane
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
State Bank of India to acquire 20% stake in SBI Pension Funds from SBICAPS
- The Executive Committee of the Central Board (ECCB) of the State Bank of India (SBI) has accorded approval to the Bank for acquiring the entire 20% stake held by SBI Capital Markets (SBICAPS) in SBI Pension Funds.
- The acquisition by the Bank is subject to receipt of all regulatory approvals.
- SBI Pension Funds is a Pension Fund Manager (PFM), managing the pension corpus under the National Pension System (NPS).
- Currently, SBI has a 60% stake in SBI Pension Funds, with the balance stake being held by SBICAPS (20%) and SBI Funds Management (20%).
About SBICAPS :
- Founded : August 1986
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Amitava Chatterjee
- SBICAPS is a wholly-owned subsidiary of SBI.
- It provides Investment Banking and Corporate Advisory Services to its clients.
HDFC Ergo becomes subsidiary of HDFC Ltd
- HDFC Limited has acquired an additional 0.5097% stake in HDFC Ergo to make it a subsidiary.
- HDFC Limited acquired 36,42,290 equity shares of HDFC Ergo, representing 5097% of its total issued and paid-up share capital from ERGO International AG, the other promoter.
- HDFC Limited holds 50% of the total paid-up share capital of HDFC Ergo.
- Accordingly, HDFC Ergo has become a subsidiary of HDFC Limited.
- This is part of the reverse merger exercise of HDFC Ltd with its banking subsidiary HDFC Bank from July 1, 2023.
- The Reserve Bank of India (RBI) had permitted the transfer of shareholding of HDFC Limited in HDFC Ergo to HDFC Bank and advised that HDFC Limited or HDFC Bank should increase the shareholding in the general insurance company to more than 50% before the effective date of the merger Scheme.
Recent News :
- In June 2023, Housing Development Finance Corporation Limited (HDFC) sold 90% of its total stake in its subsidiary HDFC Credila Financial Services Ltd to a consortium of Baring PE (BPEA) and ChrysCapital for Rs 9,060 crores.
About HDFC ERGO :
- Headqarters : Mumbai, Maharashtra, India
- Managing Director : Ritesh Kumar
- HDFC ERGO is a 51:49 joint venture firm between HDFC and ERGO International AG, one of the insurance entities of the Munich Re Group in Germany.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Chandrayaan-3, Lander Vikram, rover Pragyan to return to Moon
- The Indian Space Research Organisation (ISRO) plans to retain the names of the Chandrayaan-2 lander (Vikram) and rover (Pragyan) for their Chandrayaan-3 equivalents as well.
- This means, the Chandrayaan-3 lander will bear the name ‘Vikram’ (after Vikram Sarabhai, the father of the Indian space programme) and the rover, ‘Pragyan’.
- Following Chandrayaan-2, where a last-minute glitch led to the failure of the lander’s (Vikram) soft landing attempt after a successful orbital insertion, another lunar mission (Chandrayaan-3) for demonstrating soft landing was proposed.
About the Chandrayaan-3 Mission :
- Chandrayaan-3 (“mooncraft”) is a planned 3rd lunar exploration mission by the ISRO to demonstrate end-to-end capability in –
- Safe landing (through the lander Vikram – after Vikram Sarabhai, the father of the Indian space programme) and Roving (through the rover Pragyan) on the lunar surface.
- Unlike Chandrayaan-2, it will not have an orbiter and its propulsion module will behave like a communications relay satellite.
- Chandrayaan-3 interplanetary mission has 3 major modules: the Propulsion module, Lander module, and
- ISRO plans to launch the third moon mission in mid-July aboard the LVM3 (formerly GSLV Mk-III) rocket from Sriharikota, Andhra Pradesh (AP).
About Chandrayaan-3 Payloads :
- It has Spectro-polarimetry of Habitable Planet Earth (SHAPE) payload to study the spectral and polarimetric measurements of Earth from lunar orbit.
- It will have 4 payloads –
- Radio Anatomy of Moon Bound Hypersensitive ionosphere and Atmosphere (RAMBHA) to study the temporal evolution of electron density in the Lunar ionosphere.
- Chandra’s Surface Thermophysical Experiment (ChaSTE) to measure the thermal conductivity and temperature.
- Instrument for Lunar Seismic Activity (ILSA) for measuring the seismicity around the landing site;
- Langmuir Probe (LP) to estimate the plasma density and its variations.
Key Highlights :
- A propulsion module will carry the lander-rover configuration to a 100-km lunar orbit.
- Once the ‘Vikram’ lander module makes it safely to the moon, it will deploy ‘Pragyan’.
- Pragyan will carry out in-situ chemical analysis of the lunar surface during the course of its mobility.
History :
- India’s first moon mission to the moon, Chandrayaan-1, was launched in October 2008 from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh (AP) with the goal of studying the lunar surface and looking for evidence of water.
- India’s second mission to the Moon, Chandrayaan-2 was launched on 22nd July 2019 from Satish Dhawan Space Center, Sriharikota, AP.
Recent News :
- In June 2023, ISRO Chairman Mr. Somanath had announced ISRO’s plans to launch the third moon mission in mid-July aboard the LVM3 (formerly GSLV Mk-III) rocket from Sriharikota, Andhra Pradesh (AP).
About ISRO :
- Founded : 15 August 1969
- Headquarters : Bangalore, Karnataka, India
- Chairman : Sreedhara Somanath
CURRENT AFFAIRS: SPORTS NEWS
In Mallorca, Spain, Yuki Bhambri wins his first ATP doubles championship.
- In Tennis, India’s Yuki Bhambri clinched his maiden title on the ATP World Tour, winning the doubles trophy at the Mallorca Championships with South African partner Lloyd Harris, in Spain.
- The Indo-South African pair defeated the Dutch-Austrian combo of Robin Hasse and Philipp Oswald 6-3 6-4 in the final of the grass-court event, the last in the build-up to the Wimbledon Championships.
- The 30-year-old Indian Bhambri, who is ranked 75 in the ATP doubles tennis rankings, is all set to jump up to a career-best 58th position in the standings.
About ATP:
- The ATP Tour is a worldwide top-tier tennis tour for men organized by the Association of Tennis Professionals.
- The second-tier tour is the ATP Challenger Tour and the third-tier is the ITF Men’s World Tennis Tour.
- The equivalent women’s organisation is the WTA Tour.
- Founded: 1972
- Headquarters: London, United Kingdom
Neeraj Chopra, a prominent Indian javelin thrower, wins the Lausanne Diamond League championship
- Star Indian javelin thrower Neeraj Chopra clinched the Lausanne Diamond League 2023 title with the best throw of 87.66 meters.
- Olympic Champion Neeraj returned from an injury that had caused him to miss some competitions after his win at Diamond League 2023 event in Doha in May.
- Neeraj’s golden arm did its magic on the fifth attempt and achieved a throw of 87.66 meters.
- Germany’s Julian Webber slid secured second place with a best throw of 87.03 meters while Jakub Vadlech of the Czech Republic got third place with an 86.13 meter throw.
Asian Mixed Doubles Championships are won by the Indian team of Dipika Pallikal and Harinderpal Singh Sandhu in China: Squash
- India’s Dipika Pallikal and Harinder Pal Sandhu won the gold medal at the Asian Mixed Doubles Squash Tournament in Hangzhou, a test event for the upcoming Hangzhou Asian Games, in September.
- Seeded third, Dipika and Harinder dominated proceedings during the 2-0 win over second seeds Ivan Yuen and Rachel Arnold of Malaysia at the Hangzhou Olympic Sports Centre.
- This was the first appearance by the 31-year-old Dipika since the 2022 Commonwealth Games in any event as she prepares for the continental showpiece three months down the line.
- The other Indian duo, Anahat Singh and Abhay Singh won the Bronze medal, also beating the top seeds.
- The mixed doubles event is being held as a trial event for the Hangzhou Asian Games in September as China prepares to host the 19th Asian Games in September this year.
- It kicked off on June 26 with 21 teams consisting of 42 athletes from 10 countries and regions, including China, Hong Kong, India, and Malaysia.
- This tournament marks the inclusion of mixed doubles as an official event in squash for the first time in the Hangzhou Asian Games. China is also hosting an Asian-level squash mixed doubles competition for the first time.
- There will be five gold medals on offer at the Asian Games.
The 132nd Durand Cup trophy tour began at the Manekshaw Center in New Delhi
- The Trophy tour of the 132nd edition of the Durand Cup commenced from the Manekshaw Centre in New Delhi.
- The tour was flagged off by the Chief of the Army Staff General Manoj Pande and Air Chief Marshal VR Chaudhari.
- Over the next month, the Trophy Tour will traverse the length and breadth of the country with appearances at some major cities like Shimla, Udhampur, Jaipur, Mumbai, Pune, Bengaluru, Bhubaneshwar, Kokrajhar, Guwahati and Shillong before reaching Kolkata for the mega event.
- The tournament will be held in Kolkata from 3rd August to 3rd September 2023.
- In this edition, 24 teams will participate in the tournament.
- The teams of Nepal, Bhutan, and Bangladesh are also taking part in the tournament after a gap of 27 years.
- The tournament is open to all club teams and conducted by the Durand Football Tournament Society (DFTS) under the aegis of the All India Football Federation (AIFF).
CURRENT AFFAIRS: IMPORTANT DAYS
World UFO Day 2023: July 2
- Every year on July 2nd, World UFO Day is commemorated to raise awareness about Unidentified Flying Objects (UFOs) spotted in several parts of the world and alien life forms.
- In 1561, A broadsheet reported widespread sightings of a celestial phenomenon over Nuremberg.
- In July 1947, Farmers in Roswell, New Mexico reported hearing a large crash, and later citizens recover the wreckage of what is purported to be a flying saucer.
- In 1561, the term ‘UFO’ for Unidentified Flying Object was coined by US Air Force officer Edward Ruppelt.
- On September 10, 1993, the Science fiction drama television series “The X-Files” debuts on Fox.
- July 2 is celebrated as World UFO Day to commemorate the supposed UFO crash incident in Roswell New Mexico in 1947.
World Sports Journalists Day 2023: July 2
- World Sports Journalists Day is observed globally on 2nd July every year to acknowledge the work of sports journalists & to encourage them to do better at their work.
- From 1820 to the 1830s, Sports Journalism Took Off, and the era of sports journalism began.
- In 1883, the first full-time newspaper sports department was created in the “New York World.”
- In 1924, the International Sports Press Association was founded in Paris, France during the Olympic Games.
- In 1994, World Sports Journalists Day was created by the A.I.P.S.
About A.I.P.S
- Headquarters: Lausanne, Switzerland.
- President: Gianni Merlo.
- Founded: 1924.
International Plastic Bag Free Day 2023: July 3
- International Plastic Bag Free Day 2023 is observed on July 3 every year to motivate people to avoid using single-use plastic to eliminate plastic pollution.
- Bag Free World organization established International Plastic Bag Free Day.
- This organization introduced several campaigns promoting a plastic-free world that inspired other parts of the world to participate in Plastic Bag Free Day.
- Rezero, a member of Zero Waste Europe (ZWE), initiated the first International Plastic Bag Free Day which was observed on July 3, 2008.
- In 2015, the European Union also passed certain directives to reduce the usage of single-use plastic bags.
- Bangladesh became the first country to ban the use of single-use, thin plastic bags officially in 2022.
- Soon after, many more countries, including India, also banned single-use plastic.
Daily CA One-Liners: July 2 & 3
- Tata Group-backed life insurance arm, Tata AIA has introduced a first-of-its-kind in the insurance industry, by enabling digital payments via WhatsApp and Unified Payment Interfaces (UPI).
- The Reserve Bank of India (RBI) has finalised directions for commercial banks to hold sufficient regulatory capital against their exposures arising from operational risks.
- The World Bank has approved USD 1.5 billion (around ₹12,600 crore) in financing to accelerate India’s low-carbon energy infrastructure.
- One97 Communications Ltd, owners of the brand Paytm, has partnered with retail non-banking finance company (NBFC) Shriram Finance Limited to offer financial services to its users, including loan products.
- South Indian Bank (SIB) has signed a memorandum of understanding (MoU) with Mahindra and Mahindra Ltd (Automobile division) for providing the latter’s dealers with financing solutions.
- Kotak Mahindra Bank Limited (KMBL), partnered with National Payments Corporation of India (NPCI), to introduce the facility of linking its RuPay Credit Card to UPI (Unified Payments Interface) apps.
- The Prime Minister, Shri Narendra Modi launched the National Sickle Cell Anaemia Elimination Mission in Shahdol, Madhya Pradesh and distributed sickle cell genetic status cards to the beneficiaries.
- The Government has revised the Crop Residue Management guidelines enabling efficient ex-situ management of paddy straw generated in the States of Punjab, Haryana, UP and Delhi.
- The Department for Promotion of Industry and Internal Trade (DPIIT) successfully organized the National Workshop on Industrial Park Rating System (IPRS) in New Delhi.
- Indian Renewable Energy Development Agency Ltd. (IREDA) held its 36th Annual General Meeting (AGM) at India Habitat Centre in New Delhi.
- The gross GST revenue collected in the month of June 2023 is ₹1,61,497 crore of which CGST is ₹31,013 crore, SGST is ₹38,292 crore, IGST is ₹80,292 crores (including ₹ 39,035 crores collected on import of goods) and cess is ₹11,900 crore (including ₹ 1,028 crores collected on import of goods).
- After 73 years of the establishment (1949) of Gujarat University in Ahmedabad, Dr Neerja Gupta has been selected as the 18th & first female vice chancellor (VC).
- The State Bank of India (SBI) has appointed 4 directors Ketan Shivji Vikamsey , Mrugank Madhukar Paranjape, Rajesh Kumar Dubey and Dharmendra Singh Shekhawat on the central board of the bank.
- TS Singh Deo has been appointed as the Deputy Chief Minister of Chhattisgarh.
- Senior Indian Administrative Service (IAS) officer Anurag Verma took charge as the 42nd chief secretary of Punjab .
- Cashgrail Private Limited-owned Zupee, a gaming platform, has announced comedian and actor Kapil Sharma as its new brand ambassador.
- The Appointments Committee of the Union Cabinet approved the re-appointment of Tushar Mehta as Solicitor General for India (SGI) for a further period of 3 years along with his team of 6 additional solicitor generals (ASG) in the Supreme Court.
- In a significant development for India’s military prowess and global alliances, the Indian Air Force (IAF) is gearing up to host its first-ever multilateral air force exercise called Tarang Shakti,‘ in October or November 2023.
- The Ministry of Defence (MoD) inked a Rs 2,725 crore contract with the Mazagon Dock Shipbuilders Limited (MDL) for refit of submarine Indian Naval Ship (INS) Shankush.
- The Executive Committee of the Central Board (ECCB) of the State Bank of India (SBI) has accorded approval to the Bank for acquiring the entire 20% stake held by SBI Capital Markets (SBICAPS) in SBI Pension Funds.
- HDFC Limited has acquired an additional 0.5097% stake in HDFC Ergo to make it a subsidiary.
- The Indian Space Research Organisation (ISRO) plans to retain the names of the Chandrayaan-2 lander (Vikram) and rover (Pragyan) for their Chandrayaan-3 equivalents as well.
- In Tennis, India’s Yuki Bhambri clinched his maiden title on the ATP World Tour, winning the doubles trophy at the Mallorca Championships with South African partner Lloyd Harris, in Spain.
- Star Indian javelin thrower Neeraj Chopra clinched the Lausanne Diamond League 2023 title with the best throw of 87.66 meters.
- India’s Dipika Pallikal and Harinder Pal Sandhu won the gold medal at the Asian Mixed Doubles Squash Tournament in Hangzhou, a test event for the upcoming Hangzhou Asian Games, in September.
- The Trophy tour of the 132nd edition of the Durand Cup commenced from the Manekshaw Centre in New Delhi.
- Every year on July 2nd, World UFO Day is commemorated to raise awareness about Unidentified Flying Objects (UFOs) spotted in several parts of the world and alien life forms.
- World Sports Journalists Day is observed globally on 2nd July every year to acknowledge the work of sports journalists & to encourage them to do better at their work.
- International Plastic Bag Free Day 2023 is observed on July 3 every year to motivate people to avoid using single-use plastic to eliminate plastic pollution.
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