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CURRENT AFFAIRS : BANKING & FINANCE
SIDBI Accelerator Fund to be set up at IIM Ahmedabad’s Centre for Innovation, Incubation & Entrepreneurship startup incubator
- The Small Industries Development Bank of India (SIDBI), the principal financial institution for Micro, Small and Medium Enterprises (MSMEs) in the country, announced its partnership with the Indian Institute of Management, Ahmedabad’s (IIM-A) startup incubator Centre for Innovation, Incubation & Entrepreneurship (CIIE) to set up a SIDBI Accelerator Fund at the incubator with an initial corpus of Rs 20 crores.
Aim:
- To promote Deep Tech and science-led Innovation by facilitating access to seed capital.
- The programme focuses on supporting startups with meritorious ideas and technologies important for India’s goals for 2047 to become self-reliant as well as a dominant player in high quality/ high entry barrier products/services.
Recent news :
- In July 2023, Small Industries Development Bank of India (SIDBI) participated as an anchor investor in the Promising Lenders Fund (PLF) managed by Vivriti Asset Management with an aggregate target corpus of ₹700 crore in two tranches.
- In June 2023 SIDBI also launched the NBFC Growth Accelerator Program in collaboration with the Global Alliance for Mass Entrepreneurship (GAME), a mass entrepreneurship enablement platform to handhold smaller NBFCs that have at least 60% of their exposure to MSMEs.
About Small Industries Development Bank of India :
- Established : 2 April 1990
- Headquarters : Lucknow, Uttar Pradesh, India
- Chairman & MD : Sivasubramanian Ramann
- The SIDBI is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India.
- It is under the jurisdiction of the Ministry of Finance , Government of India (GoI).
Max Life Appointed as Lead Insurer for Uttar Pradesh Under IRDAI’s State Insurance Plan
- Max Life Insurance Company Ltd. (Max Life) has been appointed as the “Lead Insurer” for the State of Uttar Pradesh (UP) by the Insurance Regulatory and Development Authority of India (IRDAI).
- Under the State Insurance Plan, IRDAI has initiated a collaborative platform with insurers by assigning two states to each insurer to enhance financial awareness and drive insurance inclusion.
- Max Life has also been appointed as the lead insurer for Arunachal Pradesh and aims to expand its presence within the state in a phased manner.
Key Highlights :
- Supporting this vision, Max Life aims to create awareness, enhance accessibility and drive affordable insurance coverage across Uttar Pradesh in a phased manner.
- Max Life has initiated digital insurance awareness activities in Chandauli and Varanasi in the first phase, reaching more than 1,45,000 individuals.
- It plans to roll out similar initiatives panning other districts of Balrampur, Bahraich, Chitrakoot, Fatehpur, Kaushambi, Siddharthnagar, and Shravasti, in the next 6 months.
- These districts are also a part of the Government of India’s ‘Aspirational Districts Programme’ that aims to increase financial inclusion and skill development.
- To drive awareness and adoption of life insurance in rural India, Max Life also conducted a survey recently, India Protection Quotient (IPQ)* Rural edition, conducted in association with KANTAR, in 113 villages that shed light on the urban-rural financial protection divide in the country.
- The findings reveal that rural India has a significantly lower score of 12 points on the protection quotient scale, as compared to urban India’s score of 43, indicating the opportunity and need of driving awareness around financial protection in rural areas.
Recent News :
- In July 2023, Liberty General Insurance, one of the leading non-life insurance companies in India, was appointed as the “Lead Insurer” for Delhi by the Insurance Regulatory and Development Authority of India (IRDAI).
- In July 2023, Non-life insurer Cholamandalam MS Insurance was appointed lead insurer for West Bengal by the Insurance Regulatory and Development Authority of India (IRDAI).
About Max Life Insurance Company Limited :
- Founded : 2001
- Headquarters : New Delhi, Delhi, India
- MD & CEO : Mr Prashant Tripathy
- It is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.
About IRDAI :
- Established : 1999
- Headquarters : Hyderabad, Telangana
- Chairperson : Debasish Panda
- The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.
Fino Payments Bank to apply for small finance bank licence
- Fino Payments Bank Limited has approved a proposal to transition into a small finance bank (SFB).
- However, the transition is subject to necessary approvals.
- The Payments Bank has also got a letter from its holding company Fino PayTech regarding a group corporate restructuring proposal.
- After this, the board has formed a committee to explore the possibility of group corporate restructuring.
- With this, Fino has become the first such entity to move towards becoming a small finance bank (SFB) since the Reserve Bank of India in 2019 allowed payments banks to apply for conversion into SFB after 5 years of operations.
Additional Info :
- The difference between the payments banks and small finance banks is that payment banks are allowed to accept demand deposits only and hold up to 2 lakh per person, on the other hand, small finance banks are allowed to accept all types of deposits.
- According to the RBI, there are 6 payment banks and 12 small finance banks.
About Fino Payments Bank :
- Started operations ; 2017
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Rishi Gupta
- Fino Payments Bank is a wholly-owned subsidiary of Fino Paytech Limited (FPL).
- It is currently the highest profit-generating payments bank.
- In the June quarter of FY24, the payments bank registered a net profit of ₹18.7 crore, up 85% year-on-year.
- However, profit declined 15% sequentially.
- The Mumbai-based bank said its revenue increased 21% year-on-year to ₹348 crore.
Financial frauds in India rose 65% between 2021 and 2022 – Finance Ministry
- As per the Finance Ministry, over 65% growth has been seen in 2022 from 2021 in the frauds reported for ATMs and others.
- The amount involved in the frauds has nearly doubled.
Key Highlights :
- According to National Payment Corporation of India (NPCI), 2000 customers are, on an average, impacted every month due to cyber fraud.
- Parliamentary committee’s report on ‘Cyber security and rising incidence of cyber/white collar crimes’ was recently tabled in Parliament by its Chairman Jayant Sinha.
- The committee recommended setting up a centralised regulatory authority focused on cyber security on the lines of Directorate General of Civil Aviation.
History :
- In 2021, the number of total frauds reported for ATMs and other frauds were about 80 lakh and the value was ₹1,119 crore.
- For every 67,000 transactions, one fraud was committed in 2021.
- In 2022, the number of total frauds reported for ATMs and other frauds were about 17.80 lakh and the value was ₹2,113 crore.
- For every 64,000 transactions, one fraud was committed in 2022.
- The committee also recommended the setting up of a Central Negative Registry for improving prevention and detection of fraud in the banking sector.
- The committee recommended that RBI should devise an automatic compensation system.
About Ministry of Finance :
- Cabinet Minister : Nirmala Sitharaman
- Minister of State : Bhagwat Karad, Pankaj Choudhar
CURRENT AFFAIRS: NATIONAL NEWS
The Clean Ganga Mission has approved seven projects worth a total of Rs. 692 crores
- The 50th meeting of the Executive Committee of the National Mission for Clean Ganga (NMCG) was held under the chairmanship of DG, NMCG, Shri G. Asok Kumar where Seven projects worth around Rs. 692 crore were approved.
- Out of the seven projects, four pertain to sewage management in Uttar Pradesh and Bihar.
- NMCG has so far sanctioned a total of 452 projects worth around Rs. 38,126 crore out of which 254 have been completed.
- For sewage management in Uttar Pradesh, 3 projects worth Rs. 661.74 crore were approved in the meeting.
- These include the creation of a 100 Million Litres per Day (MLD) STP in Lucknow along with Interception and Diversion (I&D) works under Hybrid Annuity Mode (HAM).
- Another project for I&D of balance discharge of Dariyabad Pipalghat and Dariyabad Kakahraghat drains and construction of a 50 MLD STP in Prayagraj was approved.
- This project costing around Rs. 186.47 crore will augment the existing treatment capacity of Naini STP in sewerage district-A in Prayagraj to 80 MLD.
- In a smaller project, a 6 MLD STP, I&D and other works in Hapur were also approved to stop the flow of the Hapur city drain into River Kali, which is a tributary of River Ganga.
The G20 Ministerial Conference on Women’s Empowerment will take place in Gandhinagar, Gujarat:
- The Ministerial Conference on Women’s Empowerment under the G20 Indian Presidency, chaired by Union Minister of Women & Child Development, Smt. Smriti Zubin Irani is set to take place in Gandhinagar, Gujarat from 2nd to 4th August 2023.
- Gandhinagar is an exquisite example of a vibrant fusion of centuries-old architecture with modernity and cultural vibrancy and is known for its historical legacy, artefacts, handicrafts, arts, festivals, grand temples and museums and a rich civilization that flourished on the western bank of the river Sabarmati.
- The Ministerial Conference on Women’s Empowerment takes place amidst global challenges ranging from insufficient progress towards Sustainable Development Goals (SDGs) to challenges posed by climate change and uneven pandemic recovery.
- The G20 Ministerial Conference while focusing on women-led development will be an opportunity for accelerating achievement towards Gender Equality and Women’s Empowerment and achieving SDG: Goal 5.
- The Ministerial meeting spread over three days will witness the participation of more than 150 delegates led by their respective Heads of Delegations from G20 members, invitee countries, and International Organisations (IOs).
About G20:
- The G20 or Group of 20 is an intergovernmental forum comprising 19 countries and the European Union.
- It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.
- Founded: 26 September 1999
About Gujarat
- Capital: Gandhinagar
- Chief minister: Bhupendrabhai Patel
- Governor: Acharya Devvrat
- NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga Wildlife Sanctuary
Recent News:
- As part of India’s G20 presidency, the third Trade and Investment Working Group Meeting began in Kevadia,
- The Global Food Regulators Summit 2023 is being organised in New Delhi, Delhi for the first time, as a G20 or Group of 20 event.
- Under the aegis of Azadi Ka Amrit Mahotsav and the Agriculture Working Group (AWG) of G20, Shri Parshottam Rupala, Union Minister of Fisheries, Animal Husbandry & Dairying inaugurated an International Symposium on Sustainable Livestock Transformation at NDDB, Anand, Gujarat.
PM lays foundation stone and inaugurates various development projects in Pune, Maharashtra
- The Prime Minister, Shri Narendra Modi flagged off metro trains marking the inauguration of completed sections of Pune Metro.
- He also handed over more than 1280 houses constructed under Pradhan Mantri Awas Yojana by Pimpri Chinchwad Municipal Corporation (PCMC) and more than 2650 PMAY houses constructed by Pune Municipal Corporation to the beneficiaries.
- He laid the foundation stone for around 1190 PMAY houses to be constructed by PCMC and over 6400 houses constructed by Pune Metropolitan Region Development Authority.
- The Prime Minister also inaugurated a Waste to Energy Plant under PCMC developed at a cost of about Rs 300 crores.
- The Prime Minister inaugurated the Waste to Energy Plant under Pimpri Chinchwad Municipal Corporation (PCMC).
- Developed at a cost of about Rs 300 crores, it will use up about 2.5 lakh MT of waste annually to produce electricity.
Recent News
- The Insurance Regulatory and Development Authority of India (IRDAI) has selected Tata AIG General Insurance Company Limited as the non-life insurer for the State of Maharashtra to initiate and drive activities in collaboration with all other non-life and health insurance companies to increase insurance penetration in the State in line with its vision “Insurance for all by the year 2047”.
About Maharashtra
- Governor: Ramesh Bai
- Chief Minister: Eknath Shinde
- Capital: Mumbai
- National Park: Tadoba National Park, Navegaon National Park
- Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary
- UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves
CURRENT AFFAIRS: STATE NEWS
The biggest and most prestigious national pageant for males in the world, Rubaru Mr India, will be held in Goa in August 2023.
- The beautiful Indian state of Goa has been chosen to host the world’s biggest and most prestigious national pageant for men, the Rubaru Mr India competition.
- This renowned event will take place this August with the national finals taking place at the Bogmallo Beach Resort on August 5.
- In the month of August, Goa will welcome 32 of the most handsome, charismatic and talented men from different parts of India for the 19th season of the Rubaru Mr India competition.
- Alongside the handsome candidates, several notable and prominent personalities from the fashion world and the beauty pageant industry will also travel to Goa for this prestigious event.
- At the culmination of the competition on August 5, 2023, entire India will learn the name of the most handsome man in the nation.
Recent News
- Goa state governor P S Sreedharan Pillai honoured Goan writer Damodar Maujo with the 57th Jnanpith Award, the country’s highest literary honour
- The Comptroller and Auditor General of India (CAG) is hosting a three-day SAI20 Summit under India’s G20 Presidency in Goa.
- The second summit of the Supreme Audit Institutions (SAIs) of the G20 countries will begin in Panaji, the Capital of Goa.
Nagaland has been officially declared as a Lumpy Skin Disease Positive State:
- Nagaland has been officially declared as a Lumpy Skin Disease Positive Stat
- The declaration is made following the detection of the Lumpy skin disease in four districts of the state, under The Prevention and Control of Infectious and Contagious Diseases in Animals Act, 2009.
- The Directorate of Animal Husbandry & Veterinary Services will enforce all necessary preventive measures with the concerned state department as per the advisory and guidelines issued by the Department of Animal Husbandry and Dairying, Ministry of Fisheries, Animal Husbandry & Dairying.
About Nagaland:
- Capital: Kohima
- Official flower: Rhododendron arboretum
- Chief minister: Neiphiu Rio
- Governor: Shri La Ganesan
Government of Uttar Pradesh to expand Bal Shramik Vidya Yojana to cover all 75 districts
- To reach out to 5,000 children, the Uttar Pradesh (UP) government decided to expand the ‘Bal Shramik Vidya Yojana’ to all 75 districts.
Aim of the scheme :
- To educate child labour.
- It is currently being implemented in 20 districts and benefitting 2,000 children.
- Selected Children of the age group of 8 to 18 years involved in agriculture, self-employment, home-based establishments, domestic work, and other forms of labour will get financial assistance.
Key Highlights :
- Under the Bal Shramik Vidya Yojana, the beneficiary boys and girls will receive financial assistance of Rs 12000 and Rs 14400 annually.
- Apart from this, working children of landless families are also eligible for the scheme.
- The only condition for getting financial assistance is 70% attendance in the school.
- Families in which the mother or father has passed away will be eligible to take advantage of the scheme.
- If these children pass classes 8, 9 and 10, they get an additional Rs 6,000 for clearing each level.
- This scheme was launched in 2020 by UP CM Yogi Adityanath.
Recent News :
- In July 2023, The Uttar Pradesh (UP) government launched the subsidy portal, in, paving the way for people to apply online for the subsidy available on purchase of electric vehicles (EVs) in UP.
About UP :
- Governor : Anandiben Patel
- Chief Minister : Yogi Adityanath
- Capital : Lucknow
- National Park : Dudhwa National ParkWildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary
Jharkhand CM Hemant Soren launches mobile app to track elephant movement
- Jharkhand Chief Minister (CM) Shri Hemant Soren launched Jharkhand elephant tracker, a mobile application-based elephant movement tracking system on the occasion of the 74th Van Mahotsav in Ranchi to reduce human-elephant conflicts in Ranchi, Jharkhand.
- The mobile app will help villagers and departments to track elephant movements so that precautionary measures could be taken in advance.
About Jharkhand elephant tracker :
- Using the app, villagers can view the precise location of an elephant or a herd.
- The elephant locations will be fed by the forest department field staff using their internal database.
- The app will also help police and district administrative officials keep track of elephant movement.
- According to forest records, on average 80 persons die in man-elephant conflicts while 150 persons suffer injuries per year in Jharkhand.
- He also mentioned a toll-free number 18008892633 of the state forest department to lodge complaints.
About Jharkhand :
- Governor : C. P. Radhakrishnan
- Chief Minister : Hemant Soren
- Capital : Ranchi
- Tiger Reserve : Palamu Tiger Reserve
- Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake Bird Wildlife Sanctuary
CURRENT AFFAIRS: BUSINESS NEWS
The Combined Index of Eight Core Industries rises by 8.2 per cent (provisional) in June 2023 compared to June 2022:
- The combined Index of Eight Core Industries (ICI) increased by 8.2 per cent (provisional) in June 2023 as compared to the Index of June 2022.
- The production of Steel, Coal, Cement, Refinery Products, Natural Gas, Fertilizers and Electricity increased in June 2023 over the corresponding month of last year.
- ICI measures combined and individual performance of the production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.
- The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
- The final growth rate of the Index of Eight Core Industries for March 2023 is revised to 4.2 per cent from its provisional level of 3.6 per cent.
- The cumulative growth rate of ICI during the quarter April to June 2023-24 was reported at 5.8 per cent (provisional) as compared to the corresponding period of last year.
The summary of the Index of Eight Core Industries is given below:
Coal – Coal production (weight: 10.33 per cent) increased by 9.8 per cent in June 2023 over June 2022. Its cumulative index increased by 8.7 per cent during the quarter from April to June 2023-24 over the corresponding period of the previous year.
Crude Oil – Crude Oil production (weight: 8.98 per cent) declined by 0.6 per cent in June 2023 over June 2022. Its cumulative index declined by 2.0 per cent during the quarter from April to June 2023-24 over the corresponding period of the previous year.
Natural Gas – Natural Gas production (weight: 6.88 per cent) increased by 3.6 per cent in June 2023 over June 2022. Its cumulative index increased by 0.1 per cent during the quarter from April to June 2023-24 over the corresponding period of the previous year.
Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 4.6 per cent in June 2023 over June 2022. Its cumulative index increased by 1.9 per cent during the quarter from April to June 2023-24 over the corresponding period of the previous year.
Fertilizers – Fertilizer production (weight: 2.63 per cent) increased by 3.4 per cent in June 2023 over June 2022. Its cumulative index increased by 11.3 per cent during the quarter from April to June 2023-24 over the corresponding period of the previous year.
Steel – Steel production (weight: 17.92 per cent) increased by 21.9 per cent in June 2023 over June 2022. Its cumulative index increased by 15.9 per cent during the quarter from April to June 2023-24 over the corresponding period of the previous year.
Cement – Cement production (weight: 5.37 per cent) increased by 9.4 per cent in June 2023 over June 2022. Its cumulative index increased by 12.2 per cent during the quarter from April to June 2023-24 over the corresponding period of the previous year.
Electricity – Electricity generation (weight: 19.85 per cent) increased by 3.3 per cent in June 2023 over June 2022. Its cumulative index increased by 1.0 per cent during the quarter from April to June 2023-24 over the corresponding period of the previous year.
The gross GST revenue collected for July 2023 is Rs. 1,65,105 crore, representing an 11% year-on-year increase:
- The gross GST revenue collected in the month of July 2023 is ₹1,65,105 crore of which CGST is ₹29,773 crore, SGST is ₹37,623 crore, IGST is ₹85,930 crore (including ₹ 41,239 crores collected on import of goods) and cess is ₹11,779 crore (including ₹ 840 crores collected on import of goods).
- The government has settled ₹39,785 crore to CGST and ₹33,188 crore to SGST from IGST.
- The total revenue of the Centre and the States in the month of July 2023 after regular settlement is ₹69,558 crore for CGST and ₹70,811 crore for SGST.
- The revenues for the month of July 2023 are 11% higher than the GST revenues in the same month last year.
- During the month, the revenues from domestic transactions (including import of services) are 15% higher than the revenues from these sources during the same month last year.
- It is for the fifth time, the gross GST collection has crossed Rs. 1.60 lakh crore mark.
Recent News
- 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 Centre will soon notify rules for setting up GST appellate tribunals and appoint members after approval from the GST Council.
- The 50th GST Council meeting chaired by the Union Finance Minister Nirmala Sitharaman is underway in New Delhi.
- GST Council has decided to exempt cancer-fighting drugs, medicines for rare diseases, and food products for special medical purposes from GST tax.
About Goods and Services Tax (GST):
- The goods and services tax (GST) is a tax on goods and services sold domestically for consumption.
- The tax is included in the final price and paid by consumers at the point of sale and passed to the government by the seller.
- The GST is usually taxed as a single rate across a nation.
- The GST was launched on 1 July 2017 by the President of India and the Government of India.
CURRENT AFFAIRS: MOUS AND AGREEMENT
DGT collaborates with Amazon Web Services India to offer skilling programs on emerging technologies
- The Directorate General of Training (DGT), under the aegis of the Ministry of Skill Development and Entrepreneurship (MSDE), is collaborating with Amazon Web Services (AWS) India to upskill students in cloud computing, data annotation, artificial intelligence (AI), and machine learning (ML), to boost their capabilities and employability.
- This initiative will benefit students enrolled in the institutions under the DGT, an apex organisation responsible for implementing long-term institutional skill training through an extensive network of about 15,000 Industrial Training Institutes (ITIs) and 33 National Skill Training Institutes (NSTIs), across India.
- As part of this collaboration, AWS India will provide individuals with self-paced online learning programs in emerging technologies at no cost.
- This learning content will be offered on DGT’s Bharat Skills platform (https://bharatskills.gov.in), a central repository of updated curriculum, course content, digitally blended content, question banks, and learning videos of all courses under the Craftsmen Training Scheme (CTS) and Crafts Instructor Training Scheme (CITS).
Recent News
- Indian Council of Agricultural Research (ICAR), New Delhi signed a MoU with Amazon Kisan to combine strengths and create synergy between the two organizations for guiding the farmers on scientific cultivation of different crops for optimum yield and income.
- Payments service provider PayU has launched a 45-day fintech accelerator program, inFINity for early-stage Indian startups in collaboration with Amazon Web Services (AWS) India, a cloud platform, and venture capital firm Chiratae Ventures.
About Amazon
- CEO: Andy Jassy
- Founded: 5 July 1994
- CFO: Brian T. Olsavsky
- Founders: Jeff Bezos, MacKenzie Scott
- Hq: Seattle, Washington, United States
TRAI and C-DoT sign MoU to establish the mechanism of technical and institutional cooperation in telecommunications
- Telecom Regulatory Authority of India (TRAI) and the Centre for Development of Telematics (C-DoT) signed a “Memorandum of Understanding” (MOU).
- The MoU has been signed by Shri Anil Kumar Bhar dwaj, DG (TRAI CSR) and Shri Rajeev Kumar, Registrar, C-DoT in the presence of Secretary DoT, Secretary TRAI, CEO C-DoT and other senior officials of TRAI and C-DoT.
- The TRAI Centre of Studies and Research (TRAI CSR) was established as an entity within TRAI to conceptualise, coordinate, and enable technological studies in the telecom and broadcasting sectors.
- Its vision is to enable technology-driven growth in India by synergising cross-sector initiatives and facilitating knowledge sharing.
- The TRAI CSR and C-DoT have collaborated through the MOU signed and the parties have reached the common recognition aiming at establishing a mechanism of technical and institutional cooperation in the field of telecommunications to contribute to its development.
- With a unified vision, the aim is to explore the potential of emerging technologies, this MOU marks a significant step towards cooperation and knowledge sharing, fostering an environment that promotes research on regulatory practices, regulatory gap studies, and the dissemination of vital insights.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Indian-American policy expert Nisha Biswal appointed as new Deputy Chief Executive Officer of US DFC
- The United States Senate confirmed Indian-American policy expert and businesswoman Nisha Desai Biswal as the Deputy Chief Executive Officer of the US International Development Finance Corporation (DFC).
- In March 2023, US President Joe Biden had announced the nomination of Biswal as the deputy CEO of the DFC.
About Nisha Desai Biswal :
- Biswal has over 30 years of experience in US foreign policy and international development programs within the Executive Branch, Congress, and the private sector.
- She served as Assistant Secretary for South and Central Asian Affairs at the US Department of State from 2013 to 2017 & she was the first South-Asian American to hold this position.
- She serves as the Chair of the Advisory Committee on Voluntary Foreign Aid and is on both the Board of the National Democratic Institute and the US Institute of Peace International Advisory Council.
- She has also served as Assistant Administrator for Asia at the US Agency for International Development (USAID), directing and supervising the institution’s programs and operations across South, Central, and Southeast Asia
- Biswal currently holds the position of Senior Vice President for International Strategy and Global Initiatives at the US Chamber of Commerce, overseeing the US-India Business Council and US-Bangladesh Business Council.
Awards & Honors :
- Biswal was awarded the prestigious Samman Award by the President of India in January 2017.
About United States International Development Finance Corporation :
- Established : December 20, 2019
- Headquarters : Washington, D.C. United States of America
- CEO : Scott Nathan
- It is a development finance institution and agency of the United States federal government.
- It was formed by merging the Overseas Private Investment Corporation (OPIC) with the Development Credit Authority (DCA) of the United States Agency for International Development (USAID), as well as with several other smaller offices and funds.
Prof Ganesan Kannabiran appointed as a new director of National Assessment and Accreditation Council
- The National Assessment and Accreditation Council (NAAC) has appointed educationist Professor Ganesan Kannabiran as its new director for 5 years.
About Ganesan Kannabiran :
- Prof Kannabiran is a senior professor of Information Systems at the National Institute of Technology (NIT), Tiruchirappalli, and has served in the education sector for over 30 years.
- He was also the Dean of Research and Consultancy, and Director-in-Charge of NIT Trichy and NIT Puducherry.
- He was also the founding director of the Indian Institute of Information Technology, Andhra Pradesh, from 2018 to 2023.
- During this time, he made significant contributions towards the implementation of the National Education Policy at the institute, and promoted the adoption of neighbouring villages.
- He has carried out projects in the fields of computer-based learning, industry 4.0, entrepreneurship development, gender equality and data privacy among others.
About NAAC :
- Founded : 1994
- Headquarters : Bangalore, Karnataka, India
- The NAAC is a government organisation in India that assesses and accredits Higher Education Institutions (HEIs).
- It is an autonomous body funded by the University Grants Commission.
- The NAAC assessment results in a grade awarded to the institution, ranging from ‘A++’ (highest) to ‘C’ (lowest).
- Institutions that do not meet the minimum criteria receive an ‘Unaccredited’ status.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Elon Musk’s SpaceX launched World’s largest private communications satellite Jupiter-3
- Hughes Network Systems, an EchoStar (Nasdaq: SATS) company, announced its JUPITER 3 ultra high-density satellite has successfully launched on a SpaceX Falcon Heavy rocket from historic Kennedy Space Center Launch Pad 39A in Florida, United States of America (USA).
- It also known as EchoStar XXIV, JUPITER 3 was built by Maxar Technologies in Palo Alto, CA, and is engineered to deliver gigabytes of connectivity to customers across North and South America
- This will mark the 7th launch for SpaceX’s triple-booster rocket, which debuted to much fanfare back in 2018.
About Satellite Jupiter-3 :
- The satellite, named JUPITER-3, is owned by Maxar Technologies in Palo Alto, California, and is the biggest commercial communications satellite in history.
- Jupiter 3’s size will rival the wingspan of a commercial airliner, which can range from 130-160 feet.
- The satellite is supposed to double the limit of Maxar’s satellite fleet with 500 extra Gbps, empowering it to serve more clients, especially in regions where cable and fibre availability is inaccessible or unreliable.
- The communications satellite will boost services such as in-flight Wi-Fi, maritime associations, enterprise networks, backhaul for Mobile Network Operators (MNOs), and Community Wi-Fi solutions across North and South America.
- Falcon Heavy will deliver the satellite into geostationary orbit around Earth.
Recent News :
- In July 2023, The Space Exploration Technologies Corporation, commonly referred to as SpaceX launched 22 Starlink V2 ‘Mini’ satellites into Low Earth Orbit (LEO) from Space Launch Complex 40 at the Cape Canaveral Space Force Station in Florida, the United States of America (USA).
About SpaceX :
- Founded : March 14, 2002
- Headquarters : Hawthorne, California, United States
- CEO & Chairman : Elon Musk
- SpaceX, is an American spacecraft manufacturer, launch service provider and satellite communications company.
CURRENT AFFAIRS: SPORTS NEWS
India bags six medals including four Golds at World University Games in Chengdu, China:
- Indian shooters and archers bagged six medals including four golds at the World University Games in Chengdu, China.
- Shooters Aishwarya Pratap Singh Tomar, Divyansh Singh Panwar and Arjun Babuta joined forces to outclass local favourites China to win the 10m air rifle men’s team gold.
- Aishwarya also secured gold in the 10m air rifle men’s
- Avneet Kaur pipped USA’s Alyssa Grace Sturgill in a thrilling shoot-off to clinch the compound women’s gold.
- Sangampreet Bisla and Aman Saini clinched the gold and bronze medals in the men’s event.
- India has won 17 medals, nine gold, three silver and five bronze, and are second in the tournament.
- Hosts China leads the standings with a haul of 21 medals.
About China:
- President: Xi Jinping
- Capital: Beijing
- Currency: Renminbi
Recent News
- The head of the United Nations (UN) Food and Agriculture Organization (FAO), Qu Dongyu, was re-elected for a second term as head of the FAO.
- 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.
Daily CA One-Liner: August 2
- The 50th meeting of the Executive Committee of the National Mission for Clean Ganga (NMCG) was held under the chairmanship of DG, NMCG, Shri G. Asok Kumar where Seven projects worth around Rs. 692 crore were approved.
- The Ministerial Conference on Women’s Empowerment under the G20 Indian Presidency, chaired by Union Minister of Women & Child Development, Smt. Smriti Zubin Irani is set to take place in Gandhinagar, Gujarat from 2nd to 4th August 2023.
- The Prime Minister, Shri Narendra Modi flagged off metro trains marking the inauguration of completed sections of Pune Metro.
- The beautiful Indian state of Goa has been chosen to host the world’s biggest and most prestigious national pageant for men, the Rubaru Mr India competition.
- Nagaland has been officially declared as a Lumpy Skin Disease Positive Stat
- The combined Index of Eight Core Industries (ICI) increased by 8.2 per cent (provisional) in June 2023 as compared to the Index of June 2022.
- The gross GST revenue collected in the month of July 2023 is ₹1,65,105 crore of which CGST is ₹29,773 crore, SGST is ₹37,623 crore, IGST is ₹85,930 crore (including ₹ 41,239 crores collected on import of goods) and cess is ₹11,779 crore (including ₹ 840 crores collected on import of goods).
- The Directorate General of Training (DGT), under the aegis of the Ministry of Skill Development and Entrepreneurship (MSDE), is collaborating with Amazon Web Services (AWS) India to upskill students in cloud computing, data annotation, artificial intelligence (AI), and machine learning (ML), to boost their capabilities and employability.
- Telecom Regulatory Authority of India (TRAI) and the Centre for Development of Telematics (C-DoT) signed a “Memorandum of Understanding” (MOU).
- Indian shooters and archers bagged six medals including four golds at the World University Games in Chengdu, China.
- Small Industries Development Bank of India (SIDBI), the principal financial institution for Micro, Small and Medium Enterprises (MSMEs) in the country, announced its partnership with the Indian Institute of Management, Ahmedabad’s (IIM-A) startup incubator Centre for Innovation, Incubation & Entrepreneurship (CIIE) to set up a SIDBI Accelerator Fund at the incubator with an initial corpus of Rs 20 crore.
- Max Life Insurance Company Ltd. (Max Life) has been appointed as the “Lead Insurer” for the State of Uttar Pradesh (UP) by the Insurance Regulatory and Development Authority of India (IRDAI).
- Fino Payments Bank Limited has approved a proposal to transition into a small finance bank (SFB).
- As per the Finance Ministry, over 65% growth has been seen in 2022 from 2021 in the frauds reported for ATMs and others.
- To reach out to 5,000 children, the Uttar Pradesh (UP) government decided to expand the ‘Bal Shramik Vidya Yojana’ to all 75 districts.
- Jharkhand Chief Minister (CM) Shri Hemant Soren launched Jharkhand elephant tracker, a mobile application-based elephant movement tracking system on the occasion of the 74th Van Mahotsav in Ranchi to reduce human-elephant conflicts in Ranchi, Jharkhand.
- The United States Senate confirmed Indian-American policy expert and businesswoman Nisha Desai Biswal as the Deputy Chief Executive Officer of the US International Development Finance Corporation (DFC).
- The National Assessment and Accreditation Council (NAAC) has appointed educationist Professor Ganesan Kannabiran as its new director for 5 years.
- Hughes Network Systems, an EchoStar (Nasdaq: SATS) company, announced its JUPITER 3 ultra high-density satellite has successfully launched on a SpaceX Falcon Heavy rocket from historic Kennedy Space Center Launch Pad 39A in Florida, United States of America (USA).
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