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CURRENT AFFAIRS : BANKING & FINANCE
RBI and NPCI Introduce Credit Lines for UPI and Conversational Payments
- Reserve Bank of India (RBI) Governor Shaktikanta Das has launched several new digital payment products including Credit Line on UPI, UPI LITE X, Tap & Pay, Hello! UPI, and Conversational Bill Payments by National Payments Corporation of India (NPCI) during the Global Fintech Festival.·
Aim :
- To create an inclusive, resilient, and sustainable digital payments ecosystem in India.
- The goal is to help UPI (Unified Payments Interface) achieve a target of processing 100 billion transactions per month.
Hello! UPI :
- Hello! UPI enables users to make voice-enabled UPI payments through various channels, including apps, telecom calls, and IoT devices.
- It supports transactions in both Hindi and English and will soon be available in regional languages.
- Hello! UPI has been divided into segments: Conversational Payments on UPI, BillPay Connect.
Conversational Payments on UPI :
- Conversational payments highlight the use of AI-enabled transactions, facilitating human-machine interactions for digital payments.
- This innovation aims to expand the reach and usage of digital payments across the country.
Other Launches :
- NPCI has partnered with AI4Bharat at IIT Madras to co-develop payment language models in Hindi and English.
BillPay Connect :
- Bharat BillPay has introduced a nationalised number for bill payments across India, making it convenient for customers to fetch and pay their bills via messaging apps.
Credit Line on UPI :
- NPCI has rolled out Credit Line on UPI, allowing pre-sanctioned credit lines from banks through UPI.
- This initiative aims to enhance access to credit, promote financial inclusion, and streamline the digital banking ecosystem.
UPI LITE X for Offline Payments :
- UPI LITE X is designed for offline payments, enabling users to send and receive money without requiring a constant internet connection.
- It utilizes Near Field Communication (NFC) technology for faster transactions, even in areas with poor connectivity.
UPI Tap & Pay :
- UPI Tap & Pay allows customers to complete payments by simply tapping NFC-enabled QR codes, offering a convenient and efficient payment method.
- These product launches align with the Reserve Bank of India’s monetary policy announcements, showcasing the central bank’s commitment to promoting digital payments and financial innovation.
About Global Fintech Fest :
- Global Fintech Fest (GFF) is the largest fintech conference.
- It is jointly organized by the NPCI, the Payments Council of India (PCI), and the Fintech Convergence Council (FCC).
Initial Batch of Infrastructure Loans for Tier 2 and Tier 3 Cities to Be Released Shortly
- The Union Housing and Urban Affairs Ministry is preparing to disburse the first tranche of loans for ongoing projects in tier-2 and tier-3 cities under the Urban Infrastructure Development Fund (UIDF).
About UIDF :
- UIDF has been established to address the priority sector lending shortfall.
- Purpose: The Fund will be used by public agencies to create urban infrastructure in tier-2 and tier-3 cities.
- The focus will be on basic services like sewage and Solid Waste Management, water supply and sanitation, construction and improvement of drains/storm water drains, etc., and impact-oriented projects will be prioritised.
- It is managed by the National Housing Bank.
- The initial corpus for this Fund is ₹10,000 crore.
- UIDF is modelled on the lines of the Rural Infrastructure Development Fund (RIDF).
- States will be encouraged to leverage resources from the grants of the 15th Finance Commission, as well as existing schemes, to adopt appropriate user charges while accessing the UIDF.
- It currently covers 459 tier-2 cities and 580 tier-3 cities.
Interest Rate and Repayment Terms :
- The interest rate on UIDF loans is set at Bank Rate minus 1.5%.
- The principal loan amount is repayable in 5 equal annual instalments within 7 years from the draw date, with a two-year moratorium period.
- Interest payments are made on a quarterly basis.
What are tier-2 and tier-3 cities?
- The NHB, the nodal agency for the implementation of the UIDF, defines tier-2 cities as those with a population of 50,000 to less than a lakh and tier-3 cities as those between 1 lakh and less than a million as per the 2011 census.
About RIDF :
- The RIDF was set up by the Government in 1995-96 to finance ongoing rural Infrastructure projects.
- The Fund is maintained by the National Bank for Agriculture and Rural Development (NABARD).
- Contribution: Domestic commercial banks contribute to the Fund to the extent of their shortfall in stipulated priority sector lending to agriculture.
Mastercard and KredX Partners to Enhance B2B Payments with Incentives for Businesses and Suppliers
- Mastercard has strategically partnered with KredX (Minions Ventures Private Limited), India’s largest supply chain finance platform, to transform Business to Business (B2B) digital payments, benefitting both enterprises and vendors.
About B2B payments :
- B2B payments involve the exchange of currency for goods or services between two businesses, excluding consumer transactions.
- These businesses can include corporations, retailers, wholesalers, and startups.
Integration of Commercial Card Service :
- As part of the collaboration, Mastercard will integrate its commercial card service with the KredX platform, eliminating the complexities associated with B2B payments, especially those made via cards.
Key Features of Platform :
- The platform offers features like dynamic discounting, early payment options, and price discovery, enhancing cash flow for both enterprises and vendors.
- Powered by Artificial Intelligence (AI), it will act as a complete procure-to-pay offering for businesses, helping them with faster and more efficient matching and processing of invoices.
Smart Bid Algorithm :
- The platform includes a Smart Bid algorithm that helps enterprises discover the best discount rates offered by vendors.
Enhanced Operational Efficiency :
- By integrating pre-discounting processes with post-discounting payments, the platform boosts operational efficiency for companies.
- It strengthens supply chain management capabilities, contributing to smoother operations.
Addressing Common Challenges :
- The collaborative platform aims to resolve typical challenges in B2B payments, including lengthy accounting and reconciliation processes, limited vendor acceptance, and frequent chargebacks.
- It plays a crucial role in driving digital payment adoption, even among small vendors without in-house payment gateways or point-of-sale (PoS) machines.
Supply Chain Velocity :
- Accelerating supply chain velocity through financial innovation is a key aspect of KredX’s value proposition.
- The partnership aligns with this goal by improving cash flows and operational efficiency within supply chains.
About Kredx :
- Founded : 2015
- Headquarters : Bangalore, Karnataka
- CEO : Manish Kumar
SEBI Mandates Online-Only Mode for Investor Protection and Education Fund Payments
- The Securities and Exchange Board of India (SEBI) has stated that payments to the SEBI Investor Protection and Education Fund (IPEF) account can now be made only through online mode.
Aim :
- To streamline the payment process and enhance accessibility for all individuals and entities contributing to the fund.
Online Payment Methods :
- Intermediaries now have the convenience of making payments to the IPEF using various online payment methods, including:
- Net banking
- National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS)
- Debit cards
- Unified Payment Interface (UPI)
What is IEPF?
- IEPF is a fund established under Section 205C of the Companies Act, 1956, as per the Companies (Amendment) Act, 1999.
- The fund serves 2 key purposes :
- Investor Awareness: It aims to promote awareness among investors, educating them about financial matters and investment-related topics.
- Investor Protection: IEPF also acts as a safeguard for investors’ interests, ensuring that their funds are protected and managed appropriately.
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.
SEBI Grants Approval to Groww for Launching Its Inaugural Index Fund
- Asset management company Groww Mutual Fund has received approval from the market regulator Securities and Exchange Board of India (SEBI) to launch its first index fund named Groww Nifty Total Market Index Fund.
- Groww Mutual Fund got approval for its 1st New Fund Offering (NFO) – Groww Nifty Total Market Index Fund
- This comes after Zerodha submitted draft offer documents to the market regulator for the launch of 2 schemes, the Zerodha Tax Saver (ELSS) Nifty Large Midcap 250 Index Fund and the Zerodha Nifty Large Midcap 250 Index Fund (ZN250), in accordance with its mandate to establish passive schemes.
What is NFO?
- A new fund offer (NFO) is the first subscription offering for any new fund offered by an investment company.
- A new fund offer occurs when a fund is launched, allowing the firm to raise capital for purchasing securities.
- Mutual funds are one of the most common new fund offerings marketed by an investment company.
About Groww Mutual Fund :
- Headquarters : Bengaluru, Karnataka
- CEO : Varun Gupta
SBI Card Introduces ‘SimplySAVE Merchant SBI Card’ Targeting the MSME Sector
- India’s largest pure-play credit card issuer, SBI Cards & Payment Services Limited (SBI Card) has launched ‘SimplySAVE Merchant SBI Card’ for micro, small, and medium enterprises (MSMEs), with the offer of short-term credit options and other exclusive benefits.
- The card was officially unveiled by Dinesh Khara, Chairman of State Bank of India, during the Global Fintech Fest held in Mumbai, Maharashtra.
- The ‘SimplySAVE Merchant SBI Card’ aims to address the financing needs of MSMEs by offering interest-free short-term credit options, providing them with easy and timely access to formal credit.
- This card operates on the RuPay network, which is a domestic payment network in India, and it can be linked to the Unified Payments Interface (UPI) for making payments through UPI-enabled third-party applications.
About SBI Card :
- Founded : May 1998
- Headquarters : Gurgaon, Haryana
- MD & CEO : Abhijit Chakravorty
- SBI Cards & Payment Services Limited, previously known as SBI Cards & Payment Services Private Limited, is a credit card company and payment provider in India.
AU Small Finance Unveils ‘Zenith Metal Credit Card
- AU Small Finance Bank Limited has launched the ‘Zenith + Super Premium Metal Credit Card’ as an addition to its range of banking solutions.
Key Features :
- Lounge Access: The card offers premium lounge access, providing cardholders with a comfortable and luxurious travel experience.
- Personalized Concierge Services: Cardholders can access personalized concierge services, enhancing convenience and assistance.
- Welcome Benefits: The card includes a welcome package with either Premium Brand vouchers or Reward Points valued at Rs 5000, offering immediate benefits to new cardholders.
- A notable feature of this credit card is its low Forex markup of 99% for international travel.
- This makes it advantageous for global transactions and foreign currency spending.
- Cardholders can enjoy exclusive dining experiences with a complimentary 1-year Taj Epicure Membership, adding further value to the card’s offerings.
Recent News :
- In May 2023, AU Small Finance Bank partnered RuPay to roll out the Business Cashback Rupay credit card, an innovative solution tailored to meet the financial requirements of self-employed customers.
About AU Small Finance Bank Limited :
- Established : 1996
- Headquarters : Jaipur, Rajasthan
- MD & CEO : Sanjay Agarwal
CURRENT AFFAIRS : STATE NEWS
Jharkhand Cabinet approves Rs 1000 pension for transgender community & inclusion in backward classes category
- The Jharkhand Cabinet, led by Chief Minister (CM) Hemant Soren, has approved the inclusion of the transgender community in the state’s universal pension scheme, known as “Mukhyamantri Rajya Samajik Suraksha Pension Yojana.”
- Under this scheme, transgender individuals will receive a monthly pension of Rs 1,000.
Eligibility Criteria :
- To qualify for the pension scheme, transgender individuals must obtain a certificate from the deputy commissioner’s office.
- Eligibility criteria include being 18 years of age or older and possessing a voter ID card.
Inclusion in OBC Category :
- Transgender individuals have been officially included in the category of “Other Backward Class” (OBC).
- The proposal includes two key aspects:
- Recognition of transgender persons as a “third gender.”
- Inclusion of transgender individuals who do not fall under any other reservation category into the OBC category, specifically at serial number 46 on the OBC list.
- According to the Department of Women, Child Development, and Social Security (WCDSS), the transgender population in Jharkhand was approximately 11,900 in 2011, which currently would be nearly 14,000.
Recent News :
- In Aug 2023, 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.
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
Ahmedabad becomes 2nd city in India to implement emission trading scheme
- The Gujarat government has announced that Ahmedabad has become the 2nd city in India to adopt an Emission Trading Scheme (ETS) for particulate pollution with an aim to regulate industrial emissions effectively and contribute to reducing pollution levels in Gujarat.
- The first Indian city to implement such a scheme was Surat, also located in the state of Gujarat.
- Live trading within the ETS scheme commenced on September 1, 2023.
- This marked the beginning of the trading process involving 118 industries operating within the scheme.
- Gujarat’s Forest and Environment Minister, Mulubhai Bera, inaugurated the 1st uniform auction for the Ahmedabad ETS market, distributing pollution permits online to all participating industries.
About ETS :
- The ETS in Ahmedabad specifically targets particulate matter (PM) emissions and is the world’s 1st ETS dedicated to PM emissions.
- It primarily focuses on industries in the textile sector within the Narol and Vatva industrial clusters.
- ETS, also known as a “cap-and-trade” system, sets a cap on the amount of pollution allowed from regulated industries and issues permits for emissions.
Implementation and Technical Expertise :
- The ETS is implemented by the Gujarat Pollution Control Board and benefits from technical expertise provided by professors from renowned universities such as the University of Chicago, University of Yale, and University of Warwick.
- Organizations like the Abdul Latif Jameel Poverty Action Lab (J-PAL) and Energy Policy Institute Chicago also contribute to the initiative.
- The trading platform for the ETS has been developed by NCDEX e Markets Limited (NeML), a recognized entity in the commodity exchange sector.
- ETS is an innovative market-based system that has the potential to transform the trade-off between environmental quality and growth, improving air quality with lower costs of compliance to industry.
- In addition, the use of continuous emissions monitoring systems (CEMS) greatly improve the information and ability of regulators to monitor industry.
About Gujarat :
- Governor: Acharya Devvrat
- Chief minister: Bhupendrabhai Patel
- Capital: Gandhinagar
- National Park : Vansda National Park, Gir National Park, Marine National Park, Velavadar National Park
- Wildlife Sanctuaries : Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Shoolpaneshwar Wildlife Sanctuary
Odisha’s ‘Koraput Kalajeera Rice’ receives Geographical Indications (GI) Status
- Odisha’s ‘Koraput Kalajeera Rice,‘ renowned for its unique aroma and nutritional value, has been officially recognized with Geographical Indications (GI) status.
- This aromatic rice variety, often referred to as the ‘Prince of Rice,‘ resembles coriander seeds in appearance.
- The application for GI registration of ‘Koraput Kalajeera Rice’ was initiated in January 2022 by the Jaivik Sri Farmers Producer Company Limited in Pujariput, Koraput district, Odisha.
- With the support of the National Bank for Agriculture and Rural Development (NABARD) and the Odisha government’s department of agriculture and farmers empowerment, the farmers’ organisation received the GI tag for ‘Koraput Kalajeera Rice.’
About Kalajeera Rice :
- The farmers of Koraput district in Odisha, the centre of origin of cultivated rice, have domesticated Kalajeera rice over generations.
Characteristics of Kalajeera Rice :
- ‘Kalajeera Rice’ is known for its black colour, exceptional aroma, taste, and texture.
- It is highly regarded among rice consumers.
- This rice may have medicinal qualities, including memory enhancement, diabetes control, increased haemoglobin levels, and improved metabolism.
Growing Regions :
- Kalajeera rice is predominantly grown in areas such as Tolla, Patraput, Pujariput, Baliguda, and Mohuli within the Koraput district.
- In addition to that,’ ‘Nayagarh Kanteimundi Brinjal,‘ a brinjal species from Nayagarh district, also received the GI tag.
About GI Tag :
- A GI, a kind of Intellectual Property Rights (IPR), is primarily an agricultural, natural or manufactured product (handicraft and industrial goods) originating from a definite geographical territory.
- A GI is a label that is applied to products that have a specific geographical origin and that have characteristics related to a particular location.
- The tag is valid for a period of 10 years after which it is renewed.
About Odisha :
- Governor : Ganeshi Lal
- Chief Minister : Naveen Patnaik
- Capital : Bhubaneswar
- National Parks : Simlipal National Park, Bhitarkanika National Park
- Wildlife Sanctuaries : Tikarpada Wildlife Sanctuary, Chilika Wildlife Sanctuary, Sunabeda Wildlife Sanctuary.
CURRENT AFFAIRS : DEFENCE NEWS
Launch of the First Ship, DSC A 20′ (Yard 325), in the Five-Ship Diving Support Craft (DSC) Project in Titagarh, Kolkata (WB) on the Hooghly River
- DSC A 20’ (Yard 325), the first ship of the Five (05) Diving Support Craft (DSC) project, was launched at Titagarh, Kolkata (WB) onto the Hooghly River.
About DSC A 20 :
- DSC A 20′ is constructed by M/s Titagarh Rail Systems Ltd (TRSL).
- These ships boast a catamaran hull design and measure approximately 30 metres in length.
- Their displacement is estimated to be around 300 tons.
- All 5 DSCs, including DSC A 20′, are scheduled to be handed over to the Indian Navy in the fiscal year 2024-25.
- These crafts are being fitted with state-of-the-art diving equipment and tools for performing diving operations.
- These ships are designed to undertake operational/ training diving operations in harbours and coastal waters.
- It’s noteworthy that these ships are entirely indigenous, adhering to the relevant Naval Rules and Regulations of the Indian Register of Shipping (IRS).
- The hydrodynamic analysis/ model testing of the ships during the design stage was undertaken at the Naval Science and Technological Laboratory (NSTL), Visakhapatnam, Andhra Pradesh (AP).
- A diving support vessel, as the name suggests, is a ship that is used for the objective of diving into oceans.
- Divers who dive into the middle of the seas as a part of the professional diving process need proper diving support.
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Ministry of Defence
- Defence Secretary : Giridhar Aramane
Thal Sena Bhawan of the Indian Army to Adhere to GRIHA-IV Green Standards
- The Indian Army’s upcoming Thal Sena Bhawan (TSB) is being constructed in adherence to GRIHA-IV (Green Rating for Integrated Habitat Assessment) norms.
- It has been designed for a building life of about 100 years, and is earthquake-resistant, according to C.P. Kukreja Architects, who have been awarded the project.
- The building will be ready by May-June 2025.
About GRIHA :
- GRIHA (Green Rating for Integrated Habitat Assessment), derives its name from the Sanskrit word meaning ‘Abode.’
- It has been developed by TERI (The Energy and Resources Institute) and adopted by the Ministry of New and Renewable Energy.
- It serves as a rating tool that assists in assessing a building’s performance against nationally accepted benchmarks.
- GRIHA evaluates a building’s environmental performance throughout its entire life cycle, establishing a definitive standard for what constitutes a ‘green building.’
Rating System and Criteria :
- The rating system, based on accepted energy and environmental principles, will seek to strike a balance between the established practices and emerging concepts, both national and international.
- This tool has been adopted by the Ministry of New and Renewable Energy.
- The GRIHA rating system assesses a building against 34 criteria and assigns points on a scale of 100.
- To qualify for GRIHA certification, a project must achieve a minimum of 50 points.
- Certain criteria and sub-criteria are mandatory and must be met for a project to be eligible for rating.
GRIHA Certification Levels :
- The project’s GRIHA certification level is determined based on its score :
- 50-60 points: Certified as a 1-star GRIHA rated building
- 61-70 points: Certified as a 2-star GRIHA rated building
- 71-80 points: Certified as a 3-star GRIHA rated building
- 81-90 points: Certified as a 4-star GRIHA rated building
- 91-100 points: Certified as a 5-star GRIHA rated building
CURRENT AFFAIRS : OBITUARIES
Chief of Special Protection Group (SPG) for PM Modi’s Security, Arun Kumar Sinha, Passes Away
- Director of Special Protection Group (SPG), responsible for providing proximate security to the Prime Minister of India, Arun Kumar Sinha passed away at the age of
About Arun Kumar Sinha :
- Arun Kumar Sinha was an Indian Police Service (IPS) officer of the 1987 Kerala cadre.
- He assumed the role of Director of SPG in March 2016 and was initially appointed on a contract basis, with a tenure of up to May 31, 2024, in the rank and compensation of Director General of Police.
- His dedication to his responsibilities has resulted in a one-year extension in service till May 31, underlining his commitment to the role.
- He had a varied career, serving in various positions in his home cadre state Kerala, and in the Border Security Force (BSF) at the Centre
About SPG :
- Founded : 8 April 1985
- Headquarters : New Delhi, Delhi
- The SPG is an elite force that is specially tasked to provide protection to the country’s current and former Prime Ministers and their immediate family members.
- It was formed in the wake of former PM Indira Gandhi’s assassination in
Daily CA on Sep 09 :
- Reserve Bank of India (RBI) Governor Shaktikanta Das has launched several new digital payment products including Credit Line on UPI, UPI LITE X, Tap & Pay, Hello! UPI, and Conversational Bill Payments by National Payments Corporation of India (NPCI) during the Global Fintech Festival.·
- The Union Housing and Urban Affairs Ministry is preparing to disburse the first tranche of loans for ongoing projects in tier-2 and tier-3 cities under the Urban Infrastructure Development Fund (UIDF).
- Mastercard has strategically partnered with KredX (Minions Ventures Private Limited), India’s largest supply chain finance platform, to transform Business to Business (B2B) digital payments, benefitting both enterprises and vendors.
- The Securities and Exchange Board of India (SEBI) has stated that payments to the SEBI Investor Protection and Education Fund (IPEF) account can now be made only through online mode.
- Asset management company Groww Mutual Fund has received approval from the market regulator Securities and Exchange Board of India (SEBI) to launch its first index fund named Groww Nifty Total Market Index Fund.
- India’s largest pure-play credit card issuer, SBI Cards & Payment Services Limited (SBI Card) has launched ‘SimplySAVE Merchant SBI Card’ for micro, small, and medium enterprises (MSMEs), with the offer of short-term credit options and other exclusive benefits.
- AU Small Finance Bank Limited has launched the ‘Zenith + Super Premium Metal Credit Card’ as an addition to its range of banking solutions.
- The Jharkhand Cabinet, led by Chief Minister (CM) Hemant Soren, has approved the inclusion of the transgender community in the state’s universal pension scheme, known as “Mukhyamantri Rajya Samajik Suraksha Pension Yojana.”
- The Gujarat government has announced that Ahmedabad has become the 2nd city in India to adopt an Emission Trading Scheme (ETS) for particulate pollution with an aim to regulate industrial emissions effectively and contribute to reducing pollution levels in Gujarat.
- Odisha’s ‘Koraput Kalajeera Rice,‘ renowned for its unique aroma and nutritional value, has been officially recognized with Geographical Indications (GI) status.
- DSC A 20’ (Yard 325), the first ship of the Five (05) Diving Support Craft (DSC) project, was launched at Titagarh, Kolkata (WB) onto the Hooghly River.
- The Indian Army’s upcoming Thal Sena Bhawan (TSB) is being constructed in adherence to GRIHA-IV (Green Rating for Integrated Habitat Assessment) norms.
- Director of Special Protection Group (SPG), responsible for providing proximate security to the Prime Minister of India, Arun Kumar Sinha passed away at the age of
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