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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Imposes ₹2.68 Crore Penalty on UCO Bank and ₹2.1 Lakh Penalty on Cent Bank Home Finance Limited    

• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.68 crore on UCO Bank.

Reason for Penalty:

• Contravention of provisions under Section 26A of the Banking Regulation Act, 1949 (BR Act).
  • Non-compliance with RBI directions related to:
    • Interest Rate on Advances
    • Opening of Current Accounts by Banks (Need for Discipline)
    • Interest Rate on Deposits
    • Classification and Reporting of Frauds by Commercial Banks and Select Financial Institutions (FIs).

Specific Violations by UCO Bank:

• Failure to benchmark floating rate personal/retail loans and loans to MSMEs to an external benchmark.
• Opening current accounts for non-constituent borrowers with exposure of ₹5 crore or more.
• Opening savings deposit accounts in the name of ineligible entities.
• Legal Provisions:This penalty has been imposed in the exercise of powers conferred on RBI under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) and section 51(1) of BR Act.

Penalty on Cent Bank Home Finance Limited:

• RBI has also imposed a penalty of ₹2.1 lakh on Cent Bank Home Finance Limited.
• Reason for Penalty: Non-compliance with certain Know Your Customer (KYC) directions provisions.
• Legal Provisions: This penalty has been imposed in the exercise of powers vested in RBI conferred under section 52A of the National Housing Bank Act, 1987.

Recent News :

• In Aug 2024, The RBI imposed a monetary penalty of ₹1,92,00,000 on NDX P2P Private Limited, also known as ‘LiquiLoans’.

About RBI :

• Founded : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D. Patra

Finance Minister Nirmala Sitharaman Grants ‘Navratna’ Status to 4 Central Public Sector Enterprises    

• Union Finance Minister Nirmala Sitharaman approved the upgradation of 4 Central Public Sector Enterprises (CPSEs) to Navratna status.
• These CPSEs are:

1. Railtel Corporation of India (RCIL)
2. Solar Energy Corporation of India (SECI) Limited
3. Satluj Jal Vidyut Nigam (SJVN) Limited
4. National Hydroelectric Power Corporation (NHPC)

• With this approval, the total number of Navratna CPSEs in India has increased to 25.

Key Highlights :

• Individual Status and Achievements:Solar Energy Corporation of India (SECI): Became the 23rd Navratna CPSE.
• SECI is a leader in renewable energy capacity development in India, with a cumulative awarded capacity of 69.25 gigawatts (GW) and an annual power trading volume exceeding 42 billion units.
• It posted a consolidated annual turnover of ₹13,118.68 crore.
• SECI is the foremost Renewable Energy Implementing Agency (REIA) of India, continuously working towards fulfilling climate goals and striving for sustainable development.
• Railtel Corporation of India (RCIL): Became the 22nd Navratna CPSE.
• RCIL, under the Ministry of Railways, achieved a turnover of ₹2,622 crore and a net profit of ₹246 crore for FY24.
• National Hydroelectric Power Corporation (NHPC): Became the 24th Navratna CPSE.
• NHPC, under the Ministry of Power, reported an annual turnover of ₹8,405 crore and a net profit of ₹3,744 crore for FY 2023-24.
• Satluj Jal Vidyut Nigam Ltd (SJVN): Became the 25th Navratna CPSE, with an annual turnover of ₹2,833 crore and a net profit of ₹908 crore for FY24.
• Criteria for Navratna Status: To be eligible for Navratna status, a CPSE must:
• Be a Miniratna Category I company.
• Be a Schedule ‘A’ company.
• Have achieved ‘excellent’ or ‘very good’ MOU ratings in at least three of the last five years.
• Achieve a composite score of 60 or above across six selected performance indicators, which include:
• Net profit to net worth (25%)
• Manpower cost to total cost of production/services (15%)
• Profit before depreciation, interest, and taxes to capital employed (15%)
• Profit before interest and taxes to turnover (15%)
• Earnings per share (10%)
• Inter-sectoral performance (20%)
• Navratna Scheme: Introduced by the government in 1997, the Navratna scheme aims to identify CPSEs with competitive advantages and support their growth into global giants.
• It provides enhanced autonomy to Navratna CPSE boards in areas such as:
• Capital expenditure
• Investments in joint ventures/subsidiaries
• Mergers and acquisitions
• Human resource management
• Nodal Department: The Department of Public Enterprises (DPE) is responsible for formulating policy and overseeing the management of all CPSEs, including those with Navratna status.

Reserve Bank of India Data Shows Increase in Private Sector Banks’ Credit Share in June 2024, While Public Sector Banks’ Share Declines   

• According to the Reserve Bank of India’s (RBI’s) quarterly BSR data, the share of public sector banks (PSBs) in total credit continued to decline and stood at 53.1% in June 2024 (55.8% a year ago) with concomitant rise for private sector banks (PvBs).
• The share of PvBs in total credit increased to 46.9% in June 2024, up from 36.5% in March 2021, highlighting their growing market share.

Key Highlights :

• Deposit Trends:The share of scheduled commercial banks (SCBs) deposits offering 7% and above interest rates increased to 66.9% in June 2024, compared to 45.4% a year earlier.
• The share of savings deposits in total deposits decreased to 29.8% in June 2024 from 30.1% in the previous quarter and 31.8% a year ago.
• Bank Credit Growth:Year-on-year (YoY) bank credit growth slowed slightly to 15% in June 2024, net of the HDFC-HDFC Bank merger, from 15.6% in the previous year.
• Bank Deposit Growth:Year-on-year (YoY) growth in bank deposits moderated to 11.7% in June 2024, net of merger (12.2% including the impact of merger), down from 13.1% (13.7% including merger) a quarter earlier.
• Private Corporate Sector Credit Share:The share of the private corporate sector in total bank credit increased to 26.4% in June 2024 from 25.7% a year ago.
• Household Sector Credit:Individuals in the household sector accounted for 46.5% of total credit, with female individuals’ share rising to 10.9% of total loans in June 2024, up from 10.3% a year ago.
• Public Sector Entity Borrowings:Borrowings by public sector entities declined, with their share in total credit falling to 13.5% in June 2024 from 16.4% a year ago.
• Credit Distribution by Branches:Metropolitan branches hold the majority of bank loans, but their share declined to 60.6% in June 2024 from 62.0% a year ago, as urban and semi-urban branches saw higher loan growth.
• Weighted Average Lending Rate (WALR):WALR increased marginally to 10.23% in June 2024, compared to 10.18% in the previous quarter and 10.15% a year ago.

International Financial Services Centres Authority Announces Final Rules for Gift City Listings and Sets Initial Public Offering Eligibility Criteria    

• The International Financial Services Centres Authority (IFSCA) issued the final norms specifying eligibility conditions and norms for direct listing on the exchanges in the GIFT City.
• With the final notification in place, the gates of IFSCA will be open for foreign entities and domestic unlisted companies, especially startups eyeing offshore investors, to explore listing on the two exchanges in the financial hub.

Key Highlights :

• Eligibility Criteria for Direct Listing :
• Revenue: Minimum operating revenue of $20 million in the previous financial year.
• Profit: Minimum pre-tax profit of $1 million.
• Market Capitalisation: Post-issue market capitalisation must be at least $25 million.
• Conditions for SR Equity Shares and IPOs:Companies with previously issued Special Rights (SR) equity shares or shares with superior voting rights can launch an IPO of ordinary shares if:
• Shareholders have approved the issuance of SR equities.
• SR shares have been held for at least three months before filing.
• For an offer for sale, shares must be held for at least one year before filing draft documents.
• Special Purpose Acquisition Companies (SPACs) : IFSCA has also specified obligations for those launching SPACs.
• The issue shall be of size not less than $50 million or any other amount as may be specified by the authority from time to time. The sponsors shall hold at least 15% and not more than 20% of the post issue paid up capital.
• Regulatory Coordination:While IFSCA’s regulations permit the listing of all types of securities, the SEBI must amend existing regulations before listed companies can list in GIFT City.

Securities and Exchange Board of India Considers Broadening Informal Guidance Scheme Scope and Increases Fees   

• Capital markets regulator Securities and Exchange Board of India (SEBI) proposed changes to the informal guidance scheme to expand the list of applicants that can seek guidance under the plan and enhance the fee for making an application.

Key Highlights :

• At present, only a limited category of entities, including listed companies and intermediaries, are eligible to request guidance under the scheme.
• New entities that will be allowed to seek IG mechanisms are stock exchanges, clearing corporations and depositories, managers of pooled investment vehicles such as alternative investment funds, Real Estate Investment Trust (ReiT), Infrastructure Investment Trust (InVIT) and Collective Investment Scheme (CIS).
• Fee Structure Changes : On rationalising fees, Sebi has proposed to raise the fees to Rs 75,000 from the current Rs 25,000 from an applicant while making an application under the IG scheme.
• Further, in case of rejection of an informal guidance application, a processing fee of Rs 5,000 is deducted while refunding the fee to the applicant. This has been proposed to increase to Rs 15,000.
• Revised Procedures : Also, it has been proposed that the IG scheme should be revised to provide for a nodal coordination cell with a centralised e-mail address that receives applications only through online mode and monitors the processing of the disposal of applications.
• The period taken up to 15 days may be excluded from the overall timeline of 60 days to respond to an application.
• SEBI has proposed mandating the departments to use electronic e-mail as a mode of communication for seeking clarification from applicants.

Recent News :

• In Aug 2024, The SEBI proposed that Qualified Stock Brokers (QSBs) offer a UPI-based block mechanism for trading in the secondary market, similar to the Application Supported by Blocked Amount (ASBA) facility used in the primary market.

Securities and Exchange Board of India Updates Criteria for Inclusion and Removal of Stocks in Futures and Options (F&O) Segment    

• The Securities and Exchange Board of India (SEBI) has revised the eligibility criteria for the entry and exit of stocks in the derivatives (F&O) segment to ensure only high-quality stocks with sufficient market liquidity are allowed to trade.

Key Highlights :

• Performance Criteria for Entry : To be eligible for entry into the derivatives segment, stocks must meet certain criteria based on their performance in the cash market over the previous six months on a rolling basis.

Revised Financial Metrics:

• Median Quarter Sigma Order Size (MQSOS): Must be at least ₹75 lakh, revised from the previous requirement of ₹25 lakh.
• Market Wide Position Limit (MWPL): Must be at least ₹1,500 crore, increased from ₹500 crore, reflecting the rise in market capitalization.
• Average Daily Delivery Value: Additionally, the stock’s Average Daily Delivery Value in the cash market has been increased to at least R 35 crore from Rs 10 crore, owing to a significant increase in the average daily delivery value.
• Trading Permissions: Stocks that meet these eligibility criteria on any stock exchange’s underlying cash market will be allowed to trade in the equity derivatives segment of all stock exchanges.
• Additional Considerations for Derivatives Inclusion:SEBI will consider other factors such as surveillance concerns, ongoing investigations, or other administrative considerations when introducing a stock into the derivatives segment.
• Settlement of Derivative Contracts: The stock exchanges will settle derivative contracts using a price calculated by the clearing corporations based on the volume-weighted average price (VWAP) from the cash segment across all exchanges.
• Also, the regulator has introduced a product success framework (PSF) for single-stock derivatives.
• Product Success Framework (PSF) for Single-Stock Derivatives:At least 15% of trading members active in all stock derivatives, or 200 trading members (whichever is lower), must have traded in any derivative contract on the stock under review, on average, each month during the review period.
• Trading must occur on at least 75% of the trading days during the review period.
• The stock should have an average daily turnover (futures and options premium combined) of at least ₹75 crore and an average daily notional open interest (futures and options combined) of at least ₹500 crore during the review period.

HDFC Bank Unveils DigiPassBook to Streamline Investments in a Single Platform     

• HDFC Bank has launched DigiPassBook, a new feature on its SmartWealth app which allows users to consolidate all their investments under one roof.
• It allows users to manage and view all their equity investments, ETFs and demat accounts in the app.

Key Highlights :

• DigiPassBook is supported by the account aggregator framework, which allows users to consolidate financial assets from different institutions.
• In the future, HDFC Bank plans to expand the DigiPassBook to include investments in insurance and bonds, marking a significant enhancement for the SmartWealth app.
• Currently, the facility allows users to aggregate their equity investments, ETF holdings and transactions from various depository participants by providing a one-time consent.
• With this feature, users can seamlessly access investment details, transactions and analytics, all in one place.
• It also consolidates bank account balances, reducing the need to switch between multiple apps and provides a comprehensive view of income and expenses.

What is an Account Aggregator?

• An account aggregator is regulated by the RBI, requiring an NBFC-AA license.
• It facilitates secure digital information sharing between financial institutions with the user’s consent, allowing them to view all their financial holdings in one place.

About HDFC Bank :

• Founded : 1st July 2023 (via the merger between HDFC-HDFC bank)
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sashidhar Jagdishan
• Tagline : We Understand Your World

Aditya Birla and Policybazaar Introduce Lifetime Family Income Protection Plan

• Aditya Birla Sun Life Insurance (ABSLI) and Policybazaar have jointly launched a new term insurance plan called ‘Income Suraksha Plan’.
• The plan provides a guaranteed monthly income for life in the “unfortunate event” of the policyholder’s death.

Key Features:

• Increasing Income Protection Option: Offers a 5% annual increment in the monthly income, capped at 1.5 times the initial amount.
• Premium Discount: Up to a 9% one-time discount on the first-year premium.
• Eligibility Criteria:
• Age at Entry: 21 to 55 years.
• Maturity Age: 31 to 70 years.
• Plan Options:Fixed Income Protection: Provides a fixed monthly income to the nominee for the chosen policy term.

About Aditya Birla Sun Life Insurance :

• Incorporated : August 4, 2000 (Commenced Operations-January 17th, 2001)
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Kamlesh Rao
• ABSLI is a 51:49 joint venture between the Aditya Birla Group and Sun Life Financial Inc., an international financial services organization in Canada.

HDFC Bank Introduces GIGA, Financial Product Tailored for India’s Gig Workers     

• HDFC Bank has introduced GIGA, a financial suite designed for gig workers and freelancers.
• The programme aims to address the financial needs of India’s burgeoning gig economy.
• The gig economy is estimated to employ 30-50 million workers: Fom management consultants and software programmers to delivery partners.
• GIGA will cater to this diverse group’s financial requirements.

GIGA’s key offerings :

• Flexible Savings Account:Balance Requirements: Requires a quarterly balance of Rs 10,000 for metro/urban areas and Rs 5,000 for semi-urban/rural areas.
• Investment Options: Includes options like systematic investment plans (SIPs), fixed deposits, or recurring deposits.
• GIGA Business Debit Card: Offers accelerated cashback and a complimentary personal accidental death cover of up to Rs 10 lakh.
• GIGA Business Credit Card:Designed for freelancers, it provides an interest-free credit period of 55 days and features an accelerated rewards program.
• Health Insurance:Provider: HDFC Ergo.
• Coverage: Health insurance for gig workers and their families with premiums starting at Rs 20 per day.
• Specialised Retail Asset Products:Collateral-Free Business Loans: Tailored for freelancers’ business needs.
• Car Loans: Financing up to 100% of the total on-road value.
• Two-Wheeler Loans and Gold Loans: Quick disbursement options.
• Flexible Investment Options:Through HDFC Asset Management Company (AMC), freelancers can use a flexible investment scheduler to invest according to their available funds and adjust their plans as needed.

Reserve Bank of India Initiates September 2024 Consumer Confidence Survey Round  

• The Reserve Bank of India (RBI) regularly conducts the Consumer Confidence Survey (CCS) to gauge public sentiment on economic conditions.
• The September 2024 round of the CCS has been launched.

Key Highlights :

• Survey Objectives:The survey collects qualitative responses from households regarding:
• General economic situation
• Employment scenario
• Price levels
• Household income
• Spending patterns
• Survey Cities:The survey is conducted regularly in 19 cities, viz., Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi, Guwahati, Hyderabad, Jaipur, Jammu, Kolkata, Lucknow, Mumbai, Nagpur, Patna, Raipur, Ranchi and Thiruvananthapuram.
• Purpose and Utility:The results of the survey provide valuable inputs for formulating monetary policy.
• Survey Agency:The agency, M/s Hansa Research Group Pvt. Ltd., Mumbai has been engaged to conduct the survey of this round on behalf of the Reserve Bank of India.
• Survey Process:Selected households will be approached by the agency for their responses.

CURRENT AFFAIRS: NATIONAL NEWS

Government Launches Simplified Pension Application Form ‘Bhavishya’ for Central Government Employees

• The government introduced a new, simplified pension application form named ‘Bhavishya’ to streamline the retirement process for central government employees.
• Launched by Union Minister Jitendra Singh via video conference, the new form, Form 6A, consolidates nine separate forms into a single, unified document.

1. Availability and Applicability:
   • The new form will be available on the Bhavishya and e-HRMS portals.
   • It will be accessible to all central government employees retiring from December 2024 onwards.
2. Objectives of the Bhavishya Initiative:
   • The Bhavishya initiative, led by the Department of Pension & Pensioners’ Welfare, aims to streamline the pension process and ensure that all retirement dues and the Pension Payment Order (PPO) are processed and delivered on the day of retirement.
   • The system allows retiring employees and administrative authorities to track pension sanctions and payment processes online.
3. Features of the Bhavishya System:
   • Offers an option to download the ePPO, enabling a seamless transition from employment to retirement.
   • The new form and its associated processes are part of a broader move towards end-to-end digitisation of the pension system, making it more efficient and paperless.
4. Integration with eHRMS:
   • The eHRMS (electronic Human Resource Management System) portal, which maintains service records and other details of government employees, supports the pension application process and is integrated with the Bhavishya form.
5. Alignment with Government Initiatives:
   • The simplified form is a significant step in the government’s “maximum governance-minimum government” initiative, which aims to enhance ease of living for citizens and pensioners.
   • Minister Jitendra Singh emphasized that the digitised form and process would revolutionize the pension system, providing a more streamlined and citizen-friendly approach.

HAL and SAFHAL to Develop ‘Aravalli’ Engine for India’s Future Multi-Role Helicopters

• Hindustan Aeronautics Limited (HAL), based in Bengaluru, has signed a contract with SAFHAL Helicopter Engines to jointly design, develop, and produce a new engine named ‘Aravalli’.
• The engine will be used in the future 13-tonne Indian Multi-Role Helicopter (IMRH) and its deck-based version, the 5-tonne Deck-Based Multi-Role Helicopter (DBMRH).

1. About SAFHAL Helicopter Engines:
   • SAFHAL is a joint venture between HAL and the French firm Safran Helicopter Engines.
   • The partnership with SAFHAL marks a critical step towards technological self-reliance in India’s aerospace and defence sector, according to HAL chief B. Ananthakrishnan.
2. Production Timeline and Capabilities:
   • The new engine-equipped helicopters could go into production by 2031.
   • The IMRH and DBMRH platforms will be capable of a variety of missions, including troop transportation, assault operations, air maintenance, and anti-submarine warfare.
   • The engines are designed to operate in diverse and challenging environments. Future extensions to the civil market for offshore operations, utility, and VVIP transport, followed by MRO (maintenance, repair, and overhaul) activities, are also planned.
3. Strategic Partnership and Market Competition:
   • The IMRH is expected to compete with the Russian Mi-17 helicopters in both Indian and foreign markets, which are currently operated by nearly 40 air forces worldwide.
   • Cedric Goubet, CEO of Safran Helicopter Engines, emphasized the importance of this collaboration in enriching the strategic relationship between India and France and further enhancing the 25-year partnership between Safran and HAL.
4. Advanced Engine Technologies and Standards:
   • The joint venture, SAFHAL, will leverage the combined expertise and resources of HAL and Safran to work on cutting-edge engine technologies ensuring superior performance, reliability, and operational efficiency.
   • The collaboration involves state-of-the-art design, advanced manufacturing processes, and rigorous testing protocols to meet the highest global standards.
5. Impact on India’s Aerospace Sector:
   • This collaboration aligns with India’s broader goal of achieving indigenous development of critical defence technologies and enhancing the operational capabilities of the IMRH and DBMRH platforms.
   • The project is set to contribute significantly to the growth of India’s aerospace and defence sector, ensuring technological advancements and self-reliance.

CURRENT AFFAIRS : STATE NEWS

India Meteorological Department Warns Cyclone ‘Asna’ to Bring Heavy Rains in Gujarat as it Moves West-Northwest Over Northeast Arabian Sea   

• The Indian Meteorological Department (IMD) issued a warning for Cyclone Asna, which is a deep depression over the Arabian Sea.
• The cyclone is expected to move West-Northwest over the Northeast Arabian Sea and away from the Indian coast within the next 24 hours.

Key Highlights :

• Current Position and Movement:As of the latest update, Cyclone Asna is moving at a speed of 14 km per hour.
• Its coordinates are approximately 23.6° N latitude and 66.4° E longitude.
• The cyclone is located 250 km west of Naliya in Gujarat, 160 km south-southwest of Karachi in Pakistan, and 350 km east-southeast of Pasni in Pakistan.
• Geographical Rarity:Cyclone Asna is considered geographically rare because it originated over land in Rajasthan, which is unusual for cyclones that typically form over oceanic regions.
• Cyclone Naming:The name “Asna” (pronounced As-Na) was given by Pakistan.
• The meaning of “Asna” is “the one to be acknowledged or praised.”
• Historical Context:Cyclone Asna is the first cyclonic storm in the Arabian Sea in August since 1976.

CURRENT AFFAIRS: BUSINESS NEWS

PM Modi Lays Foundation Stone for Vadhvan Port, India’s Largest Deep-Water Port

• Prime Minister Narendra Modi laid the foundation for the Vadhvan Port project on August 30.
• The Vadhvan Port is situated in the Palghar district of Maharashtra, approximately 150 km from Mumbai. It is set to be India’s largest deep-water port with an investment of ₹76,220 crore.

1. Port Specifications:
   • The port will have a capacity of 300 million tonnes annually (mta), featuring 9 container terminals and 4 multipurpose berths.
   • The Jawaharlal Nehru Port Authority and Maharashtra Maritime Board will share the construction costs in a 74:26
2. Public-Private Partnership Model:
   • The project will be developed through a public-private partnership (PPP) model, which includes creating core infrastructure, terminals, and other commercial facilities.
3. Strategic Connectivity:
   • The Vadhvan Port aims to enhance India’s connectivity with Central Asia and Russia via the International North-South Transport Corridor (INSTC) and with Europe through the India-Middle East-Europe Economic Corridor (IMEC).
   • It is expected to relieve pressure on the Jawaharlal Nehru Port, India’s largest container-handling port, and connect with the Dedicated Freight Corridors as part of the Delhi-Mumbai Industrial Corridor.
4. Economic Impact:
   • The port is projected to add 1% to Maharashtra’s GDP and create 12 lakh direct jobs and 1 crore indirect jobs.
5. Sustainable and Green Port:
   • Conceived as a green port, Vadhvan aims to balance economic growth with environmental stewardship. It supports India’s blue economy while promoting the economic and social development of coastal communities in Maharashtra.

BPCL to Invest ₹2,500 Crore in Expanding City Gas Distribution Network by March 2025

• Bharat Petroleum Corporation Ltd (BPCL), India’s second-largest state-controlled oil marketing company, announced plans to invest ₹2,500 crore in the financial year ending March 2025.
• The investment aims to expand BPCL’s city gas distribution (CGD) network, enhancing its presence in the natural gas sector.

1. Current CGD Network and Future Expansion:
   • BPCL holds authorization to establish CGD networks in 26 geographical areas (GAs), of which 25 GAs have been commissioned.
   • Including joint ventures, BPCL is authorized for 52 GAs covering 154 districts across India.
2. Gas Business Performance in FY24:
   • In FY24, BPCL’s gas business supplied a total of 1,857 thousand tonnes (TT) of gas, with 726,000 tonnes used internally by its refineries and the remainder sold to various customers.
   • Sales from the CGD network doubled to 83,000 tonnes, showcasing significant growth.
3. Comprehensive Gas Ecosystem Development:
   • BPCL is building a comprehensive gas ecosystem, which spans strategic sourcing, partnerships, import terminals, and regasification facilities to support India’s gas-based economy ambitions.
4. Market Share and Retail Business Growth:
   • BPCL achieved a 4.3% year-on-year (Y-o-Y) increase in market sales, raising its market share among public sector OMCs to 27.57%.
   • The company’s retail business grew by 1.1% Y-o-Y in FY24, reaching a volume of 32.69 million tonnes (MT). In contrast, PSU OMCs experienced a de-growth of 2% during the same period.
5. Petrol and Diesel Sales Insights:
   • Petrol sales saw a 5.4% Y-o-Y increase, reaching 10.09 MT in FY24.
   • Despite an industry-wide decline in diesel sales, BPCL’s performance was more resilient with a 1.6% drop, compared to an overall 5.5% decrease.
6. Expansion of Retail Network:
   • BPCL expanded its retail network by adding approximately 800 new outlets in the year, bringing the total to over 22,000 outlets.
   • To cater to growing demand in emerging markets and along new expressways, BPCL plans to add 4,000 new outlets in the next five years.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

National Stock Exchange Divests Digital Examination Business to CL Educate for ₹230 Crore

• The National Stock Exchange (NSE) has sold its digital examination business (DEX) to CL Educate for Rs 230 crore.
• The move is part of the country’s top bourse’s plan to divest non-core businesses.

Key Highlights :

• Transaction Details:The transaction involves a non-binding offer with the payment amount being ₹230 crore in cash.
• An additional ₹75 crore is payable contingent upon achieving certain business milestones.
• Management of DEX:NSEIT Limited, a wholly-owned subsidiary of NSE Investments and a step-down subsidiary of NSE, managed the DEX business.
• Services Provided by DEX:DEX offered consultancy services and technical collaboration for automating online examinations and related processes, including:
• End-to-end online examination management
• Testing and development
• Online surveys
• Question bank management
• Online applications and registrations

Rakesh Gangwal’s Family Trust Sells 5.83% Stake in IndiGo for ₹10,500 Crore   

• InterGlobe Aviation promoter Rakesh Gangwal and his family trust have reduced their stakes in the airline by selling a combined 5.83% shareholding for about Rs 10,500 crore.

Key Highlights :

• A total of 2.25 crore shares or 5.83% holding in InterGlobe Aviation were sold by Gangwal and Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware.
• In two separate regulatory filings, Rakesh Gangwal sold 22.50 lakh shares of InterGlobe Aviation and the Chinkerpoo Family Trust disposed of more than 2.02 crore script of the airline.
• After the share sale, Gangwal’s stake in InterGlobe Aviation has come down to 5.31% from 5.89%, while the Chinkerpoo Family Trust’s stake has declined to 8.24% from 13.49%.
• Also, the combined shareholding of Gangwal and Chinkerpoo Family Trust has been reduced to 13.55% from 19.38%.
• Rahul Bhatia and InterGlobe Enterprises owned a combined 35.91% stake in the company.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Tamil Nadu Urged to Sign MoU for PM-SHRI Scheme for Fund Release under Samagra Shiksha

• Tamil Nadu Chief Minister M.K. Stalin has requested the release of funds for the Samagra Shiksha Scheme for the financial year 2024-25.
• Union Education Minister Dharmendra Pradhan responded, stating that Tamil Nadu is required to sign a Memorandum of Understanding (MoU) under the PM-SHRI scheme to develop exemplar model schools.

1. Approved Budget and Past Releases:
   • The Central government has approved ₹4,305.66 crore for Tamil Nadu under the Samagra Shiksha Scheme for 2024-25.
   • All four instalments for previous years have been released, as confirmed by Mr. Pradhan.
2. PM SHRI Scheme Overview:
   • Launched in September 2022, the PM SHRI scheme aims to develop over 14,500 selected schools as exemplar institutions demonstrating the initiatives of the National Education Policy (NEP) 2020.
   • States and Union Territories are required to sign an MoU with the Ministry of Education to participate in the scheme. So far, 32 States/UTs have signed and been onboarded.
3. Tamil Nadu’s Position:
   • Tamil Nadu expressed its willingness to sign the PM SHRI MoU on March 15, 2024, and the Ministry of Education sent a draft MoU thereafter.
   • However, the State responded with a modified MoU on July 6, removing a key paragraph that referred to implementing the NEP-2020 in its entirety.
4. NEP-2020 and Regional Language Emphasis:
   • Pradhan highlighted that the NEP-2020 fully supports the teaching of Tamil in Tamil Nadu schools, calling it a matter of national pride as one of the world’s oldest classical languages.
   • He acknowledged Tamil Nadu’s proactive policies in health and education, which have often become best practices for the nation.
5. Encouragement for NEP Implementation:
   • The Union Education Minister expressed hope that Tamil Nadu’s implementation of the NEP-2020 would result in the emergence of more innovative practices that could serve as models for the rest of the country.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Launches Project NAMAN: SPARSH-Based Service Centres Established Nationwide

• The Indian Army launched the first phase of Project NAMAN in the presence of General Upendra Dwivedi, Chief of the Army Staff, and Mrs. Sunita Dwivedi, President of the Army Wives Welfare Association (AWWA).
• Objective of Project NAMAN:Project NAMAN is designed to provide dedicated support and services to Defence Pensioners, Veterans, and their families.
• It is centred around the implementation of the SPARSH (System for Pension Administration Raksha) digital pension system to streamline pension-related processes.

Key Highlights :

• SPARSH System:SPARSH is a digital pension administration system that addresses the need for accessible facilitation points for Defence Pensioners and Next of Kin (NOK) across India.
• MoU for Project NAMAN:The project is implemented through a tripartite Memorandum of Understanding (MoU) between:
  • The Indian Army’s Directorate of Indian Army Veterans (Adjutant General’s Branch).
  • Common Service Centre (CSC) e-Governance India Limited.
  • HDFC Bank Limited.
• The MoU was signed in September 2023.
• Establishment of CSCs:In the first phase, 14 Common Service Centres (CSCs) have been established at key locations across India, including New Delhi, Jalandhar, Leh, Dehradun, Lucknow, Jodhpur, Bengdubi, Gorakhpur, Jhansi, Secunderabad, Saugor, Guntur, Ahmedabad, and Bangalore.
• The project plans to expand to approximately 200 centres nationwide over the next 2-3 years.
• Role of HDFC Bank:HDFC Bank is the banking partner providing necessary IT infrastructure for operationalizing the CSCs.
• It also supports the Village Level Entrepreneurs (VLEs) with a monthly grant of ₹20,000 for the first 12 months to assist in the stabilization and sustainability of the centres.
• Management of CSCs:Each CSC is managed by a Village Level Entrepreneur (VLE), selected from among the veterans or NOKs by the respective Local Military Authorities (LMAs).

About Ministry of Defence :

• Cabinet Minister : Rajnath Singh
• Minister of State : Sanjay Seth

Indian Naval Ship Tabar Arrives in Malaga, Spain for a Two-Day Visit   

• Indian Navy’s frontline stealth frigate, INS Tabar commanded by Captain MR Harish arrived at Malaga, Spain on 25 Aug 24 for a two day visit to enhance the existing bilateral relations between India and Spain.
• The visit aims to enhance the existing bilateral relations between India and Spain, which were established in 1956.
• Purpose of the Visit:The visit by INS Tabar seeks to strengthen diplomatic and defense ties between India and Spain.
• It also aims to explore new opportunities to bolster the maritime relationship between the two nations.

Key Highlights :

• PASSEX with Spanish Navy:Upon departing from Malaga, INS Tabar will conduct a Passage Exercise (PASSEX) at sea with the Spanish Navy Ship Atalaya.
• These interactions are designed to enhance interoperability between the Indian and Spanish navies and provide an opportunity to exchange and learn ‘Best Practices.’
• INS Tabar’s Capabilities:INS Tabar is one of the Indian Navy’s earliest stealth frigates.
• It is equipped with a versatile range of weapons and sensors, enhancing its combat and operational capabilities.
• Affiliation and Command:INS Tabar is part of the Indian Navy’s Sword Arm Fleet, based in Mumbai, and operates under the Western Naval Command.

CURRENT AFFAIRS: SPORTS NEWS

Aarti Wins Bronze in Women’s 10,000m Race Walk at World U20 Athletics Championships

• Aarti, a 17-year-old Indian athlete, secured a bronze medal in the Women’s 10,000m race walk event at the World U20 Athletics Championships held in Lima, Peru.
• She clocked a time of 44 minutes 39.39 seconds, setting a new National U20 record for India and marking the country’s first medal at the championship.

1. New National U20 Record:
   • Aarti broke her own previous national record of 47 minutes 21.04 seconds, which she set earlier this year in the National Federation Cup U20 Championships in Lucknow.
   • The improvement of almost three minutes highlights her remarkable progress and determination in race walking.
2. Race Outcome:
   • The gold and silver medals in the event were won by Chinese race walkers: Zhuoma Baima took the gold, while Meiling Chen clinched the silver.
3. Significance of the Achievement:
   • Aarti’s achievement on the penultimate day of competitions in Lima not only opened India’s medal account at the World U20 Athletics Championships but also showcased the rising talent and potential of young Indian athletes on the global stage.
   • Her record-breaking performance reflects India’s growing strength in athletics, especially in the race walking discipline.

Indian Shooters Shine at Paris Paralympics: Avani Lekhara Defends Gold, Mona Agarwal Secures Bronze

• Indian shooters Avani Lekhara, Mona Agarwal, and Manish Narwal made a significant impact on the first day of shooting at the Paris Paralympics.
• Avani Lekhara became the first Indian to win back-to-back Paralympic gold medals, successfully defending her title in the women’s 10m air rifle (SH1)

1. Avani Lekhara’s Gold Medal Victory:
   • Avani shot an impressive 249.7, breaking her own previous Paralympic record of 249.6, set during the Tokyo Games three years ago.
   • She entered the final round after a solid qualification score of 625.8, placing second.
2. Historic Double Podium Finish:
   • Mona Agarwal secured the bronze medal in the same event, marking a historic double podium finish for India in the women’s 10m air rifle (SH1).
   • Mona, a two-time World Cup gold medallist, shot a 623.1 in the qualification round, ranking fifth.

CURRENT AFFAIRS: IMPORTANT DAYS

National Nutrition Week: 1st to 7th September,2024

• National Nutrition Week is observed annually in India from 1st to 7th September to highlight the importance of proper nutrition and its impact on a healthy lifestyle.
• The week serves as a platform to raise awareness among individuals and communities about dietary habits and overall well-being.

History and Significance:

• National Nutrition Week was first initiated in March 1973 by the American Dietetic Association (now the Academy of Nutrition and Dietetics) to promote nutrition education and the profession of dietitians.
• Due to growing public interest, the week-long observance extended to a month-long celebration in the United States in 1980.
• In 1982, India adopted the celebration of National Nutrition Week, launched by the central government to educate citizens about the importance of nutrition and to encourage the adoption of a healthy and sustainable lifestyle.

World Coconut Day: September 2, 2024

• Celebrated annually on September 2, World Coconut Day aims to highlight the benefits of coconuts and promote awareness about their importance.
• Major coconut-producing states in India include Tamil Nadu, Karnataka, Kerala, West Bengal, and Andhra Pradesh.

History of World Coconut Day:

• Asian and Pacific Coconut Community (APCC), established in 1969 and headquartered in Jakarta, Indonesia, supports the growth, production, sale, and export of coconuts in Asian countries.
• In 2009, APCC initiated World Coconut Day to recognize and celebrate the fruit’s significance.
• APCC’s member countries include India, Malaysia, Indonesia, the Philippines, Thailand, Kenya, and Vietnam.

Daily CA One- Liner: September 1 & 2

• Finance Minister Nirmala Sitharaman granted Navratna status to four Central Public Sector Enterprises (CPSEs), namely NHPC, Solar Energy Corporation of India (SECI), Railtel Corporation of India (RCIL), and Satluj Jal Vidyut Nigam Ltd.
• The government introduced a new, simplified pension application form named ‘Bhavishya’ to streamline the retirement process for central government employees.
• Hindustan Aeronautics Limited (HAL), based in Bengaluru, has signed a contract with SAFHAL Helicopter Engines to jointly design, develop, and produce a new engine named ‘Aravalli’
• Prime Minister Narendra Modi laid the foundation for the Vadhvan Port project on August 30
• Bharat Petroleum Corporation Ltd (BPCL), India’s second-largest state-controlled oil marketing company, announced plans to invest ₹2,500 crore in the financial year ending March 2025
• Tamil Nadu Chief Minister M.K. Stalin has requested the release of funds for the Samagra Shiksha Scheme for the financial year 2024-25.
• Aarti, a 17-year-old Indian athlete, secured a bronze medal in the Women’s 10,000m race walk event at the World U20 Athletics Championships held in Lima, Peru
• Indian shooters Avani Lekhara, Mona Agarwal, and Manish Narwal made a significant impact on the first day of shooting at the Paris Paralympics
• National Nutrition Week is observed annually in India from 1st to 7th September to highlight the importance of proper nutrition and its impact on a healthy lifestyle
• Celebrated annually on September 2, World Coconut Day aims to highlight the benefits of coconuts and promote awareness of their importance
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.68 crore on UCO Bank.
• Union Finance Minister Nirmala Sitharaman approved the upgradation of 4 Central Public Sector Enterprises (CPSEs) to Navratna status. These CPSEs are: Railtel Corporation of India (RCIL), Solar Energy Corporation of India (SECI) Limited, Satluj Jal Vidyut Nigam (SJVN) Limited, and National Hydroelectric Power Corporation (NHPC).
• According to the Reserve Bank of India’s (RBI’s) quarterly BSR data, the share of public sector banks (PSBs) in total credit continued to decline and stood at 53.1% in June 2024 (55.8% a year ago) with concomitant rise for private sector banks (PvBs).
• The International Financial Services Centres Authority (IFSCA) issued the final norms specifying eligibility conditions and norms for direct listing on the exchanges in the GIFT City.
• Capital markets regulator Securities and Exchange Board of India (SEBI) proposed changes to the informal guidance scheme to expand the list of applicants that can seek guidance under the plan and enhance the fee for making an application.
• The Securities and Exchange Board of India (SEBI) has revised the eligibility criteria for the entry and exit of stocks in the derivatives (F&O) segment to ensure only high-quality stocks with sufficient market liquidity are allowed to trade.
• HDFC Bank has launched DigiPassBook, a new feature on its SmartWealth app which allows users to consolidate all their investments under one roof.
• Aditya Birla Sun Life Insurance (ABSLI) and Policybazaar have jointly launched a new term insurance plan called ‘Income Suraksha Plan’.
• HDFC Bank has introduced GIGA, a financial suite designed for gig workers and freelancers.
• The Reserve Bank of India (RBI) regularly conducts the Consumer Confidence Survey (CCS) to gauge public sentiment on economic conditions.
• The Indian Meteorological Department (IMD) issued a warning for Cyclone Asna, which is a deep depression over the Arabian Sea.
• The National Stock Exchange (NSE) has sold its digital examination business (DEX) to CL Educate for Rs 230 crore.
• InterGlobe Aviation promoter Rakesh Gangwal and his family trust have reduced their stakes in the airline by selling a combined 5.83% shareholding for about Rs 10,500 crore.
• The Indian Army launched the first phase of Project NAMAN in the presence of General Upendra Dwivedi, Chief of the Army Staff, and Mrs. Sunita Dwivedi, President of the Army Wives Welfare Association (AWWA).
• Indian Navy’s frontline stealth frigate, INS Tabar commanded by Captain MR Harish arrived at Malaga, Spain on 25 Aug 24 for a two-day visit to enhance the existing bilateral relations between India and Spain.

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