Current Affairs 03rd August 2021| Current Affairs News

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CURRENT AFFAIRS: NATIONAL NEWS

Government introduces digital tools to improve logistics efficiency, sustainability

The government has launched the Secured Logistics Document Exchange (SLDE) along with a Calculator for GreenHouse Gas Emission to improve ease of doing business, logistics efficiency, reduce logistics cost, and promote multi-modality and sustainability.
“These digital initiatives have been launched to fill the gap areas where no action has yet been taken either by private players or any of the line ministries”.

About SLDE:

The SLDE platform is a solution to replace the present manual process of generation, exchange and compliance of logistics documents with a digitized, secure and seamless document exchange system.

Lok Sabha passed General Insurance Business (Nationalisation) Amendment Bill, 2021

Lok Sabha passed a Bill to amend the general-insurance law and allow the government to offload its stake in state-run insurance corporations, clearing its first hurdle without discussion as Parliament continued to witness pandemonium.
The General Insurance Business (Nationalization) Amendment Bill, 2021 seeks to permit the government to cut its stake in prominent state-owned general insurance corporations, helping achieve its divestment targets.
Divestment refers to the government’s selling of part of its ownership in state-run corporations.
The Bill aims to amend the parent Act, The General Insurance Business (Nationalization) Act, 1972.
Lok Sabha proceedings witnessed disruption by opposition members and had to be adjourned.

About Nationalization:

Nationalization is the process of transforming privately-owned assets into public assets by bringing them under the public ownership of a national government or state.
Nationalization usually refers to private assets or to assets owned by lower levels of government being transferred to the state.

CURRENT AFFAIRS: INTERNATIONAL NEWS

Nikol Pashinyan Re-appointed as Armenia PM

Nikol Pashinyan has been re-appointed as Armenia’s Prime Minister by President Armen Sarkissian.
Pashinyan’s appointment came after he was re-nominated by the Civil Contract party, which won a majority of the seats in the June 21 parliamentary elections, reports Xinhua news agency.
Pashinyan was first appointed as the prime minister in 2018.
He announced he would resign in April to pave the way for the scheduled snap parliamentary elections as well as to solve the tensions between himself, the Armenian Army’s General Staff Onik Gasparyan and the opposition parties.

About Armenia:

Capital: Yerevan
Currency: Armenian dram
President: Armen Sargsyan

New hotline set up in Sikkim between Indian Army, China’s PLA

A hotline was established between the Indian Army in Kongra La, North Sikkim, and China’s People’s Liberation Army (PLA) at Khamba Dzong in the Tibetan Autonomous Region to further the spirit of trust and cordiality between the two forces along the Indo-China border.
The event, which coincided with 2021’s PLA Day on August 1, happened a day after the 12th round of Corps Commander-level talksbetween India and China which took place to resolve the 14-month-long Ladakh standoff.
“The armed forces of the two countries have well-established mechanisms for communication at ground commanders’ level.

About the hotline:

These hotlines in various sectors go a long way in enhancing the same and maintaining peace and tranquility at the borders”.
The inauguration of the new hotline was attended by ground commanders of the respective Armies and a message of friendship and harmony was exchanged through the line.

CURRENT AFFAIRS: BUSINESS NEWS

GST Collections reached Rs.1.16 Lakh Crore in July 2021

The Goods and Service Tax (GST) collections for the month of July 2021 registered an increase of 33 percent compared to the collections of Rs 87,422 crore in the month of July in 2020.
The numbers indicated the economic activity picking up in the last month with states gradually easing lockdowns after the second wave of the coronavirus pandemic.
In June, GST collections registered the lowest amount in 10 months as Rs 92,849 tax received for selling activity in May 2021.
June 2021 was the first time that GST collections were below the Rs 1 lakh crore in the last 8 months.
Of the gross GST revenue collected in July 2021, which is the combined central and state GST collection, Rs 22,197 crore was central GST while state GST amounted to Rs 28,541 crore.
Rs 57,864 crore was Integrated GST (which includes Rs 27,900 crore from imports) and Rs 7,790 crore (includes Rs 815 crore on imports) collected as cess, the Ministry revealed.

CURRENT AFFAIRS: BANKING NEWS

PhonePe unveiled UPI-based AutoPay functionality for mutual fund SIP investments

PhonePe, India’s largest digital payments company, announced the launch of UPI based AutoPay functionality for it’s mutual fund investment offerings that will allow its customers to set up their Mutual Fund SIPs in just a few seconds.
This makes PhonePe the first digital investment platform to introduce this feature in the country.
With UPI Autopay, PhonePe customers can set up their SIPs in just 3 steps: Select Fund, Input Monthly SIP Investment amount, and authenticate with UPI PIN making it a first of its kind experience for millions of users across India.
It also furthers PhonePe’s vision to continually enhance the end-to-end customer experience while catering to their needs in building the investment portfolio of their choice.
The SIP through UPI AutoPay option is available for all existing and new investors on the PhonePe app.

About PhonePe:

PhonePe is an Indian digital payments and financial services company headquartered in Bangalore, India.
PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer.
The PhonePe app, based on the Unified Payments Interface, went live in August 2016.
PhonePe is 100% safe and secure.
It is powered by Yes Bank.
All payments happen over secure banking networks and the app does not store any user data or passwords.
All you need to do for every transaction is enter your MPIN.
Parent organization: Flipkart
CEO: Sameer Nigam
Headquarters: Bengaluru

‘Fish Andhra’ brand: Bank of Baroda supports Andhra Pradesh state government in setting up 100 aqua hubs

The State Department of Fisheries designed a novel scheme under the brand name “Fish Andhra” by establishing aqua hubs in line with Pradhana Mantri Mathsya Sampadha Yojana (PMMSY), a central government scheme.
The Bank of Baroda is supporting the implementation of the project.
Commissioner (Fisheries) K Kanna Babu and Bank of Baroda, Vijayawada region, deputy general manager Ch Raja Sekhar stated a well-structured design and a Memorandum of Understanding (MoU) have been devised for implementation of the Fish Andhra Project through the Bank of Baroda as a sole banker across AP.
Under the project, 100 aqua hubs would be set up and around 14,000 outlets of different sizes and nature would be set up across the State.
The concept involves the setting up of a hub and spokes model.
Each aqua hub constitutes 140 beneficiaries and the project cost is Rs 5.50 crore.

About BOB:

Bank of Baroda is an Indian government owned banking and financial services company.
It is under the ownership of the Ministry of Finance, Government of India.
Headquarters: Alkapuri, Vadodara
Merged banks: Vijaya bank, Dena Bank
Tagline: India’s International Bank

SBI initiates ‘SIM Binding’ feature for YONO

To safeguard the interest of its customers, Country’s largest Lender State Bank of India (SBI) has launched a new and enhanced security feature – ‘SIM Binding’ in YONO and YONO Lite app.
The new version of these platforms will protect customers from various digital frauds.
With the SIM Binding feature, YONO and YONO Lite will work only on those devices which have the SIM Card of mobile numbers registered with the Bank.
To get access to the new version of YONO and YONO Lite, users will have to update their mobile app and complete the one-time registration process on these Apps.
The registration process verifies the SIM of the Registered Mobile Number (RMN) with the bank in order to complete the registration.
Customers will have to ensure that they register with the device which has the SIM of the registered contact number.

About SBI:

SBI maintains thousands of branches throughout India and offices in dozens of countries throughout the world.
Old name of SBI bank is Imperial Bank of India.
History: 2 June 1806 Bank of Calcutta, 15 April 1840 Bank of Bombay, 1 July 1843 Bank of Madras, 27 January 1921 Imperial Bank of India ,1 July 1955 State Bank of India.
Chairperson: Dinesh Kumar Khara
Headquarters: Mumbai
Tagline: Pure banking nothing else ; With you all the way; The Nation banks on us; A Bank to the common man; A banker to every Indian.

LIC Cards Services and IDBI Bank jointly launch RuPay credit cards Lumine, Eclat

LIC Cards Services Limited (LIC-CSL) has partnered with IDBI Bank to launch ‘Lumine’ Platinum Credit Card and ‘Eclat’ Select Credit Card on the RuPay platform.
The cards will initially be available to LIC policyholders, agents, as well as employees of the corporation and its subsidiaries.
Aim is to enhance the value of digital transactions by providing a variety of benefits/cards thereby saving time and cost of transactions for both buyer and recipient.
LIC CSL has a vision to be the top Brand in Cards and Digital Payments, catering to all segments with geographical spread across the Country”.
The cards will offer a wide range of benefits to users.
Lumine and Eclat cardholders will have a credit limit that suits their lifestyles.
The cardholders will earn 3 ‘delight’ points on every spend of Rs 100 via the Lumine card and 4 points on the Eclat card.
The cards also offer special benefits of 2x reward points while paying renewal insurance premium of LIC.

About LIC:

Life Insurance Corporation of India is an Indian government owned insurance and Investment Corporation.
It is under the ownership of the Ministry of Finance, Government of India.
Chairperson: M R Kumar
Founder: Government of India
Founded: 1 September 1956
Headquarters: Mumbai

Govt may get defers sale of two PSU banks to next year

The Narendra Modi-led Union government’s attempts to sell two public sector banks may get deferred to the financial year as no approval has been taken from Parliament for making changes in laws required to initiate the deals.
The finance ministry is yet to work out the modalities to seek approval from lawmakers for the sale, leaving little time for the process to be completed this year.
In February this year, Finance Minister Nirmala Sitharaman had stated the government will seek buyers for two state-run banks by March 2022.
She made the statement while presenting the Budget for the current financial year.
In June, government think-tank Niti Aayog had submitted a list of public sector banksthat are to be privatized in the current fiscal year to the Core Group of Secretaries on Disinvestment.

RBI’s New Rules on Interchange Fee and make available 24/7 Bulk Clearing Facility Functional

The Reserve Bank of India’s new directions on raising interchange fee and making available the facility of bulk clearing round the clock have become effective on Aug 01.
The RBI in June raised the interchange fee for financial transactions from Rs 15 to Rs 17, while for non-financial transactions the increase was from Rs 5 to Rs 6.
These new rates have become applicable from August 1, 2021, as per the RBI’s direction.
An interchange fee is a fee charged by banks to the merchant who processes a credit card or debit card payment.
Besides, National Automated Clearing House (NACH) has been made available on all days of the week, effective August 1, 2021.

GyanDhan gets NBFC licence from RBI

GyanDhan, India’s first education financing platform stated it has received an NBFC license from the Reserve Bank of India and it aims to disburse Rs 650 crore worth of education loans in FY22.
Out of this, Rs 50 crore will be for domestic short-term courses offered by various ed-tech players and coaching institutes.
The Delhi-based, digital-first company has already partnered companies including Great learning and various IAS institutions to offer interest-free education loans to prospective students wanting to pursue short-term courses.
“Till now, we have disbursed more than Rs1000 crore in total.
The NBFC license will allow us to design new loan solutions that meet the customers’ needs.

HDFC Bank introduces ‘Dukandar Overdraft Scheme’

India’s largest private lender HDFC Bank launched an overdraft facility for small retailers in partnership with the government’s e-governance services delivery arm CSC SPV that enables government schemes and services through common service centres (CSCs).
The ‘Dukandar Overdraft Scheme’ by HDFC Bank is aimed at helping shopkeepers and merchants ease their cash crunch.
Retailers operating for a minimum of three years are eligible for the scheme by providing a six months bank statement from any bank.
HDFC Bank will approve an overdraft limit from a minimum of Rs 50,000 to a maximum of Rs 10 lakhs.
Importantly, HDFC Bank won’t seek collateral security, business financials, and income tax returns from retailers who apply for the scheme.

About HDFC:

HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai, Maharashtra.
HDFC Bank is India’s largest private sector bank by assets and by market capitalization as of April 2021.
It is the third largest company by market capitalization on the Indian stock exchanges.
CEO: Sashidhar Jagdishan
Headquarters: Mumbai
Tagline: We understand your World.

CURRENT AFFAIRS: APPOINTMENT AND RESIGNATION NEWS

Bvlgari appointed Priyanka Chopra as its global brand ambassador

Bvlgari has added Priyanka Chopra Jonas as one of its brand ambassadors.
The actress-producer will support the Roman high jewellery house in the amplification of its brand around the world, with a particular focus on the themes of women empowerment, diversity and inclusion.
The company stated India holds a special place in the hearts at Bvlgari, since it doesn’t only offer a continuous source of inspiration, but that it provides them with some of the most precious gems of nature to craft our creations, from jewellery to fragrances, says Bvlgari chief executive officer Jean-Christophe Babin.

Mini Ipe appointed as new Managing Director of LIC

Mini Ipe took charge as Managing Director of Life Insurance Corporation of India on 2nd August, 2021.
She was appointed as Managing Director vide Government of India.
Mini Ipe is a post graduate in Commerce from Andhra University and has joined LIC in 1986 as a Direct Recruit Officer.

About Mini Ipe :

She has rich and diverse experience in LIC having worked in various capacities.
Prior to taking charge as Managing Director, she was Executive Director, Legal Department, LIC of India.
Mini Ipe was the first woman Zonal Manager (In-charge) of LIC and headed SCZO, Hyderabad.
She has also worked as Executive Director (International Operations), Director & CEO of LICHFL Financial Services Ltd. and was instrumental in taking LICHFL Financial Services Ltd. to new heights in business revenue and profits during her tenure.
She has also worked as Regional Manager (P&IR) and Regional Manager (Estate) of Western Zone.

Upendra Tripathy appointed as OAVS chairman

Chief Minister Naveen Patnaik has appointed Upendra Tripathy, a retired IAS officer of Karnataka cadre, as advisor-cum-working president and chairman of executive committee of Odisha Adarsha Vidyalaya Sangathan with the status and rank of Minister of State.
The 1980 IAS officer of Karnataka cadre will also discharge the duties of Principal Advisor (Education) to Chief Minister.
Tripathy has been given the charge following the demise of Bijay Sahoo, founder-cum-chairman of SAI International Education Group, who was also the Advisor-cum-Working President of OAVS. Sahoo had succumbed to COVID-related complications.
He brings in both global and local experience and expertise from across the world into the Adarsha School Sangathan.

CURRENT AFFAIRS: MOU’s AND AGREEMENTS

Indian Bank signs MoU with IIT Bombay

State-owned Indian Bank entered into a memorandum of understanding (MoU) with the Society for Innovation and Entrepreneurship (SINE), IIT Bombay – an initiative of Indian Institute of Technology – for extending exclusive credit facility to startups and small businesses.
SINE, IIT Bombay, supports the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products.
Indian Bank stated startups require funds to expand and grow, and one of the most common problems they face is maintaining positive cash flow.
Under the MoU, SINE, IIT Bombay will identify the start-ups and MSMEs based on their credentials and past experience and will refer the list of such members who require financial assistance to the bank.

About Indian Bank:

Indian Bank is an Indian nationalized financial services and banking company.
It is under the ownership of the Ministry of Finance of the Government of India, established in 1907 and headquartered in Chennai, India.
Headquarters: Chennai
CEO: Padmaja Chunduru

CII enters into agreement with SII

Confederation of Indian Industry, CII, has entered into an agreement with Serum Institute of India (SII) to speed up the vaccination program in partnership with industry including health care providers.
The vaccination drive will target communities in the country’s small towns and rural areas to increase the coverage.
CII and SII partnership will ensure to connect hospitals and corporates to fast track vaccination which is necessary for post pandemic growth of the country.
SII CEO Adar Poonawala, partnering with industry will help in reaching out to the communities in the hinterlands within a short period of time.

About CII:

The Confederation of Indian Industry is a non-governmental trade association and advocacy group based in New Delhi, India founded in 1895.
CII engages business, political, academic, and other leaders of society to shape global, regional, and industry agendas. It is a membership-based organisation.
President: V. Narendran

About SII:

Serum Institute of India is an Indian biotechnology and biopharmaceuticals company.
It is the world’s largest manufacturer of vaccines located in the city of Pune, India and was founded by Cyrus Poonawalla in 1966.
The company is a subsidiary of the holding company Poonawalla Investment and Industries.
CEO: Adar Poonawalla
Founder: Cyrus S. Poonawalla

CURRENT AFFAIRS : SUMMITS & CONFERENCES

G20 Culture Ministers’ Meeting : Union Minister Meenakashi Lekhi leads Indian delegation

On July 30, 2021, On behalf of the Government of India, Meenakashi Lekhi, Hon’ble Minister of State for Culture of India participated in the G20 Culture Ministers’ Meeting
The two day meeting hosted by Italy on July 29 & 30, 2021, during their ongoing Presidency of G20 in 2021.

Highlights of the Meeting :

During the G20 meeting the Discussion was held on Protection of Cultural Heritage; Addressing the Climate Crisis through Culture; Building Capacity through Training and Education; Digital Transition and New Technologies for Culture; and Culture and Creative Sectors as drivers for growth.
Meenakashi Lekhi, explained the various measures taken by India to develop the culture and creative sectors like the One District One Product scheme of Government of Uttar Pradesh, Tourism circuits, promotion of Yoga and Ayurveda etc.
Finally, the G20 Ministers of Culture adopted the G20 Culture Working Group Terms of Reference.

About Ministry of Culture :

Headquarters: C Wing, Shastri Bhawan, New Delhi
Cabinet Minister : Kishan Reddy
Minister of State : Meenakshi Lekhi
Under the Ministry, Recently the government has established the National Mission on Libraries India

India takes over UNSC Presidency for August

India has assumed the Presidency of the United Nations Security Council (UNSC) for the month of August.
This is the first presidency for India during its 2021-22 tenure as a non-permanent member of the UNSC.
India will organise three high-level signature meetings focussing on maritime security, peacekeeping, and counter-terrorism.
India will also coordinate important meetings on a range of issues.

Note :

Prime Minister Narendra Modi will be the first Indian PM to preside over a meeting during New Delhi’s presidency of the United Nations Security Council (UNSC).

About UNSC :

Headquarters: New York, United States
Founded: 24 October 1945

CURRENT AFFAIRS : RANKING & INDEX

Fortune Global 500 list : Seven Indian Companies Feature ; topped by Walmart of US

On August 02, 2021, Fortune’s Global 500 list, Seven Indian companies were found.
Globally, Walmart has topped the list with a revenue of USD 524 billion for the eighth consecutive year and the 16th time since 1995.
Billionaire Mukesh Ambani’s oil-to-telecom conglomerate Reliance Industries Ltd slipped 59 places to rank 155th position with revenues of nearly $63 billion.
On the other hand China has dominated this year’s list for the highest number of companies featuring in the list at 143, including those from Taiwan & this is followed by the U.S. with 122, and Japan with a total of 53, respectively.

Top 10 Global Companies in the list are as follows:

Walmart (US)  - USD 524 billion
State Grid (China) – USD 384 billion
com (US) – USD 280 billion
China National Petroleum (China)
Sinopec (China)
Apple (US)
CVS Health (US)
UnitedHealth Group (US)
Toyota Motor (Japan)
Volkswagen (Germany)

List of Seven Indian Companies :

Reliance Industries -155
State Bank of India – 205 ( second straight year of SBI improving its ranking )
Indian Oil – 212
Oil & Natural Gas – 243
Rajesh Exports – 348
Tata Motors – 357
Bharat Petroleum – 394

About Fortune Global 500 :

It is an annual ranking of the top 500 corporations worldwide as measured by revenue.
The list is compiled and published annually by Fortune
Companies are ranked by total revenues for their respective fiscal years ended on or before March 31, 2021.

CURRENT AFFAIRS : BOOKS & AUTHORS

New book titled ‘In An Ideal World’ authored by Novelist Kunal Basu to release in 2022

Renowned novelist Kunal Basu has announced his new novel named ‘In An Ideal World’ expected to release in early 2022.
The novel is published by Penguin Random House India.

About the Book :

The Novel is a powerful, gritty and fast-paced literary novel exploring a variety of themes relevant to the current times of college, politics, family, crime investigation and fanaticism.

About Kunal Basu :

Kunal Basu is an Indian author of English fiction
He has written five novels – The Opium Clerk (2001), The Miniaturist (2003), Racists (2006), The Yellow Emperor’s Cure (2011) Kalkatta (2015) and Sarojini’s Mother (2020).
Basu has also written four Bengali novels – Rabi-Shankar (2016), Bairer Dorja (2017), Tejoswini O Shabnam (2018) and Angel(2020).

A New Book Titled My Own Mazagon authored by Captain Ramesh Babu

Captain Ramesh Babu has authored a New Book Titled My Own Mazagon.
The Book will be jointly released by Vice Admiral R. Hari Kumar, Flag Officer Commanding in Chief, Western Naval Command, Vice Admiral Narayan Prasad, (Retd.), CMD Mazagon Dock Shipbuilders Limited.
The Book was Published by Indus Source Books.