Daily Current Affairs August 03 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Government Extends Minimum Public Shareholding Deadline for PSUs to August 2026

• The government has extended the deadline for central public sector enterprises (CPSEs) and public sector financial institutions to meet the minimum public shareholding (MPS) norm until August 2026.

Key Highlights :

• Exemption Details:According to the Finance Ministry memorandum, CPSEs, public sector banks, and financial institutions are allowed until August 1, 2026, to increase their public shareholding to at least 25%.
• Authority and Rules:The extension is exercised under sub-rule (6) of Rule 19A of Securities Contract (Regulation) Rules, 1957 (SCRR).
• SEBI is requested to take necessary actions and inform relevant stock exchanges.
• Affected Public Sector Banks:5 public sector banks (Bank of Maharashtra, Indian Overseas Bank, UCO Bank, Central Bank of India, and Punjab and Sind Bank) plan to reduce government stake to less than 75% to comply with SEBI’s MPS norm.
• 7 out of 12 public sector banks (SBI, PNB, Canara Bank, Bank of Baroda, Indian Bank, Union Bank of India, and Bank of India) were compliant with the MPS norm as of March 31, 2024.
• Current Government Holdings:Government holdings in non-compliant banks:
• Punjab & Sind Bank: 98.25%
• Indian Overseas Bank: 96.38%
• UCO Bank: 95.39%
• Central Bank of India: 93.08%
• Bank of Maharashtra: 86.46%
• SEBI’s MPS Requirement:All listed companies must maintain a minimum public shareholding of 25%.
• State-owned Life Insurance Corporation of India (LIC) has been given until May 16, 2027, to achieve 10% public shareholding.
• LIC Public Shareholding:As of March 31, 2023, public shareholding in LIC was 3.5%.
• The government needs to divest 6.5% over the next three years to meet the minimum 10% shareholding requirement.

Reserve Bank of India Reports 97.92% of ₹2,000 Banknotes in Circulation Returned by July 31, 2024

• The Reserve Bank of India (RBI) reported that 97.92% of ₹2,000 banknotes in circulation as of May 19, 2023, have been returned by July 31, 2024.
• The total value of ₹2,000 notes in circulation reduced from ₹3.56 lakh crore on May 19, 2023, to ₹7,409 crore by July 31, 2024.

Key Highlights :

• Legal Tender Status:Despite the withdrawal, ₹2,000 banknotes continue to be legal tender.
• Reason for Withdrawal:The withdrawal was due to the infrequent use of ₹2,000 notes for transactions.
• The stock of other denomination banknotes is sufficient to meet public currency needs.
• Clean Note Policy:The withdrawal is part of the RBI’s “Clean Note Policy”.
• Deposit and Exchange Facility:Deposit and/or exchange of ₹2,000 banknotes was available at all bank branches until October 07, 2023.
• Post-October 07, 2023, the notes are exchangeable at the 19 RBI Issue Offices.
• Post October 09, 2023:RBI Issue Offices are accepting ₹2,000 banknotes for deposit into bank accounts.
• Public can send ₹2,000 banknotes via India Post from any post office to RBI Issue Offices for credit to their bank accounts.

RBL Bank introduces RuPay credit cards featuring Unified Payments Interface and National Common Mobility Card functionalities 

• RBL Bank has announced integration of Unified Payments Interface (UPI) and National Common Mobility Card (NCMC) services on RuPay Credit Cards it sells.
• The offering combines multiple payment capabilities into a single card.

Key Highlights :

• Features:UPI Payments: Users can make seamless and secure payments through UPI.
• NCMC: Facilitates hassle-free travel with the NCMC feature.
• Flexibility: The card combines multiple payment capabilities into one, offering flexibility for daily expenses and travel.
• Acceptance: The RuPay network ensures extensive usability across various platforms and services throughout India.
• Innovation: RBL Bank is the first private sector bank to offer this integrated payment solution, potentially setting a precedent for other banks.

About RBL Bank (formerly known as Ratnakar Bank Limited) :

• Founded : August 1943
• Headquarters : Mumbai, Maharashtra
• MD & CEO : R Subramaniakumar

Asian Development Bank to Provide $200 Million Loan to India for Solid Waste Management in 100 Cities

• The Asian Development Bank (ADB) and the Government of India have signed a $200 million (approximately ₹1,700 crore) loan for solid waste management and sanitation improvements in 100 cities across 8 states in India.
• Signatories:The loan agreement was signed by Juhi Mukherjee, Joint Secretary, Finance Ministry, and Mio Oka, Country Director for ADB’s India Resident Mission.

Key Highlights :

• Programme Name:The initiative is part of the Swachh Bharat Mission 2.0 – Comprehensive Municipal Waste Management in Indian Cities Program.
• Objectives:Enhancing sanitation and solid waste management infrastructure, including waste segregation, collection, and disposal.
• Incorporating international best practices, digital technologies, and climate- and disaster-resilient approaches.
• Planned Upgrades:Establishing and upgrading solid waste processing facilities such as:
• Bio-methanation plants
• Composting plants
• Managed landfills
• Material recovery facilities
• Plastic waste processing facilities
• Construction of community toilets and urinals.
• Purchase of sweeping equipment.
• Features:The facilities will include climate- and disaster-resilient features, gender equality, and social inclusion-responsive elements.
• Capacity Building and Engagement:The programme will build the capacity of urban local bodies for waste management and sanitation.
• Encourage peer-to-peer learning and proactive engagement with the private sector.
• Monitoring and Evaluation:Conducting annual reviews and progress updates of city-wide solid waste and sanitation action plans.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

Public Sector Banks collected approximately ₹8,500 crore in penalties for minimum balance violations between FY20 and FY24

• According to the Ministry of Finance, public sector banks (PSBs) have seen greater than a 34% increase in the amount collected for such penalties over the past five years.

Key Highlights :

• Total Amount Collected:From FY 2020 to FY 2024, PSBs collected approximately ₹8,500 crore in penalties for not maintaining minimum balance in accounts.
• Data Source:Information was provided by the Minister of State for Finance, Pankaj Chaudhary, in a written response to an unstarred question in the Lok Sabha.
• Banks Imposing Penalties:11 PSBs levy penalties for not maintaining the minimum balance. Key banks include:
• Punjab National Bank (PNB): ₹633 crore in penalties.
• Bank of Baroda: ₹387 crore in penalties.
• Bank of India, Punjab and Sind Bank, Union Bank of India, and UCO Bank also impose penalties for not maintaining a minimum quarterly average balance (QAB).
• Additional Banks:Indian Bank, Canara Bank, Bank of Maharashtra, and Central Bank of India also charge penalties for not maintaining a minimum average monthly balance (AMB).
• Collection Mechanism:Each PSB has its own mechanism for collecting penalties for non-compliance with minimum balance requirements.

SWIFT and Axis Bank Launch AI-Driven Pilot to Combat Cross-Border Payments Fraud

• Belgium-headquartered Society for Worldwide Interbank Financial Telecommunications (SWIFT), the global specialist in financial transactions, is launching an artificial intelligence (AI)-driven pilot in partnership with Axis Bank to help combat payments fraud occurring in cross-border payments.
• Along with global banks, including BNY Mellon, Deutsche Bank, DNB, HSBC, Intesa Sanpaolo and Standard Bank, the duo will test the use of secure data collaboration and federated learning technologies.
• The pilot is expected to leverage a secure infrastructure that will enable financial institutions to exchange relevant information with strong privacy-preserving controls.
• The pilot will use AI algorithms to analyse historical transaction data and detect anomalies indicative of fraud.
• SWIFT is also working towards contributing to the cross-border interoperability of potential central bank digital currencies (CBDCs).

About SWIFT :

• Founded : 3 May 1973
• Headquarters : La Hulpe, Belgium
• CEO : Javier Perez-Tasso

About Axis Bank :

• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

Reserve Bank of India issues “Master Direction on Handling Wilful and Large Defaulters” to guide loan default management

• The Reserve Bank of India (RBI) released the “Master Direction on the Treatment of Wilful Defaulters and Large Defaulters” to establish a framework for handling loan defaults.

Applicability:

Included Entities:

• All Commercial Banks (including Small Finance Banks, Local Area Banks, and Regional Rural Banks)
• All Primary (Urban) Co-operative Banks, State Co-operative Banks, Central Co-operative Banks
• All India Financial Institutions (e.g., Exim Bank, NABARD, NHB, SIDBI, NaBFID)
• All Non-Banking Financial Companies (NBFCs) including Housing Finance Companies
• All Asset Reconstruction Companies
• All Credit Information Companies

Excluded Entities:

• Payments Banks
• Purpose:To maintain the integrity of the financial system by outlining measures and consequences for borrowers who deliberately default on their obligations.

Objectives:

• To provide a non-discriminatory and transparent procedure for classifying borrowers as wilful defaulters.
• To ensure adherence to principles of natural justice in the classification process.

Key Highlights :

• Official Title: “Reserve Bank of India (Treatment of Wilful Defaulters and Large Defaulters) Directions, 2024”.
• Effective Date: The directions will come into force 90 days after being posted on the RBI website.
• Definition of Large Defaulter:A large defaulter is a borrower with an outstanding amount of ₹1 crore or more.
• The account must either:
• Have a suit filed against it, or
• Be classified as doubtful or a loss per RBI guidelines.
• Review Committee:Review committee means the committee constituted by a lender for the purpose of reviewing the proposal of the Identification Committee and shall comprise of:
• In case of commercial banks (other than foreign banks and RRBs) and AIFIs, the Whole-Time Director who is the MD & CEO/ CEO or equivalent official of the lender as chairperson and two independent directors or non-executive directors or equivalent officials as members.
• Where the post of MD & CEO/ CEO or equivalent official is vacant, the Review Committee shall be constituted with a Whole-Time Director in place of MD & CEO/ CEO or equivalent official.
• In such cases, the Review Committee shall be chaired by independent directors or non-executive directors or equivalent officials.
• Foreign Banks : In case of Foreign Banks, the Country Head/ CEO as chairperson and two senior officials, not more than one rank below the chairperson of the committee, as members.
• Urban Co-operative Banks (UCBs) : In the case of UCBs, the MD/ CEO as the chairperson, and two professional directors as members.
• Non-Banking Financial Companies (NBFCs) : In case of NBFCs, the MD/ CEO as chairperson with two independent directors or non-executive directors or equivalent officials serving as members.
• Regional Rural Banks (RRBs) : In case of RRBs, the chairman of the RRB shall be the chairperson of the committee and two directors nominated of the Regional Rural Banks Act, 1976 shall be the members.

Definition of Wilful Defaulter:

• Wilful defaulter means a borrower or a guarantor who has committed wilful default and the outstanding amount is ₹25 lakh and above, or as may be notified by Reserve Bank of India from time to time.
• Identification and Procedure:Show-CauseNotice:If the Identification Committee is satisfied that an event of wilful default has occurred, it shall issue a show-cause notice to borrower/ guarantor/ promoter/ director/ persons who are in charge and responsible for the management of the affairs of the entity, and call for the submissions from them within 21 days of issuance of show cause notice.
• Written Representation : An opportunity shall be provided to borrower/ guarantor/ promoter/ director/ persons who are in charge and responsible for the management of the affairs of the entity for making a written representation to the Review Committee within 15 days of such a proposal from the Identification Committee.
• Examination of Wilful Default : The lender shall examine the ‘wilful default’ aspect in all Non-Performing Assets (NPA) accounts with outstanding amounts of ₹25 lakh and above or as may be notified by Reserve Bank of India from time to time.
• Classification and Declaration : If wilful default is observed in the internal preliminary screening, the lenders shall complete the process of classification/ declaring the borrower as a wilful defaulter by mechanism within 6 months of the account being classified as Non-Performing Assets (NPA) [in accordance with the instructions regarding asset classification issued by the Reserve Bank from time to time].
• The penal measures mentioned below shall be implemented by the lenders.
• Penal Measures:Credit Facility Restrictions:No additional credit facility shall be granted by any lender to a wilful defaulter or any entity with which a wilful defaulter is associated.
• The bar on additional credit facility to a wilful defaulter or any entity with which a wilful defaulter is associated shall be effective for a period of 1 year after the name of wilful defaulter has been removed from the List of Wilful Defaulters (LWD) by the lender.
• No credit facility shall be granted by any lender for floating of new ventures to a wilful defaulter or any entity with which a wilful defaulter is associated for a period of 5 years after the name of wilful defaulter has been removed from the LWD by the lender.

Reserve Bank of India Issues Notification on Small Value Loans for Primary (Urban) Co-operative Banks

• The Reserve Bank of India (RBI) issued a notification specifically addressing Small Value Loans for Primary (Urban) Co-operative Banks (UCBs).
• The timeline to achieve specified targets has been extended by two years.
• Aim : To ensure a significant portion of UCBs’ lending is directed towards smaller, more manageable loans, promoting financial inclusion and risk mitigation.
• Small Value Loans Definition:UCBs must have at least 50% of their aggregate loans and advances consisting of Small Value Loans.
• Small Value Loans are defined as loans not exceeding ₹25 lakh or 0.2% of their Tier I capital, whichever is higher, up to a maximum of ₹1 crore per borrower.
• Target Dates and Percentages:March 31, 2025: Minimum of 40% of aggregate loans and advances should be Small Value Loans.
• March 31, 2026: Minimum of 50% of aggregate loans and advances should be Small Value Loans.

CURRENT AFFAIRS : NATIONAL NEWS

Smart Cities Mission faces reality check

• The government’s Smart Cities initiative, proudly presented in the Lok Sabha with Pune as a model for flood monitoring and mitigation, has faced harsh criticism due to the stark contrast between its promises and the on-ground reality.
• Despite being a flagship city in the Smart Cities Mission (SCM), Pune was overwhelmed by relentless rains, leaving thousands of citizens in desperate need of relief.
• The local municipal body, known for its pioneering role in the SCM, struggled to manage the flood disaster, raising questions about the effectiveness of the initiative.

Overview of the Smart Cities Mission (SCM):

• Launch Year: 2015
• Objective: Develop 100 cities with advanced technology, sustainable infrastructure, and innovative urban planning.
• Current Status (as of July 12, 2024):
  • Tenders Issued: ₹1,64,223 crore for 8,016 projects.
  • Projects Completed: 7,218 projects valued at ₹1,45,083 crore.
  • Mission Period Extended: Until March 31, 2025, to complete the remaining projects.

Public-Private Partnership (PPP) in SCM:

• Envisioned Investment: ₹2,05,018 crore across 100 Smart Cities.
• Expected PPP Contribution: ₹41,022 crore (21% of total investment).
• Actual PPP Implementation:
  • Projects Undertaken: Only 207 projects valued at ₹10,794 crore (6% of the total) executed through PPP.
  • Half of the Smart Cities: Have not undertaken any PPP projects.

Committee’s Recommendations:

• Third-Party Assessment: A third-party evaluation of SCM projects should be conducted before moving to the next phase of the Mission.
• Private Sector Involvement: The government should attract and involve private players to bring in funds and state-of-the-art technology.
• Remedial Measures: Address the challenges faced by the PPP model to enhance its effectiveness in future projects.

CURRENT AFFAIRS: BUSINESS NEWS

UPI’s Remarkable Growth: July 2024 Transaction Volume Surges to 14.44 Billion

• India’s Unified Payments Interface (UPI), a cornerstone of the country’s digital payment landscape, has reported a significant year-on-year (Y-o-Y) growth in July 2024.
• UPI’s transaction volume reached an impressive 14.44 billion, reflecting a 45% Y-o-Y increase.
• The total value of these transactions also saw a substantial rise, increasing by 35% Y-o-Y to reach ₹64 trillion, according to data released by the National Payments Corporation of India (NPCI).

Key Highlights:

• Transaction Volume:44 billion in July 2024, a 45% Y-o-Y increase.
• Transaction Value: ₹20.64 trillion, marking a 35% Y-o-Y growth.
• Consistent Growth: July marks the third consecutive month with transaction values exceeding ₹20 trillion.
  • June 2024: ₹20.07 trillion.
  • May 2024: ₹20.44 trillion.
• Average Daily Transactions in July:
  • Volume: 466 million.
  • Value: ₹66,590 crore.
• Sequential Growth:
  • Volume: Increased by 3.95% in July.
  • Value: Increased by 2.84% in July.

Financial Year 2025 (FY25) Performance:

• Total Transactions:66 billion.
• Total Value: ₹80.79 trillion.
• Previous Year Milestone (FY24): UPI surpassed 100 billion transactions for the first time, ending the year with 131 billion transactions, compared to 84 billion in FY23.

RBI’s Insights:

• The Reserve Bank of India (RBI) in a recent report on currency and finance highlighted the exponential growth of UPI.
• The platform has seen a tenfold increase in transaction volume over the past four years, from 12.5 billion transactions in 2019-20 to 131 billion in 2023-24. UPI now accounts for 80% of all digital payment volumes in the country.

Current Usage Trends:

• Monthly Transactions: Nearly 14 billion transactions recorded each month.
• Unique Users: 424 million unique users in June 2024.
• Transaction Patterns:
  • The peer-to-merchant (P2M) segment has surpassed the peer-to-peer (P2P) segment in transaction volume.
  • High usage is noted for small-value transactions, indicating UPI’s widespread adoption for everyday payments.

July 2024 GST Collections Surge by 10.3% to Over ₹1.82 Trillion

• In July 2024, India’s Goods and Services Tax (GST) collections saw a significant year-on-year increase of 10.3%, reaching ₹1.82 trillion (US$ 21.74 billion).
• This marks the third-highest monthly collection since the GST regime was implemented on July 1, 2017, primarily driven by robust domestic transactions in goods and services.

Key Highlights:

• Gross GST Revenue: ₹1,82,075 crore (US$ 21.75 billion).
  • Central GST (CGST): ₹32,386 crore (US$ 3.87 billion).
  • State GST (SGST): ₹40,289 crore (US$ 4.81 billion).
  • Integrated GST (IGST): ₹96,447 crore (US$ 11.52 billion).
  • Compensation Cess: ₹12,953 crore (US$ 1.55 billion).
• Net GST Collection: After refunds of ₹16,283 crore (US$ 1.94 billion), the net GST collection exceeded ₹1.66 trillion (US$ 19.83 billion), reflecting a growth of 14.4%.
• Domestic Tax Revenue Growth:9% to ₹1.34 trillion (US$ 16 billion).
• Revenue from Imports: Increased by 14.2% to ₹48,039 crore (US$ 5.74 billion).

Analysis and Expert Insights:

• Growth in Import Revenues: Experts noted that while gross GST revenues increased by 10.3%, the growth rate for imports outpaced domestic supplies, indicating strong demand for imported goods.
• Impact of Refunds: MS Mani from Deloitte India highlighted the slower pace of refunds, which contributed to the higher net collection growth of 14.4% compared to the gross increase of 10.3%.

Government to decide on Sovereign Gold Bond issuance for next fiscal

• The Finance Ministry and the Reserve Bank of India (RBI) will meet next month to discuss the potential issuance of Sovereign Gold Bonds(SGB) for the remainder of the fiscal year.
• SGBs have become an expensive tool for bridging the fiscal deficit, leading to fewer issuances in recent years.
• There were 12 SGB issuances in FY21, reduced to 4 in FY24, with none so far in the current fiscal year.
• For FY25, the government may consider issuing a lower quantum of SGBs, around ₹18,500 crore, compared to the ₹29,638 crore estimated in the Interim Budget 2024.

1. Past Performance and Current Concerns:
   • In FY23, the total amount raised through SGBs was ₹27,031 crore (44.34 tonnes), contributing to a cumulative ₹72,274 crore (146.96 tonnes) since the scheme’s inception in November 2015.
   • The government recently lowered the import duty on gold from 15% to 6%, making physical gold purchases more attractive and raising questions about the future of SGBs.
   • The second-year issuance of SGBs is nearing redemption, and the government may face higher outgo due to a near doubling of gold prices over the last eight years.
2. SGB Details:
   • SGBs are denominated in multiples of gram(s) of gold, with a basic unit of 1 gram and a maximum investment limit of 4 kg.
   • They have an 8-year tenor, with an exit option in the 5th, 6th, and 7th years, and offer a 2.50% per annum interest rate payable semi-annually.
   • While interest on SGBs is taxable, capital gains tax on redemption is exempt for individuals. The redemption price is based on the average closing price of gold of 999 purity.
3. Sovereign Green Bonds (SGrBs):
   • The government remains committed to issuing green bonds, although specific issuances may be cancelled if borrowing costs are high.
   • The target for SGrB issuance is around ₹25,000 crore, with ₹12,000 crore expected to be raised through an auction on August 2.

Ministry issues new notification for GSTAT with provisions for ‘circuit’ and ‘sitting’

• The Finance Ministry’s new notification regarding the constitution of the Principal and State Benches of the GST Appellate Tribunal (GSTAT) brings significant updates and additions.
• This notification, effective from September 1, 2023, supersedes two previous notifications from September 2023 and December 2024 and introduces new circuits and locations for the Tribunal.

Key Updates:

1. Principal Bench & State Benches:
   • The Principal Bench will be located in New Delhi.
   • There will be 31 State Benches across India.
2. Judicial and Technical Members:
   • A total of 63 Judicial Members and 33 Technical Members will be appointed, representing both the Centre and States.
3. Additional Benches:
   • Uttar Pradesh and Maharashtra (along with Goa) will each have three Benches.
   • Gujarat, Karnataka, Rajasthan, and Tamil Nadu (along with Puducherry) will each have two Benches.
4. Circuits and Locations:
   • The notification introduces a new column titled ‘sitting/circuit’ indicating that locations shown as ‘Circuit’ will be operational depending on the number of appeals filed by suppliers in those States/jurisdictions.
   • Examples of circuits include Panaji, Puducherry, Aizawl, Agartala, Kohima, and major cities like Mumbai, Chennai, and Kolkata.
5. Additional Settings:
   • Certain locations, such as Visakhapatnam, Rajkot, Hissar, Srinagar, Thiruvananthapuram, Thane, Chhatrapati Sambhajinagar, Chandigarh, Coimbatore, Prayagraj, and Agra, will have additional sittings operated by one Judicial Member and one Technical Member.
6. Leadership and Jurisdiction:
   • Retired Justice Sanjaya Kumar Mishra has been appointed as the President of GSTAT.
   • The Principal Bench will handle matters related to inter-state disputes, while State Benches will address all other issues, including tax rates.

EU approves Hewlett Packard Enterprise’s $14 billion Juniper deal

• The European Commission has approved Hewlett Packard Enterprise’s (HPE) $14 billion acquisition of Juniper Networks, concluding that the merger will not significantly reduce competition in the relevant markets.
• This deal, announced in January, reflects the growing trend of companies investing in upgrading their technology to meet the demands of artificial intelligence-driven services.

Key Points:

1. Approval Details:
   • EU Commission Decision: Unconditionally approved the acquisition.
   • Market Impact: The Commission found that the deal would not substantially reduce competition in:
     • Wireless local area network equipment and access points.
     • Ethernet campus switches.
     • Data center switches.
   • Market Position: Post-merger, the combined entity will maintain a moderate market position and will continue to face substantial competition from various other players.
2. Strategic Context:
   • The acquisition highlights the current trend of companies aiming to upgrade and develop new products in response to the rapid growth of AI-driven services.
3. Pending Review:
   • UK Antitrust Assessment: The deal is also under review by Britain’s antitrust authority, with a decision expected on August 14.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Lieutenant General Sadhna Saxena Nair Appointed as First Female Director General of Medical Services (Army)

• Lieutenant General Sadhna Saxena Nair, assumed the office of Director General Medical Services (Army), becoming the first woman to be appointed to this prestigious position.
• Prior to this, she was the first woman to hold the post of DG Hospital Services (Armed Forces) on promotion to the rank of Air Marshal.

About Sadhna Saxena Nair :

• Lt Gen Nair graduated from the Armed Forces Medical College, Pune with a distinguished academic record and was commissioned into the Army Medical Corps in December 1985.
• She holds a Postgraduate degree in Family Medicine, Diplomas in Maternal & Child Health and Health Care Management, and has undergone a two-year training programme in Medical Informatics at AIIMS, New Delhi.
• She was trained in Chemical, Biological, Radiological and Nuclear Warfare with the Israeli Defence Forces and in Military Medical Ethics with the Swiss Armed Forces in Spiez.
• She is also the first woman Principal Medical Officer of Western Air Command, and Training Command, Indian Air Force (IAF).
• She was nominated as an expert member of Dr Kasturirangan Committee for drafting part of the medical education component of the National Education Policy.

Awards & Honors :

• For her meritorious service, she has been awarded the Air Officer Commanding-in-Chief, Western Air Command and Chief of the Air Staff Commendations as well as Vishisht Seva Medal by the President of India.

About Ministry of Defence :

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

Air France-KLM Appoints Stefan Gumuseli as General Manager for India and Middle East Markets

• European air carrier Air France-KLM has appointed Stefan Gumuseli as the new General Manager for the India-Middle East markets, effective August 1, 2024.
• Stefan Gumuseli, who is succeeding Simon Scholte, will be based at the airline’s regional office in Dubai, UAE.

Responsibilities of Stefan Gumuseli :

• Overseeing the passenger business for India and the Middle East.
• Managing operations in diverse and multicultural countries such as India, UAE, Saudi Arabia, Lebanon, and Egypt, along with additional offline countries.
• Strengthening the overall presence of Air France-KLM in the region.
• Enhancing customer proximity and upholding sustainability commitments.
• Claude Sarre will continue as the Country Manager for India and the Sub-continent, based in New Delhi.
• The India-Middle East region is considered a strategic market for Air France-KLM, with numerous opportunities and immense potential.

About Stefan Gumuseli:

• Gumuseli Started his career with KLM Royal Dutch Airlines.
• Has over 20 years of experience in commercial, sales, and operational domains.
• Held key positions in markets such as Georgia, Kazakhstan, and Nigeria.
• In 2011, he was appointed Director- Global Corporate Sales at Air France- KLM based in the Netherlands and since 2013, he served as General Manager in many markets such as the Mediterranean region, followed by Germany and the Mid Americas.

About Air France-KLM :

• Founded : 5 May 2004
• Headquarters : Paris, France
• Chairwoman : Anne-Marie Couderc
• CEO : Benjamin Smith

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India Approves Merger of Mangalore Chemicals & Fertilizers with Paradeep Phosphates and Zuari Maroc Phosphates’ Acquisition of Mangalore Chemicals & Fertilizers Shares

• The Competition Commission of India (CCI) has approved the amalgamation of Mangalore Chemicals & Fertilizers Limited (MCFL) with Paradeep Phosphates Limited (PPL).
• CCI has also approved the proposed acquisition of equity shares of MCFL by Zuari Maroc Phosphates Private Limited (ZMPPL).

Key Highlights :

• Proposed Combination:Proposed Merger: Amalgamation of MCFL with and into PPL, continuing as a going concern.
• Proposed Acquisition: ZMPPL acquiring 3,92,06,000 equity shares of MCFL from ZuariAgro Chemicals Ltd (ZACL).
• Both the merger and the acquisition are collectively referred to as the Proposed Combination.
• Company Details:

Paradeep Phosphates Limited (PPL):

• Part of the Adventz group.
• Majority shareholding held by ZMPPL.
• Engaged in the production and marketing of complex phosphatic fertilizers.

Mangalore Chemicals & Fertilizers Limited (MCFL):

• Part of the Adventz group.
• Majority shareholding (54.03%) held by ZACL.

Zuari Maroc Phosphates Private Limited (ZMPPL):

• A 50:50 joint venture between ZACL and OCP S.A. (OCP).
• Holds a 56.08% equity stake in PPL.
• Engaged in the trading of fertilizers.
• Ownership Structure:ZMPPL and ZACL have a 50:50 joint venture in ZMPPL.
• ZACL also holds a significant share (54.03%) in MCFL and is a major player in the Adventz group.

About CCI :

• Established : 14 October 2003
• Headquarters : New Delhi, Delhi, India
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairsand is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

CURRENT AFFAIRS: RANKING AND REPORTS

Italy Tops UNESCO World Heritage List with 60 Recognized Sites

• Italy is at the top of the UNESCO World Heritage list with 60 sites, the latest being the “Via Appia Regina Viarum” added during the 46th session of the World Heritage Committee in New Delhi.

1. Newly Recognized Sites:
   • Italy: Via Appia Regina Viarum
   • Germany: Ensemble Schwerin residence
   • Malaysia: Niah National Park
   • Saudi Arabia: Archaeological area of Al-Faw
   • Romania: Constantin Brâncuși’s sculptural ensemble in Târgu Jiu and the Frontiers of the Roman Empire in Dacia
2. Historical Significance of Via Appia:
   • Length and Location: Approximately 650 kilometres long, running through central and southern Italy.
   • Construction and Use: The first of Rome’s great roads, built using innovative techniques and inaugurated in 312 B.C. by Appius Claudius Blind. It connected Rome to Capua, later extending to Benevento, Venosa, Taranto, and Brindisi.
   • Purpose and Impact: Initially conceived for military needs, it quickly became a major route for commercial and cultural exchange. It set a precedent for subsequent Roman public roads.

World Bank Study Highlights Challenges for Developing Countries to Escape the Middle-Income Trap

• A new World Bank study reveals that over 100 countries, including China, India, Brazil, and South Africa, face significant challenges in achieving high-income status in the coming decades.
• The World Development Report 2024: The Middle Income Trap provides a roadmap for developing countries to overcome these obstacles.

Key Points:

1. Middle-Income Trap Defined: Countries hit a “trap” at about 10% of annual U.S. GDP per capita, equivalent to $8,000 today. This is within the “middle-income” range as classified by the World Bank.
2. Current Middle-Income Countries: As of the end of 2023, 108 countries are classified as middle-income, with annual GDP per capita between $1,136 and $13,845. These countries house 75% of the global population and two-thirds of those living in extreme poverty.
3. Economic Contributions and Challenges: Middle-income countries generate over 40% of global GDP and more than 60% of carbon emissions. They face challenges such as aging populations, rising protectionism, and the need for rapid energy transition.
4. Historical Context: Since 1990, only 34 middle-income economies have transitioned to high-income status, often due to EU integration or newfound oil resources.
5. The 3i Strategy:
   • 1i Phase (Investment): Low-income countries should focus on increasing investment.
   • 2i Phase (Investment and Infusion): Lower-middle-income countries should adopt foreign technologies and integrate them into their economies.
   • 3i Phase (Investment, Infusion, and Innovation): Upper-middle-income countries should innovate and push technological frontiers.
6. South Korea as a Model: South Korea successfully navigated all three phases, growing from a per capita income of $1,200 in 1960 to $33,000 by the end of 2023. Its journey included increasing public and private investment, adopting foreign technologies, and fostering domestic innovation.
7. Other Examples:
   • Poland: Focused on productivity with technologies from Western Europe.
   • Chile: Used technology transfer, like Norwegian salmon farming methods, to drive innovation and become a top salmon exporter.

India retains eighth position in global agriculture exports in 2023: WTO

• In 2023, India remained a leading global exporter of agricultural products despite a decline in its export value, maintaining its position as the eighth-largest exporter.

1. India’s Export Performance:
   • Total Exports: $51 billion in 2023, down from $55 billion in 2022.
   • Position: Eighth-largest exporter globally.
2. Global Export Trends:
   • Top Exporters:
     • European Union: Maintained the top position with $836 billion in exports, up from $799 billion in 2022.
     • United States: Second-largest exporter with $198 billion, down from $222 billion in 2022.
     • Brazil: Third place with $157 billion, up from $148 billion in 2022.
     • China: Fourth place with $95 billion, slightly down from $96 billion in 2022.
   • Other Top Exporters: Canada, Mexico, Indonesia, and Australia also featured among the top ten.
3. Declines Among Top Exporters:
   • Seven out of the top ten exporters experienced a decrease in their agricultural exports in 2023.
   • Geopolitical Factors: Issues such as the Red Sea crisis and the ongoing Russia-Ukraine war contributed to these declines.
4. India’s Export Challenges:
   • Regulated Commodities: The decline in India’s exports was significant in commodities like rice, wheat, sugar, and onions.
   • Export Bans:
     • Wheat: Ban imposed in May 2022.
     • Non-basmati Rice: Ban in July 2023.
     • Sugar: Ban from October 2023.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Vietnam Enhance Strategic Ties with New Action Plan

• India and Vietnam have strengthened their strategic partnership with a new action plan.
• Prime Minister Narendra Modi emphasised both nations’ commitment to a free and rules-based Indo-Pacific region and highlighted New Delhi’s focus on development over expansionism.

Key Points:

1. Strategic Partnership Expansion: India and Vietnam firmed up a new action plan to enhance their strategic ties.
2. Commitment to Indo-Pacific Region: Modi asserted that both countries will work towards a free and rules-based Indo-Pacific.
3. Development over Expansionism: Modi stressed New Delhi’s commitment to development, not expansionism.
4. Maritime Security Support: An agreed USD 300 million credit line will strengthen Vietnam’s maritime security.
5. Vietnamese Prime Minister’s Visit: Vietnamese Prime Minister Pham Minh Chinh’s three-day visit to Delhi aimed at expanding comprehensive strategic ties between the two countries.

CURRENT AFFAIRS: SPORTS NEWS

Indian Shooter Swapnil Kusale Wins Historic Bronze in Men’s 50m Rifle 3 Positions at Paris 2024 Olympics

• Indian shooter Swapnil Kusale achieved a remarkable milestone by winning the bronze medal in the men’s 50m rifle 3 positions final at the Paris 2024 Olympics.
• This victory marks India’s first-ever Olympic medal in this event and the third overall in rifle shooting, following Abhinav Bindra’s gold in men’s 10m air rifle at Beijing 2008 and Gagan Narang’s bronze in the same event at London 2012.
• Medal Winners:
  • Gold: Liu Yukun (China) – 463.6 points
  • Silver: Serhiy Kulish (Ukraine) – 461.3 points
  • Bronze: Swapnil Kusale (India) – 451.4 points

Path to the Finals:

• Kusale qualified for the eight-man final by finishing seventh in the qualifiers with a total of 590 points.
• Fellow Indian shooter Aishwarya Pratap Singh Tomar missed the cut, finishing 11th in the qualifiers.

India’s Performance at Paris 2024:

• Total Medals in Shooting: Three medals, all in shooting events.
  • Manu Bhaker: Bronze in women’s 10m air pistol individual event.
  • Manu Bhaker&Sarabjot Singh: Bronze in 10m air pistol mixed team.
  • Swapnil Kusale: Bronze in men’s 50m rifle 3 positions.

Additional Competitions:

• Women’s 50m Rifle 3P Event:
  • Anjum Moudgil: Finished 18th in the qualifiers with a score of 584.
  • Sift Kaur Samra: Finished 31st in the qualifiers with a score of 575.

Daily CA One-Liner: August 3^rd

• The government’s Smart Cities initiative, proudly presented in the Lok Sabha with Pune as a model for flood monitoring and mitigation, has faced harsh criticism due to the stark contrast between its promises and the on-ground reality.
• India’s Unified Payments Interface (UPI), a cornerstone of the country’s digital payment landscape, has reported a significant year-on-year (Y-o-Y) growth in July 2024
• In July 2024, India’s Goods and Services Tax (GST) collections saw a significant year-on-year increase of 10.3%, reaching ₹1.82 trillion (US$ 21.74 billion).
• The Government has exempted public sector enterprises (PSEs), including banks, from meeting the minimum public shareholding (MPS) norm for two years.
• The Finance Ministry and the Reserve Bank of India (RBI) will meet next month to discuss the potential issuance of Sovereign Gold Bonds(SGB) for the remainder of the fiscal year
• The Finance Ministry’s new notification regarding the constitution of the Principal and State Benches of the GST Appellate Tribunal (GSTAT) brings significant updates and additions
• The European Commission has approved Hewlett Packard Enterprise’s (HPE) $14 billion acquisition of Juniper Networks, concluding that the merger will not significantly reduce competition in the relevant markets
• Italy is at the top of the UNESCO World Heritage list with 60 sites, the latest being the “Via Appia Regina Viarum” added during the 46th session of the World Heritage Committee in New Delhi
• A new World Bank study reveals that over 100 countries, including China, India, Brazil, and South Africa, face significant challenges in achieving high-income status in the coming decades.
• In 2023, India remained a leading global exporter of agricultural products despite a decline in its export value, maintaining its position as the eighth-largest exporter
• India and Vietnam have strengthened their strategic partnership with a new action plan
• Indian shooter Swapnil Kusale achieved a remarkable milestone by winning the bronze medal in the men’s 50m rifle 3 positions final at the Paris 2024 Olympics.
• The government has extended the deadline for central public sector enterprises (CPSEs) and public sector financial institutions to meet the minimum public shareholding (MPS) norm until August 2026.
• The Reserve Bank of India (RBI) reported that 97.92% of ₹2,000 banknotes in circulation as of May 19, 2023, have been returned by July 31, 2024.
• RBL Bank has announced the integration of Unified Payments Interface (UPI) and National Common Mobility Card (NCMC) services on the RuPay Credit Cards it sells.
• The Asian Development Bank (ADB) and the Government of India have signed a $200 million (approximately ₹1,700 crore) loan for solid waste management and sanitation improvements in 100 cities across 8 states in India.
• According to the Ministry of Finance, public sector banks (PSBs) have seen greater than a 34% increase in the amount collected for such penalties over the past five years.
• Belgium-headquartered Society for Worldwide Interbank Financial Telecommunications (SWIFT), the global specialist in financial transactions, is launching an artificial intelligence (AI)-driven pilot in partnership with Axis Bank to help combat payments fraud occurring in cross-border payments.
• The Reserve Bank of India (RBI) released the “Master Direction on the Treatment of Wilful Defaulters and Large Defaulters” to establish a framework for handling loan defaults.
• The Reserve Bank of India (RBI) issued a notification specifically addressing Small Value Loans for Primary (Urban) Co-operative Banks (UCBs).
• Lieutenant General Sadhna Saxena Nair, assumed the office of Director General Medical Services (Army), becoming the first woman to be appointed to this prestigious position.
• European air carrier Air France-KLM has appointed Stefan Gumuseli as the new General Manager for the India-Middle East markets, effective August 1, 2024.
• The Competition Commission of India (CCI) has approved the amalgamation of Mangalore Chemicals & Fertilizers Limited (MCFL) with Paradeep Phosphates Limited (PPL).