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

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India and 4 ASEAN Countries Collaborate on Cross-Border Payments Platform

• The Reserve Bank of India (RBI) has joined hands with the Bank for International Settlements (BIS) and central banks of 4 Asean (Association of Southeast Asian Nations) countries to collaborate on Project Nexus – a multilateral international initiative to enable retail cross-border payments.
• The platform, which is expected to go live by 2026, will interlink domestic fast payment systems (FPS) of countries namely Malaysia, the Philippines, Singapore, Thailand and India.
• The central banks of these countries are the founding members and first movers of the platform.

What is Project Nexus?

• Project Nexus is conceptualised by the Innovation Hub of the BIS.
• It seeks to enhance cross-border payments by connecting multiple domestic instant payment systems (IPS) globally.
• It is the first BIS Innovation Hub project in the payments area to move towards live implementation.
• The RBI has been collaborating bilaterally with various countries to link India’s Fast Payments System (FPS) –Unified Payments Interface (UPI), with their respective FPSs for cross-border Person to Person (P2P) and Person to Merchant (P2M) payments.
• While India and its partner countries can continue to benefit through such bilateral connectivity of FPS, a multilateral approach will provide further impetus to the RBI’s efforts in expanding the international reach of Indian payment systems.

Founding Members:

• The founding members of Project Nexus include the central banks of:
• Bank Negara Malaysia (BNM)
• Bank of Thailand (BOT)
• Bangko Sentral ng Pilipinas (BSP)
• Monetary Authority of Singapore (MAS)
• Reserve Bank of India (RBI)
• Agreement:An agreement was signed on June 30, 2024, in Basel, Switzerland, between the BIS and the central banks of these founding countries.
• Future Participation:Indonesia is expected to join the platform in the future, expanding the network of participating countries.

What are the benefits of the platform?

• Standardization: Project Nexus standardizes the way IPS connect globally.
• Single Connection: Payment system operators need to make only one connection to the Nexus platform, enabling access to all other countries on the network.
• Efficiency: Facilitates cross-border payments within 60 seconds in most cases.
• Cost: Aims for near-zero cost to the sender or recipient.

About RBI :

• Established : 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

About BIS :

• Established : 17 May 1930
• Location : Basel, Switzerland
• General Manager : Agustín Carstens
• The BIS is an international financial institution which is owned by member central banks.
• Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central banks.

Securities and Exchange Board of India Directs Market Infrastructure Institutions to Implement Uniform Charges Starting October 1, 2024

• The Securities and Exchange Board of India (SEBI) has instructed market infrastructure institutions (MIIs), including stock exchanges, to charge all their members uniformly from October 1, 2024 without any discounts based on trading volumes.

Definition of MIIs:

• MIIs are entities providing essential infrastructure and services for financial markets, including stock exchanges, clearing corporations, depositories, registries, and payment systems.
• Members of MIIs typically include financial institutions, security issuers, investors, and regulatory authorities.

Key Highlights :

• Current Practice:Currently, some MIIs use a volume-based slab charge structure, where members (e.g stock brokers, depository participants, or clearing members) collect charges from their clients daily but pay MIIs monthly with volume-based paybacks.
• SEBI’s Emphasis on Fair Access : In a circular issued on July 1,2024 Sebi emphasises that MIIs, being public utility institutions, act as first-level regulators and are entrusted with the responsibility of providing equal, unrestricted, transparent and fair access to all market participants.
• Stock Brokers’ Current Practices : Stock brokers are currently making the most of a grey area in the rules on exchange transaction charges (ETC), a fee charged by the exchanges from investors for trades done on their platforms.
• Brokers charge a flat fee at the higher end of the slab and retain the benefit of the higher volumes and lower tax.
• There are no rules requiring brokers to return the excess amount collected from clients, potentially leading to regulatory concerns.
• New Charge Structure : The new uniform charge structure for MIIs should consider existing per unit charges to ensure end clients benefit from reduced charges.
• MIIs should implement a charge structure that is uniform and equal for all members, rather than volume/activity-dependent.

Recent News :

• In June 2024, The SEBI imposed additional measures and surveillance to curb manipulation in the process involved in computing the opening price for a stock on the day of its listing following an initial public offering (IPO).

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF),Go

HDFC Bank to Temporarily Limit Services on July 13, 2024 for System Upgrade

• HDFC Bank has announced a scheduled system upgrade on July 13, 2024, to enhance its Core Banking System (CBS) and improve customer experience.
• The upgrade will “migrate” the CBS to a new platform.
• The system upgrade will start at 3 am on July 13, 2024 and conclude at 4:30 pm on the same day, spanning 13.5 hours.

Key Highlights :

• Impact on Services: During the upgrade period:
• Certain services will have temporary limitations.
• Critical services will be available but with restrictions.

Specific disruptions include:

• UPI services will be unavailable from 3 am to 3:45 am and from 9:30 am to 12:45 pm.
• Net and mobile banking services will be inaccessible throughout the entire upgrade period.
• All fund transfer modes (Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), HDFC Bank account-to-account online transfers, and branch transfers) will also be unavailable.
• Customer Advisory: HDFC Bank advises customers to withdraw sufficient funds before 7:30 pm on July 12, 2024, to minimize disruption during the upgrade.

What is a core banking system?

• CBS is the software infrastructure that banks use to manage core processes like customer accounts, transactions, and risk management.
• It serves as the central nervous system of a bank, crucial for ensuring seamless customer experience and regulatory compliance.

About HDFC Bank :

• Founded : August 1994
• Headquarters : Mumbai, Maharashtra, India
• CEO : Sashidhar Jagdishan

Union Bank of India Launches “Union Premier” Branches for High-Value Customers in Rural and Semi-Urban Areas

• Union Bank of India launched “Union Premier” branches for high-value customers in rural and semi-urban (RUSU) markets.
• Aim : To provide personalized banking services for high-value customers in RUSU markets.

Key Highlights :

• Range of Services:Union Premier branches will offer a wide range of products and services under one roof.
• Personalized Banking:Each Union Premier customer will have access to a personal Relationship Manager to address all their banking needs.
• Technology Integration:These exclusive branches are equipped with the latest digital technologies to ensure seamless and efficient banking.

About Union Bank of India :

• Founded : 11 November 1919
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : A. Manimekhalai
• Tagline : ‘Good People to Bank with’

Securities and Exchange Board of India Permits Up to 100% Non-Resident Indian Contribution for Foreign Portfolio Investors in GIFT International Financial Services Centre

• Markets regulator Securities and Exchange Board of India (SEBI) has allowed up to 100% aggregate contribution by non-resident Indians (NRIs), Overseas Citizens of India (OCIs), Resident Indians (RI) in the corpus of Foreign Portfolio Investors (FPIs) that are based out of International Financial Services Centre (IFSC).
• The move is expected to enhance investment by FPIs in India.

Key Highlights :

• Registration Requirement:At the time of registration, an FPI applicant must declare to their Designated Depository Participant (DDP) if they intend to have 50% or more of their corpus contributed by NRIs, OCIs, and RIs.
• Declaration Timeline for Existing FPIs:Existing FPIs have 6 months from the date of the SEBI circular to submit the required declaration.
• The declaration can only be reviewed during the renewal of registration.
• Constituents of FPIs:According to SEBI’s notification on June 25, NRIs, OCIs, and RIs can be constituents of an FPI.
• Contribution Limits:The contribution of a single NRI, OCI, or RI must be less than 25% of the total FPI corpus.
• The combined contribution from NRIs, OCIs, and RIs must be less than 50% of the total FPI corpus.

TATA AIG General Insurance Issues Record Rs 100 Crore Performance Surety Bond

• Tata AIG General Insurance has issued India’s largest Performance Surety Bond, valued at over Rs 100 crores in Mumbai, Maharashtra, India.
• This issuance follows the company’s introduction of Surety Insurance Bond offerings to the market two months ago.

Key Highlights :

• Facilitating Infrastructure Projects:TATA AIG’s Surety Insurance Bonds aim to facilitate smoother execution of infrastructure projects and commercial contracts in both government and private sectors.
• Product Suite:The current product suite includes all contract bonds permitted under IRDAI guidelines, such as bid performance, advance payment, and retention money bonds.
• Purpose of Surety Insurance Bonds : Surety Insurance Bonds are designed to protect project owners or beneficiaries from losses resulting from a contractor’s non-performance, non-fulfillment, or breach of contractual obligations as outlined in agreements or bidding documents.
• These bonds are available in both conditional and unconditional formats.
• Government Policy:In India, the government has permitted contractors to offer surety bonds instead of bank guarantees.
• Economic Impact:There is an estimated requirement of approximately Rs 90-lakh crore in bank guarantees over the next 5 years.
• The acceptance and success of surety insurance bonds are critical to India’s ambition of becoming the 3rd-largest economy by 2030.

About TATA AIG General Insurance :

• Founded: 2001
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Neelesh Garg
• Ownership: Joint venture between the Tata Group and American International Group (AIG).
• Tata Group holds a 51% stake, while AIG holds the remaining 49%.

ICICI Lombard Introduces Surety Insurance for Infrastructure Sector

• ICICI Lombard has introduced Surety Insurance to offer risk mitigation solutions specifically for India’s growing infrastructure sector.
• Purpose of Surety Insurance: Surety insurance serves as a guarantee to a beneficiary (typically a client or authority) that a principal debtor (usually a contractor) will fulfil their contractual obligations.
• Financial Compensation: If the contractor fails to meet their contractual commitments, the surety insurance provider will compensate the beneficiary financially.

What is meant by Surety insurance?

• Surety is a unique type of insurance because it involves a three-party agreement.
• The three parties in a surety agreement are:
• Principal: The party that purchases the bond and undertakes an obligation to perform an act as promised.
• Surety: The insurance company or surety company that guarantees the obligation will be performed.
• If the principal fails to perform the act as promised, the surety is contractually liable for losses sustained.
• Obligee: The party who requires, and often receives the benefit of the surety bond.
• For most surety bonds, the obligee is a local, state or federal government organization.

About ICICI Lombard General Insurance Company Limited :

• Founded: 2001
• Headquarters: Mumbai, Maharashtra, India
• Chairman & Managing Director: Sanjeev Mantri
• Ownership Structure: ICICI Lombard is a joint venture between ICICI Bank, India’s second-largest bank, and Fairfax Financial Holdings Limited, a financial services company based in Toronto, Canada.
• ICICI Bank holds a 64% stake in the joint venture, while Fairfax Financial Holdings Limited holds the remaining 36%.

CURRENT AFFAIRS: NATIONAL NEWS

Air India to Establish South Asia’s Largest Flight Training School in Maharashtra

• Air India has announced plans to establish South Asia’s largest flight training school in Maharashtra’s Amravati district, investing over ₹200 crore.
• The initiative is aimed at meeting the airline’s demand for 500-700 pilots annually following a substantial order of 470 Airbus and Boeing aircraft in 2023.

Key Points:

1. Location and Investment:
   • Located in Maharashtra’s Amravati district, the school will be established with an investment exceeding ₹200 crore.
   • Scheduled to open in the first quarter of the next financial year.
2. Infrastructure and Facilities:
   • Air India, in partnership with Maharashtra Airport Development Company (MADC), has leased a 10-acre plot for thirty years.
   • The facility will feature 31 single-engine Piper aircraft and three twin-engine Diamond aircraft.
   • It will train 180 commercial pilots annually with a newly extended 1,850-metre runway, modern navigation aids, and night landing facilities.
   • Amravati’s conducive weather with over 300 days of clean visibility will optimize training conditions.
3. Strategic Importance:
   • Campbell Wilson, MD & CEO of Air India, highlighted the initiative as a significant stride towards self-reliance in Indian aviation.
   • Aimed at reducing the dependency on foreign training, the school seeks to address the shortage of trained pilots in India.
4. Support for National Goals:
   • Sunil Bhaskaran, Director of Air India’s Aviation Academy, emphasized the airline’s commitment to supporting the government’s vision of Atmanirbhar Bharat.
   • By expanding India’s aviation infrastructure, Air India aims to cater to the rapidly growing domestic aviation market.
5. Current Fleet and Hiring:
   • Air India currently operates a fleet of approximately 140 aircraft and has hired over a thousand pilots in the past two years.

June 2024, PMI signals manufacturing recovery, fresh hires at 19-year high

• In June 2024, India’s manufacturing sector rebounded strongly from a slight slowdown in May 2024.
• The HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose to 58.3, up from 57.5 in May 2024, indicating a sharper improvement in business conditions.

Key Points:

1. Performance Metrics:
   • New orders, output, and input purchases all showed an uptick, reflecting improved business activity.
   • Producers raised prices of goods to the highest extent in over two years due to increased demand.
2. Employment and Hiring:
   • Hiring in the manufacturing sector reached the highest level in at least 19 years, indicating robust growth in employment.
3. Optimism and Outlook:
   • Despite strong current performance, optimism among manufacturers about future prospects dipped to a three-month low.
   • Approximately 29% of firms anticipate growth in output over the coming year.
4. Export Performance:
   • New export orders significantly increased in June, driven by heightened demand from Asia, Australia, Brazil, Canada, Europe, and the U.S.

National Test House Set to Become Apex Certification Body for Indian Products

• The Indian government plans to elevate the National Test House (NTH), an industrial testing lab under the Consumer Affairs Ministry, as the apex certification body for all Indian products.
• This initiative aims to address recent export rejections and enhance global acceptance of Indian goods.

Key Points:

1. Expansion and Role of NTH:
   • The NTH will establish a network of labs nationwide to oversee the final certification of all products, including food, spices, and organic goods, ensuring they meet global standards.
   • This move is part of efforts to complete the setup and operation of NTH labs within the first 125 days of the new government.
2. Enhancing Product Reliability:
   • Agencies concerned about product quality can require manufacturers to obtain NTH testing certificates.
   • Manufacturers can also directly approach NTH labs to preemptively test their products, aiming to avoid rejections based on quality lapses.
3. Global Image and Export Challenges:
   • Recent rejections of Indian spices and food products by Hong Kong, Singapore, and the US underscore the need for a centralized testing body to validate product quality.
   • Currently, agencies like the Bureau of Indian Standards (BIS), APEDA, and FSSAI conduct testing, but there is no apex body for re-testing failed samples from these labs.
4. NTH’s Existing Responsibilities:
   • Apart from its new role, NTH, established over a century ago, also tests various products, including drones.
   • NTH scientists play a crucial role in evaluating crop loss data for compensation under the PMFBY, highlighting their multifaceted contributions.

India to Update Base Years for National Accounts and Macro-Indicators

• India is set to update the base years for national accounts and major macro-indicators starting from January to February 2026, coinciding with the first and second advance estimates of national income for FY26.
• This decision aims to maintain comparability and accuracy in economic data.

Key Points:

1. Advisory Committee and Timeline:
   • The Advisory Committee on National Accounts Statistics (ACNAS) has been established to advise on the new base year for GDP and alignment with other macro-indicators.
   • From January-February 2026, updated base years will be implemented for GDP and other indicators to ensure consistency in economic analysis.
2. Scope of Updates:
   • The revision includes major indicators such as GDP, wholesale price index (WPI), consumer price index (CPI), and index of industrial production (IIP).
   • WPI measures wholesale inflation, CPI determines consumer inflation, and IIP calculates industrial growth, all crucial for economic policy and planning.
3. Specific Base Years:
   • The Ministry of Statistics and Programme Implementation (MoSPI) is conducting a market survey to potentially adopt 2024 as the new base year for CPI, reflecting current consumption patterns.
   • Previously, in January 2015, India transitioned to a base year of 2011-12 for national accounts, replacing the earlier base year of 2004-05, following recommendations from the National Statistical Commission (NSC) for more frequent updates.
4. Impact and Continuity:
   • Updating base years aims to enhance the accuracy and relevance of economic data, supporting informed policy decisions and economic analysis.
   • The process ensures that economic indicators remain up-to-date and reflective of current market conditions and consumption patterns.

CURRENT AFFAIRS: BUSINESS NEWS

GST collection at Rs 1.74 trillion in June 2024, but growth slows to 7.7%

• In June 2024, India’s GST collection reached Rs 1.74 trillion, marking a 7.7% year-on-year growth, which is lower than previous months’ increases (12.4% in April and 10% in May 2024).
• Cumulative collections for the fiscal year totalled Rs 5.57 trillion.
• This is the slowest rate of growth in GST collections in three years, with the previous slower pace of growth recorded in June 2021.
• The finance ministry expects robust collections above Rs 1.6 trillion in the upcoming months, emphasizing GST regime stability despite withholding detailed tax figures.

Breakdown of Collection and State Revenues:

• Central GST received Rs 39,600 crore from IGST collections, while states received Rs 33,548 crore.
• The seventh anniversary of the GST rollout was celebrated under the theme “SashaktVyaparSamagra Vikas,” highlighting reduced tax rates on household goods post-GST implementation.

Expert Insights and Industry Outlook:

• Experts like Pratik Jain from PwC India noted the positive trend in GST collections, urging rate rationalization by the GST Council.
• Saurabh Agarwal from EY credited effective enforcement and compliance measures for sustaining collection buoyancy amidst economic stability.

Key Points on GST:

• Introduction: GST was introduced on July 1, 2017, replacing multiple indirect taxes.
• Tax Structure: It has five tax slabs ranging from 0% to 28%, and a dual structure with CGST and SGST.
• Composition Scheme: Small businesses can opt for simpler compliance and lower tax rates.
• Input Tax Credit: Businesses can claim credit for taxes paid on inputs against taxes collected on sales, reducing cascading effects.
• GST Network (GSTN): Manages registration, return filing, and invoice matching.
• Compliance Measures: Simplified return filing processes and reduced burdens for small taxpayers.
• Economic Impact: Aims to streamline taxation, reduce evasion, and boost growth.
• Recent Developments: Updates in tax rates and compliance norms.
• Future Outlook: Periodic reviews to improve the tax system based on economic conditions and taxpayer feedback.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Bangladesh Navy inks deal with India’s GRSE for 800-tonne ocean-going tug

• The Bangladesh Navy has finalized a significant contract with India’s Garden Reach Shipbuilders and Engineers (GRSE) for an 800-tonne ocean-going tug, under a $500-million line of credit extended by India for defence equipment purchases.

Key Points:

1. Contract Details:
   • The deal, worth approximately $21 million, was signed in Dhaka, facilitated by GRSE and the Bangladesh Navy’s directorate general of defence purchases.
   • The tug is scheduled for delivery within 24 months and will measure 61 meters in length and 15.80 meters in width, capable of reaching speeds of at least 13 knots when fully loaded.
2. Bilateral Relations Strengthened:
   • Indian Navy Chief Admiral Dinesh K Tripathi’s visit to Bangladesh coincided with the signing, focusing on bolstering defence ties and exploring new avenues for naval cooperation.
   • The agreement underscores India and Bangladesh’s commitment to enhancing maritime security and operational capabilities.
3. Strategic Context:
   • The deal assumes significance amidst growing Chinese involvement in Bangladesh’s defence sector, including the procurement of Chinese warships and submarines.
   • It marks an expansion of India-Bangladesh maritime engagement beyond joint exercises to include substantive defence equipment collaboration.

Recent news

• GRSE signed a contract with Germany’s Carsten Rehder Schiffsmakler and Reederei GmbH & Co to construct four multi-purpose vessels of 7,500 DWT each. It has earlier exported an offshore patrol vessel and a fast patrol vessel to Mauritius and Seychelles respectively.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Reserve Bank of India Appoints Charulatha Kar and Arnab Chowdhury as New Executive Directors

• The Reserve Bank of India (RBI) announced the appointment of Arnab Kumar Chowdhury and Charulatha S. Kar as executive directors (EDs).
• Chowdhury’s appointment is effective from June 3, 2024, while Ms. Kar’s appointment is effective from July 1, 2024.

Departments Assigned:

• Chowdhury will oversee the Deposit Insurance and Credit Guarantee Corporation (DICGC), foreign exchange department, and international department.
• Kar will manage the Department of Communication, Human Resource Management Department, and Right to Information (First Appellate Authority).

Previous Roles:

• Before becoming executive directors, Mr. Chowdhury was the Chief General Manager-in-Charge in the Department of Supervision.
• Kar was serving as Chief General Manager-in-Charge in the Human Resource Management Department.

Financial Services Institutions Bureau Nominates Challa Sreenivasulu Setty as Next State Bank of India Chairman

• The Financial Services Institutions Bureau (FSIB), has recommended Challa Sreenivasulu Setty, who is one of the managing directors of State Bank of India (SBI) as the next Chairman of State Bank of India (SBI).
• Challa Sreenivasulu Setty will be the 27th Chairman of SBI.
• SBI’s current Chairman, Dinesh Kumar Khara, will retire on August 28, 2024, upon turning 63.
• Khara was appointed Chairman on October 7, 2020, and received an extension in October 2023.

Selection Process:

• FSIB interviewed three managing directors for the position of SBI Chairman.
• The final decision will be made by the Appointments Committee of the Cabinet (ACC) headed by the Prime Minister.

About Challa Sreenivasulu Setty:

• Setty joined the SBI board as Managing Director in 2020.
• He currently oversees International Banking, Global Markets, and Technology wings of SBI.

About FSIB :

• The FSIB is an autonomous body responsible for recommending appointments of senior executives in public sector financial institutions.
• Established in 2022, it is headed by Bhanu Pratap Sharma, former Secretary of the Department of Personnel and Training.

Life Insurance Corporation of India Chairman Siddhartha Mohanty Re-designated as Managing Director and Chief Executive Officer

• Life Insurance Corporation of India (LIC) has re-designated its chairman Siddhartha Mohanty as managing director (MD) and chief executive officer (CEO), with effect from June 30, 2024.
• Mohanty was appointed as the chairperson of LIC in April 2023 until June 29, 2024.
• Thereafter, he was scheduled to take over the role of MD & CEO of the corporation until June 7, 2025.
• In his nearly four decades in LIC, Mohanty has held several key positions, including that of the chief operating officer (COO) and the CEO of LIC Housing Finance and has also served as the senior divisional manager of Raipur and Cuttack, chief (Legal), chief (investment – monitoring and accounting), and executive director (Legal).

About LIC :

• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Contingent Departs for Joint Military Exercise Maitree with Thailand

• The Indian Army contingent departed for the 13th edition of India- Thailand joint military Exercise MAITREE.
• The exercise is scheduled to be conducted from 1st to 15th July 2024 at Fort Vachiraprakan in Tak Province of Thailand.

Note :

• Exercise MAITREE is an annual training event which has been conducted alternatively in Thailand and India since 2006.
• Last edition of the exercise was conducted at Umroi, Meghalaya in September 2019.

Key Highlights :

• Participating Contingents:The Indian Army contingent consists of 76 personnel, primarily from the Battalion of the LADAKH SCOUTS, along with members from other arms and services.
• The Royal Thailand Army contingent also has 76 personnel, mainly from the 1st Battalion, 14 Infantry Regiment of the 4th Division.
• Aim of Exercise : To foster Military Cooperation between India and Thailand.
• It seeks to enhance combined capabilities in executing joint counter-insurgency and terrorist operations in jungle and urban environments under Chapter VII of the United Nations Charter.
• The focus areas include high physical fitness, joint planning, and joint tactical drills.
• Tactical Drills to be practiced during the exercise will include Creation of a Joint Operation Centre, establishing an Intelligence & Surveillance Centre, employment of Drones and Counter Drone Systems, Securing of a Landing Site, Small Team Insertion & Extraction, Special Heliborne Operations, Cordon and Search Operations, Room Intervention Drills and Demolition of Illegal Structures.
• Objectives and Benefits : Exercise MAITREE will enable the two sides to share their best practices in Tactics, Techniques and Procedures for conduct of joint operations.
• It will facilitate developing interoperability, bonhomie and camaraderie between soldiers of both the countries.

Joint Military Exercises of India with Other Countries

Name of the Military Exercise	Countries
Garuda Shakti	India & Indonesia
Ekuverin	India & Maldives
Nomadic Elephant	India & Mongolia
Kurukshetra	India & Singapore
Yudh Abhyas	India & United States of America (USA)
Surya Kiran	India & Nepal
Mitra Shakti	India & Sri Lanka

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
• Defence Secretary : Giridhar Aramane

About Indian Army :

• Headquarters : New Delhi, Delhi
• Chief of Defence Staff : GeneralAnil Chauhan
• Chief of the Army Staff : GeneralUpendra Dwivedi
• Vice Chief of the Army Staff : Lieutenant General S. Raja Subramani

CURRENT AFFAIRS: SPORTS NEWS

BCCI Announces Record Cash Prize for T20 World Cup Champions

• BCCI offers Rs. 125 crore to Indian men’s T20 World Cup-winning squad.
• Exceeds threefold the bonus given after India’s 2011 ODI World Cup victory.
• Inclusive Reward: Includes players, coaches, support staff, and selectors.

Key Points:

1. Cash Prize Details: BCCI Secretary Jay Shah announced 125 crores for the T20 World Cup champions.
2. Scope of Reward: Covers players, coaches, support staff, and selectors, recognizing their contributions.
3. Tournament Victory: Rohit Sharma-led Team India clinched victory over South Africa in a thrilling final.
4. Financial Growth: BCCI’s financial health significantly grew from Rs. 189.72 crore surplus in 2010-11 to Rs. 5,197.71 crore in 2021-22.
5. Historical Context: Contrast with 2011, when BCCI initially offered Rs. 1 crore per player, later revised to Rs. 2 crores due to player feedback.
6. Media Interaction: Jay Shah confirmed the decision while addressing media during adverse weather conditions in Barbados.

Viswanathan Anand Secures Historic 10th Leon Masters Chess Championship

• Viswanathan Anand, former world chess champion from India, achieved a remarkable milestone by clinching the Leon Masters chess championship for the 10th time.
• In the final match, he defeated Jaime Santos Latasa of Spain with a commanding score of 3-1.

Key Points:

1. Tournament Overview:
   • The Leon Masters is a prestigious chess tournament held annually in Leon, Spain, featuring four top players.
   • Participants in the 2024 edition included
     1. Viswanathan Anand (INDIA)
     2. Arjun Erigaisi (INDIA)
     3. Veselin Topalov (BULGARIA) and
     4. Jaime Santos Latasa (SPAIN)

2. Road to Victory:
   • In the semi-final, Anand triumphed over Veselin Topalov, while Jaime Santos Latasa secured his spot in the final by defeating Arjun Erigaisi.
   • Anand’s victory in the final match against Santos Latasa marked his 10th win at the Leon Masters, adding to his illustrious career achievements.
3. Career Milestones:
   • Anand’s previous wins at the Leon Masters occurred in 1996, 1999, 2000, 2001, 2005, 2006, 2007, 2011, 2016, and now 2024, showcasing his consistency and longevity in competitive chess.
4. Personal Background:
   • Born on December 11, 1969, in Chennai, Tamil Nadu, Anand was introduced to chess by his mother and became the National Sub-Junior Chess Champion at age 14.
   • He achieved International Master (IM) norms at 15 and became India’s first Grandmaster in 1988.
5. World Championship Achievements:
   • Anand’s storied career includes five World Chess Championship titles, including FIDE World Chess Champion (2000-2002) and Undisputed World Champion (2007-2013).
   • He defended his title successfully in 2008, 2010, and 2012 and reached the prestigious 2800 Elo rating mark in April 2006.
   • Anand was ranked as the world number one player for 21 months during his career.

Laura Wolvaardt Makes History with Century in All International Formats

• During South Africa’s one-off Test against India in Chennai, Laura Wolvaardt achieved a historic milestone by becoming the first South African woman to score centuries in all three formats of international cricket.

Key Points:

1. Test Match Performance:
   • Despite India’s dominant first innings total of 603-6 declared, including significant contributions from multiple Indian players, South Africa faced challenges in their batting innings.
2. Wolvaardt’s Century and Milestone:
   • Laura Wolvaardt, batting amid difficulties, scored her maiden Test century, becoming only the sixth South African woman to achieve this milestone in Test cricket history.
   • She is also the first woman and third player overall from South Africa to achieve centuries in Tests, ODIs, and T20Is, joining a select group in international cricket.
3. Historical Context:
   • Prior to Wolvaardt, only two other women internationally—England’s Heather Knight and Tammy Beaumont—had achieved centuries in all three formats of the game.
   • This achievement is significant, as it underscores Wolvaardt’s versatility and consistency across different formats of cricket.
4. Career Highlights:
   • Wolvaardt’s journey includes notable milestones such as her first ODI century in 2016 against Ireland and her T20I century earlier this year against Sri Lanka.
   • Her highest scores in each format were achieved in 2024, marking a particularly prolific year for her across international cricket.

Singapore to Host 2024 FIDE World Chess Championship Match

• FIDE has announced that Singapore will host the 2024 World Championship match between India’s D Gukesh and defending champion Ding Liren from
• The event is scheduled to take place from November 20 to December 15.

Key Points:

1. Host Selection:
   • Singapore won the bid to host the World Championship match, supported by the Singapore Chess Federation and the Government of Singapore.
   • The decision follows a thorough review of bids and inspections of potential host cities, evaluating venues, amenities, event programs, and opportunities.
2. Impact on Participants:
   • D Gukesh, the Indian chess prodigy, will not have the advantage of competing on home turf, as neither Delhi nor Chennai secured the hosting rights for the event.
3. Event Details:
   • The World Championship match is a highly anticipated event in the chess calendar, drawing attention from global chess enthusiasts and players alike.
   • Both Gukesh and Ding Liren are expected to compete fiercely for the prestigious title during the championship.

Dinesh Karthik named RCB men’s team batting coach and mentor

• Former India wicketkeeper-batter Dinesh Karthik, who recently retired from all forms of cricket, has been appointed as the batting coach and mentor for Royal Challengers Bengaluru.

Key Points:

1. IPL Career and Teams:
   • Dinesh Karthik appeared in 257 IPL matches, amassing 4,842 runs across his career with an average of 26.32.
   • He represented various IPL teams including Kolkata Knight Riders, Mumbai Indians, Delhi Daredevils, Kings XI Punjab, and now Royal Challengers Bengaluru.
2. International Career Highlights:
   • In ODIs, Karthik scored 1,792 runs with nine half-centuries in 94 matches.
   • His Test career saw him accumulate 1,025 runs, including a century against Bangladesh, from 42 innings.
   • Karthik also contributed 686 runs in 60 T20Is for India.
3. Role with RCB:
   • Karthik’s new role as batting coach and mentor for RCB marks his transition into coaching after retiring from professional cricket.
   • His experience and insights are expected to benefit the team’s batting lineup and player development.

CURRENT AFFAIRS: IMPORTANT DAYS

International Plastic Bag Free Day 2024: July 3

• International Plastic Bag Free Day 2024 is observed on July 3 every year to motivate people to avoid using single-use plastic to eliminate plastic pollution.
• Bag Free World organization established the International Plastic Bag Free Day.
• This organization introduced several campaigns promoting a plastic-free world that inspired other parts of the world to participate in Plastic Bag Free Day.
• Rezero, a member of Zero Waste Europe (ZWE), initiated the first International Plastic Bag Free Day which was observed on July 3, 2008.
• In 2015, the European Union also passed certain directives to reduce the usage of single-use plastic bags.
• Bangladesh became the first country to ban the use of single-use, thin plastic bags officially in 2022.
• Soon after, many more countries, including India, also banned single-use plastic.

Daily CA One- Liner: July 3

• The Reserve Bank of India (RBI) has joined hands with the Bank for International Settlements (BIS) and central banks of 4 Asean (Association of Southeast Asian Nations) countries to collaborate on Project Nexus – a multilateral international initiative to enable retail cross-border payments.
• The Securities and Exchange Board of India (SEBI) has instructed market infrastructure institutions (MIIs), including stock exchanges, to charge all their members uniformly from October 1, 2024 without any discounts based on trading volumes.
• HDFC Bank has announced a scheduled system upgrade on July 13, 2024, to enhance its Core Banking System (CBS) and improve customer experience.
• Union Bank of India launched “Union Premier” branches for high-value customers in rural and semi-urban (RUSU) markets.
• Markets regulator Securities and Exchange Board of India (SEBI) has allowed up to 100% aggregate contribution by non-resident Indians (NRIs), Overseas Citizens of India (OCIs), Resident Indians (RI) in the corpus of Foreign Portfolio Investors (FPIs) that are based out of International Financial Services Centre (IFSC).
• Tata AIG General Insurance has issued India’s largest Performance Surety Bond, valued at over Rs 100 crores in Mumbai, Maharashtra, India.
• ICICI Lombard has introduced Surety Insurance to offer risk mitigation solutions specifically for India’s growing infrastructure sector.
• The Reserve Bank of India (RBI) announced the appointment of Arnab Kumar Chowdhury and Charulatha S. Kar as executive directors (EDs).
• The Financial Services Institutions Bureau (FSIB), has recommended Challa Sreenivasulu Setty, who is one of the managing directors of State Bank of India (SBI) as the next Chairman of State Bank of India (SBI).
• Life Insurance Corporation of India (LIC) has re-designated its chairman Siddhartha Mohanty as managing director (MD) and chief executive officer (CEO), with effect from June 30, 2024.
• The Indian Army contingent departed for the 13th edition of India- Thailand joint military Exercise MAITREE.
• Air India has announced plans to establish South Asia’s largest flight training school in Maharashtra’s Amravati district, investing over ₹200 crore.
• In June 2024, India’s manufacturing sector rebounded strongly from a slight slowdown in May.
• The Indian government plans to elevate the National Test House (NTH), an industrial testing lab under the Consumer Affairs Ministry, as the apex certification body for all Indian products
• India is set to update the base years for national accounts and major macro-indicators starting from January to February 2026, coinciding with the first and second advance estimates of national income for FY26
• In June 2024, India’s GST collection reached Rs 1.74 trillion, marking a 7.7% year-on-year growth, which is lower than previous months’ increases (12.4% in April and 10% in May).
• The Bangladesh Navy has finalized a significant contract with India’s Garden Reach Shipbuilders and Engineers (GRSE) for an 800-tonne ocean-going tug, under a $500-million line of credit extended by India for defence equipment purchases
• BCCI offers Rs. 125 crore to Indian men’s T20 World Cup-winning squad
• Viswanathan Anand, former world chess champion from India, achieved a remarkable milestone by clinching the Leon Masters chess championship for the 10th time
• During South Africa’s one-off Test against India in Chennai, Laura Wolvaardt achieved a historic milestone by becoming the first South African woman to score centuries in all three formats of international cricket
• FIDE has announced that Singapore will host the 2024 World Championship match between India’s D Gukesh and defending champion Ding Liren from China
• Former India wicketkeeper-batter Dinesh Karthik, who recently retired from all forms of cricket, has been appointed as the batting coach and mentor for Royal Challengers Bengaluru
• International Plastic Bag Free Day 2024 is observed on July 3 every year to motivate people to avoid using single-use plastic to eliminate plastic pollution.