Daily Current Affairs August 04 & 05 2024 | Latest News | Download PDF

By Ameena Ameena - Aug 05 2024

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Updates Non-Performing Assets Provision Norms for Co-operative Banks to Ensure Uniformity     

  • The Reserve Bank of India (RBI) issued revised instructions on Bad and Doubtful Debt Reserve (BDDR) for cooperative banks to ensure uniformity in the treatment of this reserve for prudential purposes.
  • Reason for Revision: The current procedure of not recognizing the required provisions for Non-Performing Assets (NPAs) as an expense in the Profit and Loss (P&L) account is not in line with existing Accounting Standards (AS).
  • The treatment of BDDR for regulatory capital and the calculation of net NPAs varies across banks and often deviates from regulatory norms.

Key Highlights :

  • One-Time Measure:To facilitate rectification and a smoother transition to an AS-compliant approach, the RBI has prescribed specific steps for these banks.
  • Prescribed Steps:Identification and Quantification:
  • Banks must identify and quantify the balances in BDDR as of March 31, 2024, representing provisions created as per Income Recognition, Asset Classification, and Provisioning (IRACP) norms by appropriating from net profits instead of recognizing as an expense in the P&L account (referred to as ‘BDDR2024’).
  • Appropriation for NPA:By March 31, 2025, banks should appropriate BDDR2024 directly (‘below the line’) from the P&L account or general reserves to provision for NPAs. These provisions will be permitted to be netted off from gross NPAs to arrive at net NPAs.
  • Transfer of Unrequired Balances: Balances in BDDR not required as per applicable statute can be transferred to general reserves or the balance in the P&L account below the line.
  • Reckoning as Tier-1 Capital: After the prescribed entries, the balances in BDDR can be reckoned as Tier-1 capital.
  • However, BDDR balances cannot be reduced from gross NPAs to arrive at net NPAs.
  • Current Practices: Several co-operative banks create BDDR under State Co-operative Societies Acts or other prudential considerations.
  • BDDR is sometimes created by recognizing an expense in the P&L account and other times through appropriations from net profits.

Reserve Bank of India Penalizes 5 Co-operative Banks for Regulatory Violations     

  • The Reserve Bank of India (RBI) has imposed monetary penalties on 5 urban cooperative banks for failing to comply with various regulatory directions.
  • The penalties were enforced under RBI’s powers conferred by Section 47A(1)(c) of the Banking Regulation Act, 1949, alongside Sections 46(4)(i) and 56.

Details of Penalties:

  • Urban Co-operative Bank Limited., Mainpuri, Uttar Pradesh: ₹5 lakh penalty for non-compliance with investment norms.
  • Nagnath Urban Co-operative Bank Limited, Hingoli, Maharashtra: ₹1 lakh penalty for failing to transfer eligible amounts to the Depositor Education and Awareness Fund as per Section 26A.
  • Shrikrishna Co-operative Bank Limited, Umrer, Maharashtra: ₹2.08 lakh penalty for non-compliance with loan and advance regulations related to directors and their relatives.
  • Alibag Co-operative Urban Bank Limited, Alibag, Maharashtra: ₹2 lakh penalty for mismanagement of advances, including sanctioning gold loans beyond regulatory limits.
  • The Hindustan Co-operative Bank Limited, Mumbai, Maharashtra: ₹4 lakh penalty for violations including exposure norms and KYC requirements.

Reason for Penalties:

  • The penalties were imposed due to breaches in compliance related to investments, loans, exposure norms, management of advances, and KYC norms.

About RBI :

  • Established : 1 April 1935
  • Headquarters : Mumbai, Maharashtra, India
  • Governor : Shaktikanta Das

Reserve Bank of India Grants Cross-Border Payment Aggregator License to BillDesk, Amazon Pay, and Adyen    

  • The Reserve Bank of India (RBI) has issued a cross-border payment aggregator (PA-CB) licence to three companies: BillDesk, Amazon Pay, and
  • On July 22, 2024, Bengaluru-based Cashfree was the first to receive the PA-CB licence.
  • Purpose of PA-CB Licence: The PA-CB licence allows payment companies to offer services related to cross-border payments for export-import transactions.

Key Highlights :

  • Payment Aggregator Licence Holders: All five PA-CB licence holders are also payment aggregator licence holders, enabling them to provide domestic merchant payment services.
  • Company Profiles : BillDesk is one of the largest bill processing entities in the country.
  • Amazon Pay offers mobile wallet payments, Unified Payments Interface-based transactions and all forms of bill payments.
  • Netherlands-headquartered listed payment company Adyen globally processed close to 300 billion euros worth of transactions in the first three months of 2024, recording a net revenue of 438 million euros.
  • Regulatory Requirements:Net-Worth: Non-banks providing PA-CB services as on the date of this circular, shall have a minimum net-worth of ₹15 crore at the time of submitting application to the RBI for authorization and a minimum net-worth of ₹25 crore by March 31, 2026.
  • They will be accountable for ensuring that they do not facilitate payment transactions for the import of any restricted or prohibited goods and services.
  • Due Diligence: For transactions exceeding ₹2.5 lakh, PA-CBs must conduct due diligence on buyers.
  • Restrictions and Compliance:PA-CBs must ensure they do not facilitate payments for restricted or prohibited goods and services.

Definition of PA :

  • A PA (also known as a merchant aggregator) is a third-party service provider that allows merchants to accept payments from customers by integrating it into their websites or apps.

Reserve Bank of India Issues Directive Adjusting Loan Limits Against Shares and Debentures for Urban Co-operative Banks   

  • The Reserve Bank of India (RBI) issued a directive altering the ceiling on loans against shares and debentures for Urban Co-operative Banks (UCBs).

Key Highlights :

  • Previous Regulation: The previous ceiling was set at 20% of owned funds.
  • New Regulation: The new regulation links the ceiling to the Tier I capital of UCBs as of March 31 of the preceding financial year.
  • This change will be effective from January 1, 2025.
  • Purpose of Change: The updated ceiling aims to enhance financial stability by correlating the loan limits with the bank’s Tier I capital.
  • Guidelines Reference: The new regulation aligns with the guidelines outlined in the Master Circular on Prudential Norms for UCBs.
  • Unchanged Provisions: All other provisions from the previous circulars remain unchanged.

Reserve Bank of India Report: Informal Finance Remains Strong in Rural India

  • As per the Reserve Bank of India’s (RBI’s) Report on Currency and Finance (RCF), Informal finance is still thriving in rural India, despite the penetration of the formal financial sector.

Key Highlights :

  • Among the total outstanding loans of rural households, 31% is sourced from informal lenders.
  • The penetration of informal loans is particularly high among the lowest economic strata of households.
  • Kisan Credit Cards (KCCs):As of end-March 2023, the number of operative KCCs stood at 7.4 crore.
  • KCC penetration is less than 20% among marginal farmers having less than one hectare of land.
  • Reasons for low penetration include unavailability of online land and revenue records and lack of awareness about the scheme.
  • Digitalization of agricultural finance through digital KCC products under the PTPFC (Public Tech Platform for Frictionless Credit) is expected to deepen financial inclusion and facilitate hassle-free disbursement of loans.

What is the Report on Currency and Finance?

  • The RCF is an annual publication by the RBI.
  • It covers various aspects of the Indian economy and financial system.
  • Theme and Focus of RCF:The theme of the current report is “India’s Digital Revolution.”
  • It focuses on the transformative impact of digitalization across various sectors in India, particularly the financial sector.
  • Dimensions of Digital Revolution:The report highlights how digital technologies are reshaping economic growth, financial inclusion, public infrastructure, and the regulatory landscape.
  • It also addresses the associated opportunities and challenges of digitalization in India.

E Magazine

CURRENT AFFAIRS: NATIONAL NEWS

Centre unlikely to extend Mahila Samman Savings Certificate scheme

  • The Mahila Samman Savings Certificate Scheme (MSSCS), launched to promote savings among Indian women, is unlikely to be extended beyond its March 2025 deadline.
  • Finance Minister Nirmala Sitharaman introduced the scheme in the FY24 budget to foster a savings habit among women.

Key Points:

  1. Scheme Details:
    • Interest Rate: The MSSCS offers a fixed interest rate of 7.5%.
    • Withdrawal Option: The scheme includes a partial withdrawal option, adding flexibility for the account holders.
    • Launched on: Launched as a part of Budget 2023
  2. Performance:
    • Accounts Opened: In the first nine months of FY24, over 2.25 million accounts were opened.
    • Deposits: The scheme attracted deposits exceeding Rs 14,500 crore during this period.
  3. Future Outlook:
    • Deadline: The scheme is set to end in March 2025.
    • Extension: Official sources indicate that the scheme is unlikely to be extended beyond this deadline.

ICMR’s Royalty from Bharat Biotech for Covaxin Development

  • The Indian Council of Medical Research (ICMR) received ₹172 crore in royalty from Bharat Biotech International Limited (BBIL) for the joint development of Covaxin, a COVID-19 vaccine.
  1. Patent and Ownership:
    • Patent Rectification: Initially, ICMR was not listed as a co-owner and co-inventor in the patent filing for Covaxin. After government objection, BBIL rectified this error.
    • Co-Ownership: Now, ICMR, the National Institute of Virology (NIV), and three scientists are co-owners and co-inventors of Covaxin.
  2. Vaccine Maitri Programme:
    • India supplied Covaxin to seven countries under the Vaccine Maitri initiative.
  3. Development Phases:
    • Phase 1: ICMR and NIV isolated the virus and studied the related challenges.
    • Phase 2: Bharat Biotech developed the vaccine, investing around ₹60 crore.
    • Phase 3 Clinical Trials: ICMR spent approximately ₹35 crore, including ₹20 crore to fund 25 sites and recruit 25,800 participants.

7th Indian Coast Guard Subordinate Officers’ Conclave inaugurated

  • The 7th Indian Coast Guard (ICG) Subordinate Officers’ Conclave was inaugurated, by Director General Rakesh Pal at the ICG HQ in New Delhi.
  • The Conclave is scheduled for August 01-02, 2024.
  1. Theme:
    • The Conclave is themed ‘Towards an Inclusive Approach’.
  2. Sessions and Lectures:
    • The event features brainstorming and plenary sessions, along with lectures on various topics such as holistic living, stress management through Ayurveda, meditation & Yoga, IT, health, HR, and leadership.
  3. Participants and Purpose:
    • The Conclave brings together motivated and committed Subordinate Officers from various ICG units across the country.
    • It provides a platform for sharing innovative ideas and thought processes with decision-makers.
  4. Director General’s Address:
    • Director General Rakesh Pal highlighted the alignment of the Conclave with Prime Minister Shri Narendra Modi’s vision of fostering innovative ideas for inclusive growth, embodying ‘Sabka Saath, Sabka Vikas, and Sabka Prayas.’
  5. Key Discussions:
    • Future Inductions: Discussions on future inductions in the ICG based on Aatmanirbhar Bharat principles.
    • HR Policies: Refinement of HR policies for inclusive career growth under the ‘Karmyogi’ initiative.
    • Operational Capabilities: Enhancement of operational capabilities through advanced technology integration.

Union Cabinet Approves Development of Eight Major National Highway Projects

  • The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved eight access-controlled national highway projects totalling 936 km in length.
  • The total cost for these projects is Rs 50,655 crore.
  • The government aims to minimize land acquisition needs, aligning projects with existing infrastructure where possible.
  • The projects are expected to generate approximately 4.42 crore man-days of direct and indirect employment.
  1. Details of Projects:
    • Agra-Gwalior Highway: 6-lane highway.
    • Kharagpur – Moregram: 4-lane highway.
    • Tharad – Deesa – Mehsana – Ahmedabad: 6-lane highway.
    • Pathalgaon to Gumla of Raipur-Ranchi: 4-lane section.
    • Kanpur Ring Road: 6-lane.
    • Northern Guwahati Bypass and Guwahati Bypass: 4-lane and improvement works.
    • Nashik Phata – Khed Corridor: 8-lane elevated.
    • Ayodhya Ring Road: 68 km, 4-lane, costing Rs 3,935 crore, aimed at reducing congestion and improving connectivity for pilgrims and tourists.
  2. Guwahati Ring Road:
    • 121 km, costing Rs 5,729 crore, includes a 4-lane access-controlled Northern Guwahati Bypass, widening existing bypass sections, and major bridge construction over the Brahmaputra River.
    • The ring road will enhance connectivity to long-distance traffic and ease congestion in Guwahati.
  3. Infrastructure Impact:
    • Infrastructure development is crucial for economic growth and improving citizens’ quality of life.
    • Investment in infrastructure has a multiplier effect of 2.5-3.0 times on GDP.
    • The length of National Highways has increased from 0.91 lakh km in 2013-14 to 1.46 lakh km, reflecting significant progress in highway construction and awards over the past decade.

“VIRAASAT” Exhibition Celebrates 10th National Handloom Day

  • The “VIRAASAT” exhibition, dedicated to celebrating the 10th National Handloom Day, began on August 3, 2024, at Handloom Haat, Janpath.
  • Organized by the National Handloom Development Corporation Ltd (NHDC) under the Ministry of Textiles, Government of India.
  • The exhibition will run until August 16, 2024.

Event Overview:

  • Name: VIRAASAT – Exclusive Handloom Expo
  • Dates: August 3 to August 16, 2024
  • Venue: Handloom Haat, Janpath, New Delhi
  • Organizer: National Handloom Development Corporation Ltd (NHDC) under the Ministry of Textiles, Government of India.

Purpose:

  • To celebrate the 10th National Handloom Day, commemorated annually on August 7.
  • To showcase and promote India’s rich handloom and handicraft traditions.
  • To provide a market platform for handloom weavers and artisans.

Significance:

  • Historical Context: The Swadeshi Movement of August 7, 1905, promoted indigenous industries and handloom weaving.
  • National Handloom Day: Established on August 7, 2015, by Prime Minister Narendra Modi to honor the handloom weaving community and highlight the sector’s socio-economic contributions.

Government Support:

  • The government aims to protect handloom heritage, empower weavers financially, and enhance the sector’s sustainable development.
  • The handloom sector employs approximately 35 lakh people, making it a crucial industry after agriculture.
  • Handloom Diversity:
  • India’s handloom sector features diverse products like Banarasi, Jamdani, Baluchari, Madhubani, Kosa, Ikkat, Patola, Tussar Silk, Maheshwari, Moirang Phee, Phulkari, Laheriya, Khandua, and Tangaliya.

CURRENT AFFAIRS: BUSINESS NEWS

Government May Raise At Least ₹10,000 Crore In Next Phase Of Sovereign Green Bonds

  • In 2023-24, India issued ₹20,000 crore in sovereign green bonds to support clean energy projects.
  • For 2024-25, the government plans to raise ₹20,000-25,000 crore, with a first-half goal of ₹12,000 crore and a second-half potential of up to ₹15,000 crore.

Issuance Details for 2023-24:

  • Amount Issued: ₹20,000 crore in sovereign green bonds.
  • Budget Mention: Not included in the budget.
  • Purpose: Financing clean energy and sustainability projects.

Plans for 2024-25:

  • Target Amount: ₹20,000-25,000 crore through green bonds.
  • First Half (Apr-Sep): Notified plans to raise ₹12,000 crore.
  • Second Half (Oct-Mar): Potential to raise up to ₹15,000 crore.

Funding Allocation:

  • Central Ministries and Departments:
    • New and Renewable Energy
    • Environment, Forests, and Climate Change
    • Housing and Urban Affairs
    • Railways
  • Exclusions: Funds cannot be used for fossil fuel extraction, production, or distribution, or nuclear power projects.

Pricing Strategy:

  • ‘Greenium’ Concept: Green bonds are priced lower than conventional government securities to attract investors.
  • Investor Appeal: Reflects the environmental benefits and the potential for favorable returns.

Green Bond Market Context:

  • Private Sector: Currently issues the majority of green bonds in India.
  • Future Issuance: Scheduled for the second half of the year, with a focus on maintaining competitive pricing compared to government securities.

India’s Energy Goals:

  • Current Renewable Capacity: 180.79 GW.
  • 2030 Target: 500 GW of non-fossil fuel energy capacity.
  • Annual Additions: Plan to add 50 GW of green energy capacity per year.
  • Net-Zero Emissions Target: By 2070.

BHEL secures order for demonstration of first of its kind methanol firing in gas turbine of kayamkulam CCCP

  • Bharat Heavy Electricals Limited (BHEL) has received the first ever order for the demonstration of methanol firing in a Gas Turbine at the 350 MW Kayamkulam Combined Cycle Power Plant (CCPP) of NTPC installed at Alappuzha district in Kerala.
  • This will be the first such demonstration project of its kind in India.
  • Project: First-ever methanol firing demonstration in a gas turbine
  • Location: 350 MW Kayamkulam Combined Cycle Power Plant (CCPP), Alappuzha district, Kerala
  • Client: NTPC

Key Highlights:

  1. Project Significance:
    • This is the first methanol firing demonstration project in India, marking a significant milestone in the country’s energy sector.
    • The project aims to revive unutilized gas turbine sets in India that are inoperative due to the unavailability of natural gas and naphtha.
  2. Background of Kayamkulam CCPP:
    • The Kayamkulam CCPP includes two gas turbines of 115 MW each and one steam turbine of 120 MW, totaling 350 MW.
    • The plant was set up by BHEL on a turnkey basis in 1998-99.
  3. BHEL’s Role and Responsibilities:
    • Scope of Work: Includes technology support, supply of equipment and associated auxiliaries, and the erection and commissioning of the methanol firing system.
    • Project Phases:
      • Phase 1: A 12-month demonstration at 30-40% load of the gas turbine.
      • Phase 2: Upon successful completion of Phase 1, a second phase demonstration at 100% load is planned.
    • Current Status: BHEL has secured the order for Phase 1 of the project.
  4. Equipment and Support:
    • Key equipment for the project such as the tank, fire protection & detection system, piping, and erection & commissioning will be provided by BHEL’s Hyderabad-based units.
    • BHEL will also offer comprehensive technology support for the project.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Dr. Grinson George assumes office as the new Director of Central Marine Fisheries Research Institute    

  • Grinson George, former head of the Marine Biodiversity and Environment Management Division at the Central Marine Fisheries Research Institute (CMFRI) has assumed charge as Director of the CMFRI.
  • He has also held the position of Senior Programme Specialist at the South Asian Association for Regional Cooperation (SAARC) in Dhaka.

About Grinson George :

  • George hails from Chalakudy in Thrissur district, Kerala.
  • He is a fisheries researcher with over two decades of experience, specializing in fishery resource management, marine biodiversity, environment management, fisheries oceanography, remote sensing, and climate change.
  • He has led multiple high-impact research projects with funding from agencies like the Ministry of Earth Sciences, Ministry of Environment, Forest and Climate Change, Indian Space Research Organisation, Department of Biotechnology, Department of Science and Technology, ICAR-National Innovations in Climate Resilient Agriculture (NICRA), and the India-UK Water Quality Initiatives.
  • He has served on the Board of Studies at Cochin University of Science and Technology (Cusat) and Kerala University of Fisheries and Ocean Studies (Kufos) and has guided PhD scholars at Cusat, Kufos, Andhra University, and Mangalore University.

About CMFRI :

  • Established : 1947
  • Headquarters : Kochi, Kerala
  • The CMFRI was established under the Ministry of Agriculture and Farmers Welfare and later, in 1967, it joined the Indian Council of Agricultural Research (ICAR) family and emerged as a leading tropical marine fisheries research institute in the world.

Meesho adds 4 new directors to its board    

  • E-commerce platform Meesho has appointed four independent directors to its board to enhance its corporate governance structure.

New Appointees:

  • Kalpana Morparia: Former chairman of South and South East Asia at JPMorgan, with over 45 years of experience in India’s financial sector. She serves on the boards of several global companies.
  • Hari S Bhartia: Founder and co-chairman of Jubilant Bhartia Group, leading a group with four listed companies and a combined market cap of around $7.65 billion.
  • Surojit Chatterjee: Founder and CEO of AI firm Ema, with previous senior positions at Coinbase and Google.
  • Rohit Bhagat: Non-executive chairman on the board of PhonePe, with leadership roles at BlackRock and Barclays Global Investors.
  • Purpose: The appointments aim to strengthen Meesho’s corporate governance structure.
  • Existing Board Members:Co-founders: Vidit Aatrey and Sanjeev Barnwal.
  • Representatives: From Prosus Ventures, Peak XV Partners, Elevation Capital, and SoftBank Investment Advisers.
  • Varied Experience: The new independent directors bring diverse expertise from sectors such as finance, technology, and corporate leadership.

About Meesho :

  • Founded : December 2015
  • Headquarters : Bangalore, Karnataka, India
  • Founder and CEO : Vidit Aatrey

RBI Approves Inderjit  Camotra’s Reappointment as Unity Small Finance Bank Chief Executive Officer for Two More Years     

  • The Reserve Bank of India (RBI) has approved the re-appointment of Inderjit Camotra as Managing Director (MD) and Chief Executive Officer (CEO) of Unity Small Finance Bank (SFB) for two years.
  • Under his leadership, the bank has built a deposit base of over ₹8,000 crore, a loan book of over ₹8,500 crore and a network of about 400 banking outlets and offices across 21 States and UTs in India.
  • Prior to being appointed as head of Unity SFB, Camotra was Executive Director with Centrum Financial Services Limited/CFSL (Promoter Entity of Unity Bank).
  • Background of Unity SFB:Approval and Licensing:RBI granted in-principle approval to CFSL to set up a Small Finance Bank (SFB) as part of the revival and reconstruction of the erstwhile Punjab and Maharashtra Co-operative Bank in June 2021.
  • The licence to set up the SFB was issued in October 2021.
  • The bank commenced operations in November 2021.
  • Ownership Structure:BharatPe holds a 49% stake in Unity SFB.
  • CFSL holds a 51% stake in Unity SFB.

About Unity SFB :

  • Founded : 2021
  • Headquarters : Mumbai, Maharashtra

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Carlyle Group divests 12.8% stake in PNB Housing Finance for ₹2,578 crore; Singapore government acquires stake     

  • Carlyle Group divested a 12.8% stake in PNB Housing Finance for ₹2,578 crore through open market transactions.
  • The Singapore government and the Monetary Authority of Singapore acquired stakes in PNB Housing Finance.
  • US-based global investment firm Carlyle group through its affiliate Quality Investment Holdings PCC offloaded 3,32,60,000 shares, amounting to a 12.8% stake in PNB Housing Finance.
  • Carlyle’s stake in PNB Housing Finance was reduced from 32.68% to 19.88%.
  • Aditya Birla Sun Life Mutual Fund, DSP BlackRock Mutual Fund, HSBC Mutual Fund, and ICICI Prudential Life Insurance Company acquired a total of 1.46 crore shares, equivalent to a 5.62% stake in PNB Housing Finance.

Recent News :

  • In July 2024, PNB Housing Finance reported a 25% improvement in its net profit to Rs 433 crore in the first quarter ended June 2024.

About PNB Housing Finance Limited :

  • Founded : 11 November 1988
  • Headquarters : New Delhi, Delhi, India
  • Managing Director : Girish Kousgi
  • PNB Housing Finance Limited is an Indian housing finance company registered with National Housing Bank.
  • PNB Housing is promoted by Punjab National Bank.

About Carlyle Group :

  • Founded : 1987
  • Headquarters : Washington, D.C., United States
  • CEO : Harvey Schwartz

Competition Commission of India approves the acquisition of 100% share capital of Viterra by Bunge             

  • The Competition Commission of India (CCI) has approved the acquisition of 100% share capital of Viterra Limited by Bunge Global SA.

Key Highlights :

  • Proposed Combination: Bunge Global SA (Acquirer) is set to acquire 100% of the issued and outstanding share capital of Viterra Limited (Target).
  • As part of the consideration for the proposed transaction, Viterra’s three main shareholders, namely Glencore PLC (Glencore) (through Danelo Limited), the Canada Pension Plan Investment Board (CPP Investments) (through CPPIB Monroe Canada, Inc.), and the British Columbia Investment Management Corporation (BCI) (through Venus Investment Limited Partnership), will receive Bunge stock and as a result respectively own minority stakes in Bunge (Proposed Transaction).
  • Global Activities:Bunge: Mainly active in the sale of oilseed meals, vegetable oils, grains, milled products, and unprocessed oilseeds.
  • Viterra: Focuses on the purchase and sale of unprocessed commodity crops, particularly grains.
  • Viterra has limited origination activities in India for commodities such as channa, wheat, maize, lentils, and cotton.

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 Affairs and 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 : DEFENCE NEWS

Defence Acquisition Council Sanctions amendment to MQ-9B UAV deal with U.S     

  • The Defence Acquisition Council (DAC) chaired by Defence Minister Rajnath Singh reviewed and approved amendments to the deal for 31 MQ-9B High Altitude Long Endurance (HALE) Unmanned Aerial Vehicles (UAV) from General Atomics of the US.
  • The DAC also gave approval to a proposal regarding the scheduled refit of aircraft carrier INS Vikramaditya later this year.
  • The amendments approved are within the scope of the Acceptance of Necessity (AoN) that was granted for the MQ-9B deal.

Key Highlights :

  • India is looking to procure 31 MQ-9B UAVs, 15 Sea Guardians for the Indian Navy and 16 Sky Guardians – eight each for the Indian Army and Air Force, estimated to cost $3.99 billion.
  • As part of the deal, General Atomics is scheduled to establish a Global Maintenance, Repair and Overhaul (MRO) facility in India which would count towards offset obligations.
  • The DAC also accorded AoN, the first step of the procurement process, for the procurement of Advanced Land Navigation System (ALNS) for Armoured Fighting Vehicles (AFVs) of the Army and 22 Interceptor Boats for the Coast Guard.
  • The ALNS Mk-II is compatible with Indian Regional Navigation Satellite System, NAVigation using Indian Constellation (IRNSS, NavlC), India in addition to Global Positioning System (GPS) and Global Navigation Satellite System (GLONASS).
  • The ALNS Mk-II offers compatibility with defence series maps resulting in very high accuracy in navigational applications for AFVs.
  • This equipment will be procured from Bharat Electronics Limited, Chennai under Buy [Indian-Indigenously Designed Developed and Manufactured (lDDM)] category of the procurement procedure.

About DAC :

  • Established : 2001
  • Chairman : Union Minister of Defence (Rajnath Singh)
  • It is the highest decision-making body of the defence ministry on procurement.
  • Its members include the Chief of Defence Staff (CDS) and chiefs of the Army, Navy, and Air Force.

CURRENT AFFAIRS: MOUS AND AGREEMENT

NTPC-NPCI JV to start work on Rs 50,000-crore Rajasthan nuclear power plant this fiscal

  • NTPC Ltd, in collaboration with NPCIL, is set to develop the Mahi Banswara nuclear power plant with a capacity of 2.8 GW and is also exploring the development of Bharat Small Reactors.
  • The company plans to significantly increase its green energy capacity and diversify into other energy and chemical sectors.

Key Highlights

  1. Mahi Banswara Nuclear Power Plant:
    • Joint Venture: NTPC Ltd and Nuclear Power Corp of India (NPCIL) through Anushakti Vidhyut Nigam.
    • Project Cost: ₹50,000 crore.
    • Capacity: 2.8 GW.
    • Timeline: Bids to be invited and construction to start before the end of the fiscal year 2024-25.
  2. Chutka Nuclear Plant:
    • Capacity: 1.4 GW.
    • Development: Originally part of the joint venture, now to be undertaken independently by NPCIL.
  3. Bharat Small Reactors:
    • Initiative: NTPC plans to explore setting up Bharat Small Reactors as announced in the Budget.
  4. Green Energy Capacity Addition:
    • Target: NTPC aims to add 60 GW of green energy capacity by 2032.
    • Nuclear Energy Goal: India aims to add 19.7 GW of nuclear capacity by 2032 as per the National Electricity Plan.
  5. Future Nuclear Projects:
    • States Under Consideration: Tamil Nadu, Karnataka, Jharkhand, Chhattisgarh, Gujarat, among others.
    • Activities: Identifying potential sites and obtaining necessary approvals.
  6. Diversification and Other Initiatives:
    • Renewable Energy: NTPC has diversified into wind, solar, hydro, and nuclear energy.
    • Pumped Storage Plant: Planning a 1,000 MW pumped storage plant in Tamil Nadu.
    • Chemicals: Expansion into ethanol and methanol production.
  7. IPO of NTPC Green Energy Ltd (NGEL):
    • Timing: Expected in November this year.
    • Ownership Offer: 10% through new shares.
    • Capacity:
      • Operating: 4 GW.
      • Under-Construction: 8 GW.
      • Development Stages: 8 GW.

RailTel and Cylus Partnership: Enhancing Cybersecurity for Indian Railways

  • RailTel, a leading public sector entity in telecommunications and ICT solutions, has entered a strategic partnership with Cylus, a prominent cybersecurity firm specializing in the rail sector.
  • This collaboration aims to bolster the cybersecurity framework of Indian Railways’ extensive infrastructure.

Key Highlights

  1. Objective of the Partnership:
    • Cybersecurity Enhancement: The primary goal is to enhance the security of railway signalling systems, including trackside, onboard, and SCADA systems, through the integration of CylusOne, Cylus’ proprietary cybersecurity solution.
  2. Strategic Initiatives:
    • Market Expansion:
      • Introduction of Cylus’ advanced cyber defense technologies to the Indian market.
      • Focus on enhancing cybersecurity in the railway and public transport sectors.
    • Professional Services Integration:
      • Cylus will provide specialized services for the seamless integration of CylusOne into RailTel’s systems.
      • Enhancement of cybersecurity measures in railway signaling, telecom, and other ICT systems.
    • Competence Development:
      • Provision of specialized cybersecurity training programs for railway and industry professionals.
      • Collaboration with Rail Edutech Pvt Ltd, RailTel’s Digital Service Partner, to enhance cybersecurity expertise within the Indian rail sector.
  3. Significance:
    • This partnership represents a major milestone in the cybersecurity landscape of Indian Railways.
    • Ensures improved protection and resilience against cyber threats.

CURRENT AFFAIRS: SPORTS NEWS

France’s Teddy Riner wins 100+kg judo for record fourth gold medal

  • French judoka Teddy Riner claimed his fourth Olympic gold medal in the 100+kg category at the Paris 2024 Olympics.
  • Total Medals: Riner now holds six Olympic medals, surpassing Japanese judoka Ryoko Tani’s record of five Olympic judo medals.
  1. Historic Context:
    • Previous Titles: Riner won individual golds at the London 2012 and Rio 2016 Games and a team gold at Tokyo 2021.
    • Olympic Record: With four golds, Riner now holds the French Summer Olympics record for the most titles.
  2. The Final Bout:
    • Opponent: Riner defeated world No. 1 Kim Min-Jong of South Korea with an ippon using Harai-gochi, with only 16 seconds left in the bout.
    • Crowd Reaction: The victory electrified the crowd at the Champs de Mars Arena, causing fans to jump on their seats and shake the stands.
  3. Other Medalists:
    • Men’s 100+kg: Tajikistan’s Temur Rakhimov and Uzbekistan’s Alisher Yusupov won bronze medals.
    • Women’s 78+kg: Brazilian Beatriz Souza won gold, Israel’s Raz Hershko took silver, and Kim Ha-Yun of South Korea along with France’s Romane Dicko were awarded bronze medals.

Daily CA One- Liner: August 4 & 5

  • The Mahila Samman Savings Certificate Scheme (MSSCS), launched to promote savings among Indian women, is unlikely to be extended beyond its March 2025 deadline
  • The Indian Council of Medical Research (ICMR) received ₹172 crore in royalty from Bharat Biotech International Limited (BBIL) for the joint development of Covaxin, a COVID-19 vaccine
  • The 7th Indian Coast Guard (ICG) Subordinate Officers’ Conclave was inaugurated, by Director General Rakesh Pal at the ICG HQ in New Delhi.
  • The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved eight access-controlled national highway projects totalling 936 km in length.
  • The “VIRAASAT” exhibition, dedicated to celebrating the 10th National Handloom Day, began on August 3, 2024, at Handloom Haat, Janpath.
  • In 2023-24, India issued ₹20,000 crore in sovereign green bonds to support clean energy projects
  • Bharat Heavy Electricals Limited (BHEL) has received the first-ever order for the demonstration of methanol firing in a Gas Turbine at the 350 MW Kayamkulam Combined Cycle Power Plant (CCPP) of NTPC installed at Alappuzha district in Kerala
  • NTPC Ltd, in collaboration with NPCIL, is set to develop the Mahi Banswara nuclear power plant with a capacity of 2.8 GW and is also exploring the development of Bharat Small Reactors
  • RailTel, a leading public sector entity in telecommunications and ICT solutions, has entered a strategic partnership with Cylus, a prominent cybersecurity firm specializing in the rail sector
  • French judoka Teddy Riner claimed his fourth Olympic gold medal in the 100+kg category at the Paris 2024 Olympics.
  • The Reserve Bank of India (RBI) issued revised instructions on Bad and Doubtful Debt Reserve (BDDR) for cooperative banks to ensure uniformity in the treatment of this reserve for prudential purposes.
  • The Reserve Bank of India (RBI) has imposed monetary penalties on 5 urban cooperative banks for failing to comply with various regulatory directions.
  • The Reserve Bank of India (RBI) has issued a cross-border payment aggregator (PA-CB) licence to three companies: BillDesk, Amazon Pay, and
  • The Reserve Bank of India (RBI) issued a directive altering the ceiling on loans against shares and debentures for Urban Co-operative Banks (UCBs).
  • As per the Reserve Bank of India’s (RBI’s) Report on Currency and Finance (RCF), Informal finance is still thriving in rural India, despite the penetration of the formal financial sector.
  • Grinson George, former head of the Marine Biodiversity and Environment Management Division at the Central Marine Fisheries Research Institute (CMFRI) has assumed charge as Director of the CMFRI.
  • E-commerce platform Meesho has appointed four independent directors to its board to enhance its corporate governance structure.
  • The Reserve Bank of India (RBI) has approved the reappointment of Inderjit Camotra as Managing Director (MD) and Chief Executive Officer (CEO) of Unity Small Finance Bank (SFB) for two years.
  • Carlyle Group divested a 12.8% stake in PNB Housing Finance for ₹2,578 crore through open market transactions.
  • The Competition Commission of India (CCI) has approved the acquisition of 100% share capital of Viterra Limited by Bunge Global SA.
  • The Defence Acquisition Council (DAC) chaired by Defence Minister Rajnath Singh reviewed and approved amendments to the deal for 31 MQ-9B High Altitude Long Endurance (HALE) Unmanned Aerial Vehicles (UAV) from General Atomics of the US.

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