Daily Current Affairs August 07 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Revokes Licences of 78 Urban Cooperative Banks Since 2014, Maharashtra Leads in Numbers

• The Reserve Bank of India (RBI) has cancelled the licences of 78 Urban Cooperative Banks (UCBs) since 2014.
• Maharashtra has the highest number of cancellations, with 36 UCBs losing their licences.
• Reasons for Cancellation:Cancellations were due to inadequate capital, poor earning prospects, deteriorating financial position, and operations prejudicial to depositors’ and the public’s interests.

Key Highlights :

• Recent Trends:In 2024 (up to July), 10 UCB licences were cancelled.
• Two each in Maharashtra, Karnataka, and Uttar Pradesh.
• One each in Gujarat, Rajasthan, Assam, and Andhra Pradesh.
• In 2023, 14 UCB licences were cancelled.
• In 2022, 12 UCB licences were cancelled.

State-wise Distribution:

• Maharashtra: 36 UCBs
• Uttar Pradesh: 14 UCBs
• Karnataka: 8 UCBs
• Gujarat: 2 UCBs
• Other states affected include Rajasthan, Assam, Odisha, Andhra Pradesh, Telangana, West Bengal, Goa, Madhya Pradesh, and Kerala.
• Recent Closures:The most recent closure in January 2024 was Shree Mahalaxmi Mercantile Co-operative Bank Limited., Dabhoi, Gujarat.
• Regulatory Measures:The RBI has implemented measures to strengthen the financial health of UCBs, including increased housing loan limits and a phased approach for Priority Sector Lending (PSL) compliance.
• UCBs are required to meet a PSL target of 75% of adjusted net bank credit (ANBC) or credit equivalent of off-balance sheet exposure (CEOBSE) by March 31, 2026.
• Prudential exposure limits are set at 15% for single borrowers and 25% for groups of connected borrowers, based on Tier-I capital.
• At least 50% of loans must be for amounts not exceeding ₹25 lakh or 0.2% of Tier-I capital, up to a maximum of ₹1 crore per borrower.
• Rural Cooperative Banks:No Rural Cooperative Banks (State Cooperative Banks or District Central Cooperative Banks) have been closed since 2014.

About RBI :

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

SBI General Insurance and HSBC India Form Bancassurance Partnership to Distribute Non-Life Insurance Products

• SBI General Insurance Company Limited (SBI General Insurance) and Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) or HSBC Bank India have entered into a bancassurance partnership for the distribution of non-life insurance products through HSBC India’s network.

Objectives and Benefits:

• The partnership aims to enhance the accessibility and availability of comprehensive insurance solutions across India.
• It is expected to help increase insurance penetration in the country.
• Under this partnership, HSBC India will offer the entire suite of SBI General Insurance’s non-life insurance products including health, property, motor and travel to its customers.

What is Bancassurance?

• Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies.
• Both the bank and the insurance company get to benefit from this arrangement.
• Regulatory Framework:The Insurance Regulatory and Development Authority of India (IRDAI) opened up the bancassurance channel in 2022 to increase insurance penetration and achieve the goal of ‘insurance for all’ by 2047.
• Under the new framework:
• Banks (as corporate agents) can tie up with a maximum of 9 life insurers, 9 general insurers, and 9 health insurers.
• Insurance Marketing Firms (IMFs) can tie up with up to 6 insurers in each category (life, general, health).

About SBI General Insurance :

• Founded : 2009
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Naveen Chandra Jha
• It is a joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG).

About HSBC India :

• Founded : 1853
• Headquarters : Mumbai, Maharashtra, India
• CEO : Hitendra Dave
• It is a foreign bank under the Banking Regulation Act, 1949 and thus is regulated by the Reserve Bank of India (RBI).

Unified Payments Interface Transactions Surge 36% to Rs 60 Trillion in April-June Quarter

• Unified Payments Interface (UPI) transactions grew over 36% in the first three months of the current fiscal year (April-June 2024), reaching Rs 60 lakh crore.

Key Highlights :

• Transaction Details:In Q1 FY25, there were 41.22 billion UPI transactions worth Rs 60 trillion.
• In the April-June period of 2024, there were 27.62 billion UPI transactions totaling Rs 44 trillion.
• Previous Fiscal Years:Fiscal Year FY 23-24: 13 billion UPI transactions with a value of Rs 200 trillion.
• FY 22-23: 83.71 billion UPI transactions valued at Rs 139 trillion.
• FY 21-22: 45.96 billion UPI transactions amounting to Rs 84 trillion.
• Cardless Cash Deposits: A cardless cash deposit facility through UPI has been introduced, allowing deposits of up to Rs 50,000 per transaction.
• This facility is available with select banks.
• Security Measures: For cash deposits through UPI, conditions have been set to ensure safety, including the maximum deposit limit per transaction and bank-specific lower limits.
• NPCI Guidelines: The National Payments Corporation of India (NPCI) has been tasked with setting the permissible number of Interoperable Cash Deposit (ICD) transactions and ensuring transaction messages clearly indicate cash deposits.

New Insider Trading Rules for Mutual Funds Effective November 1, 2024 to Boost Asset Management Companies Transparency

• The Capital markets regulator Securities and Exchange Board of India (SEBI) has notified November 1, 2024 as the effective date for the implementation of insider trading rules aimed at enhancing the integrity and transparency within asset management companies (AMCs).

Definition of Insider Trading :

• Insider trading, or insider dealing, is the unethical practice of buying or selling securities, such as stocks or bonds, by individuals with privileged access to confidential information about a company.
• This includes employees, directors, executives, and promoters of the company.
• Essentially, insider trading involves trading shares or other securities of a publicly listed company based on unpublished, price-sensitive information (UPSI) that could influence the stock price if it were made public.

Key Highlights :

• Amendments and Requirements : Lists and Confidentiality : The amended rules require maintaining lists of employees and other individuals who have access to unpublished information, along with signing confidentiality agreements or serving notices, which adds an extra layer of security.
• Insider Trading Restrictions : As per the notification, an insider cannot trade in the units of a mutual fund scheme while in possession of unpublished price-sensitive information (UPSI), which may have a material impact on the net asset value of a scheme or on the interest of the unit holders of the scheme.
• Disclosure :Under the rule, AMCs will have to disclose the details of holdings in the units of its mutual fund schemes, on an aggregated basis, held by the AMC, trustees and their immediate relatives on the platform of stock exchanges.
• Background : Consultation Paper : In July 2022, SEBI released a consultation paper to bring the buying and selling of mutual fund units under the ambit of insider trading rules.
• The enforcement of the law was delayed primarily due to industry resistance and operational challenges in establishing common standards.

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), GoI.

Controller General of Accounts Data Reveals Centre’s Fiscal Deficit at 8.4% of FY25 Target for Q1, Driven by Reduced Capital Expenditure and High RBI Dividends

• According to the data released by the Controller General of Accounts (CGA), a sharp reduction in capital expenditure (capex) during election months and record-high dividend from the Reserve Bank of India (RBI) led to a decrease in the central government’s fiscal deficit to 8.41% of the full-year target for the April-June quarter (Q1) of 2024-25 (FY25).
• In absolute terms, the fiscal deficit was ₹1,35,712 crore as of June-end.
• In Q1 FY24, the fiscal deficit was 25.3% of the full-year target, whereas in Q1 FY25, it stood at 8.1%

Key Highlights :

• Fiscal Deficit Definition:Fiscal deficit is the difference between expenditure and income of the government.
• Non-Tax Revenue: For the first three months of FY25, non-tax revenue was Rs 2.8 trillion, or 70.1% of Budget Estimates (BE), compared to 51.4% for the same period last year. Dividends and profits constituted 150% of the non-tax revenue, amounting to Rs 2.24 trillion.
• Non-Tax Revenue Expansion: Non-tax revenues increased by 81% due to the RBI dividend, alongside a mild 2% growth in revenue expenditure and a 35% contraction in capital expenditure.
• Fiscal Deficit Estimate: The government has lowered the fiscal deficit estimate to 4.9% from 5.1% for FY25, while maintaining the capital expenditure estimate at ₹11.11 lakh crore.
• Total Expenditure: The central government’s total expenditure in Q1 FY25 was over ₹9.69 lakh crore, or 20.4% of BE.
• This included Rs 7.8 trillion in the revenue account and Rs 1.8 trillion in the capital account.
• Tax Revenue: Tax revenue for the April-June 2024 period was Rs 5.5 trillion, or 21.1% of BE, compared to 18.6% in Q1 of the previous financial year.
• Fiscal Deficit as Percentage of GDP: Fiscal deficit was6% of GDP in FY24, with a projected decrease to 4.9% of GDP in FY25 according to the Budget.

PNB MetLife Launches Bharat Manufacturing Fund in ULIP Segment

• PNB MetLife India Insurance Company Limited has launched Bharat Manufacturing Fund, offering policyholders an opportunity to invest in India’s manufacturing sector.
• The fund is part of the company’s Unit Linked Insurance Plan (ULIP) and will be available at an initial unit price of Rs 10 during the New Fund Launch period from August 1 to August 15, 2024.
• ULIP Explanation: A ULIP combines life insurance and investment, where part of the premium provides life insurance and the remainder is invested in equity, debt instruments, or a combination of both based on the policyholder’s risk appetite.
• Access to Fund: Investors can access the Bharat Manufacturing Fund through existing PNB MetLife ULIPs such as Goal Ensuring Multiplier, Smart Platinum Plus, and Mera Wealth Plan.
• Features of Plans: These plans offer life insurance protection with flexible investment options and can be easily purchased online.

About PNB MetLife India Insurance Company Limited :

• Established : 2001
• Headquarters: Mumbai,Maharashtra
• CEO: Sameer Bansal

ICICI Prudential Mutual Fund Launches Nifty Metal ETF to Track Nifty Metal Index Performance

• ICICI Prudential Mutual Fund has announced the launch of the ICICI Prudential Nifty Metal ETF, designed to track the performance of the Nifty Metal Index.
• The new fund offer (NFO) provides investors with an opportunity to gain exposure to a diverse range of companies in the metal sector.
• The ETF aims to provide returns that correspond to the Nifty Metal Index, subject to tracking errors.
• The index includes a maximum of 15 stocks from the metal sector, encompassing both ferrous and non-ferrous metals, selected from the Nifty 500 based on market value.

Key features :

• Exposure to a sector essential for economic growth.
• Access to well-established companies experiencing renewed global interest.
• Relatively low valuation compared to broader market indices.
• Suitability: Suitable for investors seeking long-term capital appreciation and exposure to the metal sector.
• Minimum Investment: The minimum application for issue of units during the NFO is Rs 1,000 and in multiples of Re 1.
• Fund Managers: Nishit Patel and Priya Sridhar will manage the ICICI Prudential Nifty Metal ETF.
• NFO Period: The NFO will be open from August 1, 2024, to August 12, 2024.

About ICICI Prudential Mutual Fund :

• Founded : 1993
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Nimesh Shah
• It is an Indian asset management company founded as a joint venture between ICICI Bank and Prudential plc.

CURRENT AFFAIRS: NATIONAL NEWS

Namami Gange Mission 2.0: Major Projects Completed in Q1 FY 2024-25

• The Government of India has successfully operationalized four major projects under the Namami Gange Mission 2.0 in the first quarter of FY 2024-25.
• These projects, located in Bihar and Uttar Pradesh, aim to reduce pollution and enhance the ecological health of the Ganga and its tributaries.

Investment and Impact:

• Total Cost: ₹920 crore
• Sewage Treatment Capacity Added: 145 MLD
• Focus: Improve sewer networks, intercept numerous drains, and ensure better water quality in the Ganga.

Key Projects:

1. Munger, Bihar:
   • Cost: ₹366 crore
   • Components:
     • 175 km sewerage network
     • 30 MLD capacity STP
   • Model: DBOT (Design, Build, Operate, and Transfer)
   • Benefits:
     • Connects 300,000 residents to the sewer network
     • Prevents untreated sewage discharge into the Ganga
2. Mirzapur, Uttar Pradesh:
   • Cost: ₹129 crore
   • Components:
     • Interception of nine drains
     • Rehabilitation of six existing drain interception structures
     • Two new STPs (Pakka Pokhra and Bisunderpur) each with 8.5 MLD capacity
     • Total sewage treatment capacity increased to 31 MLD
   • Benefits:
     • Prevents untreated sewage discharge into the Ganga
     • Improves water quality and supports aquatic biodiversity
3. Ghazipur, Uttar Pradesh:
   • Cost: ₹153 crore
   • Components:
     • 1.3 km I&D network
     • 21 MLD STP
   • Benefits:
     • Effective sewage treatment
     • Prevents untreated sewage discharge into the Ganga
4. Bareilly, Uttar Pradesh:
   • Cost: ₹271 crore
   • Components:
     • Interception and diversion of 15 drains
     • Three STPs with a combined capacity of 63 MLD
   • Benefits:
     • Prevents untreated sewage discharge into the Ramganga
     • Improves water quality of the Ganga

Technology and Compliance:

• Technology: Advanced Sequencing Batch Reactor (SBR)
• Compliance: Constructed according to the strict standards set by the National Green Tribunal (NGT)

CURRENT AFFAIRS: MOUS AND AGREEMENT

MoU on Cooperation in Sports Matters between India and Saint Christopher and Nevis

• Dr Mansukh Mandaviya, Hon’ble Minister of Youth Affairs and Sports of the Government of India, and Denzil Douglas, Hon’ble Minister of Foreign Affairs of the Government of the Federation of Saint Christopher and Nevis, signed a Memorandum of Understanding (MoU) to enhance cooperation in sports between the two countries.

Salient Areas of Cooperation:

1. Athlete and Team Training and Competition:
   • Joint training programs and competitions for athletes and athletic teams from both countries.
2. Coaches Training and Technical Assistance:
   • Programs to train coaches and provide technical assistance to enhance their skills and knowledge.
3. Exchange Programs and Visits:
   • Exchange visits of sports leaders, officials, sports administrators, professionals, technicians, and sports support personnel.
4. Youth/Junior Exchanges in Various Disciplines:
   • Exchange programs for youth/junior athletes in sports such as badminton, shooting, wrestling, kabaddi, and athletics.
5. Sports Sciences Training and Development:
   • Training, exchange, and attachment programs for sports sciences personnel and other development assistance in sports sciences.
6. Coach Education and Sports Management:
   • Programs focusing on coach education, curriculum development, sports education, sports management, and sports infrastructure development and management.
7. Technology Exchange for Sports Infrastructure:
   • Exchange of technology and programs for the development of sports infrastructure and information and research in the field of sports.
8. Collaboration in Sports Research and Development:
   • Joint efforts in sports research and development in training, sports science, and anti-doping programs.
9. Physical Education and Fitness Development:
   • Collaboration between universities or physical education institutes of the two countries to develop physical education and fitness programs.

Landmark Joint Venture Agreement for Coal to Synthetic Natural Gas (SNG) Plant

• The Ministry of Coal, in collaboration with the Ministry of Power & Natural Gas, has facilitated a significant joint venture agreement between two leading Maharatna Central Public Sector Enterprises (CPSEs), Coal India Limited (CIL) and GAIL (India) Limited (GAIL).
• This agreement marks a major milestone in setting up a Coal to Synthetic Natural Gas (SNG) plant using Surface Coal Gasification (SCG) technology.

Project Details:

• Location: Raniganj area, Eastern Coalfields Limited, West Bengal
• Production Capacity: 80,000 Nm3 per hour of Synthetic Natural Gas (SNG)
• Annual Production: 633.6 Million Nm3
• Coal Requirement: 1.9 million tonnes (mts) per annum
• Coal Supplier: Coal India Limited (CIL)

Key Benefits:

1. National Coal Gasification Mission:
   • Facilitates the utilization of the chemical properties of coal.
   • Advances the goals of the National Coal Gasification Mission.
2. Reduction in Import Dependency:
   • Helps in securing the raw material for various chemical and fertilizer production.
   • Reduces import dependency of natural gas, promoting self-reliance under the Atmanirbhar Bharat mission.
3. Feedstock for Chemical Production:
   • Synthetic Natural Gas (SNG) predominantly consists of methane (CH4), which serves as a crucial feedstock for producing various chemicals and fertilizers.

Signing Ceremony:

• Signatories:
  • Shri. Debasish Nanda, Director (Business Development), CIL
  • Shri. R K Singhal, Director (Business Development), GAIL

POWERGRID’s CSR Collaboration with AIIMS for Enhanced Healthcare Services

• K. Tyagi, Chairman and Managing Director of Power Grid Corporation of India Limited (POWERGRID), met with M. Srinivas, Director of AIIMS Delhi, along with senior officials from both organizations, to discuss potential collaborations in Corporate Social Responsibility (CSR) initiatives aimed at enhancing healthcare services for the poor and underprivileged.
• VishramSadan Projects: As part of its CSR activities, POWERGRID has established a 300-bed VishramSadan at AIIMS, Delhi. This facility provides a comfortable and affordable stay for patients and their relatives during treatment.
• Nationwide Impact: POWERGRID has constructed VishramSadans at various hospitals across India, including:
  • King George’s Medical University (KGMC), Lucknow, UP
  • Indira Gandhi Institute of Medical Sciences (IGIMS), Patna, Bihar
  • Darbhanga Medical College and Hospital (DMCH), Darbhanga, Bihar
  • Gauhati Medical College and Hospital (GMCH), Guwahati, Assam
  • Sir Sayajirao General (SSG) Hospital, Vadodara, Gujarat
  • National Institute of Mental Health and Neurosciences (NIMHANS), Bengaluru, Karnataka
  • Rajendra Institute of Medical Sciences (RIMS), Ranchi, Jharkhand

Nagaland Signs MoU for Innovative Disaster Risk Insurance Programme

• Nagaland Chief Secretary J Alam has signed a Memorandum of Understanding (MoU) with SBI General Insurance Company Limited to launch the Disaster Risk Transfer Parametric Insurance Solutions (DRTPS) programme.
• Programme Objectives:
  • Financial Resilience: The DRTPS programme aims to enhance financial resilience for Nagaland’s population and safeguard critical infrastructure during disasters.
  • Safe Livelihoods: The initiative is designed to ensure economic security and stability in the face of natural calamities.
• Programme Details:
  • Duration: The programme will be implemented over a period of three years.
  • Uniqueness: It is the first parametric insurance programme of its kind in India and is anticipated to serve as a model for other states.
• Implementation:
  • Oversight: The programme will be managed by the Nagaland State Disaster Management Authority (NSDMA).
  • Support: It is supported by the InsuResilience Solution Fund, which will aid in the effective execution and management of the programme.

CURRENT AFFAIRS: RANKING AND INDEX

RIL jumps up 2 places in Fortune’s Global 500 list for 2024

• Reliance Industries has improved its ranking in Fortune’s Global 500 list for 2024 to 86 from 88, maintaining its top position as the highest ranked among Indian corporates.
• The company has gained 69 places in the last three years from 155 in 2021.

Reliance Industries(RIL):

• Ranking: 86 (up from 88 in 2023)
• Improvement: Gained 69 places over the last three years (from 155 in 2021)
• Revenue: ₹10,00,122 crore for FY24, a 2.6% increase year-on-year
• EBITDA: ₹178,677 crore for FY24, a 16.1% increase
• Business Segments: Notable growth in Oil & Gas, Retail, and Digital Services

Indian Presence:

• Total Companies: Nine Indian firms in the Global 500 list
• Public Sector: IOCL, LIC, ONGC, BPCL, SBI
• Private Sector: Reliance Industries, and three others

Fortune Global 500 Overview:

• Aggregate Revenue: $41 trillion in 2023, a record high
• Economic Significance: Represents over a third of global GDP
• Top 5: Walmart, Amazon, State Grid, Saudi Aramco, Sinopec Group

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

IDBI Bank Sells Rs 6,151 Crore Distressed Portfolio to Omkara Asset Reconstruction Company

• IDBI Bank is selling its Rs 6,151 crore legacy stressed asset portfolio to Omkara Asset Reconstruction Company (ARC) in a move that will help the government fetch an improved valuation for the proposed stake sale in the lender.
• At inter-se bidding held August 3, 2024, Omkara ARC gave the highest offer of Rs 652 crore, outbidding government-promoted National Asset Reconstruction Company Limited (NARCL).

Key Highlights :

• Financial Impact:Recovery Rate: The sale equates to a 10.5% recovery for IDBI Bank.
• Earnings Impact: The recovery will be reflected in IDBI Bank’s second-quarter earnings.
• Government Stake Sale:Announcement: In May 2021, the government announced the Cabinet’s approval for the strategic sale of its and LIC’s stake in IDBI Bank.
• Expression of Interest: In October 2022, expressions of interest were invited from potential buyers.
• Current Holdings: The government holds 45%, and LIC holds 49.24% in IDBI Bank.
• Proposed Sale: A 60.7% stake is proposed to be sold to a private player, with a condition to reduce the stake to 26% over time.
• Potential Bidders:RBI Approval: Fairfax Financial Holdings, Emirates NBD, and Kotak Mahindra Bank have been approved by the Reserve Bank of India (RBI) as potential bidders.
• Asset Portfolio : Prior to this stake sale, IDBI Bank had listed a ₹6151 crore legacy stressed portfolio, consisting of 239 accounts, on the market.

About IDBI Bank :

• Founded : 1 July 1964
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rakesh Sharma
• Owner : Life Insurance Corporation of India (49.24%), Government of India (45.5%)
• It is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India (LIC) and Government of India.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

IN-SPACe Invites Private Sector Proposals for Building and Launching Telecom Satellites

• The Indian National Space Promotion and Authorization Centre (IN-SPACe) has issued its first ‘Announcement of Opportunity’ (AO) inviting non-government entities (NGEs) to build, launch, and use a telecommunications satellite.
• Objective of AO: To identify and enable eligible NGEs to utilize unutilized ITU filings, ensuring efficient use of orbital slots and frequencies to avoid interference.
• Unutilized ITU filing refers to filings made by ISRO to the International Telecommunication Union (ITU) for registering a satellite or satellite network.
• The idea is to coordinate the use of orbital slots and frequencies to avoid interference between satellites.

Key Highlights :

• Specific ITU Filing: For this AO, the ITU filing ‘INSAT-KA89ER’ seeks uplink frequencies of 21 GHz to 31 GHz and downlink frequencies of 17.7 GHz to 21.2 GHz.
• Blue Economy AO: IN-SPACe also announced an AO for the blue economy, including the establishment of a seed fund to support entrepreneurs with financial aid, mentorship, and resources.
• Areas of Focus for Blue Economy: The AO highlights areas such as fisheries, marine biology, communications, shipping, surveillance, oceanography, and weather.
• Importance of Space Technology: Space technology is crucial for sustainable development of the blue economy by providing tools and data for managing marine resources, environmental conservation, maritime safety, and climate resilience.

Recent News :

• In July 2024, the IN-SPACe granted authorisation to Azista BST Aerospace Private Limited, Hyderabad, for the establishment and operation of a ground station in UHF frequency bands.

About IN-SPACe :

• Established : 2020
• IN-SPACe, headquartered in Ahmedabad, Gujarat, is promoting space-related activities in India.
• IN–SPACe is a single-window autonomous agency under the Department of Space of the Government of India.
• It recently released an Expression of Interest (EoI) inviting proposals from Indian entities to build and manage a space-based Earth Observation (EO) system under a Public-Private Partnership (PPP) model to boost the Earth Observation-based space economy in India.

CURRENT AFFAIRS: SPORTS NEWS

Dinesh Karthik joins Paarl Royals, becomes first Indian player to sign up for SA20

• Former India wicketkeeper-batter Dinesh Karthik is set to become the first Indian player to participate in SA20 league after signing with the Paarl Royals for the 2025 edition of the tournament.
• This move comes shortly after Karthik was appointed as the league ambassador alongside AB de Villiers.

Key Details:

• Team: Paarl Royals
• Other Overseas Signing: Joe Root
• Previous Team Release: Jos Buttler, due to the SA20 2025 clashing with England’s white-ball series against India in January.

Dinesh Karthik’s Recent Career:

• Retirement: Karthik retired from Indian cricket after the 2024 IPL, where he played his last game for Royal Challengers Bengaluru (RCB).
• Current Role: He is currently commentating in the Hundred in England.

Future Roles:

• Paarl Royals in SA20: Karthik will play as a player.
• Royal Challengers Bengaluru (RCB): Starting IPL 2025, Karthik will serve as the batting coach and mentor.

Paris 2024 Olympics:

I.China’s Li claims 25m rapid fire pistol gold, Italy wins mixed team skeet

• In a remarkable display at the Paris Olympics, China’s Li Yuehong clinched the gold medal in the men’s 25 meters rapid fire pistol event.
• Li’s performance was dominant, securing a comfortable 32-25 victory over South Korea’s Cho Yeong-jae, who took home the silver.

Key Highlights:

Men’s 25 Meters Rapid Fire Pistol:

• Gold: Li Yuehong (China) – 32 points
• Silver: Cho Yeong-jae (South Korea) – 25 points
• Bronze: Wang Xinjie (China)
• Qualification Round: China secured the top two spots in the men’s rapid fire pistol qualification, setting the stage for their continued success in the finals.
• Li’s Preparation: Li’s rigorous preparations for the Paris Olympics included two weeks of training with the military in December.
• Li’s Journey: Despite initial reluctance and self-doubt about his talent in shooting, Li’s persistence paid off, encouraged by his parents and teammates. This gold medal is his first after winning bronze in the previous two Games.

Mixed Team Skeet Final:

• Gold: Italy (Gabriele Rossetti and Diana Bacosi) – 45 points
• Silver: USA (Vincent Hancock and Austen Smith) – 44 points
• Bronze: China (Jiang Yiting and Lyu Jianlin) – 44 points
  • Fourth Place: India (Maheshwari Chauhan and Anant Jeet Singh Naruka) – 43 points
• Final Shoot-off: Italy claimed victory by a narrow margin, edging out the American pair by just one point.
• Bronze Match: China triumphed over India with a close 44-43 finish.

II. Paris Olympics Badminton Results

Men’s Singles

• Gold: Viktor Axelsen (Denmark)
  • Defeated Kunlavut Vitidsarn (Thailand) 21-11, 21-11
  • Axelsen defended his title and became the first man to retain the Olympic men’s singles title since Lin Dan (China).
  • He now has a greater Olympic medal count than Lin Dan, with one gold and one bronze.
• Silver: Kunlavut Vitidsarn (Thailand)
  • This was Thailand’s first-ever Olympic medal in badminton.
• Bronze: Lee Zii Jia (Malaysia)
  • Defeated Lakshya Sen (India) 13-21, 21-16, 21-11

Mixed Doubles

• Gold: China

Women’s Doubles

• Gold: China

Men’s Doubles

• Gold: Taiwan

Women’s Singles

• Gold: An Se-young (South Korea)

Notable Achievements

• Viktor Axelsen received widespread acclaim for his victory, celebrated in the presence of Denmark’s King Frederik X.
• Kunlavut Vitidsarn made history for Thailand with their first Olympic medal in badminton.
• China continued its streak as the top badminton nation with gold medals in mixed and women’s doubles.
• Taiwan and South Korea made their mark with gold in men’s doubles and women’s singles, respectively.

III. Paris Olympics Badminton Women’s Singles

• Gold: An Se-young (South Korea)
  • Defeated He Bingjiao (China) 21-13, 21-16
  • An Se-young became South Korea’s first Olympic women’s singles champion since 1996 and is the dominant force in women’s badminton, having won eight titles on the world tour last year.
• Silver: He Bingjiao (China)
  • Advanced to the final after Carolina Marin retired from their semifinal due to a knee injury. He aimed for China’s third badminton gold of the Games, following victories in mixed and women’s doubles.
• Bronze: Gregoria Mariska Tunjung (Indonesia)
  • Awarded the bronze by default after Spain’s Carolina Marin retired from the semifinal due to injury.

CURRENT AFFAIRS : OBITUARIES

Former Chairman and Managing Director of GAIL, CR Prasad passed away

• CR Prasad, former Chairman and Managing Director (CMD) of GAIL (India) Limited, has passed away at the age of 83.

About CR Prasad :

• Dr CR Prasad joined GAIL as Director (Planning) in 1994 and rose to the position of CMD in 1996.
• He was chairman and managing director (CMD) of the company till his superannuation in 2001.
• He was instrumental in transforming GAIL into a company strategically positioned for forward and backward integration, thereby unlocking the full potential of the gas value chain.

Founder of Camlin Subhash Dandekar Passed away

• Subhash Dandekar, the founder of stationery brand Camlin, has passed away at the age of 86.

About Subhash Dandekar :

• Dandekar served as the President of the Maharashtra Chamber of Commerce and Industries from 1990 to 1992, contributing to the development of the industrial sector in Maharashtra.
• He made significant contributions to social awareness, art, and entrepreneurship.
• He received accolades such as the Game Changer of Maharashtra and the Lifetime Achievement Award.
• After selling Camlin to the Japanese brand Kokuyo, Dandekar became the chairman emeritus of Kokuyo Camlin.

Economist and Former Madras Christian College Professor C.T. Kurien Passed Away

• The world of economics lost a brilliant mind and compassionate soul. Christopher Thomas Kurien (C.T. Kurien), a distinguished economist and former professor of Madras Christian College, passed away at the age of 93 due to age-related ailments.

About C.T. Kurien :

• Kurien received a Master’s degree in Economics from the Madras Christian College (MCC) in 1953.
• He was a Visiting Fellow at Yale University in 1968-69.
• He served as Professor at Madras Christian College between 1962-1978, and then at the Madras Institute of Development Studies (MIDS) from 1978-1991, where he also served as director from 1978-1988.
• He also had stints as a National Fellow at the University Grants Commission and Indian Council of Social Science Research.
• He served as president of Indian Economic Association in 2000.
• Throughout his career, Kurien authored 15 books on various aspects of economics.
• He received the University Grants Commission’s Lifetime Achievement Award in 1996.

Albania’s Renowned Novelist Ismail Kadare Passed away

• Albanian novelist and poet Ismail Kadare, whose irreverent works from inside communist Albania earned him international renown and repression from the country’s dictatorship, has passed away at the age of 83 in Tirana.

About Ismail Kadare :

• Ismail Kadare born on 28 January 1936 in Gjirokastër, Albania.
• He became internationally recognized after his novel “The General of the Dead Army” — which later inspired a film starring Marcello Mastroianni and Anouk Aimee was published in 1963.
• The book told the story of an Italian general, who was sent to Albania to find and repatriate the bones of thousands of his compatriots killed there during World War II, and who dwells on the futility of the task and of war.
• Kadare was nominated for the Nobel Prize in Literature 15 times.
• In 1992, he was awarded the Prix mondial Cino Del Duca; in 1998, the Herder Prize; in 2005, the inaugural Man Booker International Prize; in 2009, the Prince of Asturias Award of Arts; and in 2015, the Jerusalem Prize.
• He was awarded the Park Kyong-ni Prize in 2019, and the Neustadt International Prize for Literature in 2020.
• He was awarded a number of international prizes, including the inaugural International Booker Prize in 2005.

CURRENT AFFAIRS: IMPORTANT DAYS

National Handloom Day 2024 – August 7

• National Handloom Day is observed every year on August 7.
• On this day, the Government and other organizations raised awareness to honour the handloom weaving community.
• In 2015, the first National Handloom Day was celebrated which was inaugurated by PM Narendra Modi
• On August 7, 1905, The Swadeshi movement was launched in Calcutta Town hall.
• This movement focuses on reviving domestic production, encouraging handloom industries and Swadeshi’s spirit.
• A huge number of handloom weavers are participated in this Swadeshi movement.
• While Delhi hosted the special events on that day, many other countries like Varanasi, Jaipur, and Guwahati also organised other special events.
• This movement encourages the Indians to wear the clothes made by handlooms.
• The Ministry of Textiles will be celebrating National Handloom day at Dilli Haat which is celebrated from August 1 to August 15.

Daily CA One- Liner: August 7

• The Government of India has successfully operationalized four major projects under the Namami Gange Mission 2.0 in the first quarter of FY 2024-25
• Dr Mansukh Mandaviya, Hon’ble Minister of Youth Affairs and Sports of the Government of India, and Denzil Douglas, Hon’ble Minister of Foreign Affairs of the Government of the Federation of Saint Christopher and Nevis, signed a Memorandum of Understanding (MoU) to enhance cooperation in sports between the two countries
• The Ministry of Coal, in collaboration with the Ministry of Power & Natural Gas, has facilitated a significant joint venture agreement between two leading Maharatna Central Public Sector Enterprises (CPSEs), Coal India Limited (CIL) and GAIL (India) Limited
• K. Tyagi, Chairman and Managing Director of Power Grid Corporation of India Limited (POWERGRID), met with M. Srinivas, Director of AIIMS Delhi, along with senior officials from both organizations, to discuss potential collaborations in Corporate Social Responsibility (CSR) initiatives aimed at enhancing healthcare services for the poor and underprivileged
• Nagaland Chief Secretary J Alam has signed a Memorandum of Understanding (MoU) with SBI General Insurance Company Limited to launch the Disaster Risk Transfer Parametric Insurance Solutions (DRTPS) programme
• Reliance Industries has improved its ranking in Fortune’s Global 500 list for 2024 to 86 from 88, maintaining its top position as the highest ranked among Indian corporates
• Former India wicketkeeper-batter Dinesh Karthik is set to become the first Indian player to participate in SA20 after signing with the Paarl Royals for the 2025 edition of the tournament
• In a remarkable display at the Paris Olympics, China’s Li Yuehong clinched the gold medal in the men’s 25 meters rapid fire pistol event.
• Axelsen defended his title and became the first man to retain the Olympic men’s singles title since Lin Dan (China).
• An Se-young became South Korea’s first Olympic women’s singles champion since 1996 and is the dominant force in women’s badminton, having won eight titles on the world tour last year
• The Reserve Bank of India (RBI) has cancelled the licences of 78 Urban Cooperative Banks (UCBs) since 2014.
• SBI General Insurance Company Limited (SBI General Insurance) and Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) or HSBC Bank India have entered into a bancassurance partnership for the distribution of non-life insurance products through HSBC India’s network.
• Unified Payments Interface (UPI) transactions grew over 36% in the first three months of the current fiscal year (April-June 2024), reaching Rs 60 lakh crore.
• Capital markets regulator Securities and Exchange Board of India (SEBI) has notified November 1, 2024 as the effective date for the implementation of insider trading rules aimed at enhancing the integrity and transparency within asset management companies (AMCs).
• According to the data released by the Controller General of Accounts (CGA), a sharp reduction in capital expenditure (capex) during election months and record-high dividend from the Reserve Bank of India (RBI) led to a decrease in the central government’s fiscal deficit to 8.41% of the full-year target for the April-June quarter (Q1) of 2024-25 (FY25).
• PNB MetLife India Insurance Company Limited has launched Bharat Manufacturing Fund, offering policyholders an opportunity to invest in India’s manufacturing sector.
• ICICI Prudential Mutual Fund has announced the launch of the ICICI Prudential Nifty Metal ETF, designed to track the performance of the Nifty Metal Index.
• IDBI Bank is selling its Rs 6,151 crore legacy stressed asset portfolio to Omkara Asset Reconstruction Company (ARC) in a move that will help the government fetch an improved valuation for the proposed stake sale in the lender.
• The Indian National Space Promotion and Authorization Centre (IN-SPACe) has issued its first ‘Announcement of Opportunity’ (AO) inviting non-government entities (NGEs) to build, launch, and use a telecommunications satellite.
• CR Prasad, former Chairman and Managing Director (CMD) of state-owned gas utility GAIL (India) Limited, has passed away at the age of 83.
• Subhash Dandekar, the founder of stationery brand Camlin, has passed away at the age of 86.
• The world of economics lost a brilliant mind and compassionate soul. Christopher Thomas Kurien (C.T. Kurien), a distinguished economist and former professor of Madras Christian College, passed away at the age of 93 due to age-related ailments.
• Albanian novelist and poet Ismail Kadare, whose irreverent works from inside communist Albania earned him international renown and repression from the country’s dictatorship, has passed away at the age of 83 in Tirana.
• National Handloom Day is observed every year on August 7.