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CURRENT AFFAIRS : BANKING & FINANCE
Max Life Forms Bancassurance Partnership with CSB Bank
- Max Life Insurance Company Limited has entered into a bancassurance partnership with CSB Bank, a private sector bank in India.
- The partnership aims to offer a range of savings, protection, retirement, and group life insurance plans to over 2.5 million CSB Bank customers.
- Benefits of the Partnership:Max Life will provide its diverse insurance solutions to CSB Bank’s customers, helping them to achieve their aspirations and protect their loved ones at different life stages.
What is Bancassurance?
- Bancassurance involves an insurance distribution model where insurance companies partner with banks to sell insurance policies.
Benefits:
- Bank: Earns a commission from the insurance company.
- Insurance Company: Gains access to the bank’s distribution network.
About Max Life Insurance Company Limited :
- Established : 2001
- Headquarters : New Delhi, Delhi, India
- MD & CEO : Prashant Tripathy
- It is an 80:20 joint venture between Max Financial Services and Axis Bank. The company is a subsidiary of the publicly-listed Max Financial Services.
About CSB Bank :
- Established : 26 November 1920
- Headquarters : Thrissur, Kerala, India
- MD & CEO : Pralay Mondal
National Bank for Agriculture and Rural Development Plans to Collaborate with Global Agencies to Establish Carbon Fund: Chairman Shaji K V
- The National Bank for Agriculture and Rural Development (NABARD) is in discussions with international agencies to establish a carbon fund aimed at addressing challenges posed by climate risk, according to Chairman Shaji K V at the FIBAC conference in Mumbai, Maharashtra.
Key Highlights :
- NABARD’s Climate Change Fund:NABARD has set up a Rs 100 crore Climate Change Fund to enhance the capacities of institutions working in rural areas.
- This fund will be utilized to develop innovative products that mitigate climate change challenges.
- The fund is expandable based on demand.
- Global Climate Impact:According to a study by the Coalition for Disaster Resilient Infrastructure (CDRI), global assets worth nearly $800 billion are affected annually by climate change.
- In India, the annual impact of climate change on critical infrastructure amounts to around $30 billion.
- Climate Finance Taxonomy:Climate finance taxonomy is a set of guidelines to help direct investments toward climate adaptation and mitigation.
- During the 2024-25 Budget, Finance Minister Nirmala Sitharaman announced that the Indian government will develop this taxonomy to increase capital availability for climate-related investments.
About NABARD :
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Shri. Shaji K V
- It was established on the recommendations of B. Sivaraman Committee (by Act 61, 1981 of Parliament) on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981.
- NABARD is an apex regulatory body for the overall regulation of regional rural banks and apex cooperative banks in India.
- It is under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI).
Chennai-Based Fintech Paysharp Gets Final Reserve Bank of India Authorization as Payment Aggregator
- Chennai-based fintech startup, Paysharp has received final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator (PA).
- It was granted an in-principle license in December 2022 and received final approval in 2023.
- Paysharp is now authorized to onboard merchants and process payments as part of India’s payment system.
- Paysharp is one of authorised Payment Aggregators from Tamil Nadu. As on date RBI has authorized 36 payment aggregators including Razorpay, Cashfree and Stripe.
Recent News :
- In June,2024 Aurionpro and Hitachi Payment Services received nods to operate as PAs.
About Paysharp :
- Founded : 2019
- Founder and CEO : Krishna Kumar Mani
- It caters to various sectors, including government, B2B, NBFC and SMBs and is now expanding into the ecommerce segment.
- The company focuses on non-card-based payments, including UPI and virtual account-based solutions for NEFT, IMPS, and RTGS collections.
- Its product portfolio includes Link Payment and Payment Pages powered by UPI.
International Solar Alliance and Multilateral Investment Guarantee Agency Launch Multi-Donor Trust Fund to Promote Solar Projects
- The Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, and the International Solar Alliance (ISA) have established the MIGA-ISA Solar Facility, a multi-donor trust fund.
- Aim : To accelerate global adoption of solar energy, offering concessional financing tools, including first-loss instruments and reinsurance capacity, to enhance project bankability and lower MIGA guarantee costs.
Key Highlights :
- Initial Focus:Initially, the Facility will focus on Sub-Saharan Africa but plans to expand globally to support solar energy projects.
- Target and Funding:ISA has committed $2 million in seed funding, with a target to raise $10 million for the facility.
- The broader Global Solar Facility (GSF) has a target size of $200 million for Africa, incorporating guarantee, insurance, and investment components.
- Private Capital Mobilization:The Facility, administered by MIGA, will help mobilize private capital for solar and distributed energy projects by providing cost-effective risk mitigation instruments.
- Previous Collaboration : ISA and MIGA previously collaborated on a solar project in the Democratic Republic of Congo, where MIGA guarantees and ISA financing are expected to reduce operating costs by approximately 20%, leading to lower tariffs for consumers.
- Global Energy Challenge: About 675 million people lack access to electricity, and 660 million people are projected to remain without electricity by 2030 unless significant efforts are made.
- Partnership Goal: The World Bank Group and the African Development Bank Group aim to provide at least 300 million people in Africa with electricity access by 2030.
About MIGA :
- Established : 12 April 1988
- Headquarters : Washington, D.C., United States
- MIGA is an international financial institution which offers political risk insurance and credit enhancement guarantees.
- It is a member of the World Bank Group .
About ISA :
- Founded : 30 November 2015
- Headquarters : Gurugram, Haryana, India
- Director General : Dr. Ajay Mathur
Securities and Exchange Board of India Forms 22-Member Expert Committee on Listing Obligations
- The Securities and Exchange Board of India (SEBI) has set up a 22-member advisory committee to streamline the rules for listing obligations and disclosures.
- The committee is chaired by R Gandhi, former Deputy Governor of the Reserve Bank of India (RBI).
- It was formed on August 28, 2024.
- The proposed changes and the new advisory committee aim to enhance corporate governance and reduce information asymmetry in the market.
- Committee’s Role:The advisory committee will provide guidance on corporate governance, harmonization of listing and post-listing obligations, and disclosure requirements.
- Members:The committee includes notable members such as NK Dua (Joint Director in the Ministry of Corporate Affairs), Keki Mistry (Non-Executive Director at HDFC Bank), stock exchange heads, proxy advisory firm managing directors, and representatives from industry bodies, corporates, and legal experts.
- Previous Recommendations:In June 2024, SEBI proposed 50 changes to simplify disclosure and listing obligations.
- This was based on a report by the SK Mohanty Committee, which had 21 members and focused on related party transactions, promoter reclassification, director appointments, IPO eligibility, and disclosure timelines.
- The Mohanty Committee’s report aimed to address gaps and overlaps in SEBI’s Listing Obligations and Disclosure Requirements (LODR) and Issue of Capital and Disclosure Requirements (ICDR) regulations.
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.
Airtel Payments Bank Teams Up with Noise and National Payments Corporation of India to Launch National Common Mobility Card -Enabled Smartwatch
- Airtel Payments Bank has collaborated with wearables maker Noise and the National Payments Corporation of India (NPCI) to launch a National Common Mobility Card (NCMC)-enabled smartwatch integrated with the RuPay chip.
- The smartwatch, developed by Noise, allows users to perform NCMC-enabled tap and pay transactions, bringing payment capabilities directly to the user’s wrist.
- This launch represents the second phase of the partnership between Airtel Payments Bank and Noise.
About Airtel Payments Bank :
- Founded : 23 November 2016
- Headquarters : New Delhi, Delhi, India
- MD & CEO : Anubrata Biswas
- The company is a subsidiary of Bharti Airtel.
- On 5 January 2022, it was granted the scheduled bank status by the Reserve Bank of India under the second schedule of RBI Act, 1934.
SBI Life Insurance Launches Digital Film to Support Indian Athletes for Paralympic Games Paris 2024
- SBI Life Insurance has unveiled a new digital film to support the Indian contingent for the Paralympic Games Paris 2024.
- The film aims to highlight the inspiring stories of para athletes: Simran Sharma (runner), Ashok Malik (powerlifter), and Mona Agarwal (shooter), showcasing their indomitable resolve.
- The digital film embodies the theme of ‘IRADDE’, reflecting the athletes’ determination and aligns with SBI Life’s philosophy, ‘Apne Liye, Apno Ke Liye’.
- It illustrates how the support and strength from loved ones help these Paralympians overcome barriers and achieve their dreams.
- The launch is part of SBI Life Insurance’s ongoing commitment to recognizing and supporting the extraordinary spirit of Indian athletes.
About SBI Life Insurance :
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Mr. Amit Jhigran
- It was incorporated in October 2000 and was registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001.
- It is a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif.
Federal Bank Unveils India’s First Facial Recognition Payment System, SmilePay™
- India’s Federal Bank has launched SmilePay™, a facial authentication technology that will enable customers to complete transactions using only their faces.
- It is a first-of-its-kind payment solution in India, utilising advanced facial authentication technology and built on UIDAI’s BHIM Aadhaar Pay.
- The product eliminates the need for traditional payment methods, offering unmatched convenience for customers and enhanced efficiency for merchants.
- SmilePay™ was launched at the Global Fintech Fest by Shalini Warrier, Executive Director, Federal Bank.
About Federal Bank :
- Headquarters : Aluva, Kochi, Kerala, India
- MD & CEO : Shyam Srinivasan
Aditya Birla Capital Digital Unveils DigiGold Gifting, Family Health Scan, and SIMPLiNVEST at GFF 2024
- Aditya Birla Capital Digital Limited (“ABCDL”), the digital-first arm of India’s leading financial services conglomerate, Aditya Birla Capital, announced the launch of a suite of three new product offerings – DigiGold Gifting, Family Health Scan and SIMPLiNVEST on ABCD, omnichannel D2C platform at the Global Fintech Festival.
- These new offerings are aimed at providing users with a more personalized and convenient digital financial experience, making “Everything Finance as Simple as ABCD”.
Key Highlights :
- DigiGold Gifting : Gifting digital gold is a new feature, wherein ABCD app users can seamlessly gift their friends and family digital gold using the recipient’s mobile number.
- Family Health Scan : This is an innovative, selfie-based, free Health Scan feature which is available under ‘My Track’ section of the ABCD app.
- It has now expanded to cover up to 5 family members.
- SIMPLiNVEST : Currently in beta version, SIMPLiNVEST is an industry-first solution which enables users to undertake systematic investments across various asset classes like mutual funds, stocks and digital gold through a single, intuitive journey.
State Bank of India launches 3 new services for daily commuters
- The State Bank of India (SBI) introduced three new offerings targeting the daily commuters.
- These include the India’s first MTS card -MTS RuPay NCMC prepaid card, which provides an offline payment solution; the One View mobile app, a one-stop solution to manage all SBI NCMC prepaid cards; and an advanced design for SBI FASTag that reduces travel time for commuters.
- The MTS RuPay NCMC prepaid card is designed to offer a seamless, offline payment solution for all NCMC-enabled transit projects, including metro rails, buses, ferries, tolls, and parking.
- Advanced design for SBI FASTag – The bank has introduced a new design for SBI FASTag in the Vehicle Class (VC-04) category.
- The advanced FASTag design enhances vehicle identification and toll collection efficiency aimed at reducing travel time for millions of commuters in India.
- Lastly, another product – OneView mobile application was also launched.
- “OneView Mobile Application is designed to provide a comprehensive solution for managing SBI’s NCMC Prepaid Cards, making it easier for customers to top-up, track, and manage their cards from a single platform.
About SBI :
- Headquarters : Mumbai, Maharashtra
- Chairman : Challa Sreenivasulu Setty
India Post Payments Bank celebrates 7th Foundation Day
- India Post Payments Bank (IPPB), a key player in driving financial inclusion across the country, celebrated its 7th Foundation Day (IPPB Day) on 1st September, 2024.
- Since its nation-wide roll-out in 2018 by Prime Minister Narendra Modi, the IPPB has been at the forefront of transforming India’s financial landscape by providing accessible, affordable and trusted digital banking services to underserved and unbanked families at their doorstep.
Key Achievements of IPPB :
- Acquired over 9.88 crore customer accounts.
- On-boarded more than 12 lakh merchants
- Successfully disbursed over ₹45,000 crore in Direct Benefit Transfers (DBT) to beneficiaries under various government schemes.
- Facilitated mobile number updates for Aadhaar cards for over 7.10 crore customers.
- Enabled Digital Life Certificate services for more than 20 lakh pensioners.
About India Post Payment Bank :
- Established : September 01, 2018
- Headquarters : New Delhi, India
- Chairman : Smt. Vandita Kaul
- MD & CEO : Shri R. Viswesvaran
- India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by the Government of India.
HDB Financial Services Becomes First Non-Banking Financial Company to Integrate NPCI’s e-KYC Setu System
- HDB Financial Services (HDBFS), is the first non-banking financial company (NBFC) to integrate the National Payments Corporation of India (NPCI)’s e-KYC Setu System.
- This integration sets a new industry benchmark for the NBFC sector.
Key Highlights :
- e-KYC Setu System:The e-KYC Setu System is developed through a collaboration between NPCI and the Unique Identification Authority of India (UIDAI).
- The system aims to streamline the account opening process, making it faster, simpler, and more secure.
- Benefits for Customers:Customers of HDBFS can open loan accounts more easily using the e-KYC Setu system.
- The system eliminates the need for physical document uploads or branch visits, enhancing convenience.
About HDBFS :
- HDB Financial Services, a subsidiary company of HDFC Bank, is one of the biggest NBFC in the country who provides a variety of loans and finance to the people.
CURRENT AFFAIRS: NATIONAL NEWS
Maharashtra CM Eknath Shinde Praises National e-Governance Award Winners
- Maharashtra Chief Minister Eknath Shinde commended the winners of the National e-Governance Awards, referring to them as revolutionaries making lives easier for citizens across the country.
- He announced at the inauguration of the 27th National Conference on e-Governance in Mumbai.
Key Highlights:
- Conference Theme: The theme for the two-day event is “Viksit Bharat: Secure and Sustainable e-Service Delivery.”
- Importance of e-Governance:
Mr. Shinde emphasized that e-governance is a crucial element in driving development. It helps governments become more responsive, inclusive, and citizen-centric. - Beyond Technology:
E-governance is not just about technology; it’s a shift in mentality that promotes transparency in governance and fosters trust between citizens and the government. - Practical Benefits:
CM Shinde credited e-governance with enabling the quick transfer of funds through initiatives like the Mukhyamantri Mazhi Ladki Bahin Yojana. - Department Renaming:
During the event, Mr. Shinde announced renaming the Department of Administrative Reforms and Organization and Methods to the Department of Administrative Innovation, Excellence, and Good Governance.
International Conference “Spectrum of Literacy” Chaired by Shri Sanjay Kumar Ahead of International Literacy Day 2024
- An international conference titled “Spectrum of Literacy” was chaired by Shri Sanjay Kumar, Secretary of the Department of School Education and Literacy (DoSEL), at the CIET, NCERT, New Delhi.
- Organized by the Ministry of Education, this virtual event served as a prelude to International Literacy Day 2024, which will be celebrated at Vigyan Bhawan, New Delhi.
- The conference brought together global and national experts, educators, policymakers, and literacy advocates to discuss the evolving dimensions of literacy.
Key Highlights:
- Comprehensive Literacy Definition: Shri Sanjay Kumar emphasized that the modern definition of literacy includes Foundational Literacy and Numeracy, as well as critical life skills like digital, financial, and legal literacy. Literacy, he stated, should enable individuals to navigate life effectively.
- ULLAS Framework: He stressed the importance of the ULLAS framework, aiming to reduce literacy gaps between urban and rural populations and gender disparities. He called for literacy to be a powerful tool for change, underpinned by effective strategies and frameworks.
- Theme of International Literacy Day 2024: The theme, “Promoting Literacy Through Multilingualism,” aligns with the National Education Policy 2020, which emphasizes multilingualism. Kumar noted that children learn best in their Mother Tongue and highlighted the significance of educating women to enhance their representation in the workforce.
Inaugural Address:
Smt. Archana Sharma Awasthi, Joint Secretary of DoSEL, delivered the inaugural address and presented ULLAS-Nav Bharat Saaksharta Karyakram, a program dedicated to promoting adult literacy across India.
Conference Sessions:
- “Exploring the ‘Spectrum of Literacy’ in India”:
- Chairperson: Dr. Amarendra P. Behera, Joint Director, CIET, NCERT
- Speakers: Ms. Kesang Sherpa (NCTE), Dr. M.K.S. Sundaram (UP Basic Education Dept.), Prof. Jai Prakash Dubey (Delhi School of Journalism, DU)
- Focus: Discussed the various perspectives and challenges regarding literacy within India.
- “Global Perspectives on Literacy”:
- Chairperson: Prof. T.G. Sitharam, Chairman, AICTE
- Speakers: Mr. Nicholas Jonas (Germany), Prof. Iddo Gal (Israel), Dr. Anke Grotluschen (Germany), Dr. John Benseman
- Focus: Explored international literacy issues, including adult literacy and the influence of artificial intelligence on literacy.
Information and Broadcasting Ministry organised Khel Utsav 2024
- In honor of National Sports Day 2024, coinciding with the birth anniversary of hockey legend Major Dhyan Chand, the Ministry of Information and Broadcasting hosted the inaugural “Khel Utsav 2024” from August 27 to August 30, 2024.
- The event was held at two prominent venues in New Delhi: Major Dhyan Chand Stadium and Jawaharlal Nehru Stadium.
Event Highlights
- Dates: August 27 to August 30, 2024
- Locations: Major Dhyan Chand Stadium and Jawaharlal Nehru Stadium, New Delhi
- Sports Featured:
- Cricket
- Hockey
- Badminton
- Table Tennis
- Participants: Over 200 officials and staff from the Ministry of Information and Broadcasting actively participated in the event.
Trophy Ceremony
- Date: September 4, 2024
- Venue: PIB Conference Hall, Shastri Bhawan
- Key Attendees: Secretary of the Ministry of Information and Broadcasting, Sh. Sanjay Jaju, and other senior officials.
Future Plans
The Ministry plans to include additional sports in future editions of Khel Utsav, expanding the scope and reach of the event.
Khel Utsav 2024 served as a vibrant celebration of sports and a tribute to Major Dhyan Chand’s legacy, fostering enthusiasm and engagement in sports within the Ministry.
Introduction of BPaLM Regimen for MDR-TB under India’s National TB Elimination Program
- In alignment with the Hon’ble Prime Minister’s vision to eliminate tuberculosis (TB) from India by 2025—five years ahead of the global Sustainable Development Goals—the Union Ministry of Health & Family Welfare has approved the introduction of the BPaLM regimen for treating Multi-Drug-Resistant Tuberculosis (MDR-TB).
- This novel treatment option is a significant advancement under the National TB Elimination Program (NTEP).
Key Details of the BPaLM Regimen
- Components: The BPaLM regimen includes a combination of Bedaquiline, Pretomanid, Linezolid, and optionally, Moxifloxacin.
- Pretomanid has been previously approved by the Central Drugs Standard Control Organization (CDSCO) for use in India.
- Advantages:
- Shorter Duration: Unlike traditional MDR-TB treatments that can extend up to 20 months, the BPaLM regimen can cure drug-resistant TB in just six months.
- Increased Effectiveness: Proven to be safer and more effective than previous treatments.
- Cost Savings: The new regimen promises overall cost savings in addition to its clinical benefits.
- Impact:
- India’s 75,000 drug-resistant TB patients are expected to benefit from this new regimen.
- Validation and Assessment: The regimen has undergone thorough validation and a Health Technology Assessment to ensure safety and cost-effectiveness.
Background and Strategic Framework
- National Tuberculosis Elimination Programme (NTEP):
- Originally the Revised National Tuberculosis Control Programme (RNTCP), renamed in 2020 to reflect the goal of TB elimination by 2025.
- Targets reducing the TB burden through comprehensive strategies including Universal Drug Susceptibility Testing (UDST) to detect and treat drug-resistant TB.
- National Strategic Plan for TB Elimination:
- Launched to ensure the goal of ending TB by 2025 through a multi-pronged approach.
- Emphasis on detecting all TB cases and reaching out to high-risk populations.
- Pradhan Mantri TB Mukt Bharat Abhiyaan (PMTBMBA):
- Launched by Hon’ble President Smt. Droupadi Murmu on September 09, 2022.
- Promotes collective action towards TB elimination and supports patients through the Ni-kshay Mitra initiative, which provides additional diagnostic, nutritional, and vocational support.
- Ni-kshay 2.0 Portal:
- Facilitates community involvement and support for TB patients, enhancing treatment outcomes through corporate and individual contributions.
Laboratory Network Support
India boasts the world’s largest TB laboratory network with:
- 7,767 rapid molecular testing facilities
- 87 culture & drug susceptibility testing laboratories
CURRENT AFFAIRS : INTERNATIONAL NEWS
2024 Edition of the Chief Science Advisers’ Roundtable (CSAR) to Be Held at UNESCO Headquarters in Paris, France
- The 2024 Edition of the Chief Science Advisers’ Roundtable (CSAR) is scheduled to be organised at the headquarters of the United Nations Educational, Scientific and Cultural Organization (UNESCO) in Paris, France.
- This roundtable is co-organised by the Office of Principal Scientific Adviser to the Indian Government and the Natural Sciences Sector of UNESCO.
- CSAR was conceptualised and launched as a Sherpa-track initiative during the Indian G20 Presidency last year.
Key Highlights :
- Participation:Delegations from 28 countries and six international organizations will participate in the roundtable.
- Themes:Discussions will focus on fostering open science, bridging knowledge asymmetry, and building global science advice capacity.
- Leadership:The roundtable will be co-chaired by Ajay Kumar Sood (Principal Scientific Adviser to the Indian Government) and Dr. Lidia Brito (Assistant Director General of UNESCO).
About UNESCO :
- Founded: 16 November 194
- Headquarters: Paris, France
- Director General : Audrey Azoulay
- UNESCO is a specialised agency of the United Nations aimed at promoting world peace and security through international cooperation in education, arts, sciences and culture.
CURRENT AFFAIRS: BUSINESS NEWS
India Overtakes China in MSCI Emerging Markets IMI: Implications for Equity Inflows
- India has recently surpassed China in the MSCI Emerging Markets Investable Market Index (MSCI EM IMI), according to an announcement by Morgan Stanley.
- This shift in weightage is expected to have significant impacts on the Indian equity market.
Key Points
- New Weightage:
- India: 22.27%
- China: 21.58%
- India’s increased weightage in MSCI EM IMI, compared to China, reflects the index’s broader inclusion of small-cap stocks. The MSCI EM IMI covers a more extensive range of stocks, including large, mid, and small caps, unlike the main MSCI EM index which focuses on large and mid-cap stocks.
- Estimated Inflows:
- Indian equities could see potential inflows of approximately $4-4.5 billion (Rs 37,000 crore) following this adjustment, according to analysts’ estimates.
- Market Impact:
- The shift has been accompanied by broad-based gains in the Indian equity market, impacting large-cap, mid-cap, and small-cap indices positively.
Contributing Factors
- Foreign Direct Investment (FDI):
- There has been a 47% increase in FDI in early 2024, signaling strong international confidence in India’s economic prospects.
- Decreasing Brent Crude Prices:
- Lower crude oil prices are beneficial for India’s trade balance and overall economic stability.
- Foreign Portfolio Investment (FPI):
- Substantial foreign investment in Indian debt markets adds to the attractiveness of Indian equities.
CURRENT AFFAIRS: MOUS AND AGREEMENT
Meta Partners with Telangana Government to Drive AI Innovation in e-Governance
- Meta has announced a two-year strategic partnership with the Department of Information Technology, Electronics, and Communications (IT, E&C) of the Government of Telangana.
- This collaboration aims to leverage the latest advancements in Artificial Intelligence (AI) to enhance e-governance and citizen services in the state.
Key Aspects of the Partnership
- Objective: The partnership focuses on empowering public officials and citizens with emerging AI technologies to transform public service delivery and improve e-governance.
- Technological Integration:
- Generative AI: Meta will deploy its open-source Generative AI technologies, including the latest Llama 3.1 model.
- Applications: The integration will enhance the efficiency and productivity of government departments and agencies, offering innovative solutions for various public services.
- Alignment with Goals:
- Meta’s Approach: The partnership reflects Meta’s commitment to an open approach to AI innovation.
- Telangana’s Vision: It aligns with Telangana’s goal of leading in digital transformation and harnessing AI for social and economic development.
Impact and Growth of Llama Ecosystem
- Rapid Expansion:
- The Llama models have seen a significant increase in usage, with approximately 350 million downloads to date, a tenfold increase from the previous year.
- Community and Enterprise Adoption:
- A vibrant community of developers and large enterprises, including AT&T, DoorDash, Goldman Sachs, Nomura, Shopify, Spotify, Zoom, Infosys, and KPMG, are actively using and fine-tuning Llama for diverse applications.
- Advantages of Open Source:
- Open source AI provides customization opportunities for specific domains while ensuring confidentiality and security of sensitive information.
CURRENT AFFAIRS : DEFENCE NEWS
Indian Naval Ship Tabar and P8I Aircraft Participate in 22nd India-France Naval Exercise VARUNA in the Mediterranean sea
- Indian Naval Ship (INS) Tabar, an Indian Navy frontline stealth frigate, commanded by Captain MR Harish, visited Toulon, France from 29 August to 01 September 2024, and later participated in the 22nd edition of Exercise VARUNA from 02 to 04 September 2024 in the Mediterranean Sea.
Indian and French Representation:
- India was represented by INS Tabar, a shipborne helicopter, and LRMR Aircraft P8I.
- France was represented by FS Provence, Submarine Suffren, Aircraft F20, Atlantique2, fighters MB339, and helicopters NH90 and Dauphin.
- Advanced Naval Operations: : A series of advanced naval operations were conducted during the present edition of bilateral exercise, involving enhanced tactical manoeuvers, advanced anti-submarine warfare exercises, FLYEX, Air Defence Exercise, live weapon firings, PHOTO-EX and Steam Past, seamlessly integrating assets of both the navies in all three domains viz air, surface and sub-surface.
- Significance of Exercise VARUNA:Exercise VARUNA began in 2001 and has become the backbone of India-France naval relations, significantly enhancing interoperability and the exchange of best practices.
- The 22nd edition in the Mediterranean Sea highlights India’s naval outreach and commitment to operations beyond the Indian Ocean Region (IOR).
Note :
- The bilateral naval cooperation between India and France was initiated in 1993, and it evolved into the VARUNA exercise in 2001.
- The 21st edition of the bilateral naval exercise Varuna was held in two phases in 2023:
- Phase 1: January 16–20, 2023 off the coast of Goa
- Phase 2: Held in the Arabian Sea for three days
About P-8I aircraft :
- P-8I is a long-range, multi-mission maritime patrol aircraft being manufactured by Boeing for the Indian Navy.
- It replaced the aging fleet of the Indian Navy’s Tupolev Tu-142 aircraft.
About Ministry of Defence :
- Cabinet Minister : Rajnath Singh
- Minister of State : Sanjay Seth
Indian Navy and South African Navy Sign Agreement to Boost Submarine Rescue Support Cooperation
- The Indian Navy has signed an agreement with the South African Navy to rescue its Submarine personnel who have met an accident or are in distress in the deep sea.
- This agreement between the two Navies will further strengthen the longstanding maritime relationship between India and South Africa.
- The agreement, officially called the Implementing Agreement, was signed by the Indian Chief of Naval Staff, Admiral Dinesh Kumar Tripathi, and the Chief of the South African Navy, Vice Admiral Monde Lobese.
- Under the Implementing Agreement, the Indian Navy will provide rescue assistance to the South African Navy in case its submarine meets an accident or is in distress.
- Under this agreement, the Indian Navy will provide assistance by deploying its Deep Submergence Rescue Vehicle (DSRV) when required, further strengthening the collaborative ties between the two navies.
- In September 2023, three South African Navy personnel were killed after an incident at sea off the coast of Cape Town with SAS Manthatisi, one of the three HDW submarines from Germany in service. South Africa is among a handful of African countries with submarines.
About Indian Navy :
- Headquarters : New Delhi, Delhi, India
- Chief of the Naval Staff : Admiral Dinesh K Tripathi
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
India Successfully Launches Agni-4 Ballistic Missile from Integrated Test Range in Chandipur, Odisha
- India successfully launched the Agni-4 ballistic missile from the Integrated Test Range (ITR) in Chandipur, Odisha.
- The test was conducted under the Strategic Forces Command (SFC)
- The Agni missiles are long-range, nuclear-capable surface-to-surface ballistic missiles developed by India.
Agni-4 Specifications:
- The Agni-4 is a long-range, surface-to-surface ballistic missile with a range of 4,000 kilometres.
- It is capable of carrying nuclear warheads.
- The launch validated all operational and technical parameters.
- Previous and Related Tests:The Agni-Prime, a new-generation ballistic missile, was successfully tested on April 4, 2024 from APJ Abdul Kalam Island, off the coast of Odisha.
- The Agni-Prime test met all trial objectives, with data captured by range sensors and two downrange ships.
- The first pre-induction night launch of Agni-Prime was conducted in June 2023.
- Missile Development by DRDO:The Defence Research and Development Organisation (DRDO) conducted the first test of the MIRV-equipped Agni-5 missile in March 2024.
- The Agni-5 has a range of 5,000 kilometres and is designed to address India’s long-term security needs.
Indian Immunologicals Limited Launches Paediatric Dose of Hepatitis A Vaccine
- Indian Immunologicals Limited (IIL) launched its paediatric dose of India’s first indigenous Hepatitis A vaccine, Havisure.
- IIL is the only company in India to develop an indigenous Hepatitis A vaccine.
- Hepatitis A is a highly contagious liver infection caused by the Hepatitis A virus, which predominantly affects children and can lead to severe health complications.
- Vaccination is the most cost-effective, yet efficient, method to prevent the disease.
- Havisure is available in 0.5 ml and 1 ml dosage forms, specifically for paediatric and adult use, respectively.
United States Government Collaborates with IIT Madras Research Park on Solar and Green Hydrogen Initiatives
- The United States (US) government and IIT Madras Research Park are set to announce a partnership focusing on four key areas: solar, green hydrogen, electric vehicles and batteries, and green buildings.
- The goal is to bring together researchers, academia, and industry from both the US and India to create a collaborative ecosystem in these four areas.
- Working groups will be established under each of the four focus areas, consisting of members from the US government and IIT Madras Research Park.
- Key US Companies in TamilNadu:First Solar, a US solar module manufacturer, inaugurated its plant in Chennai in February.
- Ohmium, an American electrolyser manufacturer, announced plans to invest ₹400 crore in Tamil Nadu.
- Tamil Nadu’s Carbon Emissions and Workforce:Tamil Nadu contributes 9% of India’s carbon dioxide emissions but accounts for 25% of carbon offsets.
- The state’s workforce is notable for its 41% female participation, compared to India’s average of 19%, which is a key factor for American companies.
CURRENT AFFAIRS: SPORTS NEWS
Rajasthan Royals Appoints Rahul Dravid as Head Coach
- The Rajasthan Royals, owned by Royals Sports Group, has announced the appointment of Rahul Dravid as their new Head Coach on a multi-year contract.
Key Details
- Previous Involvement:
- Rahul Dravid, who previously served as captain and coach for the Royals from 2011 to 2015, will now return in a new role.
- Dravid initially began his coaching career with the Royals in 2014, transitioning from captain to mentor.
- Current Role:
- As Head Coach, Dravid will work closely with Kumar Sangakkara, the Royals’ Director of Cricket, to implement and execute the franchise’s cricketing strategy.
- Coaching Background:
- Dravid has had a distinguished coaching career, contributing significantly to the National Cricket Academy (NCA) and serving as head coach for the Indian Men’s U19 and Senior teams.
- Under his leadership, the Indian teams achieved top rankings across Test, ODI, and T20I formats and recently won the ICC Men’s T20 World Cup.
- Dravid’s Impact:
- Known as one of the greatest Indian batters, Dravid’s extensive experience and proven track record are expected to bring significant value to the Rajasthan Royals as they aim for success in upcoming seasons.
Indian Athletes Harvinder Singh and Preethi Pal to Lead as Flag-Bearers at Paris 2024 Paralympics Closing Ceremony
- India will be represented by archer Harvinder Singh and sprinter Preethi Pal as the flag-bearers at the closing ceremony of the Paris 2024 Paralympics, scheduled.
Achievements of Harvinder Singh and Preethi Pal
- Harvinder Singh:
- Historic Victory: At 33, Harvinder Singh made history by becoming the first Indian archer to win a gold medal at the Paralympics. He secured this win by defeating Poland’s Lukasz Ciszek 6-0 in the men’s individual recurve final.
- Previous Medal: In Tokyo 2020, Harvinder won a bronze medal in the individual recurve event, marking India’s first archery medal at the Paralympics.
- Preethi Pal:
- Bronze Medals: At just 23, Preethi Pal achieved bronze medals in the women’s 100m and 200m races in the T35 category at Paris 2024. She is the first Indian athlete to win a track medal at the Paralympics.
- Personal Bests: She recorded personal best times of 14.21 seconds in the 100m and 30.01 seconds in the 200m events at the Stade de France.
Previous Flag-Bearers
- Sumit Antil and Bhagyashri Jadhav were the flag-bearers for India at the opening ceremony of the Paris 2024 Paralympics.
- Avani Lekhara, who defended her 10m air rifle shooting SH1 title at Paris 2024, was the flag-bearer at the closing ceremony of Tokyo 2020.
CURRENT AFFAIRS: IMPORTANT DAYS
International Vulture Awareness Day (IVAD) 2024:
- International Vulture Awareness Day (IVAD) is observed annually on the first Saturday of September to spotlight the world’s most endangered group of birds—vultures.
- Initiated in South Africa and the United Kingdom, IVAD has been commemorated since September 2009.
- Vultures, often misunderstood due to their association with death, play a crucial role in maintaining ecological balance.
- As the only land-dwelling obligate scavengers, vultures provide indispensable services to the environment and human society by disposing of carrion, which helps prevent the spread of diseases.
Goals of IVAD
- Highlighting Vulture Conservation Efforts
- Increasing Public Awareness about the ecological importance of vultures
- Encouraging Organizations to promote activities supporting vulture conservation
Vulture Conservation in India
Recent Vulture Population Surveys
A recent vulture census conducted across Tamil Nadu, Karnataka, and Kerala in tiger reserves and forest areas has shown promising results, with the population rising from 246 in February 2023 to 308 in December 2023. The Mudumalai-Sathyamangalam-Bandipur-Wayanad complex accounted for over 82% of the recorded vultures.
Species Breakdown:
- 217 critically endangered white-rumped vultures (Gyps bengalensis)
- 47 long-billed vultures (Gyps indicus)
- 50 Asian king vultures (Sarcogyps calvus)
- 4 endangered Egyptian vultures (Neophron percnopterus)
- 2 “near-threatened” Himalayan griffon vultures (Gyps himalayensis)
Vulture Count 2024: A Citizen-Science Initiative
- WWF-India, in collaboration with Bird Count India and eBird, has announced the launch of Vulture Count 2024, a citizen-science initiative running from September 7 to October 6, 2024, coinciding with IVAD. This initiative aims to engage the public in monitoring and recording vulture populations across India, contributing to conservation efforts.
International Day of Police Cooperation: September 7
- On September 7, the world observes the International Day of Police Cooperation, honouring the critical role law enforcement plays in global security.
- This day emphasizes the importance of international collaboration among police forces to address cross-border crimes and ensure peace.
- It also calls for a comprehensive framework focused on ensuring police integrity, accountability, and oversight.
Significance :
- The date aligns with the centenary of INTERPOL (International Criminal Police Organization). INTERPOL, originally known as the International Criminal Police Commission (ICPC), was founded on September 7, 1923.
- The United Nations General Assembly officially designated this observance on December 16, 2022, and the first celebration took place in 2023, coinciding with INTERPOL’s 100th anniversary.
Key Focus Areas
The United Nations Inter-Agency Task Force on Policing plays a significant role in marking the day, focusing on three essential pillars of effective policing:
- Police Integrity
Ensuring law enforcement operates with ethical standards. - Accountability
Police actions should be transparent and answerable to the public. - Oversight
Independent mechanisms must oversee police conduct to ensure fairness and justice.
Goals
The observance promotes:
- Strengthening the Rule of Law
Ensuring that police actions align with legal frameworks. - Human Rights-Based Policing
Protecting individuals’ rights while maintaining security. - Building Public Trust
Enhancing trust between law enforcement agencies and the communities they serve.
World Duchenne Muscular Dystrophy Day: 7th September
- Every year on 7th September, the world observes World Duchenne Muscular Dystrophy Day to raise awareness about Duchenne muscular dystrophy (DMD), a rare degenerative disease that progressively weakens muscles, eventually impacting the entire body.
- The day focuses on education, advocacy, and social inclusion to improve the quality of life for those affected by this condition.
What is Duchenne Muscular Dystrophy?
- Duchenne Muscular Dystrophy (DMD) is a genetic disorder caused by a mutation on the X-chromosome, affecting 1 in 5,000 boys.
- The disease primarily leads to progressive muscle weakness, beginning with difficulty in walking and eventually affecting breathing and heart function since the heart is also a muscle.
- Learning and behavioral issues may also occur due to the absence of the dystrophin protein, which is essential for both muscles and brain function.
Theme for 2023: “Duchenne: Breaking Barriers”
- This year’s theme emphasizes efforts to overcome the challenges posed by the disorder, focusing on breaking barriers for those living with DMD.
Activities in India
- The Department of Empowerment of Persons with Disabilities (DEPwD) under the Ministry of Social Justice and Empowerment is the nodal department for raising awareness about DMD in India. On 7th September 2023, various institutions across the country observed the day by organizing events at over 50 locations.
World Physical Therapy Day 2024: September 8
- Every year 8th of September is observed as World Physical Therapy Day.
- This day is celebrated on the 8th of September because in 1951 on this date World Physical Therapy was founded.
- This day represents the unity of the global physiotherapy community.
- The theme for World Physical Therapy Day 2024 is “Low back pain (LBP) and the role of physiotherapy in its management and prevention.”
- In ancient times, the first report of physical therapy came from Hippocrates. From then physiotherapy has progressed from a simple massage to a complex portfolio of therapies with a worldwide range.
- In 1813, the Father of Swedish Gymnastics (Per Henrik Ling) constructed the Royal Central Institute of Gymnastics(RCIG) to produce medical benefits for the athlete.
- Sweden’s National Board of Health and Welfare granted physical therapists official registration in 1887.
- In India, physiotherapy was first started in the year of 1952.
- The first physiotherapy centre was started in Mumbai with the support of the Government and the support of the World Health Organisation(WHO).
World Literacy Day 2024: September 8
- Since 1967, World Literacy Day or International Literacy Day is observed each year on the 8th of September.
- The theme for International Literacy Day 2024 is ‘Promoting multilingual education: Literacy for mutual understanding and peace.”
- This day was declared by The United Nations Educational, Scientific, and Cultural Organisation or UNESCO on 26th October 1966.
- International Literacy Day is observed in order to create awareness about literacy.
- In 1966, UNESCO declared the 8th of September as World Literacy Day to remind the importance of literacy as a matter of dignity and human rights for people.
- UNESCO encourages International Literacy Day in partnership with governments, local communities, charities, and experts in the field worldwide.
- International Literacy Day was first coined in the “World Conference of Ministers of Education on the Eradication of Illiteracy” held in Tehran, Iran in 1965.
- According to UNESCO “Literacy is the best remedy” which is a right for all to an education.
Daily CA One- Liner: September 8
- Maharashtra Chief Minister Eknath Shinde commended the winners of the National e-Governance Awards, referring to them as revolutionaries making lives easier for citizens across the country
- An international conference titled “Spectrum of Literacy” was chaired by Shri Sanjay Kumar, Secretary of the Department of School Education and Literacy (DoSEL), at the CIET, NCERT, New Delhi
- In honor of National Sports Day 2024, coinciding with the birth anniversary of hockey legend Major Dhyan Chand, the Ministry of Information and Broadcasting hosted the inaugural “Khel Utsav 2024” from August 27 to August 30, 2024
- In alignment with the Hon’ble Prime Minister’s vision to eliminate tuberculosis (TB) from India by 2025—five years ahead of the global Sustainable Development Goals—the Union Ministry of Health & Family Welfare has approved the introduction of the BPaLM regimen for treating Multi-Drug-Resistant Tuberculosis (MDR-TB).
- India has recently surpassed China in the MSCI Emerging Markets Investable Market Index (MSCI EM IMI), according to an announcement by Morgan Stanley
- Meta has announced a two-year strategic partnership with the Department of Information Technology, Electronics, and Communications (IT, E&C) of the Government of Telangana
- The Rajasthan Royals, owned by Royals Sports Group, has announced the appointment of Rahul Dravid as their new Head Coach on a multi-year contract
- India will be represented by archer Harvinder Singh and sprinter Preethi Pal as the flag-bearers at the closing ceremony of the Paris 2024 Paralympics, scheduled.
- Max Life Insurance Company Limited has entered into a bancassurance partnership with CSB Bank, a private sector bank in India.
- The National Bank for Agriculture and Rural Development (NABARD) is in discussions with international agencies to establish a carbon fund aimed at addressing challenges posed by climate risk, according to Chairman Shaji K V at the FIBAC conference in Mumbai, Maharashtra.
- Chennai-based fintech startup, Paysharp has received final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator (PA).
- The Multilateral Investment Guarantee Agency (MIGA), part of the World Bank Group, and the International Solar Alliance (ISA) have established the MIGA-ISA Solar Facility, a multi-donor trust fund.
- The Securities and Exchange Board of India (SEBI) has set up a 22-member advisory committee to streamline the rules for listing obligations and disclosures.
- Airtel Payments Bank has collaborated with wearables maker Noise and the National Payments Corporation of India (NPCI) to launch a National Common Mobility Card (NCMC)-enabled smartwatch integrated with the RuPay chip.
- SBI Life Insurance has unveiled a new digital film to support the Indian contingent for the Paralympic Games Paris 2024.
- India’s Federal Bank has launched SmilePay™, a facial authentication technology that will enable customers to complete transactions using only their faces.
- Aditya Birla Capital Digital Limited (“ABCDL”), the digital-first arm of India’s leading financial services conglomerate, Aditya Birla Capital, announced the launch of a suite of three new product offerings – DigiGold Gifting, Family Health Scan and SIMPLiNVEST on ABCD, omnichannel D2C platform at the Global Fintech Festival.
- The State Bank of India (SBI) introduced three new offerings targeting the daily commuters.
- India Post Payments Bank (IPPB), a key player in driving financial inclusion across the country, celebrated its 7th Foundation Day (IPPB Day) on 1st September, 2024.
- HDB Financial Services (HDBFS), is the first non-banking financial company (NBFC) to integrate the National Payments Corporation of India (NPCI)’s e-KYC Setu System.
- The 2024 Edition of the Chief Science Advisers’ Roundtable (CSAR) is scheduled to be organised at the headquarters of the United Nations Educational, Scientific and Cultural Organization (UNESCO) in Paris, France.
- Indian Naval Ship (INS) Tabar, an Indian Navy frontline stealth frigate, commanded by Captain MR Harish, visited Toulon, France from 29 August to 01 September 2024, and later participated in the 22nd edition of Exercise VARUNA from 02 to 04 September 2024 in the Mediterranean Sea.
- The Indian Navy has signed an agreement with the South African Navy to rescue its Submarine personnel who have met an accident or are in distress in the deep sea.
- India successfully launched the Agni-4 ballistic missile from the Integrated Test Range (ITR) in Chandipur, Odisha.
- Indian Immunologicals Limited (IIL) launched its paediatric dose of India’s first indigenous Hepatitis A vaccine, Havisure.
- The United States (US) government and IIT Madras Research Park are set to announce a partnership focusing on four key areas: solar, green hydrogen, electric vehicles and batteries, and green buildings.
- International Vulture Awareness Day (IVAD) is observed annually on the first Saturday of September to spotlight the world’s most endangered group of birds—vultures
- On September 7, the world observes the International Day of Police
- Every year on 7th September, the world observes World Duchenne Muscular Dystrophy Day to raise awareness about Duchenne muscular dystrophy (DMD), a rare degenerative disease that progressively weakens muscles, eventually impacting the entire body
- Every year 8th of September is observed as World Physical Therapy Day
- World Literacy Day or International Literacy Day is observed each year on the 8th of September.
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