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CURRENT AFFAIRS : BANKING & FINANCE
Greenko secures National Bank for Financing Infrastructure and Development approval for Rs 6,200 crore; plans early repayment of international bonds
- Greenko, a leading renewable energy company in India, is restructuring its overseas liabilities by prepaying over $1 billion of dollar bonds maturing next year through funds from National Bank for Financing Infrastructure and Development (NABFID).
- This move aims to reduce overseas debt amid higher interest rates abroad.
- NABFID has sanctioned Rs 6200 crore from which Greenko will use to pay back foreign bond investors for bonds maturing in January and July, 2025.
- The funds will be used to repay foreign bond investors and finance up-and-running projects across India, aligning with Greenko’s mandate.
Key Highlights :
- Project Portfolio:Greenko operates 7.5 gigawatts of installed solar and wind power capacity across 15 states in India.
- The company manages over 100 projects primarily through special purpose vehicles (SPVs).
- Loan Structure:NABFID will finance Greenko’s projects through a unique obligator-co-obligor structure.
- This pooling of projects improves Greenko’s credit rating locally to AA, compared to A if individual SPVs had sought financing independently.
- Bond Repayment Details:Greenko plans to use the NABFID funds to prepay a $500 million bond maturing in January and a $535 million bond maturing in July.
- These bonds were issued by overseas arms of the company.
- Loan Tenure and Terms:Loans from NABFID will have flexible drawdown options, with tenure ranging from 10 to 23 years.
- Funds will be accessed as needed by Greenko from its SPVs.
About Greenko :
- Greenko, a major player in India’s renewable energy sector, is backed by significant institutional investors including Singapore’s GIC Holdings Pte Ltd (52%), Abu Dhabi Investment Authority (14%), and Japan’s ORIX Corp (22%).
- Founded by Mahesh Kolli and Anil Kumar Chalamalasetty, Greenko aims to expand its renewable energy projects in India aggressively.
About NaBFID :
- NaBFID, a government-backed infrastructure lender, plays a crucial role in financing long-term infrastructure needs.
- It aligns with Prime Minister Narendra Modi’s economic growth agenda by supporting critical infrastructure projects.
Reserve Bank of India Revokes Licence of ShimshaSahakara Bank Niyamitha in Maddur, Mandya District, Karnataka
- The Reserve Bank of India (RBI) cancelled the licence of ShimshaSahakara Bank Niyamitha, Maddur, Mandya District, Karnataka, due to its worsening financial position.
- As a result, the bank ceased to carry on banking business from the close of business on July 05, 2024.
- The Registrar of Cooperative Societies, Karnataka, has been requested to issue an order for winding up the bank and to appoint a liquidator.
- Upon liquidation, each depositor is entitled to receive a deposit insurance claim amount of up to ₹5,00,000 (5 Lakhs) from the Deposit Insurance and Credit Guarantee Corporation (DICGC), subject to the provisions of the DICGC Act, 1961.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D. Patra
Reserve Bank of India Cancels Licence of Banaras Mercantile Co-operative Bank Limited, Varanasi, Uttar Pradesh
- The Reserve Bank of India (RBI) cancelled the licence of Banaras Mercantile Co-operative Bank Limited, Varanasi, Uttar Pradesh (UP), due to inadequate capital and earning prospects.
- The bank ceased to carry on banking business from the close of business on July 04, 2024.
- The Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh, has been requested to issue an order for winding up the bank and appoint a liquidator.
What is co-operative banking?
- Definition: Cooperative banking involves small financial institutions established by a group to meet the capital needs of their specific community.
- They are owned and controlled by their members and operate on the principle of cooperation.
- Functions: Members pool resources to provide banking services such as loans and savings accounts.
Recent News :
- In June,2024 the RBI cancelled the licences of:
- Mumbai’s City Co-operative Bank
- Purvanchal Co-operative Bank in Ghazipur, Uttar Pradesh
- Reason: Both banks faced issues related to inadequate capital and poor earning prospects.
- Since January2024 the RBI has also revoked the licences of the following cooperative banks:
- Sumerpur Mercantile Urban Cooperative Bank Limited
- Jai Prakash Narayan Nagari Sahakari Bank Limited
- Shree Mahalaxmi Mercantile Co-operative Bank Limited
- Hiriyur Urban Co-operative Bank Limited
ICICI Lombard Introduces AI-Powered Health Insurance Plan ‘Elevate
- ICICI Lombard General Insurance Company Limited, a private general insurer in India, has launched ‘Elevate’, a new health insurance product equipped with Artificial Intelligence (AI) technology.
- It aims to provide tailored solutions for diverse healthcare needs, unforeseen medical emergencies, and rising medical costs.
Key Features of ‘Elevate’ :
- Infinite Sum Insured: Ensures policyholders never run out of coverage, addressing concerns of limited coverage and sum insured.
- Infinite Claim Amount: Offers comprehensive financial protection with infinite claim amount for a one-time claim during the policy’s lifetime, independent of the sum insured.
- Power Booster Add-on: Provides a 100% cumulative bonus annually, regardless of claims, for an indefinite period.
- Reset Benefit: Allows unlimited resets of coverage, ensuring continuous protection irrespective of claims.
- Coverage Details:‘Elevate’ includes 15 in-built covers and multiple personalization options.
- Covers encompass 20 critical illnesses, personal accidents, maternity and newborn care, accommodation and travel benefits, preventive care, inflation protector, air ambulance, personalized home care, among others.
About ICICI Lombard General Insurance Company Limited :
- Founded: 2001
- Headquarters: Mumbai, Maharashtra, India
- Chairman & Managing Director: Sanjeev Mantri
- Ownership Structure:Joint venture between ICICI Bank (64% stake) and Fairfax Financial Holdings Limited, Financial services company based in Toronto (36% stake)
CURRENT AFFAIRS: NATIONAL NEWS
AI-Powered Translation of Laws by Union Law Ministry
- The Union Law Ministry is advancing efforts to leverage Artificial Intelligence (AI) for translating Central legislation into Indian languages, potentially operational by December.
- This move aims to reduce dependency on state governments for translating Central laws into various regional languages.
Key Highlights:
- AI Translation Development: Initial trials of AI for translating laws showed about 40% success. The Ministry, in collaboration with the National Informatics Centre, is enhancing AI performance by incorporating words from the legal glossary in Hindi and other Indian languages.
- Target Languages: While there are 22 Indian languages listed in the Eighth Schedule of the Constitution, translations will focus on 14 languages, including Bengali, Tamil, Gujarati, Urdu, Punjabi, and Marathi. This selection is based on the languages predominantly used in courts.
- Current Progress: The AI is still under development and has not yet produced usable results. The Ministry’s legal glossary is being used to train the AI.
- Context and Timing: These efforts coincide with the enforcement of three new criminal laws on July 1, for which official translations into Indian languages are pending.
- State Government Involvement: In March, state governments were asked to translate the new laws and submit them for vetting. The translation process is estimated to take around six months. Some states have submitted drafts of the BharatiyaSakshya (Second) Act, 2023 (the new Evidence Act).
- Supreme Court’s AI Translation: The Supreme Court has been using AI to translate judgments since 2019. By December 2, 2023, 31,184 judgments had been translated into 16 languages using AI tools, according to a statement by Law Minister Arjun Ram Meghwal in the Lok Sabha.
- Constitutional Provisions: Under Article 348 of the Constitution, all proceedings of the Supreme Court and High Courts, and authoritative texts of Bills introduced and passed by Parliament or any state legislature, must be in English unless the Governor of a state, with the President’s prior consent, authorizes the use of Hindi or any other official language of the state.
Packaged Food Makers to Review Proposed Nutritional Labelling Changes
- Packaged food manufacturers will review the Food Safety and Standards Authority of India’s (FSSAI) proposed amendments on nutritional information labelling and plan to submit their feedback.
Key Points:
- Proposed Changes: The FSSAI approved a proposal requiring key nutritional details such as total sugars, salt, and saturated fat to be highlighted prominently on packaged food labels. This move aims to enhance consumer awareness and promote healthier choices.
- Objective: The changes were discussed during the 44th meeting of the FSSAI. The intention behind the amendment is to make critical nutritional information more visible and comprehensible to consumers, thereby encouraging better dietary decisions.
- Process: The draft notification for the amendment to the Food Safety and Standards (Labelling and Display) Regulations, 2020, will be released for public comments. This period will allow stakeholders, including food manufacturers and the public, to provide suggestions and raise objections.
- Industry Response: Food industry executives have expressed their intention to evaluate the proposed changes carefully and provide their suggestions to the food regulator. The feedback process will help shape the final regulations.
India to Finalise Pact with Zambia on Geological Mapping and Mineral Exploration
- India is on the verge of finalising a significant agreement with Zambia to enhance geological mapping and mineral exploration in the resource-rich African nation.
- This move aims to secure access to valuable minerals and strengthen bilateral relations.
Key Points:
- Objective: Secure access to Zambia’s rich mineral resources, including precious stones, copper, zinc, nickel, gold, and cobalt.
- Background: Zambia is known for its abundant mineral wealth, making it an attractive partner for India’s resource needs.
- Recent Developments:
- A delegation from India’s Ministry of Mines engaged with Zambian officials last month to initiate negotiations for the pact.
- This collaboration will facilitate geological surveys and joint exploration efforts, potentially leading to resource extraction and development.
Expected Outcomes:
- Strategic Resource Access: Strengthening India’s access to essential minerals for its industrial and technological needs.
- Economic Cooperation: Boosting economic ties and fostering a stronger partnership between India and Zambia.
- Enhanced Geological Understanding: Utilizing advanced geological mapping techniques to better understand and exploit Zambia’s mineral wealth.
Indian Delegation From DARPG Reached Colombo For Three-Day Visit To Sri Lanka
- A five-member Indian delegation from the Department of Administrative Reforms and Public Grievances (DARPG) arrived in Colombo, Sri Lanka, for a three-day visit.
- The delegation, led by the Secretary and Director General of the National Centre for Good Governance, V. Srinivas, will engage in discussions on capacity-building programmes for Sri Lankan civil servants and the potential signing of a long-term Memorandum of Understanding for these initiatives.
- The agenda includes outlining a roadmap for future collaborations and exchanging insights on effective governance practices.
- During the visit, the delegation will call on Prime Minister Dinesh Gunawardena and hold bilateral meetings with officials from the Presidential Secretariat and the Prime Minister’s Office.
- The visit also includes an interactive session with NCGG alumni in the Sri Lankan Civil Service.
- It is pertinent to mention that the National Centre for Good Governance has organised three capacity-building training programmes for senior and mid-level officers in Sri Lanka.
CURRENT AFFAIRS: AWARDS AND HONOURS
Dr. C. Narayana Reddy National Literary Award 2024 Conferred on Sivashankari
- Tamil author Sivashankari has been honoured with the prestigious Dr. C. Narayana Reddy National Literary Award by the Sushila Narayana Reddy Trust for her significant contributions to Tamil literature.
Key Highlights:
- Award Details:
- Recipient: Sivashankari, renowned Tamil author.
- Prize: ₹5 lakh, a memento, and a shawl.
- Presentation Date: July 29, 2024.
- Venue: Ravindra Bharati, Hyderabad.
- Event: 93rd birth anniversary celebrations of Dr. C. Narayana Reddy.
- Ceremony Details:
- Chief Guest: Revanth Reddy, Chief Minister.
- Notable Guests:
- Jupalli Krishna Rao, Minister for Culture.
- Adi Srinivas, Government Whip.
- Special Event: Release of Dr. C. Narayana Reddy’s new poetry book, Samanvitham.
Sivashankari’s Literary Contributions:
- Body of Work:
- Novels: 36
- Mini-novels (Navalikas): 48
- Short Stories: 150
- Travelogues: 15
- Collections of Essays: 7
- Study Papers: 4
- Biographies: 2
- Themes: Focus on social issues and human values.
- Previous Honors: Saraswati Samman, one of India’s highest literary awards.
About Dr. C. Narayana Reddy National Literary Award:
- Significance:
- Named after Dr. C. Narayana Reddy, eminent Telugu poet and Jnanpith awardee.
- Recognizes outstanding contributions to Indian literature.
- Award Components: Certificate and ₹1 lakh in cash.
- Established: First awarded in 2017.
- Instituting Body: Cultural and Literary Federation of India
CURRENT AFFAIRS: SPORTS NEWS
Delhi State Kabaddi Association Launches Inaugural Delhi Kabaddi League
- The Delhi State Kabaddi Association has officially announced the launch of the inaugural Delhi Kabaddi League, aiming to captivate fans across the national capital.
- The announcement was made by the Honourable President of the Delhi State Kabaddi Association, Ramesh Bidhuri.
Key Highlights:
- Announcement Event: Ramesh Bidhuri announced the launch, joined by former India kabaddi player Manjeet Chhillar, Ravindra Bhati (founder and CEO of 100 Sports Management Pvt. Ltd.), and Rahul Sharma (director of 100 Sports Management Pvt. Ltd.).
- Brand Ambassador: Manjeet Chhillar has been named the brand ambassador of the Delhi Kabaddi League.
- Special Guests: The event was attended by special guests Niranjan Singh, MS Tyagi, Amar Singh Solanki, and Ramveer Singh.
- Franchise Model: The league will feature eight teams named after different regions of Delhi, established through a formal bidding process.
- Player Categorization: Players from Delhi will be categorized into different groups, promoting local talent and providing a platform for athletes to showcase their skills.
Fabiano Caruana Defends Superbet Classic Title in Thrilling Tiebreaker
- World number two Fabiano Caruana successfully defended his Superbet Classic title by winning all three rapid games in a thrilling four-way tiebreaker.
- The tiebreaker featured Indian Grandmasters D Gukesh and R Praggnanandhaa, alongside France’s Alireza Firouzja, following a rather uneventful tournament.
Key Highlights:
- Tiebreaker Victory: Fabiano Caruana won all three rapid games in the tiebreaker to secure his title.
- Participants: The tiebreaker included Caruana, Indian Grandmasters D Gukesh and R Praggnanandhaa, and France’s Alireza Firouzja.
- Classical Format: Caruana’s loss to Anish Giri of Holland in the Classical format led to a four-way tie, with Gukesh, Praggnanandhaa, and Firouzja all finishing the classical section tied for first place.
Ukraine’s Yaroslava Mahuchikh Setting a New High Jump World Record
- Ukraine’s Yaroslava Mahuchikh set a new world record in the women’s high jump at the Paris Diamond League, clearing 10 meters and breaking a record that had stood since 1987.
Key Points:
- New World Record: Mahuchikh’s 2.10-meter jump surpasses the previous world record in the women’s high jump, marking a historic achievement in the sport.
- Event and Location: The record was set at the Paris Diamond League, a prestigious track and field competition.
- Comparison with Competitors: Mahuchikh outperformed Australia’s Nicola Olyslagers, the world indoor champion. Both cleared the 2.01-meter height on their second attempts, but Olyslagers failed to clear 2.03 meters in three tries.
- Progression to Record: Mahuchikh cleared 2.03 meters on her second attempt, then raised the bar to 2.07 meters, which she also cleared on her second attempt, setting a new Ukrainian record.
- Olympic Implications: Despite her record-setting performance, Mahuchikh dismissed suggestions that it made her the clear favorite for the upcoming Paris Olympics, starting on July 26.
- Previous Achievements: Mahuchikh previously secured a bronze medal at the Tokyo Olympics, demonstrating her consistent high-level performance.
Dhruv Sitwala and Anupama Ramachandran win Asian billiards & snooker Championships
- Dhruv Sitwala and Anupama Ramachandran emerged victorious in the men’s billiards and women’s snooker categories respectively at the Asian championships held in Riyadh, Saudi Arabia.
Results (Finals):
- Men’s Billiards:
- Dhruv Sitwala defeated Pankaj Advani 5-2.
- Women’s Snooker:
- Anupama Ramachandran defeated PanchayaChannoi (Thailand) 3-1.
Key Highlights:
- Dhruv Sitwala: Set the tone with an impressive 103 points in the opening frame, ultimately clinching the title against Advani.
- Anupama Ramachandran: Showed remarkable resilience, coming back from a first-frame loss to secure the women’s snooker title with a 3-1 victory.
Lewis Hamilton Wins British Grand Prix for Record Ninth Time
- Lewis Hamilton secured his 104th career victory in an emotional and long-awaited triumph at the British Grand Prix.
- This victory marked his record ninth win at the event.
Key Highlights:
- Record Victory: Hamilton’s win at the British Grand Prix is his 104th career victory and his ninth win at this particular event.
- The seven-time champion, who turns 40 in January, was overcome with emotion and shed tears during his victory lap. He finished 1.465 seconds ahead of Max Verstappen, the current series leader and three-time champion from Red Bull.
- Race Conditions: The race featured changing weather and track conditions, adding to the challenge. Despite this, Hamilton managed his tyres and race strategy expertly.
- Podium Finishers:
- 1st Place: Lewis Hamilton (Mercedes)
- 2nd Place: Max Verstappen (Red Bull)
- 3rd Place: Lando Norris (McLaren)
- Top Ten Finishers:
- 4th: Oscar Piastri (McLaren)
- 5th: Carlos Sainz (Ferrari)
- 6th: Nico Hulkenberg (Haas)
- 7th: Lance Stroll (Aston Martin)
- 8th: Fernando Alonso (Aston Martin)
- 9th: Alex Albon (Williams)
- 10th: Yuki Tsunoda (Red Bull)
Career Milestones:
- 150th Podium: This victory secured Hamilton his 150th podium finish for Mercedes.
- Last Win: Hamilton’s last victory was at the 2021 Saudi Arabia Grand Prix.
- Future Plans: Hamilton is set to leave Mercedes for Ferrari after this season.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Bandhan Bank Appoints Ratan Kumar Kesh as Interim Managing Director & Chief Executive Officer for 3 Months
- Bandhan Bank’s board of directors appointed Ratan Kumar Kesh as the interim Managing Director (MD) and Chief Executive Officer (CEO).
- The appointment is effective from July 10, 2024.
- The appointment will last for 3 months or until a new MD & CEO assumes office.
- This decision follows the retirement of the current MD & CEO, Chandra Shekhar Ghosh, whose tenure ends on July 9, 2024.
- Kesh’s appointment has been approved by the Reserve Bank of India (RBI).
- He currently holds the position of executive director (ED) and chief operating officer (COO) at the bank.
Post-Retirement Role of Ghosh:
- Upon retirement, Chandra Shekhar Ghosh will take on a strategic role at Bandhan Financial Services Ltd (BFSL).
- BFSL owns 40% of Bandhan Bank and has stakes in life insurance and mutual fund ventures.
About Ratan Kumar Kesh :
- Ratan Kumar Kesh has previously held positions at several private sector banks, including ICICI Bank, HDFC Bank, YES Bank, and Axis Bank.
- Before entering the banking sector, he gained experience at the Aditya Birla Group and RPG Group.
About Bandhan Bank :
- Established : 2015
- Headquarters : Kolkata, West Bengal, India
Labour Leader Keir Starmer appointed as 58th Prime Minister of the United Kingdom
- Keir Starmer, leader of the Labour Party, has been appointed as the United Kingdom’s 58th Prime Minister, succeeding Rishi Sunak.
- The appointment was made by King Charles III, the UK’s monarch.
Election Outcome:
- Labour secured a significant victory, winning 412 seats in Parliament, while the Conservatives garnered 121 seats, their lowest in history.
- The total number of seats in Parliament is 650.
Vote Share:
- Labour received nearly 34% of the vote, slightly up from their previous result in 2019 but lower than their 2017 performance under Jeremy Corbyn.
- Meanwhile the Conservatives secured just under 24% of the vote.
Rishi Sunak’s Tenure:
- Rishi Sunak served as Prime Minister of the United Kingdom from October 2022 to July 2024, making history as the first British Prime Minister of Indian descent.
About United Kingdom :
- Capital : London
- Currency : Pound sterling
K Keshava Rao appointed as Advisor to Telangana Government
- Senior politician K. Keshava Rao,who joined the Congress recently from the Bharat Rashtra Samiti (BRS), has been appointed as Adviser to the Telangana Government (Public Affairs) with Cabinet status.
About Keshava Rao :
- Keshava Rao previously served as a Minister in Congress governments and was the former president of the AP Congress Committee.
- He left Congress during the Telangana movement to join the BRS (formerly TRS) and served as its secretary-general.
- He resigned as a Rajya Sabha member after joining the BRS.
South African Revenue Services Commissioner Edward Kieswetter Re-elected as World Customs Organisation Chair for Second Term, 2024-2025
- South African Revenue Services (SARS) Commissioner Edward Kieswetter has been re-elected as the chairperson of the World Customs Organisation (WCO) for a second one-year term (2024-2025).
- The re-election occurred during the 143rd/144th Sessions of the WCO Council.
- The sessions took place in Brussels, Belgium, with the participation of directors general of customs from the WCO’s 186 members.
- At the meeting, the WCO council examined the work carried out by the WCO Secretariat and working bodies throughout the year in line with the WCO Strategic Plan 2022-2025.
About WCO :
- Establishment: January 26, 1953
- Location: Brussels, Belgium
- Secretary General: Ian Saunders
- Membership: 186 customs administrations
Functions and Roles:
- The WCO is an intergovernmental organization focused on customs-related matters.
- It aims to develop and streamline customs procedures to enhance trade supply and international trade.
- The WCO Council is the highest decision-making body within the organization.
CURRENT AFFAIRS : DEFENCE NEWS
Defence Research and Development Organisation Introduces Indigenous Light Tank Named Zorawar
- The Defence Research & Development Organization (DRDO) unveiled the “Zorawar” Light Tank at its facility in Hazira, Gujarat to propel indigenization and modernization efforts of the Indian armed forces.
Key Highlights :
- Collaboration and Development:The Light Tank was developed as a public-private venture with DRDO collaborating with Larsen & Toubro (L&T).
- The 25-ton vehicle was designed and developed in a record time of 2 years.
- Strategic Need:The need for light tank platforms was identified during the Galwan Valley standoff with Chinese military forces.
- Light tanks are effective in high-altitude regions, offering suitable firepower and great mobility.
- Response to Chinese Deployment:The Zorawar Light Tank is a response to Chinese Type 15 Light Tanks deployed in Ladakh during the standoff.
- Tribute to General Zorawar Singh:The tank is named “Zorawar” to honor General Zorawar Singh of the Dogra Dynasty of Jammu.
- General Zorawar Singh is known for his successful conquests in Ladakh and Baltistan, earning titles like “Napoleon of India” and “Conqueror of Ladakh.”
- Technical Specifications:The prototype is powered by a 750 HP Cummins Engine, which will be replaced by a domestically developed engine in future units.
- It features a sophisticated 105mm rifled cannon-fitted turret designed by John Cockerill, a Belgium-based firm.
- The tank has a power-to-weight ratio of at least 30 hp/ton, ensuring improved mobility and integration with drones and battle management systems.
- Future Integrations and Features:The Zorawar Light Tank will be integrated with more systems as development progresses, including:
- Laser Warning Receivers (LWRs)
- Active Protection System (APS)
- Counter-Unmanned Aerial Systems (C-UAS)
- These integrations aim to fulfil Indian military requirements for over 350 light tanks under the Buy Indian-IDDM (Indigenously Designed, Developed and Manufactured) category.
- Development and Trials:The tank will undergo multiple trials over the next 12 to 18 months.
- The projected timeline for development completion is 2027.
- After completion, the tank will be ready for induction and deployment, particularly in high-altitude zones like Ladakh, Sikkim, or Kashmir.
- The Zorawar Light Tank is amphibious and can cross rivers, canals, and other water bodies.
- Current Tank Inventory and Limitations:The Indian Army currently operates three types of main battle tanks:
- Russian T-90 “Bhisma”
- T-72 “Ajeya”
- Indigenously developed “Arjun”
- These tanks have limitations in high-altitude regions, highlighting the need for a light tank.
- Historical Context:The Indian Army previously operated Russia-made PT-76 Light Tanks, which served during the 1971 Indo-Pak war.
- New Developments:Meanwhile, DRDO has taken up a project to develop a new power pack for the light tank as a new 1400 HP engine is also under development for the Arjun Mk1A main battle tank.
Recent News :
- In June 2024, The DRDO handed over the Medium Range-Microwave Obscurant Chaff Rocket (MR-MOCR) to the Indian Navy at a ceremony held in New Delhi.
About DRDO :
- Formed : 1958
- Headquarters : New Delhi,India
- Chairman : Sameer V. Kamat
- The DRDO is an agency under the Department of Defence Research and Development in the Ministry of Defence of the Government of India.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Chinese Geologists Discover Two New Niobium-Scandium Minerals, Oboniobite and Scandio-fluoro-eckermannite, in Northern China
- Chinese geologists have discovered two new niobium-scandium minerals named Oboniobite and Scandio-fluoro-eckermannite.
- The discovery was made at the Bayan Obo deposit in the Inner Mongolia Autonomous Region.
Key Highlights :
- Institutions Involved:The discovery was announced by the Chinese Academy of Sciences (CAS).
- It was a collaborative effort involving the CAS Institute of Geology and Geophysics, Inner Mongolia Baotou Steel Union Company., Limited., Baotou Research Institute of Rare Earths, and Central South University.
- Importance of Niobium and Scandium:Both niobium and scandium are extremely rare and strategically critical metals.
- Niobium Uses: Primarily used in special steels, superconducting materials, and aerospace industries.
- Scandium Uses: Widely used in aluminium-scandium alloys and solid oxide fuel cells.
- Applications and Significance:The new minerals contain valuable elements with significant applications in new materials, new energy, information technology, aerospace, national defence, and the military industry.
- These discoveries are of great significance to China’s economic and social development.
- Historical Context:Since1959, 18 new minerals have been discovered in the Bayan Obo deposit.
- Oboniobite and Scandio-fluoro-eckermannite are the 19th and 20th minerals discovered in this deposit, as stated by Li Xiao.
About Chinese Academy of Sciences :
- Established : 1 November 1949
- Location : Beijing, China
- President : Hou Jianguo
- The CAS is the national academy for natural sciences and the highest consultancy for science and technology of the People’s Republic of China.
CURRENT AFFAIRS : OBITUARIES
Veteran Actress Smriti Biswas, Known for Hindi, Bengali, and Marathi Cinema, Passed Away
- Smriti Biswas, a veteran actress known for her roles in Hindi, Bengali, and Marathi cinema, passed away at the age of 100 in Nashik, Maharashtra.
About Smriti Biswas :
- Born on February 17, 1924, Biswas celebrated her 100th birthday earlier this year before her passing.
- She began her acting career at the age of 10 as a child actress in the Bengali film ‘Sandhya.’
- Biswas had a distinguished career spanning three decades from the 1930s to the 1960s.
- She collaborated with renowned filmmakers such as Guru Dutt, V Shantaram, Mrinal Sen, Bimal Roy, BR Chopra, and Raj Kapoor.
- She shared the screen with legendary actors including Dev Anand, Kishore Kumar, and Balraj Sahni.
- She appeared in notable films like those by Guru Dutt, V Shantaram, Mrinal Sen, Raj Kapoor, Dev Anand, and Kishore Kumar.
- Her last Hindi film was ‘Model Girl’ in 1960.
Oscar-winning producer of Titanic and Avatar, Jon Landau, Passed Away
- Jon Landau, an Oscar-winning producer who worked closely with director James Cameron on three of the biggest blockbusters of all time, Titanic and two Avatar films, has Passed away at the age of 63.
About Jon Landau :
- Jon was born on July 23, 1960,in New York City, United States (US).
- He began his career in the 1980s as a production manager in the film industry.
- He worked his way up to become a co-producer on films such as “Honey I Shrunk the Kids” and “Dick Tracy.”
- His notable collaboration with James Cameron began with “True Lies” and extended to blockbuster films like “Titanic” (1997) and the “Avatar” series, starting in 2009 with sequels continuing, including “Avatar: The Way of Water” released in 2022.
- At just 29 years old, he was named Executive Vice President of Feature Films at 20th Century Fox, where he oversaw successful movies like “Home Alone,” its sequel, “Mrs. Doubtfire,” and “True Lies.”
- Achievements : Landau won an Academy Award for Best Picture for producing James Cameron’s disaster film Titanic (1997)
- His career peaked with “Titanic,” which not only became the first film to surpass $1 billion in global box office but also won 11 Oscars, including Best Picture.
Daily CA One- Liner: July 9
- The Union Law Ministry is advancing efforts to leverage Artificial Intelligence (AI) for translating Central legislation into Indian languages, potentially operational by December
- Packaged food manufacturers will review the Food Safety and Standards Authority of India’s (FSSAI) proposed amendments on nutritional information labelling and plan to submit their feedback
- India is on the verge of finalising a significant agreement with Zambia to enhance geological mapping and mineral exploration in the resource-rich African nation
- A five-member Indian delegation from the Department of Administrative Reforms and Public Grievances (DARPG) arrived in Colombo, Sri Lanka, for a three-day visit.
- Tamil author Sivashankari has been honoured with the prestigious Dr. C. Narayana Reddy National Literary Award by the Sushila Narayana Reddy Trust for her significant contributions to Tamil literature
- The Delhi State Kabaddi Association has officially announced the launch of the inaugural Delhi Kabaddi League, aiming to captivate fans across the national capital
- World number two Fabiano Caruana successfully defended his Superbet Classic title by winning all three rapid games in a thrilling four-way tiebreaker
- Ukraine’s Yaroslava Mahuchikh set a new world record in the women’s high jump at the Paris Diamond League, clearing 10 meters and breaking a record that had stood since 1987
- Dhruv Sitwala and Anupama Ramachandran emerged victorious in the men’s billiards and women’s snooker categories respectively at the Asian championships held in Riyadh, Saudi Arabia
- Lewis Hamilton secured his 104th career victory in an emotional and long-awaited triumph at the British Grand Prix
- Greenko, a leading renewable energy company in India, is restructuring its overseas liabilities by prepaying over $1 billion of dollar bonds maturing next year through funds from the National Bank for Financing Infrastructure and Development (NABFID).
- The Reserve Bank of India (RBI) cancelled the licence of ShimshaSahakara Bank Niyamitha, Maddur, Mandya District, Karnataka, due to its worsening financial position.
- The Reserve Bank of India (RBI) cancelled the licence of Banaras Mercantile Co-operative Bank Limited, Varanasi, Uttar Pradesh (UP), due to inadequate capital and earning prospects.
- ICICI Lombard General Insurance Company Limited, a private general insurer in India, has launched ‘Elevate’, a new health insurance product equipped with Artificial Intelligence (AI) technology.
- Bandhan Bank’s board of directors appointed Ratan Kumar Kesh as the interim Managing Director (MD) and Chief Executive Officer (CEO).
- Keir Starmer, leader of the Labour Party, has been appointed as the United Kingdom’s 58th Prime Minister, succeeding Rishi Sunak.
- Senior politician K. Keshava Rao,who joined the Congress recently from the Bharat Rashtra Samiti (BRS), has been appointed as Adviser to the Telangana Government (Public Affairs) with Cabinet status.
- South African Revenue Services (SARS) Commissioner Edward Kieswetter has been re-elected as the chairperson of the World Customs Organisation (WCO) for a second one-year term (2024-2025).
- The Defence Research & Development Organization (DRDO) unveiled the “Zorawar” Light Tank at its facility in Hazira, Gujarat with an aim to propel indigenization and modernization efforts of the Indian armed forces.
- Chinese geologists have discovered two new niobium-scandium minerals named Oboniobite and Scandio-fluoro-eckermannite.
- Smriti Biswas, a veteran actress known for her roles in Hindi, Bengali, and Marathi cinema, passed away at the age of 100 in Nashik, Maharashtra.
- Jon Landau, an Oscar-winning producer who worked closely with director James Cameron on three of the biggest blockbusters of all time, Titanic and two Avatar films, has Passed away at the age of 63.
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