Daily Current Affairs August 11 & 12 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Proposes Public Repository for Digital Lending Apps to Tackle Unauthorised Players

• The Reserve Bank of India (RBI) proposed to create a public repository of digital lending apps (DLAs) in a bid to address the problems arising from mushrooming unauthorised players in the segment.
• Aim : To help customers verify the legitimacy of DLAs and their association with Regulated Entities (REs)

Key Highlights :

• Data Submission and Updates : The repository will be based on data submitted by the REs (without any intervention by RBI) directly to the repository and will get updated as and when the REs report the details, i.e., addition of new DLAs or deletion of any existing DLA.
• Identification of Legal vs. Illegal Apps : The repository will enable borrowers to identify whether the lending app is illegal or legal.
• Guidelines Issued in September 2022 : In September 2022, the RBI came out with guidelines on digital lending aimed at protecting customers from unethical business practices, such as mis-selling, breach of data privacy, unfair business conduct, charging of exorbitant interest rates, adopted by digital lenders.
• Compliance Requirements for Regulated Entities : The RBI asked the regulated entities to ensure that Lending Service Providers (LSPs) and DLAs comply with the guidelines.
• As per the guidelines, the regulated entities will have to
• Disclose upfront the rate charged to the borrower of a digital loan,
• Ensure that borrowers are aware of the products at the time of onboarding
• Capture the economic profile of the borrowers before offering the loans.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

Reserve Bank of India Releases Draft Guidelines to Streamline Onboarding and Monitoring of Aadhaar Enabled Payment System (AePS) Operators to Combat Fraud

• The Reserve Bank of India (RBI) released draft guidelines for streamlining the onboarding and monitoring of Aadhaar Enabled Payment System (AePS) operators to counter frauds perpetuated through the ecosystem.

Key Highlights :

• Compliance Timeline : Banks and the National Payments Corporation of India (NPCI) are required to comply with these directions within three months from the date of issue of the guidelines.
• Due Diligence Requirements : Acquiring banks, which onboard AePS touchpoint operators, will be required to carry out due diligence in the form of Know Your Customer (KYC) guidelines for all the operators they take onboard.
• These banks will be required to update the KYC of the operators if they have not performed a single financial transaction for a continuous period of 6 months.
• It will be the responsibility of the NPCI and acquiring banks to ensure that only one bank takes onboard a particular touchpoint operator.
• Operational Restrictions : Each AePS touchpoint operator can only be onboarded by one acquiring bank.
• This measure is intended to simplify the oversight and ensure accountability.
• As part of ongoing due diligence, acquiring banks should continuously monitor the activities of AePS touchpoint operators.
• AePS Functionality : AePS is a payment system in which transactions are enabled through an individual’s Aadhaar number and biometrics, or OTP (One-Time Password) authentication.
• AePS enables basic banking services such as cash withdrawal, balance enquiry, mini statement, cash deposit, and fund transfer.
• According to the RBI, Banks and NPCI shall ensure compliance to these directions within three months from the date of issue.
• The three key components of KYC (Know Your Customer) are:

1. Customer Identification: Verifying the identity of the customer through documents such as passports, driver’s licenses, and utility bills.
2. Customer Due Diligence (CDD): Assessing the customer’s risk profile by gathering and evaluating information on their financial background and business activities.
3. Ongoing Monitoring: Continuously monitoring customer transactions and activities to detect and prevent suspicious behavior or financial crimes.

• KYC (Know Your Customer) involves verifying a customer’s identity through documents to confirm they are who they claim to be.
• Due Diligence goes beyond basic identification, involving a deeper investigation into a customer’s financial background, business activities, and risk profile to prevent financial crimes and ensure regulatory compliance.
• Applicable Entities : These guidelines are applicable to – All Scheduled Commercial Banks including RRBs /, Urban Cooperative Banks / State Cooperative Banks / District Central Cooperative Banks / National Payments Corporation of India (NPCI)

Reserve Bank of India Issues Master Directions on Cyber Resilience and Digital Payment Security Controls for Non-Bank Payment System Operators

• The Reserve Bank of India (RBI) has released Master Directions on ‘Cyber Resilience and Digital Payment Security Controls’ for non-bank payment system operators (PSOs).
• These Directions aim to improve the safety and security of the payment systems operated by PSOs by providing a framework for overall information security preparedness with an emphasis on cyber resilience.
• The provisions of these Directions shall apply to all authorised non-bank PSOs.

Key Highlights :

• The master circular, issued on ‘cyber resilience and digital payment security controls,’ stipulates a compliance structure and sets different timelines for PSOs based on size.
• Compliance Timelines:
• Large Non-Bank PSOs: Must comply by April 1, 2025. Includes:
• Clearing Corporation of India Limited (CCIL)
• National Payments Corporation of India (NPCI)
• Bharat Bill Payment Operating Units (BBPOUs)
• Payment Aggregators (PAs)
• Non-bank ATM Networks
• White Label ATM Operators (WLAOs)
• Large PPI Issuers
• Trade Receivables Discounting System (TReDS)
• Medium Non-Bank PSOs: Must comply by April 1, 2026. Includes:
• Cross-border (in-bound) Money Transfer Operators under the Money Transfer Service Scheme (MTSS)
• Medium PPI Issuers
• Small Non-Bank PSOs: Must comply by April 1, 2027. Includes:
• Small PPI Issuers
• Instant Money Transfer Operators
• Reporting Requirements: Non-bank PSOs are required to promptly inform the RBI of any unusual incidents, including:
• Cyber-attacks
• Outages of critical systems
• Infrastructure issues
• Internal fraud
• Settlement delays
• PSOs must also report cybersecurity incidents to CERT-In (Computer Emergency Response Team – India).

Reserve Bank of India Proposes Alternative Authentication Methods for Digital Payments, Including PIN, Biometrics, and Software Tokens

• The Reserve Bank of India (RBI) proposed alternate methods of additional factor authentication (AFA) for digital payments including password, PIN, software tokens and biometrics like fingerprints.
• Traditionally, SMS-based OTP (One-Time Password) has been the primary method for AFA.
• However, advancements in technology now offer alternative methods.

Key Highlights :

• The RBI has prioritised securing digital payments, emphasising the need for an Additional Factor of Authentication (AFA) when making payments. Authentication did not require any particular criteria.
• As per the draft, “Factor of Authentication: Any credential input by the customer which is verified for the purpose of confirming the originator of a payment instruction.
• The factors of authentication are broadly categorised as below:
• Something the user knows (such as password, passphrase, PIN)
• Something the user has (such as card hardware or software token)
• Something the user is (such as fingerprint or any other form of biometrics).”
• AFA Requirement : Unless otherwise specified in this framework, all-digital payment transactions will be verified through the use of an AFA.
• Compliance Timeline : All Payment System Providers and Payment System Participants (banks and non-banks) shall ensure compliance with this framework within three months from the date of issue of these directions.
• Legal Basis: These directions are issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems (PSS) Act, 2007 (Act 51 of 2007).
• Exemptions from AFA: Small value card-present transactions up to ₹5,000 in contactless mode at Point of Sale (PoS) terminals.
• Transactions for:
• Subscription to mutual funds
• Payment of insurance premiums
• Credit card bill payments, up to ₹1 lakh
• Other categories, up to ₹15,000
• Digital toll payments
• Offline payments up to ₹500

Reserve Bank of India Proposes Guidelines for Managing Model Risks in Credit Regulation

• The Reserve Bank of India (RBI) proposed to lay down principles for management of model risks in credit for banks and other regulated entities with a view to ensuring prudence and robustness.
• Regulated Entities (REs) generally use various models as part of their credit management, including for credit appraisal, borrower scoring, pricing, and risk management, among others.

Key Highlights :

• Board-Approved Policy:REs must have a Board-approved policy for the model risk management framework, covering the entire model life cycle.
• The policy should include governance and oversight, model development/selection, documentation, independent validation, change control, and monitoring/reporting.
• It should also cover independent vetting / ongoing validation or review processes; change control; and the monitoring and reporting framework including role of internal audit function.
• Credit Decisions : Credit decisions, for the above purpose, shall cover all decisions involved in management of a credit exposure and may inter alia include credit scoring and borrower selection; pricing of loans; risk analysis of various loan categories; estimating loan loss provisions and economic capital.
• Definition of Credit risk model : Credit risk model refers to any quantitative method that applies statistical, economic, financial, or mathematical principles and assumptions to process data into an output to be used for credit decisions.
• The models used by REs may either be developed internally or sourced from external third-party suppliers, including under collaborative lending arrangements, or can be a mix of both as per the provisions of the policy.
• Model Validation : Each model should be validated before deployment as well as after any subsequent amendments owing to material events or as part of periodic reviews, which shall be at least on a yearly basis.
• Implementation Timeline : The central bank laid down detailed guidelines on it which will come into force in three months.
• The lenders already using credit models need to align those with the guidelines within six months from now.
• Legal and Regulatory Basis : The guidelines have been issued under Sections 21, 35A and 56 of the Banking Regulation Act, 1949, Sections 45JA, 45L and 45M of the Reserve Bank of India Act, 1934, and Sections 30A, 32 and 33 of the National Housing Bank Act, 1987.
• Applicability :The above guidelines are applicable on All Commercial Banks (including Regional Rural Banks and Local Area Banks), All Primary (Urban) Co-operative Banks, All State Cooperative Banks & Central Cooperative Banks, All Non-Banking Financial Companies (including Housing Finance Companies), All All-India Financial Institutions.

Reserve Bank of India Monetary Policy Committee Proposes New Process to Accelerate Cheque Clearance to a Few Hours

• The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has proposed clearing cheques in just a few hours, broadening efforts to improve customer service at banks.
• Cheques will be scanned, presented, and passed in a few hours and on a continuous basis during business hours.
• Currently, Cheque Truncation System (CTS) processes cheques with a clearing cycle of up to two working days.
• The move aims to improve the efficiency of cheque clearing and reduce settlement risk for participants.
• The objective of the measure is to enhance customer experience.

What is Cheque Truncation System (CTS)?

• Cheque Truncation System is the process of stopping the flow of the physical cheque issued by a drawer at some point by the presenting bank en-route to the paying bank branch.
• In its place an electronic image of the cheque is transmitted to the paying branch through the clearing house, along with relevant information like data on the MICR band, date of presentation, presenting bank, etc.
• CTS-2010 Standards : Only CTS-2010 standards compliant instruments can be presented for clearing through CTS.
• CTS-2010 standards contain certain benchmarks towards achieving standardization of cheques issued by banks across the country.
• These include provision of mandatory minimum-security features on cheque forms like quality of paper, watermark, bank’s logo in invisible ink, void pantograph, etc.
• Implementation Timeline : Banks have been advised to issue only CTS 2010 standard compliant cheques from September 30, 2012. Earlier, there were separate clearing sessions for non-CTS cheques.As of now, non-CTS cheques cannot be presented in CTS.
• Banks have been advised to withdraw the non-CTS cheques from the customers.
• However, non-CTS cheques remain to be valid as a negotiable instrument.
• CTS Features : CTS enables fast and cheap realisation of funds to customers as compared to traditional mechanisms.
• Under grid-based CTS clearing, all cheques drawn on bank branches falling within the grid jurisdiction are treated and cleared as local cheques.
• CTS Implementation Locations : CTS has been implemented in New Delhi, Chennai, and Mumbai with effect from February 1, 2008, September 24, 2011, and April 27, 2013 respectively.
• Cheque Imaging : There are three images of each cheque that are taken in CTS – front Gray Scale, front Black and White and back Black and White.
• Customers should use image friendly coloured ink to write cheques to facilitate clear image of written information.

Bank Locker Rules: Allowed and Banned Items, Bank Responsibilities, and Locker Usage Guidelines

• Bank lockers provide a secure way to store valuable items, but there are specific guidelines on what can and cannot be kept inside them.
• The bank is responsible for losses due to its own negligence or fraudulent actions, with compensation up to one hundred times the annual locker rent in such cases.

Key Highlights :

• Permitted Items : Under the updated bank locker agreement, you are allowed to store valuable items such as jewellery, important documents, property papers, birth or marriage certificates, insurance policies, savings bonds, and other confidential materials in bank lockers.
• Prohibited Items : The revised guidelines specify that cash and currency are not permitted in bank lockers.
• Additionally, you cannot store arms, weapons, drugs, explosives, or contraband items.
• The lockers are also not suitable for perishable goods, radioactive materials, illegal substances, or hazardous materials.
• Bank Responsibilities : Banks are held accountable for losses resulting from their own failures, negligence, or fraudulent actions by employees.
• In such cases, the bank is required to compensate the customer with an amount equivalent to one hundred times the annual locker rent. For example, if the annual rent is Rs 4,000, the bank’s liability would be up to Rs 4 lakh.
• Rules for Locker Access Post-Death : The updated rules in case of death are: If a nominee has been appointed, they will be granted access to and allowed to remove the contents of the locker after the locker holder’s death.
• For lockers held jointly with joint operation instructions and appointed nominees, the bank will allow the nominees to operate and remove contents jointly.
• Eligibility for Locker :
• Individuals: Can open lockers singly or jointly.
• Entities: Limited companies, firms, and trusts.
• NRIs: Eligible if they have existing lockers at Indian banks.

PSU Banks’ Fraud Compensation Surges More Than Threefold to Rs 140 Crore

• Public sector banks’ compensation for frauds and electronic frauds increased over three-fold to Rs 140 crore in FY 2023-24, compared to Rs 42.70 crore in the previous fiscal year.

Key Highlights :

Top Compensators:

• Union Bank of India led with Rs 74.96 crore in compensation payments.
• Bank of India paid Rs 20.38 crore.
• Indian Bank paid Rs 16.16 crore.
• In FY 2023, the Union Bank of India was the highest compensator with Rs 12.18 crore, followed by the Central Bank of India with Rs 11.68 crore.
• RBI Guidelines on Customer Liability: In July 2017, RBI issued guidelines to limit customer liability for unauthorized electronic transactions.
• As per these instructions, a customer has zero liability if the unauthorised transaction occurs on account of contributory fraud or negligence/deficiency on the part of the bank.
• Fraud Cases Surge: The number of reported fraud cases increased to 36,075 in FY 2024, a nearly 300% rise from 9,046 cases in FY 2022.
• Decrease in Fraud Amount: According to RBI’s annual report, despite the increase in cases, the total amount involved in frauds decreased from Rs 45,358 crore in FY 2022 to Rs 13,930 crore in FY 2024.

DBS Bank India Launches ‘DBS Golden Circle’, a Premium Banking Program for Senior Citizens

• DBS Bank India has announced the launch of ‘DBS Golden Circle’, a comprehensive priority banking program meticulously designed to cater to the unique needs of senior citizens.
• This program offers a suite of exclusive benefits and services, making banking simpler and more rewarding for resident Indian citizens aged 60 years and above.

Key Highlights :

• Exclusive Benefits:The program includes exclusive benefits such as attractive interest rates on savings accounts and fixed deposits.
• Senior citizens can earn up to 7% per annum on savings account balances between INR 4 lakhs and INR 5 lakhs.
• Fixed Deposit Rates:Enhanced interest rates of 0.50% per annum are offered on fixed deposits with tenures ranging from 376 to 540 days.
• Cyber Insurance Coverage:The program provides cyber insurance coverage of up to Rs 1,00,000 to enhance security.
• 30th Anniversary:The launch of ‘DBS Golden Circle’ coincides with DBS Bank India’s 30th anniversary, reflecting the bank’s ongoing commitment to the Indian market.

About DBS Bank India :

• Founded: 1994
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Surojit Shome
• Tagline : Live more, Bank less

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister Piyush Goyal Intzroduces Diamond Imprest Licence at IIJS 2024

• Union Minister of Commerce & Industry, Shri Piyush Goyal, announced the introduction of the Diamond Imprest Licence during an interactive session at the 40th edition of the India International Jewellery Show (IIJS) 2024.
• The event, organized by the Gem & Jewellery Export Promotion Council (GJEPC), is being held at the Bombay Exhibition Centre (BEC), NESCO, Goregaon, from August 9 to 13, 2024.

Key Points:

• Introduction of Diamond Imprest Licence:
  • Aimed at benefiting MSME exporters, who constitute a significant portion of India’s gem and jewellery export sector.
  • Allows Indian diamond exporters with a certain export turnover threshold to import at least 5% of the average export turnover of the preceding three years, creating a level playing field for MSME exporters against larger competitors.
  • The initiative aims to prevent the flight of investments from Indian diamantaires to diamond mining destinations abroad.
• Impact on the Industry: The introduction of this licence comes after the Union Budget’s reduction of duty rates on gold, silver, and platinum, which was affecting the gem and jewellery industry and job creation.

About GJEPC:

• The Gem & Jewellery Export Promotion Council (GJEPC) was established by the Ministry of Commerce, Government of India, in 1966.
• It is one of several Export Promotion Councils (EPCs) created to enhance India’s export potential, especially as the nation began to make significant inroads into international markets post-independence.

Union Railway Minister Ashwini Vaishnaw Introduces Railways (Amendment) Bill, 2024

• Union Railway Minister Ashwini Vaishnaw introduced the Railways (Amendment) Bill, 2024 in the Lok Sabha.
• This Bill aims to grant statutory powers to the Railway Board and enhance its functioning and independence.

Key Points:

• Objective of the Bill:
  • The Railways (Amendment) Bill, 2024 seeks to integrate provisions from the Indian Railway Board Act, 1905 into the Railways Act, 1989, providing statutory powers to the Railway Board.
  • The goal is to streamline and enhance the functioning and independence of the Railway Board by simplifying the legal framework.
• Historical Context:
  • The railways network was initially part of the Public Works Department before independence. As the network expanded, the Indian Railways Act of 1890 was established to facilitate the functioning of railway entities.
  • The Railway Board Act of 1905 created a separate railway organization, distinct from the Public Works Department.
  • In 1989, the Railways Act was enacted, repealing the Indian Railways Act of 1890, but the Railway Board continued to operate under executive decisions without statutory backing.
• Purpose of the Amendment:
  • The amendment aims to consolidate legal provisions by incorporating the 1905 Act’s proposals into the 1989 Act, reducing the need to reference multiple laws.

Home Ministry Clarifies Document Requirements for Citizenship Amendment Rules

• The Home Ministry has issued a clarification regarding Schedule-IA of the Citizenship Amendment Rules, which specifies the documents applicants can use to prove their citizenship status from Bangladesh, Pakistan, or Afghanistan.
• This clarification was communicated to the Directorate of Census via a letter dated July 8.

Key Points:

• Document Acceptance Clarification:
  • Applicants can now use any document issued by the state or central government, or by any judicial or quasi-judicial authority in India, to prove that they or their ancestors were citizens of Bangladesh, Pakistan, or Afghanistan.
• Reason for Clarification:
  • The Home Ministry received numerous queries about what types of documents would be accepted under Sr. No. 8 of Schedule IA of the Citizenship Rules, 2024.
• Specific Requirement in Schedule IA:
  • The eighth entry in Schedule IA specifies that applicants must provide documents showing that their parents, grandparents, or great-grandparents were or are citizens of Afghanistan, Pakistan, or Bangladesh.

Union Cabinet Approves PMAY-U-2 and PMAY-G Extension for Enhanced Housing

• The Union Cabinet has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U)-2, which aims to construct 1 crore houses for urban poor and middle-class families over the next five years.
• The scheme also includes an extension of the Pradhan Mantri Awas Yojana – Gramin (PMAY-G) for rural housing.

Key Points:

• PMAY-U-2 Approval:
  • Objective: To provide financial assistance for the construction, purchase, or rental of houses for 1 crore urban poor and middle-class families within five years.
  • Government Assistance: A total of Rs 2.30 lakh crore will be allocated under PMAY-U-2.
  • Total Investment: Rs 10 lakh crore is projected for the scheme, aiming to address the housing needs of 1 crore families and enhance their quality of life.
  • Previous Achievements: Under the previous PMAY-U phase, 1.18 crore houses were sanctioned, with over 85.5 lakh houses already constructed and delivered.
• PMAY-G Extension:
  • Objective: To provide financial assistance for constructing 2 crore additional houses during FY 2024-25 to 2028-29.
  • Unit Assistance: Rs 1.20 lakh for plain areas and Rs 1.30 lakh for North Eastern Region States, Himachal Pradesh, Uttarakhand, Jammu and Kashmir, and Ladakh.
  • Completion Target: The extension will complete the remaining 35 lakh houses from the previous phase, achieving the cumulative target of 2.95 crore houses.
  • Benefit: The construction of 2 crore more houses under PMAY-G is expected to benefit nearly 10 crore individuals.

Cabinet Committee on Economic Affairs Approves Major Railway Projects

• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved eight railway projects with a total estimated cost of Rs 24,657 crore.
• The projects span across 14 districts in seven states: Odisha, Maharashtra, Andhra Pradesh, Jharkhand, Bihar, Telangana, and West Bengal.

Key Points:

• Project Scope:
  • The approved projects cover key railway routes, including:
    • Gunupur-Therubali Line and Junagarh-Nabrangpur Line in Odisha
    • Malkangiri-Pandurangapuram Line connecting Odisha, Andhra Pradesh, and Telangana
    • Buramara-Chakulia Rail Route in Jharkhand, West Bengal, and Odisha
    • Bikramshila-Katareah Rail Route in Bihar
    • Jalna-Jalgaon Project in Maharashtra, which will enhance rail connectivity to the Ajanta Caves (a UNESCO World Heritage site)
  • Development Impact:
    • The projects will significantly boost development in aspirational districts and tribal areas.
    • They are designed to facilitate the transportation of key commodities such as agricultural products, fertilizers, coal, iron ore, steel, and cement.
  • Capacity and Environmental Benefits:
    • The capacity augmentation will support an additional freight traffic of 143 Million Tonnes Per Annum.
    • Railways, being an environment-friendly and energy-efficient mode of transportation, will help achieve climate goals and reduce logistics costs.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Nepal Collaborate to Launch Munal Satellite

• The Ministry of External Affairs (MEA) of India and NewSpace India Limited (NSIL), the commercial arm of ISRO, signed an agreement to assist in launching the Nepal-built Munal satellite.
• Munal is an indigenous satellite developed in Nepal under the guidance of the Nepal Academy of Science and Technology (NAST).

Key Points:

• Collaboration for Satellite Launch: The agreement between MEA and NSIL aims to support the launch of the Monal satellite, developed in Nepal.
• Development and Purpose: The satellite is a product of collaboration between Nepalese students and Antarikchya Pratishan Nepal (APN), a Nepalese space startup. It is designed to build a vegetation density database of the Earth’s surface.
• Key Signatories and Attendees:
  • The Memorandum of Understanding (MoU) was signed by Anurag Srivastava, Joint Secretary (North) from MEA, and Arunachalam A, Director from NSIL.
  • Other attendees included Rabindra Prasad Dhakal, Secretary of NAST, Surendra Thapa, Chargé d’affaires of the Nepali Embassy, and Abhas Maskey, Founder of APN.
• Witnessed by External Affairs Minister: During the visit of External Affairs Minister S. Jaishankar to Nepal, he co-chaired the 7th Joint Commission meeting and witnessed the exchange of the Launch Service Agreement for the Munal satellite between NSIL and NAST on January 4.

GAIL and RRVUNL Sign MoU to Explore Joint Venture for Gas-Based Power Plants and Renewable Projects

• State-run GAIL has signed a Memorandum of Understanding (MoU) with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) to explore the transfer of RRVUNL’s gas-based power plants into a proposed joint venture company (JVC).
• This development is crucial for enhancing power reliability during peak consumption periods.

Key Points:

• MoU Objectives:
  • Gas-Based Power Plants: The MoU aims to explore transferring RRVUNL’s gas-based power plants in Dholpur and Ramgarh to a JVC between GAIL and RRVUNL.
  • Renewable Energy Projects: The partnership will also involve setting up approximately 1,000 megawatts (MW) of solar and wind projects to provide round-the-clock (RTC) power.
• Context and Significance:
  • Power Demand: Gas-based power generation was essential during the high-demand summer season, which saw a peak demand of 250 gigawatts (GW) in May 2024.
  • Previous Involvement: This is GAIL’s second stake in a gas-based power plant; it acquired a 26% equity stake in ONGC Tripura Power Company (OTPC) in May 2022, which operates a 726.6 MW power plant in Tripura.
• Operational and Environmental Impact:
  • Due Diligence: Detailed feasibility studies will be conducted to assess the techno-commercial viability of the proposed projects.
  • Gas Supply Network: GAIL supplies gas to various industrial and city gas distribution entities in Rajasthan, supporting green and clean energy initiatives.
• Recent Performance:
  • Capacity Utilisation: Gas-based plants recorded a capacity utilisation of 25.8% in Q1 FY25, generating 13,338.23 million units (MU), reflecting increased production and contribution to India’s power generation mix.
  • Power Generation Share: The share of gas in India’s power generation mix rose from 2% in June 2023 to 2.8% in June 2024 due to regulatory changes.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Senior IAS Officer T.V. Somanathan Appointed as Cabinet Secretary for a Two-Year Term

• The Appointments Committee of the Union Cabinet appointed senior bureaucrat T V Somanathan as the cabinet secretary of India.
• He will remain in office for a tenure of two years, starting August 30, 2024.
• He will succeed Rajiv Gauba, who is completing his five-year term in the position.

About T V Somanathan :

• Somanathan is a 1987-batch IAS officer of the Tamil Nadu cadre.
• He is currently serving as the Finance Secretary of India.
• He became the Expenditure Secretary in 2019 and was designated Finance Secretary in 2021.
• He has published over 80 papers and articles on economics and authored two books.
• He has served as Joint Secretary in the Ministry of Corporate Affairs and as a Director at the World Bank.
• Tuhin Kanta Pandey, a 1987-batch IAS officer from the Odisha cadre, is a likely candidate for the Finance Secretary position.
• Pandey, currently Secretary of the Department of Investment and Public Asset Management (DIPAM), has overseen significant transactions such as the sale of Air India and the public listing of LIC.

CURRENT AFFAIRS: SPORTS NEWS

PARIS OLYMPICS 2024:

Aman Sehrawat clinches 57kg wrestling bronze at Paris Olympics

• Indian wrestler Aman Sehrawat showcased his potential by clinching the men’s 57kg freestyle bronze medal at the Paris Olympics.
• His decisive 13-5 victory over Darian Toi Cruz in the bronze play-off injected hope into the Indian wrestling team, facing recent controversies.
• The 21-year-old U-23 world champion was the only male wrestler from India to qualify for the Paris Games, and he rose to the occasion with a stellar performance at the Champ de Mars Arena.

Key Points:

• Bronze Medal Victory: Aman Sehrawat won the bronze medal in the men’s 57kg freestyle category with a commanding 13-5 win over Darian Toi Cruz.
• Significance for India: His achievement marked India’s sixth medal at the Olympics and continued the country’s streak of winning wrestling medals at every Olympics since 2008.
• Historical Context: Sehrawat follows a legacy of Indian wrestlers, including Sushil Kumar (2008, 2012), Yogeshwar Dutt (2012), Sakshi Malik (2016), Ravi Dahiya, and Bajrang Punia (2021), who have upheld this tradition.
• Impact on Team Dynamics: While Aman succeeded, other Indian wrestlers like Antim Panghal (53kg), Anshu Malik (57kg), and Nisha Dahiya (68kg) did not reach the medal rounds. Vinesh Phogat (50kg) faced disqualification from the final due to being overweight, leading to national controversy and a legal challenge in the Court of Arbitration for Sport (CAS).

Karlos Nasar Sets New World Record in Men’s 89kg Weightlifting at Paris Olympics

• Bulgaria’s Karlos Nasar electrified the Paris Expo with a world-record-breaking performance to claim the men’s 89kg Olympic weightlifting title at the Paris Games.
• The 20-year-old lifter achieved a total lift of 404kg, surpassing his previous clean and jerk record with a final lift of 224kg, breaking the 223kg record set at the Qatar Grand Prix in Doha in 2023.
• Added to his best snatch result of 180kg, Nasar shattered China’s Li Dajin’s total record of 396kg.

Key Points:

• World Record Performance: Karlos Nasar set a new world record with a total lift of 404kg, including a 224kg clean and jerk, surpassing his previous record.
• Gold Medal Achievement: Nasar won the gold medal in the men’s 89kg weightlifting category at the Paris Olympics.
• Silver and Bronze Winners: Yeison Lopez of Colombia secured the silver medal with a total of 390kg, while Italy’s Antonino Pizzolato took bronze with 384kg.
• Lopez’s Record: Lopez, who broke the snatch world record in April with an 182kg lift, matched Nasar in the snatch but fell behind in the clean and jerk with a best lift of 210kg.
• Pizzolato’s Controversy: Pizzolato’s third clean and jerk attempt of 212kg was initially disallowed but was later accepted on appeal, securing his third-place finish.

PR Sreejesh and Manu Bhaker Announced as Flag-Bearers for Closing Ceremony of Paris 2024 Olympics

• Hockey goalkeeper PR Sreejesh and pistol shooter Manu Bhaker have been named as the joint flag-bearers for the Indian contingent at the closing ceremony of the Paris 2024 Olympic Games.
• This announcement was confirmed by the Indian Olympic Association (IOA).

Key Points:

• Flag-Bearer Announcement:
  • PR Sreejesh, the renowned hockey goalkeeper, will join Manu Bhaker, a star pistol shooter, as the flag-bearer for India at the closing ceremony of the Paris 2024 Olympics.
• IOA’s Endorsement:
  • The IOA expressed its delight in selecting Sreejesh, noting that he was both an emotional and popular choice among the IOA leadership.
• Sreejesh’s Retirement:
  • PR Sreejesh is retiring from the sport following India’s bronze medal achievement at the ongoing Games.

Sydney McLaughlin-Levrone Sets New World Record to Defend Olympic Title

• Sydney McLaughlin-Levrone solidified her dominance in the 400-meter hurdles by breaking her world record with a time of 50.37 seconds, successfully defending her Olympic title.

Key Points:

• Record Performance:
  • Time: McLaughlin-Levrone set a new world record with a time of 50.37 seconds.
  • Previous Record: She broke her own previous record of 50.65 seconds, set on June 30 at the U.S. Olympic Trials.
• Race Results:
  • Gold: Sydney McLaughlin-Levrone (USA) – 50.37 seconds
  • Silver: Anna Cockrell (USA) – 51.87 seconds (personal best)
  • Bronze: Femke Bol (Netherlands) – 52.15 seconds
• Rivalries and History:
  • Rivalry with Bol: This race was highly anticipated due to the rivalry between McLaughlin-Levrone and Femke Bol. McLaughlin-Levrone has now won all three encounters against Bol, including the Tokyo 2021 Olympics and the World Championships in Oregon (2022).
  • Bol’s Setback: Bol, who won the World Championships in Budapest last year due to McLaughlin-Levrone’s injury, finished third in this race.
• Race Dynamics:
  • McLaughlin-Levrone led from the start and finished 1.50 seconds ahead of second-place Cockrell. Her performance was a strong statement of her ongoing supremacy in the event.

CURRENT AFFAIRS : OBITUARIES

Former External Affairs Minister and Padma Vibhushan Honoree K Natwar Singh Passed Away

• Veteran Congress leader and former External Affairs Minister K Natwar Singh passed away at the age of 93 in Gurugram, near Delhi.

About K Natwar Singh :

• Born in 1931 in Bharatpur district, Rajasthan.
• In 1953, he served as India’s Deputy High Commissioner to the UK (1973-77) and then became India’s High Commissioner to Zambia in 1977.
• He also served as India’s Ambassador to Pakistan from 1980-82.
• He had also held multiple ministries earlier, serving as the Union Minister of State for Steel, Mines and Coal and Agriculture from 1985-86 in the Rajiv Gandhi government, and the Minister of State in the Ministry of External Affairs from 1986-89.
• Singh had won the elections for the first time from Bharatpur (Rajasthan) in 1984 after his switch from the Indian Foreign Services.
• Singh, however, moved away from politics in 1991 after P V Narasimha Rao became the prime minister.
• He then went on to become one of the founders of All India Indira Congress.
• He had served as the External Affairs Minister from 2004-05 as part of then Prime Minister Manmohan Singh’s Cabinet.
• He also authored several books including, ‘The Legacy of Nehru: A Memorial Tribute’ and ‘My China Diary 1956-88′ and his autobiography titled ‘One Life is Not Enough’.

Awards :

• He was also awarded the Padma Vibhushan, the highest civilian award in India after he served as the head of the preparatory committee of the Non-Alignment Summit in New Delhi in 1983.

CURRENT AFFAIRS: IMPORTANT DAYS

World Elephant Day 2024: August 12:

• World Elephant Day is an international annual event on August 12, Conceived in 2011 by Canadian filmmakers Patrica Sims and Michael Clark of Canazwest pictures and Sivaporn Dardarananda, Secretary General of Elephant Reintroduction Foundation in Thailand.
• The 2024 theme is “Personifying prehistoric beauty, theological relevance, and environmental importance”.
• It was officially launched on August 12, 2012.
• The first World Elephant Day was held on 12 August 2012.
• The film “RETURN TO THE FOREST” narrated by William Shatner was released on the inaugural of World Elephant Day.
• World Elephant day is an international organization founded by the Elephant Reintroduction Foundation and world elephant society that helps to spread awareness to protect and preserve elephants.
• The world elephant day website was designed and maintained by Canazwest pictures. World Elephant Day was founded in November 2015 to support elephant conservation worldwide.
• This day is marked to raise awareness to ban the illegal hunting and poaching of the wild beasts. World Elephant Day is dedicated to elephant lives and protection.

International Youth Day 2024: August 12

• International Youth Day is observed annually all over the world on August 12.
• The theme for 2024 is ‘From Clicks to Progress: Youth Digital Pathways for Sustainable Development.’
• United Nations General Assembly (UNGA) and Economic and Social Council focus on three themes called Participation, development and peace.
• United Nations passed a resolution for creating the International Youth day in 1999 at the United Nations General Assembly (UNGA).
• With the recommendation of the World Conference of Ministers, this day came into existence and they declared August 12 as International Youth day.
• The first International Youth Day was observed on 12th August 2000.
• During International youth day several events, workshops, cultural events, and meetings are organized around the world by national, and local government officials, and youth organizations.

Daily CA One- Liner: August 11 & 12

• Union Minister of Commerce & Industry, Shri Piyush Goyal, announced the introduction of the Diamond Imprest Licence during an interactive session at the 40th edition of the India International Jewellery Show (IIJS) 2024
• Union Railway Minister Ashwini Vaishnaw introduced the Railways (Amendment) Bill, 2024 in the Lok Sabha.
• The Home Ministry has issued a clarification regarding Schedule-IA of the Citizenship Amendment Rules, which specifies the documents applicants can use to prove their citizenship status from Bangladesh, Pakistan, or Afghanistan
• The Union Cabinet has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U)-2, which aims to construct 1 crore houses for urban poor and middle-class families over the next five years
• The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved eight railway projects with a total estimated cost of Rs 24,657 crore.
• The Ministry of External Affairs (MEA) of India and NewSpace India Limited (NSIL), the commercial arm of ISRO, signed an agreement to assist in launching the Nepal-built Munal satellite
• State-run GAIL has signed a Memorandum of Understanding (MoU) with Rajasthan Rajya Vidyut Utpadan Nigam (RRVUNL) to explore the transfer of RRVUNL’s gas-based power plants into a proposed joint venture company (JVC).
• Indian wrestler Aman Sehrawat showcased his potential by clinching the men’s 57kg freestyle bronze medal at the Paris Olympics
• Bulgaria’s Karlos Nasar electrified the Paris Expo with a world-record-breaking performance to claim the men’s 89kg Olympic weightlifting title at the Paris Games.
• Hockey goalkeeper PR Sreejesh and pistol shooter Manu Bhaker have been named as the joint flag-bearers for the Indian contingent at the closing ceremony of the Paris 2024 Olympic Games.
• Sydney McLaughlin-Levrone solidified her dominance in the 400-meter hurdles by breaking her world record with a time of 50.37 seconds, successfully defending her Olympic title.
• The Reserve Bank of India (RBI) proposed to create a public repository of digital lending apps (DLAs) in a bid to address the problems arising from mushrooming unauthorised players in the segment.
• The Reserve Bank of India (RBI) released draft guidelines for streamlining the onboarding and monitoring of Aadhaar Enabled Payment System (AePS) operators to counter frauds perpetuated through the ecosystem.
• The Reserve Bank of India (RBI) has released Master Directions on ‘Cyber Resilience and Digital Payment Security Controls’ for non-bank payment system operators (PSOs).
• The Reserve Bank of India (RBI) proposed alternate methods of additional factor authentication (AFA) for digital payments including password, PIN, software token and biometrics like fingerprints.
• The Reserve Bank of India (RBI) proposed to lay down principles for management of model risks in credit for banks and other regulated entities with a view to ensuring prudence and robustness.
• The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has proposed clearing cheques in just a few hours, broadening efforts to improve customer service at banks.
• Bank lockers provide a secure way to store valuable items, but there are specific guidelines on what can and cannot be kept inside them.
• Public sector banks’ compensation for frauds and electronic frauds increased over three-fold to Rs 140 crore in FY 2023-24, compared to Rs 42.70 crore in the previous fiscal year.
• DBS Bank India has announced the launch of ‘DBS Golden Circle’, a comprehensive priority banking program meticulously designed to cater to the unique needs of senior citizens.
• The Appointments Committee of the Union Cabinet appointed senior bureaucrat T V Somanathan as the cabinet secretary of India.
• Veteran Congress leader and former External Affairs Minister K Natwar Singh passed away at the age of 93 in Gurugram, near Delhi.
• World Elephant Day is an international annual event on August 12, Conceived in 2011 by Canadian filmmakers Patrica Sims and Michael Clark of Canazwest Pictures and Sivaporn Dardarananda, Secretary General of Elephant Reintroduction Foundation in Thailand.
• International Youth Day is observed annually all over the world on August 12.