Daily Current Affairs July 12 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

State Bank of India Secures Rs 10,000 Crore via Long-Term Infrastructure Bonds    

• State Bank of India (SBI) has raised ₹10,000 crore via a 15-year infrastructure bond issue at a coupon rate of 7.36%.
• This is the bank’s 2nd infrastructure bond issuance in about a fortnight, with the previous one also raising ₹10,000 crore at the same coupon rate.
• The latest bond issue, which is the bank’s 6th infrastructure bond issuance so far, received bids in excess of ₹18,145 crore and was oversubscribed by around 3.6 times against the base issue size of ₹5,000 crore.
• Purpose and Utilization:The proceeds from the bonds will be used to enhance long-term resources for funding infrastructure and the affordable housing segment.

Key Highlights :

• Investor Participation:The bank received bids from 120 investors, including provident funds, pension funds, insurance companies, mutual funds, and corporates.
• Bond Rating and Impact:The instrument is rated AAA with a stable outlook.
• The total outstanding long-term bonds issued by the bank now stand at ₹59,718 crore.
• This issuance will help develop a long-term bond curve and encourage other banks to issue bonds of longer tenor.
• SBI Infrastructure Loan Portfolio:As of March 31, 2024, SBI’s total loan outstanding to the infrastructure sector is ₹3,94,681 crore.
• The share of infrastructure loans in the bank’s total domestic advances is 12.23%.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara

Reserve Bank of India Allows Banks to Utilize Brickwork Ratings for Loans Up to ₹250 Crore

• The Reserve Bank of India (RBI) has allowed banks to use ratings by Brickwork Ratings India Private Limited for loans up to ₹250 crore.

What is a brickwork rating?

• Brickwork Ratings assigns ratings for all limits sanctioned by all banks while undertaking a bank loan rating exercise.
• The information collected from the borrower includes details of all banking facilities availed and as such one rating assignment should suffice to meet the requirements.

Key Highlights :

• Background on Brickwork Ratings:The Certificate of Registration granted to Brickwork Ratings India as a Credit Rating Agency (CRA) was cancelled by the Securities and Exchange Board of India (SEBI) in October 2022.
• Despite the cancellation, the RBI has reviewed and permitted the use of Brickwork Ratings for risk weighting claims for capital adequacy purposes under certain conditions.
• Conditions for Using Brickwork Ratings:
• Fresh rating mandates may be obtained from Brickwork Ratings for bank loans not exceeding ₹250 crore.
• For existing ratings, Brickwork Ratings can continue to undertake rating surveillance irrespective of the rated amount until the residual tenure of such loans.
• Liberalised Remittance Scheme (LRS) Norms Tweaked:The RBI has issued a circular amending norms related to remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS).
• Authorised persons can facilitate remittances for all permissible purposes under LRS to IFSCs for availing financial services or financial products as per the International Financial Services Centres Authority Act, 2019.
• Current Remittance Norms under LRS to IFSCs:
• Investments in IFSCs in securities, excluding those issued by entities/companies resident in India (outside IFSC).
• Payment of fees for education to foreign universities or foreign institutions in IFSCs for pursuing courses.

4 Public Sector Banks Present Dividend Cheques Totalling Rs 6,481 Crore to Government

• 4 public sector banks (PSBs) presented dividend cheques worth Rs 6,481 crore to Finance Minister Nirmala Sitharaman for the financial year 2023-24.
• Finance Minister Nirmala Sitharaman received dividend cheques from each bank’s managing directors (MDs) and Chief Executive Officers (CEOs).

Details of Dividend Cheques:

Bank of Baroda (BoB):

• Dividend cheque amount: Rs 2,514.22 crore
• Presented by: Shri Debadatta Chand, Managing Director & CEO.

Bank of India:

• Dividend cheque amount: Rs 935.44 crore
• Presented by: Rajneesh Karnatak, Managing Director & CEO.

Indian Bank:

• Dividend cheque amount: Rs 1,193.45 crore
• Presented by: (Managing Director & CEO not specified).

Canara Bank:

• Dividend cheque amount: Rs 1,838.15 crore
• Presented by: K Satyanarayana Raju, Managing Director & CEO.

Additional Dividend Presentation:

EXIM Bank:

• Dividend cheque amount: Rs 252 crore
• Location: Mumbai-based financial institution.

About BoB :

• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• Tagline : India’s International Bank
• CEO: Debadatta Chand

About Bank of India :

• Established : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• Tagline : Relationship Beyond Banking
• CEO: Rajneesh Karnatak

About Indian Bank :

• Founded : 15 August 1907
• Headquarters : Chennai, Tamil Nadu
• MD & CEO : Shanti Lal Jain
• Tagline : Your Own Bank/ Apka Apna Bank

About Canara Bank :

• Established : 1906
• Headquarters : Bangalore,Karnataka, India
• MD & CEO: Satyanarayana Raju
• Tagline : Together We Can

Equity Fund Inflows Surge 17% to Record Rs 40,608 Crore in June: Association of Mutual Funds of India Data

• According to the latest data released by the Association of Mutual Funds of India (AMFI), Inflows into equity mutual funds surged by 17% to Rs 40,608.19 crore (about $5 billion) in June,2024.
• This follows a record high inflow of Rs 34,697 crore in the previous month, marking an 83.42% increase.

Key Highlights :

• Assets Under Management (AUM):Mutual fund industry AUM reached Rs 16 lakh crore in June,2024 surpassing the Rs 60 lakh crore mark for the first time.
• Debt Mutual Funds:Debt mutual funds witnessed net outflows of Rs 1,07,357.62 crore in June.
• Overall, open-ended mutual funds saw net outflows of Rs 43,108.80 crore during the month.
• Meanwhile, inflows into open-ended equity funds have remained in the positive zone for the 40th month in a row.
• Systematic Investment Plans (SIPs):SIP investments rose to Rs 21,262 crore in June, up from Rs 20,904 crore in May.
• The number of new SIPs registered in June 2024 stood at 55.13 lakh, while the SIP AUM is highest ever at Rs 12.44 lakh crore for the month of June compared with Rs 11.53 lakh crore for May.
• Further, the number of SIP accounts stood at the highest ever at 8.99 crore in June against 8.76 crore in May.
• Equity Fund Inflows by Category:Sectoral/Thematic Funds received the highest inflow of Rs 22,351.69 crore, driven by NFOs collecting Rs 12,974 crore.
• Multicap funds saw a 78% increase in inflows to Rs 4,708.57 crore, while large cap funds rose by 46% to Rs 970.49 crore.
• Small Cap funds experienced a 17% decline in inflows to Rs 2,263.47 crore, and midcap funds saw a 3% decrease to Rs 2,527.84 crore.
• Fixed-Income Funds:Liquid Funds recorded net outflows of Rs 80,354.03 crore, and overnight funds saw net outflows of Rs 25,142.72 crore in June.

About AMFI :

• Established : 22 August 1995
• Location : Mumbai, Maharashtra, India
• CEO : Chalasani Venkat Nageswar
• Role: AMFI is an Indian trade association representing all SEBI-registered asset management companies (AMCs) managing mutual funds in India.
• Membership: Currently comprises 44 AMCs registered with SEBI.

Securities and Exchange Board of India Committee Increases Requirements for Retail Investors in Futures and Options Segment

• The Securities and Exchange Board of India’s (SEBI) expert working committee on derivatives trading has set the bar higher for retail investors.
• The proposals include increasing the lot sizes of futures and options (F&O) contracts, raising margins around expiry dates, and reducing the number of weekly options contracts.
• The recommendations will be discussed by Sebi’s Secondary Market Advisory Committee (SMAC) on July 15, 2024.

Key Highlights :

• SEBI’s Expert Working Committee:The committee, led by former RBI executive director G Padmanabhan, has been deliberating on the mechanisms to protect retail investors in the futures and options segment.
• The committee also includes brokers associations, officials from stock exchanges, academicians, a whole-time member (WTM) of Sebi, and others.

Proposed Changes:

• Futures and options (F&O) contracts Lot Size Increase:
• Current Lot Size: ₹5 lakh.
• Proposed Lot Size: ₹20-25 lakh.
• Margin Requirements: Increased margins around expiry dates.
• Weekly Options Contracts:
• Reduction in the number of weekly options contracts per exchange to one.
• Impact on Retail Investors:The proposed changes aim to raise margins, directly or indirectly, by increasing the minimum lot sizes.
• This move is expected to discourage smaller investors from trading in F&O.
• Participation Trends:The share of young individual traders (ages 20-30) in equity F&O has significantly increased, especially in index options and stock options.
• Participation has grown from nearly 11% in FY19 to over 35%.
• The number of individual traders in index options and stock options has risen by 8 times and 5 times, respectively, in the past 3 years.
• Rationale for Tighter Norms:The need for stricter norms for F&O has emerged due to the perceived risks it poses to household savings.

Recent News :

• In July 2024, SEBI has streamlined norms for passive funds, including index funds and Exchange Traded Funds (ETFs).

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.

SBI Economic Research Urges Government to Address Fault Lines in Insolvency and Bankruptcy Code, 2016

• According to State Bank of India’s (SBI’s) economic research department (ERD), the government needs to address the fault lines in the IBC (Insolvency and Bankruptcy Code, 2016) set-up to reduce the time taken for the corporate insolvency resolution process.
• Recoveries through IBC in FY24 were only 32% of admitted claims, with financial creditors losing 68% of their claims.
• The time taken to reach a resolution is 863 days, far exceeding the stated 330 days.

Key Highlights :

• Factors Affecting Resolution:The increase in the time taken for resolution is attributed to:
• Litigation
• Dissenting creditors
• Poor infrastructure
• Implications:These issues can dilute the spirit of the IBC, which aims to redirect resources to productive sectors while addressing insolvency issues.
• Need for Analysis:The fault lines in the IBC set-up need critical analysis, particularly from a time-bound resolution perspective, to improve the efficiency and effectiveness of the insolvency resolution process.

About IBC:

• The Insolvency and Bankruptcy Code (IBC) was passed by the Indian Parliament in 2016.
• The code consolidates and amends laws related to the reorganisation and insolvency resolution of corporate persons, partnership firms, and individuals.
• The aim is to ensure a time-bound resolution for the maximisation of asset value, promote entrepreneurship, availability of credit, and balance the interests of all stakeholders.

Paytm Receives Government Panel Approval to Invest in Its Payments Subsidiary   

• Paytm has secured approval from a government panel that oversees investments linked to China to invest ₹500 million ($6 million) in a key subsidiary, Paytm Payment Services.
• The approval still needs to be vetted by the finance ministry.
• This approval will allow Paytm Payment Services to resume normal business operations, which had been hindered.

Key Highlights :

• Revenue Contribution:Paytm Payment Services accounted for a quarter of Paytm’s consolidated revenue in the financial year ended March 2023.
• Previous Compliance Issues:A separate unit, Paytm Payments Bank, was shut down earlier this year by the central bank due to persistent compliance issues, affecting Paytm’s stock.
• Stakeholder Concern:The government panel initially withheld approval due to concerns about the 9.88% stake in Paytm held by China’s Ant Group.
• Operational Challenges:Paytm had been waiting for the government’s nod for about two years and was forbidden from taking on new customers since March 2023.
• Future Steps:Once the approval is formalised, Paytm can seek a “payment aggregator” license from the Reserve Bank of India (RBI).

About Paytm :

• Founded : August 2010
• Headquarters : Noida, Uttar Pradesh, India
• CEO : Vijay Shekhar Sharma

Muthoot Finance Chosen for Financial Action Task Force Mutual Evaluation Report 2023-24

• Muthoot Finance is the only Indian Non-Banking Financial Company (NBFC) selected for the Financial Action Task Force’s (FATF) Mutual Evaluation Report 2023-24.
• This selection highlights Muthoot Finance’s global trustworthiness and compliance with stringent financial regulations.

FATF Overview :

• The Financial Action Task Force (FATF) is a global agency formed in 1989.
• It develops policies to combat money laundering, terrorism financing, and other significant threats to the financial system.
• The FATF conducted an extensive evaluation on various parameters.
• These include actions and efforts made by Indian law enforcement agencies, leading industry bodies, banks, NBFCs, and other key market players in combating money laundering, terrorism financing, and proliferation financing.
• India’s Achievement:India achieved an outstanding outcome in the FATF Mutual Evaluation conducted during 2023-24.
• The Mutual Evaluation Report of India was adopted in the FATF plenary held in Singapore from June 26th to June 28th, 2024.
• India was placed in the ‘regular follow-up’ category, a distinction shared by only four other G20 countries: Russia, France, Italy, and the United Kingdom (UK).
• Significance:This recognition marks a significant milestone in India’s efforts to combat money laundering (ML) and terrorist financing (TF).

About Muthoot Finance :

• Founded : 1939
• Headquarters : Kochi, Kerala, India
• Managing Director : George Alexander Muthoot

Asian Development Bank and ENGIE SA Collaborate to Construct 400 MegaWatt Solar Power Plant in Gujarat, India

• The Asian Development Bank (ADB) and the ENGIE group have signed a long-term local currency loan agreement to construct and operate a 400-megawatt solar photovoltaic power plant in Surendranagar District, Gujarat, India.
• The plant aims to generate an average of 805 gigawatt-hours annually over the next 25 years, contributing significantly to India’s renewable energy goals.

Key Highlights :

• Environmental Impact:The project is expected to avoid nearly 662,441 tons of carbon dioxide emissions per year, supporting environmental sustainability efforts.
• Financing Arrangement:ADB acted as the mandated lead arranger for the loan, totaling 14.6 billion Indian rupees (~$175.9 million).
• Both ADB and the Asian Infrastructure Investment Bank (AIIB) provided3 billion Indian rupees each for the project financing.
• Government Support:The project aligns with the Government of India’s target to achieve at least 500 gigawatts of non-fossil fuel energy capacity by 2030, supporting national renewable energy objectives.
• Previous Collaboration:This project marks the second collaboration between ADB and ENGIE in India, following their financing of a 200 MW solar project in Gujarat in
• Technology and Supply Chain Impact:The solar panels for the project will use locally produced bifacial photovoltaic power modules, enhancing the diversification of India’s solar module supply chain and supporting local manufacturers.
• Implementation and Offtake:Enren Energy Private Limited, a special-purpose vehicle owned by ENGIE, will implement the project.
• Gujarat Urja Vikas Nigam Limited, a state-owned electricity distribution company, will be the sole offtaker of the solar power generated.

About Engie SA :

• Founded : 22 July 2008
• Headquarters : La Défense, Courbevoie, France
• CEO : Catherine MacGregor

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

CURRENT AFFAIRS: NATIONAL NEWS

Indian Railways And DMRC Join Hands To Promote One India-One Ticket Initiative

• The Indian Railways, Delhi Metro Rail Corporation (DMRC), and the Centre For Railway Information System (CRIS) have collaborated to launch the One India-One Ticket initiative aimed at simplifying travel for passengers.
• This initiative will benefit both main railway line passengers and commuters in the Delhi/NCR area by integrating train and metro ticketing systems.

Key Points:

1. Integrated Ticket Booking:
   • Travelers can now book metro tickets from the IRCTC website or app.
   • A token with the Delhi Metro QR code will appear on the passenger’s online train ticket upon booking.
   • This integration allows passengers to book a metro ticket while booking their train journey, eliminating the need to stand in a separate line for metro tickets.
2. Advance Booking and Validity:
   • According to DMRC, the QR code-based tickets for the Delhi metro can be booked up to 120 days in advance and will remain valid for the next four days.
   • This feature is especially useful if a train is delayed, as passengers can still use their pre-booked metro ticket.
3. Ticket Details:
   • The QR code token will be printed on the electronic slip and the electronic reservation slip of IRCTC.
   • Each QR code is specific to one passenger, ensuring individual ticketing.
4. Pilot and Launch:
   • The initiative marks the first time this collaboration has been adopted by CRIS, IRCTC, and DMRC.
   • The beta version of the application was launched on July 10.
   • IRCTC CMD Sanjay Kumar Jain and DMRC MD Vikas Kumar stated that after the beta version’s success, the regular version will be launched soon.
   • The beta version enables mainline railway passengers to book DMRC QR code tickets on the IRCTC website and the Android version of the mobile application.
5. Previous System:
   • Until now, single journey tickets for the Delhi Metro could only be booked on the day of travel and were valid for that day only.

Paradip Port Authority Sets New Record with 41.12 Million Metric Tons of Cargo Handling in First 100 Days of FY 2024-25

• Paradip Port Authority (PPA) has achieved a historic milestone in its operational history, handling an unprecedented 41.12 Million Metric Tons (MMT) of cargo within the first 100 days of the fiscal year 2024-25.
• This remarkable performance marks a 4.78% growth compared to the 39.25 MMT achieved during the same period in the previous fiscal year 2023-24.

Key Points:

1. Record Achievement:
   • PPA has set a new record by handling 41.12 MMT of cargo in the initial 100 days of FY 2024-25.
   • This achievement reflects a 4.78% growth from the 39.25 MMT handled in the same timeframe in FY 2023-24.
2. Significance and Impact:
   • This significant accomplishment underscores PPA’s critical role in bolstering India’s maritime infrastructure.
   • The port’s performance highlights its commitment to enhancing operational efficiency and capacity.
3. Leadership and Vision:
   • Under the dynamic leadership and visionary guidance of Union Minister for Ports, Shipping, and Waterways, Shri Sarbananda Sonowal, PPA has surpassed its previous benchmarks.
   • PPA Chairman, P.L. Haranadh, expressed deep gratitude to the Minister, attributing this monumental success to his unwavering support and strategic direction.
4. Commitment to Excellence:
   • This achievement showcases Paradip Port Authority’s ongoing commitment to setting new benchmarks in cargo handling.
   • PPA continues to expand its capabilities, improve its services, and support India’s maritime infrastructure.
   • The port’s efforts significantly contribute to the nation’s economic growth and development

Union Health Minister JP Nadda Chairs the First Executive Committee Meeting of the National One Health Mission

• Union Health Minister JP Nadda chaired the inaugural executive committee meeting of the National One Health Mission.
• The mission aims to achieve integrated disease control and pandemic preparedness by institutionalizing the ‘One Health’ approach.

1. Holistic Approach:

• The One Health approach focuses on the health of humans, animals, plants, and the environment holistically and sustainably.
• The mission will leverage ongoing and planned programs across various ministries and departments to foster collaborations.

2. Collaborative Efforts:

• The mission aims to address the interconnected health issues of humans, animals, and the environment by encouraging multi-sectoral partnerships.

3. Key Attendees:

• V K Paul, Member (Health) of NITI Aayog, and Principal Scientific Advisor Dr. Ajay Kumar Sood were also present at the meeting.

CURRENT AFFAIRS: BUSINESS NEWS

Farm credit target for FY25 may be set at Rs 24 trillion

• The Indian government is likely to set a target of Rs 24 trillion for agricultural credit by commercial, cooperative, and regional rural banks for the fiscal year 2024-25.
• In the previous year, the credit flows to the priority sector reached Rs 24.84 trillion, surpassing the target of Rs 20 trillion.

Key Points:

1. Credit Target and Achievement:
   • The government aims to set an agricultural credit target of Rs 24 trillion for 2024-25.
   • In 2023-24, credit flows to the priority sector were Rs 24.84 trillion, exceeding the target of Rs 20 trillion.
2. Historical Context:
   • Over the past decade, farm credit targets have consistently been surpassed.
   • The government has been addressing regional imbalances by ensuring strong credit flows to the agriculture sector.
   • Most recent years, except for 2023-24, have seen satisfactory growth rates in the agriculture sector.
3. Sectoral Growth:
   • The Gross Value Added (GVA) for agriculture and allied activities grew at 1.4% in 2023-24, the slowest rate since 2018-19.
   • In contrast, the sectoral GVA grew by 4.7% in 2022-23.
   • The lower growth in 2023-24 was due to below-normal monsoon rainfall, which affected the output of several key crops.
4. Credit to Allied Sectors:
   • In 2023-24, Rs 2.72 trillion of agricultural credit went to allied sectors such as animal husbandry, including dairy, poultry, and fisheries.
5. Regional Disparities:
   • Southern States:
     • Five southern states (Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, and Kerala) received Rs 12.5 trillion of the total loans.
     • Their share of farm credit increased from 42.6% in 2017-18 to 50.5% in 2023-24.
     • These states account for only 17% of the gross cropped area.
     • Tamil Nadu received the highest amount at Rs 4.39 trillion (17.6% of the country’s total), followed by Andhra Pradesh at Rs 2.96 trillion.
   • Northern States:
     • Five northern states (Rajasthan, Punjab, Haryana, Jammu & Kashmir, and Himachal Pradesh) received Rs 3.74 trillion (15% of total credit flow) against a 20% share in the gross cropped area.
   • Eastern Region:
     • States like Bihar, Jharkhand, Odisha, and West Bengal received Rs 2.11 trillion (8.5% of total credit flow) against a 12% share in the cropped area.
   • North-Eastern States:
     • The eight northeastern states received agri-loans worth Rs 16,485 crore (0.66% of the country’s disbursement) against a 3.2% share in the cropped area.

CPI inflation likely rose to 4-month high of 4.9% in June

• India’s retail inflation, measured by the Consumer Price Index (CPI), likely rose to a four-month high of 4.9% in June 2024 due to an increase in vegetable prices amidst a delayed monsoon, according to a median poll of 18 economists.
• The estimates ranged from 4.5% to 5.19%.

Key Points:

1. CPI Inflation Overview:
   • June 2024 CPI inflation is projected at 4.9%, a rise from 4.75% in May and 4.87% in June 2023.
   • The National Statistical Office (NSO) data indicates that at 4.9%, the overall index would see a 1.2% month-on-month increase, the fastest pace in 11 months.
2. Food Price Inflation:
   • The primary driver of the CPI rise is food inflation, which accounts for around 40% of the CPI.
   • Food inflation is expected to have increased to 9.25-9.35% in June from 8.69% in May.
3. Vegetable Price Surge:
   • Tomato prices saw a significant month-on-month increase of 29%.
   • Onion prices rose by 16%, and potato prices increased by 9% from May to June.
4. Milk Price Hike:
   • A hike in retail milk prices by major manufacturers likely pushed the milk inflation rate up slightly in June.
   • In May, the inflation rate for ‘milk and products’ was at 2.62%.
5. Core Inflation:
   • Core inflation (excluding food and energy prices) likely remained flat at 3.1%.
   • Some economists expect a slight increase to 3.2%.
   • If core inflation rose in June, it would mark the first rise in the inflation rate in 19 months.

The budget may retain fiscal deficit target at 5.1%; job creation, social spending, and capex to be key themes: Morgan Stanley

• US investment bank Morgan Stanley has projected that the Indian central government is likely to retain its fiscal deficit target at 5.1% of GDP for FY25, consistent with the interim budget.
• The Union Budget will be unveiled on July 23, 2024.

Key Points:

1. Fiscal Deficit Targets:
   • FY24 Target: The fiscal deficit target was set at 5.6% of GDP.
   • FY25 Projection: Morgan Stanley expects the fiscal deficit to remain at 5.1% of GDP.
   • FY26 Goal: The target is to reduce the fiscal deficit to 4.5% of GDP by FY26.
2. Budget Themes:
   • Fiscal Prudence: Emphasis on maintaining fiscal discipline.
   • Capital Expenditure: Increased spending on infrastructure to create jobs.
   • Social Sector Spending: Targeted welfare programs to support vulnerable sections of society.
3. Fiscal Headroom:
   • RBI Surplus: A larger-than-expected transfer of surplus from the Reserve Bank of India (RBI) has improved the fiscal headroom.
   • Impact: This surplus will help maintain momentum in capital expenditure and increase targeted welfare spending.
4. Revenue Support:
   • Tax and Non-Tax Revenues: These sources are expected to provide support, potentially allowing for a slightly lower fiscal deficit target than projected.
5. Market Expectations:
   • Sector Overweight: Morgan Stanley is overweight on financials, consumer discretionary, industrials, and technology sectors.
   • Sector Underweight: All other sectors are underweight.

Apple Warns Indian iPhone Users of Spyware Attack

• Apple notified some iPhone users in India about a potential attack by Pegasus-like “mercenary spyware” aiming for remote control of their devices.
• This marks the second notification sent to users in India and 98 other countries regarding similar threats.

1. Global Outreach:

• Since 2021, Apple has issued these warnings to users in over 150 countries worldwide.

2. Nature of the Threat:

• The latest threat notification from Apple highlighted that such attacks are expensive, costing millions of dollars.
• These sophisticated spyware attacks are targeted at a few individuals but are ongoing and have a global reach.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Paytm Payments Bank Names Former IDBI Bank Executive Arun Bansal as New Chief Executive Officer

• Paytm Payments Bank, an associate entity of One97 Communications (OCL), which operates the Paytm brand, has appointed Arun Kumar Bansal as managing director (MD) and chief executive officer (CEO).
• Bansal is a former executive at IDBI Bank, where he served as Executive Director and Head of Treasury.
• Bansal resigned from IDBI Bank to join Paytm Payments Bank, effective before June 25.
• Surinder Chawla, the former MD and CEO of Paytm Payments Bank, resigned for personal reasons in April and was due to retire on June 26.

Organizational Changes:

• Bhavesh Gupta, President and Chief Operating Officer (COO) of Paytm, resigned in May.
• Sumit Mathur, Chief Marketing Officer, resigned in April after a year-long stint.
• Vijay Shekhar Sharma, founder of Paytm, stepped down as Non-Executive Chairman of Paytm Payments Bank in March, leading to board reconstitution.

Board Reconstitution:

• The new independent directors on Paytm Payments Bank’s board include:
• Srinivasan Sridhar, former Chairman and MD of Central Bank of India.
• Debendranath Sarangi, retired Indian Administrative Service (IAS) officer.
• Ashok Kumar Garg, former Executive Director of Bank of Baroda.
• Rajni Sekhri Sibal, retired IAS officer.

About Paytm Payments Bank :

• Established : 28 November 2017
• Headquarters : Noida, Uttar Pradesh
• In 2021, the bank received a scheduled bank status from the RBI.
• Vijay Shekhar Sharma holds 51% in the entity with One97 Communications holding 49%.

Reformist Masoud Pezeshkian Secures Victory in Iran’s Presidential Runoff Election    

• Masoud Pezeshkian, a reformist and former Health Minister of Iran, won the 14th presidential election.
• He defeated his rival, hardliner Islamist ideology Saeed Jalili.
• Voting Details:Pezeshkian received 3 million votes, accounting for 53.6% of the total votes.
• Jalili received 13.5 million votes, accounting for 44.3% of the total votes.
• The total number of votes in the runoff was 30 million.
• Succession:Pezeshkian will succeed Mohammad Mokhber, who has been serving as the interim president following the death of Ebrahim Raisi.
• Promises and Agenda:Pezeshkian has pledged to open up Iran to the world.
• He aims to negotiate a nuclear deal with Western countries to remove sanctions and improve the economy.
• Rescheduled Election:The 14th presidential election, initially set for 2025, was rescheduled due to the unexpected death of President Ebrahim Raisi in a helicopter crash on May 19, 2024.

About Iran :

• Capital : Tehran
• Currency : Iranian rial

CURRENT AFFAIRS: SPORTS NEWS

Heimir Hallgrimsson Appointed as New Republic of Ireland Men’s Manager

• Heimir Hallgrimsson, the Icelandic coach, is the new manager for the Republic of Ireland men’s national football team.
• FAI Search: This appointment concludes the FAI’s eight-month search for Stephen Kenny’s successor.
• Contenders: Other potential candidates included Lee Carsley, Neil Lennon, Slaven Bilic, Ole Gunnar Solskjaer, and Roy Keane.

Hallgrimsson’s Coaching Achievements:

• Euro 2016 Success: Hallgrimsson, alongside Lars Lagerbäck, led Iceland to the Euro 2016, where they famously defeated England.
• World Cup History: He guided Iceland to their first-ever World Cup finals in Russia in 2018.
• Jamaica Tenure: For the past two years, Hallgrimsson managed the Jamaican national team.

Professional Background:

• Dentistry: In addition to his coaching career, Hallgrimsson practiced as a dentist for many years.

CURRENT AFFAIRS: IMPORTANT DAYS

World Malala Day 2024: July 12

• On July 12th, World Malala Day 2024 is celebrated and observed all over the world as an honouring event.
• In honour of the young campaigner Malala Yousafzai, the UN has declared July 12th to be World Malala Day.
• On the anniversary of Malala Yousafzai’s birth, a day known as Malala Day is commemorated to recognize women’s and children’s rights worldwide.
• On July 12, 1997, Malala Yousafzai was born in Mingora, Pakistan.
• In 2007 the Taliban took over the city in which she lived and banned girls from attending school.
• In 2009, Malala wrote for B.B.C. Urdu where she expressed her advocacy through the platform
• On the morning of October 9th, 2012, gunmen from the Taliban shot Malala Yousafzai in the head.
• On her 16th birthday, the young lady travelled to New York and spoke at the United Nations.
• In 2013, TIME Magazine declared Malala one of the world’s most influential people. A year later, Malala was named a Nobel Peace Prize winner. Along with this prestigious honor, Malala has received the United Nations Human Rights Prize and The Liberty Medal.
• In 2017, Malala began her studies at Oxford. She currently resides in Birmingham and continues to fight for women’s empowerment and education.

Daily CA One- Liner: July 12

• The Indian Railways, Delhi Metro Rail Corporation (DMRC), and the Centre For Railway Information System (CRIS) have collaborated to launch the One India-One Ticket initiative aimed at simplifying travel for passengers
• Paradip Port Authority (PPA) has achieved a historic milestone in its operational history, handling an unprecedented 41.12 Million Metric Tons (MMT) of cargo within the first 100 days of the fiscal year 2024-25.
• Union Health Minister JP Nadda chaired the inaugural executive committee meeting of the National One Health Mission.
• The Indian government is likely to set a target of Rs 24 trillion for agricultural credit by commercial, cooperative, and regional rural banks for the fiscal year 2024-25
• India’s retail inflation, measured by the Consumer Price Index (CPI), likely rose to a four-month high of 4.9% in June 2024 due to an increase in vegetable prices amidst a delayed monsoon, according to a median poll of 18 economists.
• US investment bank Morgan Stanley has projected that the Indian central government is likely to retain its fiscal deficit target at 5.1% of GDP for FY25, consistent with the interim budget
• Apple notified some iPhone users in India about a potential attack by Pegasus-like “mercenary spyware” aiming for remote control of their devices
• Heimir Hallgrimsson, the Icelandic coach, is the new manager for the Republic of Ireland men’s national football team.
• State Bank of India (SBI) has raised ₹10,000 crore via a 15-year infrastructure bond issue at a coupon rate of 7.36%.
• The Reserve Bank of India (RBI) has allowed banks to use ratings by Brickwork Ratings India Private Limited for loans up to ₹250 crore.
• 4 public sector banks (PSBs) presented dividend cheques worth Rs 6,481 crore to Finance Minister Nirmala Sitharaman for the financial year 2023-24.
• According to the latest data released by the Association of Mutual Funds of India (AMFI), Inflows into equity mutual funds surged by 17% to Rs 40,608.19 crore (about $5 billion) in June,2024.
• The Securities and Exchange Board of India’s (SEBI) expert working committee on derivatives trading has set the bar higher for retail investors.
• According to State Bank of India’s (SBI’s) economic research department (ERD), the government needs to address the fault lines in the IBC (Insolvency and Bankruptcy Code, 2016) set-up to reduce the time taken for the corporate insolvency resolution process.
• Paytm has secured approval from a government panel that oversees investments linked to China to invest ₹500 million ($6 million) in a key subsidiary, Paytm Payment Services.
• Muthoot Finance is the only Indian Non-Banking Financial Company (NBFC) selected for the Financial Action Task Force’s (FATF) Mutual Evaluation Report 2023-24.
• The Asian Development Bank (ADB) and the ENGIE group have signed a long-term local currency loan agreement to construct and operate a 400-megawatt solar photovoltaic power plant in Surendranagar District, Gujarat, India.
• Paytm Payments Bank, an associate entity of One97 Communications (OCL), which operates the Paytm brand, has appointed Arun Kumar Bansal as managing director (MD) and chief executive officer (CEO).
• Masoud Pezeshkian, a reformist and former Health Minister of Iran, won the 14th presidential election.
• On July 12th, World Malala Day 2024 is celebrated and observed all over the world as an honouring event.