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

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CURRENT AFFAIRS : BANKING & FINANCE

RBL Bank Partners with Indian Oil Corporation Limited to Launch New Fuel Credit Card

• RBL Bank has launched the ‘Xtra Credit Card’ in partnership with Indian Oil Corporation (IOCL), providing customers with fuel savings.
• The Card offers customers 8.5% savings on fuel purchases, the highest in the segment compared to other co-branded fuel credit cards.

Key Highlights :

• Earning Fuel Points: Customers can earn 15 fuel points for every ₹100 spent, with a cap of 2,000 points per month.
• Expected Portfolio Growth: After partnering with IOCL, RBL Bank expects its credit card portfolio to grow by 12-15% in the current fiscal year, lower than the industry growth of 20-25%.
• Market Share: RBL Bank holds a 5.04% market share of the total outstanding credit cards in India, as per the Reserve Bank of India data.
• Comparison with Competitors: RBL Bank’s card competes with IDFC First Power+ credit card with 5% savings (with Hindustan Petroleum) and SBI Octane card with 6.25% savings (with Bharat Petroleum).

About RBL Bank :

• Founded : August 1943
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : R Subramaniakumar

State Bank of India Plans to Raise Up to ₹7,500 Crore Through Tier-2 Bonds 

• State Bank of India (SBI) is expected to raise up to ₹7,500 crore through the issuance of tier-2 bonds.
• The funds raised will be used to meet regulatory requirements and support business growth, addressing the gap between credit demand and deposit accretion.

Key Highlights :

Timing and Structure:

• Bond Sale: The bond sale is likely to occur on September 18, with the pay-in date on September 19.
• Base Size: The base size of the bond issuance is expected to be between ₹3,500 crore and ₹4,000 crore.
• Greenshoe Option: The remaining amount will be raised through a greenshoe option.
• Coupon Rate: The upcoming tier-2 bond sale is anticipated to have a coupon rate of around 7.40%.
• For comparison, SBI had previously issued 15-year tier-2 bonds on August 28 with a coupon rate of 7.42%.
• Bond Characteristics: SBI’s bonds typically offer lower coupon rates compared to other debt instruments issued by banks.

About SBI :

• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Challa Sreenivasulu Setty

Reserve Bank of India Imposes ₹1.91 Crore Fine on Axis Bank and ₹1 Crore Penalty on HDFC Bank 

• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.91 crore on Axis Bank Limited.
• The penalty is for contravention of provisions under Section 19 (1) (a) of the Banking Regulation Act, 1949 (BR Act), and non-compliance with RBI directions on:
• Interest Rate on Deposits
• Know Your Customer (KYC)
• Credit Flow to Agriculture – Collateral-Free Agricultural Loans
• The penalty is imposed under Section 47 A (1) (c) read with Section 46 (4) (i) of the BR Act.

Charges Against the Bank:

• Opening of savings deposit accounts in the name of ineligible entities.
• Allotment of multiple customer identification codes instead of a Unique Customer Identification Code (UCIC) for certain customers.
• Obtaining collateral security for agricultural loans up to ₹1.60 lakh in certain cases.
• Engagement of a wholly owned subsidiary in business activities not permissible under Section 6 of the BR Act.

Penalty on HDFC Bank Limited :

• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 crore on HDFC Bank Limited for non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’, ‘Recovery Agents engaged by Banks’ and ‘Customer Service in Banks’ read with the BCSBI Code and ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’.

Reserve Bank of India Announces Loan Eligibility for Resident Overseas Citizens of India Cardholders for Overseas Education  

• The Reserve Bank of India (RBI) has clarified to banks that Overseas Citizens of India (OCI) cardholders are eligible for education loans for studies abroad, provided they are residing in India.

What is meant by an overseas citizen of India?

• The Reserve Bank of India (RBI) defines an Overseas Citizen of India (OCI) as a foreign national of Indian origin who is registered as an OCI cardholder under Section 7(A) of the Citizenship Act, 1955.
• The OCI scheme was introduced in 2005 to address the demand for dual citizenship for individuals of Indian origin.
• The OCI scheme grants foreign citizens of Indian origin the right to live and work in India indefinitely.

Key Highlights :

• RBI Clarification:OCI card holders residing outside India can only avail education loans from Indian banks for studying within India.
• The RBI communicated this clarification to banks in response to queries from lenders about the Model Education Loan Scheme norms.
• Liberalised Remittance Scheme (LRS):The RBI confirmed that there is no upper limit on the amount that can be remitted under LRS for education purposes.
• Resident individuals, including minors, can remit up to $250,000 per financial year for current or capital account transactions under the LRS.
• Education Loans for NRIs:NRIs cannot borrow funds from domestic banks for use outside India, as this would amount to capital account liberalization.
• Growth in Education Loans:Public sector banks (PSBs) disbursed ₹28,699 crore towards education loans in FY24, with a year-on-year growth of 17% in number of accounts and 14.8% in disbursement amounts.
• There is no separate data on education loans given to OCIs.

Deposit Insurance and Credit Guarantee Corporation Introduces Daava Soochak Tool to Help Depositors Monitor Claim Status     

• The Deposit Insurance and Credit Guarantee Corporation (DICGC) has introduced an online tool named Daava Soochak, designed for depositors to track the status of their insurance claims.
• Since its inception, DICGC has been responsible for reimbursing insured amounts to depositors of banks that have failed.

About Daava Soochak :

• Daava Soochak, a user-friendly online tool, is part of DICGC’s ongoing commitment to improving the services provided for depositors.
• The corporation ensures that all categories of deposits with banks except institutional deposits.
• The deposit insurance coverage limit has been enhanced six times since 1962, from Rs 1,500 per depositor held in the same right and same capacity at all the branches of the insured bank to Rs 5,00,000 on February 04, 2020.
• At present, 97.8% of the total deposit accounts are fully protected. Of the remaining 2.2% of accounts, deposits are insured up to the limit of Rs 5 lakh.
• All banks operating in India are registered with the corporation for deposit insurance.
• The number of banks registered with DICGC was 1,997 as of March 31, 2024, of which 140 were commercial banks and 1,857 were cooperative banks.

About DICGC :

• Formed : 1978
• Headquarters : Mumbai, Maharashtra, India
• DICGC is a specialised division of the Reserve Bank of India which is under the jurisdiction of the Ministry of Finance, Government of India.
• It was established under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities.

RBI Fines 3 Housing Finance Companies ₹13.50 Lakh, Including Godrej Housing Finance, Aadhar Housing Finance, and Housing and Urban Development Corporation Limited   

• The Reserve Bank of India (RBI) has imposed monetary penalties on three Non-Banking Financial Companies (NBFCs) for non-compliance with RBI directions related to housing finance companies.

Companies Penalized:

• Godrej Housing Finance Limited: Penalized ₹5,00,000 for non-compliance with the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’.
• Aadhar Housing Finance Limited: Penalized ₹5,00,000 for non-compliance with the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’.
• Housing and Urban Development Corporation Limited (HUDCO): Penalized ₹3,50,000 for non-compliance with both the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ and the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’.

PayMate Teams Up with NPCI Bharat BillPay Limited to Introduce BBPS-B2B Platform for Revolutionising Business Payments and Financing in Digital India  

• PayMate, India’s leading digital B2B payments company, has announced its partnership with NPCI Bharat BillPay Limited. (NBBL) to launch the innovative PayMate BBPS-B2B platform.
• The BBPS-B2B platform aims to standardise and digitize commercial processes related to invoicing, payments, and collections on a large scale across the nation.
• The platform is designed to foster an interoperable ecosystem between buyers and suppliers, enhancing connectivity and efficiency.
• The partnership targets 634 lakh (6.34 million) MSMEs (Micro, Small, and Medium Enterprises) and 16.6 lakh (1.66 million) corporates in India.
• Through the BBPS-B2B platform, PayMate will offer its customers the option to connect with multiple lenders to get the best rates for capital and avail best financing offers to drive business growth.

About PayMate :

• Founded : May 2006
• Headquarters : Mumbai, Maharashtra, India
• Founder, MD & CEO : Ajay Adiseshann

AU Small Finance Bank and United India Insurance Sign Agreement to Offerr Insurance Products

• AU Small Finance Bank (AU SFB) and state-owned United India Insurance Company (UIIC) announced a strategic partnership to distribute general insurance solutions to the bank’s customers.

Key Highlights :

• Insurance Products Offered:The partnership will provide a range of insurance products including motor insurance, personal accident insurance, crop insurance, property insurance, shopkeeper insurance, and cyber incident insurance.
• Distribution Network:The collaboration utilizes UIIC’s extensive network of branches in over 1,000 tier 2 and tier 3 locations, complementing AU SFB expanding infrastructure and customer base.
• Geographical Reach:The partnership enhances AU SFB’s position as a preferred choice for customers across 21 states and 4 union territories in India.
• Universal Banking License and Bancassurance:AU SFB has recently applied for a universal banking license with the Reserve Bank of India (RBI) and is focusing on expanding its bancassurance portfolio to offer technology-enabled insurance solutions to its customer base of over 1 crore.

About AU Small Finance Bank :

• Established : 1996
• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal

About UIIC :

• Founded : 18 February 1938
• Headquarters : Chennai, Tamil Nadu, India
• Chairman & MD : Bhupesh Sushil Rahul

CURRENT AFFAIRS: NATIONAL NEWS

Draft Proposal for the Green Hydrogen Certification Scheme of India

• The Ministry of New and Renewable Energy (MNRE) has released a draft proposal for India’s Green Hydrogen Certification Scheme.
• The scheme aims to enhance transparency and accountability in the green hydrogen sector.

2. Nodal Authority:
   • The Bureau of Energy Efficiency (BEE) will serve as the nodal authority.
   • BEE will be responsible for accrediting agencies for monitoring, verifying, and certifying green hydrogen projects.
3. Purpose of the Scheme:
   • To provide comprehensive guidelines for calculating greenhouse gas emission intensity during green hydrogen production.
   • To establish a robust certification procedure to guarantee the origin and environmental integrity of green hydrogen.
4. Role of Accredited Agencies:
   • Accredited carbon verification agencies will handle validation and verification related to carbon credits.
   • These agencies will conduct annual reviews of claims made by green hydrogen producers.
5. Registration and Compliance:
   • Green hydrogen producers need to register on a designated portal.
   • They must adhere to the measurement, reporting, and verification (MRV) framework stipulated by the certification scheme.
6. Importance for Exports:
   • The certification will provide assurance to international buyers by ensuring adherence to set standards.
   • It is expected to boost confidence in India’s green hydrogen exports.
7. Stakeholder Feedback:
   • Stakeholders are invited to provide suggestions on the draft proposal by September 27.
8. Industry Investment:
   • According to the World Bank, India has already secured $70 billion in green hydrogen and electrolyser manufacturing investments.
   • Major players like Reliance Industries, Adani Enterprises, Indian Oil Corporation, Larsen & Toubro, and NTPC have committed significant investments to the sector.

Prime Minister Modi Chairs First Meeting of Governing Board of Anusandhan National Research Foundation (ANRF)

• Prime Minister Narendra Modi chaired the first meeting of the Governing Board of the Anusandhan National Research Foundation (ANRF) at his residence.
• The meeting focused on India’s Science and Technology landscape and redesigning research and development (R&D) programmes.

1. Strategic Initiatives and Programs:
   • The Governing Board decided to launch a hub and spoke programme, pairing universities with nascent research capabilities with top-tier institutions for mentorship.
   • Strategic interventions discussion include:
     • Global positioning of India in key sectors.
     • Aligning R&D with national priorities.
     • Promoting inclusive growth, capacity building, scientific advances, and bridging the gap between academic research and industrial applications.
   • ANRF will launch mission-mode, solution-focused research programs in priority areas such as Electric Vehicle (EV) mobility, Advanced Materials, Solar Cells, Smart Infrastructure, Health & Medical Technology, Sustainable Agriculture, and Photonics.
2. Support for Fundamental Research:
   • The Governing Body emphasized the promotion of fundamental research to advance knowledge and proposed setting up Centers of Excellence for interdisciplinary research in humanities and social sciences.
   • Advocated for a flexible and transparent funding mechanism to empower researchers.
3. Alignment with Viksit Bharat 2047:
   • ANRF strategies are aligned with the goals of Viksit Bharat 2047, focusing on the development and growth of India’s R&D sector by adopting global best practices.
4. Key Attendees:
   • Key attendees included Shri Dharmendra Pradhan (Union Minister of Education), Principal Scientific Adviser to the Government of India, members from NITI Aayog, Department of Science & Technology, Department of Biotechnology, and other departments.
   • Eminent participants included Manjul Bhargava (Princeton University, USA), Dr. Romesh T Wadhwani (Symphony Technology Group, USA), Prof. Subra Suresh (Brown University, USA), among others.
5. About ANRF:
   • Anusandhan National Research Foundation (ANRF) is established to promote R&D and foster a culture of research and innovation in India’s universities, colleges, research institutions, and R&D laboratories.
   • Acts as an apex body to provide strategic direction for scientific research, as the National Education Policy recommends.
   • Aims to forge collaborations between industry, academia, government departments, and research institutions.

First Foundation Day Celebration of Indian Cybercrime Coordination Centre (I4C) and Launch of Key Initiatives by Union Home Minister Amit Shah

• Union Home Minister and Minister of Cooperation, Shri Amit Shah, will address the first foundation day celebration of the Indian Cybercrime Coordination Centre (I4C) on September 10, 2024, in New Delhi.
• The event will focus on launching key initiatives for the prevention of cybercrime in India.

2. Inauguration of Cyber Fraud Mitigation Centre (CFMC):
   • The Cyber Fraud Mitigation Centre (CFMC) will be dedicated to the nation by Shri Amit Shah.
   • Established at I4C in New Delhi, CFMC involves representatives from major banks, financial intermediaries, payment aggregators, telecom service providers, IT intermediaries, and States/UTs Law Enforcement Agencies (LEAs).
   • The centre aims to enhance cooperation and coordination among these entities for tackling online financial crimes.
   • CFMC will serve as an example of “Cooperative Federalism” in law enforcement.
3. Launch of Samanvaya Platform:
   • Samanvaya Platform is a web-based module designed as a One-Stop Portal for data repository, sharing, crime mapping, data analytics, cooperation, and coordination for Law Enforcement Agencies (LEAs) across India.
   • It will facilitate joint cybercrime investigations and improve inter-agency cooperation.
4. Inauguration of the ‘Cyber Commandos’ Program:
   • The ‘Cyber Commandos’ Program will be launched, establishing a special wing of trained Cyber Commandos in States/UTs and Central Police Organizations (CPOs).
   • The Cyber Commandos will be trained to counter emerging cyber threats and assist states/UTs and central agencies in securing the digital space.
5. Launch of Suspect Registry:
   • The Suspect Registry will be inaugurated to create a repository of various identifiers based on data from the National Cybercrime Reporting Portal (NCRP).
   • This initiative is in collaboration with banks and financial intermediaries to strengthen fraud risk management capabilities within the financial ecosystem.
6. Importance of Initiatives:
   • These initiatives, guided by Union Home Minister Shri Amit Shah, are seen as key steps toward achieving Prime Minister Shri Narendra Modi’s vision of a ‘Cyber Secure Bharat’.
7. About I4C:
   • The Indian Cybercrime Coordination Centre (I4C) was established on October 5, 2018, under the Central Sector Scheme within the Cyber and Information Security (CIS) Division of the Ministry of Home Affairs (MHA).
   • I4C aims to be a national-level coordination centre to address all cybercrime-related issues and enhance the capabilities of LEAs in cybercrime prevention.
   • It was formally inaugurated in New Delhi on January 10, 2020, and was designated as an attached office under the Ministry of Home Affairs from July 1, 2024.
8. Event Participants:
   • Union Minister of State for Home Affairs, Shri Bandi Sanjay Kumar, the Union Home Secretary, Director IB, Special Secretary (Internal Security), Chief Secretaries, DGPs/Senior Police officers of States/UTs, officers from various Government organizations, and senior functionaries of banks, financial intermediaries, fintech, media, Cyber Commandos, NCC, and NSS cadets will attend the event.

India’s Achievement in Financial Action Task Force (FATF) Mutual Evaluation

• India will join the Financial Action Task Force’s (FATF) top performers club on September 19, 2024.
• This significant milestone reflects India’s strong commitment to curbing money laundering and terror financing.

Key Points:

1. India’s Top Performance:
   • India surpassed major economies like the US, China, Germany, Japan, and Canada by maintaining higher standards in combating financial crimes.
   • India received positive ratings on 37 out of 40 stringent evaluation parameters, a feat achieved by only three G20 members – the United Kingdom, France, and Italy.
2. FATF’s Mutual Evaluation:
   • The FATF mutual evaluation (2023-24) placed India in the top category of “regular follow-up”.
   • Countries in this category, such as India, need to report back only once in three years, which is voluntary, while nations in the “enhanced follow-up” category like the US, China, and Germany must report annually and meet all shortcomings mandatorily.
   • India’s compliance is significantly higher than that of countries in the “grey list” or “black list”, such as Myanmar, Iran, and North Korea, which face more severe scrutiny and consequences.
3. Benefits for India:
   • Improved Credibility: Enhances India’s reputation as a financially stable and secure nation, attracting more investments.
   • International Cooperation: Strengthens ties with other countries in countering terrorist financing, asset recovery, and law enforcement.
   • Access to Markets: Facilitates easier access to international markets and lowers borrowing costs.
   • Boost to Trade: A good rating increases trust in India’s trade finance instruments, promoting international trade.
4. FATF’s Acknowledgement:
   • FATF lauded India for its achievements in areas such as:
     • Understanding risks of money laundering and terror funding
     • International cooperation
     • Access to beneficial ownership information
     • Use of financial intelligence
     • Depriving criminals of their assets
     • Counter-proliferation financing measures

5. About FATF:
   • Established in 1989, FATF is the global watchdog for money laundering and terrorist financing.
   • It has 38 member countries and two regional bodies (European Union and Gulf Cooperation Council), with other countries associated through nine regional groups.
   • Multilateral institutions like the World Bank and the United Nations have observer status in FATF.

Union Government’s plans to unveil social security plan for gig workers

• The Union government is poised to introduce a social safety net for India’s estimated 7.7 million gig economy workers.
• This initiative may be unveiled on September 17, coinciding with the completion of 100 days of the Narendra Modi government’s third term and the Prime Minister’s 74th birthday.

Key Points:

1. Proposed Plan:
   • Revenue Contribution: Aggregators might be required to contribute 1-2% of their revenue to a social security fund.
   • Benefits: The fund will likely provide health insurance and other benefits to gig workers.
2. Background:
   • Social Security Code: The plan aligns with the Social Security Code passed in 2020, which consolidated 29 labor laws into four comprehensive labor codes.
   • Implementation Delays: The Social Security Code has yet to be fully implemented due to pending state-level rules.
3. Current Status:
   • Government Discussions: Union Labour Minister Mansukh Mandaviya has been finalizing the plan with officials.
   • Online Enrollment: The government plans to launch an online window for gig platforms to enroll workers on the e-Shram portal, which supports informal workers with social welfare schemes.
4. State Initiatives:
   • Rajasthan: Passed the Rajasthan Platform-Based Gig Workers (Registration and Welfare) Act in July 2023, the first state to regulate gig work. Issues remain regarding aggregator contributions.
   • Karnataka: Published a draft bill for gig worker social security benefits in June 2024.
5. Future Projections:
   • Growth: The Economic Survey 2023-24 estimates the gig workforce in India will grow to 23.5 million by 2029-39, up from the current 7.7 million.

Messe Muenchen India’s Major Electronics Event: electronica India & productronica India 2024

• Messe Muenchen India (MMI) is hosting its largest-ever edition of Electronica India and Productronica India in 2024.
• This event is pivotal for the Indian electronics sector, given the significance of global value chains (GVCs) in modern manufacturing.

Key Details:

1. Importance of GVCs:
   • Global Trade: GVCs account for 70% of global trade.
   • India’s Electronics Sector: 75% of India’s electronics exports are reliant on GVCs.
2. Event Highlights:
   • Scale and Scope: The 2024 edition will feature a record 830 exhibitors from 29 countries, up from 589 in 2023.
   • Attendance: Expected to exceed 50,000 business visitors, compared to 39,133 last year.
   • Venue: India Expo Mart Limited (IEML), Greater Noida.
   • Dates: September 11-13, 2024.
3. Inaugural eFuture Conference:
   • Focus Areas: AI, ML, ADAS, autonomous vehicles, and 6G.
   • Participants: International leaders in technology.
4. Business Opportunities:
   • Buyer-Seller Meetings: Over 2,000 curated meetings between high-tech component suppliers and buying companies.

Strategic Focus for India:

• Innovation: Emphasize new technologies and solutions.
• Collaboration: Strengthen ties within the global electronics value chain.
• Technology Adoption: Implement advanced technologies to boost sector growth.

CURRENT AFFAIRS : STATE NEWS

Odisha Chief Minister Mohan Charan Majhi Launches CM Kisan Yojana   

• Odisha Chief Minister Mohan Charan Majhi launched the CM Kisan Yojana by releasing the first instalment of ₹925 crore to benefit nearly 46 lakh farmers.
• The program was launched at Gangadhar Meher University, Sambalpur, coinciding with Western Odisha’s major agricultural festival, Nuakhai.
• The BJP government implemented the CM Kisan Yojana, replacing the previous BJD government’s Krushak Assistance for Livelihood and Income Augmentation (KALIA) scheme.

About CM Kisan Yojana :

• Due to technical issues, not all beneficiaries of the CM-KISAN Yojana are included under the PM-KISAN scheme.
• Each small and marginal farmer received ₹2,000 as the first instalment through Direct Benefit Transfer (DBT), with another instalment to be released on Akshaya Tritiya day.
• A total of 45,57,733 farmers, including landless farmers, will receive annual financial assistance of ₹4,000 in two instalments, while landless farmers will get ₹12,500 in three instalments.
• The farmers can use the assistance money to buy agricultural equipment, seeds, fertilisers and pesticides well in advance.
• Also, on the occasion, the CM unveiled the Krushak Odisha Unified Portal to provide information on various activities of the state government to provide support to the farmers.
• Before the launch, the CM participated in the sacred ‘Nabanna’ ceremony at the Samaleswari Temple in Sambalpur.

India’s 1st Silicon Carbide manufacturing facility to be set up in Odisha

• Odisha Chief Minister Mohan Charan Majhi attended the ground-breaking ceremony for India’s first silicon carbide manufacturing facility in Odisha, with an investment of ₹620 crore.
• The facility will be developed by RIR Power Electronics Limited, a leading company in India’s semiconductor power electronics sector.
• The facility will be set up at EMC Park, Info valley, Bhubaneswar, Odisha.
• This project is expected to contribute significantly to India’s mission of becoming a self-reliant hub for semiconductor production.
• This facility will create over 500 new jobs across various levels, from R&D to factory operations, providing large-scale employment opportunities.

About Odisha :

• Governor : Raghubar Das
• Chief Minister : Mohan Charan Majhi
• Capital : Bhubaneswar

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Tata Motors Managing Director Shailesh Chandra was Appointed as the New President of the Society of Indian Automobile Manufacturers  

• The Society of Indian Automobile Manufacturers (Siam), the apex body representing India’s leading automobile manufacturers, announced the election of Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles, as its new president for the term 2024-25.
• Chandra succeeds Vinod Aggarwal, Managing Director & CEO of Volvo Eicher Commercial Vehicles (VECV).
• Shailesh Chandra previously served as the Vice-President of SIAM.
• Shenu Agarwal, MD & CEO of Ashok Leyland, has been elected as the Vice-President of SIAM for 2024-25.
• Satyakam Arya, CEO & MD of Daimler India Commercial Vehicles, has been elected as the Treasurer.

About Siam :

• SIAM is the apex body representing major vehicle and engine manufacturers in India.
• Its objectives include promoting industry efficiency, contributing to economic progress, and addressing social and environmental responsibilities such as road safety and pollution control.

Partha Sinha was Appointed as the New Chairman of the Advertising Standards Council of India

• Partha Sinha, President & Chief Brand Officer of BCCL, has been appointed as the Chairman of Advertising Standards Council of India’s (ASCI) Board of Governors for 2024-25, succeeding Saugata Gupta, MD & CEO of Marico Limited.
• Partha Sinha has previously worked with prominent companies such as Ogilvy, Publicis, BBH, McCann, and Citibank.

Other Appointments:

• Vice-Chairman: Sudhanshu Vats, Deputy Managing Director, Pidilite Industries.
• Treasurer: S. Subramanyeswar, Group CEO & Chief Strategy Officer-APAC, Lintas India.

About ASCI :

• Established : 1985
• The ASCI is a voluntary self-regulatory organisation of the advertising industry in India.
• ASCI is registered as a non-profit company under section 8 of the Company Act.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Ministry of Corporate Affairs Implements Deal Value Threshold Norms Mandating Notification of Mergers and Acquisitions Exceeding ₹2,000 Crore to Competition Commission of India for Approval  

• The Ministry of Corporate Affairs (MCA) has introduced the Deal Value Threshold (DVT) norms, which require mergers and acquisitions (M&As) with a deal value above ₹2,000 crore to be notified to the Competition Commission of India (CCI) for approval.
• The implementation of DVT is expected to increase the number of relevant filings with the CCI by 30%, raising the compliance burden on companies.

What is the deal value threshold?

• The “deal value threshold” (DVT) refers to a criterion used to determine whether a merger or acquisition must be notified to CCI for review and approval.
• This threshold is typically based on the total value of the transaction rather than the turnover or market share of the involved companies.
• It aims to capture significant deals that might otherwise evade scrutiny under traditional “asset” or turnover-based thresholds, especially in sectors where market valuations can be very high despite lower “book value” or revenues, such as the digital and tech industries.

Key Highlights :

• Additional Criterion: The DVT is an additional criterion beyond the conventional turnover and asset size criteria used to determine whether a transaction needs CCI approval.
• Applicability: The DVT rules apply to target companies with ‘substantial business operations’ in India.
• Target Exemptions: Transactions involving target companies with assets below ₹450 crore or a turnover of less than ₹1,250 crore are exempt from notifying CCI, but this exemption does not apply if the transaction exceeds ₹2,000 crore in value.
• Revised Exemption List: The revised exemption list includes ordinary course of business (OCB) transactions and acquisitions solely for investment purposes. The OCB definition has been narrowed to include only transactions by underwriters, stockbrokers, and mutual funds.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

International Solar Alliance Engages in Exclusive Talks with Africa50 to Oversee $200M Africa Solar Fund   

• International Solar Alliance (ISA) has entered into exclusive discussions with Africa50 to serve as a potential investment manager for its proposed Africa Solar Facility (ASF).
• The ASF is a $200 million initiative designed to unlock investment in distributed solar projects across Africa.

Key Highlights :

• The ASF will play a vital role in expanding energy access, accelerating solar deployment, and driving sustainable development across the continent.
• The announcement was made during the first-ever International Solar Festival 2024, organised by the ISA, an intergovernmental establishment that works with governments to promote solar power as a key climate solution and a sustainable way to transition to a carbon-neutral future.
• Africa50 is a leading pan-African infrastructure investor and asset manager with a portfolio exceeding $8 billion that has mobilised over $4 billion in external funding for African infrastructure.
• Supported by 32 African countries, the African Development Bank, and two African central banks, Africa50’s unique project development capabilities, expertise, strong track record of project development and implementation, and convening power make it a distinguished partner for this effort.
• The ISA is also developing an insurance mechanism aimed at accelerating funding for solar projects in poor countries.
• This mechanism is expected to be applied first in the Nuru project in Congo, where ISA is currently in discussions with the Multilateral Investment Guarantee Agency (MIGA) of the World Bank.

About ISA :

• Founded : 30 November 2015
• Headquarters : Gurugram, Haryana, India
• Director General : Dr. Ajay Mathur

CURRENT AFFAIRS: RANKING AND INDEX

IGI world’s 24th best-connected airport rises one spot

• Indira Gandhi International Airport (IGIA) in Delhi has moved up to 24th position in the latest global rankings, improving from 25th in 2023, according to the Official Airline Guide (OAG).
• Chhatrapati Shivaji Maharaj International Airport in Mumbai fell to 44th position, down from 34th last year.

Key Highlights:

1. Delhi IGI Airport’s Achievements:
   • NetZero Carbon Emission Compliance: IGIA has become the first airport in India to achieve this status.
   • Infrastructure Developments:
     • Four Runways: IGIA is the only airport in India with four runways.
     • Elevated Cross Taxiway: The country’s first elevated cross taxiway, inaugurated in July 2023, includes an arterial road for passenger traffic passing underneath.
   • Capacity Expansion: The airport plans to increase its international capacity by 40-50% within a year, working in collaboration with Air India and IndiGo, which have ordered over 1,400 aircraft.
   • Automated People Mover (APM): Plans are underway to introduce APM systems between Terminal 1 and Terminal 3 to enhance passenger convenience.
   • Traffic Handling Capacity: IGIA can handle up to 104 million passengers annually, including approximately 22 million international and 82-83 million domestic For FY24, it managed 19.5 million international and 54.2 million domestic passengers.
2. Mumbai Airport’s Performance:
   • Slipped Position: Mumbai’s Chhatrapati Shivaji Maharaj International Airport dropped to 44th place, indicating a need for strategic improvements.
3. Global Rankings:
   • Top Performer: London’s Heathrow Airport (LHR) retained its position as the most internationally connected airport in the world.
   • Asia-Pacific Hubs: Kuala Lumpur (KUL) is the most connected airport in Asia Pacific, followed by Tokyo-Haneda and Seoul, reflecting a shift towards growing connectivity in Asian cities.
4. Report Insights:
   • The report highlights a growing trend in the Top 20 Global Megahubs towards Asian airports, underscoring their increasing role in global connectivity.

CURRENT AFFAIRS: SPORTS NEWS

Tayyab Ikram Set to be Elected Unopposed as FIH President

• Tayyab Ikram is set to be elected unopposed as the President of the International Hockey Federation (FIH) at its 49th Congress in Muscat, Oman, on November 9.
• The nominations for FIH elections were submitted by the August 31
• Ikram is the sole candidate for the president’s post, representing Hong Kong Macau.
• There is no Indian candidate in the FIH election race.

2. Ikram’s Background:
   • Ikram has a long association with hockey, having served as a coach for Pakistan and China.
   • He is a member of the IOC Olympic Solidarity Commission and has been an Executive Board member of FIH since 2016.
   • On November 5, 2022, he was elected as the 13th President of FIH.
3. FIH Election Oversight Panel (EOP):
   • The EOP assessed all candidates nominated for the FIH elections and confirmed that all nominations met the required standards and criteria.
   • The aim of the EOP is to ensure that the elections are conducted in a fair and transparent manner.
4. Contested Positions:
   • There is competition for the two positions of FIH Ordinary Executive Board Member (female) between Danae Andrada Barrios (Uruguay), Katrin Kauschke (Germany), and Hazel Kennedy (Zambia).
   • For the two positions of FIH Ordinary Executive Board Member (male), the candidates are Alberto Daniel Budeisky (Argentina), Erik Cornelissen (Netherlands), and Deon James Morgan (South Africa).

US Open 2024 Highlights:

• The 2024 US Open, held from August 19 to September 8 at Flushing Meadows, Queens, New York City, concluded with historic wins in both the men’s and women’s singles categories.
• Italian Jannik Sinner and Belarusian Aryna Sabalenka each claimed their first US Open title, marking significant milestones in their careers.

Champions and Runners-Up:

• Men’s Singles:
  • Winner: Jannik Sinner (Italy)
  • Runner-Up: Taylor Fritz (USA)
  • Significance: Sinner became the first Italian man in the Open Era to win the US Open, solidifying his position as World No. 1.
• Women’s Singles:
  • Winner: Aryna Sabalenka (Belarus)
  • Runner-Up: Jessica Pegula (USA)
  • Score: 7-5, 7-5
  • Significance: Sabalenka secured her first US Open title, overcoming Pegula in a tightly contested match.
• Men’s Doubles:
  • Winners: Max Purcell and Jordan Thompson (Australia)
  • Runners-Up: Kevin Krawietz and Tim Puetz (Germany)
• Women’s Doubles:
  • Winners: Lyudmyla Kichenok (Ukraine) and Jelena Ostapenko (Latvia)
  • Runners-Up: Kristina Mladenovic (France) and Zhang Shuai (China)
• Mixed Doubles:
  • Winners: Sara Errani and Andrea Vavassori (Italy)
  • Runners-Up: Donald Young and Taylor Townsend (USA)

Historical Context:

• Men’s Singles Records (Open Era):
  • Most US Open titles: 5 (Roger Federer, Pete Sampras, Jimmy Connors)
• Women’s Singles Records (Open Era):
  • Most US Open titles: 6 (Serena Williams, Chris Evert)

US Open Significance:

• Final Grand Slam: The US Open is the fourth and final Grand Slam tournament of the calendar year.
• History: Established in 1881, it is one of the oldest tennis championships.
• Surface: Played on hard courts since 1978, offering unique challenges compared to other Grand Slams.

CURRENT AFFAIRS : OBITUARIES

James Earl Jones, Iconic Darth Vader Voice and Legendary Actor Passed Away  

• James Earl Jones, the legendary American actor who appeared in films like Star Wars, Field of Dreams, and The Lion King, passed away at the age of 93.

About James Earl Jones :

• James Earl Jones was born in Arkabutla, Mississippi, United States (US) on January 17, 1931.
• He was inducted into the American Theater Hall of Fame in 1985
• He was one of the few performers to achieve the EGOT (Emmy, Grammy, Oscar, and Tony).
• He began his movie career as Lieutenant Luther Zogg in Stanley Kubrick’s 1964 classic Dr Strangelove or: How I Learned to Stop Worrying and Love the Bomb.

Awards and Honors:

• EGOT Achievement: One of the few performers to achieve the EGOT (Emmy, Grammy, Oscar, and Tony).
• Tony Awards: Won three Tony Awards for his performances in The Great White Hope (1969) and Fences (1987).
• Emmy Awards: Awarded two Emmys for Gabriel’s Fire and Heat Wave in 1991.
• Grammy Award: Received a Grammy for Best Spoken Word Album for Great American Documents in 1977.
• National Medal of Arts: Honored in 1992.
• Kennedy Center Honor: Received in 2002.
• Screen Actors Guild Life Achievement Award: Awarded in 2009.
• Academy Honorary Award: Presented in 2011.

Daily CA One- Liner: September 12

• The Ministry of New and Renewable Energy (MNRE) has released a draft proposal for India’s Green Hydrogen Certification Scheme
• Prime Minister Narendra Modi chaired the first meeting of the Governing Board of the Anusandhan National Research Foundation (ANRF) at his residence
• Union Home Minister and Minister of Cooperation, Shri Amit Shah, will address the first foundation day celebration of the Indian Cybercrime Coordination Centre (I4C) on September 10, 2024, in New Delhi.
• India will join the Financial Action Task Force’s (FATF) top performers club on September 19, 2024.
• The Union government is poised to introduce a social safety net for India’s estimated 7.7 million gig economy workers
• Messe Muenchen India (MMI) is hosting its largest-ever edition of Electronica India and Productronica India in 2024.
• Indira Gandhi International Airport (IGIA) in Delhi has moved up to 24th position in the latest global rankings, improving from 25th in 2023, according to the Official Airline Guide (OAG).
• Tayyab Ikram is set to be elected unopposed as the President of the International Hockey Federation (FIH) at its 49th Congress in Muscat, Oman, on November 9
• The 2024 US Open, held from August 19 to September 8 at Flushing Meadows, Queens, New York City, concluded with historic wins in both the men’s and women’s singles categories
• RBL Bank has launched the ‘Xtra Credit Card’ in partnership with Indian Oil Corporation (IOCL), providing customers with fuel savings.
• State Bank of India (SBI) is expected to raise up to ₹7,500 crore through the issuance of tier-2 bonds.
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.91 crore on Axis Bank Limited.
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1 crore on HDFC Bank Limited for non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’, ‘Recovery Agents engaged by Banks’ and ‘Customer Service in Banks’ read with the BCSBI Code and ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’.
• The Reserve Bank of India (RBI) has clarified to banks that Overseas Citizens of India (OCI) cardholders are eligible for education loans for studies abroad, provided they are residing in India.
• The Deposit Insurance and Credit Guarantee Corporation (DICGC) has introduced an online tool named Daava Soochak, designed for depositors to track the status of their insurance claims.
• The Reserve Bank of India (RBI) has imposed monetary penalties on three Non-Banking Financial Companies (NBFCs) for non-compliance with RBI directions related to housing finance companies.
• PayMate, India’s leading digital B2B payments company, has announced its partnership with NPCI Bharat BillPay Limited. (NBBL) to launch the innovative PayMate BBPS-B2B platform.
• AU Small Finance Bank (AU SFB) and state-owned United India Insurance Company (UIIC) announced a strategic partnership to distribute general insurance solutions to the bank’s customers.
• Odisha Chief Minister Mohan Charan Majhi launched the CM Kisan Yojana by releasing the first instalment of ₹925 crore to benefit nearly 46 lakh farmers.
• Odisha Chief Minister Mohan Charan Majhi attended the ground-breaking ceremony for India’s first silicon carbide manufacturing facility in Odisha, with an investment of ₹620 crore.
• The Society of Indian Automobile Manufacturers (Siam), the apex body representing India’s leading automobile manufacturers, announced the election of Shailesh Chandra, Managing Director of Tata Motors Passenger Vehicles, as its new president for the term 2024-25.
• Partha Sinha, President & Chief Brand Officer of BCCL, has been appointed as the Chairman of the Advertising Standards Council of India’s (ASCI) Board of Governors for 2024-25, succeeding Saugata Gupta, MD & CEO of Marico Limited.
• The Ministry of Corporate Affairs (MCA) has introduced the Deal Value Threshold (DVT) norms, which require mergers and acquisitions (M&As) with a deal value above ₹2,000 crore to be notified to the Competition Commission of India (CCI) for approval.
• International Solar Alliance (ISA) has entered into exclusive discussions with Africa50 to serve as a potential investment manager for its proposed Africa Solar Facility (ASF).
• James Earl Jones, the legendary American actor who appeared in films like Star Wars, Field of Dreams, and The Lion King, passed away at the age of 93.

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