Daily Current Affairs August 13 2024 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING NEWS

Bank of Baroda, Canara Bank, and UCO Bank Increase Marginal Cost of Funds Based Lending Rate by 5 Basis Points    

• Bank of Baroda (BoB), Canara Bank, and UCO Bank have increased their Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across selected tenors following the Reserve Bank of India’s (RBI’s) monetary policy statement.
• This hike reflects the increase in the cost of funds for these banks.
• UCO Bank, based in Kolkata, also reduced the Treasury bill benchmark-linked rates by 5-15 basis points.
• BoB and Canara Bank increased MCLR for six-month and one-year tenures, effective August 12,2024 while UCO Bank implemented the hike on August 10, 2024
• One bps is 0.01 percentage point.

Definition and Impact of MCLR :

• MCLR is the minimum rate at which a bank lends to corporate loan customers.
• For banks, the cost of funds or deposits plays a major role in determining the MCLR.

Key Highlights :

Bank of Baroda (BOB):

• MCLR Revisions:
• 3-month tenor: Increased from 8.45% to 8.5%.
• 6-month tenor: Increased from 8.7% to 8.75%.
• 1-year tenor: Increased from 8.9% to 8.95%.
• Cost of Deposits:
• Increased from 4.68% in Q1 FY24 to 5.06% in Q1 FY25.
• Yield on Advances:
• Increased from 8.4% in Q1 FY24 to 8.55% in Q1 FY25.
• Net Interest Margin (NIM):
• Declined from 3.27% to 3.18% over the same period.

Canara Bank:

• MCLR Revisions:
• 3-month tenor: Increased from 8.4% to 8.45%.
• 1-year tenor: Increased from 8.95% to 9.0%.
• Cost of Deposits:
• Increased from 5.22% in Q1 FY24 to 5.7% in Q1 FY25.
• Yield on Advances:
• Increased from 8.43% in Q1 FY24 to 8.66% in Q1 FY25.
• Net Interest Margin (NIM):
• Decreased from 3.05% to 2.9%.

UCO Bank:

• MCLR Revisions:
• 1-month tenor: Increased from 8.3% to 8.35%.
• 1-year tenor: Increased from 8.9% to 8.95%.
• TBLR Revisions:
• 1-month tenor: Decreased from 6.85% to 6.7%.
• 12-month tenor: Decreased from 7.0% to 6.9%.
• Recent MCLR Hikes:Bank of India raised its one-year MCLR by 5 bps, effective August 1, 2024.
• The State Bank of India increased its MCLR by 5 to 10 bps across various tenures.
• HDFC Bank and IDFC First Bank raised MCLR by an average of 5 bps in January 2024.
• Impact on Bank Costs and Profitability:The cost of funds for banks is expected to rise by 25-30 bps in FY25, after having risen by around 140 bps since the start of the rate tightening cycle in May 2022, according to rating agency Crisil.
• Deposit Growth Trends:In the June quarter of FY25, most banks experienced a slowdown in deposit growth by 1.15% on average.
• Yes Bank’s deposits decreased by 0.75% to ₹2.64 lakh crore, and Bandhan Bank saw a 1.5% decline to ₹1.33 lakh crore.

About Bank of Baroda (BoB) :

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

About Canara Bank :

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

About UCO Bank, formerly United Commercial Bank) :

• Established : 6 January 1943
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Ashwani Kumar

Life Insurance Corporation of India to Invest Approximately ₹1.30 Lakh Crore in Stock Market in FY25    

• Life Insurance Corporation of India (LIC) plans to make fresh investments of approximately ₹1.30 trillion in equities during FY25.
• In Q1 FY25 (April-June), LIC invested about ₹38,000 crore in shares, compared to ₹23,300 crore in the same period last year.
• LIC earned a profit of ₹15,500 crore from its equity investments in Q1 FY25, marking a 13.5% increase quarter-on-quarter.

Key Highlights :

• Market Value of Investments:As of June 30, 2024, the market value of LIC’s investments in stocks was around ₹15 trillion.
• LIC holds investments in 282 companies as of June 30, 2024.
• Assets Under Management (AUM):LIC’s AUM increased by 16.22% to ₹53,58,781 crore as of June 30, 2024, compared to ₹46,11,067 crore in the same quarter of the previous year.
• Total Investment Growth:LIC’s total investments grew by ₹7,30,662 crore, from ₹42,44,852 crore in March 2023 to ₹49,75,514 crore by March 31, 2024.
• The equity investment portfolio increased to ₹12,39,740 crore in FY24, up from ₹8,39,662 crore in FY23
• Other investments totalled ₹37,35,774 crore in FY24, compared to ₹34,05,190 crore in FY23.
• Financial Performance (Q1 FY25):LIC reported a 10% increase in net profit to ₹10,461 crore in Q1 FY25, up from ₹9,544 crore in the year-ago period.
• Total income increased to ₹2,10,910 crore during Q1 FY25, compared to ₹1,88,749 crore in the same quarter the previous year.
• Total premium income for Q1 FY25 increased by 16% to ₹1,13,770 crore, compared to ₹98,363 crore in the same quarter a year ago.

About LIC :

• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra, India

Unified Payments Interface Merchant Transactions in Nepal Exceed 100,000 Milestone      

• NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), is pleased to announce a landmark achievement of surpassing 100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal.
• NIPL collaborated with Fonepay, Nepal’s largest payment network, to introduce cross-border P2M UPI acceptance in March 2024.
• This milestone signifies a new era of digital payment connectivity and collaboration between the two neighbouring countries.
• UPI is currently accepted in Bhutan, France (Eiffel Tower – Online, Galeries Lafayette), Mauritius, Nepal, Singapore, Sri Lanka, and UAE.
• It is one of the largest real-time payments platforms globally.

Key Highlights :

• Real-Time Payments in India:According to ACI Worldwide, India accounted for 49% of the world’s real-time payments in 2023.
• RuPay Card Expansion:NIPL has also collaborated with Nepal SBI Bank Limited (NSBL), to operationalise RuPay cards in Nepal.
• RuPay is a global card payment network from India with wide acceptance at ATMs, POS devices and ecommerce websites
• UPI Growth:UPI (Unified Payments Interface) transactions grew by 45% year-on-year.
• The total value of UPI transactions saw over a 35% increase, reaching ₹20.64 trillion.
• For three consecutive months, total UPI transactions exceeded ₹20 trillion.
• Monthly and Daily UPI Transaction Values:
• June 2024: ₹20.07 trillion
• May 2024: ₹20.44 trillion
• Average daily transaction value in July 2024: ₹466 million (approximately ₹66,590 crore)
• Volume Growth of UPI Transactions:UPI transactions saw a ten-fold increase from 12.5 billion in 2019-20 to 131 billion in 2023-24.
• UPI now accounts for 80% of total digital payment volumes.
• Annual Growth Rate:UPI transactions grew by 57% year-on-year in FY24.
• Market Share of Payment Platforms:PhonePe and Google Pay together held an 86% market share in UPI transactions, according to BCG’s Banking Sector Roundup for 2023-24.

Recent News :

• In June,2024 NIPL inked an agreement with the central bank of Peru to develop a UPI-like payment system in the South American country.
• In May 2024, the NPCI entered into an agreement with the Bank of Namibia (BoN) for developing an instant payment system similar to UPI in the African nation.

About Nepal :

• President : Ram Chandra Poudel
• Prime Minister : KP Sharma Oli
• Capital : Kathmandu
• Currency : Nepalese rupee

About NIPL :

• NIPL is an international arm of the National Payments Corporation of India (NPCI).

Government Urges State-Run Banks to Help Regional Rural Banks Upgrade Technology and Join National Payment Corporation of India’s Direct Benefit Transfer Platform       

• The government has instructed state-run banks to assist regional rural banks (RRBs) in upgrading their technology and onboarding them to the National Payment Corporation of India’s (NPCI) BASE platform, which facilitates the Direct Benefit Transfer (DBT) program.
• Several cooperative banks and RRBs were impacted by a ransomware attack on C-Edge Technologies, a technology service provider, in the previous week.
• In May 2024, National Bank For Agriculture And Rural Development (NABARD) asked all RRBs to update their Business Continuity Plans (BCPs) and include comprehensive risk-management strategies that cover financial, technological, and environmental risks.
• The finance ministry has directed banks to ensure that RRBs are on boarded to NPCI’s Bharat Aadhaar Seeded Enabler (BASE) platform, which allows beneficiaries to check Aadhaar seeding status and conduct other digital transactions.

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

National Payments Corporation of India Reports Monthly Unified Payments Interface Credit Disbursements of Nearly ₹10,000 Crore   

• The National Payments Corporation of India (NPCI) is seeing significant growth in the use of its Unified Payments Interface (UPI) credit feature, with monthly transactions now reaching approximately Rs 10,000 crore.
• The increase is largely due to the integration of credit card features into UPI, allowing users to link credit cards to the app and consolidate payments into their monthly credit card bills.

Key Highlights :

• ICICI Bank Leadership : ICICI Bank has emerged as the leader in providing pre-sanctioned credit limits on UPI, with around half a dozen other banks also introducing this facility for their customers.
• Concerns Over Unsecured Loans : This development coincides with rising concerns over the rapid growth in unsecured loans, including credit cards and personal loans.
• UPI Transaction Volume : UPI continues to be a widely used payment platform in India, recording 466 million transactions in July alone.

Karnataka Bank Enables GST Payments via UPI Mode   

• Karnataka Bank has started accepting GST payments through UPI mode.
• Karnataka Bank is one of the first Banks to extend GST payment through UPI mode.
• All the GST-registered users, including Karnataka Bank customers, can make GST payment under this facility.
• Karnataka Bank is already accepting GST payments through its branches and on Internet Banking facility on behalf of CBIC.
• Maximum limit permitted under UPI mode is Rs 1.00 lakh and there is no upper limit in Internet Banking facility for GST payments.

About Karnataka Bank :

• Founded : 18 February 1924
• Headquarters : Mangalore, Karnataka, India
• MD & CEO : Srikrishnan Hari Hara Sarma

CURRENT AFFAIRS: NATIONAL NEWS

DCGI Establishes Guidelines for Pharmaceutical Product Traceability

• The Drugs Controller General of India (DCGI), the top drug regulator in India, has developed standard operating procedures and guidelines to ensure traceability of pharmaceutical products throughout the supply chain, in response to the growing issue of counterfeit and spurious medicines.

Key Points:

• Objective:
  • The new guidelines aim to enhance traceability in the pharmaceutical supply chain to quickly identify and address issues of adulteration or contamination.
• Significance:
  • The move is crucial as the Indian pharmaceutical industry faces international scrutiny following reports of spurious cough syrups linked to child fatalities in Gambia, Cameroon, and Uzbekistan.
• Guideline Details:
  • The guidelines, aligned with World Health Organization standards, are part of a broader effort to incorporate good distribution practices into the Drugs and Cosmetic Rules, 1945.
  • The guidelines emphasize the importance of maintaining proper storage conditions and documentation throughout the distribution process, from manufacturing to retail.
• Industry Overview:
  • India hosts around 3,000 drug companies and 10,500 manufacturing units.
  • The country’s pharmaceutical industry is expected to grow from its current value of $50 billion to $65 billion by the end of 2024 and is projected to reach $130 billion by 2030.

BEML Aims for International Expansion with Vande Bharat and Metro Trains

• BEML, a leading Indian manufacturer of rail coaches and spare parts, aims to enter the international market with its high-speed Vande Bharat trains and Metro trains, according to Shantanu Roy, BEML’s Chairman.
• This move is part of the company’s strategy to diversify its business and enhance its global footprint.

Key Points:

• Product Focus:
  • BEML has been instrumental in manufacturing Vande Bharat trains, India’s first semi-high-speed, self-propelled trains, and has a significant role in producing Metro trains domestically.
• Export Strategy:
  • The decision to export these trains reflects BEML’s confidence in its products and its ambition to establish a strong presence in the global rail industry.
  • The company aims to increase the contribution of exports to 10% of its revenue, up from the current 4%.
• Business Segments:
  • BEML operates in three key segments: mining and construction, defence, and rail and metro.

Restoration of Delhi’s Historic Barapullah Bridge by ASI

• Delhi’s Lieutenant Governor (LG) VK Saxena announced that the Mughal-era Barapullah bridge in Nizamuddin has been handed over to the Archaeological Survey of India (ASI) for restoration.
• The bridge, built during the reign of Mughal Emperor Jahangir in 1628, will undergo restoration over the next three months.

Key Points:

1. Historical Significance:
   • The 400-year-old Barapullah bridge, built by Minar Banu Agha under Emperor Jahangir’s rule, was a key route connecting the Mughal capital with important sites like the Nizamuddin Dargah and Humayun’s Tomb.
   • The bridge, named ‘Barapullah’ due to its 12 piers and 11 arches, was historically a wide, tree-lined path used by the Mughals.
2. Current Condition:
   • The bridge was found to be heavily encroached upon and used as a dump yard for debris and garbage from nearby localities.
   • A desilting process of the drain flowing under the bridge is currently underway.

India’s Defence Export Growth: Aiming for Rs. 50,000 Crore Target by 2029

• India is on a trajectory to meet its ambitious defence export target of ₹50,000 crore within the next five years, according to officials from the Ministry of Defence.
• The latest data for the first quarter of the financial year 2024-25 highlights significant progress towards this goal, underscoring India’s growing presence in the global defence market.

Q1 2024-25 Defence Export Data

• Exports Achieved: ₹6,915 crore during April-June 2024.
• Growth: This represents a 78% increase compared to ₹3,885 crore during the same period in the previous fiscal year (FY 2023-24).

Sector Contributions

• Public Sector: 60% of total defence exports.
• Private Sector: 40% of total defence exports.

Historical Context and Recent Trends

• FY 2023-24 Performance: Defence exports reached ₹21,000 crore, marking a 32.5% growth from the previous year’s ₹15,920 crore.
• Decade Growth: Defence exports have expanded 31 times since FY 2013-14, driven by policy reforms and a focus on indigenization.

Global Reach

• Export Destinations: India is exporting military hardware to approximately 85 countries.
• Local Firms Involved: Around 100 Indian companies are contributing to this export effort.

Exported Military Hardware

• Types of Equipment:
  • Missiles
  • Artillery guns
  • Rockets
  • Armoured vehicles
  • Offshore patrol vessels
  • Personal protective gear
  • Radars and surveillance systems
  • Ammunition

Government Initiatives

• Policy Reforms: The significant rise in military exports and the decline in imports are attributed to government initiatives aimed at boosting the indigenous defence manufacturing ecosystem.
• Focus: Continued efforts to enhance the capabilities of local firms and reduce dependency on imports, aligning with the “Make in India” initiative.

Future Outlook

• With continued growth in defence exports and strategic policy initiatives, India is well on its way to achieving the ₹50,000 crore target by 2029, positioning itself as a significant player in the global defence market.

World youth unemployment rate lowest for 15 years:

• Global youth unemployment rate dropped to 13% in 2023, the lowest in 15 years.
• This is a decrease from 13.8% in 2019, before the COVID-19 pandemic.
• The total number of unemployed young people (aged 15-24) worldwide is 64.9 million, the lowest since 2000.

1. Regional Disparities:
   • While some regions have seen improvement, Arab States, East Asia, South-East Asia, and the Pacific continue to face higher youth unemployment rates compared to 2019 levels.
   • Recovery from the pandemic has not been uniform across all regions.
2. Concerns Over NEET:
   • The percentage of young people not in employment, education, or training (NEET) stood at 4% in 2023.
   • Women are disproportionately affected, with a NEET rate of 28.1% compared to 13.1% for men.
   • Two-thirds of those classified as NEETs are women.
3. Casualization and Informality:
   • There is a growing trend of casual and informal employment among youth.
   • More than half of young workers globally are in informal jobs.
   • Regular and secure work is more common in high- and upper-middle-income
4. Future Outlook:
   • The global youth unemployment rate is projected to decline slightly to 12.8% in 2024.
   • However, concerns remain about the mismatch between the increasing number of young graduates and the availability of suitable jobs.

Prime Minister Narendra Modi Launches 109 New Crop Varieties at India Agricultural Research Institute

• Prime Minister Narendra Modi released 109 new high-yielding, climate-resilient, and biofortified crop varieties at the India Agricultural Research Institute, New Delhi.
• The event also featured an interaction between the Prime Minister, farmers, and scientists.

1. Importance of New Varieties:
   • The newly released varieties include 34 field crops and 27 horticultural crops, spanning cereals, millets, forage crops, oilseeds, pulses, sugarcane, cotton, fruits, vegetables, spices, flowers, and medicinal crops.
   • The crops are designed to be climate-resilient, reduce farmer expenditure, and contribute positively to environmental sustainability.
2. Additional Participants:
   • The event was attended by Union Ministers of State for Agriculture and Farmers’ Welfare, Shri Bhagirath Choudhary and Shri Ram Nath Thakur, DG ICAR & Secretary, DARE, Dr. Himanshu Pathak, and 30 farmers from nearby states, along with senior ICAR officials.

CURRENT AFFAIRS : STATE NEWS

India’s First 24/7 Grain ATM Unveiled in Mancheswar, Odisha

• India’s first round-the-clock, 24/7 grain ATM, named Annapurti, was inaugurated at Mancheswar in Bhubaneswar, Odisha.
• Krushna Chandra Patra, Odisha Minister for Food Supplies and Consumer Welfare, unveiled the Grain ATM in the presence of Nozomi Hashimoto, Deputy Country Director, of the World Food Programme in India.
• The initiative is a collaboration between the Odisha government and the World Food Programme.
• Its goal is to achieve nutritional security in the state of Odisha.

Key Highlights :

• Functionality:The Annapurti Grain ATM can dispense up to 50 kilograms of grain in five minutes.
• It has a low error rate of 0.01%.
• Once biometric authentication is completed, it provides consistent access to the full food ration.
• Design and Efficiency:The ATM has a modular design, making it easy to assemble in various locations.
• It is energy efficient, using only 0.6 watts per hour and can be connected to solar panels for automatic refilling.
• Impact:The ATM is expected to reduce waiting times by 70% and provide round-the-clock access to essential food supplies.

About Odisha :

• Governor : Raghubar Das
• Chief Minister : Mohan Charan Majhi
• Capital : Bhubaneswar
• National Parks : Bhitarkanika National Park, Nandankanan National Park,Simlipal National Park
• Wildlife Sanctuaries : Debrigarh Wildlife Sanctuary, Ushakothi Wildlife Sanctuary, Tikarpada Wildlife Sanctuary

Chhattisgarh Government to Establish Fourth Tiger Reserve in the State      

• The Chhattisgarh government announced that it would establish a new tiger reserve and named it Guru Ghasidas-Tamor Pingla Tiger Reserve.
• It is located in the northern part of Chhattisgarh, bordering Madhya Pradesh and Jharkhand.
• This will be the 4th Tiger Reserve in Chhattisgarh.
• The existing tiger reserves in the state are:
• Indravati (Bijapur district)
• Udanti-Sitanadi (Gariaband district)
• Achanakmar (Mungeli district
• The decision was made at a cabinet meeting, clearing the decks for a project for which the National Tiger Conservation Authority (NTCA) had given its in-principle approval a decade ago.

About Guru Ghasidas-Tamor Pingla Tiger Reserve :

• The tiger reserve spans 2,829 square kilometres across four northern districts of the state.
• It combines the areas of Guru Ghasidas National Park and Tamor Pingla Wildlife Sanctuary.
• Guru Ghasidas Park was originally part of the Sanjay Dubri National Park and became a separate entity in Chhattisgarh’s Sarguja region after the state’s formation in 2001.
• Tiger Population Decline:Chhattisgarh’s tiger population has decreased from 46 in 2014 to 17 in 2022, as reported by the NTCA in July 2023.
• Comparison with Other Reserves:Andhra Pradesh’s Nagarjunasagar Srisailam Tiger Reserve is the largest in India, covering 3,296.31 sq km.
• Manas Tiger Reserve in Assam is the second largest with an area of 2,837.1 sq km, and both reserves host 58 tigers each.

About Chhattisgarh :

• Governor: Ramen Deka
• Chief Minister: Vishnu Deo Sai
• Capital: Raipur

CURRENT AFFAIRS : DEFENCE NEWS

Indian Air Force Team Returns After Successfully Participating in Exercise Udara Shakti 2024 in Malaysia   

• The Indian Air Force (IAF) contingent has returned to India following a successful engagement in Exercise Udara Shakti 2024, a joint air exercise conducted in collaboration with the Royal Malaysian Air Force (RMAF).
• The exercise took place from August 5th to 9th, 2024, at Kuantan, Malaysia.

About the Exercise :

• IAF’s Participation:The IAF deployed its Su-30MKI fighter jets for the exercise.
• These jets flew alongside RMAF’s Su-30MKM fighters in various air combat missions.
• Objectives and Outcomes:The exercise aimed to enhance interoperability, commonality, and effectiveness in Su-30 aircraft operations between the IAF and RMAF.
• It provided an opportunity for crew members from both air forces to familiarize themselves with each other’s operational protocols.
• Technical experts from both air forces exchanged maintenance practices to bolster operational efficiency.

About Su-30MKI :

• The Sukhoi Su-30MKI is a multi-role combat fighter aircraft.
• It is jointly developed by the Sukhoi Design Bureau and Hindustan Aeronautics Limited (HAL) specifically for the IAF.

CURRENT AFFAIRS: SPORTS NEWS

Comprehensive Overview of Paris Olympics 2024

• The Paris Olympics 2024 marks the 33rd edition of the Summer Olympic Games and the third time Paris will host, previously hosted in 1900 and 1924.
• This year’s theme, “Let’s Move and Celebrate,” emphasizes the joy of movement, commemorating a century since the last Paris Olympics.

Official Mascots

• The Phryges: Official mascots symbolizing the spirit and history of the Games.

Indian Contingent and Achievements

• Indian Athletes: A total of 117 athletes represented India, competing from July 26 to August 11.
• Medals Won: India secured six medals – one silver and five bronze.

Medallists

Significant Moments

• Manu Bhaker: First Indian woman to win an Olympic shooting medal and the first Indian to win two medals in a single Olympic edition.
• Neeraj Chopra: Became India’s most successful individual Olympian with his silver medal.
• Aman Sehrawat: India’s youngest Olympic medallist with his wrestling bronze.

Medal Event Participation

• Sports: Indian athletes competed in 69 medal events across 16 sports including archery, athletics, badminton, boxing, equestrian, golf, hockey, judo, rowing, sailing, shooting, swimming, table tennis, and tennis.

Top 10 Countries in Medal Tally

Special Roles and Ceremonies

• Opening Ceremony: Badminton star PV Sindhu and table tennis player Sharath Kamal led the Indian contingent.
• Closing Ceremony: Shooter Manu Bhaker and hockey player PR Sreejesh represented India.
• Torchbearer: Abhinav Bindra, the first Indian to win an Olympic gold medal in an individual event.
• Chef-De-Mission: Gagan Narang for the Paris Olympics 2024.

Historical Context

• India’s Total Olympic Medals so far: 41
• Notable Firsts:
  • Norman Pritchard: First medals for India in Paris 1900.
  • KD Jadhav: First individual medal for independent India in Helsinki 1952.
  • Karnam Malleswari: First woman to win an Olympic medal at Sydney 2000.
  • Abhinav Bindra: First individual gold medal at Beijing 2008.
  • Neeraj Chopra: First gold in athletics at Tokyo 2020.

Thomas Bach to Step Down as IOC President After Second Term Ends in 2025

• Thomas Bach, President of the International Olympic Committee (IOC), announced he will not seek an extension after his second term ends in 2025.
• Bach, who has led the IOC since 2013, will conclude his presidency as per the Olympic charter’s 12-year term limit.

1. Term Limit:
   • The Olympic charter, which Bach helped draft, restricts the IOC president to a maximum of 12 years: an eight-year first term followed by a four-year second term.
2. Succession and Transition:
   • The next IOC president will be elected in March 2025 during a session in ancient Olympia, Greece, and will officially take over in June 2025.
   • This timeline is designed to ensure a smooth transition in leadership.
3. Bach’s Legacy:
   • Bach, a former Olympic fencing champion (1976), has been a member of the IOC since 1991.
   • His leadership style has been described as decisive, with minimal opposition during his tenure.
   • He succeeded Jacques Rogge as IOC president in 2013.

Arshad Nadeem to Receive Hilal-e-Imtiaz for Historic Olympic Gold in Javelin Throw

• The Javelin Throw gold medallist in the ongoing Paris Olympics 2024, Pakistan’s Arshad Nadeem, is set to be honoured with Hilal-e-Imtiaz by the country’s government.
• Hilal-e-Imtiaz is the second-highest civilian award given by the Government of Pakistan and Nadeem will get this award following his brilliant performance in the final of the competition
• Pakistan’s Arshad Nadeem won the gold medal in the Javelin Throw at the Paris 2024 Olympics, setting a new Olympic record with a throw of 92.97 meters.
• His performance surpassed the previous Olympic record set by Denmark’s Andreas Thorkildsen during the Beijing 2008 Olympics.
• Honours and Recognition:
  • In recognition of his outstanding achievement, Arshad Nadeem is set to be honoured with the Hilal-e-Imtiaz, Pakistan’s second-highest civilian award.
  • This award will be conferred upon him in a special ceremony by the President of Pakistan.
• Olympic Medal Standings:
  • Grenada’s Anderson Peters secured the bronze medal with a throw of 88.54 meters.
  • India’s Neeraj Chopra, the defending Olympic champion, finished with a silver medal after achieving a best throw of 89.45 meters. Despite a strong second attempt, he struggled with consistency and recorded four foul throws.
• Neeraj Chopra’s Legacy:
  • Neeraj Chopra became the second male athlete from post-independence India to win two Olympic medals in an individual event, adding a silver to his gold from the Tokyo 2020 Olympics.

CURRENT AFFAIRS: IMPORTANT DAYS

World Organ Donation Day 2024: August 13

• Every year,World Organ Donation Day is celebrated on the 13th of August to raise awareness about the importance of organ donation and encourage people to donate their organs after death.
• In 1954, the first successful organ donation took place in the United States.
• Ronald Lee Herrick donated his kidney to his twin brother Richard J. Herrick and he was the world’s first organ donor.
• Joseph Murray was the doctor who carried out this successful kidney transplantation.
• The doctor was honoured with the Nobel Prize in Physiology and Medicine for bringing advances in organ transplantation in the year 1990.
• The world overcomes unawareness and improves organ donation initiatives based on their conditions and capacity.
• Since 2010, India has celebrated National Organ Day on 27th November to promote organ donation under the Ministry of Health and Family Welfare by the National Organ and Tissue Transplant Organization (NOTTO).

International Lefthanders Day 2024: August 13

• International Lefthanders Day 2024 is celebrated on the 13th of August every year worldwide.
• The day is observed to highlight the differences and uniqueness of left-handed people around the world.
• In 1990, the Left-Handers Club was established to promote research in lefthand usage and the evolution of new left-handed items.
• This club also keeps members from all over the world in touch with new developments.
• The Left-Handers Club launched International Lefthanders Day as an annual event on the 13th of August, 1992.
• That day, lefthanders around the world can celebrate their uniqueness and create awareness in the public about the strengths and weaknesses of being left-handed.

Daily CA One- Liner: August 13

• The Drugs Controller General of India (DCGI), the top drug regulator in India, has developed standard operating procedures and guidelines to ensure the traceability of pharmaceutical products throughout the supply chain, in response to the growing issue of counterfeit and spurious medicines
• BEML, a leading Indian manufacturer of rail coaches and spare parts, aims to enter the international market with its high-speed Vande Bharat trains and Metro trains, according to Shantanu Roy, BEML’s Chairman.
• Delhi’s Lieutenant Governor (LG) VK Saxena announced that the Mughal-era Barapullah bridge in Nizamuddin has been handed over to the Archaeological Survey of India (ASI) for restoration
• India is on a trajectory to meet its ambitious defence export target of ₹50,000 crore within the next five years, according to officials from the Ministry of Defence.
• Global youth unemployment rate dropped to 13% in 2023, the lowest in 15 years.
• Prime Minister Narendra Modi released 109 new high-yielding, climate-resilient, and biofortified crop varieties at the India Agricultural Research Institute, New Delhi.
• The Paris Olympics 2024 marks the 33rd edition of the Summer Olympic Games and the third time Paris will host, previously hosted in 1900 and 1924.
• Thomas Bach, President of the International Olympic Committee (IOC), announced he will not seek an extension after his second term ends in 2025
• The Javelin Throw gold medallist in the ongoing Paris Olympics 2024, Pakistan’s Arshad Nadeem, is set to be honoured with Hilal-e-Imtiaz by the country’s government
• Every year World Organ Donation Day is celebrated on the 13th of August to raise awareness about the importance of organ donation and encourage people to donate their organs after death
• International Lefthanders Day 2024 is celebrated on the 13th of August every year worldwide.
• Bank of Baroda (BoB), Canara Bank, and UCO Bank have increased their Marginal Cost of Funds Based Lending Rate (MCLR) by 5 basis points across selected tenors following the Reserve Bank of India’s (RBI’s) monetary policy statement.
• Life Insurance Corporation of India (LIC) plans to make fresh investments of approximately ₹1.30 trillion in equities during FY25.
• NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), is pleased to announce a landmark achievement of surpassing 100,000 cross-border Unified Payments Interface (UPI) Person-to-Merchant (P2M) transactions in Nepal.
• The government has instructed state-run banks to assist regional rural banks (RRBs) in upgrading their technology and onboarding them to the National Payment Corporation of India’s (NPCI) BASE platform, which facilitates the Direct Benefit Transfer (DBT) program.
• The National Payments Corporation of India (NPCI) is seeing significant growth in the use of its Unified Payments Interface (UPI) credit feature, with monthly transactions now reaching approximately Rs 10,000 crore.
• Karnataka Bank has started accepting GST payments through UPI mode.
• India’s first round-the-clock, 24/7 grain ATM, named Annapurti, was inaugurated at Mancheswar in Bhubaneswar, Odisha.
• The Chhattisgarh government announced that it would establish a new tiger reserve and named it Guru Ghasidas-Tamor Pingla Tiger Reserve.
• The Indian Air Force (IAF) contingent has returned to India following a successful engagement in Exercise Udara Shakti 2024, a joint air exercise conducted in collaboration with the Royal Malaysian Air Force (RMAF).

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