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

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CURRENT AFFAIRS : BANKING & FINANCE

Canara Robeco Mutual Fund Launches Balanced Advantage Fund   

• Canara Robeco Mutual Fund has launched a Balanced Advantage Fund (BAF), which is an open-ended dynamic asset allocation fund.
• Aim : To increase upside participation and generate alpha during favourable market conditions while reducing downside risk during market downturns.
• The new fund offer (NFO) will open and close on July 26, 2024.
• The BAF is an asset allocation product which will dynamically allocate equity based on an in-house model, to eliminate investor biases.

Key Highlights :

Asset Allocation :

• Equity Allocation: The fund will allocate 65% or more towards equities to ensure equity taxation benefits for investors.
• Debt Allocation: Investments in the debt segment will primarily focus on government bonds and AAA-rated corporate papers for stability and liquidity.
• Guiding Model: The asset allocation decisions will be guided by a proprietary three-factor model developed by Canara Robeco, which has been back-tested over a 20-year period.
• Factors include Trailing P/B’, ‘Equity Risk Premium’, and Forward P/E’, which influence asset allocation under different market conditions.
• Benchmark: The fund’s performance will be benchmarked against the Crisil Hybrid 50+50 – Moderate Index.

Punjab National Bank Partners with Steel Authority of India Limited to Provide Loan Facilities    

• Punjab National Bank (PNB) has signed a pact with Steel Authority of India Ltd (SAIL) to provide home loans, car loans, and education loans to SAIL employees at concessional rates.
• This strategic partnership aims to enhance the financial well-being of SAIL employees while expanding PNB’s customer base within the steel sector.
• A Memorandum of Understanding (MoU) was signed by PNB General Manager – Business Acquisition and Relationship Management Division Sudhir Dalal, SAIL General Manager – Finance Lavika Jain and SAIL General Manager – HR Bikram Uppal.

Recent News :

• In July 2024, PNB introduced a new security feature ‘Safety Ring’ within its internet banking system and mobile banking system in response to the increasing number of cyber frauds.

About PNB :

• Founded : 19 May 1894
• Headquarters : Delhi, India
• MD & CEO : Atul Kumar Goel

About SAIL :

• Founded : 19 January 1954
• Headquarters : New Delhi, India
• Chairman : Amarendu Prakash
• SAIL is a central public sector undertaking (PSU) based in New Delhi, India. It is under the ownership of the Ministry of Steel, Government of India (GoI).

NPCI International Collaborates with Qatar National Bank to Enable Unified Payments Interface Payments in Qatar    

• NPCI International Payments (NIPL), the international arm of NPCI, signed an agreement with Qatar National Bank (QNB) to launch QR-code-based UPI payments in Qatar.
• The partnership will power UPI (Unified Payments Interface) payment acceptance in Qatar through the QNB merchant network, enabling Indian travellers to transact on the payments service.
• Indian tourists will have the option to transact using UPI across retail stores, tourist attractions, duty-free shops, and hotels.
• The announcement is significant as Indians are the second largest group of international visitors to Qatar.

Other International Collaborations:

• June 2024: NIPL signed an agreement with the central bank of Peru to develop a UPI-like payment system.
• May 2024: NIPL entered into an agreement with the Bank of Namibia (BoN) to develop an instant payment system similar to UPI.
• NPCI has expanded UPI to other countries, including France, Sri Lanka, Singapore, and

Specific International Initiatives:

• February 2024: NPCI partnered with Lyra, an e-commerce and proximity payments company, to enable UPI acceptance in France.
• January 2024: NPCI announced the UPI-PayNow linkage, allowing Indians to receive remittances directly into their bank accounts from Singapore and vice versa.

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.

About QNB :

• Established : June 6, 1964
• Headquarters : Doha, Qatar

About Qatar

• Prime Minister : Mohammed bin Abdulrahman bin Jassim Al Thani
• Capital : Doha
• Currency : Qatari riyal

Banks’ Deposit Growth Slows to 10.6%; Credit Growth Reaches 13.9%        

• According to the latest data released by the Reserve Bank of India (RBI), Deposit growth of commercial banks slowed to 10.64% year-on-year (Y-o-Y) as of June 28, 2024.
• The deposit base expanded to Rs 211.95 trillion.

Key Highlights :

• Credit Growth:Credit growth declined to 13.88% Y-o-Y, reaching Rs 163.8 trillion.
• Comparison with Previous Fortnight:For the fortnight ending June 14, 2024, deposit growth was 12.1%.
• Credit growth was 15.6% during the same period.
• Impact of HDFC Merger:Growth figures exclude the impact of the HDFC-HDFC Bank merger effective from July 1, 2023.
• C/D Ratio Analysis by CareEdge:The C/D ratio has been around 80% since September 2023.
• As of June 14, 2024, the C/D ratio stood at 79.9%.
• Effect of HDFC Merger on C/D Ratio:The merger primarily drove the increase in the C/D ratio.
• Excluding the merger impact, the C/D ratio was 77.9% on June 14, 2024, compared to 75.5% on June 16, 2023.

Securities and Exchange Board of India Working Group Proposes Easing Compliance Requirements for Debenture Trustees    

• Securities and Exchange Board of India’s (SEBI’s) working group is set to recommend a reduction in compliance burden for debenture trustees.
• Aim : To speed up the dispute resolution mechanism.
• The group also proposes pruning the number of regulations for listing and post-listing from five to just one.
• The group will submit its report later this week.

Debenture Trustee Definition :

• A debenture trustee is an entity appointed by the issuer of debentures to act on behalf of the holders.
• Responsibilities include:
• Protecting the interests of debenture holders.
• Monitoring issuer compliance with the debenture agreement.
• Holding security on behalf of holders.
• Taking action in case of issuer default.

Key Highlights :

• Key Recommendation on Liability:The group suggests that debenture trustees should not be held responsible for breaches of norms by the issuer.
• Current law unfairly places the onus of compliance on trustees, even when out of their control.
• Current Compliance Issues:Trustees face responsibility for submitting documents to stock exchanges, but reliance on issuers can lead to unjust penalties.
• Major Debenture Trustees in India:Notable entities include Axis Trustee Services, Catalyst Trusteeship, Vistra ITCL, SBICAP Trustee, and IDBI Trusteeship Services.
• Dispute Resolution Challenges:Current provisions require a 75% attendance of debenture holders for meetings to pass resolutions.
• Next Steps : After the report is submitted, a high-level committee will review the recommendations and then SEBI will float a consultation paper on the regulations to get feedback from stakeholders.

Recent News :

• In July 2024, The SEBI’s expert working committee on derivatives trading set the bar higher for retail investors.

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.

State Bank of India Launches Online Loan Facility Using Mutual Fund Units Through Internet Banking and YONO App    

• State Bank of India (SBI) launched an online loan facility against mutual fund (MF) units via Internet Banking (INB) and the YONO App.
• This digital solution allows consumers to apply for loans from the comfort of their own homes, with a completely paperless and digital process that is available 24 hours a day, 7 days a week.

Key Highlights :

• Eligibility : The new loan facility is extended at attractive interest rates to mutual fund schemes of all Asset Management Companies (AMCs) registered with CAMS.
• Previous Limitations : Previously, the loan against MF facility was limited to loans against SBI Mutual Fund schemes only and was available only through branches requiring physical visits by customers.
• Public Sector Bank Milestone : With this launch, SBI has become the first public sector bank (PSB) to offer an end-to-end digital loan on mutual fund schemes.
• Loan Amounts:
• Minimum Loan Amount: ₹25,000
• Maximum Loan Amount:
  • (a) Equity/ Hybrid/ ETF MF: ₹10 lakhs
  • (b) Debt/ FMP MF: ₹5 crores

Recent News :

• In July 2024, SBI raised ₹10,000 crore via a 15-year infrastructure bond issue at a coupon rate of 7.36%.

About SBI :

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

REC Secures ₹1,670 Crore Green Loan from Deutsche Bank’s GIFT City Branch      

• State-run REC Limited has secured a green loan amounting to JPY 31.96 billion (equivalent to $200 million) from Deutsche Bank AG, GIFT City branch, marking a significant move towards financing sustainable development in India.
• Purpose of Loan : To finance projects that adhere to strict environmental standards, promote renewable energy, and reduce carbon emissions.

Key Highlights :

• This is the first green loan between an Indian government entity and Deutsche Bank.
• This initiative is also noted as one of the first JPY-denominated green loans executed by Deutsche Bank AG, GIFT City.
• Commitment to Sustainability :This initiative reflects the increasing momentum towards green financing and the collective efforts of stakeholders to address environmental challenges.
• REC Limited Financial Performance :In the last financial year, REC Ltd sanctioned loans worth ₹3.59 trillion, out of which ₹1.36 trillion were for renewable energy projects.
• Future Plans : REC aims to increase the share of renewable energy in its loan book to 30% by 2030 from the current 10%.

About REC Limited, formerly Rural Electrification Corporation Limited :

• Founded : 25 July 1969
• Headquarters : New Delhi, Delhi, India
• Chairman & Managing Director : Vivek Kumar Dewanga
• Status:
• REC is a ‘Maharatna’ company under the Ministry of Power, Government of India.
• Registered with RBI as a Non-Banking Finance Company (NBFC), Public Financial Institution (PFI), and Infrastructure Financing Company (IFC).

About Deutsche Bank AG:

• Established: 10 March 1870
• Headquarters: Germany
• CEO: Christian Sewing

CURRENT AFFAIRS: NATIONAL NEWS

First Mothership Arrives at Vizhinjam International Seaport

• The container ship ‘San Fernando’ from China berthed at Kerala’s Vizhinjam International Seaport Limited (VISL), marking the first arrival of such a vessel at India’s largest transshipment port.
• Vessel Details:
  • San Fernando, a 300-meter-long cargo ship, received a water salute by four tugs that piloted it to the dock.
  • The ship will offload 1,900 containers on Friday.
• Inaugural Ceremony:
  • The port’s first phase of operations will be launched by Chief Minister Pinarayi Vijayan.
  • Dignitaries attending include Union Shipping Minister Sarbananda Sonowal, central and state ministers, officials, and members of the public.
• Operational Significance:
  • San Fernando carries large containers that will be transferred to other ships for further transport to various ports domestically and internationally.
  • Vizhinjam International Seaport will become India’s first semi-automated port, with full commissioning expected in September or October 2024.
• Port Features:
  • The port is equipped with modern equipment and advanced automation and IT systems.
  • It boasts natural depths between 20 and 24 meters, with a rocky ocean bottom that negates the need for extensive dredging.

Strengthening India’s Defence Capabilities: DRDO Awards New Projects

• The Defence Research and Development Organisation (DRDO) is bolstering India’s defence capabilities by awarding seven new projects to private sector companies.
• Technology Development Fund Scheme: These projects are part of the Technology Development Fund scheme, focusing on nurturing the defence and aerospace industries, particularly MSMEs and startups.

Highlighted Projects:

1. Indigenous Scenario and Sensor Simulation Toolkit:
   • Company: Oxygen 2 Innovation Pvt Ltd, Noida.
   • Purpose: Simulator training for pilots, aiding in full mission planning and large-force engagement simulations.
2. Underwater Launched Unmanned Aerial Vehicle:
   • Company: Sagar Defence Engineering Pvt Ltd, Pune.
   • Purpose: Versatile marine battlefield accessory for Intelligence, Surveillance, and Reconnaissance (ISR) and Maritime Domain Awareness (MDA).
3. Long-range Remotely Operated Vehicles:
   • Company: IROV Technologies Pvt Limited, Kochi.
   • Purpose: Enhance underwater object detection and neutralization capabilities while maintaining a safe distance from key assets.
4. Ice Detection Sensor for Aircraft:
   • Company: Craftlogic Labs Pvt Ltd, Bengaluru.
   • Purpose: Detect in-flight icing conditions to improve aviation safety.
5. Radar Signal Processor with Active Antenna Array Simulator:
   • Company: Data Pattern (India) Limited, Chennai.
   • Purpose: Deploy multiple target systems for testing short-range aerial weapon systems.
6. Indian Regional Navigation Satellite System-based Timing Acquisition and Dissemination System:
   • Company: Accord Software and Systems Pvt Ltd, Bengaluru.
   • Purpose: Indigenize timing systems using Indian satellite constellations.
7. Graphene-Based Smart and E-textiles:
   • Company: Alohatech Private Limited, Coimbatore.
   • Purpose: Develop multifunctional wearable applications using advanced materials.

43rd Foundation Day of NABARD: July 12, 2024

• The 43rd Foundation Day of NABARD commemorates on July 12^th, 2024 the dedication to rural development and agricultural growth in India.
• It recognizes the National Bank for Agriculture and Rural Development’s (NABARD) significant contributions to improving rural communities and agricultural productivity.

Establishment and Mission:

• NABARD stands for the National Bank for Agriculture and Rural Development.
• Established on July 12, 1982, following the recommendation of the B. Sivaraman Committee set up in 1979.
• Its mission is to promote sustainable agricultural and rural development through financial support and innovative solutions.

Role and Impact:

• NABARD has been pivotal in transforming the rural economy by implementing policies and programs beneficial to the rural populace.
• It provides financial support aimed at enhancing agricultural productivity and fostering rural development.

Organizational Structure:

• Headquarters located in Mumbai, Maharashtra.
• NABARD has multiple regional offices to ensure the reach of its initiatives to every part of the nation.

Key Milestones in NABARD’s History:

About NABARD

• Date: July 12, 2024
• Celebrating: 43rd Foundation Day of NABARD
• Established: July 12, 1982
• Full Form: National Bank For Agriculture And Rural Development
• Headquarters: Mumbai, Maharashtra
• Chairman: Mr. Shaji K. V.

UN Estimates: India’s Population to Surpass China’s by 2085

• By 2100, India’s population is projected to reach around 1.5 billion, more than twice that of China’s 633 million.
• India is expected to hit an inflection point in 2085 with a population of 1.61 billion, double that of China’s 806 million.
• The gap between India and China’s population will continue to widen post-2085.

1. Global Population Rankings in 2100:
   • Following India and China, the largest populations will be:
     • Pakistan: 511 million
     • Nigeria: 477 million
     • Democratic Republic of the Congo: 431 million
     • United States: 421 million
2. Drivers of Population Growth:
   • In countries like the US, immigration is expected to be the major driver of population growth, rather than natural increase or higher life expectancy.
   • The current US population is 345 million.
3. India’s Current Demographics:
   • The report estimates India’s current population at 1.451 billion, nine million more than previous projections two years ago.
   • These estimates are considered authoritative due to the absence of a decadal census since 2011.
   • The 2021 census has been postponed indefinitely, initially due to the pandemic, with further delays for unspecified reasons.
4. World Population Prospects (WPP) Report:
   • The estimates are based on the biennial World Population Prospects (WPP) report released by the United Nations Department of Economic and Social Affairs (UNDESA) Population Division.
   • The report highlights trends and projections crucial for understanding global demographic changes.

Union Minister to Inaugurate Over 125 Projects in Fisheries Sector at Madurai, Tamilnadu

• Union Minister Rajiv Ranjan Singh will inaugurate more than 125 projects at the Fisheries Summer Meet in Madurai, Tamil Nadu.
• These initiatives, totaling an investment exceeding Rs 100 crore, are part of the Pradhan Mantri Matsya Sampada Yojana (PMMSY).

1. PMMSY Initiatives:
   • Projects include fish retail kiosks, shrimp hatcheries, brood banks, ornamental fish units, biofloc units, fish feed mills, and fish value-added enterprises.
   • PMMSY, a flagship programme, aims to promote sustainable development in the fisheries sector.
2. Impact and Support:
   • While specific financial details were not disclosed, the scheme is expected to significantly boost local businesses and enhance fisheries output nationwide.
   • The event will feature the distribution of grants to winners of the Fisheries Startup Grand Challenge.
3. Stakeholder Engagement:
   • The meet serves as a platform for dialogue between the Centre and states, highlighting contributions of stakeholders in fisheries and aquaculture.
   • It aims to raise awareness about central government initiatives in the sector.
4. Attendees:
   • Union Ministers of State for Fisheries, Animal Husbandry and Dairying, S P Singh Baghel, and George Kurian, along with Tamil Nadu Fisheries Minister Anitha R Radhakrishnan, will attend the event.

About Pradhan Mantri Matsya Sampada Yojana (PMMSY)

• The scheme was announced by the Finance Minister, Nirmala Sitharaman during her speech in the parliament of India while presenting the Union budget for 2019–20 on 5 July 2019.
• The main motto of PMMSY is ‘Reform, Perform and Transform’ in the fisheries sector.

• The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, Government of India is implementing Pradhan Mantri Matsya Sampada Yojana – A scheme to bring about Blue Revolution through sustainable and responsible development of fisheries sector in India at an estimated investment of 20050 crores for holistic development of fisheries sector including welfare of fishers.
• PMMSY is being implemented in all the States and Union Territories for a period of 5 years from FY 2020-21 to FY 2024-25.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United Nations Educational, Scientific and Cultural Organization Announces Designation of 11 New Biosphere Reserves     

• The United Nations Educational, Scientific and Cultural Organization (UNESCO) has approved the designation of 11 new biosphere reserves in 11 countries.
• This includes the first-time designations in Belgium and Gambia.
• Two of the new reserves are transboundary biosphere reserves.

List of New Biosphere Reserves:

1. Kempen-Broek Transboundary Biosphere Reserve (Belgium, Kingdom of the Netherlands)
2. Darién Norte Chocoano Biosphere Reserve (Colombia)
3. Madre de las Aguas Biosphere Reserve (Dominican Republic)
4. Niumi Biosphere Reserve (Gambia)
5. Colli Euganei Biosphere Reserve (Italy)
6. Julian Alps Transboundary Biosphere Reserve (Italy, Slovenia)
7. Khar Us Lake Biosphere Reserve (Mongolia)
8. Apayaos Biosphere Reserve (Philippines)
9. Changnyeong Biosphere Reserve (Republic of Korea)
10. Val d’Aran Biosphere Reserve (Spain)
11. Irati Biosphere Reserve (Spain)

Key Highlights :

• Total Area and Network:The newly designated biosphere reserves cover a total area of 37,400 km².
• The World Network of Biosphere Reserves now totals 759 sites in 136 countries.
• Decision Process:These additions were decided during the 36th session of the International Coordinating Council of UNESCO’s Man and the Biosphere (MAB) programme.
• The session was held in Agadir, Morocco, from July 2 to 5, following the UNESCO Conference on Soils.
• The governing body of the MAB programme consists of 34 representatives of UNESCO Member States.
• Contribution to Global Biodiversity Targets:Biosphere reserves contribute to the targets set by the Kunming-Montreal Global Biodiversity Framework (December 2022).
• Goals include designating 30% of the Earth’s land and marine surface as protected areas and restoring 30% of the planet’s degraded ecosystems by 2030.
• Biosphere Reserves in India:As of 2024, India has 18 notified biosphere reserves, with 12 recognized by UNESCO’s MAB programme.

About UNESCO :

• Established : 16 November 1945
• Headquarters : Paris, France
• Director General : Audrey Azoulay
• The UNESCO is a specialised agency of the United Nations (UN) with the aim of promoting world peace and security through international cooperation in education, arts, sciences and culture

CURRENT AFFAIRS: BUSINESS NEWS

GST Application on Corporate Guarantee Fees

• Goods and Services Tax (GST) will be applied to 1% of corporate guarantee fees on an annual basis, starting from October 23, 2023.
• This decision was made by the Central Board of Indirect Taxes and Customs (CBIC) and notified following the GST Council meeting on June 22, 2023.

Key Highlights:

1. Relief for Companies:
   • The application of GST on corporate guarantee fees at 1% annually is intended to provide financial relief to companies.
   • The provision is seen as beneficial for businesses that have been concerned about cash flows.
2. Taxing Invoices Among Related Entities:
   • A provision has been introduced for taxing invoices for corporate guarantee services among related entities.
   • Recipients of these services are eligible for full input tax credit.
3. Deemed Valuation Restriction:
   • The 1% per annum deemed valuation is restricted to domestic transactions only, which is advantageous for businesses.
   • According to Abhishek Jain, partner and national head (indirect tax) at KPMG, this restriction is expected to be helpful for companies.
4. Rectification of GSTR-1:
   • The CBIC has introduced an enabling provision allowing the rectification of GSTR-1 for businesses.
   • The prescribed method for rectification should not significantly impact the input tax credit reconciliation process.

CURRENT AFFAIRS: AWARDS AND HONOURS

Andhra Pradesh’s Natural Farming Method Gains Global Recognition

• Nagendramma Nettem, a farmer from Anantapur district, and Vijay Kumar, Executive Vice Chairman of Rythu Sadhikara Samstha (RySS), received the prestigious Gulbenkian Prize for Humanity in Lisbon, Portugal.
• The award honours significant contributions to climate action and inspiring solutions.

1. Nagendramma Nettem’s Journey:
   • Motivated by her daughter’s vision deficiencies, Nagendramma transitioned to natural farming, avoiding chemical-based agriculture.
   • She now earns over 50% more than the average income of fellow farmers in her village.
   • In 2019, she became a Champion Farmer Coach for the Andhra Pradesh Community Managed Natural Farming (APCNF).
   • In 2023, she advanced to Model Master Trainer, mentoring other trainers across the district.
2. APCNF Initiative:
   • Led by Vijay Kumar, APCNF supports small farmers in transitioning from chemical-intensive agriculture to natural farming.
   • Practices include using organic residues, minimizing tillage to improve soil health, and reintroducing indigenous seeds.
   • The initiative covers over 10 lakh small farmers, spanning 5 lakh hectares in Andhra Pradesh.
3. Gulbenkian Prize for Humanity:
   • The APCNF shares a €1 million prize with eminent soil scientist Rattan Lal (US/India) and SEKEM (Egypt).
   • The prize will aid in continuing and scaling their efforts for sustainable and secure food systems.
4. Award Significance:
   • Selected from 181 nominations across 117 nationalities.
   • Instituted by the Calouste Gulbenkian Foundation, which promotes quality of life through art, charity, science, and education.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Puma India Partners with the Indian Olympic Association for Paris 2024

• Puma India has been announced as the Official Footwear Partner for the Indian contingent to the Paris Olympics.
• The partnership includes a large-scale outdoor campaign titled “See the Game Like We Do.”

1. Support for Athletes:
   • Over 100 Indian athletes will receive a range of Puma products, including podium and travel footwear, trolleys, backpacks, sippers, yoga mats, headbands, wristbands, socks, and towels.
   • These items are designed to maximize the athletes’ training and comfort during the 2024 Summer Olympics.
2. Puma Contingent:
   • 45 of the over 100 Indian athletes at the Paris Olympics will be part of the Puma contingent, making it the largest squad representing a brand from India this year.
3. Campaign and Brand Ambassadors:
   • The “See the Game Like We Do” campaign features prominent athletes like double Olympic medallist PV Sindhu, Olympic bronze medallist and hockey goalkeeper PR Sreejesh, and Asian Games medallist Kishore Jena.
4. IOA’s Commitment:
   • The Indian Olympic Association (IOA) is dedicated to enhancing India’s medal prospects at the Paris Olympics.
   • Collaborations like the one with Puma are crucial steps towards achieving this goal.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Government Appoints Sandeep Kumar as Director of Finance at Power Finance Corporation   

• The government has appointed Sandeep Kumar as Director (Finance) at Power Finance Corporation Limited (PFC).
• Prior to this appointment, he served as Executive Director (Finance) at PFC since January 1, 2020, and held the role of Chief Financial Officer (CFO).
• He played a pivotal role in the successful roll-out of the Rs 1.12 trillion Liquidity Infusion Scheme (LIS) for the power distribution sector, a key initiative under the Government of India’s Atmanirbhar Bharat programme.

About PFC :

• Founded : July 1986
• Headquarters : New Delhi, India
• Chairman & MD : Parminder Chopra
• The PFC is an Indian central public sector undertaking owned by the Ministry of Power, Government of India.

Supreme Court Appoints Former CJI Lalit to Lead Search Panels for West Bengal Vice-Chancellors    

• The Supreme Court has appointed former Chief Justice of India Uday Umesh Lalit as the chairperson of the search-cum-selection committees for shortlisting names for Vice-Chancellor appointments in West Bengal.

Key Highlights :

• Authority Granted:The Supreme Court bench authorized the chairperson to constitute separate or joint Search-cum-Selection Committees for one or more universities.
• The chairperson can nominate four persons from the empanelled experts for shortlisting suitable names for appointment as Vice-Chancellors.
• Committee Composition:The chairperson shall preside over every search-cum-selection committee.
• Each committee will have a total of five members, including the chairperson.
• Nomination Process:The search-cum-selection committee shall create a panel of at least three names for each university.
• Timeline:The chairperson is expected to constitute the search-cum-selection committee preferably within two weeks.
• Submission of Recommendations:The recommendations made by the search-cum-selection committee shall be submitted to the Chief Minister of West Bengal for necessary consideration.

Lieutenant General Shankar Narayan Appointed as Commandant of Army Hospital (Research & Referral)   

• Lieutenant General Shankar Narayan, an alumnus of the 1982 class of the Armed Forces Medical College, has assumed the position of Commandant of the Army Hospital (Research & Referral).

Priorities and Focus Areas:

• Improving the quality of patient care by leveraging modern settings.
• Focusing on research and high-quality training.

About Army Hospital (Research & Referral) :

• The Army Hospital (Research & Referral) is one of the most important healthcare facilities of the Armed Forces Medical Services.
• It provides referrals from all over the country for various conditions.
• The hospital has a dedicated team of experts dedicated to providing the highest standard of care to their patients.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Air Force Participates in Exercise Pitch Black 2024 in Darwin, Australia    

• An Indian Air Force (IAF) contingent landed at the Royal Australian Air Force (RAAF) Base Darwin, Australia for participating in Exercise Pitch Black 2024.
• The exercise is scheduled to be conducted from 12 July 24 to 02 August 24 (3 Week), and is a biennial, multi- national exercise hosted by the RAAF.

Objectives of the exercise :

• Enhance force integration among participating nations.
• Facilitate mutual exchange of best practices.
• Strengthen the ability to deploy over large distances and support integrated operations in the Indo-Pacific region.

Note :

• Exercise Pitch Black 2022 was hosted by the Royal Australian Air Force (RAAF) and took place from August 19 to September 8, 2022, in Darwin, Australia.

About Exercise Pitch Black :

• The name ‘Pitch Black’ was derived from the emphasis on night time flying over large un-populated areas.
• Participants : This edition is slated to be the largest in the 43 year long history of Ex Pitch Black, which includes participation by 20 countries, with over 140 aircraft and 4400 military personnel of various air forces.
• Aircraft Involved:Participating aircraft include IAF’s Su-30 MKI, alongside F-35, F-22, F-18, F-15, Gripen, and Typhoon fighter aircraft.
• IAF Participation:The Indian Air Force (IAF) contingent includes over 150 personnel, comprising pilots, engineers, technicians, controllers, and subject matter experts.
• IAF will operate Su-30 MKI multirole fighters, C-17 Globemaster, and IL-78 Air-to-Air Refuelling aircraft.
• Locations:Primary bases for the exercise are RAAF Base Darwin and RAAF Base Tindal in the Northern Territory, Australia.
• Additional operations will occur from RAAF Base Amberley near Ipswich,
• Previous Participation:IAF has previously participated in the 2018 (First time) and 2022 editions of Exercise Pitch Black.
• Upcoming Participation:Following Exercise Pitch Black 2024, IAF will participate in Ex Udara Shakti 2024 with the Royal Malaysian Air Force (RMAF) from 05 to 09 August 2024 at Kuantan, Malaysia.

About Ministry of Defence :

• Cabinet Minister : Rajnath Singh
• Minister of State : Sanjay Seth

CURRENT AFFAIRS: SPORTS NEWS

Sourav Ganguly joins Indian Racing Festival as Kolkata Royal Tigers team owner

• Former India cricket captain and BCCI president Sourav Ganguly has become an owner of the Kolkata Royal Tigers Racing team ahead of the 2024 season.
• Event Overview: The Indian Racing Festival, conceptualized by Racing Promotions Pvt. Ltd., is gearing up for its third season as a premier motorsport event in India.

Highlights:

1. Main Championships:
   • Indian Racing League (IRL)
   • Formula 4 Indian Championship (F4IC)
2. City-Based Teams:
   • Participating Cities: Kolkata, Hyderabad, Bangalore, Chennai, Delhi, Goa, Kochi, and Ahmedabad.
   • Season Duration: The competition will run from August to November.
3. Kolkata’s Debut:
   • New Entrant: Kolkata is set to participate for the first time, adding an extra layer of excitement to the competition.
4. Sourav Ganguly’s Role:
   • ‘Prince of Calcutta’: Ganguly, a legendary figure in Indian cricket known as ‘Dada,’ has joined the Kolkata Royal Tigers as an owner, bringing significant attention and support to the team.

133rd Durand Cup Football Tournament Unveiled by President Droupadi Murmu

• President Droupadi Murmu unveiled the Durand Cup, the President’s Cup, and the Shimla Trophy at Rashtrapati Bhavan.
• The event marks the commencement of the 133rd edition of the Durand Cup, the season opener of Indian football.

Tournament Schedule:

• The Durand Cup will begin on July 27 and conclude on August 31.
• The tournament was announced by HQ Eastern Command of the Indian Army, representing the Durand Football Tournament Society (DFTS).

New Host Cities:

• This year, Jamshedpur and Shillong join as new host cities.
• Kokrajhar in Assam will host the tournament for the second consecutive year, along with Kolkata, which has hosted the event for the last five years.

Team Participation:

• A total of 24 teams will compete, including teams from the Indian Super League, I-League, other invitational teams, and the Armed Forces.
• International teams are also expected to participate.

Match Format and Venues:

• The tournament will feature 43 matches in a round-robin league-cum-knockout format.
• The finals will be held at the Vivekananda Yuba Bharati Krirangan (VYBK) in Kolkata.
• Teams will be divided into six groups, with group toppers and the two best second-placed teams advancing to the knockout stage.
• Kolkata will host three groups, while Kokrajhar, Shillong, and Jamshedpur will host one group each.

Trophy Nationwide Tour:

• The three Durand Trophies will embark on a nationwide tour from New Delhi on July 10, reaching Kolkata before the opening game on July 27.

Defending Champions:

• Mohun Bagan Super Giant, the defending champions, hold the record for the most wins, having secured their 17th title last year.

Daily CA One- Liner: July 13

• The container ship ‘San Fernando’ from China berthed at Kerala’s Vizhinjam International Seaport Limited (VISL), marking the first arrival of such a vessel at India’s largest transshipment port
• The Defence Research and Development Organisation (DRDO) is bolstering India’s defence capabilities by awarding seven new projects to private sector companies
• The 43rd Foundation Day of NABARD commemorates on July 12^th, 2024 the dedication to rural development and agricultural growth in India
• By 2100, India’s population is projected to reach around 1.5 billion, more than twice that of China’s 633 million
• Union Minister Rajiv Ranjan Singh will inaugurate more than 125 projects at the Fisheries Summer Meet in Madurai, Tamil Nadu
• Goods and Services Tax (GST) will be applied to 1% of corporate guarantee fees on an annual basis, starting from October 23, 2023
• Nagendramma Nettem, a farmer from Anantapur district, and Vijay Kumar, Executive Vice Chairman of Rythu Sadhikara Samstha (RySS), received the prestigious Gulbenkian Prize for Humanity in Lisbon, Portugal
• Puma India has been announced as the Official Footwear Partner for the Indian contingent to the Paris Olympics
• Former India cricket captain and BCCI president Sourav Ganguly has become an owner of the Kolkata Royal Tigers Racing team ahead of the 2024 season
• President Droupadi Murmu unveiled the Durand Cup, the President’s Cup, and the Shimla Trophy at Rashtrapati Bhavan.
• Canara Robeco Mutual Fund has launched a Balanced Advantage Fund (BAF), which is an open-ended dynamic asset allocation fund.
• Punjab National Bank (PNB) has signed a pact with Steel Authority of India Ltd (SAIL) to provide home loans, car loans, and education loans to SAIL employees at concessional rates.
• NPCI International Payments (NIPL), the international arm of NPCI, signed an agreement with Qatar National Bank (QNB) to launch QR-code-based UPI payments in Qatar.
• According to the latest data released by the Reserve Bank of India (RBI), Deposit growth of commercial banks slowed to 10.64% year-on-year (Y-o-Y) as of June 28, 2024.
• Securities and Exchange Board of India’s (SEBI’s) working group is set to recommend a reduction in compliance burden for debenture trustees.
• State Bank of India (SBI) launched an online loan facility against mutual fund (MF) units via Internet Banking (INB) and the YONO App.
• State-run REC Limited has secured a green loan amounting to JPY 31.96 billion (equivalent to $200 million) from Deutsche Bank AG, GIFT City branch, marking a significant move towards financing sustainable development in India.
• The United Nations Educational, Scientific and Cultural Organization (UNESCO) has approved the designation of 11 new biosphere reserves in 11 countries.
• The government has appointed Sandeep Kumar as Director (Finance) at Power Finance Corporation Limited (PFC).
• The Supreme Court has appointed former Chief Justice of India Uday Umesh Lalit as the chairperson of the search-cum-selection committees for shortlisting names for Vice-Chancellor appointments in West Bengal.
• Lieutenant General Shankar Narayan, an alumnus of the 1982 class of the Armed Forces Medical College, has assumed the position of Commandant of the Army Hospital (Research & Referral).
• An Indian Air Force (IAF) contingent landed at the Royal Australian Air Force (RAAF) Base Darwin, Australia for participating in Exercise Pitch Black 2024.

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