Daily Current Affairs August 15 2024 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING & FINANCIAL

Axis Bank and Visa Launch Exclusive Credit Card ‘PRIMUS’ For India’s Elite

• Axis Bank has introduced the Primus Credit Card, a super premium offering designed for ultra-high-net-worth individuals (UHNW).

Exclusive Offering:

• The Primus Credit Card is available by invitation only, and cannot be applied for.
• It was launched at the ‘Axis Bank PRIMUS Soiree’ in New Delhi and Mumbai, attended by elite corporate leaders and celebrities.

Card Features:

• Annual Fee: ₹1.80 lakh
• Interest Rate: 1% per month (12.68% annually)
• Zero Charges: No cash withdrawal charges, late payment fees, over-limit penalties, or forex charges.
• Fuel Surcharge Waiver: 1% on transactions between ₹400 and ₹10,000 per statement cycle.
• Additional Benefits: No reward redemption fee, zero dynamic currency conversion markup, and no rent transaction fee.

Context:

• The launch follows Axis Bank’s introduction of several new credit cards aimed at easing the transition for Citi credit card holders.
• The Primus Credit Card is expected to be an alternative to the Citi Ultima card, offering high-end features with low interest rates.

About Axis Bank:

• Founded: 3 December 1993 (originally as UTI Bank)
• Headquarters: Axis House, Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Chairperson: Shri Rakesh Makhija

NPCI incorporates NPCI BHIM Services Ltd as wholly-owned subsidiary

• The National Payments Corporation of India (NPCI) has announced the incorporation of NPCI BHIM Services Ltd (NBSL), formerly known as Bharat Interface for Money (BHIM), as a wholly owned subsidiary.

Purpose:

• The move is intended to address the growing demand for digital transactions and evolving market expectations.
• NBSL will focus on promoting financial inclusion and enhancing India’s digital payment ecosystem.

Objectives:

• Strengthen the digital payment infrastructure in India.
• Support innovation and adapt to rapidly changing customer preferences.
• Reflect national pride and contribute to developing a sovereign digital payments framework.

Commitment:

• NPCI’s incorporation of NBSL underscores its dedication to facilitating digital payments and advancing financial inclusivity both within India and internationally.

About NPCI:

• Company Type: Section 8
• Industry: Payments
• Founded: 19 December 2008 (15 years ago)
• Headquarters: Mumbai, Maharashtra, India
• Owner: Reserve Bank of India, Ministry of Finance, Government of India
• Non-Executive Chairman: Ajay Kumar Chaudhary
• MD & CEO: Dilip Asbe

IBBI Mandates Unique ID for Valuation Reports Under IBC

• The Insolvency and Bankruptcy Board of India (IBBI) has introduced a new requirement for valuation reports under the Insolvency and Bankruptcy Code (IBC), 2016.
• Effective from August 12, 2024, all valuation reports must include a unique Valuation Report Identification Number (VRIN).

Key Points of the IBBI Circular:

1. Generation of VRIN: Registered Valuers (RVs) or Registered Valuer Entities (RVEs) must generate a unique VRIN before submitting any valuation report.
2. Mandatory Mention: The VRIN must be prominently displayed on the front page of the valuation report.
3. Compliance for Insolvency Professionals (IPs): IPs are required to reject any valuation report that does not include a VRIN.

Purpose and Benefits:

• Integrity and Traceability: The VRIN will enhance the authenticity and traceability of valuation reports, improving the overall integrity of the insolvency resolution process.
• Global Best Practices: This move aligns with international standards in the insolvency and bankruptcy domain.

VRIN Details:

• A unique identifier is assigned to each valuation report to ensure it can be tracked and verified.
• Generated through an online module on the IBBI’s website, using existing credentials.

Mandatory Requirements:

• RVs and RVEs must generate and display the VRIN on the front page of each valuation report.
• The presence of VRIN is required for the report to be considered valid.

Impact on IPs:

• IPs must reject valuation reports without a VRIN to maintain the credibility and compliance of the valuation process.

About IBBI:

• Formed: 1 October 2016 (7 years ago)
• Jurisdiction: Government of India
• Headquarters: New Delhi
• Chairperson: Ravi Mittal
• Parent Department: Ministry of Corporate Affairs

RBL Bank Announces Vijay Fixed Deposits To Honor 78th Independence Day

• RBL Bank has introduced the Special Edition of ‘Vijay Fixed Deposits,’ designed to honor the 78^th year of independence and appreciate service members.

Unique Features:

• The ‘Vijay Fixed Deposits’ feature a distinctive 500-day tenor for deposits under ₹3 crore.
• This special edition offers competitive interest rates tailored for different customer segments.

Interest Rates:

• Super Senior Citizens: 8.85% p.a.
• Senior Citizens: 8.60% p.a.
• Regular Fixed Deposit: 8.1% p.a.

About RBL Bank:

• Formerly Known: Ratnakar Bank Limited
• Founded: August 1943
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: R Subramaniakumar

Ather Energy turns unicorn after $71 million funding from NIIF

• Ather Energy, an electric two-wheeler manufacturer, has secured $71 million in a new funding round led by the National Investment and Infrastructure Fund (NIIF), taking its valuation to $1.3 billion, making it a unicorn.

Funding Details:

• The company has been actively raising funds since late 2023.
• In May 2024, Ather raised ₹286 crore ($34 million) through a mix of debt and equity, with major contributions from Stride Ventures and the company’s co-founders.
• In September 2023, Hero MotoCorp, an existing shareholder, announced a ₹550 crore investment in Ather.
• In October 2022, Ather raised $50 million in equity funding led by Caladium Investment Pte Ltd and Herald Square Ventures.

Company Background:

• Ather Energy was founded in 2013 by IIT Madras graduates Tarun Mehta and Swapnil Jain.
• The company is backed by HeroMoto Corp, Tiger Global, and GIC, and has sold over 1.73 lakh electric scooters to date.
• Ather is one of the top four electric scooter manufacturers in India, alongside Ola Electric, TVS, and Bajaj Auto.

Unicorn Club Context:

• Ather is one of the startups that have joined the unicorn club in the past eight months, alongside Porter, AI startup Krutrim, and B2B SaaS company Perfios.
• India now has 115 unicorns excluding Ather Energy

About Unicorn:

• Unicorn is the term used in the venture capital industry to describe a startup company valued at over $1 billion.
• The term was first coined by venture capitalist Aileen Lee in 2013.
• Some notable unicorns include Uber Technologies Inc. (UBER), Robinhood Markets Inc. (HOOD), and Maplebear Inc. (CART), better known as Instacart.
• Investing in unicorns involves high risks and potentially high rewards.
• The term is also used in human resources for seeking a person who is overqualified and underpaid for a position.

CURRENT AFFAIRS: NATIONAL NEWS

Indian Railways and NCRTC Launch ‘One India – One Ticket’ Initiative for Seamless Travel

• The Indian Railways and the National Capital Region Transport Corporation (NCRTC) have launched the ‘One India – One Ticket’ initiative to enhance passenger travel experience using mainline railways and Namo Bharat trains.
• This collaboration aims to offer a unified and seamless travel solution for passengers across both services.

Key Points:

• Unified Ticketing System:
  • Passengers can now book both Indian Railways and Namo Bharat train tickets through the IRCTC platform.
  • The initiative allows passengers to book up to eight Namo Bharat train tickets as an add-on service when booking an IRCTC train e-ticket.
• Booking Process:
  • RRTS (Rapid Rail Transit System) booking options are available on the PNR confirmation page and the user’s ticket booking history.
  • A unique QR code is generated for each RRTS ticket, printed on the electronic reservation slip (ERS).
  • QR codes are valid for four days: the day before, the day of, and two days after the RRTS journey date.
• Travel Flexibility:
  • Namo Bharat tickets share the same origin and destination stations for all passengers booked under a single train ticket.
  • Tickets can be booked up to 120 days in advance, aligning with the railway reservation window (ARP).
• Notifications and Payments:
  • Users receive booking confirmations via SMS and email, including RRTS QR code details.
  • Ticket fares are collected with the IRCTC convenience fee (Rs 5 + taxes) using available online payment methods.
• Cancellation Policy:
  • Full RRTS fare is refundable upon cancellation, but the IRCTC convenience fee and associated charges are non-refundable.
  • Passengers can scan their RRTS QR codes at station entry gates using ERS or the mobile application for seamless travel.

CURRENT AFFAIRS: INTERNATIONAL

Elon Musk’s Starlink wins satellite broadband services licence in Sri Lanka

• Sri Lanka’s telecommunications regulator has granted a license to Elon Musk’s Starlink, the satellite unit of SpaceX, to provide satellite broadband services in the country.

Legislative Background:

• Sri Lanka’s parliament recently passed a new telecommunications bill, the first amendment in 28 years, enabling Starlink Lanka to enter the market.
• The new legislation paves the way for modernized telecommunications services in the country.

Starlink’s Entry:

• Starlink approached Sri Lanka in March with a proposal to establish operations.
• The company will be required to pay a tariff for the license.

Market Position:

• SpaceX’s Starlink dominates the satellite internet industry, owning around 60% of the approximately 7,500 satellites orbiting Earth.

About Sri Lanka:

• Capital: Sri Jayawardenepura Kotte (Legislative)
• President: Ranil Wickremesinghe

• Prime Minister: Dinesh Gunawardena
• Chief Justice: Jayantha Jayasuriya

About Starlink:

• Operated by: Starlink Services, LLC (a wholly owned subsidiary of SpaceX)
• Coverage: 102 countries
• Objective: To provide global mobile broadband
• Launch Initiation: SpaceX began launching Starlink satellites in 2019

CURRENT AFFAIRS: AWARDS AND HONOURS

NI-MSME Awarded “UTKRISHT” Accreditation for Excellence in Civil Services Training and MSME Development

• The National Institute for MSME (NI-MSME), under the Ministry of MSME, Government of India, has been awarded the Accreditation Certificate for successfully meeting the National Standards for Civil Services Training Institutions (NSCSTI).
• The institute received this prestigious recognition for its outstanding services in promoting and developing MSMEs.
• The accreditation was granted after a thorough assessment of the Standard Operating Procedures and Methodologies implemented by NI-MSME.

Key Points:

• Accreditation and Recognition:
  • NI-MSME received the “UTKRISHT” (3 Star) Accreditation Certificate for excellence in civil services training.
  • The certificate was awarded by Dr. Jitendra Singh, Minister of State for Science and Technology, during the Civil Services Training Institutions (CSTI) Convention on August 12, 2024, at Vigyan Bhavan, New Delhi.
• Role and Achievements of NI-MSME:
  • Established in 1962, NI-MSME has played a crucial role in Entrepreneurship & Skill Development.
  • The institute operates through four Schools of Excellence:
    • School of Enterprise Development (SED)
    • School of Enterprise Management (SEM)
    • School of Entrepreneurship & Extension (SEE)
    • School of Enterprise Information & Communication (SEIC)
  • NI-MSME has a significant global presence, collaborating with international organizations like UNIDO, UNDP, UNESCO, and more.
• Centers of Excellence:
  • The institute has established the National Resource Centre for Cluster Development (NRCD), intervening in over 150 clusters.
  • New centers include FinRISE (Financial Research & Innovation for Sustainable Enterprises) and a Biochar Unit.
• Training and Impact:
  • NI-MSME has trained over 5.71 lakh participants through 16,902 programs for government officials.
  • The institute has also provided skill training to 1.85 lakh unemployed youth via 6,139 Entrepreneurship & Skill Development Programs (ESDPs).
  • Since 1967, NI-MSME has trained 11,019 international executives from 145 developing countries under the ITEC Scheme of the Ministry of External Affairs.
• Research and Consultancy:
  • NI-MSME has completed over 959 research and consultancy projects, contributing to the growth and development of MSMEs both in India and internationally.

Government Allocates 18 Coal Mining Projects to Private Firms Under MDO Model to Enhance Production

• The government has identified 28 coal mining projects to be operated through mining developers-cum-operators (MDOs), with 18 mines already awarded to leading private companies.
• The initiative aims to boost coal production by enhancing operational efficiency, streamlining processes, and reducing costs.

Key Highlights:

• Coal India Limited (CIL) initially selected 15 projects with a capacity of 168 million tonnes (MT) for MDO implementation, which has now expanded to 28 projects with a total capacity of 257 MT.
• MDOs are responsible for the entire mining process, including excavation, extraction, and coal delivery to CIL, as per approved mining plans.
• The selection of MDOs through global tenders is expected to modernize mining practices and improve productivity in the coal sector.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Punjab & Sind Bank Appoints Rajeeva as Executive Director

• Shri Rajeeva has been appointed as the Executive Director of Punjab & Sind Bank for a period of three years, effective immediately or until further orders, whichever is earlier.
• Before his elevation to Executive Director, Shri Rajeeva served as the Chief General Manager of Punjab National Bank (PNB).

Professional Background:

• Shri Rajeeva holds a postgraduate degree in Arts and an MBA in Banking & Finance.
• He is a Certified Associate of the Indian Institute of Bankers (CAIIB).
• He joined Punjab National Bank in 1993 and has accumulated over three decades of banking experience.

Areas of Expertise:

• Shri Rajeeva has extensive experience in various key areas of banking, having served in both rural and urban branches.
• He specializes in Credit, with a focus on Corporate Credit.
• He also headed PNB’s overseas subsidiary, PNB (International) Limited.

About PNB:

• Founded: 24 June 1908 (116 years ago)
• Headquarters: Rajendra Place, New Delhi, India
• Charan Singh – Non-Executive Chairman

• Swarup Kumar Saha – Managing Director & CEO

PM Modi to be chief guest at The ET World Leaders Forum

• Prime Minister Narendra Modi will be the chief guest at The Economic Times World Leaders Forum on August 31 in New Delhi.

Forum Theme:

• The inaugural edition of the ET World Leaders Forum will focus on “Leadership for Global Prosperity,” offering a platform for global investors, policymakers, business leaders, and entrepreneurs to engage in dialogue on opportunities arising from India’s rapid economic progress.

Context:

• India’s economy grew by 8.2% in FY24, even as the global economy faces stagnation, geopolitical tensions, and climate crises.
• The country’s strong post-pandemic recovery and stable growth are positioning India as a rising superpower on the global stage.
• The demographic dividend and upcoming administrative reforms promise further growth and social empowerment.

PM Modi’s Address:

• Following his historic third-term win, PM Modi will address over 400 business leaders, entrepreneurs, investors, and policymakers.
• The agenda will cover topics such as geopolitical instability, building for the world from India, and tapping into untapped domestic markets.

CURRENT AFFAIRS: DEFENCE

DRDO carries out successful maiden flight test of Long Range Glide Bomb ‘GAURAV’ from Su-30 MK-I platform off Odisha coast

• DRDO successfully conducted the maiden flight test of the Long Range Glide Bomb (LRGB), GAURAV, from the Su-30 MK-I platform of the Indian Air Force (IAF).
• Test conducted off the coast of

GAURAV Details:

• Air-launched 1,000 kg class glide bomb.
• Capable of hitting targets at long distances.
• Uses a highly accurate hybrid navigation scheme with INS and GPS data.
• Designed and developed by Research Centre Imarat (RCI), Hyderabad.

Test Outcome:

• GAURAV hit the target with pinpoint accuracy.
• Complete flight data captured by telemetry and electro-optical tracking systems.
• Test monitored by senior DRDO scientists.

Industry Participation:

• Adani Defence and Bharat Forge, Development cum Production Partners, were involved in the flight trial.

About DRDO:

• Formed: 1958
• Headquarters: DRDO Bhavan, New Delhi, India
• Minister Responsible: Rajnath Singh, Minister of Defence
• Chairman: Sameer V. Kamat
• Parent Agency: Ministry of Defence

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

NASA’s InSight Uncovers Vast Reservoir of Liquid Water

• Geophysicists using seismic data from NASA’s Insight lander have uncovered a large underground water reservoir on Mars.
• The reservoir is trapped within the mid-crust of Mars, located between 11.5 and 20 kilometers below the surface.

Significance:

• This finding challenges previous theories that most of Mars’ water escaped into space.
• The discovery suggests that Mars’ water was absorbed into its crust, potentially altering the understanding of the planet’s aridity.
• The reservoir could have once filled ancient oceans, offering insights into Mars’ history and the possibility of habitats that could support life.

Seismic Data:

• Seismic activity data from NASA’s Insight lander was used to estimate the amount of groundwater.
• The water could cover the entire planet to a depth of 1 to 2

Implications for Future Mars Exploration:

• While this reservoir provides new knowledge about Martian water, its depth makes it impractical for future Mars colonies to access.
• The water is trapped in tiny cracks and pores in rock deep within the Martian crust.

CURRENT AFFAIRS: MOUS AND AGREEMENT

SAMEER Transfers Microwave-Based BRIX Measurement Technology to Industry Partners for Large-Scale Manufacturing

• The Society for Applied Microwave Electronics Engineering & Research (SAMEER), an R&D institute under the Ministry of Electronics and Information Technology (MeitY), Government of India, has signed a significant Transfer of Technology (ToT) agreement with Toshniwal Hyvac Pvt. Ltd. and Sir Automation Industries.
• This agreement focuses on producing the Microwave-based in-situ BRIX measurement system, known as the Sugar COntent MeasuREment (SCORE)

Key Highlights

• Technology Transfer:
  • SAMEER’s Microwave-Based BRIX Measurement System technology has been transferred to Toshniwal Hyvac Pvt. Ltd. and Sir Automation Industries.
  • The ToT was signed in the presence of MeitY Secretary, Shri S Krishnan, in Mumbai.
  • This transfer aims to facilitate large-scale manufacturing of the system.
• About the Technology:
  • The BRIX measurement system offers a rapid, non-destructive, and accurate method to measure in-situ sugar concentration (Brix) in sugar mills during sugar production.
  • The system eliminates the need for manual sampling, thereby reducing production time and improving efficiency.
  • The technology has the potential to revolutionize the sugar industry by providing real-time data, supporting the vision of “Jai Jawan, Jai Kisan, Jai Vigyan, Jai Anusandhan” aimed at supporting sugarcane farmers and the sugar production industry.
• Testing and Validation:
  • The BRIX technology underwent testing at Shri Sant Tukaram Sugar Factory in Pune and was validated by Vasant Dada Sugar Institute, Pune.
• Potential Applications:
  • Beyond the sugar industry, this inline sugar concentration measurement technology has vast potential in other food and beverage industries, including dairy, brewery, fruit juices, and confectionery.
  • Reliable sugar content measurement is increasingly crucial for health-conscious consumers, and this technology provides an ideal solution.

About SAMEER

• The Society for Applied Microwave Electronics Engineering and Research (SAMEER) is a premier R&D institution under MeitY, specializing in the research, development, and commercialization of microwave electronics, electromagnetic technology, and related areas. SAMEER plays a crucial role in advancing indigenous technologies to support various industries and sectors in India.

India and U.S. Sign MoU to Enhance MSME Participation in Global Markets

• India and the U.S. signed a Memorandum of Understanding (MoU) to enable Micro, Small, and Medium Enterprises (MSMEs) from both countries to participate more effectively in global markets, drive innovation, and foster trade.
• The MoU aims to support MSMEs, including women entrepreneurs, in accessing global markets and expanding their business opportunities.

Key Highlights:

• Signatories:C. L. Das, Secretary, Ministry of Micro, Small and Medium Enterprises, India, and Isabel Casillas Guzman, Administrator, Small Business Administration (SBA), U.S., signed the MoU in New Delhi.
• Framework for Cooperation: The MoU provides a platform for discussing issues related to MSMEs and exploring areas of mutual cooperation, including trade and export finance, technology, digital trade, green economy, and trade facilitation.
• Exchange of Expertise: Both countries will engage in mutual visits, webinars, and workshops to share expertise and best practices for improving MSME participation in the global marketplace.
• Women Entrepreneurs: The MoU includes joint programs to empower women entrepreneurs and facilitate trade partnerships between women-owned small businesses in India and the U.S.
• Digital Platform: The agreement includes plans to develop a “Business Matching Digital Platform” to enhance business opportunities for MSMEs in both countries.

Assam Government Partners with Prasar Bharati for Documentary Series on Lachit Borphukan

• The Assam government has signed a Memorandum of Understanding (MoU) with Prasar Bharati to produce and broadcast a 52-episode documentary series on the legendary Ahom General Lachit Borphukan.
• This series will be available on Prasar Bharati’s platforms, including Akashwani and Doordarshan, as well as its digital services, Prasar Bharati News Services (PBNS).

Key Points:

• Partnership Details:
  • The MoU was signed in the presence of Assam Chief Minister Himanta Biswa Sarma and Doordarshan’s Director General Kanchan Prasad.
  • The agreement was executed by Meenakshi Das Nath, director of the state department of cultural affairs, and Amit Kumar, Prasar Bharati’s Deputy Director General (Content Sourcing).
• Objective of the Series:
  • The documentary series aims to explore the life and achievements of Lachit Borphukan, a general of the Royal Army of the Ahom Kingdom.
  • It will highlight Borphukan’s strategic brilliance, courage, and lasting legacy, particularly focusing on his role in the Battle of Saraighat in 1671.
• Historical Context:
  • Lachit Borphukan is celebrated for inspiring Assamese soldiers to a decisive victory against the Mughal forces at the Battle of Saraighat.
  • The battle is considered one of India’s most inspiring military feats of resistance.
• Broadcast Platforms:
  • The series will be aired on Prasar Bharati’s various platforms, including traditional media (Doordarshan and Akashwani) and digital services (PBNS).
• Cultural Sensitivity:
  • The documentary is to be produced in a manner that honors Lachit Borphukan’s legacy while respecting the sentiments of the people of Assam, as emphasized by Chief Minister Himanta Biswa Sarma.

CITI and ILO Unite to Tackle Labor Issues in Indian Cotton Sector

• The Confederation of Indian Textile Industry (CITI) and the International Labour Organisation (ILO) have launched a joint project to address labor challenges in the Indian cotton industry, focusing on eliminating child and forced labor.

Key Points:

• Project Name: Promoting Fundamental Principles and Rights at Work (FPRW).
• Goals:
  • Promote collective bargaining rights.
  • Eliminate child and forced labor.
  • Ensure a safe and healthy work environment in the cotton industry.
• Target Audience:
  • 5 million cotton farmers.
  • Focus on small and medium farmers and farm workers across 11 Indian states.
• Context:
  • The U.S. Labor Department’s list includes Indian cotton and hybrid cotton seeds under goods produced by child or forced labor, prompting this initiative.
• Stakeholder Involvement:
  • ILO will work with grassroots organizations to promote labor rights.
  • CITI will utilize its farmer networks to ensure effective implementation and collaboration with government bodies and civil society.

IIT Bhubaneswar and IG Drones Collaborate to Establish Advanced Drone Excellence Centre for Disaster Management

• IIT Bhubaneswar has partnered with IG Drones, a leading drone-tech and AI company, to establish an Advanced Drone Excellence Centre at the IIT Bhubaneswar Research and Entrepreneurship Park.
• This collaboration aims to enhance research and development in drone technology, specifically for disaster management applications, marking a significant step forward in addressing the challenges faced by disaster-prone regions in India.

Key Points:

• Partnership Overview:
  • IIT Bhubaneswar signed an MoU with IG Drones to set up an Advanced Drone Excellence Centre.
  • The centre will be located at the IIT Bhubaneswar Research and Entrepreneurship Park.
• Focus Area:
  • The centre will concentrate on drone technology for disaster management.
  • Aims to improve drone capabilities for responding to natural calamities in disaster-prone areas.
• IG Drones’ Expertise:
  • Active in disaster management since 2019.
  • Experience includes work in:
    • Uttarakhand’s avalanche-affected regions
    • Sikkim’s landslide areas
    • Odisha’s cyclone-prone regions
  • Objectives and Facilities:
    • The partnership aims to develop drone technologies and research methodologies tailored for disaster management.
    • The centre will occupy a 2000 sq ft space equipped with necessary facilities for R&D.

India and UK Initiate Talks to Enhance Critical Minerals Collaboration

• India and the United Kingdom have commenced negotiations to strengthen their partnership in the critical minerals sector under the newly established UK-India Technology Security Initiative (TSI).

Key Points:

• Negotiation Focus:
  • Developing and enhancing technologies for extracting and recycling critical minerals.
  • Emphasis on creating economically viable and environmentally sustainable solutions.
• Recent Developments:
  • British High Commissioner to India, Lindy Cameron, engaged with officials from the Ministry of Mines last week.
  • The discussions aim to explore and expand areas of cooperation between the two countries.
• Objective:
  • To leverage collaborative efforts to advance technology and security in the critical minerals sector.

CURRENT AFFAIRS: RANKING AND INDEX

Rail Vikas Nigam Ltd. and Six Other Stocks to Join MSCI India Index; Bandhan Bank Excluded

• Rail Vikas Nigam Ltd. (RVNL) Added to the MSCI India Index, part of the MSCI Global Standard Index.
• Other New Additions: Vodafone Idea, Dixon Technologies, Oil India, Prestige Estates, Oracle Financial, and Zydus Lifesciences.
• Exclusions:
  • Bandhan Bank: Removed from the MSCI India Index.
• MSCI India Domestic Index:
  • New Additions: Bosch, PB Fintech, alongside the aforementioned stocks.
  • Other Inclusions: Inox Wind Energy, Inox Green Energy Services, Shakti Pumps, Aurionpro Solutions, Gulf Oil Lubricants.
  • Exclusions: Cochin Shipyard, IREDA, JP Associates, PB Fintech, Phoenix Mills, and RVNL.
• Inflows:
  • RVNL: Expected inflows of $219 million.
  • Dixon Technologies: Expected inflows of $281 million.
  • Vodafone Idea: Anticipated inflows of $278 million.
  • Zydus Lifesciences: Expected inflows of $230 million.
  • Oil India: Expected inflows of $238 million.
  • Prestige Estates: Expected inflows of $181 million.
  • Oracle Financial Services: Expected inflows of $170 million.
• HDFC Bank:
  • Weightage Increase: Will occur in two phases; first post-current review, second post-November review.
  • Anticipated Inflows: Potential inflows worth $1.8 billion anticipated post-weightage increase.
• Timeline:
  • Adjustments for the MSCI rejig will be executed in the final minutes of trading on August 30.

CURRENT AFFAIRS: SPORTS NEWS

Sachin Tendulkar Ventures into Entrepreneurship with New Athleisure Brand

• Sachin Tendulkar, the iconic cricketer, is stepping into the world of entrepreneurship by launching a new sports athleisure brand.
• This venture is a joint effort with Karthik Gurumurthy, the former head of Swiggy Instamart, and former Swiggy executive Karan Arora, who will be the third co-founder.

Key Points:

• Launch of New Brand:
  • Sachin Tendulkar is set to launch an athleisure brand with Karthik Gurumurthy and Karan Arora.
  • The brand will focus on sports athleisure products.
• Company Structure:
  • A holding company, SRT10 Athleisure Pvt Ltd, has been registered for the venture.
  • Tendulkar and Whiteboard Capital are on the board of directors.
  • The startup is preparing to raise capital from a prominent venture capital fund.
• Market Insights:
  • The demand for sports goods and health and fitness awareness is at an all-time high in India.
  • The sports goods market is dominated by shoes (60% of sales) and apparel (30%).
  • There is a growing interest from entrepreneurs and investors in the sports goods market.
• Sachin Tendulkar’s Business Ventures:
  • Tendulkar is also involved in the menswear brand True Blue in collaboration with Arvind Fashions, with plans for global expansion.
  • He endorses brands like Spinny, Boost, and BMW.
• Celebrity Entrepreneurship Trend:
  • Tendulkar joins a trend of celebrities launching ventures, similar to cricketer Virat Kohli’s involvement with Universal Sportsbiz Pvt Ltd (USPL) and MS Dhoni’s investments in startups.
  • Global celebrities like Jessica Alba, Beyonce, Jay-Z, and Rihanna have also established their own ventures or product lines.

Daily CA One- Liner: August 15

• The Indian Railways and the National Capital Region Transport Corporation (NCRTC) have launched the ‘One India – One Ticket’ initiative to enhance passenger travel experience using mainline railways and Namo Bharat trains
• The National Institute for MSME (NI-MSME), under the Ministry of MSME, Government of India, has been awarded the Accreditation Certificate for successfully meeting the National Standards for Civil Services Training Institutions (NSCSTI).
• The government has identified 28 coal mining projects to be operated through mining developers-cum-operators (MDOs), with 18 mines already awarded to leading private companies.
• The Society for Applied Microwave Electronics Engineering & Research (SAMEER), an R&D institute under the Ministry of Electronics and Information Technology (MeitY), Government of India, has signed a significant Transfer of Technology (ToT) agreement with Toshniwal Hyvac Pvt. Ltd. and Sir Automation Industries
• India and the U.S. signed a Memorandum of Understanding (MoU) to enable Micro, Small, and Medium Enterprises (MSMEs) from both countries to participate more effectively in global markets, drive innovation, and foster trade.
• Axis Bank has introduced the Primus Credit Card, a super premium offering designed for ultra-high-net-worth individuals (UHNW).
• The National Payments Corporation of India (NPCI) has announced the incorporation of NPCI BHIM Services Ltd (NBSL), formerly known as Bharat Interface for Money (BHIM), as a wholly owned subsidiary.
• The Insolvency and Bankruptcy Board of India (IBBI) has introduced a new requirement for valuation reports under the Insolvency and Bankruptcy Code (IBC), 2016.
• RBL Bank has introduced the Special Edition of ‘Vijay Fixed Deposits,’ designed to honor the 78^th year of independence and appreciate service members.
• Ather Energy, an electric two-wheeler manufacturer, has secured $71 million in a new funding round led by the National Investment and Infrastructure Fund (NIIF), taking its valuation to $1.3 billion, making it a unicorn.
• Sri Lanka’s telecommunications regulator has granted a license to Elon Musk’s Starlink, the satellite unit of SpaceX, to provide satellite broadband services in the country.
• Shri Rajeeva has been appointed as the Executive Director of Punjab & Sind Bank for a period of three years, effective immediately or until further orders, whichever is earlier.
• Prime Minister Narendra Modi will be the chief guest at The Economic Times World Leaders Forum on August 31 in New Delhi.
• DRDO successfully conducted the maiden flight test of the Long Range Glide Bomb (LRGB), GAURAV, from the Su-30 MK-I platform of the Indian Air Force (IAF).
• Geophysicists using seismic data from NASA’s Insight lander have uncovered a large underground water reservoir on Mars. The reservoir is trapped within the mid-crust of Mars, located between 5 and 20 kilometers below the surface.
• The Assam government has signed a Memorandum of Understanding (MoU) with Prasar Bharati to produce and broadcast a 52-episode documentary series on the legendary Ahom General Lachit Borphukan.
• The Confederation of Indian Textile Industry (CITI) and the International Labour Organisation (ILO) have launched a joint project to address labor challenges in the Indian cotton industry, focusing on eliminating child and forced labor.
• IIT Bhubaneswar has partnered with IG Drones, a leading drone-tech and AI company, to establish an Advanced Drone Excellence Centre at the IIT Bhubaneswar Research and Entrepreneurship Park
• India and the United Kingdom have commenced negotiations to strengthen their partnership in the critical minerals sector under the newly established UK-India Technology Security Initiative (TSI)
• Sachin Tendulkar, the iconic cricketer, is stepping into the world of entrepreneurship by launching a new sports athleisure brand

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