Daily Current Affairs August 18 & 19 2024 | Latest News | Download PDF

By Ameena Ameena - Aug 19 2024

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Levies Fines on Bank of Maharashtra, Hinduja Leyland Finance, and Poonawalla Fincorp for Compliance Violations        

  • The Reserve Bank of India (RBI) imposed monetary penalties on 3 financial institutions for various lapses.
  • The three financial institutions include Bank of Maharashtra, Hinduja Leyland Finance, and Poonawalla Fincorp.

Bank of Maharashtra:

  • Penalty Amount: ₹1,27,20,000 (₹1.27 crore).
  • Reasons: Non-compliance with RBI directions on:
  • Loan System for Delivery of Bank Credit
  • Cyber Security Framework in Banks
  • Know Your Customer (KYC) guidelines
  • Regulatory Basis: Section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949.

Hinduja Leyland Finance:

  • Penalty Amount: ₹4.90 lakh.
  • Reasons: Non-compliance with provisions of the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016.
  • Regulatory Basis: Clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of India Act, 1934.

Poonawalla Fincorp:

  • Penalty Amount: ₹10.00 lakh.
  • Reasons: Non-compliance with provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016,’ specifically relating to the ‘Fair Practices Code for NBFCs.’
  • Regulatory Basis: Clause (b) of sub-section (1) of section 58G read with clause (aa) of sub-section (5) of section 58B of the Reserve Bank of India Act, 1934.

Recent News :

  • In July 2024, The RBI imposed penalties on 5 entities, including CSB Bank, Union Bank of India and Muthoot Housing Finance for contravention of various regulatory norms.

About Bank of Maharashtra :

  • Established : 16 September 1935
  • Headquarters : Pune, Maharashtra India
  • MD & CEO : Nidhu Saxena
  • Tagline : One Family One Bank

About Poonawalla Fincorp Limited :

  • Founded : 1988
  • Headquarters : Pune, Maharashtra, India
  • Chairman : Adar Poonawalla
  • MD & CEO : Arvind Kapil
  • Poonawalla Fincorp Limited (formerly known as Magma Fincorp) is an Indian non-banking financial company (NBFC) engaged in consumer and MSME financing.

Bank of Baroda Launches ‘Phygital’ Branch in Hyderabad      

  • Sanjay Vinayak Mudaliar, Executive Director of Bank of Baroda (BoB), inaugurated the ‘phygital’ branch at ChandaNagar, Hyderabad.
  • The branch integrates self-service and assisted service models to cater to the diverse requirements of customers.
  • This branch in ChandaNagar is the second ‘phygital’ branch opened by Bank of Baroda.
  • The first phygital branch was launched on July 20 at Horniman Circle, Mumbai,Maharashtra coinciding with the bank’s 117th foundation day.
  • Bank of Baroda plans to launch seven phygital branches as part of a pilot project across the country.
  • These branches aim to combine the traditional familiarity of brick-and-mortar branches with the efficiency of advanced digital technology.
  • A phygital branch gives our customers freedom to complete their banking transactions at any time of the day in a non-intrusive manner.
  • Some other programme that was launched by bank of baroda is Baroda mDigiNext Mobile App for Corporate Banking customers, Bank of Baroda is launching an enhanced version of UPI Payments PSP app – bobइPay.
  • Bank of Baroda has signed a Memorandum of Understanding with EaseMyTrip to introduce a co-branded Travel Debit Card, Bank of Baroda is giving a renewed impetus to Baroda Sun Technologies, a fully-owned subsidiary of the Bank.

About BoB :

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

Reserve Bank of India Publishes July 2024 Bi-Monthly Consumer Confidence Survey Results      

  • The Reserve Bank of India (RBI) released the results of its bi-monthly Consumer Confidence Survey (CCS) for July 2024.

About the Survey :

  • The survey collects current perceptions (vis-?-vis a year ago) and one year ahead expectations of households on general economic situation, employment scenario, overall price situation, own income and spending across 19 major cities.
  • The latest round of the survey was conducted during July 2-11, 2024, covering 6,062 respondents.
  • Female respondents accounted for 54.4% of this sample.
  • RBI noted that consumer confidence for current period declined for the second consecutive survey round after prolonged rising trend in the post-Covid period; their sentiments on major parameters, except spending, moderated and, as a result, the current situation index (CSI) declined to 93.9 in July 2024 from 97.1 two months earlier.
  • Households’ optimism on economic conditions for the year ahead remained in positive terrain, though it came down from the previous survey round.
  • Sentiments on the current employment situation and personal income deteriorated for the second consecutive survey round.

Top 10 Most Wealthy Central Banks Worldwide in 2024      

  • Central banks play a crucial role in maintaining economic stability and growth by implementing stable monetary policy and ensuring financial stability.
  • Globally, they have specialised departments dedicated to regulation and supervision, staffed with experts who monitor compliance with established financial laws and regulations.
  • They are responsible for managing a country’s monetary policy, controlling inflation, regulating the financial system, and overseeing the stability of the currency.

Key Highlights :

  • According to the Sovereign Wealth Fund Institute (SWFI), the Reserve Bank of India (RBI), India’s central banking institution, ranks 12th among the world’s central banks by total assets.
  • These assets typically include foreign exchange reserves, gold reserves, and government bonds, among others.
  • The top 10 wealthiest central banks globally are noted for their substantial asset bases, reflecting their significant influence on global economics and finance.
  • The total wealth of central banks provides insights into the economic outlook of their countries.
  • This assessment is primarily based on the central bank’s assets, with its balance sheet serving as a key indicator of national economic health.
  • In FY24, the RBI’s balance sheet grew 11.07% to Rs 70.47 lakh crore compared to Rs 63.44 lakh crore in FY23.
  • The RBI’s income stood at Rs 2.75 lakh crore, up 17.04 per cent as against Rs 2.35 lakh crore in the FY2022-23.
  • According to the SWFI report, the Federal Reserve System of the United States of America ranks as the world’s richest central bank, with assets worth $7.84 trillion.
  • It is followed by People’s Bank of China, Bank of Japan, Deutsche Bundesbank and Bank of France.
  • Notably, European central banks dominate the list of the world’s richest central banks, occupying seven of the top ten spots.
  • Collectively, these European institutions have a combined worth of $11.09 trillion.
  • In the list which comprises names of 100 central banks, the Bank of Ghana and Central Bank of Paraguay are ranked 99th and 100 respectively.

Top 10 central banks of the world by total assets :

Rank Profile Total Assets Region
1 Federal Reserve System $7,835,559,000,000 North America
2 People’s Bank of China $6,004,919,369,845 Asia
3 Bank of Japan $5,543,058,448,125 Asia
4 Deutsche Bundesbank $2,776,759,343,640 Europe
5 Bank of France $2,011,001,711,400 Europe
6 Norges Bank $1,632,986,563,336 Europe
7 Bank of Italy $1,383,293,987,542 Europe
8 Bank of England $1,288,250,668,160 Europe
9 Bank of Spain $1,049,435,626,385 Europe
10 Swiss National Bank $944,013,351,477 Europe

E Magazine

CURRENT AFFAIRS: NATIONAL NEWS

Greening in India gets a boost with Green Tug Transition Program (GTTP) SOP launched by Shri Sarbananda Sonowal

  • Union Minister of Port Shipping and Waterways, Shri Sarbananda Sonowal, officially launched the Standard Operating Procedure (SOP) for the Green Tug Transition Program (GTTP).
  • This initiative is pivotal in transitioning from conventional fuel-based harbour tugs to more sustainable alternatives, marking a significant advancement in India’s maritime sector and environmental sustainability.

Key Points:

  • Program Launch:
    The GTTP was initially announced on May 22, 2023, by Shri Sarbananda Sonowal during the ‘Chintan Shivir’ event.
  • It aims to decarbonize maritime operations by replacing conventional tugs with green tugs using cleaner, sustainable fuels.
  • Phase 1 Details:
    • Start Date: October 1, 2024
    • End Date: December 31, 2027
    • Ports Involved: Jawaharlal Nehru Port Authority, Deendayal Port Authority, Paradip Port Authority, and V.O. Chidambaranar Port Authority.
    • Requirements: Each port will procure or charter at least two green tugs based on standardized designs and specifications.
    • Investment: Approximately INR 1000 Crores.
    • Technology: Initial tugs will be battery-electric, with future provisions for hybrid, methanol, and green hydrogen technologies.
  • Objectives:
    • Environmental Impact: Transition to greener tugs will significantly reduce carbon emissions and align with India’s broader environmental goals.
    • Economic Impact: The program will boost the domestic tug industry and create employment opportunities in shipbuilding and design.
    • Future Vision: By 2040, all tugs in Indian Major Ports are expected to be green, with new tugs needing to meet ASTDS-GTTP standards beyond 2033.
  • Alignment with Maritime Vision:
    • Maritime India Vision 2030: Launched by Prime Minister Narendra Modi in 2020, this vision includes goals such as sourcing 60% of port power demand from renewable energy and reducing carbon emissions by 30% per ton of cargo.
    • Maritime Amrit Kaal Vision 2047: Introduced in 2023, this vision targets a 30% reduction in greenhouse gas emissions from port vessels by 2030.

Government to Procure 1,000 GPUs to Boost India’s AI Capabilities under IndiaAI Mission

  • The government has finalized a tender to procure 1,000 Graphics Processing Units (GPUs) as part of the IndiaAI Mission.
  • The initiative aims to offer computing capacity to Indian start-ups, researchers, public sector agencies, and other approved entities.
  • Objective: The procurement of GPUs is part of the broader Rs 10,370 crore IndiaAI Mission, which aims to establish a computing infrastructure with more than 10,000 GPUs.
  • The mission seeks to develop foundational AI models with over 100 billion parameters, trained on datasets encompassing major Indian languages, to be used in sectors like healthcare, agriculture, and governance.
  • Data Localisation:
    • The tender includes a data localization requirement to ensure that data used in AI development remains within the country.
  • Support for Start-ups:
    • The infrastructure provided by the IndiaAI Mission will enable start-ups to access high-end computing resources necessary for developing advanced AI systems, helping them overcome the cost barriers associated with procuring such resources independently.
  • Importance of Compute Capacity:
    • Computing capacity is crucial for building large AI systems, alongside algorithmic innovation and datasets.
    • The initiative aims to address the challenge smaller businesses face in accessing the necessary computing resources due to high costs.

Government Launches Krishi-DSS: A Comprehensive Digital Geospatial Platform for Agricultural Decision-Making

  • The Union government has introduced a digital platform called Krishi-Decision Support System (Krishi-DSS) to provide comprehensive geospatial data for agricultural decision-making.
  • Developed by the Ministry of Agriculture and the Department of Space, Krishi-DSS offers seamless access to all-India data, including satellite images, weather information, water reservoir storage, groundwater levels, and soil health.
  • Advanced Monitoring Capabilities:
    • Drought Monitoring: The platform includes a feature for drought monitoring, enabling the government to anticipate drought conditions by providing near real-time information on soil moisture, water storage, crop condition, and dry spells.
    • Crop Weather Watch: Krishi-DSS integrates a crop weather watch feature that tracks weather impacts on crops, harvest status, and crop residue burning.
  • Field-Parcel Segmentation:
    • The platform enables precise identification of field-parcel units, allowing the government to analyze unique needs and cropping patterns for targeted interventions.
  • One Nation-One Soil Information System:
    • Krishi-DSS includes a comprehensive soil information system that provides detailed data on soil type, pH, and health, aiding in crop suitability assessment and land capability analysis for soil-water conservation measures.

Union Cabinet Approves Major Infrastructure Projects Including Airport Expansions and Metro Extensions

  • The Union Cabinet chaired by Prime Minister Narendra Modi approved five infrastructure projects including the proposal of the Airports Authority of India (AAI) for the development of a new Civil Enclave at Bagdogra Airport, Siliguri, West Bengal and Bihta, Patna, Bihar at an estimated cost of ₹1,549 crore and ₹1,413 crore, respectively.

Key Highlights:

  • Development of Civil Enclaves:
    • Bagdogra Airport, Siliguri:
      • A new Civil Enclave at Bagdogra Airport has been approved with an estimated cost of ₹1,549 crore.
      • The new Terminal Building will cover 70,390 sqm, designed for 3,000 Peak Hour Passengers (PHP) with an annual capacity of 10 million passengers.
      • Key components include an Apron with 10 parking bays, two link taxiways, and Multi-Level Car Parking.
    • Bihta Airport, Patna:
      • The project at Bihta Airport is estimated at ₹1,413 crore.
      • The proposed Integrated Terminal Building will span 66,000 sqm, handle 3,000 PHP, and cater to 50 lakh passengers annually, with future expansion capacity up to 1 crore passengers per annum.
    • Pune Metro Expansion:
      • The Pune Metro Phase-1 extension from Swargate to Katraj, spanning 5.46 km, has been approved with a total cost of ₹2,954.53 crore.
      • Known as the Line-1 B extension, it will feature three underground stations connecting Market Yard, Bibwewadi, Balaji Nagar, and Katraj suburbs.
      • The extension is expected to be operational by February 2029.
    • Thane Metro Rail Project:
      • The Thane integral Ring Metro Rail Project has been approved with an estimated cost of ₹12,200 crore.
      • The project will include a 29-km ring corridor (26 km elevated, 3 km underground) with 22 stations, linking areas such as Naupada, Wagle Estate, Dongripada, Hiranandani Estate, Kolshet, and Saket.
      • The project aims to be operational by 2029.
    • Bangalore Metro Rail Project Phase-3:
      • Two corridors of Phase-3 have been approved with a total length of 44.65 km and 31 stations, costing ₹15,611 crore.
      • Corridor-1: From JP Nagar 4th Phase to Kempapura along Outer Ring Road West, spanning 32.15 km with 21 stations.
      • Upon completion, Bengaluru will have a total of 220.20 km of active Metro Rail Network.
      • The expansion will integrate key city areas including Peenya Industrial Area, IT hubs on Bannerghatta Road and Outer Ring Road, major educational institutions, and manufacturing units.

CURRENT AFFAIRS : STATE NEWS

Uttar Pradesh Chief Minister Introduces Mukhyamantri Yuva Udyam Vikas Abhiyan Scheme to Foster Youth Entrepreneurship     

  • Uttar Pradesh Chief Minister Yogi Adityanath hoisted the national flag at an event to mark the nation’s 78th Independence Day in front of Vidhan Bhavan in Lucknow, UP.
  • During this, Mr. Adityanath announced the launch of a new initiative, the Mukhyamantri Yuva Udyam Vikas Abhiyan Yojana, aimed at empowering youth.
  • Under the scheme, financial support will be provided to young individuals interested in entrepreneurship, with a target of establishing one million micro, small, and medium enterprises (MSME) units across the state.
  • Over 2 million young people have secured employment due to investments in the state.
  • 62 lakh youth have been connected with self-employment opportunities through various government schemes.
  • A dedicated start-up fund has been established to finance new ventures.

About UP :

  • Governor : Anandiben Patel
  • Chief Minister : Yogi Adityanath
  • Capital : Lucknow
  • National Park : Dudhwa National Park
  • Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

BPCL Introduces India’s First Biofuel Blend HFHSD Bunker at Mumbai Port

  • Bharat Petroleum Corporation Limited (BPCL) has launched India’s first biofuel blend High Flash High-Speed Diesel (HFHSD) bunker facility at Mumbai Port.
  • This initiative represents a significant leap towards environmental sustainability in the maritime industry.

Key Points:

  • Innovation in Fuel: BPCL’s new HFHSD bunker offers a cleaner, biodegradable alternative to traditional marine fuels, aligning with global efforts to reduce carbon emissions in the shipping industry.
  • Strategic Move: This facility is part of BPCL’s “Project Aspire,” which emphasises green energy. The company is expanding its portfolio of eco-friendly bunker fuels, including LNG, hydrogen, and methanol.
  • Leadership in Bunkering: BPCL has been at the forefront of the bunkering sector in India, being the first to introduce IMO 2020-compliant bunker fuel. This new facility further cements its leadership position.
  • Government Alignment: The initiative aligns with the National Biofuels Policy and Maritime India Vision 2030, both focusing on promoting sustainable energy practices in India.
  • Collaborative Success: Rajeev Jalota, Chairman of Mumbai Port Authority, highlighted the joint efforts between BPCL and the port to drive economic development and energy security while introducing cleaner bunkering options.

CURRENT AFFAIRS: AWARDS AND HONOURS

Highlights from the 70th National Film Awards

  • The 70th National Film Awards celebrated significant achievements in Indian cinema, with Southern films dominating the major categories.

Major Awards:

  • Best Feature Film: Aattam: The Play (Malayalam), directed by Anand Ekarshi.
  • Best Actor: Rishabh Shetty for Kantara (Kannada).
  • Best Actress: Nithya Menen for Thiruchitrambalam (Tamil) and Manasi Parekh for Kutch Express (Gujarati).
  • Best Director: Sooraj R Barjatya for Uunchai (Bollywood).
  • Best Supporting Actress: Nina Gupta for Uunchai.
  • Best Supporting Actor: Pavan Malhotra for Fouja (Haryanvi).

Southern Cinema’s Dominance:

  • Malayalam cinema led with eight awards, including Best Child Actor, Best Screenplay, and Best Editing.
  • A total of 20 awards across various categories went to South Indian films, highlighting the region’s significant contributions to the film industry.

Other Notable Wins:

  • Best Popular Film Providing Wholesome Entertainment: Kantara (Kannada).
  • Best Female Playback Singer: Padma Shri Jayashri Ramnath for “Chaayum Veyil” from Saudi Vellaka CC 225/2009 (Malayalam).
  • Best Music Director (Background Music): A.R. Rahman for Ponniyin Selvan-Part 1 (Tamil).
  • Best Music Director (Songs): Pritam for Brahmastra-Part 1 (Hindi).

Special Mentions:

  • Fouja also won awards for Best Debut Film by a Director (Pramod Kumar) and Best Lyrics (Naushad Sadar Khan).
  • The awards were announced by the jury members to Union I&B Minister Ashwini Vaishnaw.

Kerala State Film Awards 2023 Highlights

  • Blessy directorial Aadujeevitham-The Goat Lifebagged nine awards, including that of best popular film, best director and best actor, at the Kerala State Film Awards 2023. 
  • Kathal The Coredirected by Jeo Baby and produced by Mammootty Kampany, was adjudged the best film.

Major Winners:

  • Best Popular Film: Aadujeevitham – The Goat Life
  • Best Director: Blessy (Aadujeevitham – The Goat Life)
  • Best Actor: Prithviraj Sukumaran (Aadujeevitham – The Goat Life)
  • Best Actress:
    • Urvashi (Ullozhukku)
    • Beena R. Chandran (Thadav)
  • Best Film: Kathal The Core directed by Jeo Baby and produced by Mammootty Kampany
  • Second-Best Film: Iratta directed by Rohit M. G. Krishnan
  • Best Scriptwriter: Rohit M. G. Krishnan (Iratta)
  • Special Jury Mention for Film: Gaganachari

Best Character Roles:

  • Best Supporting Actor: Vijayaraghavan (Pookkalam)
  • Best Supporting Actress: Sreeshma Chandran (Pembilai Orumai)

Best Article:

  • Article Title: Deseeyathaye Azhichedukkunna Cinemakal
  • Author: Rajesh M. R.
  • Publication: Samakalika Malayalam Varika (a sister publication of TNIE).

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Government Appoints Rajesh Kumar Singh as New Defence Secretary    

  • The Appointments Committee of the Cabinet (ACC) announced that Rajesh Kumar Singh will become the new Defence Secretary succeeding Giridhar Aramane.
  • Singh will first serve as Officer on Special Duty in the Ministry of Defence before officially taking over on October 31, 2024.
  • Singh’s tenure as Defence Secretary is extended until October 31, 2026, or until further notice.
  • Rajesh Kumar Singh, a 1989-batch IAS officer from the Kerala cadre, is currently the Secretary at the Department for Promotion of Industry and Internal Trade.

Other Appointments :

Sanjeev Kumar:

  • New Role: Appointed as Secretary of the Department of Defence Production.
  • Current Role: Chairman of the Airports Authority of India (AAI).

Punya Salila Srivastava:

  • New Role: Appointed as the new Health Secretary.

Amardeep Bhati:

  • New Role: Appointed as Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT).

Manoj Govil:

  • New Role: Appointed as the new Expenditure Secretary in the Finance Ministry.
  • Current Role: Corporate Affairs Secretary.

Katikithala Srinivas:

  • New Role: Appointed as Secretary at the Ministry of Housing and Urban Affairs.
  • Current Role: Minority Affairs Secretary.

Paetongtarn Shinawatra Appointed as Thailand’s Youngest Prime Minister 

  • Paetongtarn Shinawatra, a 37-year-old billionaire heiress, is set to become Thailand’s youngest-ever Prime Minister.
  • Paetongtarn becomes the kingdom’s second female Prime Minister, following her aunt Yingluck Shinawatra.
  • She is the 31st Prime Minister of Thailand and the youngest in the country’s history.
  • She received the backing of a majority of lawmakers in the Thai parliament.
  • Paetongtarn is the daughter of former Prime Minister Thaksin Shinawatra (served from 2001 to 2006) and the niece of former Prime Minister Yingluck Shinawatra (served from 2011 to 2014).
  • She is a member of the influential Shinawatra political family.
  • Paetongtarn was selected as the Pheu Thai party’s candidate after the Constitutional Court sacked the previous Prime Minister, Srettha Thavisin, for appointing a cabinet minister with a criminal conviction.
  • The Pheu Thai party and its allies control 314 seats in parliament, and Paetongtarn needed the support of more than half of the 493 current lawmakers to secure the position.

About Thailand :

  • Capital : Bangkok
  • Currency : Thai baht

Reserve Bank of India Approves Salee Sukumaran Nair as New MD & CEO of Tamilnad Mercantile Bank       

  • The Reserve Bank of India (RBI) has appointed Salee Sukumaran Nair as Managing Director (MD) and Chief Executive Officer (CEO) of Tamilnad Mercantile Bank for a period of 3 years from the date of assuming charge, subject to shareholders approval.
  • Prior to this appointment, Salee Sukumaran Nair served as Deputy Managing Director and Chief Credit Officer of State Bank of India (SBI) until May 2024.
  • Tamilnad Mercantile Bank was managed by a three-member Committee of Executives (COEs) after the resignation of the previous MD and CEO, Krishnan Sankarasubramaniam, in September, 2023.

About Salee Sukumaran Nair :

  • Nair has over 35 years of experience, mostly in the Corporate Accounts Group, handling large corporate accounts at State Bank of India.
  • He served as Chief General Manager in the Stressed Asset Vertical from July 2017, focusing on resolving Non-Performing Assets (NPAs) through restructuring, IBC, compromise, and ARC sale routes.
  • In April 2020, he became Deputy Managing Director of the Stressed Assets Resolution Group, holding the position until September 2021.

About TMB :

  • Established : 11 May 1921
  • Headquarters : Thoothukudi, Tamil Nadu, India

Boeing Appoints Industry Veteran Kelly Ortberg as New Chief Executive Officer    

  • Kelly Ortberg, an aerospace industry veteran, has been named as the new President and Chief Executive Officer (CEO) of Boeing.
  • Boeing is facing significant financial difficulties, having reported a $1.4 billion loss.
  • Ortberg’s role includes addressing the company’s current crisis, which involves rebuilding trust with regulators, the industry, and the public.
  • The crisis was exacerbated by an incident where a cabin panel on a 737 MAX 9 jet blew off midair in January.
  • This incident led to a slowdown in production of the 737 MAX and prompted a management shakeup, alongside increased regulatory and legal scrutiny.

About Boeing :

  • Founded : July 15, 1916
  • Headquarters : Virginia, United States
  • Chair : Steven M. Mollenkopf

CURRENT AFFAIRS : DEFENCE NEWS

Boeing Collaborates with AI Engineering Services to Support Navy’s P-8I Fleet                          

  • United States (US) aerospace giant Boeing has partnered with India’s AI Engineering Services Limited (AIESL) to enhance local maintenance, repair, and overhaul (MRO) capabilities for the Indian Navy’s fleet of 12 P-8I maritime surveillance aircraft.
  • The partnership will provide in-country overhaul services for critical components of the P-8I Poseidon Long Range Maritime Reconnaissance Anti-Submarine Warfare (LRMR ASW) aircraft.
  • The first landing gear overhaul was recently completed at INS Rajali, marking a significant milestone in India’s MRO capabilities.
  • The P-8I aircraft are crucial for the Indian Navy’s maritime surveillance missions, particularly in detecting enemy submarines in the Indian Ocean.
  • This collaboration is part of the Boeing India Repair Development and Sustainment (BIRDS) hub programme, which aims to build a robust local MRO ecosystem for both defence and commercial aircraft through a network of local suppliers.
  • Boeing employs over 6,000 people in India, with an additional 13,000 working with its supply chain partners, reflecting the company’s significant investment in the region.

CURRENT AFFAIRS: SPORTS NEWS

Niroshan Dickwella Suspended by Sri Lanka Cricket for Alleged Anti-Doping Violation

  • Sri Lanka Cricket (SLC) announced the immediate suspension of wicketkeeper-batter Niroshan Dickwella following allegations of an anti-doping violation.
  • The alleged incident took place during the recently concluded Lanka Premier League (LPL) 2024, where Dickwella captained the Galle Marvels.
  • Effective Immediately:
    • The suspension is in effect immediately and will remain until further notice, pending the outcome of the investigation.
  • Testing and Compliance:
    • The test was conducted by the Sri Lanka Anti-Doping Agency (SLADA) as part of SLC’s commitment to upholding the sport’s integrity.
    • This initiative aligns with the Ministry of Sports and follows the guidelines set by the World Anti-Doping Agency (WADA) to ensure cricket remains free from prohibited substances.
  • Previous Disciplinary Issues:
    • Dickwella, 31, has previously been summoned by SLC due to his poor disciplinary record.
    • He last played for Sri Lanka in March last year.

Sumit Antil and Bhagyashri Jadhav Named Joint Flag-Bearers for Paris 2024 Paralympics

  • Indian para-athletes Sumit Antil and Bhagyashri Jadhav have been named joint flag-bearers for the Paris 2024 Paralympics Opening Ceremony, scheduled for August 28.
  • Sumit Antil:
    • Reigning javelin throw Paralympic champion in the men’s F64 category from Tokyo 2020.
    • Two-time world champion and world record holder in the F64 category.
    • Set a world record at the 2023 World Championships with a 70.83m throw.
    • Broke his own record at the Asian Para Games in Hangzhou with a 73.29m throw, winning the gold medal.
  • Bhagyashri Jadhav:
    • Won a silver medal in the women’s shot put F34 category at the Asian Para Games.
    • Competed at Tokyo 2020, finishing seventh in the final.
    • Won a silver medal in women’s F34 shot put at the World Para Athletics Championships in May.
  • Indian Paralympics Contingent:
    • India will send their largest Paralympics contingent to Paris 2024, with 84 athletes competing across 12 sports.
    • For the first time, India will compete in para cycling, para rowing, and blind judo.
  • Paris 2024 Paralympics:
    • The games will begin on August 28 and conclude on September 8.

Ashutosh Singh to coach Indian Davis Cup team former national champion

  • Ashutosh Singh will serve as the new national coach for India’s Davis Cup team.
  • He replaces long-time coach Zeeshan Ali, who recently stepped down from the position.
  • Sumit Nagal is set to lead the five-member Indian tennis team for the Davis Cup 2024 World Group I tie against Sweden.
  • The tie will be held on the indoor hard courts at the Royal Tennis Hall in Stockholm on September 14 and 15.
  • Player Lineup:
    • Sumit Nagal: Ranked 74th in the world and India’s top singles player, returning to the Davis Cup team after missing the tie against Pakistan in February.
    • N Sriram Balaji: India’s top doubles player at world No. 69, filling in for Yuki Bhambri, who has opted out.
    • Ramkumar Ramanathan: Ranked 324 in singles and 139 in doubles, included in the team and may play in both singles and doubles events.
    • Niki Poonacha: Made his Davis Cup debut against Pakistan and is included again.
    • Siddharth Vishwakarma: Former national champion, also included and making his Davis Cup debut.
  • Reserve Player:
    • Aryan Shah has been named the reserve player, marking his Davis Cup debut for India.
  • Captain:
    • Rohit Rajpal will serve as the non-playing captain of the team.
  • Notable Absences:
    • Yuki Bhambri, India’s No. 1 and world No. 48 doubles player, has opted out of the contest.
    • Mukund Sasikumar, the third highest-ranked Indian singles player at world No. 476, was not considered for selection.
    • Rohan Bopanna, fourth in the world doubles ranking, retired from Indian tennis after the Paris 2024 Olympics.

CURRENT AFFAIRS: IMPORTANT DAYS

World Photography Day 2024 – August 19

  • World Photography Day is celebrated on August 19 every year.
  • The theme for World Photography Day 2024 is “An Entire Day”.
  • World Photography Day 2024 is a Worldwide celebration of the art, crafts, science, and history of photography.
  • The first World Photography Day was held on August 19, 2010. On World Photography Day nearly 270 photographers shared their pictures in a global online gallery.
  • People from over 100 countries visited the online gallery. This event marked the first official World Photography Day.
  • World Photography Day commemorates the importance of cameras and photography in our lives.
  • The first digital photograph was created in 1957, two decades before the digital camera was invented.
  • The French Academy of Science officially announced the invention of the daguerreotype in 1839 to the public. Photography is an inseparable part of our lives.

Daily CA One- Liner: August 18 & 19

  • Union Minister of Port Shipping and Waterways, Shri Sarbananda Sonowal, officially launched the Standard Operating Procedure (SOP) for the Green Tug Transition Program (GTTP).
  • The government has finalized a tender to procure 1,000 Graphics Processing Units (GPUs) as part of the IndiaAI Mission
  • The Union government has introduced a digital platform called Krishi-Decision Support System (Krishi-DSS) to provide comprehensive geospatial data for agricultural decision-making.
  • The Union Cabinet chaired by Prime Minister Narendra Modi approved five infrastructure projects including the proposal of the Airports Authority of India (AAI) for the development of a new Civil Enclave at Bagdogra Airport, Siliguri, West Bengal and Bihta, Patna, Bihar at an estimated cost of ₹1,549 crore and ₹1,413 crore, respectively
  • Bharat Petroleum Corporation Limited (BPCL) has launched India’s first biofuel blend High Flash High-Speed Diesel (HFHSD) bunker facility at Mumbai Port
  • The 70th National Film Awards celebrated significant achievements in Indian cinema, with Southern films dominating the major categories.
  • Blessy directorial Aadujeevitham-The Goat Lifebagged nine awards, including that of best popular film, best director and best actor, at the Kerala State Film Awards 2023
  • Sri Lanka Cricket (SLC) announced the immediate suspension of wicketkeeper-batter Niroshan Dickwella following allegations of an anti-doping violation.
  • Indian para-athletes Sumit Antil and Bhagyashri Jadhav have been named joint flag-bearers for the Paris 2024 Paralympics Opening Ceremony, scheduled for August 28.
  • The Reserve Bank of India (RBI) imposed monetary penalties on 3 financial institutions Bank of Maharashtra, Hinduja Leyland Finance, and Poonawalla Fincorp for various lapses.
  • Sanjay Vinayak Mudaliar, Executive Director of Bank of Baroda (BoB), inaugurated the ‘phygital’ branch at ChandaNagar, Hyderabad.
  • The Reserve Bank of India (RBI) released the results of its bi-monthly Consumer Confidence Survey (CCS) for July 2024.
  • Central banks play a crucial role in maintaining economic stability and growth by implementing stable monetary policy and ensuring financial stability.
  • Adityanath announced the launch of a new initiative, the Mukhyamantri Yuva Udyam Vikas Abhiyan Yojana, aimed at empowering youth.
  • The Appointments Committee of the Cabinet (ACC) announced that Rajesh Kumar Singh will become the new Defence Secretary succeeding Giridhar Aramane.
  • Paetongtarn Shinawatra, a 37-year-old billionaire heiress, is set to become Thailand’s youngest-ever Prime Minister.
  • The Reserve Bank of India (RBI) has appointed Salee Sukumaran Nair as Managing Director (MD) and Chief Executive Officer (CEO) of Tamilnad Mercantile Bank for a period of 3 years from the date of assuming charge, subject to shareholders approval.
  • Kelly Ortberg, an aerospace industry veteran, has been named as the new President and Chief Executive Officer (CEO) of Boeing.
  • United States (US) aerospace giant Boeing has partnered with India’s AI Engineering Services Limited (AIESL) to enhance local maintenance, repair, and overhaul (MRO) capabilities for the Indian Navy’s fleet of 12 P-8I maritime surveillance aircraft.
  • Ashutosh Singh will serve as the new national coach for India’s Davis Cup team.
  • World Photography Day is celebrated on August 19 every year

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