Daily Current Affairs August 20 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Implements Stricter Regulations for Peer-to-Peer Lending Platforms to Enhance Transparency

• The Reserve Bank of India (RBI) has cautioned non-banking financial company – peer-to-peer (NBFC-P2P) lending platforms that they cannot promote P2P lending as an investment product with features such as tenure-linked assured minimum returns, and liquidity options.
• An NBFC-P2P cannot utilise funds of a lender for replacement of any other lender(s).
• Currently, there are 26 NBFC-P2P lending platforms in India.(Click here to know about the list of 26 NBFC-P2P).

Key Highlights :

• Regulatory Compliance : The RBI’s directives are based on its 2017 Master Directions, which some platforms have violated by engaging in practices like promoting P2P lending as an investment, offering liquidity options, and acting as deposit takers or lenders.
• Pricing Policy and Fee Disclosure: The pricing policy must be objective, and NBFC-P2P platforms are required to disclose the fees at the time of lending. Fees should be a fixed amount or a fixed proportion of the principal, and cannot depend on borrower repayment.
• Closed User Group Prohibition: Matching or mapping participants within a closed user group, including those sourced through affiliates or outsourced agencies, is not permitted.
• Lender’s Risk and Disclosure: Any loss of principal or interest must be borne by the lender, and NBFC-P2P platforms must adequately disclose this risk as part of their fair practices code.
• Cross-Selling Limitations: NBFC-P2P platforms can only cross-sell loan-specific insurance products and cannot sell products related to credit enhancement or credit guarantees.
• Lending Exposure Cap: The total exposure of a lender to all borrowers across P2P platforms is capped at ₹50 lakhs, and if a lender’s exposure exceeds ₹10 lakhs, a certificate of minimum ₹50 lakhs net worth from a practising Chartered Accountant is required.
• Identity Disclosure: NBFC-P2P platforms must clearly display their registered name along with any brand name across all customer interfaces, promotional materials, and communications.

Securities and Exchange Board of India Proposes to Broaden Sustainable Finance Framework in Securities Market

• The Markets regulator Securities and Exchange Board of India (SEBI) has proposed the expansion of the sustainable finance framework in the securities market by introducing a new category of financial instruments.
• The new categories include Green Debt Securities, Social Bonds, Sustainable Bonds, and Sustainability-Linked Bonds, collectively referred to as ESG Debt Securities.
• The expansion aims to provide issuers with greater flexibility to raise funds for projects that align with Environmental, Social, and Governance (ESG) objectives.

Key Highlights :

• Funding for Sustainable Projects: The expansion will enable issuers to raise funds for more sustainable projects, helping to close the funding gap for Sustainable Development Goals (SDGs).
• The consultation paper also addressed the initial and continuous disclosures for sustainable securitised debt instruments that would be based on international frameworks.
• Disclosures:
• Initial Disclosures: Should be included in the offer document for the securities.
• Continuous Disclosures: To be included in annual reports or other mandated formats.
• Independent Review : SEBI also suggested that issuers of ESG debt securities and sustainable securitised debt instruments appoint an independent external reviewer or certifier, to facilitate transparency and credibility.
• The review could take various forms including, second-party opinions, verification, certification, or scoring/ rating.

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.

Top 3 Providers Handled 93% of Unified Payments Interface Transactions in July 2024: National Payments Corporation of India

• According to data from the National Payments Corporation of India (NPCI), the top three players on India’s flagship payments platform, Unified Payments Interface (UPI), processed 93% of all such transactions in July 2024.

UPI Transaction Data for July 2024 :

Provider	Volume (Mn)	Value (Cr)	Market share (in %)
PhonePe	6983.97	1028799.39	48.38
Google Pay	5341.23	735159.2	37
Paytm (OCL )	1128.97	123467.33	7.82
Cred	142.56	48998.89	0.99
Axis Bank Apps	108.57	6335.06	0.75

Key Highlights :

Top Players:

• PhonePe: Largest player with a 48.38% market share, processing 6.98 billion transactions worth ₹10.28 trillion.
• Google Pay: Second-largest with a 37% market share, processing 5.34 billion transactions worth ₹7.35 trillion.
• Combined Market Share: PhonePe and Google Pay together handle about 85% of UPI transactions.
• Other Players: Paytm (One97 Communications): Holds a 7.82% market share with 1.12 billion transactions totalling ₹1.23 trillion.
• Smaller Players: Other UPI and bank applications have a market share of less than 1%.
• Overall UPI Growth: Transaction Volume: UPI saw a 45% year-on-year growth, reaching 14.44 billion transactions in July.
• Transaction Value: The value grew by 35% year-on-year, totaling ₹20.64 trillion in July.
• Monthly Transaction Value: This is the third consecutive month with transaction values exceeding ₹20 trillion. Previous values were ₹20.07 trillion in June 2024 and ₹20.44 trillion in May 2024.

Women Hold Just 20.8% of Total Bank Deposits; Rural Women Have Higher Bank Balances than Urban Women

• According to the latest “Men and Women” report released by the National Statistical Office (NSO), only 20.8% or around a fifth of the total amount of bank deposits in India belongs to women account holders.
• This is despite the fact that 36.4% of all bank accounts, adding up to 917.7 million accounts in India are owned by women.
• The total amount of money held by women account holders amounted to ₹39 trillion, out of the total ₹187 trillion.
• This included accounts of Hindu undivided families, resident individuals, farmers, traders, professionals and self-employed people, wage and salary earners, and others.

Key Highlights :

• Deposits by Area : In urban areas, women hold 5% of total deposits, equivalent to ₹1.9 trillion.
• In rural areas, women hold 30% of total deposits, amounting to ₹5.91 trillion. This higher share is attributed to the widespread adoption of Jan Dhan accounts in rural areas.
• Senior Management Positions:The number of women in senior management positions increased from 23,685 in 2017 to 34,879 in 2023.
• The number of men in senior management positions increased from 150,300 to 186,900.
• Board of Directors:A total of 762,000 women were on the board of directors, compared to 1.9 million men.
• Bank Employment:There are 441,000 women working in banks, while there are 1.32 million men employed in the banking sector.

Karnataka Government Suspends Decision to Close State Bank of India and Punjab National Bank  Accounts for 15 Days

• The Karnataka government announced that it has put on hold for 15 days its decision regarding the closure of accounts with the State Bank of India (SBI) and Punjab National Bank (PNB).
• This will provide the banks with sufficient time to address the issues and resolve the government’s concerns.
• On August 16, 2024, both banks submitted written representations to the government, requesting an additional 15-day period to resolve the matter.
• The Karnataka government previously ordered all its departments, boards, corporations, public sector units, and universities to withdraw deposits and cease transactions with SBI and PNB.
• The action followed the banks’ failure to return ₹12 crore deposited by the Karnataka Industrial Area Development Board (KIADB) and ₹10 crore deposited by the Karnataka State Pollution Control Board (KSPCB), due to scams involving bank employees.

About SBI :

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

About PNB :

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

Fintech Company Navi Partners with Karnataka Bank to Launch Credit Line via UPI

• Private sector lender Karnataka Bank has partnered with Sachin Bansal-founded Navi to launch credit lines on Unified Payments Interface (UPI)-based transactions.
• Karnataka Bank will provide credit lines to Navi’s users.
• The product is currently offered to a closed group of pre-qualified users, and it will be rolled out to more users based on customer feedback.
• The announcement comes as credit transactions on India’s flagship payments platform, Unified Payments Interface (UPI), are reaching Rs 10,000 crore each month, out of which about Rs 100 to 200 crore come from the credit line on UPI products.
• The National Payments Corporation of India (NPCI) launched the credit line on UPI last year, targeting low-ticket, high-volume retail loans for individuals and businesses.

About Karnataka Bank :

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

ICICI Bank Sets Long-Term Goal to Achieve Carbon Neutrality in Scope 1 and 2 Emissions by FY 2032

• ICICI Bank has formulated a long-term vision for enhancing sustainability and becoming carbon neutral in scope 1 and scope 2 emissions by financial year 2032.

Key Highlights :

• Emission Categories:
• Scope 1 Emissions: Direct emissions owned or controlled by the company.
• Scope 2 Emissions: Indirect emissions from the generation of purchased electricity.
• Scope 3 Emissions: Indirect emissions that result from the company’s activities but are not directly owned or controlled by it.
• Tree Plantation : According to the report titled “Being Responsible, Being Sustainable, ICICI Bank ESG Report 2023-24 ICICI Bank, through its philanthropic arm, the ICICI Foundation for Inclusive Growth, planted more than 1.1 million trees in the financial year 2024.
• Water Conservation : Additionally, its water conservation initiatives have generated an annual rainwater harvesting capacity exceeding 25.8 billion litres across the country.
• Corporate Social Responsibility (CSR) Spending : ICICI Bank allocated Rs 5.19 billion for corporate social responsibility (CSR) activities in the financial year 2024, up from Rs 4.63 billion the previous year.
• Healthcare Initiatives : The bank expanded its healthcare initiatives to include cancer care in 35 hospitals across India and committed Rs 12 billion for the development of new institutions for the Tata Memorial Centre.
• Alignment with UN SDGs : The report stated that the bank’s ESG framework is aligned to the United Nations Sustainable Development Goals (UN SDGs).

About ICICI Bank :

• Founded : 5 January 1994
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Girish Chandra Chaturvedi
• MD & CEO : Sandeep Bakhshi

Unified Payments Interface Transactions Exceed ₹20 Trillion for Third Consecutive Month in July 2024      

• India’s flagship payments platform, Unified Payments Interface (UPI), reported a 45% year-on-year (Y-o-Y) growth in transaction volume to reach 14.44 billion in July, 2024.
• The value of UPI transactions increased by 35% Y-o-Y, totaling ₹20.64 trillion in July.
• This is the third consecutive month where UPI transaction values have exceeded ₹20 trillion.
• Previous values were ₹20.07 trillion in June and ₹20.44 trillion in May.

Key Highlights :

• Average Daily Transactions: The average daily transaction count on UPI in July was 466 million, with a total value of ₹66,590 crore.
• Sequential Growth: In July, UPI transaction volume grew by 3.95% and the transaction value increased by 2.84% compared to the previous month.
• Current Financial Year (FY25) Data: UPI recorded 55.66 billion transactions worth ₹80.79 trillion in FY25.
• Previous Year (FY24) Data: UPI surpassed 100 billion transactions for the first time in FY24, ending the year with 131 billion transactions, up from 84 billion in FY23.

About UPI :

• UPI is a system that powers multiple bank accounts into a single mobile application.
• It is developed by the National Payments Corporation of India (NPCI).
• It was introduced in April 2016.

CURRENT AFFAIRS: NATIONAL NEWS

New Parliamentary Committee Chairpersons Announced

• Lok Sabha Speaker Om Birla has announced the new chairpersons for six parliamentary committees, including the Public Accounts Committee (PAC).

Key Appointments:

1. Public Accounts Committee (PAC):
   • Chairperson: K.C. Venugopal (Congress MP)
   • Role: Examines government expenditure, appropriation accounts for railways, defense services, P&T department, and reviews CAG reports.
2. Committee on Public Undertakings:
   • Chairperson: Baijyant Panda (BJP MP from Kendrapara, Odisha)
   • Role: Reviews reports and accounts of Public Sector Undertakings (PSUs), assesses their performance and impact on the economy and citizens.
3. Committee on Welfare of Scheduled Castes and Scheduled Tribes:
   • Chairperson: Faggan Singh Kulaste (BJP MP from Mandla, Madhya Pradesh)
   • Role: Focuses on welfare measures and reviews issues concerning Scheduled Castes and Scheduled Tribes.
4. Committee on Welfare of Other Backward Classes:
   • Chairperson: Ganesh Singh (BJP MP from Satna, Madhya Pradesh)
   • Role: Considers reports from the National Commission for Backward Classes and reviews welfare measures for Other Backward Classes.
5. Committee on Estimates:
   • Chairperson: Dr. Sanjay Jaiswal (BJP MP)
   • Role: Reviews budget estimates for administrative departments and suggests improvements for efficiency and administrative reform.

Additional Information:

• PAC: Traditionally chaired by the largest opposition group in the House.
• Established Committees: The Committee on Welfare of Other Backward Classes was established in 2012.

Delhi LG Directs the Development of a Mobile App for Traffic Management and Incentives for Parking

• Lieutenant Governor VK Saxena has issued several directives to improve traffic management and encourage better parking practices in Delhi.
• The directions were part of his third meeting to review the traffic and parking situation in the city.

Key Directives:

1. Mobile Application Development:
   • Objective: To enable real-time action against illegally parked vehicles.
   • Features: The app will allow users to upload photographs of improperly parked vehicles, which will then be addressed by authorities.
2. Incentives for Parking:
   • Multilevel Parking: Plan to offer discounts to encourage the use of multilevel parking spaces.
   • Electric Vehicles: Rebates in parking fees for electric vehicles to promote their adoption and reduce pollution.
3. Pilot Project:
   • Scope: A pilot program in NDMC areas where gardeners will be authorized to take and upload photos of illegally parked vehicles using the mobile app.
   • Incentives for Gardeners: Exploration of ways to reward gardeners for their participation in the program.

Meeting Participants:

• Special Commissioners of Two Traffic Zones
• Transport Commissioner
• Municipal Corporation of Delhi (MCD) Officials

Additional Note: LG Saxena emphasised the need to involve traffic police in managing parking spaces and to explore further incentives for improved parking compliance.

CURRENT AFFAIRS : STATE NEWS

Maharashtra Government Officially Launches ‘Ladki Bahin’ Scheme

• The Maharashtra government launched the “Mukhyamantri Majhi Ladki Bahin Yojana,” aimed at providing financial aid to women across the state.
• The scheme was inaugurated by the Chief Minister and Deputy Chief Ministers at an event coinciding with Rakshabandhan festivities.
• The scheme offers a monthly stipend of ₹1,500 to over one crore women in Maharashtra.

Key Highlights :

Eligibility Criteria:

• Only women can apply.
• Applicants must be permanent residents of Maharashtra.
• Women must be between 21 and 65 years old.
• The family’s annual income must be less than ₹2.5 lakh.
• Initial Payment: Eligible women will receive an initial instalment of ₹3,000 (for two months).
• After this, the standard monthly amount of ₹1,500 will be deposited in their bank accounts.
• No Application Fee: There is no fee associated with applying for the scheme.
• Budget Allocation: The scheme was included in the Maharashtra government’s supplementary budget and is expected to cost the state ₹46,000 crore annually.

About Maharashtra :

• Governor: C. P. Radhakrishnan
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

CURRENT AFFAIRS: BUSINESS NEWS

Tamil Nadu CM Inaugurates Rs 706-Crore Residential Facility for Foxconn’s Female Workers

• Tamil Nadu Chief Minister K. Stalin inaugurated an industrial housing facility for Apple contract manufacturer Foxconn women employees at SIPCOT Industrial Park in Vallam Vadagal near Sriperumbudur.

Project Details:

• Cost: Rs 706 crore
• Area: 20 acres
• Capacity: 18,720 workers
• Structure: 13 blocks, each with 10 floors

Significance:

• Chairman’s Statement: Foxconn chairman Young Liu emphasized the crucial role of married women in the company’s production facilities.
• Facility Background: Developed following 2021 protests over poor living conditions at Foxconn’s Sriperumbudur plant.
• State Employment: Foxconn employs 41,000 workers in Tamil Nadu, with 35,000 being women.
• Workforce Participation: Tamil Nadu leads India in women’s workforce participation at 41%.

Additional Features:

• Dining Hall: Seating capacity for 4,000 people
• Recreational Facilities: Indoor games, outdoor play areas, sports courts
• Sustainability: Solar and rainwater harvesting systems, sewage treatment plant, solid waste management
• Security: 1,170 CCTV cameras

Future Plans:

• Expansion: Foxconn to assemble Google’s Pixel phones and manufacture drones in India.
• Living Conditions: Aimed at providing comfortable living for the expected influx of workers.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Air Force and Army Successfully Execute First-Ever Precision Para-Drop of BHISHM Trauma Care Cube from 15,000 Feet

• The Indian Air Force (IAF) and Indian Army have jointly carried out a first-of-its-kind precise para-drop operation of the Aarogya Maitri Health Cube at a high-altitude area close to 15,000 feet.
• These critical trauma care cubes have been indigenously developed under Project BHISHM (Bharat Health Initiative for Sahyog Hita and Maitri).
• The operation was conducted in line with Prime Minister Shri Narendra Modi’s vision of providing critical supplies to Humanitarian Aid and Disaster Relief (HADR) affected areas.
• The IAF utilised its advanced tactical transport aircraft C-130J Super Hercules to airlift and precisely para-drop the cube.
• The Indian Army’s Para Brigade, known for its operational acumen and agility, played an instrumental role in the successful deployment of the trauma care cube, utilising their advanced precision drop equipment.
• This demonstration underscored the capability of such specialised military assets to effectively support HADR operations, even in the most remote and mountainous regions.

About IAF :

• Founded : 26 January 1950
• Headquarters : New Delhi
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari

About Indian Army :

• Chief of the Army Staff : General Upendra Dwivedi
• Vice Chief of the Army Staff : Lieutenant General N. S. Raja Subramani

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Space Research Organisation Successfully Launches Earth Observation Satellite EOS-08

• Indian Space Research Organisation (ISRO) launched the Earth Observation Satellite ‘EOS-08’ using the Small Satellite Launch Vehicle (SSLV)-D3 from the Satish Dhawan Space Centre, Sriharikota, Andhra Pradesh.
• The primary objectives of the EOS-08 mission include designing and developing a microsatellite, creating payload instruments compatible with the microsatellite bus, and incorporating new technologies required for future operational satellites.

Key Highlights :

• Satellite Specifications : EOS-08 is built on the Microsat/IMS-1 bus, weighing approximately 175.5 kg, with a power generation of around 420 W. It is set to operate in a Circular Low Earth Orbit (LEO) at an altitude of 475 km with an inclination of 37.4° and has a mission life of 1 year.
• Payloads: The satellite carries three payloads:

1. Electro Optical Infrared Payload (EOIR): Captures images in the Mid-Wave IR (MIR) and Long-Wave IR (LWIR) bands.
2. Global Navigation Satellite System-Reflectometry payload (GNSS-R): Demonstrates GNSS-R-based remote sensing for ocean surface wind analysis, soil moisture assessment, cryosphere studies, flood detection, and inland waterbody detection.
3. SiC UV Dosimeter: Monitors UV irradiance in the Gaganyaan Mission’s Crew Module and serves as a high-dose alarm sensor for gamma radiation.

• Technological Advancements : Integrated Avionics System (CBSP Package): Combines communication, baseband, storage, and positioning functions into a single unit, supporting up to 400 Gb of data storage.
• Antenna Pointing Mechanisms: Capable of rotational speeds of 6 degrees per second with a pointing accuracy of ±1 degree.
• Hinge-Based Fixture for Housekeeping Panels: Reduces the duration of the Assembly, Integration, and Testing (AIT) phase.
• EOS-08 marks a significant advancement in satellite mainframe systems such as an Integrated Avionics system, known as the Communication, Baseband, Storage, and Positioning (CBSP) Package, which combines multiple functions into a single, efficient unit.

About ISRO :

• Founded : 15 August 1969
• Headquarters : Bengaluru, Karnataka
• Chairman : Sreedhara Somanath

CURRENT AFFAIRS: BOOKS AND AUTHOR

A Fly on the RBI Wall: An Insider’s View of the Central Bank by Alpana Killawala

• Alpana Killawala’s book, A Fly on the RBI Wall: An Insider’s View of the Central Bank, provides an in-depth look at her 25-year career with the Reserve Bank of India (RBI) and the evolution of its communication strategies.
• The book offers a candid and insightful account of her journey and the transformation of the RBI over more than two decades.
• Publisher: Rupa Publications India

Key Themes and Insights:

1. Evolution of RBI’s Communication:
   • When Alpana joined, the RBI’s communication department was nascent. Her career witnessed and contributed to its growth and the establishment of robust communication strategies.
2. Handling Major Crises:
   • Alpana’s tenure included significant events such as the Harshad Mehta scam and major economic reforms in the 1990s. Her role in managing communication during these crises was crucial in maintaining the RBI’s credibility and public trust.
3. Anecdotal Insights:
   • The book is rich with anecdotes, providing a behind-the-scenes look at the RBI’s inner workings. Alpana shares her personal experiences and observations, offering a balanced view of both the challenges and achievements of the institution.
4. Economic and Policy Changes:
   • Alpana details the RBI’s adaptation to India’s economic liberalization and reforms over the years. The book highlights how the RBI evolved to meet the changing economic landscape and its role in shaping India’s economic policies.
5. Governors’ Leadership:
   • The book offers a unique perspective on the governors under whom Alpana worked. It provides insights into their leadership styles, decision-making processes, and their impact on the RBI’s policies.
6. Lessons for Communication Professionals:
   • Students and professionals in communication will find valuable lessons in Alpana’s experiences. The book underscores the importance of effective communication, crisis management, public trust, and transparency.

CURRENT AFFAIRS: SPORTS NEWS

Lauren Coughlin Secures Victory at Women’s Scottish Open and Solheim Cup Spot

• Event: Women’s Scottish Open
• Location: Dundonald Links, Ayrshire Coast

Winner: Lauren Coughlin

• Final Score: 15-under 273
• Round Highlights:
  • Coughlin carded a 3-under 69 in the final round.
  • She made a remarkable recovery from early bogeys, pulling ahead with consistent one-putting on the final seven holes.
  • A pivotal moment came at the 16th hole where, despite being in a bunker, Coughlin made a crucial 20-foot par putt.

Runner-Up: Esther Henseleit

• Score: 11-under 277
• Final Round: 2-under 70

Other Contenders:

• Megan Khang (USA): Finished tied for third after a 74 in the final round.
• Ayaka Furue (Japan): Also tied for third with a final round of 68.
• Charley Hull (England): Finished fifth with a final round of 73.

Significance of the Win:

• LPGA Titles: This is Coughlin’s second LPGA victory this summer, following her win at the CPKC Women’s Open in Canada.
• Solheim Cup Qualification: With this win, Coughlin secured enough points to earn an automatic spot on the U.S. Solheim Cup team, marking her debut in the event.

Next Tournament:

• Event: Women’s British Open
• Location: St. Andrews
• Note: This is the final major championship of the year.

Pankaj Advani Clinches Western India Billiards and Snooker Championship Title

• Event: Western India Billiards and Snooker Championship
• Location: Mumbai

Final Match:

• Winner: Pankaj Advani (ONGC)
  • Final Score: 822-520
  • Opponent: S Shrikrishna (BPCL)

Highlights:

• Advani secured his sixth consecutive title win in Mumbai with this victory.
• He compiled impressive breaks of 57, 120, 62, 86, and 56 in the final.
• Shrikrishna managed a notable break of 94 but could not keep pace with Advani.

Previous Achievements:

• Advani had won five consecutive finals in various competitions in Mumbai prior to this event.
• Over the past two years, he has claimed titles in both classic billiards and snooker tournaments at the Cricket Club of India event and the NSCI Baulkline 3.0 competition earlier this year.

Prize Money:

• Winner: Pankaj Advani – ₹2 lakh
• Runner-up: S Shrikrishna – ₹1.2 lakh
• Semi-finalists: Dhvaj Haria and Shahyan Razmi – ₹60,000 each

• Match Summary: Both Advani and Shrikrishna started the final match tentatively, struggling to put together big breaks initially. However, Advani’s experience and skill allowed him to gradually pull ahead, securing the title in a contest that saw only a handful of substantial breaks over its three-hour duration.

Final Results:

• Final: Pankaj Advani (ONGC) defeated S Shrikrishna (BPCL) 822-520
• Semi-finals:
  • Pankaj Advani (ONGC) defeated Shahyan Razmi (Mumbai) 1320-300
  • S Shrikrishna (BPCL) defeated Dhvaj Haria (IOCL) 953-378

Francesco Bagnaia Secures Victory at Austrian MotoGP, Extends Championship Lead

• Race Winner: Francesco Bagnaia (Ducati)
  • Achievement: Bagnaia clinched the Austrian Grand Prix, completing a weekend double and extending his lead in the MotoGP World Championship.
  • Championship Points: 275, 5 points ahead of rival Jorge Martin.
• Second Place: Jorge Martin (Prima Pramac Racing)
  • Qualifying: Martin started from pole position but was overtaken by Bagnaia on the second lap.
  • Championship Points: 270
• Third Place: Enea Bastianini (Ducati)
  • Race Outcome: Bastianini completed a Ducati sweep of the podium.
• Marc Marquez (Honda)
  • Result: Finished fourth after a poor start and a crash in the sprint race.
  • Current Championship Standing: Fourth place.

Australia to Host Special Test Match Celebrating 150 Years of Test Cricket at MCG in 2027

Summary:

• Event: Stand-alone celebratory Test match
• Teams: Australia vs. England
• Venue: Melbourne Cricket Ground (MCG)
• Date: 2027
• Occasion: Celebrating 150 years of Test cricket since its inception in March 1877.

Historical Context:

• First Test Match: Played between Australia and England in March 1877.
• 1977 Centenary Test: Australia won the match by 45 runs, commemorating the 100th anniversary of Test cricket.

Upcoming Cricket Arrangements:

• Cricket Australia (CA) Announcements:
  • Men’s International Matches: Allocation of hosting rights for various Tests, ODIs, T20Is, and other matches from the 2024-25 to 2030-31 seasons.
  • Strategic Partnerships: Agreements with State and Territory Governments to provide greater certainty for fans and expand cricket events across Australia.
• Ongoing Traditions:
  • Boxing Day Test: Will continue to be hosted at the MCG.
  • New Year’s Test: Will remain at the Sydney Cricket Ground (SCG).

CURRENT AFFAIRS : OBITUARIES

Indian Coast Guard’s Director General Rakesh Pal Passed Away

• Director General of Indian Coast Guard Rakesh Pal Passed away in Chennai, Tamil Nadu (TN).
• Pal took charge as the 25th Director General of the Indian Coast Guard on July 19, 2023.

About Rakesh Pal :

• Pal hailed from Uttar Pradesh.
• Pal was an alumnus of the Indian Naval Academy and joined Indian Coast Guard in January 1989.
• In his distinguished career spanning over 34 years, he had held several key appointments on the sea and ashore.
• Prominent among them were Commander Coast Guard Region (North West), Deputy Director General (Policy and Plans) and Additional Director General at Coast Guard Headquarters in New Delhi.
• He also held various prestigious staff assignments namely Director (Infra and Works) and Principal Director (Administration) at Coast Guard headquarters.
• He was known for having vast sea experience and commanded all classes of Indian Coast Guard ships namely Samarth, Vijit, Sucheta Kriplani, Ahalyabai and C-03.
• He also commanded two Coast Guard Base forward areas in Gujarat that are Okha and Vadinar.
• He was elevated to the rank of additional director general in February 2022 and appointed as additional director general at Coast Guard headquarters.

Awards & Honors :

• For his illustrious service, he was conferred the Ati Vishisht Seva Medal, President Tatrakshak Medal and Tatrakshak Medal for distinguished service.

CURRENT AFFAIRS: IMPORTANT DAYS

World Mosquito Day 2024: August 20

• World Mosquito Day is observed annually on 20 Augus
• The World Mosquito Day theme 2024 is “Accelerating the fight against malaria for a more equitable world”
• World Mosquito Day was established in 1897 by Sir Ronald Ross who discovered that female mosquitoes transmit malaria to humans.
• World Mosquito Day is dedicated to the memory of Sir Ronald Ross. As per one World Health Organisation(WHO) report, mosquitoes kill nearly 7-10 lakh people annually by transmitting diseases.
• A mosquito can make you sick, disable and cause death. Elephantiasis is one of the biggest causes of disability caused by mosquitoes.
• Mosquitoes can detect carbon dioxide that you keep breathing out from as far as 75 feet. Sir Ronald Ross was first observed on 20 August 1897.

Daily CA One- Liner: August 20

• Lok Sabha Speaker Om Birla has announced the new chairpersons for six parliamentary committees, including the Public Accounts Committee (PAC).
• Lieutenant Governor VK Saxena has issued several directives to improve traffic management and encourage better parking practices in Delhi.
• Tamil Nadu Chief Minister K. Stalin inaugurated an industrial housing facility for Apple contract manufacturer Foxconn women employees at SIPCOT Industrial Park in Vallam Vadagal near Sriperumbudur
• Alpana Killawala’s book, A Fly on the RBI Wall: An Insider’s View of the Central Bank, provides an in-depth look at her 25-year career with the Reserve Bank of India (RBI) and the evolution of its communication strategies
• Lauren Coughlin Secures Victory at Women’s Scottish Open and Solheim Cup Spot
• Pankaj Advani Clinches Western India Billiards and Snooker Championship Title
• Francesco Bagnaia Secures Victory at Austrian MotoGP, Extends Championship Lead
• Australia to Host Special Test Match Celebrating 150 Years of Test Cricket at MCG in 2027

• The Reserve Bank of India (RBI) has cautioned non-banking financial company – peer-to-peer (NBFC-P2P) lending platforms that they cannot promote P2P lending as an investment product with features such as tenure-linked assured minimum returns, and liquidity options.
• Markets regulator Securities and Exchange Board of India (SEBI) has proposed expansion of the sustainable finance framework in the securities market by introducing a new category of financial instruments.
• According to data from the National Payments Corporation of India (NPCI),  the top three players on India’s flagship payments platform, Unified Payments Interface (UPI), processed 93% of all such transactions in July 2024.
• According to the latest “Men and Women” report released by the National Statistical Office (NSO), only 20.8% or around a fifth of the total amount of bank deposits in India belongs to women account holders.
• The Karnataka government announced that it has put on hold for 15 days its decision regarding the closure of accounts with the State Bank of India (SBI) and Punjab National Bank (PNB).
• Private sector lender Karnataka Bank has partnered with Sachin Bansal-founded Navi to launch credit lines on Unified Payments Interface (UPI)-based transactions.
• ICICI Bank has formulated a long-term vision for enhancing sustainability and becoming carbon neutral in scope 1 and scope 2 emissions by financial year 2032.
• India’s flagship payments platform, Unified Payments Interface (UPI), reported a 45% year-on-year (Y-o-Y) growth in transaction volume to reach 14.44 billion in July, 2024.
• The Maharashtra government launched the “Mukhyamantri Majhi Ladki Bahin Yojana,” aimed at providing financial aid to women across the state.
• Indian Air Force (IAF) and Indian Army have jointly carried out a first-of-its-kind precise para-drop operation of the Aarogya Maitri Health Cube at a high-altitude area close to 15,000 feet.
• Indian Space Research Organisation (ISRO) launched the Earth Observation Satellite ‘EOS-08’ using the Small Satellite Launch Vehicle (SSLV)-D3 from the Satish Dhawan Space Centre, Sriharikota,Andhra Pradesh.
• Director General of Indian Coast Guard Rakesh Pal Passed away in Chennai, Tamil Nadu (TN).

• World Mosquito Day is observed annually on 20 Augus