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CURRENT AFFAIRS : BANKING & FINANCE
Bank of India Secures Rs 5,000 Crore Through 10-Year Infrastructure Bonds
- Bank of India (BoI) has raised Rs 5,000 crore at a coupon rate of 7.54% through 10-year infrastructure bonds.
- The issue had a base size of Rs 2,000 crore, and a green shoe option of Rs 3,000 crore.
- The proceeds of the issue will be utilised by the bank for funding long-term projects in infrastructure sub sectors and affordable housing in accordance with the Reserve Bank of India (RBI) guidelines.
- The bank received 127 bids amounting to Rs 15,318 crore out of which it kept 57 bids worth Rs 5,000 crore.
About Infrastructure Bonds :
- Infrastructure bonds have a tenor of at least 7 years and the proceeds are utilised by banks to fund long-term infrastructure projects.
- Banks benefit from infrastructure bonds because they do not incur regulatory reserve requirements such as the statutory liquidity ratio (SLR) and cash reserve ratio (CRR), allowing them to optimise their liquidity management strategies effectively.
Recent News in Infrastructure Bonds
- Canara Bank: Raised ₹10,000 crore at a coupon rate of 7.40% through 10-year infrastructure bonds in July 2024.
- State Bank of India (SBI): Raised ₹20,000 crore in two tranches:
- ₹10,000 crore on June 26, 2024
- ₹10,000 crore on July 10, 2024
- Coupon Rate: 7.36%
- Bank of Maharashtra: Plans to raise ₹10,000 crore through infrastructure bonds, with the first tranche of ₹2,000-2,500 crore expected this year.
About Bank of India :
- Established : 7 September 1906
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Rajneesh Karnatak
- Tagline : Relationship Beyond Banking
Motilal Oswal Mutual Fund Introduces New Fund Targeting the Current Capex Cycle
- Motilal Oswal Mutual Fund has launched Motilal Oswal Manufacturing Fund, an open-ended equity scheme following the manufacturing theme.
- The new fund offer or NFO of the scheme will open for subscription on July 19 and close on August 2, 2024.
- The scheme will reopen for continuous sale and repurchase within 5 business days from the date of allotment.
- Investment objective of the scheme : To achieve long term capital appreciation by predominantly investing in equity and equity related instruments of companies engaged in the manufacturing activity.
- The scheme is benchmarked against Nifty India Manufacturing Total Return Index.
- The scheme will be managed by Ajay Khandelwal, Niket Shah, Santosh Singh, Atul Mehra, Rakesh Shetty, and Sunil Sawant.
Key Highlights :
- Plan Options : The scheme will offer both regular and direct plans with growth and IDCW options.
- Exit Load : The exit load of 1% will be applicable if redeemed on or before three months from the date of allotment and an exit load will be nil if redeemed after three months from the date of allotment.
- Expense Ratio : The maximum total expense ratio (TER) permissible under Regulation 52 (6) (c) is up to 2.25%.
- Minimum Investment : The minimum application amount for lumpsum investment is Rs 500 and in multiples of Re 1 thereafter.
- For weekly, fortnightly, and monthly SIP, the minimum application amount is Rs 500 and multiple of Re 1 thereafter with minimum 12 instalments.
- Investment Allocation:Equity and Equity-related Instruments of Manufacturing Companies: 80-100%.
- Equity and Equity-related Instruments of Non-Manufacturing Companies: 0-20%.
- Debt and Money Market Instruments (including cash): 0-20%.
- Units issued by REITs and InvITs: 0-10%.
- Units of Mutual Funds: 0-5%.
Reserve Bank of India Data Reveals $3 Billion Increase in Non-Resident Indian Deposits for April-May FY25
- According to the data released by the Reserve Bank of India (RBI), Overseas Indians deposited close to $3 billion in non-resident Indian (NRI) deposit schemes in April-May FY25, which is over four times higher than the amount deposited in these schemes in the same period last year.
- In April-May FY25, inflows into the NRI schemes stood at $2.72 billion, compared to $623 million during the same period a year ago.
- With this, the total outstanding NRI deposits as of May stood at $154.72 billion.
Key Highlights :
- Monthly Inflows:May FY25: Inflows into NRI deposit schemes were $1.7 billion.
- April FY25: Inflows into NRI deposit schemes were $1.07 billion.
- Types of NRI Deposit Schemes:
- Foreign Currency Non-Resident (FCNR) Deposits
- Non-Resident External (NRE) Deposits
- Non-Resident Ordinary (NRO) Deposits
- Breakdown of Inflows:NRE Deposits: Inflows of $1.13 billion in April-May FY25 compared to an outflow of $10 million in the same period last year.
- Total outstanding NRE deposits are now approximately $100 billion.
- FCNR Deposits: Inflows of $1.10 billion in April-May FY25 compared to $524 million in the corresponding period last year.
- Total outstanding FCNR deposits are now approximately $26.8 billion.
- NRO Deposits: Inflows of $481 million in April-May FY25 compared to $109 million in the same period last year.
- Total outstanding NRO deposits are now approximately $28 billion.
Recent News :
- In April,2024 overseas Indians deposited $1 billion into NRI schemes, marking a notable recovery from the $150 million outflows in the same month last year, reflecting increased confidence in India’s growth.
FICCI Survey Projects CPI Inflation at 4.5% and GDP Growth at 7% for FY25
- The Federation of Indian Chambers of Commerce & Industry (FICCI) forecasts a median Gross Domestic Product (GDP) growth of 7.0% for the fiscal year 2024-25.
- The Consumer Price Index (CPI) inflation is projected at a median of 4.5% for the same period.
Key Highlights :
- Growth Range:GDP:
- Expected Range: A minimum growth of 6.6% and a maximum growth of 7.5% are anticipated.
- Quarterly Estimates: Median GDP growth is estimated at 6.8% for Q1 and 7.2% for Q2 of FY25.
- Sectoral Growth Forecasts:
- Agriculture: Median growth forecast at 3.7%, up from 1.4% in 2023-24.
- Industry: Anticipated to grow by 6.7%.
- Services: Expected to grow by 7.4%.
- Previous Year Comparisons: The growth rates for the previous fiscal year were 9.5% for industry and 7.6% for services.
- CPI Inflation Details:
- Forecast Range: CPI inflation is projected to range between 4.4% and 5.0%.
- Recent Data: Headline retail inflation rose to 5.1% in June 2024.
- Fiscal Deficit: The median fiscal deficit to GDP ratio is projected at 5.1% for FY25.
- Policy Repo Rate: Expected to moderate to 6.0% by the end of FY25, with a minimum of 5.5% and a maximum of 6.25%.
About FICCI :
- Established : 1927
- Headquarters : New Delhi, Delhi, India
- Secretary General : Shailesh K Pathak
- FICCI is a non-governmentaltrade association and advocacy group based in India.
IndusInd Bank Partners with Inspire Institute of Sport to Introduce ‘Wrestle for Glory’
- IndusInd Bank has launched the ‘Wrestle for Glory’ program as part of its Corporate Social Responsibility (CSR) initiatives.
- The program continues the bank’s longstanding partnership with the Inspire Institute of Sport (IIS), a high-performance Olympic training facility in Vijayanagar, Bellary
- Aim : To empower 50 talented female wrestling athletes from across the country and provide them with coaching at the esteemed IIS facility on fully-funded scholarships.
Key Highlights :
- Inclusivity and Excellence: The program emphasises inclusivity and sporting excellence, focusing on individuals from diverse backgrounds, including different genders, persons with disabilities, and underprivileged communities.
- Program Benefits:Training and Support: Female wrestlers will benefit from:
- Top-tier training facilities
- Expert coaching
- Comprehensive sports science resources
- Cutting-edge equipment
- Nutritional support
- Educational assistance
- A supportive ecosystem to nurture potential and aid in global success.
- ‘IndusInd For Sports’ Initiative:
- Established: The program is part of the ‘IndusInd For Sports’ initiative, a non-banking sports vertical established in 2016.
- Philosophy: The initiative focuses on diversity, differentiation, and domination, aiming to excite, educate, and engage stakeholders through sports.
- Future Plans:
- Impact Expansion: IndusInd Bank plans to extend support to aspiring female wrestlers in the coming years to help them achieve their Olympic dreams.
About IndusInd Bank :
- Founded : April 1994
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Sumant Kathpalia.
- Tagline : We Make You Feel Richer
About Inspire Institute of Sport :
- Established : 2018
- Headquarters : Bellary district, Karnataka
- CEO : Rushdee Warley
CURRENT AFFAIRS: NATIONAL NEWS
India aims for $500 bn in electronics manufacturing by 2030: NITI Aayog
- NITI Aayog aims to propel India’s domestic electronics manufacturing sector to a value of $500 billion by 2030.
- This goal is expected to significantly boost employment and strengthen India’s position in global value chains (GVCs).
- This ambitious goal is projected to generate around 6 million jobs, significantly boosting employment in the sector.
- Sector Growth: The Electronics sector reached $155 billion in FY23.
- Production Increase: Nearly doubled from $48 billion in FY17 to $101 billion in FY23.
- Mobile Phones: Account for 43% of total electronics production.
- Domestic Manufacturing: India now produces 99% of its smartphones domestically.
Global Value Chains (GVCs):
- Importance: GVCs involve international collaboration across design, production, marketing, and distribution, representing 70% of global trade.
- India’s Need: Enhance participation in GVCs, especially in electronics, semiconductors, automobiles, chemicals, and pharmaceuticals.
CURRENT AFFAIRS: BUSINESS NEWS
GRSE Ltd. Secures ₹840 Crore Contract for Ocean Research Vessel
- Garden Reach Shipbuilders and Engineers (GRSE) Ltd. has secured a significant contract worth ₹840 crore from the National Centre for Polar and Ocean Research (NCPOR), part of the Ministry of Earth Sciences.
- The contract, signed on July 16, involves the construction of an ocean research vessel (ORV) and is expected to be completed within 42 month
- This project highlights GRSE’s growing role in specialized vessel construction.
- Recent Contracts: In addition to the ORV project, GRSE has recently won several other notable contracts:
- Bangladesh Navy: An advanced tugboat is being built for the Bangladesh Navy.
- Government of Bangladesh: A dredger is under construction.
- German Company: GRSE is constructing at least four multi-purpose cargo vessels for a German firm.
- Indian Navy: GRSE is working on 18 warships for the Indian Navy.
- Recent Achievements: One of GRSE’s notable recent accomplishments is the delivery of INS Sandhayak on December 4, 2023. This vessel is the largest survey ship ever built in India. The shipyard is also working on several other specialized vessels, further demonstrating its capability and growth in this sector.
Jawaharlal Nehru Port will be saturated in the next 5 years
- Jawaharlal Nehru Port (JNPA) in Maharashtra aims to become India’s largest container port by 2025.
- The port is expected to reach full capacity by 2029, with expansion efforts underway to manage growing demand.
Expansion Details:
- Ongoing Projects: Bharat Mumbai Container Terminals Pvt Ltd (BMCT) is expanding its facilities, with completion expected in April 2025.
- Investment: The BMCT expansion is costing around ₹4,000 crore and will add 2.4 million TEUs (Twenty-foot Equivalent Units) of capacity.
Future Developments:
- New Port: To handle anticipated saturation, the construction of Vadhvan Port in Palghar is planned.
- Timeline: Phase-1 of Vadhvan Port is expected to be operational by 2029, with the initial phase including four of the planned nine container terminals.
Pusa scientists develop robotic sprayer for the greenhouse, a boon for labourers
- Dilip Kumar Kushwaha, 42, a young scientist working at the country’s premier Indian Agricultural Research Institute (IARI) or Pusa, has developed a robotic spraying machine exclusively for crops grown inside a greenhouse.
- The invention is aimed at protecting farm workers from the harmful effects of insecticides.
Development and Patent:
- Team: Kushwaha, guided by Adarsh Kumar (principal scientist at IARI) and assisted by PhD student Mude Arjun Naik, took two years to develop the machine.
- Patent: IARI filed a patent for the invention.
Machine Features:
- Cost and Interest: Development cost was around ₹1 lakh. Several companies have expressed interest in the technology.
- Components:
- Storage: The machine includes a 40-litre jar for storing agrochemicals and water.
- Sensors: Vertical sensors regulate the spray nozzles based on plant heights.
- Remote Operation: The machine can be operated remotely from outside the greenhouse using a control unit with a screen.
- Technology Name: “Telerobotic Target-Specific Selective Pesticide Applicator for Greenhouse and Open-Field.”
Operational Efficiency:
- Battery Operation: The machine is battery-operated, covering one-acre area in about 2 hours on a standard battery, with the potential for enhanced battery life.
- Cost Savings: It offers 57% cost savings in pesticide application compared to traditional knapsack sprayers.
CURRENT AFFAIRS : STATE NEWS
Over 9.27 Lakh Applications Submitted for ‘Ladki Bahin’ Scheme in 8 Marathwada Districts
- More than 9.27 lakh applications have been received so far by authorities in Maharashtra’s Marathwada region for availing benefits under the state government’s flagship welfare scheme for underprivileged women ‘Ladki Bahin’.
- Under the Mukhya Mantri Majhi Ladki Bahin Yojana announced in the state budget last month- married, divorced, and destitute women aged 21-60 will receive Rs 1,500 per month, with the annual family income of beneficiaries capped at Rs 2.5 lakh.
Key Details :
- Application Statistics : In 8 districts of Marathwada in central Maharashtra, 9,27,280 women have applied for the scheme so far (till July 18,2024).
- The response for the scheme is higher in rural parts of the region than urban areas.
- Out of 9,27,280 applications, 72,443 are from urban areas of Marathwada.
- Among urban areas, the highest number of applications has been received from Latur city at 22,276.
District-wise Breakdown:
- Chhatrapati Sambhajinagar: 2,54,489 applications
- Dharashiv: 1,53,463 applications
- Nanded: 1,30,310 applications
- Beed: 1,28,070 applications
- Latur: 1,08,656 applications (highest in urban areas)
- Jalna: 66,835 applications
- Parbhani: 51,549 applications
- Hingoli: 33,908 applications
About Maharashtra :
- Governor: Ramesh Bais
- 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 : ACQUISITIONS & MERGERS
Life Insurance Corporation of India Partners with IDFC First Bank for Corporate Agency Arrangement
- Life Insurance Corporation of India (LIC) has entered into a tie-up with IDFC First Bank Limited under a corporate agency arrangement.
- This arrangement will facilitate over 1 crore customers of IDFC First Bank to buy LIC policies online via the bank’s website.
- Aim : To increase bancassurance contributions and provide life insurance coverage to all by 2047.
- The combined strength of a network of more than 3,600 branches and satellite offices of LIC and over 1,000 branches of IDFC First Bank would make the process of to increasing the penetration of life insurance across the country easier
- Corporate Agent (Life): A Corporate Agent registered as a Corporate Agent (Life) can have tie-ups with up to three life insurers.
About IDFC FIRST Bank :
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Mr. V Vaidyanathan
- IDFC FIRST Bank is an Indian private sector bank formed by the merger of the banking arm of Infrastructure Development Finance Company and Capital First, an Indian non-bank financial institution.
- In 2014, the Reserve Bank of India granted in-principle approval to IDFC Limited to set up a new bank in the private sector.
About LIC :
- Founded : 1 September 1956
- Headquarters : Mumbai, Maharashtra
- Chairperson : Siddhartha Mohanty
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
ESAF Small Finance Bank Receives Reserve Bank of India Approval for Kadambelil Paul Thomas’s Re-appointment as MD & CEO
- ESAF Small Finance Bank (SFB) has received approval from the Reserve Bank of India (RBI) for the re-appointment of K Paul Thomas as Managing Director (MD) & Chief Executive Officer (CEO) for another 3 years.
- The re-appointment was granted under Section 35B of the Banking Regulation Act, 1949.
- The Bank will seek approval from its shareholders for the re-appointment within the prescribed period according to the Companies Act, 2013 and SEBI Listing Regulations.
- Additionally, Paul Thomas is the Chairman of the Board of Sa-Dhan, the association of microfinance and impact finance institutions.
About ESAF Small Finance Bank (formerly known as ESAF Microfinance and Investments) :
- Founded : 10 March 2017
- Headquarters : Thrissur, Kerala
- Chairman : P R Ravi Mohan
HSBC Names Georges Elhedery as New Group Chief Executive Officer
- HSBC Holdings Plc has appointed Georges Elhedery as the group Chief Executive Officer (CEO), effective September 2, 2024.
- Elhedery, 50, who becomes HSBC’s third chief executive in less than 8 years, will replace outgoing head Noel Quinn.
- Before his appointment as CEO, Elhedery served as HSBC’s Chief Financial Officer (CFO) from early 2023.
- Elhedery will continue in his role as group CFO during the transition period until a successor is announced.
- Noel Quinn will step down as group CEO and executive director of the Board on September 2, 2024, and will remain on gardening leave until his 12-month notice period ends on April 30, 2025.
About Georges Elhedery :
- Lebanon-born banking veteran Elhedery joined HSBC in 2005 and has worked in Asia, the Middle East, and Europe.
- He led HSBC’s Middle Eastern, North Africa and Turkey region between July 2016 and February 2019.
- He also served as co-CEO of Global Banking & Markets and led the Markets & Securities Services division.
About HSBC Holdings Plc (The Hongkong and Shanghai Banking Corporation) :
- Headquarters : London, England, UK
CURRENT AFFAIRS: AWARDS AND HONOURS
INS Delhi Wins Best Ship Of Eastern Fleet 2024
- INS Delhi was recognised as the Best Ship of the Eastern Fleet for its excellent performance and operational achievements.
- The Fleet Awards Function, held in Visakhapatnam, honoured the Eastern Fleet’s tactical successes over the past year.
Acknowledgement of Excellence:
- Best Ship of the Eastern Fleet: INS Delhi
- Best Ship in the Corvettes, OPVs, and LSTs Category: INS Kavaratti
- Recognition for Spirit and Versatility: INS Shivalik, INS Sumedha, and INS Sumitra were praised for their spirited efforts and handling a range of challenging tasks throughout the year.
Guests of Honour:
- Chief Guest: Vice-Admiral Rajesh Pendharkar, Flag Officer Commanding-in-Chief of Eastern Naval Command
- Event Host: Rear Admiral Rajesh Dhankhar, Flag Officer Commanding Eastern Fleet
Operational Achievements and Activities:
- The Eastern Fleet conducted numerous operations, ensuring naval security in the Indian Ocean Region.
- Demonstrated combat proficiency with various air, surface, and subsurface weapon firings.
- Participated in regular naval drills, amphibious operations, and Humanitarian Assistance and Disaster Relief (HADR) exercises in collaboration with the Indian Army and Indian Air Force.
About INS Delhi:
- Commissioning: November 15, 1997
- Design and Construction: Designed by the Indian Navy’s Directorate of Naval Design and built by Mazagon Dock Limited in Mumbai.
- Specifications:
- Class: Delhi class
- Length: 163 meters
- Displacement: Approximately 6,200 tons
- Armament: Equipped with surface-to-surface missiles, surface-to-air missiles, anti-submarine torpedoes, and a main gun.
- Capabilities: Advanced electronic warfare and sensor systems enhance its operational versatility in various maritime scenarios.
CURRENT AFFAIRS: MOUS AND AGREEMENT
Tripartite Agreement on Cross-Border Electricity Trade Among Nepal, India and Bangladesh
- A long-anticipated agreement among Nepal, India, and Bangladesh for cross-border electricity trade is nearing completion.
- This agreement will facilitate the import of electricity from Nepal to Bangladesh via Indian transmission lines.
Key Developments:
- Upcoming Visits:
- Indian Union Power Minister Manohar Lal Khattar and Bangladesh State Minister for Power, Energy, and Mineral Resources Nasrul Hamid will visit Nepal in the last week of July.
- Meeting Date: July 28, where Nepal’s Energy Minister Deepak Khadka will host discussions.
- Additional Meetings: Joint-secretary and secretary-level meetings between Nepal and Bangladesh will occur on July 29-30.
- Agreement Details:
- Export Terms: Nepal will export 40 megawatts (MW) of electricity annually to Bangladesh during the monsoon season, spanning five months each year.
- Operational Timeline: The agreement is expected to be finalized and operational by this year.
Financial and Technical Aspects:
- Revenue Projections:
- Tariff Rate: Nepal expects to earn 6.40 cents per unit of electricity.
- Total Earnings: Estimated at USD 9.216 million from electricity sales to Bangladesh during the five-month peak season.
- Electricity Supply Details:
- Daily Purchase: Bangladesh will buy 40 MW of electricity daily from June 15 to November 15 each year.
- Monthly and Seasonal Totals: Bangladesh will receive 28,800 MWh per month and 144,000 MWh over the five-month peak season.
Previous Agreements and Future Projects:
- Initial Agreement: In 2019, the Bangladesh Power Development Board signed a power purchase agreement with Nepal Electricity Authority (NEA) for importing 500 MW from the Upper Karnali Hydropower Project.
- Trilateral Project: Bangladesh is also interested in investing in the 683 MW Sunkoshi III Hydropower Project, with India involved, making it a trilateral venture.
- Strategic Plan: Bangladesh aims to purchase 9,000 MW of electricity from Nepal by 2040 and is keen on investing in additional projects in Nepal.
CBDT Signs Multi-Year Contract with Bharti Airtel for Taxnet-2.0
- The Central Board of Direct Taxes (CBDT) has signed a multi-year agreement with Bharti Airtel to provide network and connectivity solutions for its Taxnet-2.0 programme.
- This contract extends Bharti Airtel’s role as the network partner for CBDT, continuing from its involvement in the previous Taxnet-1.0 programme, which began in 2008.
- Objective: The Taxnet-2.0 programme aims to modernize the system for collecting, processing, monitoring, and accounting direct taxes, enhancing efficiency and security
Key Details:
- Formal Agreement:
- The Central Board of Direct Taxes (CBDT) formally awarded the contract to Bharti Airtel.
- The signing ceremony included prominent figures such as Mr. Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, and Mr. Ravi Agarwal, Chairman of CBDT.
Technology Solutions:
- Network Upgrades:
- Airtel will provide robust dual connectivity with a Software Defined Network (SD-WAN).
- Secure LAN and other advanced technology solutions will be implemented.
Ukraine Signs Security Agreements With Slovenia, Czech Republic
- Ukrainian President Volodymyr Zelenskiy and Slovenian Prime Minister Robert Golob signed a comprehensive agreement on security cooperation and support between their countries.
- The agreement is set for 10 years.
- Slovenia has already delivered 13 packages of military aid to Ukraine and plans to continue this level of support.
- The agreement also includes significant financial contributions for humanitarian aid and economic recovery.
- Ukraine has signed a total of 25 bilateral security agreements with various countries.
Key Points:
- Military Aid:
- Existing Support: Slovenia has already provided Ukraine with 13 packages of military aid.
- Future Commitment: Slovenia will continue this level of support throughout the 10 years of the agreement.
- Humanitarian and Economic Support:
- Funding: The agreement includes provisions for millions of euros in humanitarian aid and support for Ukraine’s economic recovery.
- Military Cooperation:
- Training: Slovenia will assist in training Ukrainian military personnel under the EU Mission EUMAM.
- Defense Industry Support: The two countries will collaborate on finding funding sources for the Ukrainian defense industry.
- Security and Technical Collaboration:
- Areas of Cooperation: The agreement focuses on:
- Information and cybersecurity
- Fighting organized crime
- Intelligence and counterintelligence
- Humanitarian demining
- Areas of Cooperation: The agreement focuses on:
- Additional Agreements:
- Czech Republic: Zelenskiy signed a separate security agreement with Czech Prime Minister Petr Fiala, emphasizing military-technical cooperation, including the production of light weapons, drones, electronics, and heavy equipment.
- Military Aid: Nearly €400 million provided, with continued support for 10 years.
- Additional Equipment: Will explore options for more military supplies.
- Cooperation: Focus on cybersecurity, crime fighting, and humanitarian demining.
CURRENT AFFAIRS : OBITUARIES
Prominent Cardiac Surgeon Dr. MS Valiathan Passed away
- Dr Marthanda Varma Sankaran Valiathan, a renowned cardiac surgeon and academic, died in Manipal at the age of 90.
About Dr. M S Valiathan :
- Born in 1934 in Kerala.
- He brought revolutionary changes in the medical field in the country since his return to Kerala under the direction of former Kerala chief minister C Achuthamenon in 1972.
- He made significant contributions to the field of health technology and medical education in India.
- Contributions to Medical Field : He is credited with the development of the first-ever indigenous mechanical heart valve prosthesis in the country.
- Under his guidance, Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST) developed the TTK-Chitra valve after a labour of almost 12 years.
- Along with his associates, Dr Valiathan himself implanted this valve at SCTIMST in 1990.
- He is the founder-director of SCTIMST in Kerala.
- He was also the first Vice-Chancellor of Manipal Academy of Higher Education.
- Prestigious Positions : Throughout his distinguished career, he held prestigious positions, including President of the Indian National Science Academy and National Research Professor of the Government of India.
- Notable Works : His works, ‘Legacy of Charaka,’ ‘Legacy of Sushruta,’ and ‘Legacy of Vagbhata’ blended Ayurvedic insights with modern medical perspectives.
Awards & Honors :
- In 2005, Dr. Valiathan was awarded the Padma Vibhushan, India’s second-highest civilian award, for his groundbreaking contributions to health technology.
- He was made a Chevalier in the Ordre des Palmes académiques, an honour bestowed by France, in 1999.
- He received the Samuel P. Asper International Award from the Johns Hopkins School of Medicine in 2009 for his contributions to international medical education.
CURRENT AFFAIRS: IMPORTANT DAYS
International Moon Day 2024: July 20
- International Moon Day is celebrated every year on July 20th to commemorate the anniversary of Neil Armstrong’s landing on the Moon as part of the Apollo 11 mission and to promote international cooperation in space exploration
- The first global celebration of International Moon Day took place on July 20, 2022.
- The spaceflight Apollo 11 carried Commander Neil Armstrong and lunar module pilots, Buzz Aldrin and Michael Collins, to the moon for the first time. American astronauts Neil Armstrong, and Edwin ‘Buzz’ Aldrin became the first humans in history to land on the Moon on July 20, 1969.
- “ The grand Apollo 11 mission took place eight years after the national goal announcement by President John F. Kennedy to send a man to the moon by the end of the 1960s. At 9:32 A.M. on July 16, 1969, the whole world witnessed Apollo 11 take off from Kennedy Space Center with three astronauts on board. Neil Armstrong was the commander of the mission.
- The spacecraft entered the lunar orbit after three days, on July 19.
- The lunar module, Eagle, disengaged from the main command module the next day, manned by Armstrong and Aldrin. When Eagle touched the lunar surface, Armstrong radioed his historical message to Mission Control in Houston, Texas: “The Eagle has landed.”
World Chess Day 2024: July 20
- World Chess Day is globally celebrated on July 20th every year to mark the date of the establishment of the International Chess Federation (FIDE) in Paris in 1924.
- World Chess Day is celebrated on July 20th every year to commemorate the founding of the International Chess Federation (FIDE) in 1924.
- In 1966, UNESCO proposed the concept of World Chess Day, recognizing that chess is a game that encourages intellectual growth, critical thinking, and cultural diversity.
- It is believed that the game of chess, which was once known as “Chaturanga”, dates back almost 1500 years and originated in India.
- The purpose of World Chess Day 2024 is to promote chess as a game for everyone, regardless of age, gender, or background.
- The Global Chess Alliance (FIDE) was established in Paris, France in 1924 by the public chess organizations of Argentina, Czechoslovakia, France, Poland, Romania, Spain, Switzerland, and Yugoslavia.
- The chess rules were standardized and international competitions were organized by FIDE.
Daily CA One- Liner: July 20
- Bank of India (BoI) raised Rs 5,000 crore at a coupon rate of 7.54% through 10-year infrastructure bonds.
- Motilal Oswal Mutual Fund has launched Motilal Oswal Manufacturing Fund, an open-ended equity scheme following the manufacturing theme.
- According to the data released by the Reserve Bank of India (RBI), Overseas Indians deposited close to $3 billion in non-resident Indian (NRI) deposit schemes in April-May FY25, which is over four times higher than the amount deposited in these schemes in the same period last year.
- The Federation of Indian Chambers of Commerce & Industry (FICCI) forecasts a median Gross Domestic Product (GDP) growth of 7.0% for the fiscal year 2024-25.
- IndusInd Bank has launched the ‘Wrestle for Glory’ program as part of its Corporate Social Responsibility (CSR) initiatives.
- More than 9.27 lakh applications have been received so far by authorities in Maharashtra’s Marathwada region for availing benefits under the state government’s flagship welfare scheme for underprivileged women ‘Ladki Bahin’.
- Life Insurance Corporation of India (LIC) has entered into a tie-up with IDFC First Bank Limited under a corporate agency arrangement.
- ESAF Small Finance Bank (SFB) has received approval from the Reserve Bank of India (RBI) for the re-appointment of K Paul Thomas as Managing Director (MD) & Chief Executive Officer (CEO) for another 3 years.
- HSBC Holdings Plc has appointed Georges Elhedery as the group Chief Executive Officer (CEO), effective September 2, 2024.
- Dr Marthanda Varma Sankaran Valiathan, a renowned cardiac surgeon and academic, died in Manipal at the age of 90.
- NITI Aayog aims to propel India’s domestic electronics manufacturing sector to a value of $500 billion by 2030
- Garden Reach Shipbuilders and Engineers (GRSE) Ltd. has secured a significant contract worth ₹840 crore from the National Centre for Polar and Ocean Research (NCPOR), part of the Ministry of Earth Sciences
- Jawaharlal Nehru Port (JNPA) in Maharashtra aims to become India’s largest container port by 2025.
- Dilip Kumar Kushwaha, 42, a young scientist working at the country’s premier Indian Agricultural Research Institute (IARI) or Pusa, has developed a robotic spraying machine exclusively for crops grown inside a greenhouse
- INS Delhi was recognised as the Best Ship of the Eastern Fleet for its excellent performance and operational achievements.
- A long-anticipated agreement among Nepal, India, and Bangladesh for cross-border electricity trade is nearing completion
- The Central Board of Direct Taxes (CBDT) has signed a multi-year agreement with Bharti Airtel to provide network and connectivity solutions for its Taxnet-2.0 programme
- Ukrainian President Volodymyr Zelenskiy and Slovenian Prime Minister Robert Golob signed a comprehensive agreement on security cooperation and support between their countries.
- International Moon Day is celebrated every year on July 20th to commemorate the anniversary of Neil Armstrong’s landing on the Moon as part of the Apollo 11 mission and to promote international cooperation in space exploration
- World Chess Day is globally celebrated on July 20th every year to mark the date of the establishment of the International Chess Federation (FIDE) in Paris in 1924.
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