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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Establishes Committee to Review Fee Structure for White-Label ATMs       

• The Reserve Bank of India (RBI) has set up a committee to review the fee structure for white-label ATMs (WLAs).
• The committee is headed by Indian Banks’ Association chief executive Sunil Mehta.
• It includes representatives from the National Payments Corporation of India (NPCI), leading banks, ATM manufacturers, and other stakeholders.
• This committee will evaluate current policies and practices, aiming to recommend a fair and sustainable model that balances the interests of all stakeholders.

Key Highlights :

• Industry Growth: As per industry estimates, India’s ATM market is expected to grow at a CAGR of 9.2% from 2024 to 2032.
• Current Operators : At present, there are 4 authorised non-bank entities operating white-label ATMs in the country.
• Historical Context : In 2012, RBI allowed non-banking companies incorporated under the Companies Act to set up, own and operate ATMs called WLAs with the aim of driving ATM penetration in the country, with a greater focus on tier-2 to -4 centres.
• In 2016, it allowed white-label ATM operators (WLAOs) to source cash from retail outlets to address the cash sourcing constraints.
• In 2019, the regulator allowed on-tap authorisation for WLAs.
• Previous Recommendations : Earlier, WLAOs had suggested a revision of interchange fee for financial transactions to up to ₹30 and for non-financial transactions to ₹10.
• An RBI committee set up in 2019 to review the ATM interchange fee structure also recommended reviewing interchange and customer ATM usage charges at stipulated intervals by RBI.

What is White Label ATM?

• White Label ATMs are the kinds of ATMs that are managed and operated by some non-banking entities as per the mandates generated by the Reserve Bank of India (RBI).

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra
• Governor : Shaktikanta Das
• Deputy Governor : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D. Patra

Securities and Exchange Board of India Approves Credit Rating Agencies and ERPs to Operate in IFSCA    

• The Securities and Exchange Board of India (SEBI) has authorised Credit Rating Agencies (CRAs) and Environmental, Social, and Governance (ESG) Rating Providers (ERPs) to operate under the International Financial Services Centres Authority (IFSCA).
• IFSCA has been added to the list of financial sector regulators to enable CRAs and ERPs to undertake rating and ESG rating activities, respectively, at IFSC-GIFT City, Gujarat.
• ESG ratings undertaken by an ERP under the guidelines of IFSCA shall be under the purview of IFSCA.
• Any issue arising from the activities of such Sebi-registered CRAs and ERPs in the IFSC will be dealt with by IFSCA.
• Further, IFSCA will be responsible for dealing with complaints, enforcement actions and furnishing information to third parties, including statutory or judicial bodies, with respect to the services provided by ERPs in IFSC.

About ESG rating providers :

• ESG rating providers are regulated under the provisions of the CRA Regulations (as amended with effect from July 4, 2023) that, inter-alia, prescribe the guidelines for registration of ERPs, general obligations of ERPs, manner of inspection and code of conduct applicable to ERPs.

Reserve Bank of India Fines Muthoot Finance Limited. ₹1.9 Lakh for Know Your Customer Non-Compliance         

• The Reserve Bank of India (RBI) has levied a penalty of ₹1,90,000 (1.9 lakh) on Muthoot Finance Limited for non-compliance with the ‘Know Your Customer (KYC) Directions, 2016’.
• Legal Basis:The penalty is imposed under:
• Clause (b) of sub-section (1) of Section 58G.
• Clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

Recent News :

• In June 2024, The RBI imposed a monetary penalty of ₹29.60 lakh on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with specific RBI directions

About Muthoot Finance Limited :

• Founded : 1939
• Headquarters : Kochi, Kerala, India
• Chairman : George Jacob Muthoot
• Muthoot Finance Ltd is a non-banking financial company that provides various financial services to customers.

Securities and Exchange Board of India Proposes New Asset Class to Bridge Gap Between Mutual Funds and Portfolio Management Services for Investors with Rs 10-50 Lakh     

• The Securities and Exchange Board of India (SEBI) has proposed a new asset class aimed at bridging the gap between mutual funds and portfolio management services (PMS), targeting investors with investible funds ranging from Rs 10 lakh to Rs 50 lakh.
• This move is designed to provide a regulated product with greater flexibility, higher risk-taking capability, and higher ticket size to cater to an emerging category of investors.

Key Highlights :

• Minimum Investment Requirement : The minimum investment for this new asset class is Rs 10 lakh per investor.
• The total invested amount should not drop below Rs 10 lakh due to withdrawals or systematic transactions.
• Investment Options:Investors can use Systematic Investment Plans (SIP), Systematic Withdrawal Plans (SWP), and Systematic Transfer Plans (STP) for investing in this new asset class.
• Eligibility Criteria for Mutual Funds:Mutual funds must have a strong track record, having been operational for at least three years with an average Asset Under Management (AUM) of at least Rs 10,000 crore in the preceding 3 years.
• No regulatory action against the sponsor or AMC in the last 3 years.
• Alternative Eligibility Criteria:Mutual funds not meeting the primary criteria can still launch the new asset class if they:
• Appoint a Chief Investment Officer (CIO) with at least 10 years of experience managing AUM of Rs 5,000 crore.
• Have an additional fund manager with at least 7 years of experience managing AUM of Rs 3,000 crore.

Recent News :

• In July 2024, SEBI came out with a framework for a unit-based employment benefit scheme for investment trusts –Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).

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.

India’s Fintech Industry Expected to Reach $420 Billion by 2029 with a Cumulative Annual Growth Rate of 31%     

• India’s fintech industry is projected to grow at a cumulative annual growth rate (CAGR) of 31%, reaching approximately $420 billion by 2029.
• As of 2024, the fintech industry in India is estimated to be worth about $110 billion.
• The projection was informed by Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director of NPCI, at the inaugural session of the 2nd India International Fintech Festival, organised by ASSOCHAM in the capital.
• India ranks 3rd globally in terms of the highest number of fintech entities.
• The fintech sector commands 14% of start-up funding in India.
• The adoption rate of fintech in India is 87%, significantly higher than the global average of 67%.

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister Jitan Ram Manjhi Highlights Role of Women in MSME Growth

• Union Minister for Micro, Small and Medium Enterprises (MSME), Jitan Ram Manjhi, emphasised the Prime Minister’s vision of transforming India into a developed nation by 2047.
• He highlighted the crucial role of micro, small, and medium industries in this endeavour and underscored the importance of women’s participation in these industries.

Key Points:

• Prime Minister’s Vision:
  • Aim: To make India a developed nation by 2047.
  • Strategy: Promote MSMEs and ensure active participation of women in these industries.
• Yashaswini Campaign:
  • Launched by the MSME Ministry in Jaipur.
  • Meaning: ‘Yashaswini’ stands for successful, proud, and talented women.
  • Objective: Encourage and support women entrepreneurs.
• Support for Women Entrepreneurs:
  • Loan Provision: Up to Rs 25 lakh for women with up to 80% disability, with no margin money required.
  • Contribution: Women’s significant role in the economy and potential to promote self-employment through MSMEs.
• Training and Financial Support:
  • Union Minister of State for MSMEs, Shobha Karandlaje, highlighted training programs under the campaign.
  • Fields: Agriculture, food processing, and other areas.
  • Financial Linkages: Connecting women to financial institutions for setting up industries.

46th World Heritage Committee Meeting to be Hosted by India

• For the first time, India will host the 46th World Heritage Committee meeting, a UNESCO event, to examine proposals for new World Heritage sites and the conservation status of existing ones.

Key Highlights:

1. Event Details:
   • Dates: July 21 to July 31, 2024.
   • Location: Bharat Mandapam, New Delhi.
   • Inauguration: By Prime Minister Narendra Modi and UNESCO Director-General Audrey Azoulay.
2. Committee Role:
   • Composition: Representatives from 21 member states.
   • Responsibilities:
     • Examine proposals of 28 sites for World Heritage inscription.
     • Review the state of conservation of 123 inscribed sites and those in danger.
3. Sessions:
   • Plenary Session: July 21 to July 31.
   • Site Managers’ Forum: July 18 to 25 at Humayun’s Tomb.
   • Young Professionals Forum: July 14 to 23 at the Institute of Archaeology.
4. Significance:
   • Minister referred to it as a “G20-level event.”
   • First-time hosting signifies India’s growing prominence in global heritage conservation.
5. Logo and Vision:
   • Logo: Features the Hampi stone chariot.
   • Tagline: “Sah Nau Yashah” (May our glory grow) from the Upanishads.
   • Represents the government’s vision for India’s cultural heritage.

Commerce and Industry Minister Piyush Goyal to Attend BRICS Trade Ministers’ Meeting in Moscow

• Commerce and Industry Minister Piyush Goyal is set to participate in the BRICS trade ministers’ meeting in Moscow on July 26, focusing on enhancing trade relations and resolving export issues.

Key Highlights:

1. Meeting Details:
   • Date: July 26, 2024.
   • Location: Moscow, Russia.
   • Participants: Trade ministers from BRICS nations (Brazil, Russia, India, China, and South Africa).
2. Trade Issues and Focus:
   • Addressing challenges faced by Indian marine and pharma exporters in Russia.
   • Facilitating smoother shipments and trade relations.
3. India-Russia Trade Relations:
   • Diverse Indian exports to Russia: smartphones, shrimp, medicine, meat, tiles, coffee, airplane and helicopter parts, chemicals, computers, and fruits.
   • Major imports from Russia: oil and petroleum products, fertilizers, mineral resources, precious stones and metals, and vegetable oils.
   • Bilateral Trade Goal: $100 billion by 2030.

Government sets up 22-member panel for base year revision of price indices

• A 22-member committee has been established by the Centre to revise the base year for various price indices including consumer, wholesale, retail, and producer price indices.
• The committee will suggest appropriate weighting methods for these indices.

1. Leadership and Terms of Reference
   • The reconstituted Technical Advisory Committee on Statistics of Prices and Cost of Living is led by the director general of the Ministry of Statistics and Programme Implementation (MoSPI).
   • The committee’s responsibilities include:
     • Improving and standardising the concepts and definitions used in price collection.
     • Compiling price indices.
     • Examining and improving schemes prepared by central and state governments for price index construction.
2. Tenure and Representation
   • The committee will have a tenure of two years.
   • It includes representatives from:
     • NITI Aayog
     • Agricultural, Labour, Commerce, and Consumer Affairs Ministries
     • Economists
     • State governments
3. Goals and Responsibilities
   • Review and rationalise the organisational arrangement and machinery for price collection.
   • Develop an integrated system for the collection, compilation, and dissemination of price statistics.
   • Align the base year of all macroeconomic indicators.
4. Related Developments
   • A 26-member Advisory Committee on National Accounts Statistics (ACNAS) was also established by MoSPI to decide the base year for GDP.
   • This committee is chaired by Biswanath Goldar and aims to align the GDP base year with other indices like the wholesale price index, consumer price index, and index of industrial production.

CURRENT AFFAIRS : STATE NEWS

Assam’s 700-Year-Old Ahom Moidams Nominated for World Heritage Status     

• Assam’s ‘Moidams,’ the mound burial system of the Ahom dynasty, will be considered for inclusion in the World Heritage Sites list at the 46th session of the World Heritage Committee.
• This is the first nomination from the northeastern state in the cultural category.
• Assam already boasts of two world heritage sites in the natural category – Kaziranga National Park and Manas National Park.
• India will host this session for the first time from July 21 to 31 at Bharat Mandapam in Delhi.
• Currently, 1,199 properties from 168 countries are on UNESCO’s World Heritage list.

What is The World Heritage Committee?

• The World Heritage Committee, consisting of representatives from 21 States Parties elected by their General Assembly of UNESCO, meets once a yea
• The Committee is responsible for implementing the World Heritage Convention, determining the use of the World Heritage Fund, and allocating financial assistance upon requests from States Parties.
• India has 42 world heritage sites, including 34 cultural properties, 7 natural properties and 1 mixed site.
• India is the 6th country on the list and 2nd in the Asia Pacific Region based on the numbers of the World Heritage List.
• India has 57 sites on the world heritage tentative list.
• 12 Sites have been added in the last 10 years that includes last year’s inscriptions of the Santiniketan (West Bengal) and Sacred ensembles of the Hoysalas (Karnataka) during the Extended 45th Session of the World Heritage Committee which was held in Riyadh (Saudi Arabia)
• Italy has the maximum world sites at 59 followed by China (57), Germany (52), France (52) and Spain (50).

What are Moidams?

• Moidams (also Maidams) are the mound-burial system of the Ahom dynasty (13th century-19th century).
• Located in Assam’s Charaideo district, the mound-burial system is akin to the royal tombs of ancient China and the Pyramids of the Egyptian Pharaohs.

About UNESCO :

• Established : 16 November 1945
• Headquarters : Paris, France
• Director General : Audrey Azoulay
• Membership : 194 member states and 12 associate members
• UNESCO is a specialised agency of the United Nations (UN).

CURRENT AFFAIRS: BUSINESS NEWS

Netflix Sees Growth in India: Becomes Second Largest Market for Paid Subscriber Additions

• In the second quarter of 2024, India emerged as the second largest market for Netflix regarding new paid subscriber additions, according to the company’s shareholder letter.

Key Highlights:

1. Subscriber Growth:
   • India ranked second in global subscriber additions for Netflix.
   • Specific subscriber and revenue numbers for India were not disclosed.
2. Revenue Performance:
   • India was the third-largest country for Netflix in revenue per cent growth during the quarter.
   • The Asia-Pacific (APAC) region, including India, saw a revenue increase to $1.05 billion, up 14.5% from the previous year.
3. Successful Titles Driving Growth:
   • Original Series: Heeramandi: The Diamond Bazaar by Sanjay Leela Bhansali and Amar Singh Chamkila by Imtiaz Ali contributed significantly.
   • Licensed Films: Laapataa Ladies by Kiran Rao and Shaitaan starring Ajay Devgn and Madhavan also boosted growth.
4. Viewership Statistics:
   • Heeramandi became Netflix’s biggest Indian drama series ever with 15 million views and was renewed for a second season.
   • Amar Singh Chamkila garnered 8.3 million views.
5. Global and Regional Performance:
   • Netflix added 8.05 million global subscribers in Q2 2024, with 2.83 million from the APAC region.
   • Overall revenue for Netflix reached $9.56 billion, reflecting a 16.8% growth year-over-year.

CURRENT AFFAIRS: AWARDS AND HONOURS

Top Military and Naval Officers including the Army, and Navy chief, were Honoured with the Param Vishisht Seva Medal

• President Droupadi Murmu awarded the Param Vishisht Seva Medal (PVSM) to Army Chief General Upendra Dwivedi and Navy Chief Admiral Dinesh Kumar Tripathi for their exemplary service to the nation.
• This was part of the second phase of a defence investiture ceremony held at Rashtrapati Bhavan.
• 94 distinguished service decorations were presented to armed forces and Indian Coast Guard personnel.

Key Highlights:

• PVSM Recipients:
  • Army Chief General Upendra Dwivedi
  • Navy Chief Admiral Dinesh Kumar Tripathi
  • Other PVSM Awardees:
    • Lt Gen M V Suchindra Kumar
    • Lt Gen N S Raja Subramani
    • Lt Gen Johnson P Mathew
    • Air Marshal Ravi Gopal Krishna Kapoor
    • Several retired officers from the Army and Indian Air Force
• Awards Conferred:
  • Param Vishisht Seva Medal (PVSM): 31 awards
  • Uttam Yudh Seva Medal (UYSM): 4 awards
  • Bar to Ati Vishisht Seva Medal (Bar to AVSM): 2 awards
  • Ati Vishisht Seva Medal (AVSM): 57 awards
• Kirti Chakra Presentation:
  • In the first segment of the ceremony on July 5, 10 Kirti Chakras were awarded, including seven posthumous awards.
  • Kirti Chakra is India’s second-highest peacetime gallantry award.
• Additional UYSM Recipients:
  • Lt Gen Viresh Pratap Singh Kaushik – Kumaon Regiment
  • Lt Gen Rashim Bali – Sikh Light Infantry
  • Lt Gen Manish Mohan Erry – Jammu & Kashmir Light Infantry
  • Lt Gen Harjeet Singh Sahi – Rajput Regiment

CURRENT AFFAIRS: MOUS AND AGREEMENT

MoU Between Rashtriya Raksha University and NSE International Exchange

• A memorandum of understanding (MoU) was signed between the Gandhinagar-based Rashtriya Raksha University (RRU) and the NSE International Exchange (NSE IX) to cooperate in the field of economic and financial security.

Key Details

• Signatories:
  • National Stock Exchange Chief Executive Officer Ashish Kumar Chauhan
  • Managing Director and CEO of NSE IX Bala V
  • Pro-Vice Chancellor of RRU Prof Kalpesh H Wandra
  • University Registrar Shishir Kumar Gupta

Highlights from the Event

• Economic Stability and National Security:
  • Prof Kalpesh H Wandra emphasized the interconnectedness of economic stability and national security.
  • He highlighted the crucial role played by NSE IX in bridging this gap.
• India’s Financial Growth:
  • Ashish Kumar Chauhan noted that the NSE has been pivotal in India’s robust financial growth.
  • He asserted that India has become the world’s fourth-largest equity market in terms of market capitalization, defying economic norms with rapid expansion.

About RRU

• RRU is a pioneering national security and police university operating under the aegis of the Union Home Ministry.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

UPSC Chairman Manoj Soni Resigns, Citing ‘Personal Reasons’   

• Union Public Service Commission (UPSC) chairman Manoj Soni has tendered his resignation due to “personal reasons.”

About Manoj Soni :

• Soni, 59, joined the commission as a member on June 28, 2019, and became its chairman on May 16, 2023.
• His term was originally set to end on May 15, 2029.
• Before his UPSC appointment, he served three terms as vice-chancellor, including two consecutive terms from August 1, 2009, to July 31, 2015, at Dr Babasaheb Ambedkar Open University (BAOU) in Gujarat, and one term at The Maharaja Sayajirao University (MSU) of Baroda from April 2005 to April 2008.
• At the time of joining MSU, he was the youngest vice-chancellor in India.

Honours and Recognitions :

• In 2013, received the “Honorary Mayor-President of the City of Baton Rouge” title for leadership in IT literacy for disadvantaged sections.
• In 2015, awarded the World Education Congress Global Award for Distance Learning Leadership by the Chartered Institute of Management Accountants, London.

About UPSC :

• Established : 1 October 1926
• Headquarers : New Delhi, Delhi,IndiaThe UPSC is headed by a chairman and can have a maximum of 10 members.
• Currently, there are seven members, three short of its sanctioned strength.

Supreme Court at Full Strength with New Appointments: Justice N Kotiswar Singh, First from Manipur, and Justice R Mahadevan Take Oath         

• Justice N Kotiswar Singh, Chief Justice of Jammu and Kashmir High Court, took oath of office and became the first judge from Manipur to be elevated to the Supreme Court.
• Acting Chief Justice of Madras High Court R Mahadevan was also sworn in as a Supreme Court judge.
• The oath of office was administered to both judges by Chief Justice of India DY Chandrachud at a ceremony held at the Supreme Court premises.
• On July 11,2024 a five-member collegium headed by the Chief Justice had recommended the names of Singh and Mahadevan to the Centre for promotion to the Supreme Court.

Current Composition of the Supreme Court :

• With the swearing-in, the number of judges in the apex court, including the Chief Justice of India, has increased to 34.
• With 34 judges, the Supreme Court will function until Justice Hima Kohli retires on September 1, 2024, followed by Chief Justice Chandrachud, who will retire on November 10, 2024.

Rwanda’s Kagame Secures Fourth Term with 99% of the Vote    

• Rwandan President Paul Kagame has secured a record fourth term in the election.
• Chrysologue Karangwa, President of the Electoral Commission of Rwanda, declared Kagame the winner after he received 7,099,810 votes, equating to 99.15% of the total 9,071,157 votes cast.
• Kagame, 66, representing the Rwandan Patriotic Front (RPF), defeated his closest rival, Frank Habineza of the Democratic Green Party, who garnered 38,301 votes (0.53%), and Phillipe Mpayimana, who received 22,753 votes (0.32%).
• This election marks Rwanda’s 4th since the 1994 genocide, with citizens voting for both the presidential and parliamentary seats.
• The counting of parliamentary votes is still underway, with over 500 candidates competing for 80 seats in the Chamber of Deputies, the lower house of parliament.
• Kagame’s Tenure:Kagame has been the de facto leader since the end of the 1994 genocide and president since 2000.
• He won the 2017 election with more than 98% of the vote.

About Rwanda :

• Prime Minister : Édouard Ngirente
• Capital: Kigali
• Currency: Rwandan franc.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

ONGC Videsh to Acquire Stake in Azerbaijan’s ACG Oil Field    

• ONGC Videsh Limited, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has signed a Sale Purchase Agreement (SPA) to acquire:
• 0.615% Participating Interest (PI) in the Offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from Equinor.
• 0.737% shares in the Baku-Tbilisi-Ceyhan (BTC) pipeline company through its wholly-owned subsidiary, ONGC BTC.
• The total investment for these acquisitions is up to USD 60 million.

Key Highlights :

• Entities Involved:
• Acquirer: ONGC Videsh Limited.
• Seller: Equinor.
• Subsidiary: ONGC BTC.
• Existing Interests:ONGC Videsh already holds:
• 31% Participating Interest (PI) in the ACG oil field.
• 36% shareholding in the BTC pipeline.

About ONGC :

• Founded : 14 August 1956
• Headquarters : New Delhi, Delhi, India
• Chairman & CEO : Arun Kumar Singh
• The ONGC is an Indian central public sector undertaking under the ownership of the Ministry of Petroleum and Natural Gas, Government of India.

Competition Commission of India Approves Dixon Technologies’ Acquisition of Up to 56% Stake in Ismartu India Private Limited   

• The Competition Commission of India (CCI) has approved the acquisition of up to 56% shareholding of Ismartu India Private Limited (Target) by Dixon Technologies (India) Limited (Acquirer).

Acquirer (Dixon Technologies):

• Involved in providing Engineering and Manufacturing Services (EMS) through various subsidiaries and joint ventures in India.
• Product lines include EMS for communication devices such as mobile phones, laptops, and tablets.
• Also provides EMS for other products like lighting solutions, televisions, washing machines, security systems, wearables, and hearables.

Target (Ismartu India Private Limited):

• Indian subsidiary of Ismartu Ind. Pte. Limited.
• Engaged in providing EMS for the manufacturing of mobile phones, Printed Circuit Board Assembly, LCD Module displays, and other ancillary services related to mobile phones.

About CCI :

• Established : 14 October 2003
• Headquarters : New Delhi, Delhi, India
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002.

CCI Approves Platinum Poppy’s Acquisition of Ordinary Shares in Berhyanda and Berhyanda MidCo      

• The Competition Commission of India (CCI) has approved the acquisition, inter alia, of ordinary shares of Berhyanda Limited (Berhyanda) and Berhyanda MidCo Limited (Berhyanda MidCo) by Platinum Poppy C 2024 RSC Limited (Platinum Poppy).
• Proposed Combination:Involves acquisition of ordinary shares and extension of shareholder debt to Berhyanda and Berhyanda MidCo by Platinum Poppy.
• Platinum Poppy will gain an indirect non-voting economic interest in Suven Pharmaceuticals Limited (Suven) through this acquisition, as Berhyanda holds 50.1% of Suven’s shareholding.

About Platinum Poppy :

• Platinum Poppy is a restricted scope company incorporated in the Abu Dhabi Global Market.
• It has been established solely for the purpose of investing into Berhyanda and Berhyanda MidCo.
• Abu Dhabi Investment Authority (ADIA) is the ultimate beneficiary of Platinum Poppy.
• ADIA is a public institution established by the Government of the Emirate of Abu Dhabi as an independent investment institution.
• Berhyanda and Berhyanda MidCo are wholly owned by funds managed by Advent International, L.P. Both entities are investment holding companies.
• Suven is a public listed company incorporated in India and is listed on BSE Limited and National Stock Exchange Limited.
• Suven was incorporated in 2018.

CCI Approves Sandur Manganese & Iron Ores and BAG Holdings’ Indirect Controlling Acquisition of Arjas Steel and Arjas Modern Steel     

• The Competition Commission of India (CCI) has approved the indirect controlling acquisition of Arjas Steel Private Limited (ASPL) and Arjas Modern Steel Private Limited (AMSPL) by The Sandur Manganese & Iron Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL).

Entities Involved:

• SMIORE and BHPL: Collectively referred to as the Acquirers.
• ASPL and AMSPL: Collectively referred to as the Target.

Key Highlights :

• SMIORE, a listed company, is primarily engaged in: (a) mining of iron ore and manganese ore; (b) production and sale of ferroalloys; and (c) production and sale of coke, in India.
• BHPL, an affiliate of SMIORE, is a recently incorporated company that does not undertake any revenue generating activities in India or worldwide.
• Target is engaged in the manufacturing and sale of steel products, heavy ingots, and certain other intermediate products, like, billets.

CURRENT AFFAIRS: SPORTS NEWS

19th Vedanta Delhi Half Marathon 2024 Set for October

• The 19th edition of the Vedanta Delhi Half Marathon is scheduled to commence in October 2024, attracting participants from around the world to the national capital.

Key Highlights:

1. Event Details:
   • Date: Sunday, October 20, 2024.
   • Location: New Delhi, India.
2. Significance:
   • Known as the world’s most prestigious half marathon.
   • Celebrates the vibrant spirit of Delhi and its citizens.
3. Global Participation:
   • Runners from across the globe will participate.
   • Promotes unity and the transformative power of the event.
4. Launch Ceremony:
   • Held in New Delhi.
   • Featured support from Ancy Sojan Edappilly, Asian Games 2022 Long Jump Silver Medallist.
5. Race Categories:
   • Includes both physical and virtual races.
   • Open for registrations.
6. Competition and Prize Money:
   • Designated as a World Athletics Gold Label Race.
   • Prize money: USD 260,000.
   • Features competition between some of the fastest athletes and amateurs globally.

Shikhar Dhawan Named Brand Ambassador for MotoGP in India

• Star Indian cricketer Shikhar Dhawan has been announced as the brand ambassador for MotoGP in India, bringing his dynamic energy from the cricket field to the world of racing.

Key Highlights:

1. Campaign Launch:
   • Campaign Title: ‘Face Kar Race Kar.’
   • Announced By: EuroSport.
2. Campaign Focus:
   • Celebrates the relentless spirit of MotoGP.
   • Aims to inspire fans to overcome challenges with determination and resilience.
3. Role of Shikhar Dhawan:
   • Dhawan, known for his energetic performance in cricket, will channel his enthusiasm into promoting MotoGP.
   • His involvement underscores the connection between the passion in sports and the excitement of racing.

IOA releases list of 117 athletes, 140 support staff for Olympics

• The Indian sports ministry has approved a final contingent of 117 athletes for the upcoming Paris Olympics.
• The contingent will be supported by 140 support staff and officials, with 72 receiving government funding.

Notable Absence

• Shot putter Abha Khatua, who qualified via the world rankings quota, is missing from the final list.
• Her omission came after World Athletics removed her from the Olympic participant list without an official explanation.

Team Breakdown

• Athletics: Largest representation with 29 athletes (11 women, 18 men).
• Shooting: Second-largest team with 21 members.
• Hockey: 19 players.
• Table Tennis: Eight players.
• Badminton: Seven players, including two-time Olympic medallist P.V. Sindhu.
• Wrestling, Archery, Boxing: Each with six representatives.
• Golf: Four participants.
• Tennis: Three players.
• Swimming, Sailing: Two competitors each.
• Equestrian, Judo, Rowing, Weightlifting: One representative each.

Previous Performance

• In the Tokyo Olympics, India sent a 119-member contingent and achieved its best performance, winning seven medals including a historic gold in javelin throw by Neeraj Chopra.

CURRENT AFFAIRS : OBITUARIES

Vietnam’s Most Powerful Leader, Communist Party Chief Nguyen Phu Trong, Passed Away     

• Nguyen Phu Trong, general secretary of Vietnam’s ruling Communist Party and the country’s most powerful politician, passed away at the age of 80.
• He is the first party general secretary to die in office since the death of Le Duan in 1986.
• The announcement of Trong’s passing came a day after the party announced that Trong would hand over power to the country’s president and former public security minister, To Lam.

About Nguyen Phu Trong :

• Nguyễn Phú Trọng was born in Đông Hội Commune, Đông Anh district of Hanoi in 1944.
• He joined the Communist Party of Vietnam in 1968.
• He Served as general secretary of the Communist Party of Vietnam from 2011 until his death in 2024.
• He is also the first leader to have held three consecutive mandates at the head of the party, after the liberalisation of the economy in 1986.
• Between 2000 and 2006, he was the Party Secretary for Hanoi, effectively the city’s highest-ranking position.
• He served as Chairman of the National Assembly from 2006 to 2011.
• From 2018 to 2021 he also served concurrently as president of Vietnam.

Former Australian IOC Official and Olympian Kevan Gosper Passed away         

• The Australian Olympic Committee announced that former high-ranking IOC member and Australian Olympian Kevan Gosper has passed away at the age of 90.

About Kevan Gosper :

• Gosper born on 19 December 1933 in Newcastle, New South Wales, Australia.
• He won an Olympic silver medal on Australia’s 4-x-400-meter track relay team at the 1956 Melbourne Games and also competed at the Rome Olympics in 1960 before becoming more well-known as one of the country’s and world’s top sports administrators.
• He served as an IOC Member from 1977 to 2013, including two terms on the IOC Executive Board (1986-1990 and 1995-1999) and two terms as IOC Vice-President (1990-1994 and 1999-2003).

Honors and Recognition :

• His dedication was recognised with the IOC’s Olympic Order in 2013, the same year he became an IOC Honorary Member.
• He was appointed an Officer of the Order of Australia (AO) in the 1986 Australia Day Honours for service to sport and sports administration, and was inducted into the Sport Australia Hall of Fame in 1989.
• He received an Australian Sports Medal in 2000 for services to athletics and the Olympic movement and was similarly honoured by France, The Netherlands, Spain, Monaco and Senegal and the Solomon Islands.

CURRENT AFFAIRS: IMPORTANT DAYS

World Brain Day 2024: July 22

• Every year on July 22^nd, World Brain Day is celebrated by people worldwide to prevent brain disabilities and treat and rehabilitate them.
• The World Federation of Neurology was the first to establish World Brain Day as a worldwide commemoration.
• The theme of World Brain Day 2024 is “Brain Health and Prevention”.
• World Brain Day 2024 was discovered by the World Federation of Neurology for the first time.
• The World Federation of Neurology (WFN) was founded on July 22, 1957 in Belgium.
• This World Federation of Neurology is now one of the leading promoters of brain health and neurology research worldwide.
• The idea of observing the 22nd of July as “World Brain Day” originated from a proposal put forth by the Public Awareness and Advocacy Committee.
• This World Brain Day proposal was presented during the World Congress of Neurology (WCN) Council of Delegates meeting on September 22, 2013, and it received a warm and enthusiastic response from the delegates.
• Following this enthusiastic response, the Board of Trustees gave the idea its blessing at their meeting in February 2014, making it an annual celebration that would take place on the same day every year.

Daily CA One- Liner: July 21 & 22

• The Union Minister for Micro, Small and Medium Enterprises (MSME), Jitan Ram Manjhi, emphasised the Prime Minister’s vision of transforming India into a developed nation by 2047.
• For the first time, India will host the 46th World Heritage Committee meeting, a UNESCO event, to examine proposals for new World Heritage sites and the conservation status of existing ones
• Commerce and Industry Minister Piyush Goyal is set to participate in the BRICS trade ministers’ meeting in Moscow on July 26, focusing on enhancing trade relations and resolving export issues
• A 22-member committee has been established by the Centre to revise the base year for various price indices including consumer, wholesale, retail, and producer price indices
• In the second quarter of 2024, India emerged as the second largest market for Netflix regarding new paid subscriber additions, according to the company’s shareholder letter
• President Droupadi Murmu awarded the Param Vishisht Seva Medal (PVSM) to Army Chief General Upendra Dwivedi and Navy Chief Admiral Dinesh Kumar Tripathi for their exemplary service to the nation
• A memorandum of understanding (MoU) was signed between the Gandhinagar-based Rashtriya Raksha University (RRU) and the NSE International Exchange (NSE IX) to cooperate in the field of economic and financial security
• The 19th edition of the Vedanta Delhi Half Marathon is scheduled to commence in October 2024 , attracting participants from around the world to the national capital.
• Star Indian cricketer Shikhar Dhawan has been announced as the brand ambassador for MotoGP in India, bringing his dynamic energy from the cricket field to the world of racing
• The Indian sports ministry has approved a final contingent of 117 athletes for the upcoming Paris Olympics
• The Reserve Bank of India (RBI) has set up a committee to review the fee structure for white-label ATMs (WLAs).
• The Securities and Exchange Board of India (SEBI) has authorised Credit Rating Agencies (CRAs) and Environmental, Social, and Governance (ESG) Rating Providers (ERPs) to operate under the International Financial Services Centres Authority (IFSCA).
• The Reserve Bank of India (RBI) has levied a penalty of ₹1,90,000 (1.9 lakh) on Muthoot Finance Limited for non-compliance with the ‘Know Your Customer (KYC) Directions, 2016’.
• The Securities and Exchange Board of India (SEBI) has proposed a new asset class aimed at bridging the gap between mutual funds and portfolio management services (PMS), targeting investors with investible funds ranging from Rs 10 lakh to Rs 50 lakh.
• India’s fintech industry is projected to grow at a cumulative annual growth rate (CAGR) of 31%, reaching approximately $420 billion by 2029.
• Assam’s ‘Moidams,’ the mound burial system of the Ahom dynasty, will be considered for inclusion in the World Heritage Sites list at the 46th session of the World Heritage Committee.
• Union Public Service Commission (UPSC) chairman Manoj Soni has tendered his resignation due to “personal reasons.”
• Justice N Kotiswar Singh, Chief Justice of Jammu and Kashmir High Court, took oath of office and became the first judge from Manipur to be elevated to the Supreme Court.
• Rwandan President Paul Kagame has secured a record fourth term in the election.
• ONGC Videsh Limited, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has signed a Sale Purchase Agreement (SPA) to acquire:
• 615% Participating Interest (PI) in the Offshore Azeri Chirag Gunashli (ACG) oil field in Azerbaijan from Equinor.
• 737% shares in the Baku-Tbilisi-Ceyhan (BTC) pipeline company through its wholly-owned subsidiary, ONGC BTC.
• The Competition Commission of India (CCI) has approved the acquisition of up to 56% shareholding of Ismartu India Private Limited (Target) by Dixon Technologies (India) Limited (Acquirer).
• The Competition Commission of India (CCI) has approved the acquisition, inter alia, of ordinary shares of Berhyanda Limited (Berhyanda) and Berhyanda MidCo Limited (Berhyanda MidCo) by Platinum Poppy C 2024 RSC Limited (Platinum Poppy).
• The Competition Commission of India (CCI) has approved the indirect controlling acquisition of Arjas Steel Private Limited (ASPL) and Arjas Modern Steel Private Limited (AMSPL) by The Sandur Manganese & Iron Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL).
• Nguyen Phu Trong, general secretary of Vietnam’s ruling Communist Party and the country’s most powerful politician, passed away at the age of 80.
• The Australian Olympic Committee announced that former high-ranking IOC member and Australian Olympian Kevan Gosper passed away at 90.
• Every year on July 22nd World Brain Day is celebrated by people worldwide to prevent brain disabilities and treat and rehabilitate them.

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