Daily Current Affairs August 22 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Governor Shaktikanta Das Named Top Central Banker for Second Consecutive Year   

• Reserve Bank of India (RBI) Governor Shaktikanta Das has been ranked the top central banker globally for the second consecutive year by US-based Global Finance magazine.
• Das has been placed at the top of the list of three central bank governors, who have been rated A+.
• Grades are based on a scale from A to F for success in inflation control, economic growth goals, currency stability and interest rate management.
• An ‘A’ represents excellent performance, while an ‘F’ for outright failure.
• Denmark’s Christian Kettel Thomsen, India’s Shaktikanta Das and Switzerland’s Thomas Jordan have been ranked under the ‘A+’ category of central bankers.

What are Central Banker Report Cards?

• Global Finance’s annual Central Banker Report Cards honour those bank leaders whose strategies outperformed their peers through originality, creativity and tenacity.
• The Central Banker Report Cards, published annually by Global Finance since 1994, grade central bank governors of nearly 100 countries, territories and districts, including the European Union, Eastern Caribbean Central Bank, Bank of Central African States and Central Bank of West African States.

About RBI :

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

IDBI Bank Raises Fixed Deposit Interest Rate to 7.85% for 444-Day Term to Attract More Deposits

• IDBI Bank has increased its fixed deposit (FD) rate to 7.85% for a 444-day tenure, aiming to attract more deposits.

Key Highlights :

• Rate Details:
• Peak Rate: 7.85% per annum for 444 days.
• Other Rate: 7.75% per annum for a 375-day tenure.
• Utsav Fixed Deposit: The enhanced rates make the Utsav Fixed Deposit a more attractive option for depositors.
• Offer Validity: The promotional offer is valid until September 30, 2024.
• Opening FD: Customers can open an Utsav Fixed Deposit through the bank’s website, mobile banking app, or at any branch.
• Regulatory Push: Finance Minister Nirmala Sitharaman has urged public sector banks to conduct special drives to increase deposit mobilisation, as recent deposit growth has lagged behind credit growth by 300-400 basis points, causing asset-liability mismatches.

About IDBI Bank :

• Founded : 1 July 1964
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rakesh Sharma

Reserve Bank of India launches RBI90Quiz for undergraduate college students

• The Reserve Bank of India (RBI) announced the launch of the RBI90Quiz for college students at the undergraduate level.

About RBI90Quiz :

• The quiz is a nationwide competition being held as part of the events to commemorate 90 years of RBI’s functioning.
• RBI90Quiz is general knowledge based and will feature a multi-level competition, commencing with an online phase, followed by state and zonal level rounds and culminating in a national final.
• RBI90Quiz is general knowledge based and will feature a multi-level competition, commencing with an online phase, followed by state and zonal level rounds and culminating in a national final.
• Eligibility : The RBI90Quiz is open to undergraduate students who are not more than 25 years of age on September 1, 2024 (i.e., those born on or after September 01, 1999) and pursuing bachelor’s degree across any stream of study through colleges located in India.
• RBI employees (including contractual employees) and their immediate family members are not eligible to participate.
• Employees and family members of the agencies associated directly or indirectly with RBI in organising the quiz are also not eligible to participate.
• Participants are required to register for the quiz in teams of two members from the same college.
• There is no limit to the number of teams that can register from a college. Registration is free of charge.
• Each team can participate in the quiz only once.
• Both team members must attempt the quiz together on a single device i.e., mobile phone, tablet, laptop, or desktop computer.
• Quiz Format : This is a timed quiz with 36 multiple choice questions of varying difficulty levels and 25-second time limit to answer each question. (Total Quiz duration: 15 minutes).
• Teams with visually impaired student/s will be granted additional 25 seconds per question resulting in a total quiz time of 30 minutes.
• The questions will be available in Hindi and English.
• Selection Process : Based on the extent of participation, a specified number of teams, limited to a maximum of two teams per college, will be selected from each state[1] for the in-person rounds at the State Level, subject to verification of details submitted at the time of registration.
• The quiz will be held in four stages

1. Countrywide online contest – Students take MCQ format quiz in teams of two. Multiple teams from a college can participate.
2. State Level round – Teams which qualify through the online contest will compete in an in-person quiz to decide the State level winning teams.
3. Zonal Level round – State-level winners face off at Zonal levels-five different zones
4. National Final round – Five Zonal winners will compete for the top prizes in the final contest.

• The participating teams of this RBI90Quiz program stand to win attractive prizes at various levels, as detailed below:

Level	1st Prize (₹)	2nd Prize (₹)	3rd Prize (₹)
Final	10 lakh	8 lakh	6 lakh
Zonal	5 lakh	4 Lakh	3 lakh
State	2 lakh	1.5 lakh	1 lakh

Reserve Bank of India unveils framework for financial market self-regulatory organisations

• The Reserve Bank of India (RBI) issued a framework for recognition of self-regulatory organisations (SROs) in the financial markets space to help strengthen compliance culture and provide a consultative platform for policy making.
• It follows the ‘Omnibus Framework for recognition of SROs’ issued in March 2024.
• The framework specifies the broad parameters, such as objectives, responsibilities, eligibility criteria, membership, governance standards and application process for the recognition of SROs in financial markets.

What is an SRO?

• A self-regulatory authority is an institution that can operate independently and with impartiality, and importantly free from the influence of any single member or group of members.

Key Points on Eligibility Criteria for SROs under RBI Framework:

• Not-for-Profit Status:The entity applying for recognition as an SRO must be a not-for-profit company registered under Section 8 of the Companies Act, 2013.
• A minimum net worth of ₹10 crore is required.
• Voluntary: The applicant must ensure that the membership of the SRO is voluntary.
• Sector Representation:The applicant should represent the sector or market adequately, with a diverse mix of members from various types and sizes of entities.
• If current representation is inadequate, the applicant must provide a roadmap (not exceeding two years) to improve this representation.
• Director Qualifications:Directors and the organisation must demonstrate professional competence and maintain a reputation for fairness and integrity.
• No involvement in criminal or economic offences, including moral turpitude, is allowed.
• Fit & Proper Criteria:The applicant must meet all “fit and proper” criteria as determined by the RBI to be recognized as an SRO.
• Additional Conditions: The RBI may impose additional conditions as necessary to ensure that the SRO operates in a manner that does not compromise public interest.

BharatPe Introduces Secured Loans for Merchants, Expands Credit Services

• Fintech firm BharatPe announced its foray into facilitating secured loans for merchant partners on its platform.
• The company has launched the facilitation of two-wheeler loans and Loans Against Mutual Funds (LAMF) for its existing merchant partners in the first phase.
• BharatPe has partnered with OTO Capital, a digital commerce and lending platform, to enable two-wheeler loans.
• Additionally, the company has partnered with Volt Money to facilitate Loans Against Mutual Funds to its merchant partners.
• The company plans to expand this to a multi-product and multi-lender offering in the next phase.
• BharatPe’s merchants can now avail two-wheeler loans of up to Rs 2.5 lakh, at competitive interest rates, for their next two-wheeler purchase from OTO Capital.
• The loan application process is 100% digital and merchants have the option to choose the repayment period between 12- 48 months.
• With the launch of LAMF in partnership with Volt Money, BharatPe’s merchants can also avail loans of up to Rs 1 crore against Mutual Funds.
• The fintech firm will roll out new products under the secured loans category in the next three months.
• The loan disbursal and collections will be handled by the lending partner.

About BharatPe :

• Founded : 2018
• Headquarters : New Delhi, India
• CEO : Nalin Negi

Bank of Baroda Secures ₹5,000 Crore Loan Agreement with Steel Authority of India Limited

• Bank of Baroda (BoB) secured a ₹5,000 crore loan deal with Steel Authority of India Limited (SAIL), a major state-owned steelmaker.
• BoB won the deal with a competitive bid of 7.49% for a five-year loan, linked to the 364-day treasury bill.
• In large loan deals, companies like SAIL typically seek bids from multiple lenders, with the lowest bidder being preferred.
• While the bids are sealed, all participating lenders are informed of the bids once opened.
• SAIL plans to use the loan for its capital expenditure and working capital requirements. The loan will be disbursed in multiple tranches over the next few months.

About BoB :

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

About SAIL :

• Founded : 19 January 1954
• Headquarters : New Delhi, India
• Chairman : Amarendu Prakash
• SAIL is a central public sector undertaking (PSU) based in New Delhi, India.
• It is under the ownership of the Ministry of Steel, Government of India.

Securities and Exchange Board of India Suggests Amendments to Simplify Compliance for Entities with Listed Non-Convertible Securities 

• Capital markets regulator Securities and Exchange Board of India (SEBI) proposed amendments to ease the compliance requirements for entities with listed non-convertible securities.
• This move will ease the cost of compliance for participants in the financial sector, as announced by the government in the FY 2023-24 Budget.

Key Highlights :

• In its consultation paper, SEBI proposed aligning the approval and authentication process for the financial results of entities with listed non-convertible securities to that of equity-listed entities.
• This will streamline the procedures, ensuring that financial results are approved by the board of directors and signed by a designated official, similar to the requirements for equity-listed entities.
• The regulator also proposed to align the provisions of disclosure rules for fraud and default by key managerial personnel in entities with listed non-convertible securities with those applicable to equity-listed entities.
• It will also streamline the timeline for notifying the stock exchanges of record date by entities with listed non-convertible securities may be reduced from 7 to 3 working days.
• The regulator’s Corporate Bonds and Securitisation Advisory Committee also proposed mandating that all disclosures by listed entities with non-convertible securities be filed in the XBRL (eXtensible Business Reporting Language) format.
• The change will streamline the filing process and reduce duplication.
• Currently, the entities are required to submit filings in both XBRL and PDF formats.
• Additionally, it also proposed relaxing the restrictions on International Securities Identification Numbers (ISINs) for unlisted securities that were outstanding as of December 31, 2023, if those ISINs are subsequently listed.
• This measure will reduce the regulatory burden on entities with multiple ISINs and facilitate their transition to a listed status.

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.

CURRENT AFFAIRS: NATIONAL NEWS

Union Food Minister Pralhad Joshi Launches Pilot Project to Transform Fair Price Shops into ‘Jan Poshan Kendras’

• Union Food Minister Pralhad Joshi has introduced a pilot project aimed at transforming 60 Fair Price Shops (FPS), commonly known as ration shops, into ‘Jan Poshan Kendras’ across Uttar Pradesh, Gujarat, Rajasthan, and Telangana.
• This initiative is designed to boost the viability of these shops and improve access to nutrition.

Key Aspects of the Pilot Project:

1. Diversification of Inventory:
   • FPS dealers are now allowed to stock and sell items beyond subsidized grains. This includes millets, pulses, dairy products, and daily essentials, creating potential new revenue streams for the dealers.
2. Jan Poshan Kendras:
   • These revamped shops will offer a diverse range of nutrition-rich food items to consumers, enhancing the availability of nutritious options at the community level.
   • The initiative aims to provide an additional source of income for FPS dealers, making the shops more economically viable.
3. Support and Resources:
   • Approximately 60 FPS have been identified for the pilot project. These shops will receive credit facilities from the Small Industries Development Bank of India (SIDBI) and access to over 3,500 products across various staples and FMCG categories.
4. Potential for Nationwide Implementation:
   • With approximately 5.38 lakh FPS operational across India, the successful implementation of this pilot project could lead to a nationwide transformation of the ration shop network.

Public Distribution System (PDS) Overview:

• Purpose and Operation:
  • The Public Distribution System (PDS) is designed to manage scarcity and distribute foodgrains at affordable prices. It plays a crucial role in the government’s food economy policy.
  • PDS is jointly operated by the central and state/UT governments, with the central government handling procurement, storage, and bulk allocation of foodgrains, while the state governments manage distribution, licensing, and oversight of FPS.
• Technological Advancements:
  • PDS has seen significant technological progress, including 100% digitization of ration cards, installation of electronic Point of Sale (ePoS) devices, and the launch of the One Nation One Ration Card (ONORC) plan, ensuring seamless access to foodgrains across all states/UTs.

National Food Security Act (NFSA), 2013:

• Rights-Based Approach:
  • The NFSA marked a shift from a welfare-based to a rights-based approach to food security, legally entitling up to 75% of the rural population and 50% of the urban population to receive subsidized food grains.
• Coverage and Implementation:
  • The Act covers about two-thirds of India’s population, providing highly subsidized foodgrains to around 80 crore people. The identification of beneficiaries is an ongoing process managed by the states/UTs.

Clarification on Income Tax Clearance Certificate (ITCC) for Indian Nationals Traveling Overseas

• The Ministry of Finance has issued a clarification regarding the necessity of obtaining an Income Tax Clearance Certificate (ITCC) for Indian nationals travelling abroad.
• This response addresses misinformation circulating in the media, asserting that not all travellers are required to secure an ITCC before leaving India.

Key Points:

1. No Universal Requirement for ITCC:
   • Recent reports incorrectly suggested that all Indian nationals must obtain an ITCC before travelling The Ministry clarified that this interpretation is factually incorrect.
2. Budget 2024 Amendment:
   • Finance Minister Nirmala Sitharaman announced an amendment in the Union Budget 2024 requiring individuals domiciled in India to clear tax dues and obtain a clearing certificate before departure. However, this does not mean that all individuals must secure an ITCC.
3. Conditions for ITCC Requirement:
   • According to the clarification, the requirement for an ITCC applies only to specific individuals in certain circumstances, which have been in the law since 2003 and remain unchanged despite the recent amendments. The criteria for obtaining an ITCC under Section 230(1A) of the Income Tax Act include:
     • Financial Irregularities: Individuals involved in serious financial irregularities requiring their presence in investigations under the Income Tax or Wealth Tax Acts.
     • Direct Tax Arrears: Individuals with outstanding direct tax arrears exceeding ₹10 lakh that have not been stayed by any authority.

4. Approval Process:
   • An ITCC may only be required after recording specific reasons for the request and obtaining approval from the Principal Chief Commissioner of Income Tax or the Chief Commissioner of Income Tax.

CURRENT AFFAIRS: BUSINESS NEWS

Granules India Receives U.S. FDA Approval for Glycopyrrolate Oral Solution

• Granules India has received approval from the U.S. Food and Drug Administration (U.S. FDA) for its abbreviated new drug application (ANDA) for Glycopyrrolate Oral Solution 1mg/5mL.
• This approval is for a product that is bioequivalent and therapeutically equivalent to Merz Pharmaceuticals LLC’s Cuvposa Oral Solution 1 mg/5 mL.

Key Points:

Product Information:

• Medication: Glycopyrrolate Oral Solution 1mg/5mL
• Use: Treats excessive drooling in pediatric patients (ages 3-16) with neurological conditions.
• Equivalence: It is bioequivalent and therapeutically equivalent to the brand-name drug, Cuvposa.

Granules India’s U.S. Market Expansion:

• This approval for the subsidiary Granules Pharmaceuticals Inc. (GPI) signifies a significant step in strengthening Granules India’s presence in the U.S. market.
• The approval underscores the company’s commitment to maintaining high-quality standards and compliance with stringent regulatory requirements set by the U.S. FDA.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Almin Karamehmedovic Appointed as President of ABC News

• Almin Karamehmedovic, previously the executive producer of “World News Tonight,” has been named the President of ABC News.
• He will report to Debra O’Connell, the president of Disney News Group and Networks.
• He succeeds Kim Godwin, who left earlier in the year.
• Responsibilities: Karamehmedovic will manage the daily operations of ABC News and oversee programming, including “World News Tonight” and “Good Morning America.”
• Awards: Karamehmedovic is the recipient of 16 Emmys®, nine Edward R. Murrow Awards, two Christopher Awards, a Peabody Award and the prestigious DuPont Award, honoring excellence in broadcast and digital journalism.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

National Company Law Tribunal greenlights merger of Slice with North East Small Finance Bank

• Consumer payments and lending company Slice has received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB).
• The NCLT Guwahati bench has sanctioned a scheme involving multiple entities, including Garagepreneurs Internet Private Limited, Quadrillion Finance Pvt Ltd, Intergalactory Foundry Pvt Ltd, RGVN (North East) Microfinance Ltd, and NESFB.
• The merger aims to combine Slice’s digital capabilities with NESFB’s grassroots banking expertise to enhance the financial experience for Indian consumers.
• The merged entity will leverage advanced technology and community insights to promote financial inclusion across India.
• Satish Kumar Kalra, a former senior executive at Andhra Bank has been appointed as the new chief executive officer of the merged entity.
• This merger represents a significant step forward in advancing financial inclusivity and setting new industry benchmarks through innovative tech solutions.

About NCLT :

• Headquarters : New Delhi
• The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
• The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the government of India and is based on the recommendation of the V. Balakrishna Eradi committee on the law relating to the insolvency and the winding up of companies.

Life Insurance Corporation of India Sells 2.09% Stake in Hindustan Copper for ₹447 Crore Through Open Market

• Life Insurance Corporation of India (LIC) sold a 2.09% stake in state-owned Hindustan Copper Ltd (HCL) for ₹447 crore through an open market transaction.
• LIC sold 2,01,62,682 shares at an average price of ₹221.64 per share, amounting to a total transaction value of ₹446.8 crore.
• Post-sale, LIC’s ownership in Hindustan Copper decreased from 8.17% to 6.09%.

About HCL :

• Hindustan Copper Ltd (HCL) is under the administrative control of the Ministry of Mines.
• It is the only company in the country engaged in the mining of copper ore and owns all the operating mining leases of Copper ore and also the only integrated producer of refined copper (vertically integrated company).

About LIC :

• Founded : 1 September 1956
• Headquarters : Mumbai, Maharashtra
• Chairman : Siddhartha Mohanty

CURRENT AFFAIRS: RANKING AND INDEX

Amul Named World’s Strongest Food Brand in 2024

• Amul has been recognized as the world’s strongest food brand in Brand Finance’s Global Food & Drinks Report 2024, achieving a Brand Strength Index (BSI) score of 91 and a brand valuation of $3.3 billion.
• This marks an 11% increase in brand value compared to 2023.

Key Highlights:

1. Brand Strength and Value:
   • BSI Score: Amul scored 91 out of 100, showcasing its strong market presence.
   • Market Control: The company dominates India’s dairy market with 75% of the milk market, 85% of the butter market, and 66% of the cheese market.
   • Comparison: Hershey’s, sharing an AAA+ rating with Amul, experienced a slight dip in brand value but remains valued at $3.9 billion.
2. Brand Evaluation Criteria:
   • Brand Finance evaluates brand strength using over 35 parameters, including:
     • Advertising impact
     • Product diversity
     • Consumer quality perceptions
     • Social media influence
     • Web traffic
     • Sustainability efforts
     • Community involvement
     • Governance
3. Market Trends and Challenges:
   • The food and beverage sector saw an overall 4% decline in brand value, totaling approximately $268 billion.
   • There is a notable shift towards smaller, private-label brands that offer personalized products, challenging established brands.
   • Conversely, convenience foods are gaining popularity due to increased consumer demand, presenting opportunities for adaptive brands.

Top Food Brands:

• Most Valuable Food Brand: Nestlé remains at the top with a valuation of $20.8 billion, despite a 7% decline.
• Second Place: Lay’s has risen to second position with a valuation of $12 billion.
• Beverage Leaders: In the non-alcoholic sector, Coca-Cola leads the market, followed by Pepsi.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Sri Lanka and India Collaborate on LNG Infrastructure Development for Power Generation

• The Sri Lankan government and India’s state-run firm, Petronet LNG Limited, have signed a Memorandum of Understanding (MoU) to develop critical infrastructure for the storage, regasification, and supply of Liquefied Natural Gas (LNG) to power plants in Sri Lanka.
• This significant agreement was formalized at a ceremony attended by Sri Lankan Minister of Power and Energy, Kanchana Wijesekera, and India’s Deputy High Commissioner, Satyanjal Pandey.

Key Aspects of the MoU:

1. Partnership Overview:
   • The agreement is between Sri Lanka’s LTL Holdings Limited and India’s Petronet LNG Limited.
   • The focus is on developing the necessary infrastructure for the Sobadhanavi Combined Cycle Power Plant at Kerawalapitiya, located north of Colombo.
2. Infrastructure Development:
   • The MoU covers the development of storage facilities and a regasification unit at Kerawalapitiya, as well as the supply of LNG for multiple power plants, including the Sobadhanavi and Yugadhanavi power plants.
3. Clean Energy Transformation:
   • Minister Wijesekera highlighted that this initiative is expected to reduce the cost of energy from thermal power generation by 2026.
   • Additionally, it will contribute to the country’s clean energy transformation, stabilise the grid for renewable energy integration, and support the creation of a domestic LNG market.
4. LNG Supply and Implementation:
   • The MoU outlines an 18-month program to facilitate LNG supply through ISO containers from Petronet LNG’s Kochi Terminal in India to the Port of Colombo and Kerawalapitiya.
   • This will support up to 1,000 MW of LNG power plants in Sri Lanka.
5. Sobadhanavi Power Plant:
   • The 350 MW LNG-based Combined Cycle Power Plant, Sobadhanavi, is a landmark project for Sri Lanka. Once operational, it will be the largest Independent Power Producer (IPP) in the country and the first power plant to utilize LNG.
   • This project marks a significant step towards transitioning from conventional thermal power to greener energy sources.

India and Malaysia Elevate Strategic Partnership and Expand Cooperation

• During the recent state visit of Malaysia’s Prime Minister to India, the two countries announced an elevation of their bilateral ties from an Enhanced Strategic Partnership, which was established in 2015.
• This move signifies a deeper and broader cooperation between the two nations.

Key Outcomes of the Visit:

1. International Big Cat Alliance (IBCA):
   • Malaysia’s Participation: Malaysia has agreed to join IBCA as a founding member.
   • Purpose: IBCA, headquartered in India, aims to conserve seven big cat species globally, with 96 countries and organizations involved in the coalition.
2. India-Malaysia Startup Alliance:
   • Objective: To foster cooperation in the development of startup ecosystems in both countries, enhancing innovation and entrepreneurship.
3. Malaysia-India Digital Council:
   • Purpose: To accelerate collaboration in Digital Public Infrastructure, Cybersecurity, and emerging technologies.
4. ASEAN-India Trade in Goods Agreement (AITIGA):
   • Agreement: Both countries agreed to support and expedite the review process of the AITIGA.
5. Additional Agreements:
   • Fields: Various agreements were signed in areas such as ayurveda, digital technologies, culture, tourism, youth, and sports.

Background on India-Malaysia Relations:

• Diplomatic History: India established diplomatic relations with the Federation of Malaya (now Malaysia) in 1957.
• Diaspora: Malaysia hosts approximately 2.7 million Persons of Indian Origin (PIO), making it the second-largest PIO community after the USA.
• Bilateral Trade: Trade between India and Malaysia has reached USD 19.5 billion.
• Defence Cooperation: Includes initiatives like the India-Malaysia Defence Cooperation Meeting (MIDCOM) and Exercise Harimau Shakti.
• ASEAN Centrality: India prioritizes ASEAN, with Malaysia set to chair ASEAN in 2025.

CURRENT AFFAIRS: SPORTS NEWS

Satya Prakash Sangwan Named Chef de Mission for India’s Largest-Ever Contingent at Paris Paralympics 2024

• Chef de Mission: Satya Prakash Sangwan, Vice-President of the Paralympic Committee of India (PCI), was appointed chef de mission for the Indian team.
• Indian Contingent: 84 athletes to participate in the Paris Paralympics 2024, the largest-ever from India, surpassing the 54 athletes who competed in Tokyo.
• Flagbearers: Bhagyashree Jadhav and Sumit Antil have been named as India’s flagbearers for the event.
• Event Dates: The Paralympics will occur from August 28 to September 8 in Paris.
• New Sports: India will compete in three new sports—para-cycling, para-rowing, and blind judo—bringing the total number of sports to 12.

ICC Confirms Venue Change for 2024 Women’s T20 World Cup from Bangladesh to UAE

• The International Cricket Council (ICC) has officially confirmed that the 2024 Women’s T20 World Cup will be relocated from Bangladesh to the United Arab Emirates (UAE).
• The tournament will proceed as planned, starting on October 3, and will be hosted at two venues in Dubai and Sharjah, concluding on October 20.

Key Points:

• Venue Change: The decision to move the event from Bangladesh to the UAE was made during a virtual ICC board meeting, with the Bangladesh Cricket Board agreeing to the relocation.
• Political Instability in Bangladesh: The move follows significant political turmoil in Bangladesh, where Prime Minister Sheikh Hasina fled the country on August 5 after weeks of unrest.
• This led to the resignation of several top officials and the formation of an interim government under Nobel laureate Muhammad Yunus.
• Last-Minute Efforts: Despite the interim government’s attempt, through the United Nations, to retain the tournament in Bangladesh, travel advisories issued by major cricketing nations, including India, Australia, New Zealand, and the United Kingdom, rendered these efforts unsuccessful.
• UAE as a Cricket Host: The UAE has emerged as a prominent venue for international cricket, having hosted numerous high-profile tournaments, including the 2021 Men’s T20 World Cup.
• This makes the UAE a reliable and experienced host for the Women’s T20 World Cup.

CURRENT AFFAIRS : OBITUARIES

General S. Padmanabhan, former Army Chief who led during Operation Parakram, passed away

• India’s 20th Chief of Army Staff (COAS) General Sundararajan Padmanabhan, a highly decorated officer under whose leadership the Indian Army made big gains over armed militants in Jammu and Kashmir in the early 1990s, passed away at the age of 83.

About Sundararajan Padmanabhan :

• Born on December 5, 1940, in Thiruvananthapuram, Kerala.
• He was a distinguished alumnus of the Rashtriya Indian Military College (RIMC), Dehradun, and the National Defence Academy (NDA), Khadakwasla.
• He was commissioned into the Regiment of Artillery on December 13, 1959, marking the beginning of an illustrious career spanning over four decades.

Key Commands:

• Commanded an Independent Light Battery (1975-1976).
• Commanded Gazala Mountain Regiment (1977-1980).
• Commanded Infantry Brigade in Ranchi, Bihar, and Punjab (1988-1991).
• General Officer Commanding Infantry Division in Punjab (1991-1992).
• Chief of Staff, 3 Corps (1992-1993).
• General Officer Commanding-in-Chief, Northern Command (1996).
• GOC-in-C Southern Command.
• As a Major General, he commanded an Infantry Division in the Western Sector and as a Lieutenant General, he led a Corps in Kashmir Valley, where he played a crucial role in counter-terrorism operations.
• Known affectionately as “Paddy” among his peers, his legacy is marked by his commitment to the welfare of soldiers, modernisation of the Indian Army and strategic vision.
• He was also an Honorary ADC to the President of India.
• He led the Indian Army during the crucial period of ‘Operation PARAKRAM’.
• He retired on December 31, 2002, after 43 years of exemplary service.
• Awards & Honours: He was awarded the Ati Vishisht Seva Medal (AVSM) for his services as the XV Corps Commander

Graham Thorpe, former England cricketer, dies after being hit by a train at Surrey railway station

• Graham Thorpe (England) passed away after being struck by a train at a railway station in Surrey.

About Graham Thorpe :

• Thorpe was an English cricketer who played first-class cricket for Surrey and represented England in 100 Test matches.
• He also played 82 One Day Internationals (ODIs) including appearances at the 1996 and 1999 World Cups and deputised as captain on three occasions.
• He was one of the most influential batters of his time, having played 100 Tests for England.
• He amassed 6744 runs to his name at an impressive average of 44.66 runs.

Sara Abraham, a leading figure in contemporary Indian art passed away

• Sara Abraham, the doyenne of contemporary Indian Art in the early Seventies, passed away at Chennai, Tamil Nadu (TN).
• Sara Abraham tooks art to greater heights by reaching out to the people through the ‘Kala Yatra’ — a “travelling art gallery” that took the form of exhibitions in different cities.
• She is celebrated for her experimental techniques, merging traditional and modern art forms.

CURRENT AFFAIRS: IMPORTANT DAYS

Sadbhavana Diwas 2024 – August 20

• Sadbhavana Diwas is celebrated on 20 August every year.
• The birth anniversary of former Prime Minister Late Shri Rajiv Gandhi is observed as “Sadbhavana Diwas” on August 20.
• On Sadbhavana Diwas in India, numerous cultural events and contests are held across states.
• The main goal of Sadbhavana Diwas is to promote consciousness among citizens about these critical environmental challenges.
• Planting saplings is also proposed on this day.
• Indian citizens are expected to make the following pledge on every Sadbhavana Diwas Day “I take this solemn pledge that I will work for the emotional oneness and harmony of all the people of India regardless of caste, region, religion, or language.
• I further pledge that I shall resolve all differences among us through dialogue and constitutional means without resorting to violence”.

Daily CA One- Liner: August 22

• Union Food Minister Pralhad Joshi has introduced a pilot project aimed at transforming 60 Fair Price Shops (FPS), commonly known as ration shops, into ‘Jan Poshan Kendras’ across Uttar Pradesh, Gujarat, Rajasthan, and Telangana.
• The Ministry of Finance has issued a clarification regarding the necessity of obtaining an Income Tax Clearance Certificate (ITCC) for Indian nationals travelling abroad.
• Granules India has received approval from the U.S. Food and Drug Administration (U.S. FDA) for its abbreviated new drug application (ANDA) for Glycopyrrolate Oral Solution 1mg/5mL.
• Amul has been recognized as the world’s strongest food brand in Brand Finance’s Global Food & Drinks Report 2024, achieving a Brand Strength Index (BSI) score of 91 and a brand valuation of $3.3 billion
• The Sri Lankan government and India’s state-run firm, Petronet LNG Limited, have signed a Memorandum of Understanding (MoU) to develop critical infrastructure for the storage, regasification, and supply of Liquefied Natural Gas (LNG) to power plants in Sri Lanka.
• During the recent state visit of Malaysia’s Prime Minister to India, the two countries announced an elevation of their bilateral ties from an Enhanced Strategic Partnership, which was established in 2015
• Reserve Bank of India (RBI) Governor Shaktikanta Das has been ranked as the top central banker globally for the second consecutive year by US-based Global Finance magazine.
• IDBI Bank has increased its fixed deposit (FD) rate to 7.85% for a 444-day tenure, aiming to attract more deposits.
• The Reserve Bank of India (RBI) announced the launch of the RBI90Quiz for college students at the undergraduate level.
• The Reserve Bank of India (RBI) issued a framework for recognition of self-regulatory organisations (SROs) in the financial markets space to help strengthen compliance culture and provide a consultative platform for policy making.
• Fintech firm BharatPe announced its foray into facilitation of secured loans for merchant partners on its platform.
• Bank of Baroda (BoB) secured a ₹5,000 crore loan deal with Steel Authority of India Limited (SAIL), a major state-owned steelmaker.
• Capital markets regulator Securities and Exchange Board of India (SEBI) proposed amendments to ease the compliance requirements for entities with listed non-convertible securities.
• Almin Karamehmedovic, previously the executive producer of “World News Tonight,” has been named the President of ABC News.
• Consumer payments and lending company Slice has received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB).
• Life Insurance Corporation of India (LIC) sold a 2.09% stake in state-owned Hindustan Copper Ltd (HCL) for ₹447 crore through an open market transaction.
• India’s 20th Chief of Army Staff (COAS) General Sundararajan Padmanabhan, a highly decorated officer under whose leadership the Indian Army made big gains over armed militants in Jammu and Kashmir in the early 1990s, passed away at the age of 83.
• Graham Thorpe (England) passed away after being struck by a train at a railway station in Surrey.
• Sara Abraham, the doyenne of contemporary Indian Art in the early Seventies, passed away at Chennai, Tamil Nadu (TN).
• Chef de Mission: Satya Prakash Sangwan, Vice-President of the Paralympic Committee of India (PCI), was appointed chef de mission for the Indian team.
• The International Cricket Council (ICC) has officially confirmed that the 2024 Women’s T20 World Cup will be relocated from Bangladesh to the United Arab Emirates (UAE).
• Sadbhavana Diwas is celebrated on 20 August every year.