Daily Current Affairs July 27 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

CRED Launches Unified Financial Data Platform for Comprehensive Finance Tracking

• Fintech app CRED has launched a unified money management dashboard called CRED Money.
• Platform Purpose: The platform aggregates all customer financial data, including payments, on a single platform.
• It is aimed at becoming the go-to app for well-heeled customers.
• Similar apps providing unified platforms for multiple bank accounts and transactions include ICICI Bank, Axis Bank, and Fi Money.

Key Highlights :

• Account Aggregator Framework:CRED Money is built on the Account Aggregator (AA) framework.
• This framework allows secure and encrypted sharing of bank account information between authorized organizations.
• It is part of India’s digital public infrastructure, empowering citizens to control their own data.
• Financial Data Aggregation:The platform aggregates customer’s financial information such as:
• Bank accounts
• Spending or financial transactions
• Demat accounts
• Subscriptions
• Bill payments
• Insurance premiums
• Dividends
• Tax refunds
• User Consent:The data collection and analysis are based on customer consent.

Features and Benefits:

• CRED Money shows transactions across multiple bank accounts.
• Provides insights into users’ spending behaviour.
• Allows users to make payments through its inbuilt UPI offering.

What is meant by Account Aggregators?

• Account Aggregators (AAs) act as intermediaries by collecting data from Financial Information Providers (FIPs) and sharing it with Financial Information Users (FIUs) such as lending banks and agencies.
• CRED is classified as a Financial Information User (FIU).

About CRED :

• Founded : 2018
• Headquarters : Bangalore, Karnataka, India
• CEO : Kunal Shah

Reserve Bank of India to Issue Guidance Notes on Scenario Analysis and Stress Testing for Climate-Related Financial Risk   

• The Reserve Bank of India (RBI) is planning to release guidance notes on scenario analysis, stress testing, and effective management of climate-related financial risks.
• These notes will be based on the Basel Committee on Banking Supervision (BCBS) principles.

Key Highlights :

• Climate Change and Economic Growth:Proposals for tackling climate change may give rise to contradictory views due to perceived compromises on economic growth and employment.
• Rising temperatures and climate events are already causing significant financial costs and ecological damage.
• Mitigating Climate Risk:Early work on mitigating climate risk supports long-term growth.
• Investments in climate action are expected to pay off in the medium and long term.
• Climate Finance for EMDEs:It is crucial to channel climate finance to Emerging Market and Developing Economies (EMDEs).
• Advanced economies must make firm and abiding commitments on climate funds to help EMDEs in the transition process
• Adaptation and Transition Strategies:Adaptation and transition are key strategies in managing climate risk.
• The transition must be swift, equitable, and just, without imposing undue burdens on developing and underdeveloped economies.
• Funding Requirements for EMDEs:Significant funding gaps exist, with financing requirements estimated at 2.5% of GDP annually for India and $2 trillion per year by 2030 for EMDEs.
• Access to transition finance is essential for these regions.
• Role of Transition Plans:Transition plans are crucial for banks and financial institutions to mobilize capital and manage financial risks from climate-related issues.
• These plans should be strategic, top-driven, and include explicit components for different geographical regions, industries, and entities.
• Adaptation Strategies:Adaptation involves responding to climate events that deteriorate environmental conditions essential for daily living (water, energy, air quality, and working temperatures).
• Adaptation financing is critical for establishing early warning systems and disaster preparedness plans to build economic resilience and sustainable development.

AU Small Finance Bank Board Approves Proposal to Apply to Reserve Bank of India for Universal Bank Transition    

• The Board of Directors of AU Small Finance Bank(SFB) approved a proposal to apply to the Reserve Bank of India (RBI) for transitioning from a Small Finance Bank (SFB) to a universal bank.

Key Highlights :

• RBI Guidelines:The decision follows RBI guidelines for ‘on tap’ licensing of universal banks in the private sector dated August 01, 2016.
• It also follows the RBI circular on voluntary transition of SFBs to universal banks dated April 26, 2024.
• Committee of Directors:A Committee of Directors has been constituted to vet the bank’s application for submission to the RBI.

Committee members:

• HR Khan (Chairperson, Part-time Chairman, and Independent Director)
• Pushpinder Singh (Independent Director)
• MS Sriram (Independent Director)
• Sanjay Agarwal (Managing Director & CEO)

RBI Licensing Guidelines:

• RBI issued guidelines for licensing of SFBs in the private sector in November 2014.
• An SFB aiming to become a universal bank must meet the following criteria:
• Minimum net worth of Rs 1,000 crore at the end of the previous quarter (audited).
• Shares should be listed on a recognized stock exchange.
• Net profit in the last two financial years.
• Gross NPA (Non-Performing Assets) ≤ 3% and Net NPA ≤ 1% in the last two financial years.

Recent News :

• Jaipur-based AU Small Finance Bank acquired Fincare Small Finance Bank and the merger became effective on April 1, 2024.

About AU Small Finance Bank :

• Founded : 1996
• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal

Asian Development Bank Approves $200 Million Loan to Expand Metro Rail and Urban Mobility in Nagpur

• The Asian Development Bank (ADB) approved a $200 million loan to expand metro rail corridors and improve transport connectivity in Nagpur, India.
• The Nagpur Metro Urban Mobility Project aims to enhance transport connectivity within and to Nagpur’s new and growing urban areas.
• It focuses on providing efficient, safe, and environment-friendly public transport to ease commuter travel and improve productivity.

Key Highlights :

• Metro Rail Corridor Extensions:The project will finance the extension of four metro rail corridors:

1. Automotive Square to Kanhan
2. Prajapati Nagar to Transport Nagar
3. Khapri to Maharashtra Industrial Development Corporation ESR
4. Lokmanya Nagar to Hingna

• Infrastructure Development : The project will construct 43.8 kilometres of elevated metro rail corridors with 32 stations.
• The metro stations will be equipped with modern safety and security technology, and designed to meet the needs of women, students, and people with disabilities.
• Integration with City Transport : ADB will support the Maharashtra Metro Rail Corporation Limited (Maha Metro) improve the connection of the metro rail stations to the city’s transport services such as buses, e-rickshaws, e-scooters, and bicycles.
• Institutional Development:Development of a 5-year institutional action plan for Maha Metro, including:
• Gender equality and social inclusion-responsive workplace strategy.
• Improvement of the digital project management platform.
• Staff training on metro planning and management.
• Employment and Entrepreneurship:Increasing employment and entrepreneurship opportunities for women and disadvantaged groups through skills training, internships, and apprenticeships.

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

Reserve Bank of India Revokes Licence of Uravakonda Co-operative Town Bank Limited. in Andhra Pradesh’s Anantapur District    

• The Reserve Bank of India (RBI) cancelled the licence of Uravakonda Co-operative Town Bank Limited., located in Uravakonda, Anantapur District, Andhra Pradesh (AP).

Reasons for Licence Cancellation:

• The bank lacks adequate capital and earning prospects.
• Non-compliance with the provisions of: Section 11(1) and Section 22(3)(d) read with Section 56 of the Banking Regulation Act, 1949.
• Impact of Licence Cancellation: The bank is no longer permitted to carry on banking business, effective from the close of business on the cancellation date.
• Follow-up Actions: The Commissioner for Cooperation and Registrar of Cooperative Societies, Andhra Pradesh, is requested to:
• Issue an order for winding up the bank.
• Appoint a liquidator for the bank.
• Depositor Protections:Upon liquidation, each depositor is entitled to receive a deposit insurance claim amount of up to ₹5,00,000 from the Deposit Insurance and Credit Guarantee Corporation (DICGC), subject to the provisions of the DICGC Act, 1961.

About RBI :

• Established : 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

CURRENT AFFAIRS: NATIONAL NEWS

Sa-Dhan Implements Stricter Guidelines for Microfinance Institutions

• Sa-Dhan, a self-regulatory organisation (SRO) recognised by the Reserve Bank of India (RBI) for microfinance institutions (MFIs), has introduced stricter guidelines for its over 220 members.
• The new rules prohibit extending new loans to households with MFI exposure exceeding Rs 2 lakhs.

Key Highlights:

1. Loan Restrictions:
   • No additional loans for households with MFI exposure exceeding Rs 2 lakh.
   • Mandatory comprehensive credit bureau checks at the household level for approving small-ticket loans.
2. Over-Leveraging Prevention:
   • No loans to borrowers with accounts recognized as non-performing assets (NPA) for any loan amount over Rs 3,000.
3. Transparent Loan Pricing:
   • MFIs must define and comply with transparent practices for pricing loans, including components such as cost of fund, operational expenses, risk margin, and interest margin.
   • The rate of interest must be justifiable and approved by the MFI’s board members.
4. Regulatory Compliance:
   • Guidelines align with the RBI-prescribed 50% FOIR (fixed obligation to income ratio).
   • Sa-Dhan’s guidelines follow a meeting with managing directors and CEOs of member institutions, including Jana Small Finance Bank, ESAF SFB, Equitas SFB, Muthoot Microfin, and Swantantra MFI.
5. Response to RBI’s Warning:
   • The guidelines come after RBI Governor Shaktikanta Das‘s warning at the FE Modern BFSI Summit about revisiting the regulatory framework for MFI loans if unfair lending practices persist.

MNRE to Raise Over ₹13,500 Crore via Green Bonds for Renewable Energy Projects

• The Ministry of New & Renewable Energy (MNRE) plans to raise over ₹13,500 crore through green bonds for renewable energy projects in the financial year ending March 2025.
• The budget estimate for FY25 is ₹13,526.35 crore, an 80% increase from FY24’s estimate of ₹7,507.46 crore.
• The revised estimate for the last fiscal year was ₹6,116.30 crore.

1. Allocation of Funds:
   • ₹10,000 crore for solar energy.
   • ₹1,996 crore for PM KUSUM (rural solar scheme).
   • ₹930 crore for wind energy.
   • ₹600 crore for the national green hydrogen mission.
2. Historical Context and Future Plans:
   • In FY23, the government raised ₹16,000 crore through SGrB (Sovereign Green Bonds), with total expenditure on eligible schemes reaching ₹16,923 crore.
   • For FY24, the government plans to raise ₹20,000 crore through SGrB, with any additional expenditure to be covered by general revenues.
   • Various ministries and departments have proposed to raise a total of ₹32,060.86 crore via SGrBs for FY25.
3. Other Ministry Plans:
   • Railways: Plans to raise ₹15,000 crore, with ₹12,000 crore allocated for the production of energy-efficient three-phase electric locos.
   • Ministry of Housing and Urban Affairs (MoHUA): Plans to raise ₹3,364.51 crore for equity investments in metro projects.
   • Ministry of Environment, Forests and Climate Change (MoEFCC): Plans to raise ₹170 crore for the National Mission for a Green India.

Renaming Rashtrapati Bhavan’s Grand Halls to Reflect Indian Culture

• Rashtrapati Bhavan’s grand Durbar Hall and Ashok Hall, traditionally used for ceremonies and celebrations, have been renamed Ganatantra Mandap and Ashok Mandap, respectively.
• This renaming is part of ongoing efforts to reflect Indian culture and ethos.

Key Highlights:

1. Renaming of Halls:
   • Durbar Hall has been renamed Ganatantra Mandap.
   • Ashok Hall has been renamed Ashok Mandap.
2. Cultural Significance:
   • The renaming reflects efforts to imbue locations with Indian culture and ethos.
   • Ganatantra Mandap aligns with India’s identity as a republic, emphasizing the concept of ‘Ganatantra’ deeply rooted in Indian society.
   • Ashok Mandap aims to eliminate traces of anglicization and uphold the values associated with the word ‘Ashok’, which signifies being free from suffering and symbolizes Emperor Ashok’s unity and peaceful co-existence.
3. Historical Context:
   • Durbar Hall, under the central dome of the erstwhile Vice Regal Lodge, was initially known as the Throne Room.
   • It hosted the swearing-in ceremony of C Rajagopalachari as the Governor-General of India in 1948 and is used for civil and defense investiture ceremonies.
   • Prior to 2014, new government swearing-in ceremonies were held there, which have since moved to the forecourt of the Rashtrapati Bhavan.
4. Functions of Ashok Hall:
   • Heads of foreign missions present their credentials at the now Ashok Mandap.
   • It serves as a formal place of introductions for visiting and Indian delegations before State Banquets.
   • The ceiling features a leather painting of Fath Ali Shah, a Qajar ruler of Persia, hunting a tiger with his 22 sons.
5. Previous Renaming:
   • In 2023, the Mughal Gardens at Rashtrapati Bhavan were renamed Amrit Udyan, continuing the trend of renaming to reflect Indian heritage.

PM Modi to Launch World’s Highest Shinku La Tunnel in Ladakh

• Prime Minister Narendra Modi will initiate the first blast for the Shinku La tunnel.
• The tunnel will provide all-weather connectivity from Manali to Leh.
• The tunnel will be 1 km long and situated at an elevation of 15,800 feet, making it the world’s highest, surpassing China’s Mila tunnel.

1. Strategic Importance:
   • The Shinku La tunnel is crucial for military mobility and logistics.
   • It will offer a third route to Ladakh amid ongoing India-China tensions.
2. Supporting Infrastructure:
   • The Nimmu-Padam-Darcha road, an integral part of the project, was completed in March 2024.
   • The Border Roads Organisation has been enhancing India’s strategic infrastructure with increased funding to support defense capabilities along the border.

Revamped Skill Loan Scheme Launched with Increased Loan Limits

• The Union Budget has increased the eligible loan amount for high-end skilling courses under the Model Skill Loan scheme from ₹1.5 lakh to ₹7.5 lakh.
• Skill Development Minister Jayant Chaudhary has launched the revamped scheme to address previous challenges.

1. Challenges with Previous Scheme:
   • The earlier Credit Guarantee Fund Scheme for Skill Development, established in November 2015, faced issues due to its low loan limit and restricted lending network.
   • By March 31, 2024, only ₹115.75 crore had been loaned to 10,077 borrowers.
   • Low utilization was attributed to the scheme’s limited loan size (up to ₹1.5 lakh) and rising course costs due to inflation.

• The previous scheme faced low fund utilization due to the ₹1.5 lakh loan cap, which was insufficient for high-end skilling courses whose costs had risen due to inflation.
• Only banks that were members of the Indian Banking Association (IBA) were permitted to lend under the old scheme, limiting outreach and uptake.

2. Broadened Lending Network:
   • The revamped scheme expands the lending network from only Indian Banking Association (IBA) member banks to include Non-Banking Financial Companies (NBFCs) and small finance banks.
   • This expansion aims to increase access to a wider range of skill courses and provide higher loan limits.

Prime Minister Shri Narendra Modi Commemorates 25th Anniversary of Kargil Vijay Diwas

• Prime Minister Shri Narendra Modi is in Kargil to mark the 25th anniversary of Kargil Vijay Diwas.
• During his visit, PM Modi paid tribute to the bravehearts who made the supreme sacrifice in the Kargil War.

1. Tributes at Kargil War Memorial:
   • The Prime Minister visited the Kargil War Memorial at Dras to honour the martyrs of the Kargil War.
   • Security arrangements were meticulously organized at the memorial for the Prime Minister’s visit.
2. Other Leaders’ Tributes:
   • President Droupadi Murmu and Defence Minister Rajnath Singh also offered their tributes to the fallen soldiers on the occasion of the 25th Vijay Diwas.

CURRENT AFFAIRS: BUSINESS NEWS

BSNL’s Ambitious Targets Amid 4G Launch and Revival Efforts

• BSNL aims for a 25% subscriber market share by the end of 2025 as it launches 4G services.
• Current market share is 7.4% with 86.3 million mobile subscribers.
• The government has allocated Rs 3.2 trillion in revival packages to BSNL.
• Rs 83,416 crore is set aside in the 2024-25 Budget for BSNL’s technological upgrades and restructuring.

1. 4G Rollout and Infrastructure:
   • BSNL is expediting the rollout of 4G services with contracts worth Rs 19,000 crore awarded to Tata Consultancy Services (TCS), Tejas Networks, and ITI.
   • Over 9,000 towers for 4G services have been installed in Punjab, Himachal Pradesh, UP West, and Haryana.
   • A Project Management Unit (PMU) will be established for daily monitoring of 4G deployment in collaboration with TCS, Tejas Networks, and C-DOT.
2. Leadership and Strategic Focus:
   • Robert Jerard Ravi has taken charge as the new CMD of BSNL for six months.
   • Focus areas include fast-tracking 4G rollout, initiating 5G trials, reducing subscriber churn, and improving service quality.
3. Financial Performance:
   • BSNL narrowed its net loss to Rs 5,367 crore in FY24 from Rs 8,161 crore in FY23.
   • Revenue from operations grew by 1% to Rs 19,343.6 crore, missing the Rs 20,008 crore
   • BSNL targets Rs 35,960 crore revenue from operations by 2027-28, with a 20% year-on-year growth from FY25 to FY27.

CURRENT AFFAIRS: RANKING AND REPORTS

Parle Tops Kantar’s Brand Footprint Report for 12th Consecutive Year

• Parle continues to be the most chosen in-home brand according to Kantar’s Brand Footprint Report.
• With a Consumer Reach Points (CRP) score of 7980 million, Parle holds the top spot for the 12th consecutive year.

1. Top Five In-Home Brands:
   • Following Parle, the other top brands include:
     • Britannia
     • Amul
     • Clinic Plus
     • Tata Consumer Products

2. CRP Increase:
   • Overall, Consumer Reach Points (CRPs) have increased by 33% in the last five years.
3. Rising Penetration:
   • Seven brands in the top 25 in-home rankings have seen more than 20% penetration increase over the last decade. These brands are:
     • Britannia
     • Surf Excel
     • Sunfeast
     • Haldiram’s
     • Patanjali
     • Brooke Bond
     • Vim

4. Out-of-Home Rankings:
   • In the out-of-home rankings, Britannia leads with 628 million CRPs.
   • It is followed by:
     • Haldiram’s
     • Cadbury
     • Balaji
     • Parle
   • The top 5 out-of-home brands are all snacking brands and remain unchanged from 2023.

CURRENT AFFAIRS: MOUS AND AGREEMENT

KisanKraft Expands Operations to Tanzania with ₹100 Crore Investment

• KisanKraft Limited, a Bengaluru-based farm equipment manufacturer, is expanding its operations to Tanzania in East Africa.
• The company signed a Memorandum of Understanding (MoU) with the Ministry of Agriculture of the United Republic of Tanzania to support agricultural development.

1. Investment Commitment:
   • Managing Director Ankit Chitalia announced a ₹100 crore investment in East African countries to support capacity-building programs.
   • KisanKraft is in discussions with several other countries for further international expansion.
2. Strategic Partnership:
   • The MoU follows the visit of Tanzanian President Samia Suluhu Hassan and her Cabinet to India in October 2023.
   • Chairman Ravindra Agrawal mentioned that the company has been working on a multifaceted MoU to enhance collaboration in the agricultural sector.
3. Previous International Ventures:
   • KisanKraft has previously exported farm equipment such as inter cultivators and other machinery to countries including Nepal and Sri Lanka.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Troops Depart for Multinational Military Exercise Khaan Quest    

• The Indian Army contingent departed for the Multinational Military Exercise KHAAN QUEST.
• The exercise is scheduled to be conducted from 27th July to 9th August 2024 at Ulaanbaatar, Mongolia.
• The exercise will bring together military forces from around the world to collaborate and enhance their peacekeeping capabilities.
• Aim of Exercise : To prepare the Indian Armed Forces for peacekeeping missions while operating in a multinational environment, thereby increasing interoperability and military readiness in peace support operations under Chapter VII of United Nations Charter.

Note :

• Last edition of Exercise KHAAN QUEST was conducted in Mongolia from 19th June to 2nd July 2023.
• The exercise first started as a bilateral event between USA and Mongolian Armed Forces in the year 2003.
• Subsequently, from the year 2006 onwards the exercise graduated to a Multinational Peacekeeping Exercise with the current year being the 21st iteration.

About the Exercise :

• Participants:The Indian Army contingent, comprising 40 personnel, includes troops from a Battalion of the Madras Regiment, along with personnel from other Arms and Services.
• The contingent includes one woman officer and two women soldiers.
• Focus Areas:The exercise will focus on high physical fitness, joint planning, and tactical drills.
• Tactical drills include:
• Establishment of Static and Mobile Check Points
• Cordon and Search Operations
• Patrolling
• Evacuation of Civilians from Hostile Areas
• Counter Improvised Explosive Device (IED) drills
• Combat First Aid and Casualty Evacuation
• Objectives:
• The exercise facilitates sharing of best practices in Tactics, Techniques, and Procedures for joint operations.
• It aims to develop interoperability, bonhomie, and camaraderie between soldiers of participating countries.

Recent News :

• India and Mongolia also conduct a bilateral military exercise called “Nomadic Elephant”.
• The 16th edition of Nomadic Elephant was held in July 2024 at the Foreign Training Node, Umroi (Meghalaya).

About Mongolia :

• President : Ukhnaagiin Khürelsükh
• Prime Minister : Luvsannamsrain Oyun-Erdene
• Capital : Ulaanbaatar
• Currency : Tögrög

Goa Shipyard Unveils 1st Indigenous Advanced Frigate “Triput” For Indian Navy   

• Goa Shipyard Limited (GSL) launched the first indigenous P1135.6 Frigate named Triput.
• The launch signifies a step forward for India’s naval capabilities and the ‘Aatmanirbhar Bharat’ (self-reliant India) strategy.
• The ship’s name, Triput, symbolizes the Indian Navy’s indomitable spirit and striking capability

Event Attendees:

• The launch event was attended by notable officials, including:
• Hon’ble Governor of Goa, Shri P S Sreedharan Pillai.
• Vice Admiral Krishna Swaminathan, Vice Chief of Naval Staff.
• Rita Sreedharan performed the ceremonial launch with an invocation from the Atharva Veda.

Background :

• The contract for building two Triput class Advance Frigates was signed between the Ministry of Defence and Goa Shipyard Limited on 25 Jan 19.
• The ship’s construction phases include a plate-cutting ceremony on September 20, 2020, and keel laying on January 29, 2021.

Key Highlights :

Specifications and Capabilities:

• Designed for combat operations against enemy surface ships, submarines, and aircraft.
• Dimensions: 124.8 m long, 15.2 m wide, draught of 4.5 m.
• Displacement: Approximately 3600 tons.
• Maximum speed: 28 knots.
• Equipped with stealth features, advanced weapon & sensors, and platform management systems.

Indigenous Development:

• The Triput class ships are follow-on ships of the Teg and Talwar class ships acquired from Russia.
• First time these frigates are being constructed indigenously by an Indian shipyard.

Economic and Strategic Impact:

• Contributes to national development by expanding the local ecosystem.
• Supports the workforce and engages Micro, Small, and Medium Enterprises (MSMEs).

About Goa Shipyard Limited :

• Established : 1957
• Headquarters : Vasco da Gama, Goa
• Chairman & MD : Brajesh Kumar Upadhyay

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Nita Ambani was Unanimously Re-elected as an International Olympic Committee Member for the Paris Olympics 2024  

• Nita Ambani, Founder of Reliance Foundation, has been re-elected unanimously as a member of the International Olympic Committee (IOC) at the 142nd IOC session in Paris, ahead of the Paris 2024 Olympic Games.

About Nita Ambani :

• Nita Ambani was first appointed to the IOC in 2016 during the Rio de Janeiro Olympic Games.
• She is the first Indian woman to join the IOC.
• Since her appointment, Nita Ambani has championed India’s sporting ambitions and Olympic vision.
• She hosted the first IOC session in Mumbai in over 40 years in October 2023, showcasing India’s new, ambitious image to the world.
• The Reliance Foundation, founded by Nita Ambani, plays a crucial role in the growth of sports in India. Its initiatives range from grassroots to elite levels, impacting over 22.9 million children and youth across the nation.
• The Paris 2024 Olympic Games are scheduled to take place in Paris, France, from July 26 to August 11, 2024.

About IOC :

• Established : 23 June 1894
• Headquarters : Lausanne, Switzerland
• President : Thomas Bach

Bibhuti Bhusan Nayak was Elected as the New President of the Institute of Cost Accountants of India     

• Bibhuti Bhusan Nayak has been elected as the 67th President of the Institute of Cost Accountants of India (ICMAI) for the year 2024-2025.
• Nayak is Odisha’s 3rd Cost Accountant to be elected to this esteemed position.
• TCA Srinivasa Prasad has been elected as the vice president of the Institute of Cost Accountants of India for 2024-25

About Bibhuti Bhusan Nayak :

• He is a Fellow Member of ICMAI and a member of the Bhubaneswar Chapter.
• He has over 30 years of professional experience in finance and cost accountancy
• He retired as DGM (Finance) from OPTCL and is currently a practicing Cost Accountant.
• He served as the Chairman of the Bhubaneswar Chapter (2015-16) and as the Chairman of the Eastern India Regional Council (EIRC) of ICMAI (2022-2023).
• He was elected as a Council member of the Institute for the term 2023-27 and served as Vice President for the year 2023-24.

About ICMAI :

• Headquarters : Kolkata, West Bengal
• ICMAI was established as a statutory body on 28 May 1959 under the Cost and Works Accountants Act, 1959.

Affiliations:

• The Institute comes under the Union Ministry of Corporate Affairs.
• It is a founding member of:
  • International Federation of Accountants (IFAC)
  • Confederation of Asian & Pacific Accountants (CAPA)
  • South Asian Federation of Accountants (SAFA)

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

EQT Private Capital Asia Sells Full Stake in RBL Bank for ₹1,091 Crore

• EQT Private Capital Asia, formerly known as Baring Private Equity Asia, on Thursday exited RBL Bank by selling its entire 7.89% stake in the private sector lender for Rs 1,091 crore through an open market transaction.
• EQT Private Capital Asia through its vehicle Maple II BV sold shares of RBL Bank through a bulk deal on the BSE.
• A total of 4,78,40,700 shares were sold at an average price of Rs 228.08 per share, totalling Rs 1,091.15 crore.
• Meanwhile, Societe Generale and Morgan Stanley Asia Singapore Pte bought 1,95,99,054 shares or 3.23% stake in RBL Bank.
• The shares were purchased at an average price of Rs 446.85 crore.
• In November 2020, Baring Private Equity Asia invested Rs 999 crore through Maple II BV to acquire a 9.44% stake in RBL Bank.

About EQT Private Capital Asia :

• Founded : 1997
• Headquarters : Hong Kong
• Founder : Jean Salata

About RBL Bank, formerly known as Ratnakar Bank Limited :

• Founded : August 1943
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : R Subramaniakumar

Daily CA One-Liner: July 27

• Sa-Dhan, a self-regulatory organisation (SRO) recognised by the Reserve Bank of India (RBI) for microfinance institutions (MFIs), has introduced stricter guidelines for its over 220 members
• The Ministry of New & Renewable Energy (MNRE) plans to raise over ₹13,500 crore through green bonds for renewable energy projects in the financial year ending March 2025.
• Rashtrapati Bhavan’s grand Durbar Hall and Ashok Hall, traditionally used for ceremonies and celebrations, have been renamed Ganatantra Mandap and Ashok Mandap, respectively.
• Prime Minister Narendra Modi will initiate the first blast for the Shinku La tunnel
• The Union Budget has increased the eligible loan amount for high-end skilling courses under the Model Skill Loan scheme from ₹1.5 lakh to ₹7.5 lakh
• Prime Minister Shri Narendra Modi is in Kargil to mark the 25th anniversary of Kargil Vijay Diwas.
• BSNL aims for a 25% subscriber market share by the end of 2025 as it launches 4G services
• Parle continues to be the most chosen in-home brand according to Kantar’s Brand Footprint Report
• KisanKraft Limited, a Bengaluru-based farm equipment manufacturer, is expanding its operations to Tanzania in East Africa
• Fintech app CRED has launched a unified money management dashboard called CRED Money.
• The Reserve Bank of India (RBI) is planning to release guidance notes on scenario analysis, stress testing, and effective management of climate-related financial risks.
• The Board of Directors of AU Small Finance Bank(SFB) approved a proposal to apply to the Reserve Bank of India (RBI) for transitioning from a Small Finance Bank (SFB) to a universal bank.
• The Asian Development Bank (ADB) approved a $200 million loan to expand metro rail corridors and improve transport connectivity in Nagpur, India.
• The Reserve Bank of India (RBI) cancelled the licence of Uravakonda Co-operative Town Bank Limited., located in Uravakonda, Anantapur District, Andhra Pradesh (AP).
• The Indian Army contingent departed for the Multinational Military Exercise KHAAN QUEST.
• Goa Shipyard Limited (GSL) launched the first indigenous P1135.6 Frigate named Triput.
• Nita Ambani, Founder of Reliance Foundation, has been re-elected unanimously as a member of the International Olympic Committee (IOC) at the 142nd IOC session in Paris, ahead of the Paris 2024 Olympic Games.
• Bibhuti Bhusan Nayak has been elected as the 67th President of the Institute of Cost Accountants of India (ICMAI) for the year 2024-2025.
• EQT Private Capital Asia, formerly known as Baring Private Equity Asia, on Thursday exited RBL Bank by selling its entire 7.89% stake in the private sector lender for Rs 1,091 crore through an open market transaction.