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CURRENT AFFAIRS: BANKING & FINANCE

Reserve Bank of India Grants Approval to Fintech Association for Consumer Empowerment as a FinTech Self-Regulatory Organization   

• The Reserve Bank of India (RBI) has officially recognized the Fintech Association for Consumer Empowerment (FACE) as the first Self-Regulatory Organization in the FinTech sector (SRO-FT).
• Out of the three applications submitted for recognition as an SRO-FT, only FACE’s application was approved by the RBI.
• The other two applications were either returned for resubmission or are still under examination.
• Purpose of SRO-FT: The SRO-FT framework was finalized by the RBI in May 2024 to promote “healthy and sustainable development” within the FinTech industry under the central bank’s oversight.
• FACE has nearly 50 members, including prominent companies like CASHe, Fibe, CRED, Groww, LoanTap, KreditBee, and Paysense, representing around 80% of digital lending business volume.

What is an SRO-FT?

• Definition: A Self-Regulatory Organization in FinTech (SRO-FT) must be a registered not-for-profit company.
• Responsibilities: It is responsible for setting guidelines on consumer protection, data security, and privacy. SROs also have the authority to investigate and discipline non-compliant members.
• Function: SROs act as intermediaries between industry players and regulatory bodies like the RBI, advocating for necessary changes and promoting compliance.

Characteristics of SRO-FT:

• Credibility and Objectivity: SRO-FTs must operate with credibility, objectivity, and responsibility under RBI’s oversight.
• Inclusivity: They should represent the FinTech sector comprehensively, ensuring inclusivity and legitimacy.

Eligibility and Membership Criteria:

• Not-for-Profit Requirement: The SRO-FT must be a not-for-profit company under Section 8 of the Companies Act, 2013.
• Diversified Shareholding: No entity should hold 10% or more of the paid-up share capital, either individually or in concert with others.
• Net Worth Requirement: The applicant should have a minimum net worth of INR 2 Crores within one year of recognition or before commencing operations, whichever is earlier.
• Exclusions: Banks are not included in the membership base of an SRO-FT. Instead, it primarily covers entities regulated by the RBI, such as NBFC-Account Aggregators and NBFC-Peer to Peer Lending Platforms.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

Department of Economic Affairs Amends Securities Contracts Regulation Rules (SCRR), 1956, Enabling Direct Listing of Indian Companies’ Securities on International Exchanges at GIFT IFSC

• The Department of Economic Affairs, under the Ministry of Finance, has amended the Securities Contracts Regulation Rules (SCRR), 1956.
• Aim of the Amendments : To streamline listing requirements for Indian companies, facilitating the direct listing of their securities on international exchanges within International Financial Service Centres (IFSCs), especially at Gujarat International Finance Tech-City (GIFT City) in Gujarat.

Key Highlights :

• Regulatory Framework: The ‘Direct Listing of Equity Shares of Companies Incorporated in India on International Exchanges Scheme’ is underpinned by:
• Foreign Exchange Management (Non-Debt Instruments), 2019.
• Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules, 2024.
• These frameworks together enable public Indian companies to issue and list their shares on permitted international stock exchanges at GIFT-IFSC.
• To further facilitate this, the new rules stipulate that:
• Minimum Public Offer: For public Indian companies desiring to list solely on international exchanges in IFSCs, the minimum offer and allotment to the public as per the offer document shall be at least 10% of the post-issue capital.
• Continuous Listing Requirements: The continuous listing requirement for such companies has also been set at 10%, as outlined under Rules 19 (2)(b) and 19A of the SCRR.
• Government Commitment: This initiative highlights the government’s commitment to providing a flexible, world-class regulatory and business environment in IFSCs, thereby enhancing India’s standing in the global financial system.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary

Securities and Exchange Board of India Proposes UPI-Like Blocking Mechanism for Securities Market    

• The Securities and Exchange Board of India (SEBI) has proposed that Qualified Stock Brokers (QSBs) offer a UPI-based block mechanism for trading in the secondary market, similar to the Application Supported by Blocked Amount (ASBA) facility used in the primary market.

Key Highlights :

• UPI Block Mechanism:Function: This mechanism allows clients to trade based on funds blocked in their bank accounts rather than transferring funds upfront to the trading member.
• Optional Facility: The UPI block facility is optional for investors and not mandatory for Trading Members (TMs) to offer.
• ASBA-like Facility: The Application Supported by Blocked Amount (ASBA)-like facility ensures that funds are moved only when an allotment occurs.
• Implementation:Client Segment: SEBI suggested that QSBs must provide this facility for individuals and Hindu Undivided Families (HUFs) in the cash segment.
• Alternative Option: SEBI has suggested that QSBs could alternatively offer a “3-in-1 trading account facility”:
• 3-in-1 Trading Accounts: Clients would maintain funds in their bank accounts, earning interest on cash balances, and use this facility for both cash and derivatives segments without amount restrictions.
• Restrictions: The UPI block mechanism would be initially available only for the cash segment with restrictions on the number of daily blocks.
• Public Comments: SEBI has invited public comments on these proposals until September 12., 2024.
• Qualification Criteria for QSBs:QSBs are determined based on factors like the size of operations, number of active clients, total assets held by clients, end-of-day margin, and trading volume.
• Responsibilities: Being a QSB brings enhanced responsibilities and obligations, including increased monitoring by Market Infrastructure Institutions.
• Previous Introduction:UPI Mechanism: SEBI introduced the RBI-approved Unified Payments Interface (UPI) with the fund blocking feature for public issues like IPOs starting January 2019.
• Beta Version: The beta version of the UPI block mechanism for secondary markets was launched on January 1, 2024, applicable only to the cash segment.

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.

Securities and Exchange Board of India Proposes 8-Year Mandatory Retention of Communication Records   

• Securities and Exchange Board of India (SEBI) proposed to make it mandatory for all entities regulated by it to maintain communication records, including acknowledgements, for at least 8 years.
• The move is aimed at improving regulatory compliance, increasing transparency, protecting investors’ interest and boosting their confidence in the securities market.
• SEBI-regulated entities must make these records available to SEBI upon request to ensure transparency and accountability.

Key Highlights :

• Current Requirements: Under the existing regime:
• Presently, SEBI-regulated entities are required to communicate various types of information to stakeholders.
• However, only a limited class of these communications are mandated to be preserved.
• Benefits of the Proposal:Audit Trail: Maintained records will serve as an audit trail for identifying breaches of securities laws.
• Resolving Investor Grievances: Provides evidence for resolving disputes and protecting investor interests.
• Evidence of Communication: Ensures that the content of communicated information is verifiable, aiding in the identification of legal breaches.
• Current Limitations:It is difficult to ascertain the actual content of communication under current regulations unless it is specifically mandated to be maintained.

Reserve Bank of India Imposes Fine of ₹1.25 lakh on The Valsad Mahila Nagarik Sahakari Bank Limited., Valsad, Gujarat   

• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.25 lakh on The Valsad Mahila Nagarik Sahakari Bank Ltd., Valsad, Gujarat.
• Reason for Penalty: The penalty was imposed for non-compliance with specific RBI directions concerning:
• Income Recognition, Asset Classification, Provisioning, and Other Related Matters: Directives for Urban Co-operative Banks (UCBs).
• Membership of Credit Information Companies (CICs): Compliance requirements for co-operative banks.
• Know Your Customer (KYC) Norms: Adherence to customer verification procedures.
• Maintenance of Deposit Accounts: Regulations for primary (urban) co-operative banks.
• Regulatory Framework:Banking Regulation Act, 1949: Section 47A (1) (c) read with sections 46 (4) (i) and 56.
• Credit Information Companies (Regulation) Act, 2005: Section 25.

Private Sector and Small Finance Banks Achieve Over 20% Growth in Deposits During FY24                

• Analysis of Reserve Bank of India (RBI) data on deposits of scheduled commercial banks (including regional rural) from FY19 to FY24 showed that deposits grew at 13.4% in FY24 compared to the previous year.
• This is higher than the 10.2% growth in FY23, 10.1% in FY22, 12.3% in FY21 and 8.8% in FY20.
• Deposits as of March 2024 stood at ₹212.5 lakh crore compared to ₹187.4 lakh crore as of March 2023.

Key Highlights :

• Private Sector Banks Performance: Private sector banks, holding 34% of SCB deposits, recorded a 20% growth in deposits in FY24, compared to a 14.7% year-on-year growth in FY23.
• Foreign Banks Performance: Foreign banks saw an 18% year-on-year growth in deposits in FY24, a significant increase from the 2.2% growth in FY23.
• Small Finance Banks (SFBs) Performance: SFBs, which hold a 1% share in overall SCB deposits, registered a 31.3% growth in deposits in FY24.
• This growth rate has outpaced credit growth in the sector.
• Public Sector Banks (PSBs) Performance: Public sector banks, holding 57% of SCB deposits, grew their deposit base by just 9.4% in FY24, slightly higher than their growth rate in FY23.
• Branch Network Growth: The number of SFB branches more than doubled in five years, reaching around 7,400 by March 2024.
• In contrast, there was only a 0.6% growth in the number of PSU bank offices in FY24, compared to an 8.1% growth in private bank outlets.
• Interest Rate Premium: SFBs offer a premium of 50-250 basis points in interest rates over universal banks, even for the same category of deposits.

Finance Minister announces new pension scheme ‘NPS Vatsalya’ under the National Pension Scheme (NPS)  

• Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman made the announcement of a new pension scheme under the National Pension Scheme (NPS), called NPS Vatsalya.

About NPS Vatsalya Scheme :

• NPS Vatsalya is a new pension scheme under the National Pension Scheme (NPS).
• Objective: The scheme is designed to help parents and guardians plan for their children’s future financial needs, specifically for their retirement savings.
• Account Opening: Parents or guardians can open an NPS Vatsalya account for their minor children and make contributions.
• Accumulation Period: The funds contributed will accumulate in the account until the child turns
• Transition to Standard NPS: Upon reaching adulthood (18 years), the accumulated amount will be transferred to a standard NPS account, and the scheme can be converted into a non-NPS plan.
• Tax Benefits: Contributions to the NPS under this scheme are eligible for tax deductions under Section 80C and an additional deduction of up to ₹50,000 under Section 80CCD(1B) of the Income Tax Act.
• Regulating Authority: The Pension Fund Regulatory and Development Authority (PFRDA) is the governing body overseeing the NPS Vatsalya scheme.

CURRENT AFFAIRS: NATIONAL NEWS

Ministry of Women and Child Development Launches SHe-Box Portal for Workplace Safety

• The Ministry of Women and Child Development, led by Union Minister Smt. Annapurna Devi has launched the new SHe-Box portal, a centralised platform for registering and monitoring complaints of sexual harassment of women at the workplace.
• The launch event took place in New Delhi, with Minister of State Smt. Savitri Thakur, Secretary Shri Anil Malik, and other ministry officials in attendance.

1. Features of the SHe-Box Portal:
   • The SHe-Box portal serves as a centralized repository of information related to Internal Committees (ICs) and Local Committees (LCs) formed across the country in both government and private sectors.
   • It provides a common platform to file complaints, track their status, and ensure time-bound processing by ICs, thereby streamlining the complaint redressal process for all stakeholders.
   • The portal includes a designated nodal officer for real-time monitoring of complaints, ensuring swift and assured redressal.
2. Commitment to Women-Led Development:
   • As India moves towards its centenary by 2047, the government under Prime Minister Narendra Modi has emphasized “Viksit Bharat” with a focus on women-led development over the past decade.
   • A key component of this initiative is ensuring safe and secure workplaces to enhance women’s participation and leadership in the workforce, thereby driving inclusive economic growth.
3. Legal Framework for Protection:
   • The Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013, aims to protect women from sexual harassment at the workplace and address their grievances.
   • The SHe-Box portal is aligned with this commitment, representing a significant advancement in managing complaints of workplace sexual harassment.
4. New Ministry Website Launched:
   • Alongside the SHe-Box portal, the Ministry launched a newly developed website to enhance the government’s engagement with both national and global audiences.
   • This website is designed to establish a cohesive visual identity across digital platforms, ensuring a strong and compelling brand presence as digital platforms become primary points of contact for citizens.

Dr Mansukh Mandaviya Launches “RESET” Programme to Empower Retired Sportspersons

• Union Minister Dr. Mansukh Mandaviya launched the “Retired Sportsperson Empowerment Training” (RESET) Programme on National Sports Day in New Delhi.
• The programme aims to empower retired athletes by providing them with the necessary knowledge, skills, and opportunities to enhance their employability and career development.

2. Programme Objectives:
   • RESET Programme will serve as a bridge between generations, enabling retired athletes to share their rich experiences with the new generation of aspiring athletes.
   • The initiative is designed to harness the unique skills of retired athletes, contributing to the growth of sports in India and fostering nation-building.
3. Eligibility Criteria:
   • Retired sportspersons aged 20-50 years who have won international medals, participated in international events, or have been national/state medallists in competitions recognized by National Sports Federations, the Indian Olympic Association, or the Ministry of Youth Affairs and Sports are eligible to apply.
   • The programme will cater to two levels of educational qualifications: Class 12th and above and Class 11th and below.
4. Implementation and Training:
   • Lakshmibai National Institute of Physical Education (LNIPE) will be the lead institute for implementing the RESET Programme during its pilot phase.
   • The programme will be offered in a hybrid mode combining self-paced learning through a dedicated portal, on-ground training, and internships.
5. Support and Opportunities:
   • Internships will be provided in sports organizations, competitions, training camps, and leagues.
   • The programme will also offer placement assistance and guidance for entrepreneurial ventures upon successful completion of the course.
6. Application Process:
   • The registration process for the RESET Programme begins today on the LNIPE portal at https://lnipe.edu.in/resetprogram/.
   • Participants will be informed about the start of the course after due evaluation.

DoPPW Launches New Single Simplified Pension Application Form 6-A to Streamline Pension Process

• The Department of Pension & Pensioners’ Welfare (DoPPW) has introduced a New Single Simplified Pension Application Form 6-A, integrated with Bhavishya and e-HRMS platforms.
• This new form is part of the department’s efforts to enhance the Ease of Living for pensioners by simplifying the pension application process.

1. Launch and Availability:

• The new Form 6-A will be available to all Central Government Employees retiring from December 2024 onwards.
• It will be accessible through Bhavishya/e-HRMS. Retiring officials using e-HRMS will fill out the form through the platform, while those not on e-HRMS will use Bhavishya.
• The form will be launched on 30th August 2024 at the National Media Center, New Delhi, in the presence of Jitendra Singh, Union Minister of State (Independent Charge).

2. Integration with Bhavishya and e-HRMS:
   • The new Form 6-A and its integration with Bhavishya/e-HRMS represent a significant milestone in the government’s “Maximum Governance – Minimum Government”
   • It simplifies the pension form submission process, allowing for single-sign form submission and enabling end-to-end digitization of the pension process until the start of pension payment after retirement.
3. Merging of Multiple Forms:
   • A total of nine forms/formats have been merged into the new Form 6-A, including Forms 6, 8, 4, 3, A, Format 1, Format 9, FMA, and Zero Option Form.
   • This consolidation reduces the paperwork and streamlines the pension process for retiring employees.
4. Amendments to CCS Pension Rules, 2021:
   • Amendments have been made to Rules 53, 57, 58, 59, and 60 of the CCS Pension Rules, 2021 to incorporate these changes.
   • The amendments were notified after due consultations with various stakeholders such as the Department of Expenditure, Department of Law & Justice, Controller General of Accounts, Comptroller & Auditor General of India, and Department of Personnel and Training.

Union Cabinet Approves Financial Assistance for Hydro Electric Projects in North Eastern Region

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Ministry of Power’s proposal to provide Central Financial Assistance (CFA) to State Governments in the North Eastern Region (NER) for their equity participation in developing Hydro Electric Projects.
• This will be done through Joint Venture (JV) collaborations between State entities and Central Public Sector Undertakings (CPSUs).

2. Scheme Outlay and Timeline:
   • The scheme has an outlay of 4136 crore and will be implemented from FY 2024-25 to FY 2031-32.
   • It aims to support a cumulative hydro capacity of about 15,000 MW in the NER.
   • The scheme will be funded by 10% Gross Budgetary Support (GBS) for the NER from the total outlay of the Ministry of Power.
3. Formation of Joint Ventures (JVs):
   • The scheme allows for the formation of a Joint Venture Company between a Central PSU and the State Government for all projects.
   • The grant for the equity portion of the State Government would be capped at 24% of the total project equity, with a maximum of 750 crore per project. This cap may be revisited on a case-to-case basis.
   • The equity ratio of the CPSU and the State Government in the JV will be maintained at the time of grant disbursement.
4. Project Viability and State Requirements:
   • The Central Financial Assistance will be limited to only viable Hydro Electric Projects.
   • To ensure project viability, States will need to waive or stagger free power and/or reimburse State Goods and Services Tax (SGST).
5. Contributions to National Renewable Energy Goals:
   • Development of hydroelectric projects will contribute to India’s Nationally Determined Contribution (INDC) of establishing 500 GW renewable energy capacity by 2030.
   • It will also aid in the integration of renewable energy (RE) sources into the grid, enhancing the flexibility, security, and reliability of the national grid.
6. Policy Initiatives for Promoting Hydro Power:
   • The Government of India has introduced several policy initiatives to address challenges in the hydropower
   • On 7th March 2019, the Cabinet approved measures such as declaring large hydropower projects as Renewable Energy sources, introducing Hydro Power Purchase Obligations (HPOs), tariff rationalization, and providing budgetary support for flood moderation and the cost of enabling infrastructure like roads and bridges.

Cabinet Approves 12 New Projects Under National Industrial Corridor Development Programme (NICDP)

• The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has approved 12 new project proposals under the National Industrial Corridor Development Programme (NICDP).
• The total estimated investment for these projects is 28,602 crore, which aims to reshape India’s industrial landscape by creating a robust network of industrial smart cities.

2. Strategic Locations Across 10 States:
   • The projects will span across 10 states, strategically planned along 6 major corridors to enhance India’s manufacturing capabilities and economic growth.
   • The new industrial nodes will be located in Khurpia (Uttarakhand), Rajpura-Patiala (Punjab), Dighi (Maharashtra), Palakkad (Kerala), Agra and Prayagraj (Uttar Pradesh), Gaya (Bihar), Zaheerabad (Telangana), Orvakal and Kopparthy (Andhra Pradesh), and Jodhpur-Pali (Rajasthan).
3. Focus on Strategic Investments and Export Growth:
   • NICDP is designed to create a vibrant industrial ecosystem by attracting investments from both large anchor industries and Micro, Small, and Medium Enterprises (MSMEs).
   • These industrial nodes aim to act as catalysts for achieving $2 trillion in exports by 2030, reflecting the government’s vision of a self-reliant and globally competitive India.
4. Development of Smart Cities with Modern Infrastructure:
   • The new industrial cities will be developed as greenfield smart cities of global standards, based on the concepts of ‘plug-n-play’ and ‘walk-to-work’.
   • This “ahead of demand” approach ensures these cities will have advanced infrastructure that supports sustainable and efficient industrial operations.
5. Integration with PM GatiShakti National Master Plan:
   • Aligned with the PM GatiShakti National Master Plan, the projects will feature multi-modal connectivity infrastructure, ensuring seamless movement of people, goods, and services.
   • The industrial cities are envisioned as growth centers that will drive regional transformation and development.
6. Vision for a ‘Viksit Bharat’ (Developed India):
   • The approval of these projects is a step toward realizing the vision of ‘Viksit Bharat’—a developed India.
   • By positioning India as a strong player in the Global Value Chains (GVC), the NICDP will provide developed land parcels ready for immediate allotment, facilitating both domestic and international investors in setting up manufacturing units.
   • This aligns with the broader goal of creating an ‘Atmanirbhar Bharat’ (self-reliant India), fostering economic growth through enhanced industrial output and employment.
7. Commitment to Sustainable Development:
   • The projects under the NICDP are designed with a focus on sustainability, incorporating ICT-enabled utilities and green technologies to minimize environmental impact.
   • By providing quality, reliable, and sustainable infrastructure, the government aims to create industrial cities that are not just hubs of economic activity but also models of environmental stewardship.
8. Progress of NICDP Projects:
   • In addition to these new sanctions, the NICDP has already completed four projects, with another four currently under implementation.
   • This continued progress highlights the government’s commitment to transforming India’s industrial sector and fostering a vibrant, sustainable, and inclusive economic environment.

Pakistan Invites PM Modi to Upcoming SCO Meeting in Istanbul

• Pakistan has officially invited Prime Minister Narendra Modi to the upcoming Shanghai Cooperation Organisation (SCO) meeting scheduled for October 15-16 in Is
• The invitation was confirmed by Pakistan’s Foreign Office Spokesperson, Mumtaz Zahra Baloch.

2. Context of the Meeting:
   • The SCO is a major economic and security bloc comprising India, China, Russia, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan.
   • Pakistan currently holds the rotating chairmanship of the SCO Council of Heads of Government and will host the two-day meeting for heads of state.
3. Previous Absence:
   • PM missed the last SCO meeting hosted by Kazakhstan in July due to his planned visits to Russia and Austria.
   • The delegation was led by External Affairs Minister S. Jaishankar, with no official reason given for Modi’s absence, though ongoing parliamentary sessions and strained relations with China were believed to be factors.
4. Speculation and Clarifications:
   • There were speculative reports suggesting that PM Modi had already declined the invitation from Pakistan.
   • The Ministry of External Affairs clarified earlier this week that no official decision had been made regarding the acceptance of the invitation.

CURRENT AFFAIRS : STATE NEWS

Centre proposes ₹26,000 crore allocation for road infrastructure projects in Bihar     

• The Centre proposed an outlay of ₹26,000 crore for various road projects in Bihar.
• Finance Minister Nirmala Sitharaman announced the financial outlay in the Budget for 2024-25.
• The Union government will arrange funds through aid from multilateral development agencies.
• The government will also set up airports, medical colleges and sports infrastructure in Bihar.
• The Centre will also formulate plan ‘Purvodaya’ for the all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
• The government will support the development of an industrial corridor in the eastern region.
• Also, E-vouchers will be provided directly to 1 lakh students annually with an interest subvention of 3% on the loan amount.

About Bihar :

• Governor : Rajendra Arlekar
• Chief Minister : Nitish Kumar
• Capital : Patna
• National Parks : Valmiki National Park
• Wildlife Sanctuaries : Bhimbandh Wildlife Sanctuary, Pant Wildlife Sanctuary, Udaypur Wildlife Sanctuary

CURRENT AFFAIRS: AWARDS AND HONOURS

Anubhav Awards 2024: Celebrating Contributions of Retiring Civil Servants

• Launched in March 2015, the Anubhav portal serves as a platform for retiring government officials to document and share their experiences and insights.
• The initiative aims to create a repository of knowledge that can guide future administrative reforms and governance practices.
• The portal allows officials to detail their contributions to government policies, enhancing their effectiveness.

2. Anubhav Awards Ceremony:
   • The 7th Anubhav Awards Ceremony was held on August 28, 2024, at Vigyan Bhawan, New Delhi.
   • The ceremony featured the highest-ever representation of women awardees at 33%, reflecting their increasing role in governance.
3. Awards and Recognition:
   • Anubhav Awards:
     • Recipients received a medal, certificate, and 10,000.
   • Jury Certificates:
     • Honourees received a medal and certificate.
   • The 2024 awards recognized contributions in categories such as Administrative Work, Good Governance, Research, Simplification of Procedures, and more.
4. Participation and Outreach:
   • Contributions were received from 22 ministries and departments.
   • The Department of Pension & Pensioners’ Welfare (DoPPW) conducted extensive outreach to encourage participation, including meetings and knowledge-sharing sessions.
5. Achievements and Impact:
   • 15 awardees were honored for their impactful submissions.
   • The ceremony included the release of a short movie and citation booklet highlighting the awardees’ achievements.
   • Since its inception in 2016, the program has awarded 59 Anubhav Awards and 19 Jury Certificates.
6. Portal Statistics:
   • 98 ministries/departments/organizations have registered on the Anubhav Portal.
   • 10,804 write-ups have been published as of August 29, 2024.
   • The portal allows retiring employees to submit write-ups of up to 5000 words on various topics, with approved submissions published on the portal.
7. Introduction of Jury Certificates:
   • Jury Certificates were introduced in the 2023 Anubhav Awards to broaden recognition and encourage more participation.
   • The 2023 ceremony included 4 Anubhav Awards and 9 Jury Certificates.

Launch of #एक_पेड़_मां_के_नाम #Plant4Mother Campaign: A National Tree Plantation Initiative

• Union Minister for Agriculture & Farmers’ Welfare, Shri Shivraj Singh Chouhan, planted saplings at the IARI Campus PUSA as part of the #एक_पेड़_मां_के_नाम #Plant4Mother campaign.
• The Ministry will establish a “Matri Van” on approximately 1 acre of land.
• Minister of State Shri Ramnath Thakur, Dr Himanshu Pathak (Secretary DARE & DG ICAR), and about 200 officers/staff from the Ministry, along with school students, participated in the event.

2. Widespread Participation:
   • The campaign saw participation from over 800 institutions under the Ministry of Agriculture & Farmers’ Welfare, including DA&FW offices, ICAR institutions, CAUs, KVKs, and SAUs.
   • It is estimated that between 3000-4000 saplings were planted during the event.
3. Global Campaign Context:
   • Prime Minister Shri Narendra Modi launched the Global Campaign #एक_पेड़_मां_के_नाम #Plant4Mother on World Environment Day (June 5, 2024).
   • The campaign aims to honor mothers and Mother Earth by encouraging widespread tree planting.
4. Campaign Goals and Efforts:
   • The Ministry of Environment, Forest & Climate Change aims to plant 80 crore saplings across India by September 2024 and 140 crore saplings by March 2025.
   • The Ministry’s tree planting activities began at Asola Bhati Wildlife Sanctuary on June 20, 2024, aligning with the mission to honour mothers and promote environmental consciousness.
5. Environmental and Agricultural Benefits:
   • Tree planting contributes to sustainable farming by improving soil health, water quality, and biodiversity.
   • Trees offer additional income sources through timber and non-timber products.
   • The campaign supports efforts to combat land degradation and desertification, promoting long-term environmental and agricultural sustainability.
6. Mission LiFE Alignment:
   • The campaign aligns with Mission LiFE (Lifestyle for Environment), a government initiative aimed at fostering environmental consciousness and sustainable living practices.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Swiggy appoints ex-Flipkart executive Amitesh Jha as the CEO of Instamart 

• Food delivery major Swiggy Announced the appointment of Amitesh Jha as the chief executive officer (CEO) of its quick commerce arm Swiggy Instamart, effective September 4, 2024.
• Jha replaces Phani Kishan as CEO of Instamart.
• Jha was earlier senior vice president and head of grocery at e-commerce giant Flipkart.

Other Appointment :

• Sairam Krishnamurthy has been appointed as Senior Vice President and Chief Operating Officer (COO) of Instamart.
• He is a veteran in retail and FMCG and previously worked at Amazon.
• Swiggy has filed draft documents with SEBI for its initial public offering (IPO).
• The company has received approval from its shareholders for the IPO.

About Swiggy :

• Founded : August 2014
• Headquarters : Bangalore, Karnataka, India
• CEO : Sriharsha Majety

Rajwinder Bhatti Appointed as Central Industrial Security Force Chief, Daljit Chaudhary Named New Border Security Force Director General   

• The Centre announced that IPS officer Rajwinder Singh Bhatti will be the new Director General of the Central Industrial Security Force (CISF), and IPS officer Daljit Singh Chaudhary will be the Chief of the Border Security Force (BSF).

About Daljit Singh Chaudhary :

• Daljit Singh Chaudhary, a 1990-batch IPS officer from the UP cadre, was previously the Director General of the Sashastra Seema Bal (SSB).
• He also held the role of Special Director General of the Central Reserve Police Force (CRPF) and is known for overseeing India’s borders with Nepal and Bhutan.

About Rajwinder Singh Bhatti :

• Rajwinder Singh Bhatti is 1990-batch IPS officer, hails from the Bihar cadre.
• Bhatti has served as the Director General of Police (DGP) in Bihar and held key positions such as Additional Director General (Eastern Command) in the BSF and Director General of the Bihar Military Police.
• He has also contributed to the Central Bureau of Investigation (CBI) as a Joint Director.

About CISF :

• Formed : 10 March 1969
• Headquarters : New Delhi, Delhi, India
• The CISF is a Central Armed Police Force in India under the Ministry of Home Affairs.
• CISF’s primary mission is to provide security to large institutions, be it Governmental or private.

About BSF :

• Formed : 1965
• Headquarters : New Delhi, Delhi, India
• BSF is the Border Service branch of the Central Armed Police Force of India.

CURRENT AFFAIRS : DEFENCE NEWS

India’s First Indigenous Pollution Control Vessel, ‘Samudra Pratap,’ Launched by Indian Coast Guard in Goa with Raksha Rajya Mantri Present  

• The first indigenously designed and built Pollution Control Vessel (PCV) for the Indian Coast Guard (ICG) is named ‘Samudra Pratap’.
• The vessel was designed and built by Goa Shipyard Limited (GSL), a defense Public Sector Undertaking (PSU).
• This is the first time such vessels are being designed and constructed indigenously by GSL.
• The ship was launched in Goa and named ‘Samudra Pratap’ by Smt. Neeta Seth in the presence of Shri Sanjay Seth, the Raksha Rajya Mantri (Minister of State for Defence).

About ‘Samudra Pratap’ :

• Atmanirbhar Bharat Initiative: The vessel is 72% indigenously sourced, aligning with the Atmanirbhar Bharat (self-reliant India) initiative, showcasing India’s capabilities in building state-of-the-art pollution control vessels.
• Purpose: ‘Samudra Pratap’ is designed to protect the maritime environment, mitigate oil pollution, and preserve marine life. It will also patrol the Indian coast to safeguard against unwanted elements.

Technical Specifications:

• Length: 114.5 metres
• Breadth: 16.5 metres
• Displacement: 4,170 tons
• Project Cost and Contract: Goa Shipyard Ltd signed a contract worth ₹583 crore for constructing two Pollution Control Vessels for the Indian Coast Guard, with ‘Samudra Pratap’ being one of them.
• Significance: The launch of ‘Samudra Pratap’ is seen as a significant step towards enhancing India’s maritime security and environmental protection capabilities.
• Economic Value: The vessel is valued at ₹2,500 crore and is considered a valuable asset for protecting India’s coastal regions and supporting environmental sustainability.
• Keel Laying: The keel of ‘Samudra Pratap’ was laid on November 21, 2022, marking the beginning of its construction.

About Ministry of Defence :

• Cabinet Minister : Rajnath Singh
• Minister of State : Sanjay Seth

India’s second nuclear ballistic missile submarine, INS Arighaat commissioned into service   

• INS Arighaat, India’s second nuclear-powered ballistic missile submarine, was commissioned into service in Visakhapatnam in the presence of Defence Minister Rajnath Singh.
• INS Arighaat joins INS Arihant, the first nuclear ballistic missile submarine, which was commissioned in 2016.
• It has a displacement of 6,000 tonnes and is powered by an 83 MW pressurised light-water reactor with enriched uranium.

About INS Arighaat :

• INS Arighaat will enhance India’s nuclear triad, strengthen nuclear deterrence, establish strategic balance, and play a crucial role in national security.
• Construction and Technology:Advanced Technology: The submarine features advanced design and manufacturing technologies, detailed R&D, special materials, complex engineering, and high-quality workmanship.
• Indigenous Systems: It includes indigenous systems and equipment developed by Indian scientists, industry, and naval personnel.
• Technological Advancements: INS Arighaat is technologically more advanced than its predecessor, INS Arihant.
• Strategic Capabilities:K-15 SLBM: INS Arihant is armed with the K-15 Submarine Launched Ballistic Missile (SLBM) with a 750 km range.
• K-4 SLBM: A 3,500 km range SLBM, K-4, is under development and was tested in 2020.
• The K-4 will be a key component of India’s undersea nuclear deterrence, allowing for the launch of nuclear weapons while submerged.

India Secures Repeat Order for 73,000 SIG716 Assault Rifles, Delivery Expected by End of 2025   

• India has placed a repeat order for 73,000 SIG716 assault rifles from the U.S. firm SiG Sauer Inc.
• This order adds to the earlier purchase of 72,400 SIG716 rifles, which were procured in February 2019.
• These rifles were distributed among the Army (66,400), Air Force (4,000), and Navy (2,000).
• Purpose: The rifles are intended for infantry battalions deployed along the borders with China and Pakistan, amid ongoing military tensions, especially along the eastern Ladakh region.

Key Highlights :

• Rifle Specifications: The SIG716 ‘Patrol’ rifles are 62x51mm caliber with an effective ‘kill’ range of 500 meters.

Contract Details:

• Value: The repeat order is valued at ₹837 crore.
• Contract Signing: The contract was signed in June 2024.
• Delivery Timeline: The rifles are expected to be delivered within 18 months, by the end of 2025.
• Initial Procurement Approval: The Ministry of Defence approved the procurement for the additional 73,000 rifles in December 2023.
• AK-203 Rifles Production:Over the next decade, India plans to produce six lakh AK-203 rifles with a 7.62x39mm caliber and an effective range of 300 meters at the Korwa factory.
• The AK-203 project aims to fulfill the needs of the Indian Army, Air Force, and Navy.
• The project faced delays due to issues related to cost, royalty, technology transfer, and indigenization levels.
• Fast-Track Procedure (FTP): The initial order for 72,400 SIG716 rifles in 2019, valued at ₹647 crore, was fast-tracked under the Buy (Global) category to quickly address the armed forces’ requirements.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Finance Minister Nirmala Sitharaman unveils ₹1,000 crore venture capital fund to boost the space economy

• Finance Minister Nirmala Sitharaman announced the creation of a ₹1,000 crore venture capital fund to enhance the space economy.
• The fund aims to significantly boost India’s space economy and increase its global market share.

Key Highlights :

• Government Vision: The goal is to expand India’s space economy fivefold over the next 10 years and to increase India’s share in the global commercial space economy to 10% by 2030.
• Current Market Share: India currently holds only 2% of the global space market, despite being a major spacefaring nation.
• IN-SPACe: The Indian National Space Promotion and Authorisation Centre (IN-SPACe) previously had a seed funding scheme, but it was limited to select projects.
• Funding Allocation: IN-SPACe’s funding was revised to ₹60.35 crore, and the Budget for 2024-25 allocated ₹96 crore for its activities.
• Impact: The new venture capital fund is expected to provide significant financial support and incentivize private sector participation in India’s space sector.

CURRENT AFFAIRS: RANKING AND REPORTS

South Asia Faces Highest Global Impact of Air Pollution on Life Expectancy: AQLI Report

• South Asia remains the world’s most polluted region, accounting for 45% of global life years lost due to high pollution, despite some improvements in air quality compared to previous years.
• The Air Quality Life Index (AQLI) report by the Energy Policy Institute at the University of Chicago (EPIC) reveals that people in the most polluted regions breathe air six times more polluted than those in the least polluted areas, shortening lifespans by 2.7 years.

2. High Pollution Levels in South Asian Countries:
   • Bangladesh, India, Nepal, and Pakistan—home to 23.2% of the global population—are among the most polluted countries worldwide.
   • Particulate pollution in these countries impacts life expectancy more severely than other health threats like tobacco use (reducing life expectancy by up to 2 years), unsafe water and sanitation (up to 1 year), and alcohol use (half a year).
   • The average resident in these four countries faces pollution levels that are 22.3% higher than at the turn of the century.
3. Increasing Pollution Burden Over Time:
   • If pollution levels had remained constant since 2000, residents in Bangladesh, India, Nepal, and Pakistan would lose 2.8 years of life expectancy. However, due to increasing pollution levels, they stand to lose 3.5 years by 2022.
4. Country-Specific Highlights:
   • Bangladesh:
     • The most polluted South Asian country, even after a 20% decline in particulate concentration in 2022 compared to 2021.
     • Annual average PM2.5 levels were more than 10 times the WHO guideline, causing an average resident to potentially lose 4.8 years of life expectancy.
   • India:
     • Despite a 19.3% drop in particulate levels in 2022, an average resident could still lose 3.4 years of life expectancy if pollution levels persist.
     • The Northern Plains, home to over half a billion people (almost 40% of India’s population), remains the most polluted region, where residents could lose 5.4 years of life expectancy despite a 17.2% reduction in particulate levels in 2022.
     • Other states like Maharashtra, Madhya Pradesh, and Rajasthan also have a high pollution burden.

4. Rising Energy Use and Pollution:
   • The number of vehicles in India and Pakistan has increased about four-fold since the early 2000s.
   • Electricity generation from fossil fuels in Bangladesh, India, Nepal, and Pakistan has tripled from 1998 to 2017, contributing to higher particulate emissions.
   • Crop burning, brick kilns, and other industrial activities have further exacerbated pollution levels in the region.
5. Economic Growth and Pollution:
   • Increased energy use has led to improved living standards and economic output but has also resulted in a rise in particulate pollution, causing serious health consequences.
6. India’s National Clean Air Programme (NCAP):
   • Launched in 2019 to reduce 2017 particulate pollution levels by 20-30% by 2024.
   • In 2022, the NCAP goal was revamped to achieve a 40% reduction by 2026 in 131 non-attainment cities.
   • Meeting this target could increase life expectancy in these cities by 2 years compared to 2017, and India’s national average life expectancy could increase by an additional 8 months.
7. About the Air Quality Life Index (AQLI):
   • The AQLI translates particulate air pollution data into its impact on life expectancy.
   • Developed by Michael Greenstone and his team at EPIC, the AQLI combines research on human exposure to air pollution with local and global particulate measurements.
   • It serves as a tool for policymakers to understand the potential impact of air pollution policies on increasing life expectancy by aligning with the WHO guidelines or user-defined air quality standards.

Adani Surges to Richest Indian, Ambani’s Net Worth Rises in 2024 Hurun India Rich List

• Gautam Adani’s net worth surged by 95% to Rs 11.6 lakh crore in the past year, making him the richest Indian, surpassing Mukesh Ambani.
• This sharp rise in Adani’s wealth contrasts with a 57% decline reported in 2023 due to allegations from Hindenburg Research, which Adani’s conglomerate has denied.

2. Mukesh Ambani’s Wealth Growth:
   • Mukesh Ambani saw a 25% increase in his net worth, reaching Rs 10.14 lakh crore.
   • Despite this increase, he was surpassed by Adani this year.
3. Other Notable Rankings:
   • Shiv Nadar and family of HCL moved up to the third richest with a net worth of Rs 3.14 lakh crore.
   • Cyrus Poonawalla of Serum Institute slipped to the fourth position with Rs 2.89 lakh crore.
   • Dilip Shanghvi of Sun Pharmaceuticals secured the fifth position with a net worth of Rs 2.50 lakh crore.
4. Wealthiest Self-Made Woman and Youngest Billionaires:
   • Radha Vembu of Zoho is the wealthiest self-made woman with Rs 47,500 crore.
   • Kaivalya Vohra and Aadit Palicha of Zepto are the youngest billionaires on the list with net worths of Rs 3,600 crore and Rs 4,300 crore, respectively.
5. New Entries and Rising Stars:
   • Shah Rukh Khan made his debut on the list with an estimated fortune of Rs 7,300 crore.
   • Juhi Chawla followed with a net worth of Rs 4,600 crore, securing second place among entertainers.
   • Jayshree Ullal of Arista Networks is the wealthiest professional with Rs 32,100 crore, followed by Ignatius Navil Noronha of D-mart with Rs 6,900 crore.
6. Growth in the Rich List:
   • The 2024 Hurun India Rich List saw an increase of 220 individuals, totaling 1,539 people with net worths over Rs 1,000 crore.
   • The cumulative wealth of the list increased by 46% over the year.
   • Kumar Pritamdas Gera of Gera Developments experienced the fastest wealth growth at 566%.

CURRENT AFFAIRS: SPORTS NEWS

Dawid Malan Announces Retirement from International Cricket

• Dawid Malan, the England star and former World No.1 T20I batter, has officially announced his retirement from international cricket.
• His last appearance for England was during the ICC Men’s Cricket World Cup 2023.

2. Impressive International Career:
   • Malan played a total of 114 international matches, spanning 22 Tests, 30 ODIs, and 62 T20Is.
   • He accumulated 4,416 runs at an average of 37.74, including eight centuries and 31 fifties.
   • Malan made his mark with a stunning 44-ball 78 against South Africa on his T20I debut in June 2017.
   • He became a dominant force in T20I cricket, where he truly showcased his talent.
3. Rise to the Top:
   • In September 2020, Malan reached the pinnacle of the ICC Men’s Test Batting Rankings, becoming the fastest men’s player to score 1,000 Test runs in just 24 innings.
   • He achieved a peak rating of 915 in the ICC T20I Player Rankings for batting, the highest rating ever recorded by a batter in T20I history.

Caroline Groot Wins First Gold Medal of the Paralympic Games

• Caroline Groot of the Netherlands claimed the first gold medal of the Paralympic Games by winning the 500-meter time trial in women’s track cycling for the C4 and C5 classifications.
• Groot set a world record in the C5 classification with a time of 390 seconds.

1. Medalists in Women’s 500m Time Trial:
   • Gold: Caroline Groot (Netherlands, C5)
   • Silver: Marie Patouillet (France, C5) – France’s first medal of the Games.
   • Bronze: Kate O’Brien (Canada, C4)
2. China Dominates on Day One:
   • Following Groot’s victory, Chinese Paralympians claimed four gold medals on the first day of the competition:
     • Li Zhangyu won the men’s C1 3000m individual pursuit, defeating fellow Chinese cyclist Weicong Liang.
     • Xiaomei Wang secured gold in the women’s C1-3 3000m individual pursuit.

Daily CA One- Liner: August 31

• The Ministry of Women and Child Development, led by Union Minister Smt. Annapurna Devi has launched the new SHe-Box portal, a centralised platform for registering and monitoring complaints of sexual harassment of women at the workplace
• Union Minister Dr. Mansukh Mandaviya launched the “Retired Sportsperson Empowerment Training” (RESET) Programme on National Sports Day in New Delhi.
• The Department of Pension & Pensioners’ Welfare (DoPPW) has introduced a New Single Simplified Pension Application Form 6-A, integrated with Bhavishya and e-HRMS platforms
• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Ministry of Power’s proposal to provide Central Financial Assistance (CFA) to State Governments in the North Eastern Region (NER) for their equity participation in developing Hydro Electric Projects.
• The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has approved 12 new project proposals under the National Industrial Corridor Development Programme (NICDP)
• Pakistan has officially invited Prime Minister Narendra Modi to the upcoming Shanghai Cooperation Organisation (SCO) meeting scheduled for October 15-16.
• Launched in March 2015, the Anubhav portal serves as a platform for retiring government officials to document and share their experiences and insights
• Union Minister for Agriculture & Farmers’ Welfare, Shri Shivraj Singh Chouhan, planted saplings at the IARI Campus PUSA as part of the #एक_पेड़_मां_के_नाम #Plant4Mother campaign
• South Asia remains the world’s most polluted region, accounting for 45% of global life years lost due to high pollution, despite some improvements in air quality compared to previous years
• Gautam Adani’s net worth surged by 95% to Rs 11.6 lakh crore in the past year, making him the richest Indian, surpassing Mukesh Ambani
• Dawid Malan, the England star and former World No.1 T20I batter, has officially announced his retirement from international cricket
• Caroline Groot of the Netherlands claimed the first gold medal of the Paralympic Games by winning the 500-meter time trial in women’s track cycling for the C4 and C5 classifications.
• The Reserve Bank of India (RBI) has officially recognized the Fintech Association for Consumer Empowerment (FACE) as the first Self-Regulatory Organization in the FinTech sector (SRO-FT).
• The Department of Economic Affairs, under the Ministry of Finance, has amended the Securities Contracts Regulation Rules (SCRR), 1956.
• The Securities and Exchange Board of India (SEBI) has proposed that Qualified Stock Brokers (QSBs) offer a UPI-based block mechanism for trading in the secondary market, similar to the Application Supported by Blocked Amount (ASBA) facility used in the primary market.
• Securities and Exchange Board of India (SEBI) proposed to make it mandatory for all entities regulated by it to maintain communication records, including acknowledgements, for at least 8 years.
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.25 lakh on The Valsad Mahila Nagarik Sahakari Bank Ltd., Valsad, Gujarat.
• Analysis of Reserve Bank of India (RBI) data on deposits of scheduled commercial banks (including regional rural) from FY19 to FY24 showed that deposits grew at 13.4% in FY24 compared to the previous year.
• Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman made the announcement of a new pension scheme under the National Pension Scheme (NPS), called NPS Vatsalya.
• The Centre proposed an outlay of ₹26,000 crore for various road projects in Bihar.
• Food delivery major Swiggy Announced the appointment of Amitesh Jha as the chief executive officer (CEO) of its quick commerce arm Swiggy Instamart, effective September 4, 2024.
• The Centre announced that IPS officer Rajwinder Singh Bhatti will be the new Director General of the Central Industrial Security Force (CISF), and IPS officer Daljit Singh Chaudhary will be the Chief of the Border Security Force (BSF).
• The first indigenously designed and built Pollution Control Vessel (PCV) for the Indian Coast Guard (ICG) is named ‘Samudra Pratap’.
• INS Arighaat, India’s second nuclear-powered ballistic missile submarine, was commissioned into service in Visakhapatnam in the presence of Defence Minister Rajnath Singh.
• India has placed a repeat order for 73,000 SIG716 assault rifles from the U.S. firm SiG Sauer Inc.
• Finance Minister Nirmala Sitharaman announced the creation of a ₹1,000 crore venture capital fund to enhance the space economy.

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