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CURRENT AFFAIRS : BANKING & FINANCE

Asian Development Bank & Fourth Partner Energy sign $14.7mn loan agreement to build solar power plant in Tamil Nadu

•   The Asian Development Bank (ADB) and Fourth Partner Energy Private Limited (Fourth Partner) an Independent Power Producer (IPP) signed a long-term loan of up to2 billion Indian rupees (about $14.7 million) to construct and operate a 25-megawatt solar photovoltaic-based power plant to increase clean and low-cost energy supply to commercial and industrial customers.
• The power plant, located in Tirunelveli district in the state of Tamil Nadu in India, is expected to generate about 7 gigawatt-hours of electricity annually and will directly sell power to commercial and industrial users.
• This is ADB’s 1st direct financing to a renewable energy plant.

Key Highlights :

Environmental Impact :

• Nearly 41,700 tons of carbon dioxide emissions a year will be avoided through the plant, which would otherwise have been generated by conventional fossil fuel plants.

Role of Open Access Energy Procurement :

• Open access energy procurement can play an important role in businesses achieving their net zero emissions targets.
• Fourth Partner is also constructing solar and wind parks across Ottapidaram, Tuticorin, and Nandikundu in Tamil Nadu.

Recent News :

• In Aug 2023, India in partnership with the Asian Development Bank (ADB) is set to open a climate change and health hub in New Delhi.
• In April 2023, , ADB and Tata Power Delhi Distribution Limited (TPDDL), the distribution arm of Tata Power, announced an agreement to subscribe to non-convertible debentures for Rs 1.5 billion ($18.2 million) to enhance Delhi’s power distribution through grid enhancements.

About Fourth Partner :

• Established : 2010
• Headquarters : Hyderabad, Telangana
• Fourth Partner is India’s leading renewable energy solutions platform, focused on building and financing renewable energy projects for commercial and industrial consumers.
• It offers end-to-end capabilities including evaluation, design, planning, procurement, construction, operation, maintenance, and financing of critical solar, wind, and battery storage infrastructure.

About ADB :

• Established : 19 December 1966
• Headquarters : Mandaluyong, Philippines
• President : Masatsugu Asakawa
• Membership : 68 countries

Axis Bank launched ‘Infinity Savings Account’ with zero domestic transaction fees

• Axis Bank, one of the largest private sector banks in India launched a first-of-its-kind new savings account variant – ‘Infinity Savings Account’ to cater to digitally savvy customers who are frequent adopters of subscription-based models.

About Infinity Savings Account :

• Opening the ‘Infinity Savings Account’ is entirely digital, facilitated by the Video Know Your Customer (KYC) process.
• This account introduces 2 subscription-based plans – Monthly and
• Offers two subscription-based plans: Monthly and Annual.

Monthly Plan :

• Price: Rs 150 (inclusive of GST).
• Minimum Subscription Period: 6 months.
• Subscription Continuation: Every 30 days after the initial 6 months.
• Subscription Renewal: Deducts Rs 150 every 30 days

Annual Plan :

• Cost: Rs 1650 (inclusive of GST).
• Duration: Benefits extended for 360 days
• Automatic Renewal: Subscription renews after 360 days.

Features of Axis Bank’s ‘Infinity Savings Account’:

• No requirement for Minimum Balance Maintenance
• Domestic transactional fees are waived
• Free Debit Card with unlimited ATM withdrawals
• No charges for cheque book usage or transactions/withdrawals beyond limits
• Effortless digital account opening on leap.axisbank.com

About Axis Bank :

• Established : 3 December 1993
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

RBI Authorised Bandhan Bank For Disbursing Civil Pension

• In a significant move, Bandhan Bank has received authorization from the Reserve Bank of India (RBI) to serve as an authorised pension disbursement bank.
• This authority is granted on behalf of the Central Pension Accounting Office (CPAO) of the Ministry of Finance, with a specific focus on civil pensioners.
• The bank will collaborate with the CPAO and the Ministry of Finance to implement the pension disbursement process.

Beneficiaries Under the Scheme :

• Bandhan Bank’s authorization empowers it to distribute pensions to a range of beneficiaries, primarily central government employees who are part of civil ministries and departments.
• Notably, this scheme excludes pensioners from the railways, posts, and defence sectors.
• The scope of beneficiaries extends to retired judges of high courts and the Supreme Court, All India Service Officers, former Members of Parliament, as well as former Presidents and Vice Presidents of India.
• This step aligns with the bank’s role in facilitating pension payments for various categories of individuals and institutions.

Recent News :

• In Aug, 2023 India’s leading private lender Bandhan Bank announced its strategic partnership with the Odisha Government to enhance payment solutions for Odisha Tourism Development Corporation (OTDC) Limited.

About Bandhan Bank :

• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
• MD & CEO : Chandra Shekhar Ghosh

SEBI issues disclosure norms for FPIs kick in from November 1, 2023

• The Securities and Exchange Board of India (SEBI) has introduced new disclosure norms for Foreign Portfolio Investors (FPIs), which are set to be implemented from November 1, 2023.

Aim :

• To enhance transparency, prevent concentration of holdings, and ensure better oversight of FPI activities.
• The regulatory changes come in response to the Hindenburg-Adani case, which underscored the need for stricter regulations in this domain.

Key Highlights of SEBI’s New Disclosure Norms :

Impact on FPIs :

• More than 200 foreign portfolio investors (FPIs) are likely to be affected by SEBI’s stringent disclosure norms.
• These FPIs will need to adhere to the new guidelines to remain compliant with Indian securities regulations.

Reduction of Holdings :

• Under the new rules, FPIs holding more than 50% of their equity Assets Under Management (AUM) in a single Indian corporate group are required to lower their holdings within 10 trading days to meet the new norms.

Gradual Reduction Timeline :

• FPIs with equity AUM exceeding ₹25,000 crore in Indian equities will be granted a window of 90 calendar days to gradually reduce their holdings in accordance with the new regulations.

Additional Disclosures :

• FPIs are obligated to provide additional disclosures pertaining to individuals or entities that possess ownership, economic interest, or control over their investments.

Non-compliance Consequences:

• FPI registrations that fail to comply with the new disclosure norms risk becoming invalid, subject to regulatory actions by SEBI.

Impact Assessment :

• Around 2% of the total 11,000-plus FPIs are expected to be directly impacted by SEBI’s enhanced disclosure requirements.

High-Value FPIs :

• As of June 30, 2023, 6 FPIs stand out with equity AUM exceeding ₹25,000 crore in Indian equities.
• This group comprises 2 sovereign wealth funds, 2 public retail investment groups, and an exchange-traded fund (ETF).

Recent News :

• In July 2023, Capital markets regulator Securities and Exchange Board of India (SEBI) tightened the disclosure norms for listed companies with strict timelines and introduced criteria for determining the materiality of events.

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.

DBS partners with Maptrasco to finish the 1st eBL transaction between India and Singapore     

• DBS Bank Limited, in collaboration with Singapore’s commodities trader Maptrasco (Khaitan International Pte Limited-KIPL), has achieved a significant breakthrough by successfully executing the 1st “live” electronic Bills of Lading (eBL) transaction for shipments between Singapore and India.

Objective :

• To facilitate digital trade finance for real-time shipments of goods between these two countries.
• The transaction was implemented under the TradeTrust framework, an initiative by the Infocomm Media Development Authority (IMDA) and supported by Enterprise Singapore.

Key Highlights :

TradeTrust Network Expansion :

• The successful completion of this inaugural transaction allows businesses in both Singapore and India to actively engage in the TradeTrust network.
• This integration occurs through the adoption of TradeTrust-enabled platforms, thereby enabling seamless digital trade finance for active shipments between the two countries.

Digital Letter of Credit Transactions :

• Organisations interested in conducting electronic Bills of Lading (eBLs) within the context of digital Letter of Credit transactions can establish contact with DBS.

UN Model Law and Cross-Border Exchanges :

• The project leverages the United Nation’s Model Law for Electronic Transferable Records and aims to drive cross-border document and title exchanges.

Efficiency and Interoperability :

• The successful transaction ushers in a new chapter of more efficient, and interoperable digital bills of lading and is a key milestone in the digital transformation of trade financing.

Significance of Bills of Lading :

• Bills of lading are essential documents in shipping and logistics, representing legal proof ownership of goods in transit, as well as receipt of goods.

Global Challenge and Scalability :

• Globally, only about 2% of bills of lading are issued electronically due to limitations in platforms that are not interoperable, or use differing rulebooks and standards, which makes scalability challenging.

Recent News :

• In March 2023, DBS Bank India announced an innovative investment solution, ‘digiPortfolio’, on its digibank platform to create a set of investment options curated by Morningstar that match the risk preferences of different investors.

About DBS Bank Limited :

• Established : 16 July 1968
• Headquarters : Singapore
• CEO : Piyush Gupta
• Tagline : Live more, Bank less

CURRENT AFFAIRS: NATIONAL NEWS

Shri Parshottam Rupala chairs the 2nd National Advisory Committee meeting for Animal Husbandry and Dairying:

• Minister of Fisheries, Animal Husbandry and Dairying (FAHD), Shri Parshottam Rupala chaired the 2nd National Advisory Committee meeting for Animal Husbandry and Dairying formed under the Department of Animal Husbandry and Dairying.

Key Highlights:

• The Minister, FAHD took stock of the decision taken during the 1st National Advisory Meeting and highlighted that the Ministry is committed to working with all stakeholders to create rural Entrepreneurship and helping create better livelihood opportunities for unemployed youth and livestock farmers in the Cattle, Dairy, poultry, sheep, goat, piggery, feed and fodder sector paving the way towards AtmaNirbhar Bharat.
• Minister of State(MoS), FAHD Dr Sanjeev Kumar Balyan emphasised that the realigned schemes will bring a sharp focus on entrepreneurship development and breed improvement in rural poultry, sheep, goat and piggery including feed and fodder development.

Recent News

• Under the aegis of Azadi Ka Amrit Mahotsav and the Agriculture Working Group (AWG) of G20, Shri Parshottam Rupala, Union Minister of Fisheries, Animal Husbandry & Dairying inaugurated an International Symposium on Sustainable Livestock Transformation at National Dairy Development Board (NDDB), Anand, Gujarat.
• Shri Parshottam Rupala, Minister of Fisheries, Animal Husbandry and Dairying, Government of India launched an android-based mobile app as “Report Fish Disease”
• The Union Minister of Fisheries, Animal Husbandry & Dairying, Shri Parshottam Rupala launched Nandi – NOC Approval for New Drug and Inoculation System portal New Delhi.

Shri Arjun Munda launches ‘Awareness Campaign and Training of Trainers for the Elimination of Sickle Cell Anaemia’

• Union Minister of Tribal Affairs, Shri Arjun Munda launched the ‘Awareness Campaign and Training of Trainers’ as a part of the ‘Mission for Elimination of Sickle Cell Anaemia’ in New Delhi.
• The programme envisages training of grassroots-level functionaries to create awareness in this direction among the masses, especially in tribal regions.
• The Government declared a Mission to eliminate Sickle Cell Anaemia by 2047 in the budget of 2023-24.
• This Mission will entail awareness creation, universal screening of 7 crore people in the age group of 0-40 years in affected tribal areas and counselling through collaborative efforts of central ministries and state governments.
• The Mission was formally launched by Prime Minister Shri Narendra Modi, on 1st July 2023 in the Shahdol District of Madhya Pradesh.
• Shri Asit Gopal, Commissioner- NESTS, Dr Naval Jit Kapoor, Joint Secretary, Shri Biswajeet Das, DDG, Smt. Vineeta Srivastava, Health Advisor and other officials of the Ministry of Tribal Affairs were also present at the event.

Shri Anurag Singh Thakur announces the third edition of the Fit India Quiz

• Union Minister for Youth Affairs and Sports Shri Anurag Singh Thakur launched the 3rd edition of the Fit India Quiz, among other initiatives, at an event at the JLN Stadium.
• The event was attended by almost 500 schoolchildren from various schools in New Delhi as well as several elite athletes and officials from the MYAS, SAI and the National Sports Federations.
• The Minister also launched an Information booklet on Sports Infrastructure Projects sanctioned under the Khelo India Scheme as well as launched a National Sports Federations portal, while also felicitating the 4x400m men’s relay team, fresh after creating an Asian record at the World Athletics Championships held at Budapest.
• The National Sports Federations portal launched aligns with the Government of India’s vision for Digital India, ensuring ease of business and good governance.
• It is a unified online portal for the NSFs, which shall be a single window system for processing of annual renewal of recognition of NSFs, elections of National Sports Federations etc.

Recent News

• Minister of Youth Affairs and Sports and Minister of Information & Broadcasting, Shri Anurag Thakur unveiled the coveted trophy for Hero Asian Champions Trophy, Chennai 2023 at the Major Dhyan Chand National Stadium in New Delhi.
• The Union Sports Minister Anurag Singh Thakur inaugurated the Asian Youth and Junior Weightlifting Championships 2023 in Greater Noida.

Centre extends mixed route of wage payment including National Automated Clearing House & Aadhaar Based Payment System route till Dec 31

• The Centre has extended the mixed route of wage payment including the National Automated Clearing House and Aadhaar Based Payment System– ABPS route till the 31st of December, 2023..
• The Ministry of Rural Development has also made it clear to all the States that the beneficiary who comes for work should be requested to provide the Aadhaar number but will not be refused work on this basis.
• If a beneficiary does not demand for work, in such a case her or his status about eligibility for APBS does not affect the demand for work.

Key Highlights:

• The Ministry has clarified that job cards cannot be d on the basis of the reason that the worker is not eligible for ABPS.
• Referring to the National Payments Corporation of India data, the Ministry added that there is a higher success percentage of55% or above where the Aadhaar is enabled for Direct Benefit Transfer.
• In the case of Account-based payment such success is about 98%.
• The Aadhaar-based payment system (APBS) is nothing but a route through which the payment is getting credited in the account of beneficiaries.
• The Ministry added that APBS is helping the genuine beneficiaries to get their due payment and is instrumental in curbing corruption by weeding out fake beneficiaries.
• The Mahatma Gandhi National Rural Employment Guarantee Scheme has not adopted Aadhaar-enabled payment as the scheme has opted for an Aadhaar Based Payment system.

Recent News

• The Rural Development Ministry has informed that about 88% of the wage payment has been made through Aadhaar Based Payment Bridge System (ABPS) till May,
• States will organise camps and follow up with beneficiaries to achieve 100%

Centre announces up to Rs 50 lakh grant for technical textiles startups

• The government will provide a grant-in-aid of up to Rs 50 lakh for startups and individuals to promote innovation in the niche technical textiles segment.
• The Startup Guidelines for Technical Textiles – Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT) providing grant-in-aid of up to Rs 50 lakh for up to a period of 18 months has been approved.
• With a strong emphasis on developing the Startup Ecosystem in Technical Textiles, the guidelines focus on supporting individuals and companies to translate prototypes to technologies & products, including commercialisation, he told reporters here on the important developments in the National Technical Textiles Mission (NTTM).
• The textile ministry will additionally provide 10% of total grant-in-aid to incubators.
• To strengthen authenticity and commitment towards the project, a minimum investment of 10%of the funding from the incubator in 2 equal installments is mandated.
• The startup guidelines (GREAT) are aimed at providing the much-needed impetus for the development of the technical textiles startup ecosystem in India, especially in niche sub-segments such as biodegradable and sustainable textiles, high-performance and speciality fibres, and smart textiles, among others.
• As per the guidelines, a memorandum of understanding (MoU) will have to be signed between the selected startups and the incubator.

Recent News

• The Government of India has introduced two changes to the prevailing power tariff system, through an amendment to the Electricity (Rights of Consumers) Rules, 2020

Centre extends PLI for autos by another year till FY28

• The Indian government has extended the deadline for the production-linked incentive (PLI) scheme for the automobile and auto component industry by another year, until 2027-28.
• The scheme, originally set to run from 2022-23 to 2026-27, aims to promote local manufacturing of advanced automotive technology (AAT) products, including electric vehicles, through subsidies.
• The government has also agreed to disburse the incentives on a quarterly basis, rather than annually, and has added 2 more testing agencies to speed up the process.
• Currently, tests are conducted at the Automotive Research Association of India (ARAI) and the International Centre for Automotive Technology (iCAT), but the addition of the Global Automotive Research Centre (GARC) and the National Automotive Test Tracks (NATRAX) will help facilitate faster testing.
• So far, 95 companies have been admitted under the scheme, with an investment of ₹10,755 crore
• The government has published a standard operating procedure for domestic value addition certification, and more companies are expected to apply for certification in the coming months.

Who gets the PLI?

• Under the Automotive PLI scheme, incentives are applicable for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from April 1, 2022, onwards for a period of 5 consecutive years.

Recent News

• The size of the government’s flagship manufacturing sector support programme, the Production Linked Incentive (PLI) scheme, has touched Rs 2.05 lakh crore, against the initial commitment of Rs 1.97 lakh crores.
• The Union Cabinet has approved the 2nd edition of the production-linked incentive (PLI 2.0) scheme for IT hardware with a ₹17,000-crore outlay.

BPCL to spend Rs 1.5 lakh crore as capex in next 5 years

• Bharat Petroleum Corporation Limited (“BPCL”), a prominent ‘Maharatna’ and Fortune Global 500 Company, unveiled its ambitious roadmap for the next 5 years at the 70th Annual General Meeting (AGM) held.
• The company has planned a capex outlay of around 1.5 Lakh Crore in the next 5 years.
• With an aim to expand BPCL’s infrastructure network, BPCL will be setting up POL (Petroleum Oil & Lubricants) & LOBS (Lube Oil Base Stock) installations along with receipt pipelines at Rasayani, with investments of approximately 2,753 crore.
• This is expected to debottleneck the evacuation of products from Mumbai Refinery and ensure seamless supplies, particularly to the Northern markets
• Towards achieving net-zero emissions by 2040 for both Scope 1 & Scope 2 emissions, BPCL has drawn a net-zero roadmap which encompasses the Green Energy Businesses, Carbon Capture, Utilization, and Storage (CCUS), efficiency improvement, and the offset procurements.
• This would require an estimated phased capital outlay of approximately 1 lakh crore till 2040 and BPCL is geared for the same.

Key Highlights

• In E-Mobility, BPCL plans to provide electric vehicle charging facilities at 7,000 energy stations in the next 5
• In the Biofuel space, having achieved 6% ethanol blending in petrol in 2022-23, BPCL plans to increase the blending to 12% in FY 2023-24 and endeavours to reach 20% blending by 2025.
• BPCL is also setting up an integrated 2G + 1G Ethanol Bio-refinery at Bargarh, Odisha which is scheduled for completion by March 2024.
• In the renewables space, BPCL aspires to build 1 gigawatt (GW) of renewable energy capacity by 2025 and 10 GW by 2040 – through both organic and as well as inorganic routes.
• BPCL will be investing approximately 1,000 crore to set up two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh to support the refineries in Mumbai and Bina.

Recent News

• Bharat Petroleum Corporation (BPCL) will set up an ethylene cracker (EC) project at Bina in Sagar district, Madhya Pradesh (MP), and expand its refinery capacity with a capital expenditure of around Rs 49,000 crore

About BPCL :

• Founded: 1952
• Headquarters: Mumbai, Maharashtra, India
• Chairman & Managing Director: G Krishnakumar.
• BPCL is an Indian central public sector undertaking under the ownership of the Ministry of Petroleum and Natural Gas, Government of India (GoI).

CURRENT AFFAIRS : STATE NEWS

Madhya Pradesh announces Ladli Behna Yojana aid hike, 35% job reservation for women

• The Madhya Pradesh (MP) government has increased the financial assistance provided to women under the Ladli Behna scheme from Rs 1,000 to Rs 1,250 per month.
• This scheme aims to offer economic support and empowerment to women in MP.

About Ladli Behna scheme :

• Starting from October, approximately 1.25 crore women will receive Rs 1,250 per month under this scheme and the amount will gradually be hiked to ₹3,000 per month so that the aim of uplifting the economic and social condition of women is fulfilled.
• The Ladli Behna Yojana, launched on June 10, 2023, has already provided financial assistance amounting to Rs 3,628.85 crore to eligible women.

Eligibility Criteria :

• Women aged 23 to 60 years are eligible for financial assistance Rs 1,000 per month under the Ladli Behna Yojana.
• This assistance is offered to women who are not income tax payers and come from families with an annual income of less than Rs 2.5 lakh.

Other Initiatives :

• He also announced a substantial increase in women’s reservation in government jobs from the current 30% to 35%.
• Notably, the reservation in teachers’ recruitment will be set at 50%.

Gas Cylinders at Reduced Price :

• The government has also taken steps to provide gas cylinders to women at a reduced price of Rs 450, contributing to their economic well-being.

About MP :

• Governor : Mangubhai C. Patel
• Chief Minister : Shivraj Singh Chouhan
• Capital : Bhopal
• National Park : Kanha National Park, Bandhavgarh National Park, Pench National Park, Kuno National Park
• Wildlife Sanctuary : Karera Wildlife Sanctuary, Ghatigaon Wildlife Sanctuary, Ratapani Wildlife Sanctuary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Shriram Finance’s Umesh Revankar takes charge as chairman of Finance Industry Development Council

• The Finance Industry Development Council (FIDC), the representative body of asset and loan financing of the Non-Banking Finance Companies (NBFCs) in India, has appointed Umesh Revankar as its new chairman for a 2-year term.
• The managing committee elected Revankar unanimously during a meeting held in Mumbai, Maharashtra.
• Kamlesh Gandhi, Chairman & Managing Director (CMD) of MAS Financial Services, and K V Srinivasan, chief executive officer of Profectus Capital, will act as the co-chairmen of FIDC.

About Umesh Revankar :

• Revankar joined as an executive trainee with Shriram Group in 1987.
• During his tenure, he played a pivotal role in making Shriram Transport Finance Co. the largest commercial vehicle financer in India.
• He also serves as a director for several companies within the Shriram Group, including Shriram Automall India, Shriram General Insurance, and Shriram Life Insurance.
• He currently holds the position of executive vice chairman for Shriram Finance Ltd., and brings with him over three decades of experience and expertise in the financial services industry.

About Finance Industry Development Council (FIDC) :

• Established: 2004
• Headquarters: Mumbai, Maharashtra
• Director General: Mahesh Thakkar

Kaziranga National Park to Get Its 1st Woman Field Director – Sonali Ghosh

• Indian Forest Service officer & Chief conservator of forests Dr Sonali Ghosh set to become the 1st woman field director of 118-year-old Kaziranga National Park in Assam from Sep 1, 2023.
• She will take the place of Jatindra Sarma, who will retire on August 31, 2023.

About Kaziranga National Park :

• Kaziranga National Park is a national park in the Golaghat and Nagaon districts of the state of Assam.
• It was declared a National Park in 1974, a United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage Site in 1985 and a Tiger Reserve in 2006.
• 4 main rivers -Brahmaputra, Diphlu, Mora Diphlu and Mora Dhansiri pass through the Kaziranga National Park.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy participates in 5th ‘AUSINDEX-23’ held in Australia

• The 5th edition of AUSINDEX, a significant bilateral maritime exercise between the Indian Navy and the Royal Australian Navy (RAN), was conducted from 22-25 August 2023 in Sydney, Australia.

Participants :

• Indian Navy: Indian Naval Ship (INS) Sahyadri and INS Kolkata were the participating ships from the Indian side.
• Royal Australian Navy: HMAS Choules and HMAS Brisbane were the participating ships from the Australian side.
• Fighter aircraft and maritime patrol aircraft were also part of the exercise.

About AUSINDEX :

• AUSINDEX is a bilateral naval exercise jointly conducted by India and Australia, which was first initiated in 2015.
• AUSINDEX incorporated exercises across all 3 domains of maritime operations: surface, sub-surface, and air.

Aim :

• To reaffirm close linkages and interoperability between the Indian Navy and RAN.
• The exercise will provide an opportunity for both Navies to further bolster interoperability, gain from best practices and develop a common understanding of procedures for Maritime Security Operations.

Other Exercises conducted between Australia and India :

• Exercise AUSTRA HIND (Bilateral Exercise with Army)
• Exercise PITCH BLACK (Australia’s multilateral air combat training exercise)

About Australia :

• Prime Minister – Anthony Albanese
• Capital – Canberra
• Currency : Australian Dollar

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and New Zealand sign MoU to boost cooperation in Civil Aviation

• The Government of India and the Government of New Zealand have signed a Memorandum of Understanding (MoU) to boost cooperation in civil aviation.
• This will cover the scheduling of new routes, code share services, traffic rights and capacity entitlement.
• The MoU was signed by Shri Rajiv Bansal, Secretary, Ministry of Civil Aviation and HE Mr David Pine, the New Zealand High Commissioner in the presence of Shri Jyotiraditya M. Scindia, Minister for Civil Aviation of India and Mr Damien O’ Connor, Minister for Trade and Export Growth, Minister of Agriculture, Minister for Biosecurity, Minister for Land Information, and Minister for Rural Communities of New Zealand.

Key Highlights:

• An Air Services Agreement was signed between New Zealand and India at Auckland on 1 May 2016.
• The Government of New Zealand and the Government of India have reviewed the existing arrangements relating to air service between the two countries.
• The MoU signed is expected to further boost the bilateral ties in civil aviation between the two countries.
• According to the MoU, the designated airline(s) of New Zealand may operate any number of services with any type of aircraft, with 3rd and 4th freedom traffic rights to/from 6 points in India, namely New Delhi, Mumbai, Bengaluru, Chennai, Hyderabad, and

Recent news

• New Zealand has become the 1st country to ban the thin plastic bags that supermarket customers use to collect their fruit and vegetables.
• The National Aeronautics and Space Administration’s (NASA’s) Scientific Balloon Program has launched a 2nd football-stadium-sized, heavy-lift super pressure balloon (SPB) from Wānaka Airport, New Zealand, on a technology mission aimed for 100 days or more of flight in the Earth’s upper atmosphere.

About New Zealand:

• Prime Minister : Chris Hipkins
• Capital : Wellington
• Currency : Dollar

CURRENT AFFAIRS: BOOKS AND AUTHOR

Shri Dharmendra Pradhan launches Comic Book Developed by NCERT and UNESCO “Let’s Move Forward”

• Union Education and Skill Development & Entrepreneurship Minister Shri Dharmendra Pradhan, launched a novel comic book titled “Let’s Move Forward.” at Kaushal Bhawan, New Delhi.
• This comic book is a collaborative effort between the National Council of Educational Research and Training (NCERT) and UNESCO New Delhi.
• Secretary, School Education Education and Literacy, Shri Sanjay Kumar; Secretary, Ministry of Skill Development & Entrepreneurship, Shri Atul Kumar Tiwari; Director, NCERT, Dr Dinesh Prasad Saklani; officials of the Ministry of Education and UNESCO and students were also present at the event.

About the book

• The “Let’s Move Forward” comic book is designed to cater to the diverse requirements of adolescents and encapsulates crucial information pertaining to the 11 thematic components of the School Health and Wellness Programme.
• These encompass a comprehensive range of subjects, including emotional well-being, interpersonal relationships, gender equality, nutrition and health, substance abuse prevention, healthy lifestyles, reproductive health, internet safety, and more
• The comic book imparts life skills essential for fostering responsible and health-conscious behaviour among adolescents.
• This innovative approach serves to not only disseminate health-related knowledge but also facilitate the acquisition of life skills necessary for comprehensive personal development.
• It is accessible in multiple languages, including Hindi, English, Assamese, Bengali, Gujarati, Kannada, Malayalam, Marathi, Odiya, Tamil, and Telugu, to ensure inclusivity across linguistic diversity.

About the Distribution

• The “Let’s Move Forward” comic book will be distributed across various educational and health institutions nationwide.
• Its distribution will encompass State School Education Departments, SCERTs, Colleges of Teacher Education (CTEs), Institutes of Advanced Study in Education (IASEs), District Institutes of Education and Training (DIETs), Block Institutes of Teacher Education (BITEs), and state health departments.
• Additionally, the comic books will be disseminated to the 29,000 schools affiliated with the CBSE, thereby expanding its outreach.
• An electronic version of the comic book will also be accessible on the Ministry of Education (MoE), NCERT, UNESCO, and DIKSHA websites.

Recent News

• The United States of America (USA) rejoined as a member of the United Nations cultural and scientific agency, United Nations Educational, Scientific and Cultural Organization (UNESCO) after 5 years.
• Niloofar Hamedi, Elaheh Mohammadi and Narges Mohammadi have been named as the laureates of the 2023 UNESCO/Guillermo Cano World Press Freedom Prize, following the recommendation of an International Jury of media professionals.

About UNESCO:

• Established : 16 November 1945
• Headquarters : Paris, France
• Director General : Audrey Azoulay
• Parent Organisation : United Nations Economic and Social Council
• UNESCO is a specialized agency of the United Nations (UN) aimed at promoting world peace and security through international cooperation in education, arts, sciences and culture.

Daily CA One- Liner: August 31

• Axis Bank, one of the largest private sector banks in India launched a first-of-its-kind new savings account variant – ‘Infinity Savings Account’ to cater to digitally savvy customers who are frequent adopters of subscription-based models.
• In a significant move, Bandhan Bank has received authorization from the Reserve Bank of India (RBI) to serve as an authorised pension disbursement bank.
• The Securities and Exchange Board of India (SEBI) has introduced new disclosure norms for Foreign Portfolio Investors (FPIs), which are set to be implemented from November 1, 2023.
• DBS Bank Limited, in collaboration with Singapore’s commodities trader Maptrasco (Khaitan International Pte Limited-KIPL), has achieved a significant breakthrough by successfully executing the 1st “live” electronic Bills of Lading (eBL) transaction for shipments between Singapore and India.
• Minister of Fisheries, Animal Husbandry and Dairying, Shri Parshottam Rupala chaired the 2nd National Advisory Committee meeting for Animal Husbandry and Dairying formed under the Department of Animal Husbandry and Dairying.
• Union Minister of Tribal Affairs, Shri Arjun Munda launched the ‘Awareness Campaign and Training of Trainers’ as a part of the ‘Mission for Elimination of Sickle Cell Anaemia’ in New Delhi.
• Union Minister for Youth Affairs and Sports Shri Anurag Singh Thakur launched the 3rd edition of the Fit India Quiz, among other initiatives, at an event at the JLN Stadium.
• The Centre has extended the mixed route of wage payment including the National Automated Clearing House and Aadhaar Based Payment System– ABPS route till the 31st of December,2023.
• The government will provide a grant-in-aid of up to Rs 50 lakh for startups and individuals to promote innovation in the niche technical textiles segment.
• The Indian government has extended the deadline for the production-linked incentive (PLI) scheme for the automobile and auto component industry by another year, until 2027-28.
• Bharat Petroleum Corporation Limited (“BPCL”), a prominent ‘Maharatna’ and Fortune Global 500 Company, unveiled its ambitious roadmap for the next 5 years at the 70th Annual General Meeting (AGM) held.
• The Government of India and the Government of New Zealand have signed a Memorandum of Understanding (MoU) to boost cooperation in civil aviation.
• The Asian Development Bank (ADB) and Fourth Partner Energy Private Limited (Fourth Partner) an Independent Power Producer (IPP) signed a long-term loan of up to2 billion Indian rupees (about $14.7 million) to construct and operate a 25-megawatt solar photovoltaic-based power plant to increase clean and low-cost energy supply to commercial and industrial customers.
• The Madhya Pradesh (MP) government has increased the financial assistance provided to women under the Ladli Behna scheme from Rs 1,000 to Rs 1,250 per month.
• The Finance Industry Development Council (FIDC), the representative body of asset and loan financing of the Non-Banking Finance Companies (NBFCs) in India, has appointed Umesh Revankar as its new chairman for a 2-year term.
• Indian Forest Service officer & Chief conservator of forests Dr Sonali Ghosh set to become the 1st woman field director of 118-year-old Kaziranga National Park in Assam from Sep 1, 2023.
• The 5th edition of AUSINDEX, a significant bilateral maritime exercise between the Indian Navy and the Royal Australian Navy (RAN), was conducted from 22-25 August 2023 in Sydney, Australia.
• Union Education and Skill Development & Entrepreneurship Minister Shri Dharmendra Pradhan, launched a novel comic book titled “Let’s Move Forward.”