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CURRENT AFFAIRS : BANKING & FINANCE
India & UAE set up Framework For Local Currency Settlement In Cross-Border Transactions
- The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two Memorandum of Understandings (MoUs) in Abu Dhabi for establishing a framework to promote the use of local currencies for cross-border transactions; and cooperation for interlinking their payment and messaging systems.
- The MoUs were signed by RBI Governor Shaktikanta Das and the CBUAE Governor Khaled Mohamed Balama.
- The MoUs were exchanged between the two Governors, in the presence of Indian Prime Minister Shri Narendra Modi and President of the UAE Mr Sheikh Mohamed Bin Zayed Al Nahyan.
Aim :
- To facilitate seamless cross border transactions and payments, and foster greater economic cooperation between the two countries.
About the MoUs :
- The 1st MoU focuses on establishing a framework to promote the use of local currencies, specifically the Indian rupee (INR) and the UAE Dirham (AED), for cross-border transactions.
- The creation of a Local Currency Settlement System (LCSS) will enable exporters and importers to invoice and transact in their respective domestic currencies, fostering an INR-AED foreign exchange market.
- By optimizing transaction costs and settlement time, this arrangement will promote investments, remittances, and bilateral trade between India and the UAE.
- The 2nd MoU centers on cooperation between the payment and messaging systems of the two central banks.
- This collaboration encompasses linking India’s Fast Payment Systems (FPSS- Unified Payments Interface, UPI) with the UAE’s Instant Payment Platform (IPP), as well as connecting their respective card switches (RuPay switch and UAESWITCH).
- Additionally, the MoU explores the potential linking of India’s Structured Financial Messaging System (SFMS) with the messaging system in the UAE.
- These integrations aim to facilitate seamless and efficient cross-border funds transfers, card transactions, and financial messaging between the two countries.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar
About UAE :
- President : Mohamed bin Zayed Al Nahyan
- Prime Minister : Mohammed bin Rashid Al Maktoum
- Capital : Abu Dhabi
- Currency : UAE dirham
HDFC Bank Becomes 1st to Link Digital Rupee With UPI QR Code
- HDFC Bank has launched Unified Payments Interface Quick Response Code (UPI QR code) interoperable with India’s sovereign digital currency, Central Bank Digital Currency (CBDC).
- With this, HDFC Bank became one of the first banks in the country to complete the integration process.
- At present, HDFC Bank facilitates payments in Digital Rupee across Mumbai, Delhi, Chandigarh, Bhubaneshwar, Bengaluru, Ahmedabad, Guwahati, Gangtok, Hyderabad, Indore, Bhopal, Lucknow, Patna, Kochi, Goa, Shimla, Jaipur, Chennai, Kolkata, Ranchi, Pune, Nagpur, Varanasi, Visakhapatnam, Pondicherry, and Vijayawada.
Key Highlights :
- With the interoperable UPI QR code, HDFC Bank merchants who have been onboarded on its CBDC platform can accept payments from their customers in the form of Digital Rupee currency.
- HDFC Bank has signed up 1,70,000 merchants and over 1 lakh customers in pilot programmes using the digital rupee.
Benefits of UPI QR Code Interoperable With Digital Rupee:
For Consumers:
- Transact money available in their CBDC wallet across UPI QR code
- No need to scan different QR codes at the same merchant
For Merchants:
- Only need to display one QR code at the storefront or through the acquiring bank’s mobile application
- No need for merchants to change their existing QR codes.
About CBDC :
- A CBDC is a digital currency issued by a central bank, rather than by a commercial bank.
- It is also a liability of the central bank and denominated in the sovereign currency, as is the case with physical banknotes and coins.
- The RBI on November 1, 2022, started a pilot on CDBC in the wholesale segment & it further rolled out retail testing on December 1, 2022.
- Two broad categories of CBDC can be distinguished:
- General-purpose or retail (CBDC-R)
- Wholesale (CBDC-W).
- The private sector, non-financial customers, and enterprises might all potentially use retail CBDC (e-R), but wholesale CBDC (e-W) is only intended for certain financial institutions.
Recent News :
- In June, 2023, the central banks of 114 countries accounting for 95% of the world’s Gross domestic product (GDP) were stated to be in various stages of evaluating the launch of a national digital currency.
About HDFC Bank :
- Established : 1st July 2023 (via the merger between HDFC-HDFC bank)
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Sashidhar Jagdishan
- Tagline : We Understand Your World
SEBI tightens disclosure norms for listed firm
- Capital markets regulator Securities and Exchange Board of India (SEBI) has tightened the disclosure norms for listed companies with strict timelines and introduced criteria for determining the materiality of events.
Key Highlights :
- Under the framework, the regulator asked listed companies to disclose family settlement agreements, which can impact the management and control of such firms to stock exchanges.
- These agreements must be disclosed in 12 hours if a listed entity is a party and in 24 hours if the listed entity is not a party.
- For material events or information which emanate from the listed entity, including those related to acquisitions, Scheme of Arrangement, consolidation of shares and buyback of securities, the timeline for disclosure by the entity has been reduced from 24 hours to 12 hours.
- For information from a decision taken in a board meeting, the disclosure must be made within 30 minutes from the closure of such meeting.
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.
SEBI mandates certification for Environmental, Social, Governance rating providers within six months
- The Securities and Exchange Board of India (SEBI), has mandated that all entities providing ESG (environmental, social, governance) rating services will have to get a certification from the regulator within 6 months.
- This circular is issued in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 20 of Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.
Key Highlights :
- The ESG rating service provider will have to be incorporated as a company under the Companies Act, 2013, and have specified ESG rating activity, as the main object in its Memorandum of Association.
- The agency will have to disclose their methodologies for all ratings on their website and declare the weightage given to all environmental, social and governance factors in the final score.
- Furthermore, even foreign entities will have to attain certification from the SEBI, the board decreed.
- The foreign ESG rating provider will need a minimum of 5 years of relevant experience before they can render services to Indian businesses.
- The new provision of transparency and reasoning behind the scoring could certainly help minimise such biases.
Recent News :
- In March 2023, SEBI decided to set up a corporate debt market development fund (CDMDF) in the form of an Alternate Investment Fund (AIF) with an initial corpus of Rs 3,000 crore to act as a backstop facility for purchase of investment grade corporate debt securities during times of stress.
- In April 2023, Emkay Global Financial Services received in-principle approval from the capital markets regulator SEBI to launch a mutual fund business in India.
Fincare Small Finance Bank launched brand campaign “The Great Indian FD Fest”
- Fincare Small Finance Bank Limited (FSFBL) has launched its multilingual campaign ‘The Great Indian Fixed Deposit (FD) Fest’ featuring brand ambassador Viswanathan Anand.
Objective :
- To raise awareness about the bank’s interest rate offering for all categories of customers.
- Additionally, it emphasises the importance of fixed deposit as a stable and long-term investment vehicle which is suitable for everyone.
- At present the bank is offering rates as high as 9.11% for senior citizens and 8.51% for general citizens.
- This campaign celebrates the spirit of financial empowerment and presents a golden opportunity for every Indian to secure their financial future through fixed deposits.
About Fincare Small Finance Bank Limited :
- Established : 05 April 1995
- Headquarters : Bangalore, Karnataka
- MD & CEO : Rajeev Yadav
PayU, AWS & Chiratae Ventures collaborates to launch Fintech Startup Accelerator Programme inFINity for early-stage start-upsz
- Payments service provider PayU has launched a 45-day fintech accelerator program, inFINity for early-stage Indian startups in collaboration with Amazon Web Services (AWS) India, a cloud platform, and venture capital firm Chiratae Ventures.
Aim :
- To support the growth of early-stage fintech startups by providing access to mentorship from industry experts, curated resources, and AWS Activate credits.
Key Highlights :
- The deadline to apply for the cohort is August 11, 2023.
- Selected applicants will be announced on August 17,2023 and the program will commence on August 31,2023 with 3 days of in-person boot camp in Bengaluru,Karnataka followed by four weeks of intensive online training.
- To apply for the program, startups must be either bootstrapped or have raised funding of less than $5 million, seek to raise Seed to Series A funding and have a minimum viable product (MVP) already developed.
- The cohort will receive training and mentorship sessions, including access to experts from PayU, ‘guiding them to scale their business operations and expand their customer base’.
- inFINity 2023 mentors include Anirban Mukherjee, CEO of PayU payments; Kailash Nadh, CTO of Zerodha; Nitin Gupta, Founder & CEO of Uni Cards; Prabhu Rangarajan, Co-Founder of M2P, among others.
About PayU India :
- Headquarters : Gurugram, Haryana
- CEO : Anirban Mukherjee
RBI Cancelled Licences Of 2 Cooperative Banks – Sri Sharada Mahila Co-operative Bank & Harihareshwar Sahakari Bank due to Inadequate Capital
- The Reserve Bank of India (RBI) has cancelled the licences of 2 cooperative banks- Sri Sharada Mahila Co-operative Bank, Tumkur, situated in Karnataka, and Harihareshwar Sahakari Bank, Wai, Satara in Maharashtra, because of inadequate capital and no earning prospect.
Key Highlights :
- On liquidation, each depositor will be entitled to receive the deposit insurance claim amount of up to Rs 5 lakh from the DICGC.
- The Deposit Insurance and Credit Guarantee Corporation (DICGC) will pay the full amount to around 99.96% of depositors of Harihareshwar Sahakari Bank.
- DICGC will pay the full amount to around 97.82% of the depositors of Sri Sharada Mahila Co-operative Bank.
- As a result of the cancellation of their licenses, banks are prohibited from carrying on the business of ‘banking’ which includes accepting deposits and repayment of deposits.
- Till June 12, 2023, DICGC has already paid Rs 15.06 crore of total insured deposits to the depositors of Shri Sharda Mahila Sahakari Bank.
- The Cooperative Commissioner and Registrar of Cooperative Societies, Maharashtra have also been requested to issue an order to wind up the bank and appoint a liquidator for the bank.
Recent News :
- In June 2023, The Reserve Bank of India (RBI) cancelled the banking license of the Karnataka-based Mahalaxmi Cooperative Bank, Dharwad, and allowed it to function only as a Non-Banking Financial Company (NBFC).
- In June 2023, The RBI stated that Equitas Holdings Ltd has surrendered its Non Banking Financial Company (NBFC) licence, and accordingly its registration has been cancelled.
About DICGC :
- Established : July 1978 under the Deposit Insurance and Credit Guarantee Corporation Act, 1961.
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Dr. M.D. Patra
- DICGC is a fully owned subsidiary of RBI.
- DICGC is a specialised division of RBI which is under the jurisdiction of Ministry of Finance, Government of India (GoI).
- It insures deposits in public and private sector banks, local area banks, small finance banks, regional rural banks, cooperative banks, Indian branches of foreign banks and payments banks.
CURRENT AFFAIRS: NATIONAL NEWS
The G20 Young Entrepreneurs Alliance Summit in New Delhi is addressed by Union Minister Jitendra Singh.
- Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said the successful launch of Chandrayaan-3 will boost Space StartUps and Space entrepreneurs.
- Addressing the G20 Young Entrepreneurs Alliance Summit in New Delhi, Dr Jitendra Singh said, after Prime Minister Narendra Modi unlocked the Space Sector in 2020 for private participation, Indian Space Research Organization (ISRO) made history in November last year by launching successfully India’s maiden private Vikram-suborbital (VKS) rocket.
- He called upon the young scientists and youth of the G20 Nations to explore the space possibilities through lucrative StartUp ventures even in a Joint Mission Mode to herald a New Age of Space Entrepreneurship.
- The Minister informed the gathering that out of 424 foreign satellites launched to date by India, 389 were launched in the last nine years of the government headed by Prime Minister Narendra Modi.
- He also added that from January 2018 to till date, ISRO has successfully launched over 200 foreign satellites belonging to major G20 countries.
About G20:
- The G20 or Group of 20 is an intergovernmental forum comprising 19 countries and the European Union.
- It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.
- Founded: 26 September 1999
Recent News
- Prime Minister Narendra Modi has asked his ministers to expedite the work of ongoing projects and have them completed by the next Republic Day. Addressing the entire Union Council of Ministers at a meeting held for the first time at the ITPO complex in New Delhi’s Pragati Maidan, Modi asked his colleagues to inform people about the work done so far, according to people in government. The G20 summit will be held at the same venue later this year.
Education Minister Dharmendra Pradhan introduces a free online AI training program.
- Education and Skill Development Minister Dharmendra Pradhan launched AI for India 2.0, a free online training programme on Artificial Intelligence, on the occasion of World Youth Skills Day.
- It is a joint initiative of Skill India and GUVI, which is an IIT Madras incubated startup tech platform that enables tech learning in vernacular languages.
- This programme has been curated in nine Indian languages.
- He added that this is a good beginning towards dismantling the language barrier in technology education and future-proofing the nation’s Yuva Shakti, particularly in rural areas.
Centre extends the tenure of the inter-ministerial digital panel by a month
- The Centre has extended the tenure of the Committee on Digital Competition Law (which had been set up to recommend a draft of the proposed Digital Competition Law) by one more month.
- The inter-ministerial panel’s earlier extended tenure was to end on July 5.
- Now the Corporate Affairs Ministry has given one more month
- The Centre has ordered setting up a committee that will review whether existing antitrust laws in the country are equipped to deal with the challenges that have emerged from the digital economy and submit to the government a draft Digital Competition Act within three months.
- The move comes amid increased regulatory antitrust-related scrutiny over big tech companies like Google, which last year was fined by the Competition Commission of India in two separate instances for allegedly abusing its market dominance in the Android mobile device ecosystem, and the app store market.
- Apart from that, a Parliamentary panel has, in a report released last year, also proposed to frame ‘ex-ante’ regulations to curb the market dominance of large tech companies.
ONGC first CPSE in India to get certified for Anti-Bribery Management System by an internationally accredited certification body
- As the first Central Public Sector Enterprise (CPSE) in India to earn certification for its Anti-Bribery Management System (ABMS), Oil and Natural Gas Corporation (ONGC) recently made history.
- InterCert USA, a globally recognized certification organization, granted the certification.
- ONGC previously proved its dedication to bribery prevention in 2005 when it became the first Indian organization to ratify the Integrity Pact (IP) created by Transparency International.
- ABMS Certification, thus, becomes another significant milestone in the journey of Energy Maharatna towards strengthening its stature as a preferred business partner.
- After complete assessment and validation by M/s InterCert USA, ABMS has been implemented as per ISO 37001:2016 International Standard under the guidance of an international consultancy firm M/s Digital Age, in the first phase across 10 departments of ONGC’s Corporate Office in Delhi.
- Apart from the Chairman and Directors of ONGC, Chief Vigilance Officer Ranjan Prakash Thakur, and Key Executives of Corporate Departments were also present during the award ceremony, along with a representative from the Certification Body M/s InterCert.
About ONGC:
- Founded: 14 August 1956
- Headquarters New Delhi
- CEO: Arun Kumar Singh
Recent News
- Indradhanush Gas Limited (IGGL) and Oil and Natural Gas Corporation Limited (ONGC) have signed three hook-up agreements to connect the latter’s natural gas fields with the North East Gas Grid (NEGG) for the transportation of natural gas.
CURRENT AFFAIRS : STATE NEWS
Rajasthan cabinet gives approval to ‘Minimum Guaranteed Income Bill’
- The Rajasthan Government has announced the minimum income guarantee to provide social security to citizens of Rajasthan.
Key Highlights :
- The Rajasthan government plans to bring a law that promises ‘guaranteed minimum income’ for the poor.
- With this scheme, all families in the state will be able to get an employment guarantee of 125 days every year, and a minimum pension of 1,000 per month in case of aged /disabled/single women.
- For this, an additional expenditure of 2500 crore is being proposed.
- The Rajasthan government provides social security pension to around 10 million beneficiaries at an annual expenditure of 9,000 crore.
- The central government provides300 crore annually for pensions of up to Rs.300 per month to 1 million people in the state.
- Through the CM Rural Employment Guarantee Scheme, 125 days of employment is provided, instead of 100 days of employment under the Mahatma Gandhi National Rural Employment Guarantee Act, 2005 (MGNREGA).
Recent News :
- In June 2023, The Medical, Health & Family Welfare Department of the Rajasthan Government launched the Pregnancy, Child Tracking & Health Services Management System (PCTS) app which enables online tracking, reporting and monitoring of the health of pregnant women, obstetricians and infants.
About Rajasthan :
- Governor : Kalraj Mishra
- Chief Minister : Ashok Gehlot
- Capital : Jaipur
- National Park : Keoladeo National Park, Ranthambore National Park
- Wildlife Sanctuary : Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary
Ker Puja festival celebrated in Tripura
- Ker Puja is a Hindu religious festival and a state holiday in the north-eastern state of Tripura celebrated every year in the month of July.
- During this period, devotees worship Ker, the guardian deity of Vastu Devata.
About Ker Puja :
- Ker, meaning austerity.
- In the local tribal language called Kokborok, “Ker” denotes a boundary or a specific area.
- The celebration occurs two weeks after the Kharchi Puja to honor Ker, the guardian deity of Vastu Devata.
- It is an occasion of deep cultural and religious importance, with rituals and customs that have been passed down through generations.
- Pregnant women, elderly individuals, and those who are unwell are taken to nearby villages to ensure their safety.
Recent News :
- In June 2023, In a vibrant display of cultural heritage and religious fervour, the Historical ‘Kharchi Puja’ (one of the main festivals of Tripura) commenced in Tripura.
About Tripura :
- Governor : Satyadev Narayan Arya
- Chief Minister : Manik Saha
- Capital : Agartala
- National Park : Bison (Rajbari) National Park, Clouded Leopard National Park
- Wildlife Sanctuary : Sepahijala Wildlife Sanctuary, Trishna Wildlife Sanctuary
- Ramsar Site : Rudrasagar Lake
- Famous Festival : Garia Puja, Pilak Festival, Kharchi Festival
CURRENT AFFAIRS: MOUS AND AGREEMENT
A Memorandum of Understanding was inked to create IIT Delhi’s first campus in Abu Dhabi.
- A Memorandum of Understanding (MoU) has been signed between the Ministry of Education and Abu Dhabi Department of Education and Knowledge (ADEK), and the Indian Institute of Technology Delhi (IIT Delhi) to establish 1st campus of IIT Delhi in Abu Dhabi.
- The signing took place in the presence of HE Sheikh Mohamed Bin Zayed Al Nahyan, President of the UAE and Shri Narendra Modi, Prime Minister of India.
- The MoU was signed by HE Mubarak Hamad Al Mheiri, ADEK Under Secretary, Shri Sunjay Sudhir, Indian Ambassador to the UAE and Professor Rangan Banerjee, Director, Indian Institute of Technology Delhi.
- Complementing the ongoing UAE-India Comprehensive Economic Partnership Agreement (CEPA), the MoU reflects the shared vision of both nations to prioritize educational excellence, innovation, knowledge exchange, and investments in human capital as the foundations for future prosperity and enablers of long-term economic growth and sustainable development.
- The IIT Delhi – Abu Dhabi campus is expected to launch its academic programs in 2024 and a host of bachelor’s, master’s and PhD programs, and operate research centres related to sustainable energy and climate studies, as well as computing and data sciences.
- IIT Delhi – Abu Dhabi is expected to offer a diverse range of programs covering Energy and Sustainability, Artificial Intelligence, Computer Science and Engineering, Mathematics and Computing and other disciplines of engineering, sciences, and humanities.
About UAE:
- Capital: Abu Dhabi
- Currency: Dirham
- Prime Minister: Mohammed bin Rashid Al Maktoum
Recent News
- The Indian Institute of Technology Delhi has built a time capsule that will be opened in 2047 and contains messages that individuals have written about their hopes and dreams for India today and in the future.
India and the UAE inked a historic Memorandum of Understanding on the LCS system.
- In a significant move to strengthen economic ties, India and the United Arab Emirates have signed a historic Memorandum of Understanding on the Local Currency Settlement (LCS) system.
- This groundbreaking agreement, signed between the Reserve Bank of India and the Central Bank of the UAE, aims to revolutionize cross-border transactions between the two nations.
- The LCS system allows for the use of the Indian Rupee and UAE Dirham in bilateral trade, marking India’s first-ever LCS arrangement.
- This innovative system is expected to have a transformative impact on transaction costs and processing time while also increasing reliance on local currencies.
- The agreement comes as a significant milestone in the rapidly evolving India-UAE relationship, in line with the Vision Statement unveiled by the two leaders during their virtual summit in February 2022.
- Under the LCS system, traders and businesses will have the flexibility to choose the payment currency based on mutual agreement, providing a seamless and efficient mechanism for cross-border transactions. This move is set to reduce dependence on international currencies and further strengthen economic cooperation between India and the UAE.
- Additionally, the LCS system enables the use of surplus balances in local currencies for investment in various local currency assets, such as corporate bonds, government securities, and equity markets, creating new avenues for growth and collaboration.
- The signing of the LCS agreement took place during the recent visit of Honorable Prime Minister Shri Narendra Modi to the UAE.
- Prime Minister Modi was warmly welcomed by HH Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, further reflecting the depth of bilateral relations between the two countries.
- This significant step is expected to amplify the preferential terms already established by the Comprehensive Economic Partnership Agreement (CEPA), bringing new opportunities for trade and investment.
About UAE:
- Capital: Abu Dhabi
- Currency: Dirham
- Prime Minister: Mohammed bin Rashid Al Maktoum
Recent News
- EDGE, UAE’s leading defence group signed a Memorandum of Understanding with India’s aerospace firm Hindustan Aeronautics (HAL) at the International Defence Exhibition and Conference (IDEX).
- India-UAE comprehensive free trade agreement, the two sides established the UAE chapter of the UAE-India Business Council (UIBC) to bolster economic ties and facilitate enhancing bilateral trade and investment.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Australia appoints Michele Bullock as 1st female governor of central bank for next 7 years
- Australia has appointed a woman, Michele Bullock to lead its central bank, the first time ever in the 63-year history of the Reserve Bank of Australia (RBA) for the next 7 years.
- She will succeed Philip Lowe, who will leave office on September 17,2023 marking the end of his 43-year career at the central bank.
- Bullock who currently serves as the RBA’s deputy governor will start her 7 -year term on 18 September 2023.
- The decision not to reappoint Lowe for a second term comes amidst public backlash over the sharp increase in interest rates.
- Australian Treasurer Jim Chalmers and Prime Minister Anthony made the announcement, highlighting Bullock’s qualifications and her ability to lead the RBA through an upcoming reorganisation.
About Michele Bullock :
- Bullock joined the RBA in 1985 with a masters from the London School of Economics and is highly respected by analysts.
- She was appointed as the Assistant Governor from 2010-2022.
- She started her career as a Chief Manager of Payment Policy Department in 1998 and served in this position till 2007.
About Reserve Bank of Australia :
- Established : 14 January 1960
- The RBA is currently undergoing a major reorganisation following an independent review of its operations.
About Australia :
- Prime Minister : Anthony Albanese
- Capital : Canberra
- Currency : Australian dollar
CURRENT AFFAIRS : DEFENCE NEWS
Defence Acquisition Council approved proposals to buy 26 Rafale-Marine jets & 3 Scorpene submarines
- The Defence Acquisition Council (DAC) , in a meeting chaired by Defence Minister Shri Rajnath Singh, approved proposals to procure 26 Rafale-Marine fighter jets and 3 Scorpene diesel-electric submarines for the Indian Navy.
- The DAC has granted Acceptance of Necessity (AoN) for procurement of 26 Rafale Marine aircraft along with associated ancillary equipment, weapons, simulator, spares, documentation, crew training and logistic support for the Indian Navy from the French government based on Inter-Governmental Agreement (IGA).
- These 26 Rafale fighter aircraft comprise 22 single-seated Rafale marine aircraft and 4 twin-seater trainer versions.
- 3 additional Scorpene class diesel-electric submarines will be also procured from France under Buy (Indian) category, which will be constructed by Mazagon Dock Shipbuilders Limited (MDL).
Key Highlights :
- The procurement of additional submarines will have high indigenous content, and will help in improving the operational preparedness of the Indian Navy.
- This deal is likely to be signed during ongoing PM Shri Narendra Modi’s visit to France.
- These deals will be of around Rs 90,000 crore.
- Rafale fighter aircraft for the Indian Navy will be deployed on the INS Vikrant and INS Vikramaditya.
- It will be the second fighter jet purchase from the French aerospace major Dassault Aviation.
- At present, IAF is operating 36 Rafale jets procured under a €7.87 bn deal signed in April 2016.
Additional Info :
- The shipbuilder Mazagon Dock, in December,2022 delivered the 5th Scorpene Submarine “VAGIR” of Project P-75 to the Indian Navy which was launched in November 2020.
- Before Vagir, the company had also delivered submarines namely Kalvari, Khanderi, Karanj, and
- The 6th Scorpene submarine, Vaghsheer, was launched in April, 2022 and undertook its first sea sortie in May, 2023.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
ISRO Successfully launched its 3rd lunar mission – Chandrayaan 3 from Sriharikota
- The Indian Space Research Organisation (ISRO) launched its third lunar mission – Chandrayaan 3 on-board the heavy lift LVM3-M4 rocket in Sriharikota, Andhra Pradesh (AP).
- The Vikram lander of the mission is expected to soft-land on the surface of the South Pole region of the Moon on around August 23 or August 24, 2023.
- India will become the 4th country to master the technology of soft-landing on the moon’s surface after the United States (US), China and the former Soviet Union.
About Chandrayaan-3 :
- The Chandrayaan-3 is India’s third lunar mission.
- It consists of an indigenous lander module (LM), propulsion module (PM), and a rover
- The propulsion module is the one that will take the lander and the rover to the moon.
- The lander module contains the rover.
- After the touchdown, the lander will remain stationary at the landing site, while the rover will explore the moon.
- Lunar lander Vikram will click photos of the rover Pragyaan as it studies the seismic activity on the moon by dropping some instruments.
- Using laser beams, it would try to melt a piece of the lunar surface, the regolith, to study the gases emitted during the process.
- The Chandrayaan-3 carries 6 payloads that would help ISRO understand the lunar soil and also get the blue planet’s photographs from the lunar orbit.
- Chandrayaan-3 will cover a distance of 84 lakh km.
- It will reach the moon after travelling for 42 days.
- The Chandrayaan-3 has been built for Rs 615 crore.
- The rocket will eject the Chandrayaan-3 spacecraft at an altitude of about 179 km.
- The spacecraft would orbit the earth about 5-6 times in an elliptical cycle.
Key Highlights :
- Radio Anatomy of Moon Bound Hypersensitive Ionosphere and Atmosphere (RAMBHA) will measure the near-surface plasma density and its changes with time.
- Instrument for Lunar Seismic Activity (ILSA) will measure seismicity around the landing site and delineate the structure of the lunar crust and mantle
- Laser-Induced Breakdown Spectroscopy (LIBS) will determine the elemental composition of lunar soil and rocks around the landing site.
- Alpha Particle X-Ray Spectrometer (APXS) will derive the chemical composition and infer the mineralogical composition of the moon’s surface.
- Spectro-polarimetry of HAbitable Planet Earth (SHAPE) will study the spectro-polarimetric signatures of the earth in the near-infrared wavelength range.
- This could be used in the search for life on exo-planets beyond the solar system.
Key Peoples Related to Chandrayaan :
- After Tamil Nadu-born Mayilsamy Annadurai and M Vanitha helmed Chandrayaan 1 and 2, Villupuram native P Veeramuthuvel will be overseeing the third mission that would be fired towards the moon onboard the heavy launch vehicle, LVM3-M4.
- The ISRO, under its chairmanship of the soft-spoken S Somanath, aims to enter an elite league of nations that have mastered the art of soft landing on the lunar surface, with a similar attempt made in 2008 not fetching the desired results.
- Veeramuthuvel, aged about 46 years, is currently project director of Chandrayaan-3 mission under the leadership of Sreedhara Somanath.
- He succeeds Vanitha who was the project director of Chandrayaan-2 mission under the leadership of then ISRO Chief K Sivan.
- Vanitha also became the first woman project director in ISRO’s history.
- Mayilsamy Annadurai was hailed as the ‘Moon Man of India’ after he helmed the maiden Chandrayaan mission in 2008.
History :
- India’s first moon mission to the moon, Chandrayaan-1, was launched in October 2008 from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh (AP) with the goal of studying the lunar surface and looking for evidence of water.
- India’s second mission to the Moon, Chandrayaan-2 was launched on 22nd July 2019 from Satish Dhawan Space Center, Sriharikota, AP.
Recent News :
- In June 2023, The Indian Space Research Organisation (ISRO) plans to retain the names of the Chandrayaan-2 lander (Vikram) and rover (Pragyan) for their Chandrayaan-3 equivalents as well & this means, the Chandrayaan-3 lander will bear the name ‘Vikram’ (after Vikram Sarabhai, the father of the Indian space programme) and the rover, ‘Pragyan’.
- In March,2023 the Chandrayaan-3 spacecraft successfully completed the essential tests that validated its capability to withstand the harsh vibration and acoustic environment that the spacecraft would face during its launch.
About ISRO :
- Founded : 15 August 1969
- Headquarters : Bangalore, Karnataka, India
- Chairman : Sreedhara Somanath
CURRENT AFFAIRS: SPORTS NEWS
Marketa Vondrousova wins the Wimbledon women’s title with a 6-4, 6-4 victory over Ons Jabeur:
- In Wimbledon, sixth seed Ons Jabeur will take on unseeded Marketa Vondrousova from the Czech Republic in Women’s singles.
- The final will begin a short while from now
- In Men’s singles, Spanish top seed Carlos Alcaraz will meet Serbian second seed Novak Djokovic in the final.
- Alcaraz defeated Russian third seed Daniil Medvedev while Djokovic defeated Italian eighth seed Jannik Sinner in the semi-finals in straight sets.
About Wimbledon
- The Championships, commonly known simply as Wimbledon, is the oldest tennis tournament in the world and is regarded by many as the most prestigious.
- Founded: 1877
Athlete Parul Chaudhary wins a gold medal in the Asian Athletics Championships, according to Sports Minister Anurag Thakur
- Youth Affairs and Sports Minister Anurag Thakur hailed athlete Parul Chaudhary for putting up a determined performance and bagging a gold medal in the Women’s 3000 metres Steeplechase Final at the Asian Athletics Championships.
- National Centre of Excellence trained athlete clocked an impressive time of 9:38.76 to achieve this feat and she continues to bring laurels to the country.
Recent News
- Indian shot putter Tajinderpal Singh Toor and runner Parul Chaudhary won gold medals at the Asian Athletics Championships 2023 in Bangkok, Thailand
- The Indian 4X400m mixed relay team bagged gold ahead of Japan and SriLanka at the Asian Athletics Championships 2023 in Bangkok, Thailand
- Priyanka Goswami and Vikash Singh won silver and bronze respectively in the 20km race walk event at the Asian Athletics Championships in Bangkok
CURRENT AFFAIRS: IMPORTANT DAYS
World Day for International Justice 2023: July 17
- World Day for International Justice 2023 is celebrated and observed all over the world on July 17th of this current year.
- 2023 Theme: “Overcoming Barriers and Unleashing Opportunities for Social Justice”
- Every year on July 17, the day of many names, also known as International Justice Day, World Day for International Justice, or Day of International Criminal Justice, is celebrated to acknowledge the system of international justice.
- Between 1945–1949, The victorious Allied governments established an International Military Tribunal in Nuremberg, Germany, to bring justice to perpetrators of World War II — major Nazi war criminals are indicted.
- On April 29, 1946, The Tokyo Trials took place, and An International Military Tribunal for the Far East (IMTFE) is created in Tokyo, Japan, to punish major war criminals in the Far East.
- On July 17, 1998,120 states adopted the treaty known as the Rome Statute, thus informally establishing the International Criminal Court.
- On July 1, 2002, 60 countries ratified the Rome Statute, making the International Criminal Court official.
- On June 1, 2010, The Assembly of State Parties decided to celebrate the day the Rome Statute was adopted as the World Day for International Justice.
- On July 10, 2012, Congolese criminal warlord, Thomas Lubanga Dyilo, was the first person to be convicted and sentenced by the ICC and he was sentenced to 14 years in prison.
Daily CA One-Liner: July 16 & 17
- Union Minister of State (Independent Charge) Science & Technology; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said the successful launch of Chandrayaan-3 will boost Space StartUps and Space entrepreneurs
- Education and Skill Development Minister Dharmendra Pradhan launched AI for India 2.0, a free online training programme on Artificial Intelligence, on the occasion of World Youth Skills Day
- The Centre has extended the tenure of the Committee on Digital Competition Law (which had been set up to recommend a draft of the proposed Digital Competition Law) by one more month
- As the first Central Public Sector Enterprise (CPSE) in India to earn certification for its Anti-Bribery Management System (ABMS), Oil and Natural Gas Corporation (ONGC) recently made history
- A Memorandum of Understanding (MoU) has been signed between the Ministry of Education and Abu Dhabi Department of Education and Knowledge (ADEK), and the Indian Institute of Technology Delhi (IIT Delhi) to establish 1st campus of IIT Delhi in Abu Dhabi.
- In a significant move to strengthen economic ties, India and the United Arab Emirates have signed a historic Memorandum of Understanding on the Local Currency Settlement (LCS) system.
- In Wimbledon, sixth seed Ons Jabeur will take on unseeded Marketa Vondrousova from the Czech Republic in Women’s singles.
- Youth Affairs and Sports Minister Anurag Thakur hailed athlete Parul Chaudhary for putting up a determined performance and bagging a gold medal in the Women’s 3000 metres Steeplechase Final at the Asian Athletics Championships.
- World Day for International Justice 2023 is celebrated and observed all over the world on July 17th of this current year.
- The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two Memorandum of Understandings (MoUs) in Abu Dhabi for establishing a framework to promote the use of local currencies for cross-border transactions; and cooperation for interlinking their payment and messaging systems.
- HDFC Bank has launched Unified Payments Interface Quick Response Code (UPI QR code) interoperable with India’s sovereign digital currency, Central Bank Digital Currency (CBDC).
- Capital markets regulator Securities and Exchange Board of India (SEBI) has tightened the disclosure norms for listed companies with strict timelines and introduced criteria for determining the materiality of events.
- The Securities and Exchange Board of India (SEBI), has mandated that all entities providing ESG (environmental, social, governance) rating services will have to get a certification from the regulator within 6 months.
- Fincare Small Finance Bank Limited (FSFBL) has launched its multilingual campaign ‘The Great Indian Fixed Deposit (FD) Fest’ featuring brand ambassador Viswanathan Anand.
- Payments service provider PayU has launched a 45-day fintech accelerator program, inFINity for early-stage Indian startups in collaboration with Amazon Web Services (AWS) India, a cloud platform, and venture capital firm Chiratae Ventures.
- The Reserve Bank of India (RBI) has cancelled the licences of 2 cooperative banks- Sri Sharada Mahila Co-operative Bank, Tumkur, situated in Karnataka, and Harihareshwar Sahakari Bank, Wai, Satara in Maharashtra, because of inadequate capital and no earning prospect.
- The Rajasthan Government has announced the minimum income guarantee to provide social security to citizens of Rajasthan.
- Ker Puja is a Hindu religious festival and a state holiday in the north-eastern state of Tripura celebrated every year in the month of July.
- Australia has appointed a woman, Michele Bullock to lead its central bank, the first time ever in the 63-year history of the Reserve Bank of Australia (RBA) for the next 7 years.
- The Defence Acquisition Council (DAC) , in a meeting chaired by Defence Minister Shri Rajnath Singh, approved proposals to procure 26 Rafale-Marine fighter jets and 3 Scorpene diesel-electric submarines for the Indian Navy.
- The Indian Space Research Organisation (ISRO) launched its third lunar mission – Chandrayaan 3 on-board the heavy lift LVM3-M4 rocket in Sriharikota, Andhra Pradesh (AP).
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