Daily Current Affairs July 20 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India released a notification addressing all banks regarding inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934.

• The Reserve Bank of India (RBI) has released a notification addressing all banks regarding the inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934.
• This notification informs banks about the recent addition of NongHyup Bank to the regulated list.

About NongHyup Bank :

• Established : 2012
• NongHyup Bank (formerly National Agricultural Cooperative Federation) is a commercial bank in Seoul, South Korea.
• On 29 April 2021, Nonghyup Bank was granted a Hong Kong banking licence.

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

PNB launched ‘Project PNB PALAASH’ for environmental sustainability

• Punjab National Bank (PNB) launched its environmental initiative ‘PNB Palaash’, an 8-month period campaign to embrace sustainability.
• The campaign would lead to cost savings and operational efficiencies through measures such as energy and resource conservation, paper reduction, waste management and streamlined digital processes

Primary Objective :

• To actively contribute to conservation endeavours, foster the adoption of sustainable practices, and promote active employee engagement

Key Highlights :

• Under this initiative, 1 lakh plus employees of PNB will plant a minimum of two saplings each.
• Some of the campaign themes under this project include Digi Branches, Green Data Center, Electrical Vehicle Finance, Green Project Finance, Recycling Camps, Tree Plantation Drive, Paper Conservation Drive, Energy Conservation Olympics, Paper Conservation drive
• The campaign is in line with the RBI’s vision of sustainable finance and the sixth iteration of Enhanced Access and Service Excellence (EASE 6.0), an initiative by the Department of Financial Services (DFS).

Recent News :

• In July, 2023 Punjab National Bank (PNB) launched India’s first virtual branch in
• In June 2023, PNB became the first public sector bank to introduce an Interactive Voice Response (IVR)-based Unified Payment Interface (UPI) solution – UPI 123PAY, aligning with the Digital Payment Vision 2025 towards a cashless and cardless society.

About PNB :

• Founded : 19 May 1894
• Headquarters : Dwarka, Delhi, India
• MD & CEO : Atul Kumar Goel
• Tagline : You Can Bank Upon

HDFC Bank Enters $100 Billion Market-Cap List & Becomes world’s 7th Largest Global Lender

• Private lender HDFC Bank entered the coveted $100 billion market-cap club becoming the 7th largest global lender.
• The HDFC bank’s market capitalization reached $151 billion, surpassing that of Morgan Stanley and Bank of China.

World’s largest banks by market value :

Key Highlights :

• The league table of the world’s most valuable banks is topped by two US banks – JP Morgan Chase ($438 billion) and Bank of America ($232 billion).
• China’s Industrial and Commercial Bank of China (ICBC) and Agricultural Bank of China occupy 3rd and the 4th place.
• At present, Wells Fargo and HSBC are slightly ahead of HDFC Bank.
• As the merged entity, HDFC Bank has more m-cap muscle than global investment firms Morgan Stanley ($143 bn) and Goldman Sachs ($108 bn).
• According to the latest shareholding pattern of the merged HDFC Bank disclosed, foreign portfolio investors have a 53.93% stake.
• The Government of Singapore owns a 2.67% stake while Invesco Markets Fund owns 1.21%.
• Mutual funds’ cumulative holdings in the bank are at16%, while insurance companies own 8.71%. Retail investors hold 12.81%.
• HDFC Bank’s market value of $154 billion is nearly double that of rival ICICI Bank’s $82 billion and State Bank of India’s $64 billion.
• ICICI Bank is ranked 16th and SBI is at the 22nd spot in the list of the world’s most valuable banks.
• In terms of market value on BSE, HDFC Bank remains the third-largest Indian company behind only Reliance Industries (Rs 18.6 lakh crore) and TCS (Rs 12.9 lakh crore).
• ICICI Bank is at the 4th spot in India and 19th slot in the list of world’s top lenders with a market cap of $82 billion or Rs 6.68 lakh crore.

Recent News :

• Housing finance major HDFC merged with its subsidiary HDFC Bank on July 1, 2023.

US International Development Finance Corporation provides $50 million loan to IIFL Home Finance

• IIFL Home Finance Ltd (IIFLHFL), a digital first home finance company, has secured a $50 million loan from US International Development Finance Corporation (DFC).
• The proceeds of the loan will be used to finance affordable home loans with a special focus on sustainable housing.
• IIFLHFL caters to the diverse financial needs of the economically weaker sections (EWS) and lower income groups (LIG) through its pan India distribution network across Tier 1, 2, 3 and 4 cities and towns.
• As of March 31, 2023, it has fulfilled the home ownership dream of nearly 1 lakh customers in the informal income segment and has served over 213,700 first time homeowners.
• Also, IIFLHFL has facilitated subsidies of over ₹ 1,750 crore to more than 73,000 first time homeowners, CLSS-PMAY (U) beneficiaries, aligning with the Government of India’s mission of ‘Housing for All’.

About IIFL Home Finance Ltd :

• Headquarters : Gurgaon, Haryana
• Executive Director & CEO : Monu Ratra

About US International Development Finance Corporation :

• Established : December 20, 2019
• Headquarters: Washington, D.C., United States
• CEO : Scott A. Nathan
• The United States International Development Finance Corporation is a development finance institution and agency of the United States federal government.

FSIB recommends 16 candidates for ED position in public sector banks

• The Financial Services Institutions Bureau (FSIB) has recommended 16 candidates for the position of executive directors (EDs) in public sector banks (PSBs) for FY24.
• FSIB interviewed 72 candidates from various public sector banks between July 1 and July 15, 2023.
• The names of recommended candidates are Sanjay Rudra, Lal Singh, Bibhu Prasad Mahapatra, Bajrang Singh, Ravi Mehra, Rajiv Mishra, Bhavendra Kumar, Brajesh Kumar Singh, Rohit Rishi, Mahendra Dohare, S.K. Majumdar, Dhanaraj T., Vijaykumar Nivrutti Kamble, Pankaj Dwivedi, Mukul N. Dandige, and Amit Kumar Srivastava.
• India currently has 12 public sector banks: Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of India, UCO Bank, and Union Bank of India.

What is FSIB?

• The Financial Services Institutions Bureau (FSIB) was formed effective from July 01, 2022 by the Central Government.
• It replaced the Bank Board’s Bureau (BBB) which was declared an incompetent authority.
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Bhanu Pratap Sharm
• It has been formed for the purpose of recommending persons for appointment as whole-time directors and non-executive chairpersons on the Boards of financial services institutions.
• It also advises on certain other matters relating to personnel management in financial services institutions.

CURRENT AFFAIRS: NATIONAL NEWS

The Global Food Regulators Summit will be launched in 2023 by Union Minister of Health Dr Mansukh Mandaviya.

• Union Health Minister Dr Mansukh Mandaviya will inaugurate the Global Food Regulators Summit 2023  in New Delhi.
• The two-day summit is aimed at creating a global platform for regulators on enhancing food safety systems and regulatory frameworks through collaboration.
• It will provide an opportunity to exchange knowledge and strategies for ensuring safe food throughout the food value chain.
• Considering the evolving landscape of emerging food hazards, new technologies and changing consumer needs, the summit envisages developing a cohesive approach to food safety policy frameworks.
• The event will have several technical sessions including on global regulatory framework, challenges and solutions for global food safety and impact of animal feed on food safety and human health.

Recent News

• A Memorandum of Understanding (MoU) to promote the use of millet and healthy eating practices among the Armed Forces and ensure the availability of safe & nutritious food was signed in the presence of Raksha Mantri Shri Rajnath Singh and Minister of Health & Family Welfare (MoHFW) Dr Mansukh Mandaviya in New Delhi.

A ministerial meeting of the US-India Strategic Clean Energy Partnership was conducted in New Delhi:

• The Ministerial meeting of the U.S.-India Strategic Clean Energy Partnership (SCEP) was held between Petroleum and Natural Gas Minister Hardeep Singh Puri and U.S. Energy Secretary Jennifer Granholm in New Delhi.
• During the meeting, they noted the growing importance of bilateral energy cooperation between the countries.
• During the meeting, the two sides renewed their commitment to work towards a just, orderly, and sustainable energy transition, which prioritizes access to reliable, affordable, and clean energy supply.

Key Highlights

• Highlighting that India and the US represent the largest democracies, and fastest-growing economies in the world, the two sides underscored the importance of joint action and collaboration not only for bilateral progress but also for navigating the global energy transition.
• India and USA also welcomed the work done by the five pillars of the Strategic Clean Energy Partnership towards deepening the cooperation between the Public and Private sectors to support decarbonization in both countries, including through public-private task forces and reverse trade missions.
• Both the Ministers affirmed the vision of Prime Minister of India Narendra Modi and US President Joseph Biden for establishing the Global Biofuels Alliance which is set to be launched this week in Goa.
• The Ministers discussed the role that the Global Biofuels Alliance will play in strengthening markets, facilitating global biofuels trade, development of concrete policy lesson-sharing, and provision of technical support for national biofuels programs worldwide.

About the United States :

• President: Joe Biden
• Capital: Washington, D.C
• Currency: U.S. dollar

Union Home Minister and Minister of Cooperation Shri Amit Shah will inaugurate a ‘National Seminar on Delivery of CSC services through Primary Agricultural Credit Society (PACS)’ at New Delhi

• Union Home Minister and Minister of Cooperation Shri Amit Shah will inaugurate a ‘National Seminar on Delivery of CSC services through Primary Agricultural Credit Society (PACS)’ at Vigyan Bhawan, New Delhi.
• Union Minister for Electronics and IT, Shri Ashwini Vaishnaw will also grace the occasion.
• National Cooperative Development Corporation (NCDC), under the Ministry of Cooperation, is organizing this Seminar in collaboration with the CSC.
• During the program various aspects related to CSC services by PACS will be discussed.
• Till now, 17,000 PACS have been onboarded on the CSC portal, out of which 6,000 PACS are going to start providing services as CSCs.

Key Highlights:

• Under the leadership of Prime Minister Shri Narendra Modi and the guidance of Union Home Minister and Minister of Cooperation Shri Amit Shah, the Ministry of Cooperation has taken several initiatives to strengthen PACS throughout the country, which will benefit crores of farmers in the country. PACS are the backbone of cooperatives in the country, and, delivery of CSC services through PACS in rural areas will increase employment opportunities.
• PACS form the basis of the country’s cooperative movement, and, that is why the Modi government is making continuous efforts to improve their viability.
• The Ministry of Cooperation has a wide network of Primary Agricultural Credit Societies (PACS) across the country to provide credit services to the villagers.

About NCDC

• The National Cooperative Development Corporation is a statutory Corporation set up under an Act of the Indian Parliament on 13 March 1963.
• Founded: 13 March 1963
• Headquarters: New Delhi, India
• Agency executive: Shri Pankaj Kumar Bansal, IAS, Managing Director

Recent News

• Union Home Minister and Minister of Cooperation, Shri Amit Shah announced the scheme while chairing a meeting with the Ministers of Disaster Management of the States/Union Territories in New Delhi on 13th June 2023

The G20 Agriculture Working Group’s International Symposium on Sustainable Livestock Transformation is launched by Union Minister Shri Parshottam Rupala at NDDB Anand:

• 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 NDDB, Anand
• Shri Rupala commended NDDB for organising the symposium and emphasised the role of technology in the livestock sector.
• The 2-day long symposium was aimed to foster insightful discussions and deliberations on the transformation to more efficient and sustainable agri-food systems, with a particular focus on the livestock sector.
• Distinguished experts, policymakers, and stakeholders from the G20 who participated in the event exchanged knowledge, shared experiences, and explored innovative approaches to ensure the sustainability of the livestock sector.

Key Highlights

• The symposium was highlighted as a milestone event, driving transformative change in the livestock sector and fostering collaborations for a sustainable future.
• The event also witnessed a panel discussion with experts from WOAH- (World Organization for Animal Health), WHO- (World Health Organization), FAO-(Food and Agriculture Organization), IDF-(International Dairy Federation), NDDB-(National Dairy Development Board), and the Department. A technical tour of Amul Dairy & Chocolate Plant, and Mujkuva DCS, where delegates from the G20 countries have given insights into the processing systems, milk collection, and biogas and solar cooperatives of the country.
• The Department of Animal Husbandry and Dairying (DAHD), Ministry of Fisheries, Animal Husbandry and Dairying, Govt of India; National Dairy Development Board (NDDB); Food and Agriculture Organization of the United Nations have jointly organised the 2-day event

Recent News

• The Startup20 Shikhar summit under India’s G20 presidency began in Gurugram, Haryana
• Mumbai host the G-20 Research and Innovation Initiative Gathering (RIIG) Summit and Research Ministers’ Meeting.

Shri Sarbananda Sonowal launches Curtain Raiser of Global Maritime India Summit, 2023

• The Union Minister of Ports, Shipping & Waterways and Ayush, Shri Sarbananda Sonowal launched the curtain raiser of Global Maritime India Summit (GIMS), 2023 in Mumbai.
• The event is aimed at unlocking the potential for new investment opportunities along with collaborations for knowledge and technology to enhance cooperation in trade and promote Ease of Doing Business (EODB).
• The event was attended by the Union Minister of State for Ports, Shipping & Waterways and Tourism, Shri Shripad Naik among others.

Key Highlights:

• Addressing the Curtain Raiser for the upcoming Global Maritime India Summit 2023, Shri Sonowal emphasised the vital role of the maritime sector in India’s economic progression and the potential it holds for the Asia-Pacific region.
• The curtain raiser event is aimed at creating a global forum of thought leaders as well as industry captains from the maritime sector to harness the immense potential of Blue Economy and draw a roadmap to unlock value through the creation of investment opportunities in the maritime sector of India.
• The forum will provide a platform for start-ups, researchers, incubators and innovators to showcase their technology & expertise.
• The focus areas of GMIS, 2023 are Ports of the Future; Decarbonization; Coastal Shipping & Inland Waterways Transportation; Shipbuilding, repair & recycling; Finance, Insurance & Arbitration; Innovation & technology; Maritime Safety & Security and Maritime Tourism.

About Global Maritime India Summit (GMIS), 2023:

• GMIS 2023 is a premier maritime sector focussed event to bring together pivotal figures from the industry to explore opportunities, understand challenges, and stimulate investment within India’s maritime sector.
• Building upon the legacy of its preceding editions, this third instalment aims to unveil broader prospects for domestic and international maritime stakeholders and investors.
• Ready to make its presence felt on the global stage, and spotlight India’s maritime industry, the Maritime India Summit has now evolved to the ‘Global’ Maritime India Summit this year.
• The summit is slated for 17th to 19th October 2023, at Pragati Maidan, New Delhi, with FICCI as the exclusive industry partner.
• For more details on the Global Maritime India Summit 2023, including a complete agenda and registration details, please visit the official website at www.maritimeindiasummit.com

Recent News

• The Union Minister of Ports, Shipping & Waterways and Ayush, Shri Sarbananda Sonowal laid the foundation stone of the Inland Waterways Transport (IWT) terminal to be developed at Bogibeel in Dibrugarh, by the bank of the River Brahmaputra (National Waterways 2) in Dibrugarh, Assam.

The Oil 2023 (Analysis & Forecast to 2028) medium-term market report is released by the IEA.

• The International Energy Agency (IEA) in collaboration with the Petroleum Planning and Analysis Cell (PPAC) under the aegis of MoP&NG launched the Oil 2023 medium-term market report, titled: IEA Oil 2023 – Supply and demand Dynamics to 2028, in Delhi at an event that saw participation from the captains from the Indian oil and gas industry.
• India`s demand for energy is growing faster than any other major economy and the same trend is expected to continue.
• Growth will come in all sectors due to favourable demographics supported by urbanization and industrialization.

Key Highlights:

• Secretary Petroleum also mentioned that India is the World’s 4th largest refiner, has the 4th largest LNG terminal capacity, 4th largest Auto market and also 3rd largest biofuels producer.
• India`s focus is on decarbonization and it has already achieved 12% ethanol blending in Petrol and has targeted 20% blending by 2025
• IEA report has assessed that global upstream investments in oil and gas exploration, extraction and production are on course to reach their highest levels since 2015, growing 11% year-on-year to USD 528 billion in 2023.
• Oil-producing countries outside the OPEC+ alliance dominate plans for increasing global supply capacity in the medium term, with an expected rise of 5.1 mb/d by 2028 led by the United States, Brazil and Guyana. Saudi Arabia, the United Arab Emirates and Iraq lead the plans for capacity building within OPEC+.
• IEA has felt that this level of investment if sustained, would be adequate to meet forecast demand in the period covered by the report.
• However, it exceeds the amount that would be needed in a world that gets on track for net zero emissions.

About IEA:

• Founded: November 1974
• Headquarters: Paris, France
• Executive director: Fatih Birol

CURRENT AFFAIRS : INTERNATIONAL NEWS

Russia exits UN-brokered deal for export of Ukrainian grain through Black sea

• Russia refused to extend the agreement that has enabled Ukraine to export grain from its Black Sea ports for the past year, complaining that promises to free up its own shipments of food and fertilisers had not been kept.
• Without Russia’s participation, the ‘Black Sea Initiative’ ceases to function from July 18, 2023.
• The deal, brokered by the U.N. and Turkey in July 2022, aimed to alleviate a global food crisis by allowing Ukrainian grain blocked by the Russia-Ukraine war to be exported safely.

Key Highlights :

• Notably, Ukraine is one of the world’s biggest exporters of food grains, such as wheat and corn, and played a significant role in the UN’s food aid programmes.
• Therefore, when Russia invaded and blocked Ukrainian ports, prices of food grains soared across parts of the world.
• To convince Russia to agree to it, a 3-year memorandum of understanding (MoU) was also struck with the United Nations under which U.N. officials agreed to help Russia with its food and fertiliser exports.
• The UN-brokered deal allowed cargo ships from three Ukrainian ports of Odessa, Chornomorsk and Pivdennyi (Yuzhny) to pass through the 310 nautical miles long and 3 nautical miles wide Black Sea safe passage after being inspected for weapons.
• Nearly 33 million metric tonnes of corn, wheat and other grains have been exported by Ukraine under the agreement.

About Black Sea :

• Black Sea is an inland sea between Eastern Europe and Western Asia
• It is bound by Ukraine to the north and northwest, Russia and Georgia to the east, Turkey to the south, and Bulgaria and Romania to the west.

About Russia :

• President : Vladimir Putin
• Prime Minister : Mikhail Mishustin
• Capital : Moscow
• Currency : Ruble

UNDP India partners with Absolute Foods to promote innovation & digitalization of Pradhan Mantri Fasal Bima Yojana

• United Nations Development Programme (UNDP) and Absolute Foods, a leading bioscience company specialising in agri-tech, signed a Memorandum of Understanding (MoU) to strengthen the government of India’s flagship Pradhan Mantri Fasal Bima Yojana (PMFBY) and enhance the resilience of the farmers.

Aim :

• To enhance the implementation of the PMFBY and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) by building technical capabilities of the scheme and digitising service delivery of crop insurance and agricultural credit processes to increase reach and uptake of the schemes.
• It will also promote credit profiling of farmers, agri-entrepreneurs, and farmer producers organisations (FPOs), for accurate crop loss assessment and risk evaluation to mobilise agriculture financing.
• UNDP and Absolute Foods will also use advanced technology and data-driven solutions to facilitate farmland identification and enhance farm monitoring, R&D, and analytical capabilities to facilitate data-driven policymaking and fraud analytics, ensuring efficient and transparent delivery of government support to vulnerable farmers.
• PMFBY, or Prime Minister’s Crop Insurance Scheme, offers risk protection by providing financial support to farmers suffering crop loss/damage arising out of these unforeseen events, thus stabilising their income, encouraging them to adopt innovative and modern agricultural practices and ensuring the flow of credit to the agriculture sector for food security, crop diversification and enhancing growth and competitiveness of agriculture sector.
• Founder & CEO of Absolute Foods : Agam Khare

Recent News :

• In June 2023, UN Secretary-General Antonio Guterres appointed Haoliang Xu of China as undersecretary-general and associate administrator of the UN Development Programme (UNDP).

About UNDP :

• Founded: 22 November 1965
• Headquarters: New York, United States
• Administrator : Achim Steiner
• The UNDP is a United Nations (UN) agency tasked with helping countries eliminate poverty and achieve sustainable economic growth and human development.

Adani Group commissioned India’s 1st transnational power project to supply electricity to Bangladesh

• Adani Group has commissioned India’s first transnational power project from its Ultra-Supercritical Thermal Power Plant (USCTPP) of Adani Power located at Godda in Jharkhand, India to supply power to the Bangladesh electricity grid.
• Chairman Gautam Adani called on Bangladesh Prime Minister Sheikh Hasina in Dhaka following the full load commencement of power supply to Bangladesh from the Group’s USCTPP in Godda.
• The Godda USCTPP, marks the port-to-power conglomerate’s entry into transnational power projects.
• Adani Power Jharkhand Ltd (APJL), a wholly-owned subsidiary of Adani Power Ltd, will supply 100% of the generated electricity from the plant to another nation.

History :

• On April 6,2023 the first unit of 800 MW capacity of the Godda plant, in India’s Jharkhand state, began commercial operations.
• The second unit, also of 800 MW capacity, followed on 26 June, 2023.
• APJL will supply 1,496 MW from the Godda USCTPP under the PPA with the Bangladesh Power Development Board, executed in November 2017 for a period of 25 years, via a 400 kV dedicated transmission system connected to the Bangladesh grid.

Key Highlights :

• The USCTPP’s commissioned a record time of just 42 months after achieving financial closure and obtaining the necessary clearances is particularly noteworthy given the considerable logistical challenges the project encompassed, including the establishment of a 105 km-long 400 kV Double Circuit Transmission Line, the construction of a private railway line, and the implementation of an extensive water pipeline from the Ganges.
• Electricity supplied from Godda will benefit Bangladesh’s power situation by replacing costly power generated by using liquid fuel.
• The Godda power plant is the first in India to have started operations with 100% flue gas desulphurisation (FGD), selective catalytic re-converter (SCR) and zero water discharge for minimising emissions and for environment friendly operations in alignment with the norms set by the Ministry of Environment, Forests, and Climate Change (MoEF&CC) of the Government of India (GoI).

About Adani Group :

• Established : 20 July 1988
• Headquarters : Ahmedabad, Gujarat, India
• Chairman : Gautam Adani
• Managing Director : Rajesh Adani

About Bangladesh :

• President : Mohammed Shahabuddin
• Prime Minister : Sheikh Hasina
• Capital : Dhaka
• Currency : Taka

CURRENT AFFAIRS: AWARDS AND HONOURS

NTPC has received the prestigious Economic Times (ET) HR World Future Skills Awards 2023:

• NTPC has received the prestigious Economic Times (ET) HR World Future Skills Awards 2023 for “Best use of AI/AR/VR in Learning and Upskilling” and “Best Advance in Creating an Extended Enterprise Learning Programme”.
• Director (HR), NTPC, Shri Dilip Kumar Patel received the awards on behalf of NTPC at a programme held in Gurugram.
• These awards bear testimony to NTPC’s focus on the adoption of cutting-edge technologies such as virtual reality (VR) in Learning and Development (L&D).
• They reflect NTPC’s commitment to develop the competency level of its employees as well as outsourced workers through L&D initiatives such as iGuru which includes training based on Virtual Reality (VR).
• In addition, NTPC has also introduced several other innovative training initiatives such as GPiLearn, FutureSkills courses and Samarth modules.
• NTPC has been adopting and institutionalising progressive and best HR practices, which have been recognised by various prestigious fora at national and international levels.
• Shri Sital Kumar, CEO (UPL) & ED (HR); Ms Rachana Singh Bhal, GM (PMI); and Shri A K Tripathi, GM (RLI), Sipat and other senior executives were present during the awards function.

About NTPC

• Founded: 7 November 1975
• Headquarters: New Delhi, India
• Gurdeep Singh is the Chairman & Managing Director of NTPC

Recent News

• India’s leading integrated power producer NTPC Limited has nearly doubled coal production from its captive mines during the first quarter of the financial year 2023 – 2024, compared to the production during Q1 of the previous year.

CURRENT AFFAIRS: BUSINESS NEWS

ADB retains India’s growth forecast at 6.4 per cent for the current financial year

• The Asian Development Bank (ADB) retained India’s economic growth forecast at 6.4 per cent for the current financial year and 6.7 per cent for the next.
• The ADB said robust domestic demand will continue to support the region’s recovery.
• In an update to its Asian Development Outlook, the ADB said inflation is expected to continue to fall, approaching pre-pandemic levels as fuel and food prices decline.
• It forecast 3.6 per cent inflation this year for developing economies in Asia, and 3.4 per cent in 2024.
• The Indian economy grew 7.2 per cent in the 2022-23 fiscal ended in March 2023.

About ADB

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

CURRENT AFFAIRS APPOINTMENTS & RESIGNATIONS

SBI Capital Markets Ltd. appointed Rajay Kumar Sinha as its new MD & CEO

• SBI Capital Markets (SBICAPS), has appointed Rajay Kumar Sinha as the Managing Director (MD) & Chief Executive Officer (CEO) at the wholly owned subsidiary and investment banking arm of State Bank of India (SBI).
• Sinha replaced Amitava Chatterjee who moved to SBI, Corporate Centre as Deputy Managing Director, in charge of Commercial Clients Group.

About Rajay Kumar Sinha :

• Sinha, who joined SBI in 1991 as a Probationary Officer.
• He brings in global markets expertise that will further help strengthen SBICAPS’ investment banking business in India and overseas.
• Prior to this new appointment, he was in charge of Treasury operations at State Bank of India (SBI), managing investment portfolio, money market, equity, private equity & forex operations of the bank.

About SBICAPS :

• Founded : August 1986
• Headquarters : Mumbai, Maharashtra, India
• SBICAPS is a wholly owned investment banking subsidiary of State Bank of India (SBI).

CURRENT AFFAIRS: SPORTS NEWS

The Commonwealth Games won’t be held in Victoria, Australia, in 2026

• Australia‘s state of Victoria will not be hosting the 2026 Commonwealth Games due to projected exceeding expenditures.
• This has raised doubts about the multi-sport event that takes place every four years.
• Victoria state Premier Dan Andrews has said the cost of the Games, which were to have been held in four regional hubs, was going more than twice the estimated economic benefit the Games would bring to the state.
• He said that more than 6 billion dollars for a 12-day sporting event is just too high.
• The Victoria Premier said, the main reason they agreed to host the Games was to create a big lasting benefit for the regions with more housing, boosts to tourism and sporting infrastructure upgrades.
• He further said instead of spending on hosting the games, other projects like building 1300 new social and affordable housing homes in regional Victoria will be built.
• The government will also build permanent sporting facilities that were promised for 2026.
• He said, these projects will create around 3,000 jobs right around the state, and deliver what regional communities have asked for.

About Australia

• Capital: Canberra
• Currency: Australian dollar
• Prime minister: Anthony Albanese

Indian Shuttler Satwiksairaj Rankireddy sets Guinness world record for fastest badminton shot:

• Star Indian Shuttler Satwiksairaj Rankireddy has set the Guinness world record for the fastest shot by a male player in badminton, recording a mindboggling 565 kilometres per hour with his smash during the game.
• Satwik, who along with his partner Chirag Shetty won the Indonesia Open recently, broke a decade-long record set in May 2013 by Malaysian Tan Boon Heong, who had produced a speed of 493 kilometres per hour with his smash.
• Malaysia’s Tan Pearly set the Guinness world record for the fastest female badminton hits with a remarkable speed of 438 kilometres per hour.
• The world record attempts were achieved on the 14th of April this year and were verified by official judges from the Guinness World Records based on the speed measurement results from that day.
• Satwik’s smash was conducted in a controlled environment at the Yonex factory gymnasium at Soka, Saitama in Japan.

CURRENT AFFAIRS : OBITUARIES

Former Kerala chief minister and Congress veteran Oommen Chandy Passed away

• Former Kerala chief minister (CM) and Congress Working Committee member Oommen Chandy passed away at the age of 79 in Bangalore, Karnataka.

About Oommen Chandy :

• Oommen Chandy was born on 31 October 1943 in Kottayam, Kerala.
• He was the chief minister twice for a total of seven years (2004–2006 and again from 2011–2016).
• He was also leader of the opposition in the Kerala Legislative Assembly from 2006 to 2011.
• He also served as the Leader of Opposition in the Kerala Assembly.
• He represented Puthuppally constituency as a member of the Legislative Assembly (MLA) in the State Assembly from 1970 until his death in 2023.
• He was the longest serving MLA in the Kerala Legislative Assembly and also the longest-serving MLA of any legislative assembly in the history of India.
• He has served as the minister for 4 times in various cabinets during his political career and as the Leader of Opposition in the state assembly four times.
• He had also served as Minister of Labour, Home, and Finance in various governments headed by K Karunakaran and AK Antony.

Awards & Honors :

• Chandy received the 2013 United Nations Public Service Award For the Asia-Pacific region, for “Preventing and Combating Corruption in the Public Service.
• He is the only Indian chief minister to achieve an award for public service from the United Nations (UN).
• He also received the United Nations Public Service Award for his Mass Contact Programme (Jana Samparkka Paripadi), for hearing and solving the complaints of citizens.

CURRENT AFFAIRS: IMPORTANT DAYS

World Chess Day 2023: July 20

• World Chess Day is globally celebrated on July 20th every year to mark the date of the establishment of the International Chess Federation (FIDE) in Paris in 1924.
• World Chess Day is celebrated on July 20th every year to commemorate the founding of the International Chess Federation (FIDE) in 1924.
• In 1966, UNESCO proposed the concept of World Chess Day, recognizing that chess is a game that encourages intellectual growth, critical thinking, and cultural diversity.
• It is believed that the game of chess, which was once known as “Chaturanga”, dates back almost 1500 years and originated in India.
• The purpose of World Chess Day 2023 is to promote chess as a game for everyone, regardless of age, gender, or background.
• The Global Chess Alliance (FIDE) was established in Paris, France in 1924 by the public chess organizations of Argentina, Czechoslovakia, France, Poland, Romania, Spain, Switzerland, and Yugoslavia.
• The chess rules were standardized and international competitions were organized by FIDE.

About FIDE

• Headquarters: Lausanne, Switzerland
• Founded: 20 July 1924
• President: Arkady Dvorkovich
• Membership: 200 national associations

International Moon Day 2023: July 20

• International Moon Day is celebrated every year on July 20th to commemorate the anniversary of Neil Armstrong’s landing on the Moon as part of the Apollo 11 mission and to promote international cooperation in space exploration.
• The first global celebration of International Moon Day took place on July 20, 2022.
• The spaceflight Apollo 11 carried Commander Neil Armstrong and lunar module pilots, Buzz Aldrin and Michael Collins, to the moon for the first time.
• American astronauts Neil Armstrong, and Edwin ‘Buzz’ Aldrin became the first humans in history to land on the Moon on July 20, 1969.
• The grand Apollo 11 mission took place eight years after the national goal announcement by President John F. Kennedy to send a man to the moon by the end of the 1960s. At 9:32 A.M. on July 16, 1969, the whole world witnessed Apollo 11 take off from Kennedy Space Center with three astronauts on board.
• Neil Armstrong was the commander of the mission.
• The spacecraft entered the lunar orbit after three days, on July 19.
• The lunar module, Eagle, disengaged from the main command module the next day, manned by Armstrong and Aldrin.
• When Eagle touched the lunar surface, Armstrong radioed his historical message to Mission Control in Houston, Texas: “The Eagle has landed.”

Daily CA One-Liner: July 20

• Union Health Minister Dr Mansukh Mandaviya will inaugurate the Global Food Regulators Summit 2023  in New Delhi
• The Ministerial meeting of the U.S.-India Strategic Clean Energy Partnership (SCEP) was held between Petroleum and Natural Gas Minister Hardeep Singh Puri and U.S. Energy Secretary Jennifer Granholm in New Delhi 
• Union Home Minister and Minister of Cooperation Shri Amit Shah will inaugurate a ‘National Seminar on Delivery of CSC services through Primary Agricultural Credit Society (PACS)’ at Vigyan Bhawan, New Delhi
• 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 Transformationat NDDB, Anand
• The Union Minister of Ports, Shipping & Waterways and Ayush, Shri Sarbananda Sonowal launched the curtain raiser of Global Maritime India Summit (GIMS), 2023 in Mumbai.
• NTPC has received the prestigious Economic Times (ET) HR World Future Skills Awards 2023 for “Best use of AI/AR/VR in Learning and Upskilling” and “Best Advance in Creating an Extended Enterprise Learning Programme”. 
• The International Energy Agency (IEA) in collaboration with the Petroleum Planning and Analysis Cell (PPAC) under the aegis of MoP&NG launched the Oil 2023 medium-term market report, titled: IEA Oil 2023 – Supply and demand Dynamics to 2028, in Delhi at an event that saw participation from the captains from the Indian oil and gas industry.
• The Asian Development Bank (ADB) retained India’s economic growth forecast at 6.4 per cent for the current financial year and 6.7 per cent
• Australia’s state of Victoria will not be hosting the 2026 Commonwealth Games due to projected exceeding expenditures
• Star Indian Shuttler Satwiksairaj Rankireddy has set the Guinness world record for the fastest shot by a male player in badminton, recording a mindboggling 565 kilometres per hour with his smash during the game.
• World Chess Day is globally celebrated on July 20th every year to mark the date of the establishment of the International Chess Federation (FIDE) in Paris in 1924.
• International Moon Day is celebrated every year on July 20th to commemorate the anniversary of Neil Armstrong’s landing on the Moon as part of the Apollo 11 mission and to promote international cooperation in space exploration.
• The Reserve Bank of India (RBI) has released a notification addressing all banks regarding the inclusion of “NongHyup Bank” in the Second Schedule of the RBI Act, 1934.
• Punjab National Bank (PNB) launched its environmental initiative ‘PNB Palaash’, an 8-month period campaign to embrace sustainability.
• Private lender HDFC Bank entered the coveted $100 billion market-cap club becoming the 7th largest global lender.
• IIFL Home Finance Ltd (IIFLHFL), a digital first home finance company, has secured a $50 million loan from US International Development Finance Corporation (DFC).
• The Financial Services Institutions Bureau (FSIB) has recommended 16 candidates for the position of executive directors (EDs) in public sector banks (PSBs) for FY24.
• Russia refused to extend the agreement that has enabled Ukraine to export grain from its Black Sea ports for the past year, complaining that promises to free up its own shipments of food and fertilisers had not been kept.
• United Nations Development Programme (UNDP) and Absolute Foods, a leading bioscience company specialising in agri-tech, signed a Memorandum of Understanding (MoU) to strengthen the government of India’s flagship Pradhan Mantri Fasal Bima Yojana (PMFBY) and enhance the resilience of the farmers.
• Adani Group has commissioned India’s first transnational power project from its Ultra-Supercritical Thermal Power Plant (USCTPP) of Adani Power located at Godda in Jharkhand, India to supply power to the Bangladesh electricity grid.
• SBI Capital Markets (SBICAPS), has appointed Rajay Kumar Sinha as the Managing Director (MD) & Chief Executive Officer (CEO) at the wholly owned subsidiary and investment banking arm of State Bank of India (SBI).
• Former Kerala chief minister (CM) and Congress Working Committee member Oommen Chandy passed away at the age of 79 in Bangalore, Karnataka.

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