Daily Current Affairs July 21 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

PhonePe Launched India’s 1st Health Insurance Platform With Monthly Subscription

• PhonePe Insurance Broking Services, a wholly owned subsidiary of PhonePe Private Limited, has launched health insurance plans offering comprehensive insurance in partnership with leading insurers.
• With this, PhonePe has also introduced Unified Payments Interface (UPI) monthly mode of payment, making them affordable for customers.
• These health insurance plans, which come with coverage up to Rs 1 crore.

Uses :

• A user can also avail of innovative features like a bonus cover up to 7 times the base cover amount for each claim free year.
• The Health Insurance plans being offered by PhonePe Insurance Broking are accompanied by pre and post-sales assistance to help users make informed decisions, file claims, and access other services.
• Till date, The Phonepe claims to have sold more than 5.6 million policies.
• The Insurance platform has also sold policies across 98% of India’s PIN codes and has served over 200 million vehicle insurance quotes.

Recent News :

• In June 2023, Indian digital payments and financial services company, PhonePe officially launched the PhonePe Payment Gateway with a special limited-period offer for new Micro Small & Medium Enterprise (MSME) merchants.

About PhonePe Insurance Broking Services Pvt. Ltd. :

• PhonePe Insurance Broking Services is a wholly owned subsidiary of PhonePe Pvt. Ltd. and is registered with Insurance Regulatory and Development Authority (IRDAI) as a Direct Broker (Life and General)

About Phonepe :

• Established : 2015
• Headquarters : Mumbai, Maharashtra
• Founder & CEO : Sameer Nigam
• PhonePe has been recognized as the Most Trusted Brand for Digital Payments as per the Brand Trust Report for two consecutive years (2022 & 2023) by Trust Research Advisory (TRA).

RBI cancelled licence of Uttar Pradesh-based United India Co-operative Bank

• The Reserve Bank of India (RBI) has cancelled the licence of United India Co-operative Bank Limited, Nagina, Bijnor, Uttar Pradesh (UP) and asked the bank not to carry on any banking business.
• The RBI cancelled the licence of the bank as the bank does not have adequate capital and earning prospects and the continuance of the bank is prejudicial to the interests of its depositors
• The bank does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.

Key Highlights :

• The RBI has asked the Commissioner and Registrar of Cooperative, Uttar Pradesh to issue an order for winding up the bank and appoint a liquidator for the bank.
• On liquidation, the RBI stated that every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000 from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961.
• As per the data submitted by the bank, 99.98% of the depositors are entitled to receive the full amount of their deposits from DICGC.

What is Liquidation?

• Liquidation is the process of permanently closing a bank and its branches, selling off any assets and using the proceeds to settle as many of the bank’s remaining liabilities as possible.

Recent News :

• In June 2023, The Reserve Bank of India (RBI) cancelled the banking licence of the Karnataka-based Mahalaxmi Cooperative Bank, Dharwad, and allowed it to function only as a Non-Banking Financial Company (NBFC).

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

SBI to establish new trustee company for managing the Corporate Debt Market Development Fund

• State Bank of India (SBI) will set up a new trustee company as its wholly-owned subsidiary for managing the Corporate Debt Market Development Fund (CDMDF).

Key Highlights :

• CDMDF will act as a backstop facility for purchase of investment grade corporate debt securities to instil confidence amongst the participants in the corporate bond market during times of stress and to generally enhance secondary market liquidity by creating a permanent institutional framework for activation in times of market stress.
• SBI Funds Management Ltd (SBIFML), the asset management company (AMC) of SBI Mutual Fund, has been identified as the investment manager-cum-sponsor of CDMDF, India’s largest bank stated in a regulatory filing. SBI has 62.53% stake in SBIFML.
• The setting up of the Fund, which will be classified as an Alternative Investment Fund (AIF) under the SEBI (Alternative Investment Funds) Regulations, 2012, is subject to receipt of all regulatory approvals.
• CDMDF will be launched as a close ended scheme with an initial tenure of 15 years from the date of its initial closing (date on which contribution from all AMCs and specified schemes is received by CDMDF).
• Based on the requirements of the corporate bond market, the tenure can be extended with prior approval of the government in consultation with SEBI subsequently.
• To begin with, units of CDMDF shall be subscribed by Asset Management Companies (AMCs) of Mutual Funds and “specified debt-oriented MF Schemes” (that is Open ended Debt oriented Mutual Fund schemes excluding Overnight funds and Gilt funds and including Conservative Hybrid funds).
• SBICAP TRUSTEE CO. LIMITED (STCL) is a wholly-owned subsidiary of SBI Capital Markets Limited.
• STCL commenced the Security Trustee business on 1st August 2008.

Recent News :

• In July 2023, Country’s largest lender, State Bank of India (SBI), raised Rs 3,101 crore capital via additional tier I bonds (AT1) or perpetual bonds at a coupon of 8.1%.
• In March 2023, State Bank of India (SBI) raised Rs 3,717 crore through its third Basel III compliant Additional Tier 1 bond issuance in the current financial year at a coupon rate of 8.25%.

About SBI :

• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

PSBs to step up one-time settlement in written-off loans to meet 40% recovery target set by Finance Ministry – RBI 

• Public sector banks (PSBs) are expected to step up one-time settlement (OTS) in written-off loans as the Finance Ministry and the RBI have emphasised on the importance of improving recovery from these accounts.
• Since legal action can be drawn out, the state-owned lenders are seen actively pursuing OTS to meet the Finance Ministry-set target of making about 40% recovery from written-off loan accounts.

Key Highlights :

• PSBs could recover only 14% (or ₹1.03-lakh crore) from written-off loans aggregating ₹7.34-lakh crore in the last five years ended March 2022.
• Banks can initiate legal recovery proceedings against delinquent borrowers via four channels – the National Company Law Tribunal, the Debt Recovery Tribunal, SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act, 2002, and Lok Adalats.

Recent News :

• In May 2023, the Finance Ministry had asked state-owned lenders to increase recovery from written-off accounts to about 40%.

IRDAI Appoints Cholamandalam MS Insurance AsA Lead Insurer for West Bengal

• Non-life insurer Cholamandalam MS Insurance has been appointed lead insurer for West Bengal by the Insurance Regulatory and Development Authority of India (IRDAI).
• This designation aligns with IRDAI’s vision of “Insurance for All by 2047” and aims to enhance insurance awareness and penetration throughout West Bengal.
• In this role, it will focus on various aspects of health protection, coverage against natural calamities, increasing employment opportunities for locals, and protecting MSME businesses through comprehensive insurance offerings.

About Cholamandalam MS General Insurance Company Ltd (Chola MS) :

• Founded : 2001
• Headquarters: Chennai, Tamil Nadu, India.
• MD & CEO : V. Suryanarayanan
• Chola MS is an Indian insurance firm and a joint venture between the Murugappa Group, an Indian conglomerate, and the Mitsui Sumitomo Insurance Group, a Japanese insurance company.

PFRDA invites bids for PINTRA, its intranet system

• Pension regulator, the Pension Fund Regulatory and Development Authority (PFRDA), is seeking bids for its intranet portal – PINTRA as part of their digital transformation through its Technology Architecture (TARCH) project.
• With PINTRA, the PFRDA plans to streamline operations, and improve efficiency across various departments.
• The organisation is specifically looking for a system integrator (SI) vendor to study processes, proposing improved workflows.
• The SI vendor will be responsible for studying existing processes, proposing improved workflows, and providing design, development, customisation, implementation, and maintenance services for PINTRA.
• The deadline for bid submission regarding the selection of an SI for the PINTRA project is August 16, 2023.

Key Highlights :

• PINTRA is the first phase of the Authority’s Technology Architecture (TARCH) project, and the pension regulator is in the process of selecting a Systems Integrator (SI) vendor for this module.
• The second module, known as PFRDA Online Intermediary Supervision Engine (POISE), aims to digitize supervisory and regulatory compliance-related activities for intermediaries.
• It will provide compliance checks, alerts, workflows, and integration with other PFRDA modules.
• The third module, PFRDA Repository & Information Systems Management: Data and Analytics Platform (PRISM), will develop a comprehensive data platform to store and analyse data from various sources.
• It will also implement analytics and MIS functionalities.

About PFRDA :

• Founded : 23 August 2003
• Headquarters : New Delhi, Delhi, India
• Chairman : Deepak Mohanty
• PFRDA is the regulatory body for overall supervision and regulation of pensions in India.
• It operates under the jurisdiction of the Ministry of Finance (MoF) in the Government of India (GoI).

CURRENT AFFAIRS: NATIONAL NEWS

The DPIIT and the Gujarat Government together launch the ‘One District, One Product’ Wall at Garvi Gujarat Bhawan:

• One District One Product (ODOP) program, an initiative under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, launched its first collaboration with the Government of Gujarat in New Delhi to promote the indigenous crafts and artisans of the State.
• Manmeet Nanda, Joint Secretary, DPIIT, and Smt. Arti Kanwar, Resident Commissioner and Secretary (Economic Affairs) Finance Department, Government of Gujarat jointly inaugurated the ODOP Wall at Garvi Gujarat Bhawan.

Key Highlights

• Gujarat, with its 33 districts, exemplifies the vast geographic coverage and potential for diverse products across the state.
• ODOP-Gujarat features a rich collection of 68 unique products, ranging from traditional crafts like Gamthi Block print and Mata-ni-Pachedi to agricultural goods such as groundnuts and cumin.
• In a significant collaboration, ODOP has partnered with the Government of Gujarat to implement product tagging and story cards, enhancing the promotion and recognition of Gujarat’s unique products.
• This collaboration aims to drive consumers towards emporia, boosting sales and increasing the visibility of Gujarat’s products at the national level.
• Garvi Gujarat Bhawan has integrated ODOP products into its interiors to better showcase Gujarat handicrafts.

About DPIIT

• The Department for Promotion of Industry and Internal Trade is a central government department under the Ministry of Commerce and Industry in India.
• Founded: 1995

About Gujarat

• Capital: Gandhinagar
• Chief minister: Bhupendrabhai Patel
• Governor: Acharya Devvrat
• NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga Wildlife Sanctuary

Recent News

• The Department for Promotion of Industry and Internal Trade (DPIIT) successfully organized the National Workshop on Industrial Park Rating System (IPRS) in New Delhi.
• As part of India’s G20 presidency, the third Trade and Investment Working Group Meeting began in Kevadia,
• Gujarat Chief Minister (CM) Shri Bhupendra Patel and Union Minister of State for Communications Devusinh Chauhan, launched the Antyodaya Shram Suraksha Accident Insurance Scheme from Nadia of Kheda district in Gujarat.

Union Health Minister Dr Mansukh Mandaviya inaugurates first-ever Global Food Regulators Summit 2023

• Union Minister for Health and Family Welfare, Dr Mansukh Mandaviya inaugurated the maiden Global Food Regulators Summit 2023 in the presence of Union Minister for Agriculture and Farmer’s Welfare Shri Narendra Tomar and special guest Minister of Agriculture and Livestock Development, Govt. of Nepal, Dr. Bedu Ram Bhusal.
• Prof S P Singh Baghel and Dr Bharati Pravin Pawar, Union Ministers of State for Health and Family Welfare were also present on the occasion.
• This summit is an endeavour of the Food Safety and Standards Authority of India (FSSAI) under the aegis of the Ministry of Health and Family Welfare (MoHFW) to create a global platform of food regulators to exchange perspectives on strengthening food safety systems and regulatory framework across the food value chain.

Key Highlights

• The Union Health Minister also launched the common regulator’s platform ‘SaNGRAH’ – Safe Food for Nations: Global Food Regulatory Authorities Handbook. It is a database of Food Regulatory Authorities of 76 countries across the world, their mandate, food safety ecosystem, food testing facilities, contact details for food authorities, SPS/ TBT/Codex/ WAHO etc.
• Apart from Hindi and English, SaNGRAH is also available in six regional languages – Gujarati, Marathi, Tamil, Telugu, Kannada and Malayalam.
• A Common Digital Dashboard was also launched during the Summit by the Union Minister of Health and Family Welfare.
• The Dashboard is a common unified IT portal that provides comprehensive information on standards, regulations, notifications, advisories, guidelines, contamination limits and the latest developments by Food Regulators in India.
• Dr Mandaviya also inaugurated a two-day exhibition during the Global Food Regulator Summit 2023.
• This exhibition will provide an avenue for the exchange of ideas and information on food safety, food standards, food testing capabilities, product reformulation and advancement in food technologies.

Recent News

• Union Minister for Health and Family Welfare, Dr Mansukh Mandaviya will inaugurate the Swasthya Chintan Shivir on 14th July, 2023 at Dehradun, Uttarakhand.

Startup20 and the Jagriti Foundation have joined forces to launch ‘Global Yatra,’ a global campaign to promote inclusive entrepreneurship.

• Startup20 Engagement Group, under India’s G20 presidency, has taken another transformative leap towards revolutionizing entrepreneurship across India by collaborating with Jagriti Foundation, a renowned non-profit organization dedicated to fostering robust entrepreneurship ecosystems in Tier 2/3 cities in India.
• This strategic partnership is poised to significantly reshape the region’s entrepreneurial landscape.
• The Jagriti-Startup20-G20 Yatra 2023 – a one-of-a-kind event that embodies the spirit of inclusive entrepreneurship, cross-border collaboration, sustainability, and innovation on both a national and international scale was launched at the premises of Atal Innovation Mission NITI Aayog.
• It is set to be one of the world’s largest entrepreneurship journeys ever undertaken, with a diverse cohort of 350 Indian participants and 70 foreign delegates from G20 countries.
• This diverse group of entrepreneurs, innovators, and change-makers will come together to exchange ideas, forge partnerships, and create solutions for some of the most pressing challenges faced by our societies over a 14-day national train journey.

NITI Aayog hosts an E-Mobility Conference on the sidelines of the 4th G20 Energy Transitions Working Group Meeting.

• A one-day conference titled “Policy Support & Enablers to Accelerate India’s Electric Mobility,” organized by NITI Aayog and supported by WRI India and Asian Development Bank, was held on the sidelines of the fourth Energy Transition Working Group (ETWG) meeting under India’s G20 Presidency.
• The conference served as a crucial platform to convene national and international stakeholders, engaging in meaningful discussions and exploring viable financing, regulatory, and policy avenues to catalyze India’s decarbonization trajectory and advance the growth of electric mobility in the country.
• NITI Aayog Vice Chairman Shri Suman Bery, Chief Minister of Goa Dr Pramod Sawant, India’s G20 Sherpa Shri. Amitabh Kant and other prominent dignitaries were present on the occasion.
• The conference featured in-depth discussions revolving around key themes, such as ‘Develop Vibrant EV Ecosystem in States’ and ‘the National Electric Bus Programme.’
• Moreover, high-level dialogues and G20 talks centred around Electric Vehicle Finance Innovations and the Future Electric Mobility Landscape offered valuable insights for stakeholders to navigate the evolving electric mobility ecosystem.

About NITI AAYOG

• Formed: 1 January 2015
• Headquarters: New Delhi
• Chairperson: Narendra Modi
• Founder: National Democratic Alliance

Recent News

• The Niti Aayog in India is creating a framework to set up carbon markets for renewable energy, green hydrogen, biofuels, and clean transportation.
• Bayer has partnered with Niti Aayog since 2021 to support various initiatives of the Atal Innovation Mission.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India to host G20 Global Food Regulators Summit in New Delhi

• The Global Food Regulators Summit 2023 is being organised in New Delhi, Delhi for the first time, as a G20 or Group of 20 event.
• The summit is being organised by Food Safety and Standards Authority of India (FSSAI) under the aegis of the Ministry of Health and Family Welfare on 20th and 21st July, 2023 at Manekshaw Auditorium, New Delhi.
• For the first time, this summit is being held outside Rome, Italy.
• Mansukh Mandaviya, Union Minister of Health and Family Welfare (MoHFW) unveiled the logo of the Summit in presence of Minister of State for Health and Family Welfare, Prof. S P Singh Baghel.

Objective:

• To provide a valuable platform to the summit participants to deliberate on food safety and regulatory aspects in a cohesive network.
• The summit will serve as a platform for food regulators from over 40 countries to collaborate and work together.
• The event will also see participation of representatives from 30 international organisations and 25 international research institutes/universities.

About the Summit :

• The Summit will provide a valuable platform to the participants to deliberate on a cohesive network on Food Safety and Regulatory aspects; effective understanding of compliance requirements and mutual exchange of best practices, experiences and success stories on food safety norms/regulations; explore opportunities to identify collaborative work areas to establish synergies among global regulators/agencies; and develop tools and techniques for information sharing.
• Many global organisations and institutes like World Health Organization (WHO), CODEX, the Food and Agriculture Organization (FAO), Federal Institute for Risk Assessment (BfR) (Germany), etc. will participate in the summit.
• The summit would lead to the harmonization of global food safety standards, improved regulatory frameworks, and the provision of safe and high-quality food for consumers worldwide.

Key Initiatives of the Conference:

• India is planning to launch ‘food-o-copoeia’ which is a collection of safety and quality regulations for each food category.
• A Common Digital Dashboard will also be launched.
• It will act as a unified portal for food-related regulations and norms.
• The common regulator platform ‘SaNGRAH’ (Safe food for Nations: Global food Regulatory Authorities Handbook) will be also launched at the summit.
• It is a comprehensive database of Food Regulatory Authorities from 76 countries.
• This event will give a platform for participants to deliberate on food safety and regulatory aspects.
• The collection is available in a total of 8 Indian languages.

Pakistan’s Prime Minister Sharif launched $3.5 billion Chinese-designed nuclear energy project                         

• Pakistan’s Prime Minister (PM) Mr Shehbaz Sharif launched the construction of a 1,200-megawatt Chinese-designed nuclear energy project, which will be built at a cost of $3.5 billion as part of the government efforts to generate more clean energy in the Islamic nation.
• The ceremony marking the start of the project comes less than a month after Pakistan signed an agreement with China’s National Nuclear Corporation Overseas in the capital, Islamabad, to construct a Hualong One reactor -a third-generation nuclear reactor and is considered safer because of the latest security features.
• The nuclear power plant known as Chashma-5 will be constructed at a site along the left embankment of the fast-flowing Indus River in Mianwali, a district in the eastern Punjab province.
• The site is already home to 4 Chinese-supplied nuclear power plants that were built in recent decades.
• Pakistan got its first nuclear power plant from Canada and currently generates only 8% of its electricity from nuclear power plants & it plans to increase that figure to 20% by 2030.
• In recent months, China gave $5 billion in loans to Pakistan to help it unlock a bailout from the International Monetary Fund (IMF) to tackle a serious economic crisis.

About Pakistan :

• President : Arif Alvi
• Prime Minister : Shehbaz Sharif
• Capital : Islamabad
• Currency : Pakistani rupee

CURRENT AFFAIRS: BUSINESS NEWS

The first-ever “Credit Guarantee Scheme” for the livestock sector has been developed to revitalize the rural economy by leveraging MSMEs.

• Department of Animal Husbandry & Dairying, Ministry of Fisheries, Animal Husbandry and Dairying is implementing the Credit Guarantee Scheme under Animal Husbandry Infrastructure Development Fund (AHIDF) to strengthen the credit delivery system and facilitate a smooth flow of credit to the Micro, Small & Medium Enterprise (MSMEs) engaged in Livestock sector without hassles of collateral security.
• For operationalizing the scheme, DAHD has established a Credit Guarantee Fund Trust of Rs. 750.00 crores, which will provide credit guarantee coverage for up to 25% of the credit facilities extended to the MSMEs by the eligible lending institutions.
• The credit guarantee scheme facilitates access to finance for the un-served and under-served livestock sector, making the availability of financial assistance from lenders to mainly first-generation entrepreneurs and underprivileged sections of society, who lack collateral security for supporting their ventures.

Key Highlights

• The main objective of the Credit Guarantee Scheme is that the lender should give importance to project viability and secure the credit facility purely on the basis primary security of the assets financed.
• The establishment of credit guarantee fund trust was approved under the Prime Minister’s AtmaNirbhar Bharat Abhiyan stimulus package of Rs.15000 crores“ Animal Husbandry Infrastructure Development Fund” (AHIDF) for incentivizing investments by individual entrepreneurs, private companies, MSMEs, Farmers Producers Organizations (FPOs) and Section 8 companies to establish
• The dairy processing and value-addition infrastructure,
• meat processing and value addition infrastructure,
• Animal Feed Plant,
• Breed Improvement Technology and Breed Multiplication Farm
• Animal Waste to Wealth Management (Agri Waste Management) and
• Setting up of Veterinary Vaccine and Drugs Manufacturing facilities.

Shri Piyush Goyal presents the roadmap for reaching the aim of $250 billion in textile production and $100 billion in textile exports by 2030.

• Union Minister for Textiles, Consumer Affairs, Food and Public Distribution and Commerce and Industry, Shri Piyush Goyal discussed the roadmap to achieve the target of $250 billion in textiles production and $100 billion in exports by 2030.
• While interacting with the officers and staff during the Chintan Shivir organized by the Ministry of Textiles, Shri Goyal emphasized a holistic approach towards making the Textile sector more vibrant to prepare to take on global competition.
• The Ministry of Textiles organized Chintan Shivir to brainstorm on various issues relating to the sector.

Key Highlights

• The session was inaugurated by the Union Minister of State for Textiles, Smt. Darshana Jardosh highlighted the importance of the textiles sector in the economic growth of the country and the need to collectively focus on promoting growth across all segments in the value chain.
• Group Brainstorming sessions were held on five themes: Promoting Exports; Investment- Building Size and Scale; Sustainability; Shift from Natural to Man Made Fibre and Improving Service Delivery. Detailed presentations were made by the respective groups giving specific recommendations and solutions to the problems posed. Shri Gaur Gopal Das, lifestyle coach and motivational speaker and Shri Vivek Sahni, CEO and Co-Founder, of Kama Ayurveda addressed the participants and shared their perspectives and experience.

Recent News

• The Commerce and Industry Minister Piyush Goyal has asked the Indian banks to ensure enhanced and affordable credit to MSMEs to achieve the target of one trillion dollar merchandise exports by 2030.

At the Budget Estimate (BE) stage, NER received Rs. 94679.53 crore under 10% GBS for the fiscal year 2023-24.

• The extant policy of the Government, all non-exempted Central Ministries/Departments (currently 55 in number) are mandated to spend at least 10% of their Gross Budgetary Support (GBS) on Central Sector and Centrally Sponsored Schemes for North Eastern Region (NER).
• The Ministry of Development of the North Eastern Region (MDoNER) monitors and keeps track of such expenditures.
• An allocation of Rs. 94679.53 crore has been made under 10% GBS for the year 2023-24 for NER at Budget Estimate (BE) stage.
• The details of the amount spent on the development of this region since 2014-15:

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Rakesh Pal appointed as 25th Director General of Indian Coast Guard

• DG Rakesh Pal has been appointed as the 25th Director General of the Indian Coast Guard (ICG).

About DG Rakesh Pal :

• He is an alumnus of the Indian Naval Academy and joined Indian Coast Guard in January 1989.
• He holds the recognition of being the First Gunner of ICG.
• In his distinguished career spanning over 34 years, the flag officer has held several key appointments, prominent among them are Commander Coast Guard Region (North West), Gandhinagar, Deputy Director General (Policy & Plans).
• He was elevated to the rank of Additional Director General in February 2022 and was posted at Coast Guard Headquarters, New Delhi.
• He was given the additional charge of Director General Coast Guard in February 2023.

Awards & Honors :

• For his illustrious service he has been conferred with the award of Tatrakshak Medal (TM) in 2013 and President Tatrakshak Medal (PTM) for distinguished service in 2018.

About ICG :

• Established : February 1977 by the Coast Guard Act, 1978 of the Parliament of India.
• It operates under the Ministry of Defence.
• The ICG is a maritime law enforcement and search and rescue agency of India.

Government appoints Sat Pal Bhanoo as Managing Director of Life Insurance Corporation

• Life Insurance Corporation (LIC) has appointed Sat Pal Bhanoo as the managing director (MD) of the company.
• He will take over as the LIC MD in place of Siddhartha Mohanty, who was appointed as the chairman of LIC in April, 2023.
• Bhanoo’s appointment is effective from the date of assumption of charge and up to the date of his superannuation on December 31, 2025 or until further orders, whichever is earlier.

Recent News :

• In March 2023, Shri M Jagannath, took charge of the position of Managing Director (MD) of the Corporation.

About LIC :

• Headquarters : Mumbai, Maharashtra, India
• Chairman : Siddhartha Mohanty

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

NASA released new image to celebrate Webb space telescope’s first year of science                           

• The National Aeronautics and Space Administration (NASA) released a new image of a small star-forming region captured by James Webb Space Telescope to celebrate the completion of the telescope’s first year of science.

Key Highlights :

• The new image features the nearest star-forming region in the Rho Ophiuchi cloud complex.
• Its proximity at 390 light-years allows for a highly detailed close-up, with no foreground stars in the intervening space.
• The region contains approximately 50 young stars, all of them similar in mass to the Sun, or smaller.
• Webb’s image of Rho Ophiuchi allows us to witness a very brief period in the stellar life cycle with new clarity.
• The pictured cloud complex, known as Rho Ophiuchi, is the closest 50 baby stars -forming region to Earth and is found in the sky near the border of the constellations Ophiuchus and Scorpius, the serpent bearer and scorpion.
• The telescope is the result of an international collaboration between NASA, the European Space Agency (ESA) and the Canadian Space Agency which was launched in December 2021.

About NASA :

• Established : July 29, 1958
• Headquarters : Washington, D.C, United States of America
• Administrator : Bill Nelson

Simplifai launched world’s 1st generative AI tool for insurance

• Simplifai, an AI automation solutions firm, has launched Simplifai InsuranceGPT, a custom-built, world-first GPT tool fuelled by the company’s no-code AI-powered platform.
• The first custom-built AI GPT tool for insurers offers ChatGPT-like enhanced decision making for automated claims management, while maintaining privacy and data security.

About InsuranceGPT :

• With InsuranceGPT, Simplifai has strengthened its end-to-end business process automation capabilities, providing enriched communication between insurers and their customers through the power of generative AI – delivering fast, concise, and accurate responses in a secure way.
• While many insurance firms have integrated and utilised ChatGPT or Google Bard, InsuranceGPT by Simplifai is the first to be trained specifically on information directly relevant to the insurance industry.
• By offering the insurance industry’s first custom, cloud-based, private Software-as-a-Service LLM, Simplifai can allay these concerns through:
• Fitting into existing ecosystems
• Being ever vigilant about security
• Maintaining ‘No code necessary’

About Simplifai :

• Founded : 2017
• Headquarters : Oslo, Norway
• Simplifai is a secure AI solutions company.
• Its AI Automation platform is used to create Simplifai Archiver, Claims Handling, Document Handling, Debt Collection and Customer Service solutions.

ISRO & Bhabha Atomic Research Center join hands to develop nuclear engines for rockets

• India’s space agency,Indian Space Research Organisation (ISRO), is jointly developing a nuclear-powered engine along with Bhabha Atomic Research Center (BARC), it is reliably learnt.
• Chemical engines, such as those that power the thrusters in satellites, are fine up to a point, but if you want to send a spacecraft deep into space, such as into interplanetary missions, they will not do neither can they carry that much fuel nor can they be solar powered because sunlight will not reach a solar panel at such long distances.
• ISRO-BARC are developing what are called Radio thermoelectric generators (RTGs).
• The work has already begun and has been identified as a major task that has to be completed soon.
• The nuclear engines are not to be thought of as nuclear fission reactors that generate electricity.
• The RTGs use radioactive materials, such as Plutonium-238 or Strontium-90, which release heat as they decay.
• Essentially, the engine contains two parts, the radioisotope heater unit (RHU) which generates heat and the RTG, which converts the heat into electricity.

About ISRO :

• Founded: 15 August 1969
• Headquarters: Bengaluru,Karnataka
• Chairman : Sreedhara Somanath
• The ISRO is the national space agency of India.
• It operates under the Department of Space (DOS) which is directly overseen by the Prime Minister of India,

CURRENT AFFAIRS: SPORTS NEWS

Indian Surf Team wins bronze medal at Asian Surfing Championship in Maldives

• Indian Surf Team won the bronze medal at the Asian Surfing Championship, held at Thulisdhoo Island in Maldives.
• 18 countries from Asia took part in this championship.
• The Surfing Federation of India sent a team comprising 4 senior Surfers in the men’s category and 2 Surfers in the Under 18 category. 5 out of the 6 Surfers were from Tamilnadu.
• Srikanth from Kovalam, Tamil Nadu made it to the semi-finals in the Men’s Category.
• The President of the Surfing Federation of India Arun Vasu said that the Surfing team finished overall 3rd with a bronze medal.
• Indian Surfers will now get ready for the first-ever World Surfing League (WSL) event in India to be held in Mahabalipuram in Tamil Nadu from August 14 to 20 this year.

About WSL

• The World Surf League is the governing body for professional surfers and is dedicated to showcasing the world’s best talent in a variety of progressive formats. The World Surf League was originally known as the International Professional Surfing founded by Fred Hemmings and Randy Rarick in 1976.
• CEO: Erik Logan
• Headquarters: Santa Monica, California, United States
• Founded: 1976

ISSF Junior World C’ships: Harmehar Singh Lally, and Sanjana Sood win silver medal in skeet mixed team event

• In shooting, India bagged one silver to stay in the second position of the medal tally on Day 4 of the ISSF Junior World Championships, in Changwon, Korea.
• Indian pair Harmehar Singh Lally and Sanjana Sood won a silver medal in the skeet mixed team
• Harmehar and Sanjana had to endure a gruelling 52-shot shoot-off, which they won 26-24 eventually, en route to the final, where they lost 38-43 to the Italian duo of Andrea Galardini and Sara Bongini.
• With that medal, India stayed in second place on the medals table with four gold, four silver and three bronze medals.
• China kept rising at the top with six gold, eight silver, and four bronze medals.
• Italy is in the third spot with two gold, one silver and three bronze medals.

About ISSF:

• The International Shooting Sport Federation is the governing body of the Olympic shooting events. It also regulates several non-Olympic shooting sports events.
• President: Luciano Rossi
• Founded: 1907
• Headquarters: Munich, Germany
• Membership: 150 regions
• Secretary: Willi Grill (Secretary-General)

Daily CA One-Liner: July 21

• One District One Product (ODOP) program, an initiative under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, launched its first collaboration with the Government of Gujarat in New Delhi to promote the indigenous crafts and artisans of the State
• Union Minister for Health and Family Welfare, Dr Mansukh Mandaviya inaugurated the maiden Global Food Regulators Summit 2023 in the presence of Union Minister for Agriculture and Farmer’s Welfare Shri Narendra Tomar and special guest Minister of Agriculture and Livestock Development, Govt. of Nepal, Dr. Bedu Ram Bhusal.
• Startup20 Engagement Group, under India’s G20 presidency, has taken another transformative leap towards revolutionizing entrepreneurship across India by collaborating with Jagriti Foundation, a renowned non-profit organization dedicated to fostering robust entrepreneurship ecosystems in Tier 2/3 cities in India.
• A one-day conference titled “Policy Support & Enablers to Accelerate India’s Electric Mobility,” organized by NITI Aayog and supported by WRI India and Asian Development Bank, was held on the sidelines of the fourth Energy Transition Working Group (ETWG) meeting under India’s G20 Presidency.
• Department of Animal Husbandry & Dairying, Ministry of Fisheries, Animal Husbandry and Dairying is implementing the Credit Guarantee Scheme under Animal Husbandry Infrastructure Development Fund (AHIDF) to strengthen the credit delivery system and facilitate a smooth flow of credit to the Micro, Small & Medium Enterprise (MSMEs) engaged in Livestock sector without hassles of collateral security.
• Union Minister for Textiles, Consumer Affairs, Food and Public Distribution and Commerce and Industry, Shri Piyush Goyal discussed the roadmap to achieve the target of $250 billion in textiles production and $100 billion in exports by 2030.
• The extant policy of the Government, all non-exempted Central Ministries/Departments (currently 55 in number) are mandated to spend at least 10% of their Gross Budgetary Support (GBS) on Central Sector and Centrally Sponsored Schemes for the North Eastern Region.
• Indian Surf Team won the bronze medal at the Asian Surfing Championship, held at Thulisdhoo Island in Maldives.
• In shooting, India bagged one silver to stay in the second position of the medal tally on Day 4 of the ISSF Junior World Championships, in Changwon, Korea.
• PhonePe Insurance Broking Services, a wholly owned subsidiary of PhonePe Private Limited, has launched health insurance plans offering comprehensive insurance in partnership with leading insurers.
• The Reserve Bank of India (RBI) has cancelled the licence of United India Co-operative Bank Limited, Nagina, Bijnor, Uttar Pradesh (UP) and asked the bank not to carry on any banking business.
• State Bank of India (SBI) will set up a new trustee company as its wholly-owned subsidiary for managing the Corporate Debt Market Development Fund (CDMDF).
• Public sector banks (PSBs) are expected to step up one-time settlement (OTS) in written-off loans as the Finance Ministry and the RBI have emphasised on the importance of improving recovery from these accounts.
• Non-life insurer Cholamandalam MS Insurance has been appointed lead insurer for West Bengal by the Insurance Regulatory and Development Authority of India (IRDAI).
• Pension regulator, the Pension Fund Regulatory and Development Authority (PFRDA), is seeking bids for its intranet portal – PINTRA as part of their digital transformation through its Technology Architecture (TARCH) project.
• The Global Food Regulators Summit 2023 is being organised in New Delhi, Delhi for the first time, as a G20 or Group of 20 event.
• Pakistan’s Prime Minister (PM) Mr Shehbaz Sharif launched the construction of a 1,200-megawatt Chinese-designed nuclear energy project, which will be built at a cost of $3.5 billion as part of the government efforts to generate more clean energy in the Islamic nation.
• DG Rakesh Pal has been appointed as the 25th Director General of the Indian Coast Guard (ICG).
• Life Insurance Corporation (LIC) has appointed Sat Pal Bhanoo as the managing director (MD) of the company.
• The National Aeronautics and Space Administration (NASA) released a new image of a small star-forming region captured by James Webb Space Telescope to celebrate the completion of the telescope’s first year of science.
• Simplifai, an AI automation solutions firm, has launched Simplifai InsuranceGPT, a custom-built, world-first GPT tool fuelled by the company’s no-code AI-powered platform.
• India’s space agency,Indian Space Research Organisation (ISRO), is jointly developing a nuclear-powered engine along with Bhabha Atomic Research Center (BARC), it is reliably learnt.

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