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CURRENT AFFAIRS : BANKING & FINANCE
RBI Plans to Eliminate Incremental Cash Reserve Ratio (I-CRR)
- The Reserve Bank of India (RBI) has decided to phase out the incremental cash reserve ratio (I-CRR).
- To ensure a smooth transition and prevent disruptions to system liquidity and money market functioning, RBI has scheduled the release of I-CRR funds in 3 phases: 25% on September 9, another 25% on September 23, 2023, and the remaining 50% on October 7, 2023.
- This phased release is aimed at enhancing banks’ capacity to meet credit demand, particularly during the upcoming festival season.
- The decision regarding I-CRR does not impact the Cash Reserve Ratio (CRR), which remains at 4.5%.
What is the Incremental Cash Reserve Ratio (I-CRR)?
- The Incremental Cash Reserve Ratio (I-CRR) was introduced to absorb excess liquidity in the banking system.
- Factors contributing to this excess liquidity included the return of Rs 2,000 notes, the RBI’s surplus transfer to the government, and increased government spending
Key Highlights :
- With the removal of I-CRR, experts anticipate that money market rates will moderate.
- The RBI had instructed banks to maintain an incremental Cash Reserve Ratio (I-CRR) of 10% on the increase in their deposits (net demand and time liabilities) between May 19, 2023, and July 28, 2023, as a means to absorb surplus liquidity.
- Due to the RBI’s measures, liquidity in India’s banking system shifted into a deficit for the first time in the current financial year on August 22, 2023.
- However, as of September 6, 2023 the banking system had a liquidity surplus of over Rs 1.5 lakh crore.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar
HSBC India Introduces ‘ONDC in a Box’ to Enhance Corporate Service Portfolio
- Hongkong and Shanghai Banking Corporation Limited, India or HSBC Bank India has launched Open Network for Digital Commerce (‘ONDC) in a Box’, a one-stop-shop proposition for corporates towards seamless enablement of ONDC during the Global Fintech Fest (GFF) 2023 held in Mumbai, Maharashtra.
- With this launch, HSBC India became the 1st foreign bank in India to offer an ONDC-enabled proposition.
What is ONDC?
- ONDC is an initiative by the Department for Promotion of Industry and Internal Trade, in collaboration with the Ministry of Commerce and Industry.
- Its primary aim is to create an open and interoperable network that allows buyers and sellers to conduct transactions without the need for both parties to be on the same platform.
- ONDC seeks to promote inclusivity, competitiveness, and openness within the business ecosystem, enhancing its impact across various industries.
About ‘ONDC in a Box :
- HSBC India has collaborated with ecosystem partners Protean eGov Technologies Ltd (Protean) and Shayr Omnichannel Private Limited (Adya) for the ‘ONDC in a Box’ proposition.
- The ‘ONDC in a Box’ proposition from HSBC India includes banking services offered by HSBC India itself, while the ONDC Modules necessary for enablement are provided by Protean and Adya.
- ONDC in a Box empowers corporate customers not only with the payments and settlement toolkit provided by HSBC India but also with the essential technology stack required for ONDC enablement.
About HSBC India :
- Established : 1959
- Headquarters : Mumbai, Maharashtra
- CEO : Hitendra Dave
- It is a foreign bank under the Banking Regulation Act, 1949 and thus is regulated by the Reserve Bank of India (RBI).
About ONDC :
- CEO : T Koshy
- ONDC, is a private non-profit Section 8 company established by the Department for Promotion of Industry and Internal Trade (DPIIT) of Government of India to develop open e-commerce.
About Protean :
- Established : 1995
- Headquarters : Mumbai, Mahara
- MD & CEO : Suresh Sethi
Spice Money and Wimbo’s PayU Collaboration Introduces ‘Spice Pay UPI Solution for Empowering Rural India
- Spice Money, a subsidiary of DiGiSPICE Technologies is a fintech building ‘nano preneurs’ for emerging India, has partnered with Wimbo, a company under PayU, to introduce ‘Spice Pay,‘ an innovative UPI (Unified Payments Interface) solution aimed at empowering rural India.
- This collaboration between Spice Money and Wimbo focuses on providing a range of financial services to rural areas, including instant prepaid cards, linked UPI IDs for wallet interoperability, and eKYC (Electronic Know Your Customer) solutions to address the challenge of mobile number seeding
Aim :
- To bridge the digital divide by extending the capabilities of the Unified Payments Interface (UPI) to rural regions of India, making digital transactions more accessible.
Key Highlights :
- In 2022, India experienced a significant increase in internet users, reaching a total of 759 million.
- Of this, 420 million resided in urban areas, while 339 million were in rural regions.
- By 2025, India is expected to have a total of 900 million internet users.
- Rural India is projected to contribute significantly, with 56% of all new internet users emerging from these areas.
- However, rural regions face unique infrastructure challenges that hinder the adoption of UPI.
- For individuals facing challenges with inactive or inoperative bank accounts, Spice Money will introduce a Standalone Prepaid Wallet account, complete with a linked UPI ID.
- This innovation eliminates the necessity for traditional bank accounts, making digital financial services more accessible.
- Co-Founder, Executive Director, & CEO at Spice Money : Sanjeev Kumar.
- CEO of Wibmo : Suresh Rajagopalan
RBI Approves ICICI Bank’s Proposal to Establish I-Process Services as a Wholly-Owned Subsidiary
- ICICI Bank has received approval from the Reserve Bank of India (RBI) to make I-Process Services (India) Private Limited (I-Process) its wholly-owned subsidiary, subject to certain conditions, as per the bank’s latest regulatory filing.
About I-Process :
- I-Process was established in 2005 with the purpose of providing staffing solutions services for some of India’s leading financial institutions.
- I-Process boasts an employee strength of more than 25,000 individuals and has a presence at nearly 500 locations across India.
- The total cost for acquiring I-Process is estimated at 15.40 crore.
- This amount is subject to finalisation of pricing in accordance with applicable laws and regulations and on receipt of necessary approvals.
- The ICICI Bank currently holds 19% stake in iProcess.
About ICICI Bank :
- Established : 5 January 1994
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Sandeep Bakhshi
SEBI Approves NSE’s Launch of Options on NYMEX WTI Crude Oil and Natural Gas Futures Contracts
- India’s leading exchange, the National Stock Exchange (NSE) has received approval from the Securities & Exchange Board of India (SEBI) to introduce Options on Futures for NYMEX WTI Crude Oil and Natural Gas futures contracts within its commodity derivatives segment.
- On May 15, 2023, NSE had previously launched rupee-denominated NYMEX WTI Crude Oil and Natural Gas futures contracts in its Commodity Derivatives section.
Key Highlights :
- More than 100 trading members from various regions have engaged in transactions involving these contracts since their initial launch.
- The addition of Options on Futures contracts represents a significant expansion of NSE’s product offerings in the broader commodity segment.
- These contracts have been designed to provide market participants, including corporations, value chain participants, and foreign portfolio investors (including various categories of FPIs such as Individuals, Corporates, & Family Offices), with a more efficient tool for managing their commodity-related risk.
About NSE :
- Founded : 1992
- Headquarters : Mumbai, Maharashtra, India
- Chairperson : Girish Chandr Chaturvedi
- MD & CEO : Ashishkumar Chauhan
- National Stock Exchange of India Limited is one of the leading stock exchanges in India.
- NSE is under the ownership of various financial institutions such as banks and insurance companies.
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),
Thomas Cook India Collaborates with NPCI to Launch RuPay Forex Card
- Thomas Cook (India) Limited witnessed a 5% surge in its shares following the announcement of its partnership with the National Payments Corporation of India (NPCI) to launch a RuPay prepaid forex card for Indian travellers heading to the UAE.
- The introduction of the Thomas Cook RuPay card is initially targeting the UAE market.
- This move aligns with the growing trend of outbound travel from India, particularly to short-haul destinations like the UAE.
- This collaboration is made possible through the assistance of CARD91, an NPCI Certified Partner.
- It leverages NPCI’s global card payment network to provide international payment solutions, aligning with India’s “Made in India” initiative, for Indian travellers travelling abroad.
About Thomas Cook (India) Limited :
- Founded : 1881
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Mahesh Iyer
- Thomas Cook Ltd. is an Indian travel agency, providing travel services including Foreign Exchange, International and Domestic Holidays, Visas, Passports, Travel Insurance and MICE.
CURRENT AFFAIRS: NATIONAL NEWS
PM Modi announces launch of Global Biofuel Alliance
- India announced the launch of the Global Biofuel Alliance and urged G-20 nations to join the initiative with a plea to take ethanol blending with petrol globally to 20%.
- The Alliance was launched by Mr. Modi along with a host of global leaders including S. President Joe Biden, Brazilian President Luiz Inacio Lula da Silva, Bangladesh Prime Minister Sheikh Hasina and Italian Prime Minister Giorgia Meloni on the sidelines of the G-20 Summit.
- Besides India, the initiating members include Argentina, Bangladesh, Brazil, Italy, Mauritius, South Africa, the UAE and the U.S., while Canada and Singapore are observer countries.
Key Highlights
- The Global Biofuels Alliance is aimed at facilitating cooperation and intensifying the use of sustainable biofuels across sectors, including transportation.
- Its focus is primarily on strengthening markets, facilitating global biofuel trade, developing concrete policy lesson-sharing and providing technical support for national biofuel programmes worldwide.
- Such an initiative is also aimed at helping India’s transition to alternative fuels and cutting its import bill, as the country seeks to achieve its net-zero carbon emissions goal by 2070.
- On the other hand, the ISA aims to mobilize more than $1,000 billion of investment needed by 2030 for the massive harnessing of solar energy.
- The International Energy Agency estimates that global sustainable biofuel production would need to triple by 2030 to put the world’s energy system on track towards net-zero emissions by 2050.
- Liquid biofuels provided more than four per cent of the total transport energy supply in 2022.
PM Modi addresses the ASEAN- India summit at Jakarta
- PM Modi addressed the 20th ASEAN-India summit at Jakarta in Indonesia.
- He presented a 12-point proposal to strengthen India-ASEAN cooperation.
- He informed us that the India-ASEAN partnership has reached the fourth decade.
- He informed me it is an honour for him to co-chair the Summit.
- PM Modi informed ASEAN is the central pillar of India’s Act East policy.
- He informed along with history and geography, shared values, regional integration, and the shared belief in peace, prosperity and a multipolar world unite India and ASEAN.
- He announced the opening of the Indian Embassy in Dili, Timor-Leste.
- PM Modi also attended the 18th East Asia Summit.
- The 12-point proposal covers connectivity, digital transformation, trade and economic engagement, addressing contemporary challenges, people-to-people contacts and deepening strategic engagement.
- PM Modi proposed establishing a multi-modal connectivity and economic corridor that links South-East Asia-India-West Asia-Europe.
- He announced the ASEAN-India fund for Digital Future.
- He invited ASEAN countries to join the Global Centre for Traditional Medicine. This is being established by WHO in India.
- PM Modi invited ASEAN countries to join the Coalition for Disaster Resilient Infrastructure.
- Two Joint Statements were adopted. One was on Maritime Cooperation and the other was on Food Security.
Recent News
- In May 2023, India sent two frontline warships to take part in the first-ever ASEAN-India maritime exercise (AIME-2023).
- In May 2023, As a part of the Indian Navy’s deployment to Association of Southeast Asian Nations (ASEAN) countries, Indian Naval ships INS Delhi and INS Satpura under the command of Rear Admiral Gurcharan Singh, Flag Officer Commanding Eastern Fleet departed Sihanoukville, Cambodia.
- In July 2023, In order to strengthen defence cooperation between India and ASEAN (Association of South East Asian Nations), India would launch an initiative on “women in United Nations Peacekeeping (UNPK) operations.”
About ASEAN :
- Association of Southeast Asian Nations (ASEAN) is a regional intergovernmental organization comprising 10 Southeast Asian countries.
- It was established in 1967 with the signing of the Bangkok declaration.
- Members: Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Laos, Myanmar, Cambodia and Vietnam.
- The first summit meeting of the ASEAN union was hosted in 1976 on Indonesia’s most prominent island Bali.
About Indonesia :
- President : Joko Widodo
- Currency : Indonesian rupiah (Rp)
G-20 Summit clinches New Delhi Declaration
- New Delhi Leaders’ Declaration adopted at the G20 summit 2023.
- G20 leaders have given 100% consensus on all 83 paras of the Declaration.
- New Delhi Leaders’ Declaration focuses on: Strong, Sustainable, Balanced, and Inclusive Growth, Accelerating Progress on SDGs, Green Development Pact for a Sustainable Future, Multilateral Institutions for the 21st Century, and Reinvigorating Multilateralism.
- As per India’s G20 Sherpa Amitabh Kant, every single country has come together to focus on green development.
- The biggest achievement is what we have achieved on women-led development.
- On the Russia-Ukraine war, the Delhi Declaration called on “all states to uphold the principles of international law including territorial integrity and sovereignty, international humanitarian law, and the multilateral system that safeguards peace and stability”.
- The use or threat of use of nuclear weapons is inadmissible.
- The European Commission urged G20 countries to agree to global targets on tripling renewable energy capacity and doubling energy efficiency by 2030 to limit the global average temperature increase to 1.5 degrees Celsius.
- In conclusion, there were a few broader takeaways that this Summit projected a strong commitment for future Presidencies including for the new cycle beginning in 2026 — Brazil in 2024, South Africa in 2025, and the US in 2026.
- There was recognition of all Engagement Groups and Initiatives of India’s G20 Presidency.
- By conducting over 200 meetings in 60 cities across India, New Delhi has set a new template and a high bar of taking G20 to the people.
- The democratization of diplomacy is a key takeaway from this successful exercise.
CURRENT AFFAIRS : STATE NEWS
Chandrababu Naidu, Former Andhra CM and TDP Chief, Arrested in Skill Development Case
- Chandrababu Naidu, the Chief of Telugu Desam Party (TDP) and former Chief Minister (CM) of Andhra Pradesh, has been arrested on charges of corruption.
- Naidu’s arrest is linked to an alleged scam amounting to 317 crore rupees in the Andhra Pradesh State Skill Development Corporation during his tenure as CM.
- The AP State Skill Development Corporation was established to provide skill training to youth during the TDP regime, which governed Andhra Pradesh from 2014 to 2019.
- Naidu has been charged under sections related to criminal conspiracy, cheating, dishonestly inducing delivery of property, and Section 465 of the Indian Penal Code.
- Additionally, the Prevention of Corruption Act has also been invoked in this case.
- The current Chief Minister of Andhra Pradesh is YS Jagan Mohan Reddy, who is also the founder and president of the YSR Congress Party.
CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS
RBI Grants Approval for Dipak Gupta’s Interim Appointment as MD and CEO of Kotak Mahindra Bank
- The Reserve Bank of India (RBI) has granted its approval for the appointment of Dipak Gupta as the interim Managing Director (MD) and Chief Executive Officer (CEO) of Kotak Mahindra Bank for a period of 2 months, commencing from September 2, 2023.
- This decision followed the early resignation of Uday Kotak, the bank’s previous MD and CEO, who stepped down 3 months prior to the end of his tenure.
- Analysts interpret this short-term appointment as an indicator that the central bank is nearing a decision regarding the selection of a permanent successor to Uday Kotak.
- Previously, Uday Kotak disclosed that the bank had recommended the names of two candidates to the RBI within the specified deadline for submitting candidates’ names.
- Two prominent internal candidates vying for the CEO position at Kotak Mahindra Bank are:
- Shanti Ekambaram: Currently, Shanti Ekambaram heads the bank’s consumer banking division.
- KVS Manian: With a long tenure at the bank since 1994, KVS Manian holds responsibilities related to corporate, institutional, and investment banking.
About Dipak Gupta :
- Dipak Gupta, who has been a full-time director of the KMBL since January 1999.
- He was designated as the Joint Managing Director on January 1, 2012.
- He has overseen various critical functions, including IT, cybersecurity, Digital Initiatives, Internal Audit, Human Resources, Marketing, Compliance, Administration, Infrastructure, Operations, and more.
- He was the 1st CEO of Kotak Mahindra Primus Limited, the KMFL–Ford Credit joint venture.
- Before joining Kotak Group in 1992, he worked with the consultancy division of AF Ferguson.
About KMBL :
- Established: 1985
- Headquarters: Mumbai, Maharashtra
- Tagline: Let’s Make Money Simple
CURRENT AFFAIRS: BUSINESS NEWS
Sovereign Gold Bond Scheme 2023-24 Series II opens for subscription
- Sovereign Gold Bonds (SGB) opened for subscription which will remain open for buying till 15th September.
- This is the second Series of SGB schemes in the 2023-24 fiscal.
- The Reserve Bank of India (RBI) announced that the price of the gold bonds will be 5,923 rupees per gram.
- The RBI also announced a discount for online applicants to the scheme.
- A discount of 50 rupees per gram less than the nominal value will be given to those applying online and making the payment against the application through digital mode.
- The issue price of gold bonds for online investors will be 5,873 rupees per gram of gold, according to RBI’s announcement.
- The minimum investment one can make in a gold bond is one gram.
- The maximum limit of subscription has been set at 4 kg for individuals and 20 kg for trusts and similar entities per fiscal year.
- SGB offers a safer alternative to physical gold and an additional income source.
- If you’re considering investing, here are five crucial aspects to keep in mind.
- The Sovereign Gold Bond Scheme was launched by the Govt in November 2015, under the Gold Monetisation Scheme.
PSU general insurers’ market share below a third of industry
- Market share of PSU general insurers reached for the first time below a third of industry’s premium.
- During the first five months of the current fiscal, the premium income of public sector insurers have fallen by 1% to ₹34,203 crore.
- PSU insurers’ market share declined to less than a third at 32.5% from 33.4%.
- Premium income of PSUs declined from ₹37,100 crore to ₹34,203 crore.
- For the first time, state-run general insurers account for less than a third of the industry premium at 32.5%, according to the General Insurance Council data.
- In another first, market share of standalone health insurers increased to 10.4% from 9.2% during the first five months of the current fiscal.
- According to the General Insurance Council data, the non-life insurance sector grew by 11.7% during the first five months to August.
- It recorded a premium income of ₹1.14 lakh crore.
- Premium income of ₹1.02 lakh crore was recorded in the same period in FY23.
- There are 26 operational general insurers in the country.
- The Centre owns six of them.
The industry has five standalone health insurers:
- Aditya Birla Health Insurance, Care Health Insurance (formerly Religare Health Insurance), Manipal Cigna Health Insurance Company, Niva Bupa Health Insurance, Star Health & Allied Insurance.
Recent News
- In May 2023, The 4 public sector general insurance companies – New India Assurance, United India Insurance, Oriental Insurance, and National Insurance Company have lost 800 basis points (bps) in market share in last 5 years to their private counterparts, the data from the Insurance Regulatory and Development Authority (IRDAI)
CURRENT AFFAIRS: MOUS AND AGREEMENT
India and Saudi Arabia sign Agreement on Cooperation in Energy Sector
- India and Saudi Arabia have signed a Memorandum of Understanding on cooperation in the field of energy.
- The MoU between the Government of the Republic of India and the Government of the Kingdom of Saudi Arabia was signed in New Delhi, by the Union Minister for New & Renewable Energy and Power, Government of India, Shri K. Singh for the Indian side and Minister of Energy for the Kingdom of Saudi Arabia, His Royal Highness Abdulaziz bin Salman Al-Saud for the Saudi side.
- The MoU will develop a stronger partnership between India and Saudi Arabia in the field of energy.
- The MoU will support India’s efforts for energy transition and transformation of the global energy system towards combating climate change.
According to the MoU, India and Saudi Arabia will cooperate in the following areas:
- Renewable Energy, Energy Efficiency, Hydrogen, Electricity and Grid Interconnection between the two countries, Petroleum, Natural Gas, Strategic Petroleum Reserves and Energy Security.
- Encouraging bilateral investment in the fields of Renewable Energy, Electricity, Hydrogen and Storage; and Oil and gas.
- Circular Economy and its technologies to reduce the effects of climate change, such as carbon capture, utilization and storage.
- Promoting digital transformation, innovation cyber-security and artificial intelligence in the field of Energy.
- Working on developing qualitative partnerships between the two countries to localize materials, products and services related to all sectors of energy, supply chains and technologies.
- Strengthening the cooperation with companies specialized in the field of energy.
- Any other fields related to the energy field that the two countries agree upon.
About Saudi Arabia :
- Prime Minister: Mohammed bin Salman Al Saud
- Capital : Riyadh
- Currency : Saudi riyal
NTPC Green Energy Limited to collaborate with Nayara Energy for Green Hydrogen Production
- NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of India’s leading integrated power producer NTPC Limited, and Nayara Energy, a new-age international downstream energy company of international scale, have entered into a Memorandum of Understanding (MoU) to explore opportunities in the Green Hydrogen and Green Energy space.
- The MoU envisages collaboration to produce Green Hydrogen for Nayara Energy’s captive usage, accelerate decarbonisation and catalyze reduction in carbon footprint.
- The collaboration is in line with NTPC’s initiatives to develop hydrogen projects in India and aligns with the vision of a self-reliant India (Atmanirbhar Bharat) as laid out by the Prime Minister.
- The MoU signing ceremony was attended by the CEO of NGEL, Shri Mohit Bhargava and Head-Technical, Nayara Energy, Shri Amar Kumar, along with other senior officials of NTPC, NGEL and Nayara Energy.
About NTPC:
- NTPC is India’s largest Power Utility having a total installed capacity of more than 73 GW. As part of increasing its renewable energy portfolio, a wholly-owned subsidiary NGEL has been formed to take up Renewable Energy Parks and Projects including businesses in the area of Green Hydrogen, Energy Storage Technologies, and Round-the-Clock RE Power. NTPC Group has a plan of 60 GW of RE capacity by the year 2032 and is currently working on a pipeline of 20+ GW, out of which over 3 GW is operational capacity.
- Founded: 7 November 1975
- Headquarters: New Delhi, India
- Gurdeep Singh is the Chairman & Managing Director of NTPC
About Nayara Energy
- Nayara Energy is an integrated downstream company of an international scale with a strong presence across the hydrocarbon value chain from refining to retail. Nayara Energy owns India’s second-largest single-site refinery at Vadinar, Gujarat with a capacity of 20 MMTPA. It is one of the world’s most modern and complex refineries with a complexity of 11.8, which is amongst the highest globally. The company has over 6,000 operational retail outlets spread across India.
Recent News
- In June 2023, India’s leading integrated power producer NTPC Limited 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.
- In July 2023, NTPC 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”.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
China to Launch Wide Field Survey Telescope for Detecting Faint Space Signals
- China is set to launch the Wide Field Survey Telescope (WFST), the largest time-domain survey facility in the Northern Hemisphere, in September, 2023.
About WFST :
- The WFST, characterised by a 5-meter primary mirror and a prime-focus camera with a large field of view, is currently undergoing engineering debugging and pilot observation processes.
Objective :
- To explore and monitor dynamic astronomical events through time-domain observation research.
- This includes detecting faint and distant celestial signals, such as those from galaxies beyond the Milky Way and galaxy clusters.
- The telescope is situated at the Lenghu astronomical observation base in northwest China’s Qinghai Province.
- The base, which sits at an average altitude of about 4,000 metres, offers optimal conditions for stargazing due to its clear night skies, stable atmospheric conditions, dry climate, and minimal artificial light pollution.
- These factors have earned it recognition as one of the best observatory sites on the Eurasian continent.
- The WFST project was initiated in July 2019 through collaboration between the University of Science and Technology of China and the Purple Mountain Observatory under the Chinese Academy of Sciences.
- It is part of a larger initiative that involves the construction of 12 telescope projects at the Lenghu base since 2017, with a total investment of approximately 2.7 billion yuan (about $370 million).
- With its ongoing projects, the Lenghu base is poised to become the largest astronomical observation base in Asia upon completion.
About China:
- President: Xi Jinping
- Capital: Beijing
- Currency: Renminbi
Indian Air Force Conducts Test of Indigenous Military Combat Parachute System
- The Indian Air Force (IAF) successfully tested the efficacy and foolproof functioning of the Military Combat Parachute System which is indigenously designed and developed by Aerial Delivery Research and Development Establishment (ADRDE).
About the Testing :
- During the test, a trained test jumper from the IAF deliberately detached the main parachute.
- Subsequently, the reserve parachute automatically deployed via the Reserve Static Line (RSL).
- This deployment occurred without the need for manual activation of the Reserve Handle.
- The test demonstrated that the reserve parachute could be activated even before the Barometric Automatic Activation Device (AAD) came into play.
- The AAD is designed to automatically activate the reserve parachute in case of an emergency.
About ADRDE :
- Established : 1969
- Headquarters : Kanpur, Uttar Pradesh
- Director : Manoj Kumar
- The ADRDE is a laboratory of the Indian Defence Research and Development Organisation (DRDO).
CURRENT AFFAIRS: SPORTS NEWS
The Subroto Cup International Football Tournaments 62nd edition will take place on September 19.
- The 62nd edition of the Subroto Cup International Football Tournament will be held from 19th September this year.
- A total of 109 teams from 27 States and Union Territories will participate in the tournament.
- Under – 17 Junior Boys and Girls tournaments will be held in Delhi and Gurugram, While the Under-14 Sub Junior Boys Competition will be held in Bengaluru.
- Air Marshal R K Anand and Vice Chairman Subroto Mukherjee Sports Education Society informed that this tournament aims to promote football at the grassroots level.
- The teams from Bangladesh and Nepal will also participate in the Subroto
- Subroto Cup International Football Tournament is a prestigious inter-school football tournament that is held annually.
- The Tournament is named after Air Marshal Subroto Mukerjee, who conceived the Idea to promote sports at the grassroots level.
- It is an annual event that began in 1960.
- This is a unique tournament where the champion school teams from all states and foreign countries participate in this tournament.
Recent News
- In May 2023, Indian football team midfielder Lallianzuala Chhangte was named the AIFF Men’s Footballer of the Year for 2022-23 while Manisha Kalyan won her second consecutive Women’s Footballer of the Year award.
Virat Kohli becomes fastest to reach 13,000 ODI runs, smashes ton
- India batter Virat Kohli became the fastest to reach 13,000 ODI runs during the Asia Cup Super 4 clash against arch-rival Pakistan at the R. Premadasa Stadium in Colombo.
- The 34-year-old bettered the record of fellow Indian veteran Sachin Tendulkar (321 innings), by achieving the feat in just 277 innings.
- Kohli got to the landmark with a double off Shaheen Afridi.
- Kohli added a cherry on top with a century.
- He reached his 47th ton in ODIs, off the subsequent ball.
- Additionally, with this century, Kohli has now scored four consecutive 100s at this stadium, the joint-most highest centuries at a single venue alongside South African great Hashim Amla.
- The other three tons were against Sri Lanka— two of which came in 2017 and one in 2012.
Recent News
- Team India batter Virat Kohli created history, becoming the first cricketer to score a hundred in his 500th international game during the second Test against West Indies at Port of Spain in Trinidad.
Daily CA One- Liner: September 13
- The Reserve Bank of India (RBI) has decided to phase out the incremental cash reserve ratio (I-CRR).
- Hongkong and Shanghai Banking Corporation Limited, India or HSBC Bank India has launched Open Network for Digital Commerce (‘ONDC) in a Box’, a one-stop-shop proposition for corporates towards seamless enablement of ONDC during the Global Fintech Fest (GFF) 2023 held in Mumbai, Maharashtra.
- Spice Money, a subsidiary of DiGiSPICE Technologies is a fintech building ‘nano preneurs’ for emerging India, has partnered with Wimbo, a company under PayU, to introduce ‘Spice Pay,‘ an innovative UPI (Unified Payments Interface) solution aimed at empowering rural India.
- ICICI Bank has received approval from the Reserve Bank of India (RBI) to make I-Process Services (India) Private Limited (I-Process) its wholly-owned subsidiary, subject to certain conditions, as per the bank’s latest regulatory filing.
- India’s leading exchange, the National Stock Exchange (NSE) has received approval from the Securities & Exchange Board of India (SEBI) to introduce Options on Futures for NYMEX WTI Crude Oil and Natural Gas futures contracts within its commodity derivatives segment.
- Thomas Cook (India) Limited witnessed a 5% surge in its shares following the announcement of its partnership with the National Payments Corporation of India (NPCI) to launch a RuPay prepaid forex card for Indian travellers heading to the UAE.
- India announced the launch of the Global Biofuel Alliance and urged G-20 nations to join the initiative with a plea to take ethanol blending with petrol globally to 20%.
- PM Modi addressed the 20th ASEAN-India summit at Jakarta in Indonesia.
- New Delhi Leaders’ Declaration adopted at the G20 summit 2023
- Sovereign Gold Bonds (SGB) opened for subscription which will remain open for buying till 15th September.
- Market share of PSU general insurers reached for the first time below a third of industry’s premium.
- India and Saudi Arabia have signed a Memorandum of Understanding on cooperation in the field of energy.
- NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of India’s leading integrated power producer NTPC Limited, and Nayara Energy, a new-age international downstream energy company of international scale, have entered into a Memorandum of Understanding (MoU) to explore opportunities in the Green Hydrogen and Green Energy space.
- Chandrababu Naidu, the Chief of Telugu Desam Party (TDP) and former Chief Minister (CM) of Andhra Pradesh, has been arrested on charges of corruption.
- The Reserve Bank of India (RBI) has granted its approval for the appointment of Dipak Gupta as the interim Managing Director (MD) and Chief Executive Officer (CEO) of Kotak Mahindra Bank for a period of 2 months, commencing from September 2, 2023.
- China is set to launch the Wide Field Survey Telescope (WFST), the largest time-domain survey facility in the Northern Hemisphere, in September, 2023.
- The Indian Air Force (IAF) successfully tested the efficacy and foolproof functioning of the Military Combat Parachute System which is indigenously designed and developed by Aerial Delivery Research and Development Establishment (ADRDE).
- The 62nd edition of the Subroto Cup International Football Tournament will be held from 19th September this year.
- India batter Virat Kohli became the fastest to reach 13,000 ODI runs during the Asia Cup Super 4 clash against arch-rival Pakistan at the R. Premadasa Stadium in Colombo.
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