AffairsCloud August 2024 Pocket English PDF

Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 1 Current Affairs Pocket PDF – August 2024 Table of Contents NATIONAL AFFAIRS...................................................................................................................................................... 6 CABINET APPROVALS............................................................................................................................................... 6 PARLIAMENT NEWS.................................................................................................................................................. 7 STATEWISE NATIONAL NEWS................................................................................................................................. 8 LAUNCHES & INAUGURATION................................................................................................................................. 9 OTHER NATIONAL NEWS....................................................................................................................................... 12 GOVT SCHEMES............................................................................................................................................................ 16 INTERNATIONAL AFFAIRS......................................................................................................................................... 19 VISITS............................................................................................................................................................................. 20 INDIAN VISITS.......................................................................................................................................................... 20 FOREIGN VISITS....................................................................................................................................................... 21 BANKING & FINANCE.................................................................................................................................................. 23 RBI IN NEWS............................................................................................................................................................. 23 SEBI............................................................................................................................................................................ 29 LOANS ISSUED BY BANKS....................................................................................................................................... 30 AGREEMENTS & MoUs SIGNED.............................................................................................................................. 31 OTHER BANKING NEWS......................................................................................................................................... 36 FINANCE NEWS......................................................................................................................................................... 38 ECONOMY & BUSINESS............................................................................................................................................... 41 GDP & GROWTH RATE............................................................................................................................................ 41 ECONOMY NEWS...................................................................................................................................................... 42 BUSINESS NEWS....................................................................................................................................................... 42 MoU’s & AGREEMENTS............................................................................................................................................... 43 MoU’s WITH COUNTRY........................................................................................................................................... 43 MoU’s BETWEEN ORGANIZATION........................................................................................................................ 43 MoU’s IN CONTENT FORMAT................................................................................................................................. 49 APPOINTMENTS & RESIGNATIONS.......................................................................................................................... 50 APPOINTMENTS....................................................................................................................................................... 50 NATIONAL................................................................................................................................................................. 50 INTERNATIONAL..................................................................................................................................................... 56 BRAND & CAMPAIGN AMBASSADORS................................................................................................................. 57 AWARDS........................................................................................................................................................................ 58 Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 4 AWARDS IN THE FIELD OF ARTS & CULTURE FILMS........................................................................................ 58 OTHER IMPORTANT AWARDS.............................................................................................................................. 59 AWARDS & RECOGNITIONS IN CONTENT FORMAT.......................................................................................... 60 SUMMITS, EVENTS & CONFERENCE.......................................................................................................................... 63 EVENTS...................................................................................................................................................................... 63 CONFERENCE............................................................................................................................................................ 63 COMMITTEES & MEETINGS........................................................................................................................................ 64 COMMITTEES............................................................................................................................................................ 64 MEETINGS................................................................................................................................................................. 64 INDEX............................................................................................................................................................................. 65 RANKING................................................................................................................................................................... 65 REPORTS................................................................................................................................................................... 69 ACQUISITION & MERGERS......................................................................................................................................... 71 DEFENCE........................................................................................................................................................................ 72 EXERCISE................................................................................................................................................................... 72 TESTING.................................................................................................................................................................... 73 MoU’s & DEAL........................................................................................................................................................... 73 ARMY, NAVY & AIR FORCE NEWS......................................................................................................................... 74 SCIENCE & TECHNOLOGY........................................................................................................................................... 75 SATELLITES LAUNCHES.......................................................................................................................................... 75 NATIONAL................................................................................................................................................................. 77 INTERNATIONAL..................................................................................................................................................... 78 SPORTS.......................................................................................................................................................................... 79 CRICKET.................................................................................................................................................................... 79 BADMINTON & TENNIS........................................................................................................................................... 79 BOOKS & AUTHORS..................................................................................................................................................... 81 OBITUARY..................................................................................................................................................................... 83 NATIONAL................................................................................................................................................................. 83 INTERNATIONAL..................................................................................................................................................... 85 IMPORTANT DAYS....................................................................................................................................................... 86 APPS & WEB PORTAL................................................................................................................................................. 96 ENVIRONMENT........................................................................................................................................................... 100 Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 5 NATIONAL AFFAIRS CABINET APPROVALS CCEA Approves 8 High-Speed Road Corridors across India at Rs 50,655 Cr The Cabinet Committee on Economic Affairs (CCEA) chaired by the Prime Minister (PM) Narendra Modi has approved 8 National High-Speed Road Corridor projects with a length of 936 kilometers (km) for Rs. 50,655 crore across India. The Union Cabinet has approved a series of significant amendments to banking laws, including the increase in the number of nominees per deposit account up to 4, and the introduction of "successive and simultaneous" nominations to allow joint account holders and the heirs to access funds after an account holder's death. Cabinet Approvals on 9th August 2024 On August 9, 2024, the Union Cabinet chaired by Narendra Modi, Prime Minister (PM) of India, has approved, ✓ Modification of the Pradhan Mantri JI-VAN (Jaiv Indhan- Vatavaran Anukool fasal awashesh Nivaran) Yojana, extending its implementation timeline by 5 years, until 2028-29 (FY29). ✓ Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 to provide financial assistance for affordable housing to 1 crore urban poor and middle-class families over the next 5 years i.e. FY25 to FY29. ✓ Implementation of Pradhan Mantri Awaas Yojana – Gramin (PMAY-G) during FY25 to FY29, aiming to construct 2 crore additional houses in rural areas, with a total outlay of Rs. 3,06,137 crore. ✓ Clean Plant Programme (CPP) proposed by the Ministry of Agriculture and Farmers Welfare (MoAFW) with an outlay of Rs 1,765.67 crore. ✓ The Cabinet Committee on Economic Affairs(CCEA) chaired by PM Modi approved 8 projects of Ministry of Railways(MoR) with total estimated cost of ~ Rs. 24,657 crore. Click here to read full News Cabinet Approvals on 16th August 2024 On 16th August 2024, the Union Cabinet chaired by Narendra Modi, Prime Minister (PM) of India has approved the series of high-impact metro rail projects and infrastructure projects: ✓ Extension of Pune Metro Phase-1 project from Swargate to Katraj spanning 5.46 kilometer (km). ✓ Development of Thane Integral Ring Metro Rail Project in Maharashtra. ✓ Two Corridors of Bengaluru Metro Rail Phase-3 Project for 44.65 km with 31 stations. ✓ The Cabinet Committee on Economic Affairs (CCEA) chaired by PM Modi also approved the development of two new civil enclaves at Bagdogra Airport in West Bengal (WB) and Bihta Airport in Bihar. ✓ Critical Road Connectivity for Vadhvan Port in Maharashtra to National Highway (NH)-48. Cabinet Approvals on 24th August, 2024 On 24th August 2024, the Union Cabinet chaired by Narendra Modi, Prime Minister (PM) of India has approved: ✓ The Union Cabinet led by PM Narendra Modi has approved the Unified Pension Scheme (UPS) for central government employees. The UPS combines the benefits of existing National Pension Scheme (NPS) and Old Pension Scheme (OPS). Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 6 o The scheme will come into effect on 1st April, 2025. The benefits of the UPS will apply to those who are retired or retiring under the NPS till March 31, 2025. o The Maharashtra government became the first state to implement Unified Pension Scheme (UPS) for its government employees with effective from March 2024. ✓ The merger of 3 umbrella schemes under a new unified central sector scheme,” Vigyan Dhara” of the Department of Science and Technology (DST). o The estimated budget for the implementation of the scheme is Rs 10, 579.84 crore during the 15th Finance Commission i.e. from Financial Year of 2021-22 (FY22) to FY26. ✓ Biotechnology for Economy Environment and Employment (BioE3) Policy for fostering High Performance Biomanufacturing. o TheBioE3 Policy outlines three implementation strategies: discovery and integrated research networks, bridging existing gaps, and establishing bio-enabler hubs. Cabinet Approvals on August 28, 2024 The Union Cabinet chaired by the Prime Minister (PM) Narendra Modi approved the following proposals: ✓ The Union Cabinet approved the progressive expansion of the Central Sector Scheme (CSS) under the Agriculture Infrastructure Fund (AIF). The expansion aims to make the scheme more attractive, impactful, and inclusive by broadening eligible projects and adding supportive measures. ✓ The Union Cabinet has approved a proposal for 3rd batch of ascending e-auctions to establish 730 Private FM (Frequency Modulation) radio channels across 234 new cities, with a reserve price of Rs 784.87 crore under Private FM Radio Phase Ill Policy. ✓ The Union Cabinet has approved a proposal from the Ministry of Power to provide Central Financial Assistance (CFA) to State Governments in the North Eastern Region (NER) for equity participation in Hydro Electric Projects. ✓ The Cabinet Committee on Economic Affairs (CCEA) has approved 3 railway projects viz. two new lines and one multi-tracking project with a total estimated cost of Rs 6,456 crore. These projects aim to improve connectivity, ease travel, reduce logistics costs, and lower CO2 emissions across India. ✓ CCEA has approved 12 new industrial nodes/cities under the National Industrial Corridor Development Programme (NICDP) with an estimated investment of Rs 28,602 crore. PARLIAMENT NEWS Lok Sabha Speaker Constitutes 6 New Parliamentary Committees for 2024-25 Lok Sabha Speaker Om Birla constituted 6 new Parliamentary Committees for 2024-25, including the Public Accounts Committee (PAC) - chaired by K.C. Venugopal, Committee on Estimates(CoE) - chaired by Dr Sanjay Jaiswal , Committee on Public Undertakings(CoPU) - chaired by Baijyant Panda, committees focused on the welfare of Other Backward Classes (OBCs) - chaired by Ganesh Singh, Scheduled Castes (SCs) - Chaired by Dr Faggan Singh Kulaste Scheduled Tribes (STs) - Chaired by Dr Faggan Singh Kulaste. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 7 STATEWISE NATIONAL NEWS Chhattisgarh ‘Guru Ghasidas-Tamor Pingla Tiger Reserve’: Chhattisgarh Govt Announces its 4th Tiger Reserve The Chhattisgarh government has announced the establishment of the new tiger reserve named ‘Guru Ghasidas-Tamor Pingla Tiger Reserve’, marking it as the fourth Tiger reserve in Chhattisgarh. The reserve will include areas of the Guru Ghasidas National Park and the Tamor Pingla sanctuary, covering an expansive area of 2,829.387 square kilometers(sq km) across the districts of Manendragarh-Chirmiri-Bharatpur, Koriya, Surajpur, and Balrampur. Gujarat Gujarat CM Inaugurates IACC's First MSME Centre of Excellence in India On August 8, 2024, Bhupendra Patel, Chief Minister (CM) of Gujarat, inaugurated Indo-American Chamber of Commerce (IACC)’s first ever “IACC-MSME (Micro, Small and Medium Enterprises) Centre of Excellence (CoE)” for at the KCG auditorium, i-HUB campus in Ahmedabad, Gujarat. ✓ The centre will strengthen the industrial relation between India-the United States of America(USA). Karnataka Karnataka Approves To Rename Ramanagara District as Bengaluru South District On 26th July 2024, The Karnataka government has approved the proposal of renaming the Ramanagara district as ‘Bengaluru South district’. The renaming was proposed in response to the local demand for association with 'Brand Bengaluru’. Maharashtra Petroglyphs & Geoglyphs: Maharashtra Declares Rock Arts in Ratnagiri as 'Protected Monuments’ The Maharashtra Government has declared Petroglyphs and Geoglyphs (rock arts) in Ratnagiri as ‘Protected Monuments’ under the Maharashtra Ancient Monuments and Archaeological Sites and Remains Act, 1960. ✓ Petroglyphs are found in Deud, Ratnagiri (Maharashtra) which dates back to the Mesolithic age (approximately 20,000–10,000 years ago). ✓ Geoglyphs is located along the 900 kilometre(km) Konkan coast in Maharashtra and Goa. Puducherry Puducherry CM N Rangasamy presented Rs 12,700cr Budget for FY25 Puducherry Chief Minister Natesan Krishnasamy Rangasamy (N Rangasamy), who also holds the Finance portfolio, presented a tax-free budget of Rs 12,700 crore for the fiscal year 2024-2025 (FY25) at the 15th Legislative Assembly in White Town, Puducherry. This marked his fourth budget. ✓ Central assistance, including the State Disaster Relief Fund (SDRF), is estimated at Rs 3,268.98 crore. ✓ Revenue expenditure is allocated Rs 10,969.80 crore, while capital expenditure is Rs 1,730.20 crore. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 8 Tamil Nadu Singapore-based Sembcorp to invest Rs 36,238 Crore for India's 1st Green Ammonia Plant in Thoothukudi, TN Singapore-based Sembcorp Industries will invest Rs 36,238 crore to establish a green hydrogen/green ammonia manufacturing unit in Thoothukudi, Tamil Nadu (TN). TN will be the first state in India to roll out commercial production of large scale green hydrogen molecules Uttar Pradesh UP Finance Minister Suresh Kumar Khanna presented Rs 12,909.93cr Supplementary Budget for FY25 On July 30, 2024, the Finance Minister of Uttar Pradesh (UP) Suresh Kumar Khanna presented a supplementary budget of Rs 12,909.93 crore for the Financial Year 2024-25 (FY25), which is 1.66% of the original Budget (of Rs 7.36 lakh crore) presented in February 2024. ✓ Aim: To bolster key sectors such as industrial development, energy, and education. ✓ The supplementary budget includes an expenditure of Rs 4,227.94 crore on the revenue account and Rs 7,981.99 crore on the capital account. LAUNCHES & INAUGURATION DAY-NRLM Launches Million Designers, Billion Dreams with LEAP Deendayal Antyodaya Yojana–National Rural Livelihoods Mission (DAY-NRLM) launched the 'Million Designers, Billion Dreams' initiative in collaboration with Leap Designs. This initiative aims to empower individuals across India with systems design know-how to tackle complex societal challenges. The launch event was chaired by Charanjit Singh, Additional Secretary, Rural Livelihoods (RL), Ministry of Rural Development (MoRD). MoS Bhagirath Choudhary launches Digital Geo-Spatial Platform, Krishi-Decision Support System Minister of State(MoS) Bhagirath Choudhary,Ministry of Agriculture and Farmers Welfare(MoA&FW), launched the Krishi-Decision Support System (DSS), a digital geo-spatial platform, during a conference on 'Space-Driven Solutions for Agricultural Transformation in India' organized by the Department of Agriculture & Farmers' Welfare (DA&FW) at Bharat Mandapam in New Delhi, Delhi. MoPSW Launches SOP for Green Tug Transition Program for Sustainable Maritime Future Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping & Waterways (MoPSW), officially launched the Standard Operating Procedure (SOP) for the Green Tug Transition Program (GTTP), in New Delhi, Delhi. This initiative aims to replace conventional fuel-based tugs with eco-friendly alternatives in major Indian ports, supporting India’s commitment to environmental sustainability. NMCG, IIT (BHU) & Denmark Launches SLCR Project in Varanasi, UP The National Mission for Clean Ganga (NMCG), Indian Institute of Technology - Banaras Hindu University (IIT-BHU) Varanasi and the Government of Denmark have launched a Smart Laboratory on Clean Rivers (SLCR) Project in Varanasi, Uttar Pradesh (UP). ✓ This initiative is a part of the Green Strategic Partnership between India and Denmark, which aims to rejuvenate small rivers through innovative and sustainable approaches. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 9 ✓ Aim: The SLCR project aims to rejuvenate the Varuna River by leveraging cutting-edge technology and international expertise. PSA to GoI Prof. Ajay Kumar Sood launches Bharat Zero Emission Trucking Policy Advisory Document On 21st August 2024, Prof. Ajay Kumar Sood, Principal Scientific Adviser (PSA) to the Government of India (GoI), launched the "Bharat Zero Emission Trucking (ZET) Policy Advisory" document at the Vigyan Bhawan Annexe in New Delhi, Delhi. ✓ This advisory outlines a comprehensive approach to achieving 100% ZET sales penetration by 2050, crucial for India's Net Zero 2070 target. ✓ The development of the advisory was guided by a Policy Advisory Panel (PAP) chaired by Dr. Preeti Banzal, Adviser, Office of PSA; and vice-chaired by Prof. Karthick Athmanathan, PSA Fellow with contributions from various industry and academic leaders. MoPSW Sarbananda Sonowal Launched Major Sustainable Drive at JN Port in Maharashtra Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping & Waterways (MoPSW) launched major sustainable initiatives after he inaugurated three newly rejuvenated freshwater lakes at Jawaharlal Nehru (JN) Port in Navi Mumbai, Maharashtra. ✓ The lakes, named in the honour of famous saints of Maharashtra, Saint Dyaneshwar Maharaj, Saint Eknath Maharaj, and Saint Namdeo Maharaj, will serve as important reservoirs for rainwater harvesting and habitat restoration. ✓ Jawaharlal Nehru Port Authority (JNPA), Vadhavan Port and Rural Electrification Corporation (REC) signed a MoU for the disbursement of loans to support various infrastructure projects. ✓ JNPA and Gateway Terminal India (GTI) signed a MoU to boost the sustainable effort by shoring up power supply for vessels of the port. MoRTH Launches Vehicle Scrapping Policy To Phase Out Polluting Vehicles The Ministry of Road Transport and Highways (MoRTH) has launched the Vehicle Scrapping Policy or Voluntary Vehicle Modernization Program(VVMP) to create an ecosystem for phasing out unfit polluting vehicles across India. ✓ This policy will be implemented through a network of Registered Vehicle Scrapping Facilities (RVSFs) and Automated Testing Stations (ATSs). ✓ The policy notified state governments to offer a concession on motor vehicle tax of up to 25 % for non-transport vehicles, and up to 15 % on transport vehicles. Now, MoRTH has added a waiver on any pending liabilities that the vehicle to be scrapped may have. MoA&FW Launches AI-Powered National Pest Surveillance System to Empower Farmers Union Minister Shivraj Singh Chouhan, Ministry of Agriculture and Farmers’ Welfare (MoA&FW) launched the Artificial Intelligence (AI)-based National Pest Surveillance System (NPSS), a digital initiative to connect farmers with agriculture scientists and experts for pest management, at the Indian Council of Agricultural Research (ICAR), New Delhi, Delhi. ✓ The NPSS is a digital initiative by the Department of Agriculture and Farmers’ Welfare (DA&FW), MoA&FW. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 10 Union Minister Rajnath Singh Releases Commemorative coin To Mark the Birth Centenary of Former TN CM Kalaignar M Karunanidhi Union Minister Rajnath Singh, Ministry of Defence (MoD), released a commemorative Rs. 100 coin to mark the birth centenary of former Chief Minister (CM) of Tamil Nadu (TN) Kalaignar Muthuvel Karunanidhi. ✓ Defence Minister Rajnath Singh inaugurated Indian Coast Guard (ICG) ’s new Maritime Rescue Coordination Centre (MRCC) in Chennai, TN. ✓ He also virtually launched the Regional Marine Pollution Response Centre (RMPRC) in Chennai and Coast Guard Air Enclave (CGAE) in Puducherry. Union Minister Manohar Lal Inaugurates NFMS Control Centre at REC Limited On July 25 2024, Union Minister Manohar Lal, Ministry of Power (MOP) and Ministry of Housing and Urban Affairs (MoHUA) inaugurated the National Feeder Monitoring System (NFMS) Control Centre on REC Limited’s 55th Foundation Day at Gurugram, Haryana. ✓ NFMS is a flagship initiative of the MoP, provides real-time access to complete information on power supply hours, outages, and overall health of about 2.5 lakh feeders (11 Kilovolts (KV) outgoing) across India. Union Minister Jyotiraditya M Scindia and MoS Pemmasani Chandra Sekhar Inaugurates NOC at C-DOT Union Minister Jyotiraditya M Scindia, Ministry of Communications (MoC) and Ministry of Development of North Eastern Region (MDoNER) along with the Union Minister of State(MoS)Dr Pemmasani Chandra Sekhar, MoC and Ministry of Rural Development (MoRD) has inaugurated the Network Operations Centre (NOC) at the Centre for Development of Telematics (C- DOT), New Delhi, Delhi. ✓ M Scindia also made a pilot 5G(the fifth-generation technology) call on the Bharat Sanchar Nigam Limited (BSNL) live network, where this 5G call was made using the indigenously designed 5G radio and 5G core Non-Stand Alone(NSA). Home Minister Amit Shah Inaugurated 24×7 Water Supply Project at Manimajra, Chandigarh On 4th August 2024, Union Minister Amit Shah, Ministry of Home Affairs (MoHA) inaugurated 24×7 Water Supply Project at Manimajra, in the Union Territory (UT) of Chandigarh under the Smart City Mission (SCM). Gulab Chand Kataria, Governor of Punjab and Administrator of Chandigarh was among the dignitaries present on the occasion. PM Narendra Modi Released 109 High-Yielding, Climate Resilient & Biofortified Varieties of Crops Prime Minister (PM) Narendra Modi, released 109 new varieties of 61 crops developed by the Indian Council of Agricultural Research (ICAR) at ICAR-Indian Agricultural Research Institute (IARI), Pusa, New Delhi, Delhi. The high yielding, climate resilient and biofortified varieties of the 61 crops includes 34 field crops and 27 horticultural crops. MoHFW Launched 2nd Phase of Nationwide Bi-Annual MDA Campaign 2024 to Eliminate LF Minister of State (MoS) (Independent Charge, IC) Prataprao Ganpatrao Jadhav, Ministry of Health & Family Welfare (MoHFW), virtually launched the 2nd phase of the bi-annual Nationwide Mass Drug Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 11 Administration (MDA) campaign 2024 to eliminate Lymphatic Filariasis (LF) by 2027. LF is commonly known as elephantiasis(Haatipaon), a priority mosquito-borne disease. Union Minister Jyotiraditya Scindia Inaugurates 10m Air Pistol Shooting Range in Gwalior Named After Manu Bhaker Union Minister Jyotiraditya Scindia, Ministry of Communications (MoC) inaugurated a 10 meters (m) air pistol shooting range at Jiwaji Club in Gwalior, Madhya Pradesh(MP), named after Indian Shooter Manu Bhaker, who won 2 bronze medals at the 2024 Paris Olympics(France). ✓ The new facility honours Bhaker's achievements as the 1st Indian athlete (post-independence) to win 2 medals in the same Olympics. ✓ She won 1st bronze in the women's individual 10m air pistol event, becoming the 1st Indian woman shooter to win an Olympic medal. ✓ She won her 2nd bronze, along with Indian shooter Sarabjot Singh (Haryana), in the 10m Air Pistol Mixed Team event by defeating South Korea 16-10. It was India's first-ever shooting team medal. OTHER NATIONAL NEWS MoES Celebrated 18th Foundation Day: Released Important Publications for Public Utility and Benefit Ministry of Earth Sciences (MoES) celebrated its 18th Foundation Day on 27th July, 2024 at its headquarters in Prithvi Bhavan, New Delhi, marking nearly 20 years of significant contributions made by MoES across all earth system sciences. MoES Launched 4 Important Publications: ✓ The India Meteorological Department (IMD) under the administrative control of MoES, released the “Standard Operation Procedure on “Cyclone Warning in India” and ‘Competency Framework for Monitoring and Forecasting High-impact Weather Events’. ✓ Panaji (Goa)-based National Centre for Polar and Ocean Research (NCPOR), an autonomous institute of MoES, has released a consolidated report on the 14th Indian Arctic Expedition (2023-24) ✓ Kochi (Kerala)-based Centre for Marine Living Resources and Ecology (CMLRE), an attached office of MoES, has released a catalogue entitled “Taxonomy and Systematics of Anomuran Crabs. India Elected as Vice-Chair of Supply Chain Council in IPEF Initiative India has been elected as vice-chair of the Supply Chain Council(SCC), one of the three supply chain bodies set up by the Indo-Pacific Economic Framework for Prosperity (IPEF) partners pursuant to the Supply Chain Resilience Agreement. The United States of America (USA) was elected as the Chair of SCC. ✓ Crisis Response Network (CRN): Republic of Korea (Chair) and Japan (Vice Chair). ✓ Labor Rights Advisory Board (LRAB): The USA (Chair) and Fiji (Vice Chair). TRAI Released Revised Standards of Quality of Service for Access and Broadband Services Telecom Regulatory Authority of India (TRAI) released revised regulations namely, ‘The Standards of Quality of Service of Access (Wirelines and Wireless) Service Regulations, 2024 (06 of 2024)’. These revised regulations are applicable for access (fixed and mobile) and broadband services. These regulations will come into effect on 1st October 2024. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 12 The new regulations were framed after following a detailed consultative process through a Consultation Paper on ‘Review of Quality-of-Service Standards for Access Services (Wireless and Wireline) and Broadband (Wireless and Wireline) Services’ issued on 18th August 2023, which invited suggestions from various stakeholders. Govt Declares Adichunchanagiri in Karnataka & Choolannuar in Kerala as Peacock Sanctuary Union Minister Bhupender Yadav, Ministry of Environment, Forest, and Climate Change (MoEF&CC), announced that the central government has declared the Choolannuar in Kerala and Adichunchanagiri in Karnataka as Peacock Sanctuaries. Govt Extends Deadline for Meeting MSP Norms for CPSES Until August 2026 The Government has extended the deadline for the Central Public Sector Enterprises (CPSEs), Public Sector Banks (PSBs), and Financial Institutions (FIs) to adhere to the Minimum Public Shareholding (MPS) norms until August 2026. This extension allows CPSEs, PSBs, and FIs to increase their public shareholding to at least 25% by 1 August 2026. The Ministry of Finance (MoF) issued a memorandum granting this exemption in the public interest. As per the earlier order, the two-year exemption was to end on August 1, 2024. 3 Indian Ocean Structures Has Been Named as Ashoka seamount, the Chandragupt ridge & Kalpataru ridge The International Hydrographic Organization (IHO) and Intergovernmental Oceanographic Commission (IOC) of UNESCO(United Nations Educational, Scientific and Cultural Organization), have named three underwater geographical structures located in the Indian Ocean as Ashoka seamount, the Chandragupt ridge, and Kalpataru ridge. ✓ These three structures were discovered by oceanographers from the National Centre for Polar and Ocean Research (NCPOR), Goa. MoHFW issues SOPs for Transporting Human Organs through Various Modes of Travel The Ministry of Health and Family Welfare (MoHFW) has introduced Standard Operating Procedures (SOPs) for the seamless transportation of human organs via air, road, rail, and waterways. ✓ This initiative, developed in collaboration with National Institution for Transforming India (NITI) Aayog and consultation with the Ministries of Civil Aviation (MoCA), Ministry of Housing and Urban Affairs (MoHUA), Ministry of Railways, Ministry of Road Transport & Highways (MoRTH), Ministry of Ports, Shipping and Waterways (MoPSW), Ministry of Home Affairs (MHA) and Ministry of Defence(MoD). Highlights of 78th Independence Day of India on August 15, 2024 The Government of India has organized the 78th Independence Day celebrations at the Red Fort in New Delhi, Delhi. Prime Minister (PM) of India Narendra Modi addressed the nation and delivered his 11th consecutive Independence Day speech. ✓ 2024 Independence Day signified the theme ‘Viksit Bharat@2047’ i.e. transforming India into a developed nation by 2047. ✓ 1037 Personnel of Police, Fire, HG&CD and Correctional Services awarded Gallantry/Service Medals ✓ Chaduvu Yadaiah, Head Constable of Telangana Police received the President’s Medal for Gallantry for his exceptional bravery during a robbery on July 25, 2022 Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 13 ✓ President approves 103 Gallantry awards to Armed Forces and CAPF personnel ✓ President approves 1 President’s Tatrakshak Medal & 3 Tatrakshak Medals to ICG Awards Awardee (Name & Rank) PTM(Distinguished IG (Inspector General) Service) Donny Michael, TM (0258-L) Dy Comdt Aaqil Pathan TM (Gallantry) (1544-J) DIG (Deputy Inspector General) TM (Meritorious Balakrishnan Murugan Service) (0373-V) Girish Kumar Verma, P/Adh(RO), (01432-L) Govt Reconstitutes EC & GB of NIPCCD after Over 5 Decades The Ministry of Women and Child Development (MWCD), Government of India (GoI) has reconstituted the Executive Council (EC) and General Body (GB) of the National Institute of Public Cooperation and Child Development (NIPCCD) after more than 50 years. ✓ The reconstitution was approved during a meeting of the EC and a special meeting of the GB of NIPCCD held at Vigyan Bhawan, New Delhi, Delhi, under the chairpersonship of Union Minister Annpurna Devi, MWCD. ✓ The GB now has 22 members, down from 94, and the EC has 13 members, down from 21. Union Minister Annpurna Devi is the President of the GB and Chairperson of EC. QCI Introduces QCI Surajya Recognition & Ranking Framework to Drive Excellence in Key Sectors The Quality Council of India (QCI), an autonomous body set up by the Ministry of Commerce and Industry (MoC&I), is introducing the QCI Surajya Recognition & Ranking Framework, designed to drive excellence among states to improve citizens' quality of life for Viksit Bharat. ✓ This framework is categorised under 4 pillars namely, Shiksha (Education), Swasthya (Health), Samriddhi (Prosperity), and Sushasan (Governance). ✓ The August 2024 rankings cover Shiksha, Swasthya, and Samriddhi, with Sushasan to be included in future editions. Click here to read QCI Surajya Recognition & Ranking Framework’s August 2024 Rankings Indian Gold Sector Established 1st Self-Regulatory Body to Boost Consumer Trust The Indian Gold sector with the support of the World Gold Council (WGC), London, the United Kingdom(UK) established 1st self-regulatory body named, the Indian Association for Gold Excellence and Standards (IAGES) in order to boost consumer trust. Aim: To promote fair, transparent and sustainable practices in the bullion industry. Department of Pension and Pensioners Welfare Issues Guidelines for Nationwide DLC Campaign 3.0 The Department of Pension and Pensioners Welfare (DoPPW) under the Ministry of Personnel, Public Grievances, and Pensions (MoPP&P) has notified the guidelines for the Nationwide Digital Life Certificate (DLC) campaign 3.0, scheduled from November 1-30, 2024, in 800 cities/districts across India. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 14 MoPNG Approves ONGC to Invest Rs 10,501 Cr in OpaL The Ministry of Petroleum & Natural Gas (MoPNG), Government of India(GoI) has granted an approval letter to Oil & Natural Gas Corporation Limited (ONGC), a Maharatna Central Public Sector Enterprise (CPSE) under the MoPNG, to invest an additional equity capital of up to Rs 10,501 crore in ONGC Petro additions Limited (OPaL), Vadodara(Gujarat). ✓ The OPaL is a Joint Venture (JV) between the ONGC, the Gas Authority of India (GAIL), and the Gujarat State Petroleum Corporation Limited (GSPC). 3 Indian Wetlands, 2 from TN & 1 from MP Added to Ramsar List, Totalling 85 Sites Union Minister Bhupender Yadav, Ministry of Environment, Forest and Climate Change (MoEF&CC) announced that 3 wetlands from India namely Nanjarayan Bird Sanctuary and Kazhuveli Bird Sanctuary in Tamil Nadu (TN) and Tawa Reservoir in Madhya Pradesh (MP) were designated as Wetlands of International Importance, also known as Ramsar Sites. ✓ With this addition, number of Ramsar sites in India becomes 85, covering an area of 1,358,068 hectares (ha). ✓ TN has the highest number of Ramsar sites (18) followed by Uttar Pradesh (UP) (10). GoI Introduces Offshore Areas Mineral Trust Rules, 2024 to Enhance Offshore Mineral Exploration & Production The Ministry of Mines, Government of India (GoI) has introduced the Offshore Areas Mineral Trust Rules, 2024, establishing the first-ever framework to oversee mineral exploration and production in India's offshore areas. ✓ Under the new rules, the production leaseholders of offshore mines must contribute 10% of their royalty payments to the Trust. This sum will be deposited in the Public Account of India (PAI), strengthening the Trust's financial foundation. MoNPG Approved 20% Gas Price Premium for ONGC and OIL to Boost Production On 12th August 2024, the Ministry of Petroleum and Natural Gas (MoPNG) has approved a 20% premium over the regulated or Administered Price Mechanism (APM) price for any natural gas produced from new wells or well interventions in the nominated fields of state-owned companies: Oil and Natural Gas Corporation Limited(ONGC), New Delhi(Delhi) and Oil India Limited (OIL), Noida, Uttar Pradesh(UP). NEHHDC Secures Oeko-Tex Certification For Eri Silk Guwahati (Assam) based North Eastern Handicrafts and Handlooms Development Corporation Limited (NEHHDC) under the Ministry of Development of North Eastern Region (MDoNER) has secured Oeko- Tex certification directly from Germany for the Eri Silk of Assam. MoSPI Creates Two Survey-Based Verticals in Recast The Ministry of Statistics and Programme Implementation (MoSPI) has restructured its working and created two survey-wise verticals, aiming to increase the frequency of various surveys such as the Periodic Labour Force Survey (PLFS) and reduce time lags in their release. Union Minister Nirmala Sitharaman Releases “My Stamp - 165th Income Tax Day” Union Minister Nirmala Sitharaman, Ministry of Finance (MoF) released ‘My Stamp - 165th Income Tax Day’ to commemorate 165 years of Income Tax(IT) in India, in New Delhi, Delhi. The stamp was Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 15 released during the event organised by the Central Board of Direct Taxes (CBDT) to commemorate the 165th anniversary of Income Tax Day. Amrit Lal Meena, Coal Secretary, Reviewed the Development of the Indian Coal Mines Safety Report Portal Amrit Lal Meena, Secretary of the Ministry of Coal, reviewed the ongoing development of the Indian Coal Mines Safety Report Portal to assess the safety status of coal companies. PM Prasad, Chairman and Managing Director (CMD) of Coal India Limited (CIL) presented the portal during the review meeting. ✓ This is in line with the commitment of the Ministry of Coal towards achieving “Zero Accident, Fail-Proof Safety”. MHA Announces Creation of 5 New Districts in Ladakh Namely, Zanskar, Drass, Sham, Nubra, & Changthang The Ministry of Home Affairs (MHA), announced the creation of 5 new districts in the Union Territory (UT) of Ladakh, namely, Zanskar, Drass, Sham, Nubra, and Changthang. With the formation of the new districts, Ladakh's total number of districts has increased to 7. Currently, Ladakh has only 2 districts, Leh and Kargil, both managed by its autonomous district council. Indian Railways Integrates DigiLocker with its Hiring Portal to Reduce Recruitment Time The Indian Railways (IR) has integrated its recruitment portal with DigiLocker, to reduce the recruitment process duration from 18-24 months to less than 6 months. ✓ DigiLocker, a flagship initiative of the Ministry of Electronics & Information Technology (MeitY) under the Digital India program is a digital document wallet offering access to authentic digital documents. GOVT SCHEMES CENTRAL GOVT SCHEMES MSDE Expands Model Skill Loan Scheme; Raises Loan Limit To Rs 7.5 lakh Union Minister of State(MoS) Jayant Chaudhary(Independent Charge/IC), Ministry of State for Skill Development and Entrepreneurship(MSDE) has launched an enhanced ‘Model Skill Loan Scheme’ for skill development courses with an increased maximum loan limit to Rs 7.5 lakh from Rs 1.5 lakh. ✓ It was announced in the Union Budget 2024-2025, the revised scheme aims to benefit 25,000 students annually. MNRE Issued Operational Guidelines for Model Solar Village Scheme under PM Surya Ghar Muft : Bijli Yojana On 9th August 2024, the Ministry of New & Renewable Energy (MNRE) has issued the operational guidelines for implementing the ‘Model Solar Village’ scheme under the ‘Prime Minister (PM)-Surya Ghar: Muft Bijli Yojana’. The MNRE has allocated Rs 800 crore for the implementation of the scheme, providing central financial assistance of Rs 1 crore per village. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 16 ✓ Implementing Agency: The scheme will be implemented by State or Union Territory (UT) Renewable Energy Development Agency (REDA) under the supervision of the DLC. 5th Anniversary of Jal Jeevan Mission 15th August 2024 marks the 5th Anniversary of the Jal Jeevan Mission (JJM): Har Ghar Jal, the flagship scheme of Government of India implemented by the Department of Drinking Water & Sanitation (DDWS), Ministry of Jal Shakti (MoJS), in partnership with States. ✓ The Jal Jeevan Mission was launched by Narendra Modi, the Prime Minister (PM) of India, on 15 August 2019 (73rd Independence Day of India) at the Red Fort in New Delhi, Delhi. ✓ As of 12th August 2024, JJM has successfully provided tap water connections to 11.82 crore additional rural households. Pradhan Mantri Jan Dhan Yojana completes 10 years of Successful Implementation The Pradhan Mantri Jan Dhan Yojana (PMJDY), a National Mission for Financial Inclusion, launched on August 28, 2014 by the Prime Minister (PM) Narendra Modi, completed 10 years (decade) of successful implementation. ✓ PMJDY has brought 53.13 crore people into the formal banking system as of August 14, 2024, with 55.6% (29.56 crore) of Jan-Dhan account holders being women and 66.6% (35.37 crore) of accounts in rural or semi-urban areas. ✓ It is implemented by Department of Financial Services (DFS), Ministry of Finance(MoF). ✓ There is no age restriction for opening PMJDY account and accounts are opened with a zero balance. ✓ RuPay Debit card with in-built accident insurance cover of Rs. 2 lakh is provided to promote digital transactions. An overdraft (OD) facility up to Rs. 10,000 to eligible account holders. Spices Board Launches SPICED Scheme to Boost Spice Exports and Productivity The Spices Board of India, under the Ministry of Commerce and Industry(MoCI), has launched a transfomative scheme called SPICED - “Sustainability in Spice Sector through Progressive, Innovative, and Collaborative Interventions for Export Development” , with a budget of Rs 422.30 crore. Programmes launched under the SPICED will be implemented during the remaining period of the 15th Finance Commission Cycle (till FY2025-26). STATE GOVT SCHEMES AP Govt Renames 6 Student Welfare Schemes after Prominent Educational Pioneers The Education Department of the Andhra Pradesh(AP) Government has renamed 6 student welfare schemes, previously named after former Chief Minister (CM) of AP, Yeduguri Sandinti (YS) Jagan Mohan Reddy, with the names of eminent personalities in the field of education, reflecting significant contributions to education. ✓ Talliki Vandanam: The scheme formerly known as ‘Jagananna Amma Vodi’, offers financial aid to mothers for their children’s education. ✓ SarvepalliRadhakrishnan Vidya Mitra: The scheme formerly known as ‘Jagananna Vidya Kanuka’, provides education kits including school bags and books. ✓ Dokka Seethamma Madhyahana Badi Bojanam: The scheme formerly known as ‘Jagananna Gorumudda’ , is a mid-day meal scheme for public school students. ✓ Mana Badi-Mana Bhavishyaktu: The scheme formerly known as ‘Mana Badi Nadu Nedu’ focuses on school renovation. ✓ Balika Raksha: The scheme formerly known as ‘Sweccha’, provides free sanitary napkins for female students. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 17 ✓ Abdul Kalam Prathiba Puraskaram: The scheme formerly known as ‘Jagananna Animutyalu’ provide financial rewards to government school students who topped examination. HP Launches HIM-UNNATI Scheme to Promote Natural Farming The Himachal Pradesh (HP) Government has launched a new initiative, ‘HIM-UNNATI’, aimed at promoting natural farming across the state. The scheme represents the third phase of the Rajiv Gandhi Start-up Yojana, further incentivising natural farming practices. The HP government has allocated Rs 150 crore for the HIM-UNNATI Scheme. It will bolster the efforts of approximately 1.92 lakh farmers already practising chemical-free farming on over 32,149 hectares of land. Assam CM Himanta Sarma Launches Mukhya Mantrir Nijut Moina Asoni Scheme to Fight against Child Marriage Assam Chief Minister (CM) Himanta Biswa Sarma launched the Mukhya Mantrir Nijut Moina Asoni (MMNMA), a monthly financial assistance scheme, aimed at combating child marriage in Assam by 2026, during a program at Lok Sewa Bhawan in Guwahati, Assam. The scheme is expected to cost the exchequer around Rs.300 crore in the first year and Rs.1500 crore over 5 years. UP CM Yogi Adityanath Announces ‘MYUVA Scheme’ To Empower Youth Entrepreneurs in UP On 15th August 2024 (78th Independence day), Yogi Adityanath, the Chief Minister (CM) of Uttar Pradesh (UP), has announced the launch of Mukhyamantri Yuva Udyam Vikas Abhiyan (MYUVA) scheme aimed at empowering the youth of UP. ✓ MYUVA Scheme aims to prepare one lakh young entrepreneurs every year by providing interest-free loans for projects of up to Rs 5 lakh. Hemant Soren launches Mukhyamantri Maiya Samman Yojana scheme for women in Jharkhand Jharkhand Chief Minister(CM) Hemant Soren launched the “Jharkhand Mukhyamantri Maiya Samman Yojana” (JMMSY) to empower the women of the state by making them financially strong at Pakur, Jharkhand. ✓ He transferred the first installment of Rs.1000 each to the bank accounts of 57,120 women beneficiaries through Direct Benefit Transfer (DBT). ✓ The scheme aims to assist economically weaker and impoverished families by ensuring that women have financial support. Women whose families’ annual income is less than Rs 8 Lakhs and aged from 21 to 50 years will receive financial assistance of Rs.1000 per month. Mukhyamantri Bal Paushtik Aahar Yojana: Himachal CM Sukhvinder Singh Sukhu Launched Nutritional Scheme for School Children On 18th August 2024, Himachal Pradesh(HP) Chief Minister(CM) Sukhvinder Singh Sukhu launched the Mukhyamantri Bal Paushtik Aahar Yojana(MBPAY) to provide nutritious food to children in government-run schools. ✓ The state government has allocated an additional Rs 12.75 crore for the scheme in the current fiscal (FY25). This scheme provides nutrition to 5.34 lakh school children, who are benefitting from the midday meal scheme. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 18 Odisha CM Mohan Majhi Announces SoP For Subhadra Scheme Mohan Charan Majhi, the Chief Minister (CM) of Odisha has announced the Standard Operating Procedure (SOP) for Subhadra scheme which grants financial assistance of Rs 10,000 annually to over 1 crore women in Odisha. ✓ The Scheme was approved by the Cabinet for implementation from the Financial Year 2024-25 (FY 25) to Financial Year 2028-29 (FY29) with an allocated budget of Rs 55,825 crore. ✓ The women aged between 21 and 60 years will be eligible for Subhadra assistance. The beneficiary will also get a ‘Subhadra’ debit card. HP Launches ‘Mukhya Mantri Sukh Shiksha Yojana’ With Allocation of Rs. 53.21 crores The Himachal Pradesh (HP) government has launched ‘Mukhya Mantri Sukh Shiksha Yojana’ with an annual allocation of Rs. 53.21 crores to provide financial assistance to widows, destitute women, divorced women and disabled parents to support the education and well-being of their children. The scheme targets to assist two specific age groups. The children under the age of 18, eligible women and parents with disabilities would get a monthly grant of Rs. 1000 to cover their educational, health, and nutritional expenses. INTERNATIONAL AFFAIRS G20 Agrees on Brazil's Billionaire Tax Proposal to Tackle Taxation of Ultra-Rich The Group of Twenty (G20) finance ministers and central bankers issued the first-ever joint ministerial declaration on taxation, The Rio de Janeiro G20 Ministerial Declaration on International Tax Cooperation, committing to effective taxation of “ultra-high-net-worth individuals.” Brazil, holding the G20 Presidency proposed a 2% minimum tax on the worlds richest billionaires, making it a top priority for the upcoming G20 summit from November 18 to 19, 2024 in Rio de Janeiro, Brazil. It was adopted during the Communiqué of the 3rd G20 Finance Ministers and Central Bank Governors Meeting held in Rio de Janeiro, Brazil. Curaçao Joins as 6th Associate Member of CARICOM Curaçao has become the 6th Associate Member of the Caribbean Community (CARICOM), the oldest surviving integration movement in the developing world. With this, CARICOM now consists of 15 full member countries and 6 associate members. Germany Joined UN Command in South Korea as 18th Member State Federal Republic of Germany (FRG) officially joined the United States of America (USA) led-United Nations Command (UNC) at Pyeongtaek, south of Seoul in South Korea. Germany became the 18th member state of UNC, a group that helps police the heavily fortified border with North Korea and has committed to defend the South in the event of war. Neelakurinji, the Iconic Flowering Shrub of Kodagu & Western Ghats, Listed as Vulnerable by IUCN The Neelakurinji (Strobilanthes kunthiana), a purplish flowering shrub predominantly found in the Western Ghat (Kerala, Karnataka and Tamil Nadu(TN)), has been added to the International Union for Conservation of Nature (IUCN) Red List of threatened species. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 19 ✓ The species has been categorised as "Vulnerable" under IUCN Criteria A2c, indicating a significant threat to its survival. India hands over First Payment to Sri Lanka for Power Projects Indian High Commissioner Santosh Jha handed over the first payment for hybrid power projects on three Sri Lankan islands(Delft, Nainativu and Analaitivu islands) to Dr Sulakshana Jayawardena, Secretary of the Minister of Power and Energy, Government of Sri Lanka and Ranjith Sepala, Chairman of Sri Lanka Sustainable Energy Authority (SLSEA) at a ceremony held in Colombo, Sri Lanka. The project is being implemented under grant assistance of USD 11 million from the Government of India. VISITS INDIAN VISITS State Visit of H.E.Pham Minh Chinh, PM of Viet Nam to India from 30 July- 01 August, 2024 The Prime Minister(PM) of Vietnam H.E. Pham Minh Chinh paid a State Visit to India from 30 July to 1 August 2024, at the invitation of Narendra Modi PM of India to deepen comprehensive strategic partnership and enhance cooperation between the two countries. ✓ PM Pham Minh Chinh attended the Vietnam-India Business Forum held in New Delhi. The forum, jointly organised by the Federation of Indian Chambers of Commerce & Industry (FICCI) and the Vietnamese Embassy in India. ✓ Vietnamese airline Vietjet Air announced a new direct flight route between Da Nang, Vietnam, and Ahmedabad, India at the Vietnam-India Business Forum. ✓ MoU involved Vietnam Airlines and Innovations India, who will collaborate on the film “Love in Vietnam” and the 3rd edition of the India – Vietnam Festival of Friendship, also known as Namaste Vietnam Festival 2024. ✓ MoU between Central Agricultural University(CAU),Imphal, Manipur and Vietnam Academy of Agricultural Sciences, Hanoi, Viet Nam for cooperation in Agricultural Research and Education. ✓ MoU between Prasar Bharati, New Delhi, India and the Voice of Viet Nam (VoV), Hanoi, Viet Nam for cooperation on Radio and Television. ✓ India and Vietnam agreed on a new plan of action, which will be implemented over the next five years (2024-2028) to strengthening bilateral trade and economic cooperation. ✓ In a sign of their growing strategic partnership, India has extended two Lines of Credit (LoC) amounting to USD 300 million to Vietnam to bolster the country’s maritime security. Highlights of Visit of David Lammy MP, UK Foreign Secretary, to India David Lammy MP, Secretary of State for Foreign, Commonwealth and Development Affairs, the United Kingdom (UK) paid an official visit to India from 24th to 25th July 2024 at the invitation of Union Minister Dr. S. Jaishankar, Ministry of External Affairs (MEA), Government of India (GoI). ✓ External Affairs Minister (EAM) Dr. Jaishankar held a bilateral meeting with David Lammy MP and reviewed the Roadmap 2030 which was agreed between the Prime Ministers (PMs) of India and UK during the India-UK Virtual Summit held in 2021. ✓ India and the UK launched a new Technology Security Initiative (TSI) which aims to boost economic growth and strengthen the collaboration between two countries. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 20 Overview of Malaysian PM Anwar bin Ibrahim’s 3-day State Visit to India from 19th to 21st August 2024 The Prime Minister (PM) of Malaysia H.E. Dato’ Seri Anwar bin Ibrahim was on a 3-day state visit to India from 19th August to 21st August 2024, at the invitation of the Prime Minister (PM) of India, Narendra Modi to strengthen comprehensive strategic partnership and enhance cooperation between the two countries. ✓ During the bilateral meeting held between PM Narendra Modi and his Malaysian counterpart Anwar bin Ibrahim, both the leaders appreciated the convening of the 9th India-Malaysia Chief Executive Officer (CEO) Forum held on 19th August, 2024 in New Delhi, India. ✓ The Co-chairs of the India-Malaysia CEO Forum, jointly presented the report of the 9th India- Malaysia CEO Forum India-Malaysia Signed several MoUs: ✓ MoU on the Recruitment, Employment and Repatriation of workers ✓ MoU on cooperation in the field of Ayurveda and other traditional systems of medicine ✓ MoU on cooperation in the field of Digital Technologies ✓ MoU on cooperation in the field of Tourism ✓ MoU on cooperation in the field of Youth and Sports ✓ MoU on cooperation in the field of Public Administration and Governance Reforms Overview of PM Modi’s visit Maharashtra and Rajasthan on 25th August, 2024 Prime Minister (PM) Narendra Modi visited Maharashtra and Rajasthan on 25th August, 2024. ✓ PM Modi addressed Lakhpati Didi Sammelan in Jalgaon, Maharashtra. During the event, he gave certificates and felicitated 11 lakh new Lakhpati Didis. ✓ He also released a Revolving Fund i.e. Community Investment Fund of Rs 25,00 crore which aims to benefit about 48 lakh members of 4.3 lakh Self-Help Groups (SHGs). ✓ PM Narendra Modi addressed the concluding ceremony of the Platinum Jubilee (75 years) of the Rajasthan High Court in Jodhpur, Rajasthan. He was invited at the ceremony as a Chief Guest. FOREIGN VISITS Overview of President Droupadi Murmu’s 3-nation Visit to Fiji, New Zealand & Timor Leste from 5th to 10th August 2024 Droupadi Murmu, The President of India, was on a 3-nation visit to Fiji, New Zealand and Timor Leste from 5th August to 10th August 2024. ✓ President Droupadi Murmu was honoured with the Companion of the Order of Fiji, highest civilian honour of Fiji. ✓ India and New Zealand signed the bilateral customs co-operation arrangement agreement, to ease trade between the two countries. The agreement was signed in Wellington, New Zealand during President Droupadi Murmu’s two-day official visit to New Zealand. ✓ President Droupadi Murmu was honoured with the Grand Collar of Order of Timor Leste, the country’s highest civilian honour, presented by President Horta at ceremony held in Dili, Timor Leste. External Affairs Minister Dr. S Jaishankar Officially Visited Maldives from August 09-11, 2024 Union Minister Dr. Subrahmanyam Jaishankar, Ministry of External Affairs (MEA) undertook an official visit to Maldives for 3 days from August 9 to 11, 2024, followed the recent visit of H. E. Dr. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 21 Mohamed Muizzu, the President of Maldives to India in June 2024, to strengthen India-Maldives relations and review ongoing projects. ✓ Union Minister Dr S. Jaishankar, MEA, virtually delivered a major water and sanitation project which spans 28 islands of the Maldives and the facilities implemented across the islands were undertaken through the EXIM Line Of Credit (LOC). ✓ With a total funding of USD 110 million, this is the largest climate adaptation implemented in Maldives with international collaboration. ✓ India and Maldives jointly inaugurated India funded several infrastructure projects in Addu City, Maldives in a ceremony at Addu High School in Hithadhoo. These 2 projects, valued at USD 80 million, were financed under the Indian EXIM Bank’s LOC Facility. ✓ India and the Maldives have signed a Memorandum of Understanding (MoU) to introduce the Unified Payments Interface (UPI) in the Maldives. ✓ Renewed the MoU for capacity building of 1,000 Maldivian Civil Service Officers (CSOs) from 2024 to 2029, in Malé. Highlights of the Prime Minister’s visit to Poland and Ukraine on August 21 to 23, 2024 Narendra Modi, Prime Minister (PM) of India, visited Poland from 21st to 22nd August 2024 at the invitation of Donald Tusk, PM of Poland. He also visited Ukraine on 23rd August 2024 at the invitation of Volodymyr Zelenskyy, President of Ukraine. ✓ India and Poland have decided to upgrade the India-Poland bilateral relations as a “Strategic Partnership” to strengthen the cooperation across various sectors. To implement the Strategic Partnership, both India and Poland have agreed to a five-year Joint Action Plan for 2024-2028. Highlights of PM Modi’s visit to Ukraine ✓ Agreement between the Government of India (GoI) and the Government of Ukraine on cooperation in the fields of Agriculture and Food Industry. ✓ Memorandum of Understanding (MoU) between the Central Drugs Standard Control Organisation (CDSCO), Ministry of Health and Family Welfare(MoHFW), GoI and the State Service of Ukraine on Medicines and Drugs Control on cooperation in the field of Medical Products regulation. ✓ MoU between the GoI and the Cabinet of Ministers of Ukraine regarding Indian Humanitarian Grant Assistance for the implementation of High Impact Community Development Projects (HICDP). ✓ Programme of Cultural Cooperation between the Ministry of Culture of the GoI and the Ministry of Culture and Information Policy of Ukraine for the years 2024-2028. ✓ PM Modi presented four Bharat Health Initiatives for Sahyog Hita and Maitri (BHISHM Cubes) to the Government of Ukraine. Highlights of Defence Minister Rajnath Singh visit to US The Union Minister Rajnath Singh, Ministry of Defence (MoD), was on an official visit to Washington D.C., the United States of America (USA) from 23rd to 26th August 2024 at the invitation of the Lloyd Austin, United States Secretary of Defense. ✓ India and the USA signed two significant agreements during Defence Minister Rajnath Singh's visit to Washington DC, USA. A Memorandum of Agreement (MoA) was signed between India and the USA for the deployment of Liaison Officers. ✓ Rajnath Singh and Lloyd Austin also highlighted the conclusion of the bilateral, non-binding Security of Supplies Arrangement (SOSA) between India and US, which was signed on 22nd August 2024. India is the 18th SOSA partner of the USA. ✓ The USA has approved the Foreign Military Sale of Sonobuoys and related gears to India at an estimated cost of USD 52.8 million. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 22 ✓ India and the USA agreed to advance co-production projects, including the GE F-414 engine for Tejas Mk-2 aircraft and Stryker armoured infantry combat vehicles. BANKING & FINANCE RBI IN NEWS Highlights of RBI’s 3rd Bi-Monthly MPC Meeting 2024 – RBI Keeps Repo Rate Unchanged at 6.5%; Retains 7.2% GDP Growth for FY25 The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on August 6 to 8, 2024 and released its third Bi-Monthly Monetary Policy of Financial Year 2024-25 (FY25) which continues to expect India’s real Gross Domestic Product (GDP) to grow at 7.2% in the Financial Year 2024- 25(FY25).The August FY25 meeting was RBI’s 50th MPC meeting. ✓ The repo rate under the Liquidity Adjustment Facility (LAF) was kept unchanged at 6.50% for the 9th consecutive time. ✓ RBI has projected the real GDP growth for FY25 with Q1 at 7.1%; Q2 at 7.2%; Q3 at 7.3%; Q4 at 7.2% and Q1:FY26 is projected at 7.2%. RBI’s Policy Rates: Category Rate Policy Repo Rate 6.50% Fixed Reverse Repo Rate 3.35% Standing Deposit Facility (SDF)Rate 6.25% Marginal Standing Facility (MSF) 6.75% Rate Bank Rate 6.75% Cash Reserve Ratio (CRR) 4.50% Statutory Liquidity Ratio (SLR) 18% ✓ RBI raises tax payment limit through UPI from Rs 1 lakh to Rs 5 lakh ✓ RBI allows two users to share one bank account for UPI payments ✓ RBI Proposes New Measures to Tackle Unauthorized Digital Lending Apps ✓ RBI proposes continuous clearing of cheques under CTS. Cheques will be scanned, presented, and passed in a few hours and on a continuous basis during business hours. Thus, the clearing cycle will reduce from the present T+1 days to a few hours. ✓ According to the MPC Report, India’s forex reserves touched a record high of USD 675 billion as on August 2, 2024. ✓ The RBI has decreased the frequency of reporting credit information of borrowers to Credit Information Companies (CIC) to 15 days from a 30-day period. RBI’s Digital Payments Index increases 12.6% Y-o-Y in March 2024 The Reserve Bank of India's Digital Payments Index (RBI-DPI) increased to 445.5 at the end of March 2024, marking a 12.6% Year-on-Year (Y-o-Y) increase compared to March 2023 across all parameters. It was 418.77 in September 2023 and 395.57 in March 2023. RBI’s Report on Currency and Finance 2023-24 The Reserve Bank of India (RBI) has released its ‘Report on Currency and Finance (RCF) for 2023- 24’ on 29th July 2024. The report highlights the challenges that an economy faces by the rapid adoption of digital technologies in the financial sector. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 23 ✓ The theme for the RCF 2023-24 report is “India’s Digital Revolution”. ✓ According to the RCF 2023-24, India's digital economy currently at 10% of the Gross domestic product (GDP) and is expected to double to 20% by 2026. ✓ Digital payments have seen a Compound Annual Growth Rate (CAGR) of 50% in volume and 10% in value terms in the last seven years (between 2017-18 and 2023-24). ✓ India is expected to be the world’s leading supplier of labour, which will increase the remittances to around USD 160 billion in 2029 from USD 115 billion in 2023. RBI issues revised Master Directions on Fraud Risk Management for Regulated Entities Reserve Bank of India(RBI) issued 3 Master Directions(MD) on Fraud Risk Management for the Regulated Entities(RE) such as commercial banks including regional rural banks and All India Financial Institutions; urban, state and central cooperative banks; and non-banking finance firms and housing finance companies to replace the previous guidelines and consolidating 36 existing circulars. The RBI released MD on Fraud Risk Management in ✓ Non-Banking Finance Companies(NBFCs) (including Housing Finance Companies(HFCs)) ✓ Cooperative Banks (Urban Cooperative Banks(UCBs) / State Cooperative Banks(StCBs) / Central Cooperative Banks(CCBs)) ✓ Commercial Banks(CBs)[including Regional Rural Banks(RRBs) and All India Financial Institutions (AIFIs)] Click here to read full News RBI Issued ‘Fit & Proper’ Certificates to 3 Potential Suitors for IDBI Bank Reserve Bank of India (RBI) has issued ‘Fit & Proper’ certificates to 3 potential suitors for Industrial Development Bank of India (IDBI) Limited, thus paving the way for possible acquisition of the bank. The potential suitors are Fairfax Financial Holdings Limited, Toronto(Canada); Emirates NBD Bank, Dubai(the United Arab Emirates(UAE)) and Kotak Mahindra Bank Limited (KMBL), Mumbai(Maharashtra). Amazon Pay, Adyen & BillDesk Secure PA-CB Licence from RBI Reserve Bank of India (RBI) has granted Payment- Aggregator- Cross Border (PA-CB) license to 3 merchant payment companies namely IndiaIdeas.com Limited (BillDesk), Amazon Pay (India) Private Limited, and global payments major Adyen India Technology Services Private Limited (Adyen). ✓ BillDesk received the licence for both exports and imports (PA-CB-E&I) and Amazon Pay and Adyen received the licence for only import(PA-CB-I). RBI Revised Instructions on BDDR for Co-operative Banks to Ensure Uniformity Reserve Bank of India (RBI) issued revised instructions on Bad and Doubtful Debt Reserve (BDDR) for co-operative banks to ensure uniformity in the treatment of this reserve for prudential purposes. ✓ These revised instructions will be applicable to Urban Co-operative Banks (UCBs), State Cooperative Banks (StCBs) and Central Cooperative Banks (CCBs), come into force with immediate effect. ✓ Banks have been mandated to identify and quantify the BDDR balances as of 31st March, 2024 which were created by appropriating net profits instead of recognizing them as expenses. RBI Issued Master Directions on Treatment of Wilful Defaulters and Large Defaulters Reserve Bank of India (RBI) issued a Master Directions on the Treatment of Wilful Defaulters and Large Defaulters, under which banks and Non-Banking Financial Companies (NBFCs) are required to Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 24 scrutinize all Non-Performing Asset (NPA) accounts which have outstanding amounts of Rs 25 lakh and above for wilful default. These directions will come into effect after 90 days from the date of publication. L&T Finance Receives RBI Certificate for NBFC-ICC Status L&T Finance Limited, a subsidiary of Larsen & Toubro(L&T) Ltd, one of the leading Non-Banking Financial Companies (NBFCs) in India, received its Certificate of Registration (CoR) from the Reserve Bank of India (RBI), as a NBFC Investment and Credit Company(NBFC-ICC). It was earlier registered as an NBFC-Core Investment Company (CIC). ✓ This conversion follows the amalgamation of the wholly owned subsidiaries of the company, L&T Finance Limited, L&T Infra Credit Limited, and L&T Mutual Fund Trustee Limited. ✓ As of current regulations, NBFC-ICCs are required to have a minimum Net Owned Fund (NOF) of Rs 2 crore. SWFI's Top 100 Largest Central Bank Rankings by Total Assets 2024: RBI Ranked 12 Globally According to the Sovereign Wealth Fund Institute's (SWFI), Top 100 Largest Central Bank Rankings by Total Assets in the World in 2024, India's Central Bank, the Reserve Bank of India (RBI) ranked 12th globally with a current total assets of USD 839 Billion. The RBI registered a balance sheet growth of 11.08% Year-on-Year (Y-o-Y) to Rs 70.47 trillion as of March 2024. ✓ The Federal Reserve System (FRS), the central bank of the United States of America (USA) topped the list, boasting assets worth USD 7.84 trillion. ✓ It is followed by China's People's Bank of China (PBC) in the 2nd place, with USD 6 trillion, and Japan's Bank of Japan (BOJ) in the 3rd, with USD 5.54 trillion. RBI Extended MISS for Agriculture Loans through KCC for FY25 Reserve Bank of India (RBI) announced that it has extended the Modified Interest Subvention Scheme (MISS) for short-term loans availed through the Kisan Credit Card (KCC) for agriculture and allied activities for the Financial Year 2024-25(FY25). ✓ This announcement was made after the approval of Government of India (GoI) for continuation of interest subvention scheme for short-term loans of up to Rs 3 lakh. ✓ Loan Limit: The interest subvention and prompt repayment incentive are available for an overall limit of Rs 3 lakh per annum. RBI Notifies Approval for FPI Investments in Sovereign Green Bonds at IFSC The Reserve Bank of India (RBI) announced the commencement of Sovereign Green Bonds (SGrB) trading at the International Financial Services Centre (IFSC) in Gujarat during the second half of Financial Year 2024-25 (FY25), allowing Foreign Portfolio Investors (FPIs) to invest in these bonds at the IFSC. RBI Constituted 10 member Expert Committee to Benchmark its Statistics with Global Standards Reserve Bank of India (RBI) has constituted a 10 member expert committee chaired by Dr. Michael Debabrata Patra, Deputy Governor of RBI, to benchmark its regularly disseminated statistics against global standards and best practices. The expert committee will submit its report by the end of November 2024. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 25 RBI Tightens HFCs Norms to Bring them on Par with NBFCs Reserve Bank of India (RBI) issued the revised guidelines to tighten the norms related to public deposit acceptance by Housing Finance Companies (HFCs) in order to bring them on par with Non-Banking Financial Companies (NBFCs). The revised guidelines will come into effect from 1st January 2025. ✓ As per the revised guidelines, deposit-taking HFCs are now required to maintain 15% (as against the current 13%) liquid assets of public deposits held by them in a phased manner i.e. 14% of liquid assets by 1st January, 2025 and to 15% by 1st July, 2025. ✓ RBI has lowered the ceiling on quantum of public deposits taking HFCs, which is in compliance with all prudential norms and minimum investment grade credit rating, from 3 times to 1.5 times of Net owned Fund (NoF). ✓ The RBI mentioned that public deposits accepted or renewed by HFCs are now required to be repayable after a period of 12 months or more but not later than 60 months (5 years), but, existing deposits with maturities above 60 months can be repaid as per their repayment profile. ✓ RBI has allowed the non-deposit taking HFCs, with asset size of Rs 1,000 crore and above to participate in currency option exchanges, which is subject to guidelines issued in the matter by the foreign exchange department of the RBI and necessary disclosures in balance sheet in accordance with guidelines issued by the Securities and Exchange Board of India (SEBI). RBI Imposes Penalties On 5 Financial Entities For Regulatory Violations The Reserve Bank of India (RBI) has imposed monetary penalties on five entities namely Catholic Syrian Bank (CSB)Limited, Union Bank of India(UBI), Muthoot Housing Finance Company Limited(MHFCL), Nido Home Finance Limited(NHFL)(formerly known as Edelweiss Housing Finance Limited) and Ashoka Viniyoga Limited for various regulatory non-compliances. ✓ CSB Bank: A penalty of Rs 1.86 crore has been imposed on CSB Bank for non-compliance with certain directions issued by the RBI ✓ UBI: It has been fined Rs 1.06 crore for non-compliance with certain norms. ✓ MHFCL: It has been fined 5 lakh for non-compliance with certain requirements of the 'Non- Banking Financial Company (NBFC) - Housing Finance Company (Reserve Bank) Directions, 2021'. ✓ NHFL: A fine of Rs 5 lakh has been imposed on NHFL for non-compliance. ✓ Ashoka Viniyoga Limited: It has been penalised Rs 3.1 lakh for non-compliance with certain provisions RBI Approves Tata Capital's Conversion into NBFC-ICC From NBFC-CIC The Reserve Bank of India (RBI) has approved the conversion of Tata Capital Limited’s (TCL) from a Non-Banking Finance Company (NBFC)-Core Investment Company (CIC) to an NBFC-Investment Credit Company (ICC). ✓ This conversion comes after TCL's merger with Tata Cleantech Capital Limited (TCCL) and Tata Capital Financial Services Limited (TCFSL). RBI Imposes Monetary Penalties on BoM, Hinduja Leyland Finance, Poonawalla Fincorp The Reserve Bank of India (RBI) has imposed monetary penalties on three financial institutions namely Bank of Maharashtra (BoM), Hinduja Leyland Finance Limited (HLF) and Poonawalla Fincorp Limited (PFL) for non-compliance with its regulatory directives. ✓ BoM (Pune, Maharashtra): A penalty of Rs 1.27 crore was imposed on BoM for non-compliance. ✓ HLF (Chennai, Tamil Nadu (TN)): A monetary penalty of Rs 4.90 lakh was imposed on HLF for non-compliance with certain provisions of the KYC Directions, 2016. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 26 ✓ PFL (Pune, Maharashtra): A monetary penalty of Rs 10 lakh on PFL for non-compliance with certain provisions of the 'Non-Banking Financial Company. RBI Tightens Norms for NBFC-P2P Lending Platforms to Enhance Transparency Compliance The Reserve Bank of India (RBI) has tightened norms for Non-Banking Financial Company-Peer to Peer (NBFC-P2P) lending platform to enhance transparency and compliance. ✓ The revised regulations will be effective immediately. However, the timeline (T+1) for transferring funds from the escrow accounts (both lender and borrower) will come into effect from 15th November, 2024. ✓ As per the new regulations, all fund transfer between participants on a P2P platform must be conducted through an escrow account mechanism operated by a bank-promoted trustee. It is now required to have minimum two escrow accounts, one for funds received from lenders and pending disbursal (i.e. lender’s escrow account)and the other for collections from borrowers (i.e. borrower’s escrow account) ✓ Loan Limit of Rs 50 lakh: RBI has imposed a setting cap on the aggregate exposure of a lender to all borrowers through P2P platforms, restricting it to Rs 50 lakh. ✓ Lenders who are disbursing loans above Rs 10 lakh across P2P platforms are now obligated to provide a certificate from a Chartered Accountant (CA) verifying a minimum net worth of Rs 50 lakh. RBI Released Framework for SROs in Financial Markets On 19th August 2024, the Reserve Bank of India (RBI) released a ‘Framework for Recognition of Self- Regulatory Organisations(SROs) in Financial Markets’ to enhance compliance culture and provide a consultative platform for policy making. ✓ It is based on the ‘Omnibus Framework for recognition of Self-Regulatory Organisations for Regulated Entities of the Reserve Bank’ issued on 21st March, 2024. ✓ Interested entities must have at least net worth of Rs 10 crore, and should have the ability to create infrastructure that allows it to discharge responsibilities of a SRO on a continuing basis. ✓ The new framework has prescribed that the shareholding of the SRO should be sufficiently diversified, with no entity allowed to hold 10% or more of the paid-up share capital, singly or acting in concert. NRI Deposits Surge USD 4 billion in Q1in Contrast with a 24% Drop in Outward Remittances: RBI Data According to the Reserve Bank of India (RBI) data released on 19th August 2024, overseas Indians has deposited nearly USD 4 billion (USD 3.95 billion) into Non-Resident India (NRI) deposit schemes in 1st Quarter (Q1)(April to June) of Financial Year 2024-25 (FY25), with a significant increase of 79% compared to USD 2.21 billion during the same period of FY24. ✓ However, this surge in NRI deposits is in contrast with a 24.39% drop in outward remittances under the Liberalised Remittance Scheme (LRS) of RBI, which totaled USD 6.9 billion in Q1 of FY25, from USD 9.1 billion in Q1 of FY24. ✓ As per the RBI data, Foreign Currency Non-Resident (FCNR) deposits has increased from USD 1.12 billion (in Q1of FY24) to USD 1.68 billion (in Q1of FY25), taking the total outstanding amount in such accounts to USD 27.41 billion. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 27 RBI Grants Approval To IndusInd Bank To Set up Mutual Fund Asset Management Business The Reserve Bank of India (RBI) granted approval to IndusInd Bank Limited to set up a wholly owned subsidiary to undertake the asset management business of Mutual Funds(MF). The new Asset Management Company (AMC) will handle MF operations and benefit from an equity infusion by the bank. RBI Clears E-Mandate for Auto-Replenishment of FASTag & NCMC The Reserve Bank of India(RBI) modified its electronic mandate (e-mandate) framework to include the auto-replenishment of balances in FASTag and the National Common Mobility Card (NCMC),effective immediately. RBI Governor Shaktikanta Das unveils ULI The Reserve Bank of India (RBI) introduced its 'Unified Lending Interface (ULI)' technology platform across India. It was announced by the RBI Governor Shaktikanta Das during the ‘Global Conference on Digital Public Infrastructure and Emerging Technologies’ in Bengaluru, Karnataka on August 26, 2024. ✓ The ULI pilot program was initiated in 2023 to facilitate seamless credit access and will be launched nationwide soon. RBI Cancels Registration of Margdarshak Financial Services Over High Net NPAs & Repayment Defaults The Reserve Bank of India (RBI) cancelled the Certificate of Registration (CoR) issued to the Lucknow (Uttar Pradesh, UP)-headquartered Margdarshak Financial Services Limited (MFSL) due to high net Non-Performing Assets (NPAs) and repayment defaults to lenders. ✓ As of March 31, 2021, the company failed to maintain the required Net Owned Fund (NOF) of Rs 5 crore and a minimum Capital Adequacy Ratio (CAR) of 15% stipulated for the Non-Banking Financial Company (NBFC)-Micro Finance Institution (MFI). RBI Recognised Fintech Association for Consumer Empowerment as SRO-FT Reserve Bank of India (RBI) announced that it has recognised Fintech Association for Consumer Empowerment (FACE) as the 1st Self-Regulating Organisation in the Fintech sector (SRO-FT). The recognition of FACE as an SRO sets a new benchmark for self-regulation in India’s rapidly evolving fintech industry. ✓ Any entity which is interested to be recognised as SRO-FT, should be set-up as Not-Profit company registered under Section 8 of the Companies Act, 2013. ✓ The shareholding of the SRO should be diversified and is not entitled to hold 10% or more of its paid-up share capital, either singly or acting in concert. ✓ The applicant must have at least Rs 2 crore within a period of 1 year after recognition as an SRO- FT by RBI, or before commencement of operations as an SRO-FT, whichever is earlier. RBI Imposes Monetary Penalty Of Rs1.25 lakh on Valsad Mahila Nagrik Sahakari Bank The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 1.25 lakh on the Gujarat based Valsad Mahila Nagrik Sahakari Bank Limited for non-compliance with the directions issued by the RBI. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 28 Gujarat Replaced UP as Top Investment Destination in FY24 : RBI Study According to a study by the Reserve Bank of India (RBI) economists, Gujarat replaced Uttar Pradesh (UP) in attracting bank funds for projects in the state in the Financial Year 2023-24(FY24). ✓ Gujarat received funds for total 154 projects which accounted 14.7 %( increased from 14% in FY23) of the total projects financed by the banks and Financial Institutions (FIs) in FY24. ✓ Maharashtra, Andhra Pradesh (AP) and Karnataka were the others among top 5 states to get bank fund for projects in their respective states from banks and FIs in FY24. SEBI SEBI Launched India’s 1st Web Portal for Passive Funds at NSE; Unveiled Report on Capital Markets Madhabi Puri Buch, Chairman, Securities and Exchange Board of India (SEBI) launched India’s first website for passive funds at the National Stock Exchange (NSE), to facilitate a comprehensive platform for retail investors and enable them to easily access information and understand the Indian passive industry. ✓ Apart from launch of website for passive funds, she also unveiled report on the capital markets titled “Indian Capital Markets: Transformative shifts achieved through technology and reforms”. The report is developed by NSE Data Analytics. SEBI Directs MFs to Value AT-1 Bonds Based on Yield-to-Call On 5th August 2024, the Securities and Exchange Board of India (SEBI) has directed Mutual Funds (MFs) to value their investment in the Additional Tier-1 (AT-1) bonds issued by banks on Yield-to-Call (YTC) basis. ✓ This direction came after National Financial Reporting Authority (NFRA) submitted the 'Report On valuation methodology of AT-1 bonds’ to Department of Economic Affairs (DEA), Ministry of Finance (MoF), which recommended that AT-1 bonds should be valued based on YTC in order to align with market practices and Ind AS( Indian Accounting Standard) 113 principles. SEBI Amended Mutual Fund Rules to Curb Front-Running, Insider Trading Securities and Exchange Board of India (SEBI) announced that it has amended mutual fund norms through a circular issued in exercise of its powers given under Section 11 (1) of the SEBI Act, 1992, read with Regulation 25(27) and Regulation 77 of SEBI (Mutual Funds) Regulations, 1996. ✓ As per new norms, the Asset Management Companies (AMCs) are now required to adopt an institutional mechanism to identify and prevent front-running and insider trading in securities. Fractional Ownership Platform Property Share Received India’s 1st SM REIT License from SEBI Property Share (PropShare Investment Manager Private Limited) became the 1st Fractional Ownership Platform (FOP) to received India’s 1st Small and Medium Real Estate Investment Trust (SM REIT) license from the Securities and Exchange Board of India (SEBI) under the newly notified SM REIT regulations. ✓ These regulations aim to regulate FOPs and protect investors by bringing FOPs within the regulatory framework as a sub-class under the REIT regulations for assets valued between Rs 50 and Rs 500 crores. Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 29 USA accounts for Highest FPI investment in India: SEBI Report According to a report by the Securities and Exchange Board of India (SEBI), the United States of America(USA) led the Foreign Portfolio Investment (FPI) in India for the Fiscal Year 2023-24 (FY24), with 3,457 registered FPIs. It is followed by Luxembourg with 1,393 and Canada with 804. ✓ As of March 31, 2024, the total number of FPIs in India increased to 11,219 registered FPIs from 11,081 in FY23. ✓ By March 31, 2024, the Asset Under Custody of FPIs increased by 42.8%, rising to Rs 69.5 lakh crore from Rs 48.7 lakh crore at the end of March 31, 2023, reflecting growing foreign investor confidence in India. Capitalmind Receives SEBI In-Principle Approval To Launch New Mutual Fund On August 26 2024, Capitalmind Financial Services Private Limited(CFSPL) received in- principle approval from the Securities and Exchange Board of India (SEBI) to launch a new Mutual Fund (MF). This approval aligns with the 10th anniversary of CFSPL (incorporated on 26 August, 2014). SEBI Introduced New Guidelines for Borrowing by Category-I and Category-II AIFs and LVF Tenure Extension Securities and Exchange Board of India (SEBI) has introduced new guidelines for borrowing by Category-I and Category-II Alternative Investment Funds (AIFs). It has also extended the maximum permissible limit of tenure by Large Value Fund for Accredited Investors (LVFs). ✓ As per the new guidelines, Category-I and Category-II AIFs will be allowed to take loans to meet temporary funding requirements and day-to-day operational requirements but for not more than 30 days. ✓ Such borrowing can occur for maximum 4 times in a year, and must not exceed 10% of the investable funds and subject to such conditions as may be specified by SEBI from time to time. LOANS ISSUED BY BANKS LOANS RECEIVED BY AMOUNT KEY NOTES ISSUED BY Asian India USD 200 The Government of India (GoI) has signed a USD 200 Development million million loan agreement with Asian Development Bank (ADB) Bank (ADB) to enhance solid waste management and sanitation in 100 cities across 8 states in India. This loan arrangement will support the objectives of Swacch Bharat (Clean India) Mission- Urban 2.0, is an initiative led by GoI which aims to make all Indian cities to be garbage free by 2026, by enhancing sanitation and solid waste management infrastructure including waste segregation, collection, and disposal. World Bank India USD 500 Union Minister Nitin Gadkari, Ministry of Road million Transport and Highways (MoRTH) announced that the Government of India (GoI) and the World Bank (WB) have signed a USD 500 million agreement to construct the Green National Highway Corridors Project (GNHCP). Report Errors in the PDF - [email protected] Copyright 2014-2024 @ AffairsCloud.com 30 ✓ MoRTH also informed that the scheduled date for the final completion of the GNHCP project is May 2026. GNHCP project will cover 4 states such as: Himachal Pradesh (HP), Rajasthan, Uttar Pradesh (UP) and Andhra Pradesh (AP) in an aggregate length of 781 kilometer (km). Japan Bank for Power 25.5 The Power Finance Corporation Limited(PFC), International Finance billion Japanese Ministry of Power(MoP) has secured a long-term loan Cooperation Corporation Yen(JPY)(~Rs of 25.5 billion Japanese Yen(JPY)(~Rs 1454 crore) (JBIC) Limited(PFC) 1454 crore) from the Japan Bank for International Cooperation (JBIC) to finance the 300.3 Mega Watt (MW) Wind Energy Project of Ostro Kannada Power Private Ltd (OKPPL) in Chitradurga, Karnataka. Bank of Steel Rs 5,000 crore Vadodara,(Gujarat) based Bank of Baroda (BoB) has Baroda Authority of secured a Rs 5,000 crore loan deal with Steel India Limited Authority of India Limited (SAIL), offering 7.49% (SAIL) interest rate for a five-year period which was linked to the 364-day treasury bill. The loan would be utilised to fund SAIL's capital expenditure and working capital requirements. Asian India USD 500 India signed a USD 500 million loan agreement with Development million the Asian Development Bank (ADB) for the Bank (ADB) ‘Maharashtra Tertiary Care and Medical Education Sector Development Program (SDP)’ to improve access to quality and affordable tertiary health care and medical education in Maharashtra. AGREEMENTS & MoUs SIGNED BANKS SIGNED WITH KEY NOTES Small Industries C2treds & UGRO Capital The Small Industries Development Bank of India Development Bank of (SIDBI) has entered into a co-lending partnership India (SIDBI) with C2treds, a strategic initiative by C2FO, the world’s on-demand working capital platform, and UGRO Capital, a data techno

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