RBI's Updates in August 2024 PDF

Monthly BeePedia August 2024 RBI, Banking and Economy RBI’s Updates in August 2024: News Details - RBI raised UPI tax payment limit from ₹1 lakh to ₹5 lakh per...

Monthly BeePedia August 2024 RBI, Banking and Economy RBI’s Updates in August 2024: News Details - RBI raised UPI tax payment limit from ₹1 lakh to ₹5 lakh per transaction. RBI Increases UPI Tax - Supports high-value transactions for direct and indirect taxes. Payment Limit - Introduced Delegated Payments, allowing secondary users to pay from the primary user’s account with set limits. - Benefits 424 million UPI users. - Formed a 10-member committee under Deputy Governor Michael Debabrata Patra. RBI Committee on - Assesses RBI’s statistics against global standards, reports by Nov Benchmarking Statistics 2024. - Evaluates data quality and benchmarks for national priority sectors. - Includes experts like R B Barman and Sonalde Desai among others. - Policy repo rate remains at 6.50%; SDF at 6.25%; MSF and Bank Rate at 6.75%. Monetary Policy Statement - CPI inflation target: 4% ±2%. (August 2024) - Real GDP growth forecast for 2024-25: 7.2%. - Inflation projected at 4.5%, influenced by food prices and core inflation. - Next MPC meeting: October 7-9, 2024. - Uniform treatment of BDDR for NPAs across Urban, State, and Central Cooperative Banks. Revised NPA Norms for - Effective immediately, provisions for NPAs must be charged to P&L Cooperative Banks from FY25. - Existing norms for capital adequacy guide these provisions. - Provisions must be identified by March 31, 2024. - Draft circular introduces Alternative Factor Authentication for transactions. RBI Proposes Safer Digital - Requires robust, dynamic authentication; exceptions include Payments transactions below ₹5,000. - Mandates customer consent for new authentication factors. - Draft aligns AePS operators with KYC regulations. - ₹2000 banknotes withdrawn from circulation on May 19, 2023. Withdrawal of ₹2000 - Value decreased from ₹3.56 lakh crore to ₹7409 crore by July 31, 2024 Banknotes (97.92% returned). - ₹2000 notes remain legal tender. - RBI Governor Shaktikanta Das ranked top globally by Global Finance for the second year. Shaktikanta Das Ranked Top - Received 'A+' rating in 2024 report. Central Banker - Recognized for inflation control, economic growth, and currency stability. - Ranked alongside Denmark’s and Switzerland’s central bankers. - RBI updated e-mandate framework to include auto-replenishment of FASTag and NCMC. E-Mandate for FASTag and - Applies to recurring payments without fixed periodicity. NCMC - Auto-replenishment exempt from pre-debit notifications. - Framework implemented immediately. 2 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024 News Details - RBI to launch ULI to revolutionize lending, similar to UPI’s impact on payments. Unified Lending Interface - Provides consent-based digital access to financial and non-financial (ULI) data for lenders. - Streamlines credit appraisal, especially for farmers and MSMEs. - Uses standardized APIs for seamless credit delivery. - 7 PM MITRA Parks approved with an outlay of ₹4,445 crores. - Sites in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh, Maharashtra. PM MITRA Parks Initiative - Each park expects ₹10,000 crores investment, boosting local economy. - Includes Development Capital Support (DCS) and Competitive Incentive Support (CIS). Licence Cancellation and Recent Penalties By RBI: News Details - RBI canceled licenses of 78 Urban Cooperative Banks (UCBs) since 2014. - 46% of cancellations were in Maharashtra (36 UCBs), followed by Uttar Pradesh RBI Cancels UCB (14) and Karnataka (8). Licenses Since 2014 - Reasons: inadequate capital, poor financial prospects, potential harm to depositors. - No rural cooperative banks were closed. - In 2024, 10 UCBs' licenses were revoked across Maharashtra, Karnataka, Uttar 2024 License Pradesh, Gujarat, Rajasthan, Assam, and Andhra Pradesh. Cancellations - Previous years: 14 in 2023, 12 in 2022. - RBI implemented measures to strengthen UCBs, including increasing Housing Measures for UCBs' Loan Limits and a phased Priority Sector Lending (PSL) target of 75% by March Financial Health 31, 2026. - Adherence to prudential exposure limits is mandatory. - NDX P2P Private Limited (LiquiLoans) fined ₹1.92 crore for failing to disclose borrower details, unauthorized loan disbursements, and other violations. Penalties Imposed by - LenDen Club fined ₹1.99 crore for similar violations. RBI - Valsad Mahila Nagarik Sahakari Bank fined ₹1.25 lakh for regulatory breaches. - RBI fined UCO Bank ₹2.68 crore for violations related to interest rates, account UCO Bank Penalty openings, and fraud reporting, under the Banking Regulation Act, 1949. - Does not affect the bank's validity in transactions with customers. - Cent Bank Home Finance Ltd.: ₹2.10 lakh for KYC non-compliance. - Mahoba Urban Co-op Bank Ltd.: ₹8.00 lakh for not transferring funds to the Other Banks Penalties Depositor Education and Awareness Fund. - U.P. Postal Primary Co-op Bank Ltd.: ₹3.00 lakh for offering higher interest rates than permitted under SAF. - Penalties on various banks for deficiencies in compliance with RBI regulations. Regulatory Penalties - Penalties do not affect the validity of customer transactions. Summary - Penalties were imposed under the Banking Regulation Act, 1949, and RBI Act, 1934, with further actions possible. Learn Along: About RBI Founded: 1 April 1935 Headquarters: Mumbai Governor: Shaktikanta Das 3 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024 Important Data in News in Aug 2024 : News Details - India's Index of Industrial Production (IIP) grew by 4.2% in June 2024. - Sector-wise growth: - Mining: 10.3% India’s IIP Growth in - Manufacturing: 2.6% June 2024 - Electricity: 8.6% - Indicates strong industrial sector performance, especially in mining and electricity. - Goods exports contracted 1.5% to $33.98 billion, the lowest in eight months. - Imports rose 7.5% to $57.5 billion, widening the trade deficit by 23.7% to Exports and Trade $23.5 billion. Deficit in July 2024 - Petroleum product exports fell 22.2%; oil imports surged 17.4%. - Silver imports soared 439%; gold imports decreased 10.7%. - Index of Eight Core Industries (ICI) grew by 4.0% in June 2024. - Coal production increased by 14.8%; Electricity generation rose by 7.7%. June 2024 Core Sector - Crude Oil production declined by 2.6%; Petroleum Refinery Products Growth decreased by 1.5%. - Cumulative ICI growth (April-June 2024-25) was 5.7%. - India's eight core sectors grew by 6.1% in July 2024, recovering from June's 5.1%. Core Sectors Growth in - Electricity generation growth slowed to 7%; Natural Gas production July 2024 contracted by 1.3%. - Coal output growth eased to 6.8%; Crude Oil output dropped 2.9%. - Refinery products grew by 6.6%; Fertilizers by 5.3%. - Bank credit growth slowed to 13.9% in June 2024, down from 16.3% in June 2023. Bank Credit Growth in - Slowdown due to higher base effect and increased risk weights on unsecured June 2024 credit and credit to NBFCs. - Services sector credit growth reduced to 15.1% from 26.8%. - Personal loan growth decreased to 16.6% from 21.3%. - India Ratings upgraded India's FY25 GDP growth projection to 7.5% from 7.1%. Ind-Ra Raises FY25 - The upgrade is driven by growth momentum from the Union Budget's Growth Forecast emphasis on agriculture, rural economy, and MSMEs. - Private final consumption expenditure is expected to grow by 7.4% year-over- year in FY25, a three-year high. - Major mineral imports reached ₹68,633 crore in FY24, an 80% increase over five years. - Key minerals: Copper-ore concentrates, Phosphorite, Manganese ore, Mineral Import Surge in Limestone, Iron ore, Bauxite. FY24 - Copper ore concentrate imports valued at ₹25,951 crore, Phosphorite at ₹12,649 crore. - Limestone topped volume at 338.09 lakh tonne. - Bilateral trade reached $100 billion in 2022; expected to double to $200 billion by 2030. India-Africa Bilateral - Key sectors for collaboration: automobiles, agriculture, pharmaceuticals, Trade logistics. - Africa is a crucial supplier of minerals like cobalt, copper, lithium, nickel, and rare earths. 4 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024 News Details - India could expand its import basket and implement capacity-building programs in Africa. - Coal production increased by 7.12% YoY to 370.67 MT by August 25, 2024. Coal Production Growth - Coal dispatch to the power sector reached 325.97 MT. in FY 2024-25 - Coal stock at Thermal Power Plants (TPPs) grew by 27.41% to 37.55 MT. - Ministry's efforts reflect a strong commitment to energy security. - India recorded the highest trade deficit with China at $41.6 billion during Jan.- June 2024. India-China Trade Deficit - Exports to China: $8.5 billion; Imports from China: $50.1 billion. - Highlights the ongoing trade imbalance between India and China. - ICRA projects NBFCs' AUM growth to soften to 13-15% in FY25 from 18% in NBFCs Growth FY24. Projection - AUM expected to cross ₹50 lakh crore in FY25. - Growth slowdown due to headwinds in funding availability. - India's gold imports fell by 4.23% to $12.64 billion during April-July 2024-25. - Imports in July dropped 10.65%; Surge in April to $3.11 billion. Gold Imports Decline - Government reduced customs duty on gold and silver, expected to boost imports during the festive season. - Trade deficit widened to $23.5 billion in July 2024. PNB launches Braille Debit Card for visually impaired customers  Punjab National Bank has launched the PNB ANTAH DRISHTI Braille Debit Card for visually impaired customers.  The card is a contactless National Common Mobility Card (NCMC) available on the RuPay network.  This new debit card aims to enhance financial accessibility and independence for the visually impaired.  It includes Braille features to assist users in managing their finances with greater ease and confidence.  The initiative reflects PNB’s commitment to inclusivity and making financial services more accessible.  The card supports greater convenience for visually impaired individuals in their financial transactions. India is the 2nd Largest Aluminium Producer in the World  Iron ore and limestone production in India showed robust growth in Q1 of FY 2024-25, following record production levels in FY 2023-24. In FY 2023-24, production was 275 million metric tons (MMT) for iron ore and 450 MMT for limestone, accounting for 80% of the total MCDR mineral production by value.  Primary aluminium production for FY 2024-25 (April-June) increased by 1.2%, reaching 10.43 lakh tons (LT), up from 10.28 LT in the same period of FY 2023-24.  India is ranked 2nd in global aluminium production, 3rd in limestone production, and 4th in iron ore production. The continued growth in iron ore and limestone reflects strong demand in steel and cement industries.  Iron ore production rose by 9.7% from 72 MMT in FY 2023-24 (April-June) to 79 MMT in FY 2024-25 (April-June), while limestone production increased by 1.8% from 114 MMT to 116 MMT in the same period.  Manganese ore production also saw an 11% increase, reaching 1.0 MMT in FY 2024-25 (April-June) compared to 0.9 MMT in the previous year.  These growth trends suggest strong economic activity in sectors such as energy, infrastructure, construction, automotive, and machinery. Women Entrepreneurship Program launched to empower women entrepreneurs and spurring economic growth 5 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  NSDC has introduced the Women Entrepreneurship Program to tackle the challenges faced by women in starting and growing businesses, with a focus on providing skills, knowledge, and networking opportunities.  The program features complimentary self-learning entrepreneurship courses available on the Skill India Digital Hub (SIDH), culminating in a certificate from NSDC, Britannia Industries, and NIESBUD.  Approximately 25 lakh women across India are targeted to benefit from the initiative, which includes financial grants of ₹10 lakh each for 10 successful contestants.  The program will be implemented in two phases, starting with free online courses and followed by robust incubation support for 10,000 shortlisted contestants, including business registration and funding guidance.  Britannia Industries will feature the participants’ products on their digital platforms, and the initiative aims to create a supportive ecosystem to foster women-led enterprises and drive economic advancement. SIDBI partners C2treds, UGRO Capital to facilitate loans to MSME sector  Small Industries Development Bank of India (Sidbi) has teamed up with C2treds and UGRO Capital to enhance loan facilitation for the MSME sector.  C2treds, a platform under the Trade Receivables Discounting System (TReDS), offers liquidity within 24 hours through an online bidding process and is regulated by the Reserve Bank of India (RBI).  C2FO provides on-demand working capital and aims to improve MSME liquidity at competitive interest rates.  UGRO Capital, a datatech NBFC, has formed a co-lending partnership with Sidbi under the RBI’s co- lending framework to boost priority sector lending.  The partnership will leverage the strengths of both banks and NBFCs to support MSME growth, with UGRO Capital already providing finance solutions to over 78,000 MSMEs in India.  Sidbi is committed to increasing credit flow to MSMEs and is onboard with all operational TReDS platforms, reflecting its role as the apex institution for MSME development. Learn Along: About SIDBI Set up: 2nd April 1990 CMD: Sivasubramanian Ramann Headquarters: Lucknow RBL Bank launches RuPay credit cards with UPI and NCMC functionalities  RBL Bank has integrated Unified Payments Interface (UPI) and National Common Mobility Card (NCMC) services on its RuPay Credit Cards, combining multiple payment capabilities into a single card.  The new RuPay Credit Cards enable "seamless and secure" UPI payments and facilitate hassle-free travel through the NCMC feature, offering flexibility for daily expenses and travel.  The extensive acceptance of the RuPay network ensures wide usability of these cards across various platforms and services throughout India.  RBL Bank is the first private sector bank to offer such a comprehensive suite of payment capabilities in a single card, likely encouraging other banks to follow suit with similar integrated payment solutions. Learn Along: About RBL Bank Founded: 1943 MD & CEO: R Subramaniakumar Headquarters: Mumbai GST receipts on health cover hit almost ₹10,000 cr. in FY24  Goods and Services Tax (GST) receipts from health insurance premium payments increased by over 54% between 2021-22 and 2023-24, generating ₹8,262 crore last year, as reported by the Finance Ministry in the Lok Sabha.  Additionally, GST on health reinsurance contributed nearly ₹1,500 crore, with total GST revenues from health insurance premiums over the last three years exceeding ₹21,255 crore.  Reinsurance premiums paid by insurers yielded approximately ₹3,274 crore in GST revenues during this period, experiencing a 79.7% rise from 2021-22 to 2023-24. 6 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  In response to parliamentary inquiries about reducing GST on life and health insurance premiums, Minister of State for Finance Pankaj Chaudhary noted that GST rates are set based on recommendations from the GST Council, which includes representatives from the Centre and States/UTs.  Regarding the reduction of GST on raw materials for fertilizers like sulphuric acid and ammonia, the Minister mentioned that the GST Council had deliberated the issue during six meetings, most recently referring it to the Group of Ministers (GoM) for rate rationalisation.  These discussions underscore ongoing governmental evaluations of GST implications on various sectors, with potential adjustments to tax rates and exemptions under consideration by the GST Council. Capital Small Finance Bank and Edelweiss Life Insurance enter into bancassurance tie-up  Capital Small Finance Bank Limited (CSFB) and Edelweiss Life Insurance have formed a bancassurance tie-up to provide CSFB's customers with access to Edelweiss Life Insurance’s life insurance products.  This partnership will allow CSFB to enhance its life insurance offerings, making Edelweiss Life’s products available through CSFB’s digital platform and service touchpoints across its 177 branches.  Sarvjit Singh Samra, MD & CEO of CSFB, highlighted that the collaboration aims to expand financial solutions and solidify CSFB’s role as a trusted financial partner by offering tailored life insurance products to their customers.  Sumit Rai, MD & CEO of Edelweiss Life Insurance, expressed enthusiasm about the partnership’s potential to protect people’s dreams and aspirations, emphasizing a commitment to exceptional customer experience and high standards of business quality.  The partnership leverages CSFB's strong geographical presence and customer understanding, aiming to bring innovative products to the market and expand Edelweiss Life Insurance’s footprint nationally.  Bancassurance, the model underpinning this partnership, benefits both entities: the bank earns commission while the insurer capitalizes on the bank's distribution network. This strategy aligns with efforts by the Insurance Regulatory and Development Authority of India (IRDAI) to increase insurance penetration in the country. EEPC India, ISSDA sign MoU to promote MSME exports, international trade  EEPC India and the Indian Stainless Steel Development Association (ISSDA) signed an MoU to promote exports by MSME members.  The collaboration will focus on identifying potential export products and organizing trade exhibitions, buyer-seller meets, and economic summits.  The agreement aims to facilitate the exchange of trade information and encourage international investment through joint ventures and technical collaborations.  Capacity-building sessions will be jointly conducted by EEPC India and ISSDA to support growth in the engineering goods and stainless steel sectors.  The initiative seeks to enhance the global competitiveness of India's MSMEs in these sectors. NCLT approves Slice merger with North East Small Finance Bank  Slice has received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB).  The NCLT Guwahati bench sanctioned the scheme of arrangement involving several entities, including Slice and NESFB.  The merger combines Slice's digital expertise with NESFB's grassroots banking knowledge to offer a superior financial experience to Indian consumers.  The combined entity aims to leverage advanced technology and community understanding to promote financial inclusion across India.  Customers can expect an expanded product range, enhanced omni-channel offerings, and a seamless banking experience. 7 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  The merger is seen as a significant step towards advancing financial inclusivity and setting new industry standards through innovative technology. Memorandum of Understanding (MoU) between KVIC and Department of Posts for physical verification of PMEGP units  KVIC signed an MoU with the Department of Posts to enhance physical verification of new units under the PMEGP scheme.  Postal Department employees will verify PMEGP units across India, with KVIC providing training for this task.  The partnership will leverage the 1,65,000 post offices, including 139,067 in rural areas, to expedite verification and margin money subsidy settlement.  PMEGP has supported the creation of 9.69 lakh projects, generating employment for 84.64 lakh entrepreneurs.  The scheme has distributed Rs 25,563.44 crore in margin money subsidy against Rs 69,021.29 crore in loans.  Under PM Modi's leadership, Khadi and Village Industries turnover exceeded Rs 1.55 lakh crore, with a five-fold increase in sales and four-fold increase in production over the last decade.  The initiative reflects the co-operative work culture aimed at realizing the vision of a developed India. Learn Along: About KVIC Founded: 1957 Headquarters: Mumbai Chairman: Manoj Kumar Bandhan Bank launches 'Avni' savings account for women  Bandhan Bank has introduced a new savings account called ‘Avni’, specifically tailored for women.  Avni offers personalized financial and lifestyle solutions, with benefits including a debit card providing free airport lounge access, Rs 10 lakh personal accident insurance, and Rs 3.5 lakh lost card liability. Learn Along: About Bandhan Bank Headquarters: Kolkata Founded: 2001 CEO: Chandra Shekhar Ghosh CBDT to Overhaul Income Tax Act 1961  The Income Tax Department is revising the Income Tax Act, 1961, with a newly formed internal committee to simplify and modernize the law.  Historical complexity and outdated provisions have prompted the review, aiming to reflect current economic realities and global best practices.  Simplification is expected to enhance taxpayer compliance, reduce disputes, and streamline the filing process.  Key aspects of the Act include tax slabs, deductions, assessment procedures, and capital gains regulations.  Recent reforms include reduced corporate tax rates and adjustments to personal income tax slabs, benefiting a larger number of taxpayers.  Expected benefits of the overhaul include conciseness, clarity, a broader tax base, and an improved business environment.  The Central Board of Direct Taxes (CBDT), established in 1964, manages direct taxes in India, including policy formulation and enforcement. Bharatmala Pariyojana  Bharatmala Pariyojana Phase-I is about 50% complete as of March 2024 and is expected to be finished by 2027-28. 8 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  The Ministry of Road Transport and Highways aims to provide high-speed corridors within 100-150 km of all citizens by 2047, enhancing passenger convenience with world-class amenities.  Bharatmala Pariyojana is an umbrella programme launched in 2017 to improve road connectivity, freight and passenger movement, and integrate it with the PM Gati-Shakti Plan.  The project focuses on developing 26,000 km of economic corridors, including the Golden Quadrilateral and North-South and East-West Corridors, and improving 8,000 km of interstate corridors and 7,500 km of feeder routes.  It includes border and international connectivity roads and coastal and port connectivity roads to boost trade and economic development.  Funding comes from the Central Road and Infrastructure Fund cess, additional budgetary support, private investments, and other sources.  As of March 2024, 17,411 km of roads have been completed, with contracts awarded for 26,425 km and a total expenditure of Rs 4.59 lakh crore. India Surpasses China as Largest Importer of Russian Oil  India has become the world's largest importer of Russian oil, surpassing China, with imports reaching 2.07 million barrels per day (bpd) in July 2024.  This marks a 4.2% month-on-month and 12% year-on-year increase, as India continues to buy discounted Russian crude following Western sanctions on Russian energy.  India's purchase of Russian ESPO Blend crude also increased to 188,000 bpd in July, benefiting from the use of larger vessels.  India plans to explore its own oil fields, with four largely unexplored sedimentary basins potentially holding 22 billion barrels of oil, surpassing the Permian Basin's reserves.  ONGC and Oil India are active in these regions under the Open Acreage Licensing Program (OALP), but international expertise in deepwater exploration is needed.  Currently, only 10% of India's 3.36 million sq km sedimentary basin is under exploration, but this is expected to increase to 16% in 2024 with new block awards.  The OALP has already awarded 144 blocks covering about 244,007 sq km for exploration. Axis Bank launches new app for merchants in partnership with Visa, Mintoak  Axis Bank launched a new payment acceptance app, neo for merchants, in partnership with VISA and merchant SaaS platform Mintoak.  The app allows merchants to accept payments via Cards, SMS Pay, and UPI, view transaction reports, and raise service requests independently, without needing a relationship manager.  The app aims to help merchants lower their cost of business by offering a one-stop digital solution for all their needs, including transaction and settlement reports.  The collaboration with Visa and Mintoak is expected to strengthen Axis Bank's merchant-acquiring portfolio and support small and medium enterprises (SMEs) across India.  Axis Bank's SME loan portfolio grew by 20% in the first quarter of the current financial year, reflecting the bank's commitment to supporting the merchant community.  Axis Bank claims to be the largest player in India's merchant-acquiring business, with a POS terminal market share of 20.8% as of June 2024. Learn Along: About Axis Bank MD and CEO: Amitav Chaudhary Headquarters: Mumbai Founded: 1993 Space sector contributed ₹20,000 crore to India’s GDP over the last decade  India's space sector contributed about $24 billion (₹20,000 crore) to the GDP over the last decade and supported 96,000 jobs in both public and private sectors.  For every dollar produced by the space sector, there was a multiplier effect of $2.54 on the Indian economy. 9 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  India's space force was found to be 2.5 times more productive than the broader industrial workforce in the country.  These findings were presented by Steve Bochinger from Novaspace during the National Space Day celebrations.  The report, initiated by ISRO, evaluated the socio-economic impact of the space sector from 2014 to 2023, conducted by econONE and Novaspace.  The study involved interviews with representatives from 56 organizations in the public and private sectors. Union Cabinet approves 12 industrial smart cities worth Rs 28,602 cr  CCEA, chaired by Prime Minister Narendra Modi, approved the development of 12 industrial smart cities across six major industrial corridors in 10 states with an investment of ₹28,602 crore.  These cities aim to attract ₹1.52 trillion in investments from large industries and MSMEs, generating 1 million direct and 3 million indirect jobs.  Located in key regions like Uttarakhand, Punjab, Maharashtra, Kerala, Uttar Pradesh, Bihar, Telangana, Andhra Pradesh, and Rajasthan, the cities will drive regional development and industrial growth.  The projects are part of the National Industrial Corridor Development Programme (NICDP), focusing on sustainability with ICT-enabled utilities and green technologies.  These cities will feature "plug-n-play" and "walk-to-work" concepts, supporting sustainable and efficient industrial operations.  The initiative aligns with the PM's GatiShakti National Master Plan and aims to contribute to achieving $2 trillion in exports by 2030.  Hyundai has already committed to setting up an automobile hub in one of these smart cities, showcasing the potential for significant global competitiveness. State Bank of India raises ₹7,500 crore via tier 2 bonds  State Bank of India (SBI) raised ₹7,500 crore through its first Basel III-compliant tier 2 bond issue for FY25 at a coupon rate of 7.42%.  The bonds have a 15-year tenor with a call option after 10 years and on each anniversary thereafter.  The issue received an overwhelming response with bids exceeding ₹8,800 crore against the base issue size of ₹5,000 crore.  SBI decided to accept ₹7,500 crore at the 7.42% coupon rate, which is payable annually.  This bond issue is a significant step for SBI in enhancing its capital base under the Basel III framework. Learn Along: About SBI Chairperson: Dinesh Kumar Khara Founded: 1 July 1955 Headquarters: Mumbai CCI clears merger of Disney–RIL media assets  Competition Commission of India (CCI) provisionally approved a ₹70,350 crore deal involving Reliance Industries Ltd. (RIL), Viacom18, and The Walt Disney Co.'s Star India and Star Television Productions.  Approval is subject to compliance with voluntary modifications, though details of these modifications are not yet released.  RIL reportedly offered concessions, including commitments to avoid "unreasonable" advertising rate increases during cricket matches.  Star India Pvt. Ltd. (SIPL) will become a joint venture (JV) jointly held by RIL, Viacom18, and existing TWDC subsidiaries.  The combination will consolidate television and streaming in India, potentially controlling 40% of the streaming and TV advertising market. 10 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  The merger will also consolidate cricket broadcasting, with IPL rights currently split between Star and Viacom18 for TV and streaming. Learn Along: About CCI Founded: 14 October 2003 Headquarters: New Delhi Chairperson: Ravneet Kaur Vadhavan Port to boost exim trade through West Asia, Europe  The ₹76,220-crore Vadhavan port will be inaugurated by Prime Minister Narendra Modi on 30 August 2024 and is crucial for the India–Middle East–Europe Corridor (IMEEC) and International North–South Transportation Corridor (INSTC) projects.  Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, highlighted that the port will enhance export-import trade flow through these corridors.  The port’s upcoming terminals will handle mainline mega vessels on international routes connecting the Far East, Europe, Middle East, Africa, and the Americas.  Vadhavan port will significantly improve India’s connectivity with the Middle East and Europe, with its deep draught accommodating mega container vessels.  The survey for the IMEEC is in progress, and RITES Ltd., a railways PSU, has begun feasibility studies for the India–Middle East segment. Visa partners with Skill India to up skill 20,000 youth for India's booming tourism industry  The Tourism & Hospitality Skill Council (THSC), under the Ministry of Skill Development and Entrepreneurship, signed an MoU with Visa for a three-year partnership worth up to $1 million USD.  The initiative aims to upskill 20,000 Indian youth in tourism-relevant skills across 10 states, including Assam, Gujarat, Himachal Pradesh, and West Bengal.  The program focuses on training for roles such as tour guides, customer service executives, naturalists, and paragliding tandem pilots to improve the tourism experience.  Minister Jayant Chaudhary emphasized the potential of India's tourism industry to drive economic growth and job creation, with this partnership being key to realizing that potential.  Visa aims to enhance youth employment prospects and improve tourist experiences, contributing to the Government’s vision of making India a top global tourism destination.  The tourism sector is crucial to India's economy, contributing over $231 billion to GDP and employing more than 42 million people in 2023.  The NSDC-Visa initiative will support India's goal of becoming a global tourism hub by ensuring a skilled workforce in the growing post-pandemic travel landscape. SEBI and FINANCIAL AWARENESS SEBI moots UPI-like block mechanism for securities market  SEBI has proposed that Qualified Stock Brokers (QSBs) offer UPI-based block mechanism for secondary market trading, similar to the ASBA facility.  Under the UPI block facility, clients can trade using blocked funds in their bank accounts without transferring money upfront to the trading member.  This facility is optional for investors and not mandatory for trading members to provide.  The ASBA-like facility is already available in the primary market, where funds are moved only upon allotment.  SEBI also suggested that QSBs offer a ‘3-in-1 trading account facility’ as an alternative to mandating the ASBA-like facility for secondary markets. Learn Along: About SEBI 11 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  The Securities and Exchange Board of India was established as a statutory body in the year 1992 and the provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992) came into force on January 30, 1992.  Chairperson: Ms. Madhabi Puri Buch Headquarters: Mumbai, Maharashtra SEBI to ease rights’ norms  SEBI has proposed steps to make rights issues a more attractive mode of fundraising.  Key proposals include eliminating the need to file a draft letter of offer (DLoF) with SEBI and rationalizing the content of the letter of offer (LoF) by reducing disclosures.  Intermediary roles are under review, with suggestions to possibly remove the requirement of appointing a merchant banker.  Timelines for rights issues may be reduced to T+20 working days from board approval to closure, down from an average of 317 days.  Rights issues raised ₹15,110 crore in FY24, less than ₹68,972 crore via QIP and ₹45,155 crore through preferential allotments.  Due diligence and preparing DLoF/LoF currently take about 60 days, leading firms to prefer quicker fundraising options like preferential issues. SEBI allows Category I, II AIFs to borrow  SEBI has allowed Alternative Investment Funds (AIF) in Category I and II to borrow for operational flexibility, as per a circular issued on August 19, 2024.  Borrowings are capped at 10% of investible funds or 20% of drawdown value, with mandatory disclosure of leveraging to investors.  AIFs must maintain a 30-day cooling-off period between two borrowings, and borrowing should be a last resort.  The cost of borrowings should be borne by investors who fail to provide the drawdown amount.  SEBI also extended the tenure of Large Value Funds (LVFs) to five years. ‘SEBI targets reduction in time taken to fundraise’  SEBI is streamlining the fundraising process for firms and simplifying IPO documents for investors, according to Chairperson Madhabi Puri Buch.  SEBI plans to merge rights issues and preferential allotments to expedite fundraising.  This initiative aims to reduce the time required for companies to raise funds by half. Anil Ambani and 24 others banned by SEBI; fined ₹624 cr.  SEBI has restrained Anil Ambani and 24 others from the securities market for five years due to alleged fund diversion from Reliance Home Finance Ltd. (RHFL).  Anil Ambani is also barred from being associated with any listed company as a director or KMP for the same period.  SEBI's final order imposed a ₹25 crore penalty on Mr. Ambani, with 21 entities fined ₹25 crore each; RHFL's KMPs were fined ₹27 crore, ₹26 crore, and ₹21 crore respectively.  The total penalty amount is approximately ₹624 crore.  SEBI found KMPs & entities involved in a fraudulent scheme by disbursing GPC loans, leading to NPA and erosion of the company’s finances.  The order emphasized the need to quantify the gains from the diversion of funds and identify the real beneficiaries. ‘BPCL mulls ₹1.70-lakh cr. capex under Project Aspire’  Bharat Petroleum Corporation Ltd. (BPCL) has a planned capital expenditure of ₹1.70 lakh crore under its Project Aspire, a five-year strategic framework. 12 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  The investment includes ₹75,000 crore for refineries and petrochemicals, ₹10,000 crore for green energy, ₹20,000 crore for marketing expansion, ₹25,000 crore for city gas distribution, and ₹32,000 crore for the upstream business.  BPCL also plans to invest ₹1 lakh crore towards achieving net-zero emissions by 2040.  The details were shared by BPCL's, G. Krishnakumar, during the Annual General Meeting (AGM). Learn Along: About BPCL Founded: 1976 Headquarters: Mumbai CMD: G Krishnakumar PayU Launches Innovative Push Provisioning Platform for Faster, Secure Card Tokenization Between Banks and Merchants  PayU, a leading digital financial services provider in India, launched its advanced ‘Push Provisioning’ platform at the Global Fintech Festival (GFF) 2024.  The platform, developed in partnership with major card networks, allows seamless card token sharing between merchants and banks via a single platform, enhancing security and convenience in online card transactions.  Push Provisioning enables customers to tokenize their cards directly through their bank’s portal, eliminating the need to save card details with individual merchants, improving payment security and customer experience.  Benefits for merchants include reduced friction in payments, easier customer acquisition, minimized fraud risk, and simplified re-tokenization of lapsed tokens.  PayU's platform is RBI-compliant, aligning with the RBI’s vision of a secure payments ecosystem, and supports digital transactions both in India and globally.  PayU aims to create a full-stack digital financial services platform, empowering over 5 lakh businesses with payment gateway solutions across 150+ online payment methods. LIC pays ₹3,662.17 crore dividend to Govt. of India  Life Insurance Corporation of India (LIC) paid a dividend of ₹3,662.17 crore to the Centre on Thursday.  This dividend was approved by shareholders during the AGM on August 22.  Along with the ₹2,441.45 crore interim dividend paid on March 1, the total dividend for 2023-24 amounts to ₹6,103.62 crore. Learn Along: About LIC  The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.  Chairperson : Siddhartha Mohanty Headquarters: Mumbai LIC unveils term cover products for youth  The Life Insurance Corporation of India (LIC) has launched two new insurance products: LIC’s Yuva Term/Digi Term and LIC’s Yuva Credit Life/Digi Credit Life. These are non-participating (non-par), non- linked, individual, pure risk plans.  LIC’s Yuva Term/Digi Term offers term insurance that provides financial protection to the insured's family in case of the policyholder's death during the policy term.  These products are designed as a safety net against loan repayments, ensuring financial stability for the policyholder's family under unforeseen circumstances.  The benefits payable on death under the Yuva Term/Digi Term plans are guaranteed, offering a secure financial future for beneficiaries. 13 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024 Centre to provide Rs 4,136 cr for 15 GW hydropower projects in northeast region  Union Cabinet approved ₹4,136 crore equity support for Northeast states to develop 15,000 MW hydropower projects over the next eight years.  The scheme provides Central Financial Assistance (CFA) for state governments' equity participation in Joint Venture (JV) projects with Central Public Sector Undertakings (CPSUs).  The scheme, running from 2024-25 to 2031-32, is funded through 10% gross budgetary support (GBS) for the Northeast from the Ministry of Power's total outlay.  The grant is capped at ₹750 crore per project and supports only viable hydroelectric projects.  States are required to waive or stagger free power and reimburse SGST to make projects viable, encouraging state participation in hydro development.  The scheme aims to reduce time and cost overruns, boost investment and employment in the Northeast, and contribute to India's goal of 500 GW renewable energy capacity by 2030.  It enhances the flexibility, security, and reliability of the national grid by integrating renewable energy sources. India’s foreign investments surge to $2,112 million in July: Finance Ministry data  Indian overseas direct investment (ODI) doubled in July, with an outflow of $2,112 million, compared to $1,054 million last year, driven by RBI's ease of norms and efforts to ensure raw-material supply stability.  Singapore received the largest share, 1/4th of the total outflow, with Singapore, Mauritius, the U.S., The Netherlands, and the U.K. together receiving 68%.  The financial, insurance, and business services sectors accounted for 42% of the total outflow.  The surge is attributed to the 2022 overhaul of the overseas investment framework, including liberalization in financial services and promoting investments in GIFT IFSC.  Indian companies are increasingly investing abroad to secure essential resources and ensure supply chain stability, especially in sectors like energy and technology.  The rise in outward FDI reflects India's strategy to expand market reach globally and strengthen its presence in the global value chain.  This dual approach, with both inward FDI and outward FDI, supports India's growth as a global economic player. Union Finance Minister Nirmala Sitharaman inaugurates GST Bhawan at Udaipur, Rajasthan  Union Finance Minister Nirmala Sitharaman inaugurated the GST Bhawan of the CGST Udaipur Commissionerate under CBIC in Udaipur, Rajasthan.  The project was completed within budget and schedule, despite challenges from the COVID-19 pandemic, and is noted for its adherence to quality and facilities for taxpayers and staff.  The Minister also launched ICETAB 2.0, a handheld device to improve customs operations and speed up cargo clearance.  The new CGST Udaipur building is modern, energy-efficient, and green-compliant, strategically located for easy access by GST taxpayers, close to Udaipur Railway Station and the bus stand. BHEL bags ₹11,000 cr. Adani power projects  Bharat Heavy Electricals Ltd. (BHEL) has secured orders worth over ₹11,000 crore for three thermal power projects.  The projects include two by Adani Power in Rajasthan and one by its subsidiary Mahan Energen in Madhya Pradesh.  BHEL will supply boiler, turbine, generator, and associated equipment, along with supervision of erection and commissioning.  The projects are based on supercritical technology with a capacity of 2x800 MW each. 14 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  The Kawai projects in Rajasthan (Phase-II and Phase-III) will be completed in 49 and 52 months, while the Mahan Phase-III project in Madhya Pradesh will be completed in 55 months.  The contract was signed with Adani Power and Mahan Energen on August 25. Tata Power Solar System partners with ICICI Bank to provide loans for solar energy  Tata Power Solar Systems Limited (TPSSL) has partnered with ICICI Bank to offer collateral-free loans up to ₹9 million for purchasing solar panels for both residential and corporate consumers.  Loans can be extended for up to 5 years without collateral, and up to 20 years with collateral, with flexible down-payments of 20-25% of the loan amount.  The partnership aims to make solar energy investment more accessible and affordable.  In August 2024, Tata Power signed an MoU with the Maharashtra government to develop two pumped hydro storage projects with a combined capacity of 2,800 MW and an estimated cost of ₹130 billion.  In July 2024, TPSSL and Bank of India formed a partnership to facilitate financing for rooftop solar panels and electric vehicle (EV) charging stations. NPCI launches 'UPI Circle' for secure delegated payments with trusted users  NPCI introduced 'UPI Circle', a new feature on UPI allowing primary account holders to delegate payment responsibilities to trusted secondary users.  UPI Circle offers two types of delegation: Full Delegation, where the secondary user can make payments without further approval, and Partial Delegation, requiring the primary user’s authentication.  This feature, introduced by the RBI in its August MPC meeting, aims to expand the reach of digital payments across India.  It is particularly beneficial for managing payments for dependents, such as parents paying on behalf of children or elderly citizens delegating payments to their children.  Primary users can delegate up to 5 secondary users, with limits on transaction amounts and frequency to enhance security and reduce fraud risk.  The feature is expected to broaden UPI's use in micro-communities and group-based financial interactions.  NPCI guidelines emphasize security measures like mandatory biometrics for secondary users and visibility of transactions for primary users. Learn Along About UPI  Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.  It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.  NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. NPCI incorporates NPCI BHIM Services Ltd as a wholly-owned subsidiary  National Payments Corporation of India (NPCI) has established NPCI-BHIM Services Ltd (NBSL), making Bharat Interface for Money (BHIM) a wholly-owned subsidiary.  Lalitha Nataraj will serve as the CEO of NBSL, with a background from IDFC FIRST Bank and ICICI Bank.  Rahul Handa has been appointed as the Chief Business Officer (CBO) of NBSL; he previously held the same role at BHIM and was an executive vice president at ONDC.  The BHIM app is undergoing a revamp to meet increasing demand for digital transactions and enhance financial inclusion.  This move aims to address concerns about a duopoly in India’s Unified Payments Interface (UPI) market, where PhonePe and Google Pay currently dominate. 15 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  The incorporation of NBSL reflects NPCI’s strategy to strengthen BHIM’s position in the UPI market and potentially expand its market share.  Previously, NPCI created NPCI Bharat BillPay Ltd in 2021 to handle bill payment transactions, indicating a trend of establishing specialized subsidiaries for different services. Learn Along: About NPCI  National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.  Non Executive Chairman and Independent Director: Mr. Ajay Kumar Choudhary UPI merchant transactions in Nepal cross 100,000 milestone  NPCI International Payments Limited (NIPL) surpassed 100,000 cross-border UPI Person-to- Merchant (P2M) transactions in Nepal as of August 2024.  NIPL, an arm of the National Payments Corporation of India (NPCI), collaborated with Fonepay, Nepal’s largest payment network, to launch cross-border UPI P2M in March 2024.  UPI, a mobile-based real-time payment system, is accepted in several countries including Bhutan, France, Mauritius, Singapore, Sri Lanka, and the UAE.  NIPL has also partnered with Nepal SBI Bank Limited (NSBL) to operationalize RuPay cards in Nepal, enhancing cross-border transactions.  UPI transactions recorded a 45% yearly growth, with a total transaction value of ₹20.64 trillion. This marks the third consecutive month with transactions exceeding ₹20 trillion.  The average daily UPI transaction value in July 2024 was ₹466 million (approximately ₹66,590 crore).  According to the Reserve Bank of India (RBI), UPI transactions increased ten-fold from 12.5 billion in 2019-20 to 131 billion in 2023-24, making up 80% of total digital payments. PhonePe and Google Pay dominated the market with an 86% share in FY24. UPI transactions top ₹ 20 trillion for 3rd straight month  Unified Payments Interface (UPI) in India reported a 45% YoY growth in transaction volume, reaching 14.44 billion transactions in July. The value of these transactions increased by 35% YoY, totaling ₹20.64 trillion.  This marks the third consecutive month where UPI transaction values exceeded ₹20 trillion, following totals of ₹20.07 trillion in June and ₹20.44 trillion in May.  In July, the average daily transaction count was 466 million, with an amount of ₹66,590 crore. Sequentially, July saw a 3.95% increase in transaction volume and a 2.84% rise in transaction value.  For the current financial year (FY25), UPI has recorded 55.66 billion transactions worth ₹80.79 trillion. This follows a record-setting 131 billion transactions in FY24, up from 84 billion in FY23.  The Reserve Bank of India (RBI) reported a tenfold increase in UPI transaction volumes over the past four years, growing from 12.5 billion transactions in 2019-20 to 131 billion in 2023-24, which represents 80% of all digital payment volumes. Department of Economic Affairs amends Foreign Exchange Management (Non-debt Instruments) Rules, 2019 in pursuance of Union Budget 2024-25 announcement  The Department of Economic Affairs (DEA) has amended the Foreign Exchange Management (Non- debt Instruments) Rules, 2019 as part of the Union Budget 2024-25 initiative, under the guidance of Union Minister Smt. Nirmala Sitharaman.  The amendments simplify cross-border share swaps, allowing Indian companies to issue or transfer equity instruments in exchange for foreign company equity, enhancing global expansion through mergers and acquisitions. 16 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  The changes include clear guidelines on the treatment of downstream investments by Overseas Citizens of India (OCI)-owned entities, aligning them with Non-Resident Indian (NRI)-owned entities.  Standardization of the definition of 'control' is introduced to ensure consistency across various laws and regulations.  Foreign Direct Investment (FDI) is now permitted in White Label ATMs, aimed at improving financial inclusion.  The definition of a 'startup company' is harmonized with the Government's notification G.S.R. 127 (E) dated February 19, 2019.  These changes reflect the government's commitment to creating a foreign-investor-friendly environment and promoting Ease of Doing Business. Net foreign direct investment rises to $6.9 billion in Q1  Net FDI during April-June 2024 was $6.9 billion, up from $4.7 billion in the same period last year, according to RBI data.  The increase was driven by a 26.4% growth in gross inward FDI, reaching $22.5 billion in Q1 of FY 2024-25.  Manufacturing, financial services, communication services, computer services, and energy sectors accounted for 80% of the gross FDI inflows.  Major source countries included Singapore, Mauritius, the Netherlands, the US, and Belgium, contributing to 75% of the flows.  Despite the quarterly rise, net FDI flow for FY24 sharply dropped to $9.8 billion from $28 billion in the previous year.  In FY22, net FDI flows were $38.6 billion, indicating a significant decline over the past two years. Govt eases LTCG tax blow  The LTCG Amendment has been recognized as a positive change, as it offers flexibility in the tax calculation method for immovable properties purchased before the Budget announcement on July 23, 2024. This flexibility allows property owners to opt for the calculation method that results in a lower tax liability.  The government has proposed to restore the indexation benefit for properties bought before July 23, 2024. The tax would be calculated at 12.5% without indexation; however, if the tax exceeds 20% with indexation, this higher amount will be disregarded.  This change is specifically for resident individuals and Hindu Undivided Families (HUFs), and does not apply to properties purchased on or after July 23, 2024, as they will not be eligible for indexation benefits.  The amendment has been well-received, with experts praising it for maintaining tax parity across asset classes while addressing concerns about the removal of indexation benefits. It is designed to reduce potential losses due to new legislative changes and prevent excessive tax liabilities under the new flat rate system. NPAs on Mudra loans have come down in 2023-24  Union Finance Minister Nirmala Sitharaman announced in the Lok Sabha that non-performing assets (NPA) associated with Mudra loans in public sector banks have declined in the current financial year, 2023-24.  The NPA rate for Mudra loans dropped to 3.4% in 2023-24, showing a notable improvement from 4.77% in 2020-21, 4.89% in 2019-20, and 3.76% in 2018-19.  In private sector commercial banks, the NPA rate for Mudra loans was 0.95% in 2023-24, down from a peak of 1.77% in 2020-21 and compared to 0.67% in 2018-19.  Additionally Nirmala Sitharaman mentioned that the Serious Fraud Investigation Office is conducting a detailed investigation regarding the safeguarding of depositors’ money. 17 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  The investigation also explores why a significant number of investors have not claimed their invested money in the Sahara group. Zomato to launch new app 'District' to capture its 'going-out' market  Zomato is launching a new app, District, to expand beyond food delivery and quick commerce, consolidating services like dining, movies, sports ticketing, live performances, shopping, and staycations.  The District app aims to become a one-stop destination for going-out services, positioning Zomato as a competitor to platforms like BookMyShow.  Zomato is in talks with Paytm to acquire its movies and ticketing business, further strengthening its presence in the going-out segment.  Zomato reported a net profit of ₹253 crore for Q1FY25, a significant increase from ₹2 crore in the same quarter last year, with revenue rising by 74% year-on-year to ₹4,206 crore.  Despite growth, Blinkit, Zomato’s quick-commerce business, reported an adjusted EBITDA of negative ₹3 crore, adding 113 stores, surpassing their guidance of 100 stores. ‘April-June fiscal deficit stands at 8.1% of FY25 target’  India's fiscal deficit for the first quarter of FY25 was ₹1.36 trillion, which is 8.1% of the full-year estimate.  The net tax receipts for the same period stood at ₹5.5 trillion, reaching 21% of the annual target, showing an increase from ₹4.34 trillion during the same period last year.  Total government expenditure in the first quarter was ₹9.7 trillion, accounting for about 20.4% of the annual budget, which is less than the ₹10.51 trillion spent a year earlier. ADB to give $200 mn loan to India for solid waste management in 100 cities  The Asian Development Bank (ADB) and the Government of India have signed a $200 million loan to enhance solid waste management and sanitation across 100 cities in eight states under the Swachh Bharat Mission 2.0.  The loan agreement was signed by Juhi Mukherjee, Joint Secretary, Finance Ministry, and Mio Oka, Country Director for ADB - India Resident Mission, aiming to support the government's objectives in improving urban sanitation and waste management.  This funding will boost the infrastructure for waste segregation, collection, and disposal, contributing directly to the goals of the Swachh Bharat (Clean India) Mission - Urban 2.0.  ADB's experience in urban infrastructure will inform the program, incorporating international best practices, new digital technologies, and climate- and disaster-resilient approaches in municipal solid waste management.  The program plans to establish and upgrade facilities such as bio-methanation plants, composting plants, managed landfills, and plastic waste processing facilities. It will also support the construction of community toilets and urinals and purchase sweeping equipment.  Furthermore, the initiative will enhance the capacity of urban local bodies, promote peer-to-peer learning, and foster private sector engagement to sustainably manage waste and sanitation services. Learn Along: About ADB  Established in 1966, the ADB is a multilateral development bank with the mission to promote economic growth and cooperation in the Asia-Pacific region.  Headquartered in Manila, Philippines, ADB comprises 68 member states and is governed by a board of governors, funded by member contributions, retained earnings, and loan repayments.  President: Masatsugu Asakawa ADB Aid for Improving Healthcare in Maharashtra  The Asian Development Bank (ADB) has committed a USD 500 million loan package to enhance tertiary health care and medical education in Maharashtra. 18 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024  The project will establish four medical colleges in underserved districts, featuring climate-resilient, gender-responsive, and socially inclusive design.  It aims to reduce out-of-pocket expenses, create policies for recruiting and retaining medical staff, and hire at least 500 new doctors.  The initiative will establish India's first state-led health care and medical education centres of excellence (CoE). Rapido enters unicorn club with $120 million round led by WestBridge  Rapido, a bike-taxi service startup backed by Swiggy, has achieved unicorn status with a valuation of over $1 billion, following a $120 million Series E funding round led by WestBridge Capital.  The funding involved the issuance of 10 equity shares and 191,968 compulsory convertible preferred shares (CCPS) at Rs 52,467 each, totaling Rs 1,002 crore ($120 million) as per regulatory filings.  WestBridge Capital, through its investment vehicles Setu AIF Trust, Konark Trust, and MMPL Trust, has become the largest stakeholder in Rapido, holding a 25.6% stake.  Since its founding in 2015, Rapido has expanded to offer services in over 100 cities across India and has raised a total of $329 million in funding.  In its latest strategic move, Rapido announced its entry into the cab market with a zero-commission model for drivers, planning to use a subscription model for onboarding driver partners.  The company's financial growth has been robust, with operating revenue increasing threefold to Rs 443 crore in FY23, though this also led to a 54% increase in losses, totaling Rs 675 crore. IRDAI levies Rs 2 cr penalty on HDFC Life Insurance for violating norms  Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 2 crore on HDFC Life Insurance for violating regulatory norms.  The penalty must be paid within 45 days of receiving the order, and the insurer has been given additional directives.  Violations include issues related to policyholders' interests, web aggregators, and insurance distributors.  HDFC Life Insurance is directed to review vendor management agreements, conduct due diligence on outsourcing contracts, and submit a detailed action plan.  The company must present the order to its board, provide meeting minutes to IRDAI, and submit an action taken report within 90 days.  If dissatisfied, the insurer may appeal to the Securities Appellate Tribunal. Learn Along: About IRDAI  The Insurance Regulatory and Development Authority of India is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India.  Founded: 1999 Headquarters: Hyderabad Chairperson: Debasish Panda CONSUMER PRICE INDEX NUMBERS ON BASE 2012=100 FOR RURAL, URBAN AND COMBINED FOR THE MONTH OF JULY 2024  July 2024 saw a sharp decline in the Year-on-year inflation rate based on the All India Consumer Price Index (CPI), reaching its lowest in the last 59 months at 3.54% (Provisional).  Rural inflation was 4.10%, while urban inflation was 2.98% for the same period.  Food inflation for July 2024, based on the All India Consumer Food Price Index (CFPI), was 5.42% (Provisional), the lowest since June 2023.  Rural food inflation was 5.89% and urban food inflation was 4.63%.  Inflation declined across all groups, with significant reductions in the vegetables, fruits, and spices subgroups. 19 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]  Monthly BeePedia August 2024 Pine Labs-owned Setu launches UPI-focused payments platform  Setu, an API infrastructure provider owned by Pine Labs, has launched a new UPI-focused payments platform called UPISetu in partnership with Axis Bank.  UPISetu supports various UPI products such as QR code payments, UPI Autopay, EMI, and Third- Party Validation (TPV) services, and offers advanced features like brand and bank offers, dispute resolution, instant cashbacks, and refunds, all provided via APIs.  The platform aims to address the growing need for credit on UPI and enhance payment transaction success rates, contributing to the increasing adoption of UPI in India.  UPI has recently achieved a milestone of processing 500 million transactions daily multiple times in August.  Setu, founded in 2018 and acquired by Pine Labs in 2022, operates with a RBI license as an account aggregator and collaborates with various financial institutions for financial architecture integrations.  The launch of UPISetu aligns with the rising popularity of UPI and is expected to support Axis Bank’s commitment to digital payments and scalable, innovative solutions in the UPI space. NABARD and AGRICULTURE PM Modi to release 109 climate resilient crop seeds  Union Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan announced the release of 109 high-yielding, climate-resilient, and bio-fortified crop varieties by Prime Minister Narendra Modi.  The release event is scheduled for Sunday morning at the India Agricultural Research Institute in New Delhi, where PM Modi will also interact with farmers and scientists.  These new varieties were developed by the Indian Council of Agricultural Research (ICAR) and include crops that consume less water and have higher yield potentials.  The crops include 34 field crops and 27 horticultural crops, encompassing cereals, millets, oilseeds, pulses, sugar cane, cotton, and more.  Horticultural varieties to be released include different types of fruits, vegetables, plantation crops, tuber crops, spices, flowers, and medicinal crops.  This initiative aims to directly benefit farmers by making advanced agricultural research accessible to them.  This marks Mr. Chouhan’s first press conference in Madhya Pradesh since his appointment as a Cabinet Minister in the Union government in June. Biotechnologists detect difference in use of nitrogen by rice varieties  Biotechnologists at Guru Gobind Singh Indraprastha University (GGU), New Delhi, discovered significant variation in nitrogen use efficiency (NUE) among popular rice varieties in India.  This research can aid in developing new rice varieties that use less nitrogen, reducing costs on imported fertilizers and minimizing nitrogen-linked pollution.  Cereals, particularly rice, use two-thirds of all urea in India, leading to a wastage of ₹1 trillion annually due to poor NUE, and over $170 billion globally.  Nitrogen use efficiency measures the crop yield relative to the available nitrogen.  High NUE varieties were found to be up to five times more efficient than the least efficient ones, but higher NUE does not always equate to the highest yields.  Indian agriculture has historically focused on yield maximization, leading to increased fertilizer use, wastage, and pollution. There is a need for a broader approach in research to improve NUE and yields.  The study, published in the Journal of Plant Growth Regulation, emphasizes the necessity of improving crop varieties through biotechnology to enhance NUE and reduce environmental impacts. PM-KUSUM scheme – Recent Updates 20 | P a g e For All ixamBee Mock Tests , Please visit www.ixamBee.com Contact us at 92055 24028 (SMS/WhatsApp/call) or [email protected]