August 2024 Current Affairs PDF

AffairsMind For any feedback and query, kindly mail at [email protected]  HOW PDF IS MADE? Current Affairs is very important part of both Phase 1 and Phase 2 of RBI Grade B Examination. If we analyze previous...

AffairsMind For any feedback and query, kindly mail at [email protected]  HOW PDF IS MADE? Current Affairs is very important part of both Phase 1 and Phase 2 of RBI Grade B Examination. If we analyze previous year papers of RBI Grade B we find that Current Affairs forms 70% of General awareness of Phase 1, 85% of the ESI section of Phase 2 and 30% of the Finance Section of Phase 2. This pdf shall cover both phase 1 and phase 2 syllabus. I have divided current affairs in the order of their importance for your RBI Grade B exam. The order is as follows- 1. RBI Bulletins 2. Other regulators news 3. Reports 4. International Organization Current Affairs 5. National ESI and Finance Current Affairs (PIB Included) 6. State ESI and Finance Current Affairs 7. Bank and Insurance Current Affairs 8. Current Affairs (One liner) Note : Words in purple are my comments to make you understand current affairs in a better way. So while reading the pdf, you will feel that I am explaining difficult current affairs to you. This will make information more retainable and producible in exam. For any feedback and query, kindly mail at [email protected]  Table of Contents 1 RBI Bulletins / Current Affairs......................................................................................... 5 1.1................................................................................................................................ 38 2 Other Regulators News................................................................................................ 38 2.1................................................................................................................................ 38 3 Reports......................................................................................................................... 50 3.1................................................................................................................................ 58 4. International Organization Current Affairs................................................................. 58 4.1................................................................................................................................ 78 5. National ESI & Finance Current Affairs....................................................................... 78 5.1................................................................................................................................ 78 6. State ESI & Finance Current Affairs.......................................................................... 103 6.1.............................................................................................................................. 114 7. Bank & Insurance Current Affairs............................................................................. 114 For any feedback and query, kindly mail at [email protected]  7.1.............................................................................................................................. 126 8. One liner Current Affairs.......................................................................................... 126 8.1.............................................................................................................................. 126 For any feedback and query, kindly mail at [email protected]  1 RBI Bulletins / Current Affairs 1.1 RBI’s Report on Currency and Finance 2023-24 RBI Report on Currency and Finance (RCF) 2023-24: Release Details: Date: 29th July 2024 Theme: "India’s Digital Revolution" Publisher: Reserve Bank of India (RBI) Digital Economy Insights: Current Status: India's digital economy is at 10% of GDP. Expected to double to 20% by 2026. About the RCF 2023-24: Annual Publication: Provides insights into currency trends, inflation rates, and financial stability.  Focus: For any feedback and query, kindly mail at [email protected]  Highlights the advantages, opportunities, and challenges of digitalization in the financial sector.  Key Highlights of the RCF 2023-24:  Digital Economy Projection:  GDP Contribution:  Digital economy poised to make up 20% of GDP by 2026.  Current contribution is 10% of GDP.  Internet Usage:  User Base Growth:  Internet users increased by 199 million over the past three years.  Internet reach was 55% in 2023.  Cost of Data:  Lowest globally at Rs 13.32 ($0.16) per GB.  High mobile data consumption with an average of 24.1 GB per user per month in 2023.  Digital Payments Growth: For any feedback and query, kindly mail at [email protected]  Volume Growth:  Compound Annual Growth Rate (CAGR) of 50% in volume from FY18 to FY24.  CAGR of 10% in value terms during the same period.  Transaction Statistics (FY24):  Digital payments (NEFT, UPI, credit, debit cards) recorded 164 billion transactions worth Rs. 2,428 lakh crore.  NEFT had the highest share (49.4%) in total retail payments.  UPI followed with a 25.3% share in retail payments.  UPI Growth:  Transaction Volume:  Increased tenfold from 12.5 billion transactions in 2019-20 to 131 billion in 2023- 24.  Accounts for 80% of all digital payment volumes.  Monthly Transactions:  Nearly 14 billion transactions recorded in June 2024.  424 million unique UPI users in June 2024. For any feedback and query, kindly mail at [email protected]  Average Transaction Value:  Per Capita Increase:  Average value of transactions per capita rose from Rs. 0.4 lakhs in 2005-06 to Rs. 16.8 lakhs in 2023-24.  India Set to Lead Global Labour Supply and Remittances  Labour Supply and Remittances:  India is expected to become the world's leading supplier of labour.  Remittances are projected to rise from USD 115 billion in 2023 to USD 160 billion by 2029.  India accounts for 13.5% of the world's total remittances, making it the highest recipient globally.  Remittances to GDP Ratio:  The ratio has increased from 2.8% in 2000 to 3.2% in 2023.  This ratio is higher than the gross FDI inflows to GDP ratio, which was 1.9% in 2023.  Global Remittances: For any feedback and query, kindly mail at [email protected]  Global remittances reached USD 857.3 billion in 2023.  Leading countries include India (USD 115.3 billion), Mexico (USD 66.2 billion), China (USD 49.5 billion), and the Philippines (USD 39.1 billion).  Informal Finance in Rural India  Exclusion from Formal Credit:  Many lower-income households and informal sector businesses lack access to formal credit due to insufficient information for creditworthiness assessment.  Reliance on Informal Lenders:  31% of the total outstanding loans of rural households come from informal lenders.  This reliance is particularly high among the lowest economic groups.  Loan Usage:  Consumption smoothing, social ceremonies, and medical emergencies account for nearly 30% of total loans availed by rural households in 2018-19 (NSO, 2021).  Cross-Selling and Embedded Finance Models  Embedded Finance Growth: For any feedback and query, kindly mail at [email protected]   India is among the top ten countries in embedded finance revenue.  Expected to expand at a CAGR of 30.4% from 2022-29, reaching USD 21.1 billion in 2029.  Convenience vs. Competition:  Cross-selling and embedded finance enhance customer convenience.  Potential anti-competition concerns due to bundled services.  Digitalization Disadvantages:  "Dark patterns" trick consumers into decisions against their interests.  Extensive use of customer data raises data protection and privacy issues, compromising customer trust. 1.2 RIL Climbs to 86th in Fortune Global 500 List for 2024; Walmart topped the list for 11th consecutive year  Fortune Global 500 List for 2024  Reliance Industries Limited (RIL):  Ranking Improvement:  India’s Reliance Industries Limited (RIL), led by Mukesh Ambani, improved its For any feedback and query, kindly mail at [email protected]  ranking to 86th in 2024 from 88th in 2023.  RIL retained its position as the highest-ranked Indian firm on the list.  Consistent Presence:  This year marks the 21st consecutive year that RIL has been part of the list, the longest streak for any Indian private sector company.  Top Companies on the List:  Walmart Inc.:  The USA-based retail and wholesale company Walmart Inc. topped the list as the largest company by revenue for the 11th consecutive year.  Walmart’s consolidated revenue stood at USD 648.1 billion.  Amazon and State Grid Corporation of China:  USA-based e-commerce giant Amazon.com, Inc. secured the 2nd position, up from the 4th in 2023.  The Chinese state-owned electric utility, State Grid Corporation of China, secured the 3rd position.  About the Fortune Global 500 for 2024: For any feedback and query, kindly mail at [email protected]  Edition Details:  The Fortune Global 500 for 2024 is the 70th edition of the annual ranking published by Fortune, an American global business magazine.  The list ranks the world’s largest companies by revenue and provides an authoritative look across industries worldwide.  Ranking Criteria:  The list ranks the largest 500 corporations based on total revenues for their respective fiscal years ending on or before March 31, 2024.  Other ranking parameters include profits, balance sheet, employees, medians, and credits.  Key Highlights:  Global Economic Impact:  The cumulative revenue generated by the companies on the list reached USD 41 trillion, accounting for more than 33% of the global Gross Domestic Product (GDP).  This represents a marginal year-on-year increase of 0.1%. For any feedback and query, kindly mail at [email protected]  Assets and Employment:  Companies on the list have combined assets worth USD 167.3 trillion and employ 70.5 million people worldwide.  These companies are based in 238 cities across 35 countries or territories.  Historical Context:  The concept of the Fortune 500 was created by Edgar P. Smith, a Fortune editor, and was first published in 1955.  Notable Movements:  Amazon's Advancement:  Amazon secured the 2nd position for the first time, up from 4th in 2023, with an 11.8% increase in total revenue to USD 574.7 billion.  State Grid’s Revenue Increase:  The State Grid Corporation of China saw a marginal 3% increase in total revenue, rising from USD 530 billion in 2023 to approximately USD 546 billion in 2024.  Saudi Aramco’s Ranking Drop:  Saudi Aramco, based in Dhahran, Saudi Arabia, dropped from 2nd position in For any feedback and query, kindly mail at [email protected]  2023 to 4th in 2024, with total revenue of USD 494.8 billion.  Despite the drop, Saudi Aramco remained the most profitable company for the 3rd consecutive year, with total profits of USD 121 billion.  Regional Highlights:  USA’s Dominance:  For the first time since 2018, most of the companies on the list are from the USA (139 companies, up by 3 from last year).  The cumulative revenue generated by American companies reached USD 13.8 trillion, a 6% increase compared to 2023.  Greater China’s Decline:  Greater China (including Taiwan and Hong Kong) had 133 companies on the list, down by 9 compared to last year.  New Entrants in 2024:  Debut Companies:  A total of 13 companies made their debut on the Fortune Global 500 in 2024.  Notable entrants include: For any feedback and query, kindly mail at [email protected]  Nvidia (ranked at 22nd), an AI-focused tech company.  HDFC Bank (ranked at 306th).  Novo Nordisk (ranked at 469th), the manufacturer of the weight-loss drug Ozempic.  Tech Giants and Profitability:  Profit Indicators:  The cumulative profits of tech giants such as Apple (ranked 7th), Alphabet, Microsoft (ranked 26th), and Meta Platforms (ranked 66th) indicate that the median Global 500 company’s profit is USD 3 billion.  Female Leadership:  Decline in Female CEOs:  The number of female CEOs in the 2024 Global 500 decreased from 29 in 2023 to 28 in 2024.  Indian Firms on the List:  Overview:  Nine Indian companies featured in the 2024 rankings, with five from the public For any feedback and query, kindly mail at [email protected]  sector (LIC, SBI, ONGC, IOCL, and BPCL) and four from the private sector (RIL, Tata Motors, HDFC Bank, and Rajesh Exports).  RIL’s Financial Performance:  RIL saw a 2.6% year-on-year increase in revenue, reaching USD 108.8 billion with a profit of USD 8.4 billion at the end of FY24.  RIL’s EBITDA increased by 16% year-on-year to Rs 1,78,677 crore, primarily driven by its O2C, oil and gas, retail, and digital services businesses.  LIC’s Rise:  LIC, India’s largest insurance company, jumped 12 places to 95th position on the 2024 list, with revenue of USD 103.5 billion and profit of USD 4.9 billion.  Public Sector Declines:  IOCL dropped 22 places to 116th position.  ONGC dropped 22 places to 180th position.  BPCL dropped 25 places to 258th position.  SBI’s Significant Gain:  India’s largest public sector bank, SBI, saw a significant ranking increase by 57 For any feedback and query, kindly mail at [email protected]  spots, from 235th in 2023 to 178th in 2024.  HDFC Bank’s Debut:  HDFC Bank made its debut on the Fortune Global 500 list, ranked at 306th with USD 49.3 billion in revenue for FY23.  Tata Motors’ Improvement:  Tata Motors’ ranking improved by 66 places, from 337th in 2023 to 271st in 2024.  Rajesh Exports’ Decline:  Rajesh Exports’ ranking dropped by 120 places, from 353rd in 2023 to 473rd in 2024. 1.3 RBI Issued Master Directions on Treatment of Wilful Defaulters and Large Defaulters  RBI's Master Directions on Wilful Defaulters and Large Defaulters  Issuance and Applicability:  Master Directions Issued:  The Reserve Bank of India (RBI) issued Master Directions on the Treatment of Wilful Defaulters and Large Defaulters. For any feedback and query, kindly mail at [email protected]  Implementation Timeline:  These directions will come into effect 90 days from the date of publication.  Scope:  The directions apply to banks, Non-Banking Financial Companies (NBFCs), All India Financial Institutions (AIFIs) including EXIM Bank and NABARD, Asset Reconstruction Companies (ARCs), and Credit Information Companies (CICs).  Objective:  Framework Establishment:  The aim is to set up a transparent and non-discriminatory framework for classifying borrowers as “wilful defaulters.”  Credit Information Dissemination:  To disseminate credit information about wilful defaulters to caution lenders against extending further finance to them.  Legal Basis:  Legal Powers:  RBI issued these directions under the powers given by Section 45-L of the RBI Act, For any feedback and query, kindly mail at [email protected]  1934, Section 21, Section 35-A and Section 35-A read with Section 56 of the Banking Regulation Act, 1949, and Section 11 of the Credit Information Companies (CICs) (Regulation) Act, 2005.  Definition of Wilful Default:  Criteria for Wilful Default:  A borrower will be considered a "wilful defaulter" if they default in meeting payment or repayment obligations to the lender and exhibit any of the following behaviors:  Capacity to Pay: The borrower has the ability to honor the obligations but chooses not to.  Diversion of Funds: The borrower has diverted the funds obtained under the credit facility from the lender.  Siphoning Off Funds: The borrower has siphoned off the funds availed under the credit facility from the lender.  Disposal of Assets: The borrower has disposed of immovable or movable assets given under the credit facility without the knowledge of the lender. For any feedback and query, kindly mail at [email protected]  Equity Infusion Failure: The borrower intentionally failed to infuse equity despite having the ability to do so.  Definition of Wilful Defaulter and Large Defaulter:  Wilful Defaulter:  Defined as a borrower or guarantor who has committed wilful default, with an outstanding amount of Rs 25 lakh and above, or as may be notified by RBI from time to time.  Large Defaulter:  Defined as a defaulter with an outstanding amount of Rs 1 crore and above, where a suit has been filed or whose account has been classified as doubtful or loss.  Identification and Classification Process:  Identification Committee:  Evidence of wilful default must be examined by an identification committee.  Show-Cause Notice:  If the committee finds that a borrower has wilfully defaulted, it will issue a show- For any feedback and query, kindly mail at [email protected]  cause notice to the borrower, guarantor, promoter, director, or any other person responsible for the entity's management. They are required to respond within 21 days.  Classification Timeline:  Lenders (banks) must complete the process of categorizing a borrower as a wilful defaulter within six months of the account being classified as a Non-Performing Asset (NPA).  Reporting Requirements:  Wilful Defaulters:  Lenders must report cases of wilful defaulters to Credit Information Companies (CICs).  Large Defaulters:  Lenders must report cases of large defaulters to all CICs at monthly intervals, including information on all suit-filed accounts and non-suit-filed accounts classified as doubtful or loss.  Consequences of Classification: For any feedback and query, kindly mail at [email protected]   Publishing Photographs:  Lenders are required to frame a non-discriminatory, board-approved policy clearly stating the criteria for publishing photographs of persons classified and declared as wilful defaulters.  Credit Restrictions:  The directions prohibit lenders from extending additional credit facilities to wilful defaulters or any entity associated with a wilful defaulter for one year after the defaulter's name has been removed from the List of Wilful Defaulters (LWD) by the lender. 1.4 SWFI’s Top 100 Largest Central Bank Rankings by Total Assets 2024: RBI Ranked 12 Globally  India’s Central Bank Ranking in Global Asset Holdings (2024)  Ranking and Total Assets:  Global Rank: The Reserve Bank of India (RBI) is ranked 12th globally in the Sovereign Wealth Fund Institute’s (SWFI) Top 100 Largest Central Bank Rankings by Total Assets in 2024. For any feedback and query, kindly mail at [email protected]  Total Assets: The RBI holds total assets worth USD 839 billion.  Growth: The RBI's balance sheet grew by 11.08% year-on-year (Y-o-Y) to Rs 70.47 trillion as of March 2024.  Top Global Central Banks:  Federal Reserve System (FRS):  Rank: 1st  Country: United States of America (USA)  Total Assets: USD 7.84 trillion  People’s Bank of China (PBC):  Rank: 2nd  Country: China  Total Assets: USD 6 trillion  Bank of Japan (BOJ):  Rank: 3rd  Country: Japan  Total Assets: USD 5.54 trillion For any feedback and query, kindly mail at [email protected]  Note on Central Banks:  Role and Influence: The central banks listed are responsible for managing the world’s most significant and largest economies. Their substantial asset bases underscore their critical role in the global financial system.  Key Indicators of Wealth:  Asset Holdings: Central banks hold significant assets, including gold, foreign currencies, and government bonds, which are key indicators of a country’s economic health.  Wealth Measurement: The wealth of a central bank is often measured by its assets, reflecting the overall health of the country’s economy.  Balance Sheet Importance: The balance sheet of a central bank is a crucial indicator of its total wealth, primarily assessed through its assets.  Asset Composition:  Foreign Exchange Reserves: Central banks’ assets are often measured by their foreign exchange reserves, including:  Monetary Gold For any feedback and query, kindly mail at [email protected]  Foreign Exchange Funds  Special Drawing Rights (SDRs)  Reserve Positions in the International Monetary Fund (IMF)  Global Distribution of Central Bank Wealth:  European Central Banks:  Dominance: European central banks dominate the top 10 positions, holding a combined total of USD 11.09 trillion.  African Central Banks:  Challenges: African central banks face challenges like inflation and weak monetary policies, which affect their rankings.  IMF Recommendations: The International Monetary Fund (IMF) suggests that African central banks can address reduced growth and higher inflation by:  Conducting foreign exchange interventions.  Restricting capital flows.  Addressing structural problems.  Role of Central Banks in the Global Economy: For any feedback and query, kindly mail at [email protected]  Money Supply Management: Central banks manage a country’s money supply and interest rates, playing a critical role in the global economy.  Regulation and Supervision: They regulate and supervise other financial institutions within their jurisdiction to ensure financial stability.  Economic Growth: Central banks work to promote sustained economic growth, ensuring overall financial stability in the country.  Top 12 Central Banks by Total Assets (2024):  1. Federal Reserve System (FRS) - USD 7.84 trillion - USA  2. People’s Bank of China (PBC) - USD 6 trillion - China  3. Bank of Japan (BOJ) - USD 5.54 trillion - Japan  4. Deutsche Bundesbank (DBB) - USD 2.77 trillion - Germany  5. Bank of France - USD 2.01 trillion - France  6. Norges Bank - USD 1.63 trillion - Norway  7. Bank of Italy (BOI) - USD 1.38 trillion - Italy  8. Bank of England (BoE) - USD 1.28 trillion - United Kingdom (UK)  9. Bank of Spain (BOS) - USD 1.04 trillion - Spain For any feedback and query, kindly mail at [email protected]   10. Swiss National Bank (SNB) - USD 944 billion - Switzerland  12. Reserve Bank of India (RBI) - USD 839 billion - India 1.5 RBI Extended MISS for Agriculture Loans through KCC for FY25  RBI's Extension of Modified Interest Subvention Scheme (MISS) for FY25  Scheme Extension Announcement:  Extension: The Reserve Bank of India (RBI) 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).  Approval: This extension follows the approval from the Government of India (GoI) for continuing the interest subvention scheme for short-term loans of up to Rs 3 lakh.  Key Features of MISS:  Interest Subvention for Short-Term Loans:  Concessional Rate: Farmers can access short-term crop loans for allied activities (including animal husbandry, dairy, fisheries, and beekeeping) at a concessional For any feedback and query, kindly mail at [email protected]  interest rate of 7% per annum.  Subvention to Lending Institutions: RBI will provide an interest subvention of 1.50% to lending institutions, including Public Sector Banks (PSBs), Private Sector Banks (for loans from rural and semi-urban branches), Small Finance Banks (SFBs), and computerized Primary Agriculture Cooperative Societies (PACS) linked with Scheduled Commercial Banks (SCBs).  Incentives for Timely Repayment:  Additional Subvention: Farmers who repay their loans on time will receive an additional interest subvention of 3% per annum, effectively reducing the interest rate to 4% per annum for prompt repayments made within 1 year.  Loan Limit:  Overall Limit: The interest subvention and prompt repayment incentive apply to loans up to Rs 3 lakh per annum.  Sub-Limit for Allied Activities: A maximum sub-limit of Rs 2 lakh within the overall cap of Rs 3 lakh is prescribed for farmers exclusively engaged in allied activities.  Discouraging Distress Sales: For any feedback and query, kindly mail at [email protected]  Post-Harvest Support: Small and marginal farmers who store their produce in warehouses accredited with the Warehousing Development Regulatory Authority (WDRA) can avail themselves of interest subvention for an additional period of up to 6 months post-harvest against negotiable warehouse receipts. This aims to discourage distress sales.  Relief for Natural Calamities:  First Year Subvention: In cases of natural calamities, the applicable interest subvention will be available for the 1st year on restructured loan amounts, with normal interest rates applying from the 2nd year.  Extended Relief: For severe natural calamities, the interest subvention can be extended up to 3 years, with a maximum period of 5 years. A prompt repayment incentive of 3% will also be provided.  Decision Authority: The grant of benefits in severe calamity cases will be decided by a High-Level Committee (HLC) based on recommendations from the Inter- Ministerial Central Team (IMCT) and the Sub Committee of the National Executive Committee (SC-NEC). For any feedback and query, kindly mail at [email protected]   Compulsory Aadhaar Linkage:  Requirement: Aadhaar linkage will remain mandatory for availing benefits of short-term loans in FY25, ensuring hassle-free access to benefits under the MISS.  Implementation and Reporting:  Data Reporting: RBI has directed banks to capture and report detailed data on individual farmer beneficiaries under MISS through the Kisan Rin Portal (KRP) to facilitate the settlement of audited claims for FY25.  PACS Claims: Computerized PACS claims linked with SCBs must be uploaded separately by the respective banks to ensure that claims for interest subventions and prompt repayment are for loans without National Bank for Agriculture and Rural Development (NABARD) refinance.  Deadline for Claims: Banks must take necessary actions to upload claims, certified by their statutory auditors, on the KRP module for FY25 by June 30, 2025. 1.6 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  Reserve Bank of India (RBI) Monetary Policy Committee (MPC) Meeting - August For any feedback and query, kindly mail at [email protected]  2024  GDP Growth Projection:  Real GDP Growth Forecast:  India’s real GDP is projected to grow at 7.2% for FY25.  Quarterly Breakdown:  Q1 FY25: 7.1%  Q2 FY25: 7.2%  Q3 FY25: 7.3%  Q4 FY25: 7.2%  Q1 FY26: 7.2%  Monetary Policy Rates:  Repo Rate: Maintained at 6.50%, unchanged for the 9th consecutive time.  The repo rate is the rate at which the RBI lends money to commercial banks to manage shortfalls.  Other Policy Rates:  Fixed Reverse Repo Rate: 3.35% For any feedback and query, kindly mail at [email protected]  Standing Deposit Facility (SDF) Rate: 6.25%  Marginal Standing Facility (MSF) Rate: 6.75%  Bank Rate: 6.75%  Cash Reserve Ratio (CRR): 4.50%  Statutory Liquidity Ratio (SLR): 18%  Inflation Projections:  Consumer Price Index (CPI) Inflation Forecast:  CPI inflation is projected at 4.5% for FY25.  Quarterly Breakdown:  Q2 FY25: 4.4%  Q3 FY25: 4.7%  Q4 FY25: 4.3%  Q1 FY26: 4.4%  Inflation Target:  Target for CPI inflation is 4% with a tolerance band of +/- 2%.  Current Inflation Trends: For any feedback and query, kindly mail at [email protected]  Headline Inflation:  Increased to 5.1% in June 2024, up from 4.8% in April-May 2024.  The rise is attributed to higher prices of vegetables, pulses, edible oils, cereals, milk, fruits, and prepared meals.  Fuel prices remained low due to significant cuts in Liquefied Petroleum Gas (LPG) prices in August 2023 and March 2024.  Core Inflation:  Core CPI (excluding food and fuel) decreased to 1% in May-June 2024.  Core services inflation is also at its lowest in the series.  Upcoming MPC Meeting:  Next Meeting Dates: Scheduled from October 7 to 9, 2024.  Unified Payments Interface (UPI) Updates  Tax Payment Limit Increase:  New Limit: RBI has proposed increasing the UPI limit for tax payments from Rs 1 lakh to Rs 5 lakh.  Purpose: To facilitate quicker tax payments for higher liabilities. For any feedback and query, kindly mail at [email protected]  UPI Transaction Limits:  General UPI Transactions:  Transaction limit is up to Rs 1 lakh per transaction.  Specific UPI Categories:  Capital Markets, Collections, Insurance, Foreign Inward Remittances: Up to Rs 2 lakh per transaction.  Initial Public Offering (IPO) and Retail Direct Scheme: Up to Rs 5 lakh per transaction.  Shared Bank Accounts for UPI Payments:  New Feature: Delegated Payments  The RBI is introducing a “Delegated Payments” feature in UPI.  Primary User: An individual who owns the bank account.  Secondary User: Another individual who can make UPI transactions using the primary user’s account.  Functionality: Allows the primary user to set a UPI transaction limit for the secondary user. For any feedback and query, kindly mail at [email protected]  Benefits:  Improves digital payment access for users without their own bank accounts.  Facilitates digital payments in regions where bank accounts are shared among family members.  Measures Against Unauthorized Digital Lending Apps:  Public Repository for Digital Lending Apps (DLAs):  The RBI proposes creating a public repository to address unauthorized digital lending practices.  Objective: Enhance consumer protection and address illegal lending concerns.  Management:  Operated by RBI-regulated entities.  Responsible for updating and managing information about digital lending apps.  Includes adding compliant apps and removing those not meeting regulatory standards or operating unlawfully.  Forex Reserves Update:  Record High Forex Reserves: For any feedback and query, kindly mail at [email protected]  India’s forex reserves reached a historic high of USD 675 billion as of August 2, 2024.  Previous Record: USD 670.857 billion on July 19, 2024.  Foreign Portfolio Investment (FPI) Activity:  FPIs became net buyers from June 2024, with net inflows of USD 9.7 billion until August 6, 2024.  Previous Outflows: USD 4.2 billion in April and May 2024.  Continuous Clearing of Cheques Proposal:  Current System: Cheque Truncation System (CTS) processes cheques with a clearing cycle of up to two working days.  Proposed Change:  Continuous Clearing: Cheques to be scanned, presented, and cleared within a few hours during business hours.  Improvement: Reduces clearing cycle from T+1 days to a few hours, enhancing efficiency and reducing settlement risk.  Shortened Reporting Frequency to Credit Information Companies (CIC): For any feedback and query, kindly mail at [email protected]  New Reporting Schedule:  RBI has decreased the reporting frequency of borrower credit information to CICs from 30 days to 15 days.  Effective Date: January 1, 2025.  Purpose: Provides a more current picture of a borrower’s credit status.  Monetary Policy Committee (MPC):  RBI’s Role:  The RBI is responsible for conducting monetary policy in India under the RBI Act, 1934 (amended in 2016).  Objective: Maintain price stability and promote growth.  MPC Composition:  Section 45ZB of RBI Act: Provides for a six-member MPC to set policy rates.  Inaugural MPC: Constituted on September 29, 2016.  Chairman: The RBI governor. For any feedback and query, kindly mail at [email protected]  2 Other Regulators News 2.1 SEBI Launched India’s 1st Web Portal for Passive Funds at NSE; Unveiled Report on Capital Markets  Launch of India's First Website for Passive Funds  Launch Event:  Madhabi Puri Buch, Chairman of SEBI, launched India's first website for passive funds at the National Stock Exchange (NSE).  The website aims to provide a comprehensive platform for retail investors to access and understand the Indian passive industry.  Report Unveiling:  Alongside the website, a report titled “Indian Capital Markets: Transformative Shifts Achieved Through Technology and Reforms” was unveiled.  This report, developed by NSE Data Analytics, highlights major technological advancements and regulatory reforms impacting Indian capital markets.  About the Website For any feedback and query, kindly mail at [email protected]  Data and Insights:  The website offers insights on aggregate industry data, fund-wise data, and various parameters such as underlying index, Assets Under Management (AUM), tracking error, trading volume, and Total Expense Ratio (TER).  Investors can use screeners to select funds based on these parameters, allowing for effective review and evaluation of the passive fund industry.  Information Provided:  It provides comprehensive information on passive funds, including Exchange Traded Funds (ETFs) and index funds.  Nifty Indices Benchmark:  As of March 31, 2024, Nifty indices served as the benchmark for 145 ETFs listed in India and 16 ETFs listed abroad.  AUM Statistics:  As of June 2024, the cumulative AUM of passive funds is Rs 10.22 lakh crore, with Rs 7.79 lakh crore in ETFs and Rs 2.43 lakh crore in index funds.  Key Points and Historical Context For any feedback and query, kindly mail at [email protected]  Historical Growth:  The first passive fund in India was launched in 1999, but significant growth began in August 2015.  There are currently around 430 passive mutual funds.  As of March 2024, ETF folios numbered 1.88 crore, and index fund folios numbered 75.76 lakh.  Key Findings of the Report – Indian Capital Markets  Reforms Highlighted:  The report identifies five significant reforms:  T+1 settlement cycle  Application Supported by Blocked Amount (ASBA) for secondary trading  Collateral segregation  Two-way portability among Clearing Corporations via SaaS  Establishment of the Investor Risk Reduction Access (IRRA) platform  These reforms aim to enhance market efficiency, investor protection, and system resilience. For any feedback and query, kindly mail at [email protected]   Retail Investor Survey:  The report includes findings from a survey of retail investors across 12 cities in India.  It analyzes the benefits to investors from recent reforms, estimating annual investor benefits of nearly Rs 3,900 crores with full adoption of measures like IPO listings and the ASBA system.  Equity Mutual Funds Growth:  The AUM share of equity mutual fund schemes has increased from about 27% in March 2013 to 62% in March 2024.  The share of ETFs and Fund of Funds (FoF) has also risen from about 2% to 13% over the same period.  Growth in Passive Mutual Funds:  Predominantly held by institutional investors, the share of passive mutual fund schemes in AUM grew from 7% in March 2020 to 17% in March 2024. 2.2 SEBI Directs MFs to Value AT-1 Bonds Based on Yield-to-Call  SEBI's Directive on Valuation of Additional Tier-1 (AT-1) Bonds by Mutual Funds For any feedback and query, kindly mail at [email protected]  SEBI's New Valuation Directive:  New Valuation Basis:  The Securities and Exchange Board of India (SEBI) has directed Mutual Funds (MFs) to value their investments in Additional Tier-1 (AT-1) bonds issued by banks on a Yield-to-Call (YTC) basis.  Authority:  This directive was issued under SEBI's powers conferred by Section 11(1) of the SEBI Act, 1992, along with Regulations 25(19) and 47 read with Regulation 77 of SEBI (Mutual Funds) Regulations, 1996.  Objective:  The directive aims to protect investor interests in securities and to ensure the development and regulation of the securities market.  Background and Rationale:  NFRA’s Recommendation:  The directive follows the submission of a report by the National Financial Reporting Authority (NFRA) to the Department of Economic Affairs (DEA), For any feedback and query, kindly mail at [email protected]  Ministry of Finance (MoF).  Report Insights:  The report, titled 'Report on Valuation Methodology of AT-1 Bonds,' recommended that AT-1 bonds should be valued based on YTC to align with market practices and the principles of Indian Accounting Standard (Ind AS) 113.  Scope of Application:  This YTC-based valuation applies exclusively to the valuation of AT-1 bonds.  Maturity Guidelines:  For all other purposes, including maturity, perpetual bonds will still follow the guidelines outlined in the Master Circular (MC).  Despite the shift to YTC for valuation, AT-1 bonds will still be treated as having a 100-year maturity.  Implications for Mutual Funds:  Valuation Challenges:  Mutual Funds have faced challenges in valuing 100-year bonds, particularly when estimating valuations on days when these securities are not actively traded. For any feedback and query, kindly mail at [email protected]  NAV Impact:  The new valuation method could impact the Net Asset Value (NAV) of mutual funds holding these securities.  Historical Valuation:  Previously, AT-1 bonds were valued based on call options, typically ranging from 5 to 10 years.  100-Year Valuation Implementation:  The 100-year maturity valuation method for AT-1 bonds became effective on April 1, 2023.  Key Terminology:  AT-1 Bonds:  These are perpetual debt instruments issued by banks to raise capital, with no maturity date, meaning the bank does not return the principal to investors but continues to make periodic interest payments.  Yield-to-Call (YTC):  YTC refers to the expected return that a bondholder or investor will receive if the For any feedback and query, kindly mail at [email protected]  bond is held until its call date, which occurs before the bond reaches full maturity. 2.3 SEBI Amended Mutual Fund Rules to Curb Front-Running, Insider Trading  SEBI's Amendment of Mutual Fund Norms  Regulatory Amendment:  SEBI's Action:  The Securities and Exchange Board of India (SEBI) has amended mutual fund norms through a circular.  Legal Authority:  The amendments were issued under Section 11 (1) of the SEBI Act, 1992, along with Regulation 25(27) and Regulation 77 of SEBI (Mutual Funds) Regulations, 1996.  New Requirements for Asset Management Companies (AMCs):  Institutional Mechanism:  AMCs are now required to adopt an institutional mechanism to identify and prevent front-running and insider trading in securities.  Implementation Standards: For any feedback and query, kindly mail at [email protected]  SEBI has directed the Association of Mutual Funds in India (AMFI) to prescribe detailed implementation standards within 15 days of the circular's issuance.  Mandatory Compliance:  It is mandatory for all AMCs to follow the detailed implementation standards issued by AMFI.  Accountability and Responsibility:  Management Accountability:  The Chief Executive Officer (CEO) and Managing Director (MD) of the respective AMCs will be responsible for ensuring the effectiveness of the institutional mechanism to prevent market abuse.  Alert-Based Mechanism:  Automatic Alerts:  AMCs must develop and implement systems that automatically generate and process alerts in a timely manner.  Alert Processing:  AMCs must record and process a list of alerts, including chats, emails, access logs, For any feedback and query, kindly mail at [email protected]  and CCTV footage (if available).  Reporting:  All examined alerts and the actions taken must be compiled into a Compliance Test Report (CTR) and the Half-Yearly Trustee Report (HYTR) and submitted to SEBI.  Standard Operating Procedures (SOPs):  Policy Development:  AMCs are required to create and adopt written policies and procedures for investigating and acting on fraudulent transactions in securities by employees and connected entities.  Board Approval:  These policies must be approved by the board of the AMCs.  Action on Suspicious Alerts:  Suspension/Termination:  Upon receiving an alert of potential market abuse, AMCs must suspend or terminate the individuals or entities involved in market manipulation. For any feedback and query, kindly mail at [email protected]  Board and Trustee Notification:  Instances of market abuse must be reported to the AMC's board of directors and trustees.  Whistle Blower Policy:  Mandated Documentation:  AMCs are required to document or establish a whistleblower policy.  Investor Protection:  The introduction of this policy adds an extra layer of protection for investors.  Periodic Review:  Regular Updates:  AMCs must ensure that the procedures and systems in place are reviewed and updated regularly.  Data Sharing with AMCs:  Collaboration with Stock Exchanges:  Stock exchanges and depositories must develop systems, in consultation with AMFI, to facilitate data sharing with AMCs. For any feedback and query, kindly mail at [email protected]  Recent Related News:  SEBI's Initiative:  On June 3, 2024, SEBI launched "Saa₹thi 2.0," a mobile application focused on personal finance for investors. The app features a user-friendly interface and comprehensive tools designed to simplify complex financial concepts. For any feedback and query, kindly mail at [email protected]  3 Reports 3.1 RBL Launched RuPay Credit with UPI and NCMC Features  RBL Bank's New RuPay Credit Card Launch  New Product Launch:  RBL Bank, formerly known as Ratnakar Bank Limited, has introduced a new RuPay Credit card that integrates Unified Payments Interface (UPI) and National Common Mobility Card (NCMC) features.  First Private Sector Bank:  With this launch, RBL Bank becomes the first private sector bank to offer a credit card with these comprehensive payment capabilities in a single card.  Benefits of Integration:  The integration allows credit cardholders to make instant and secure payments through UPI.  It also enables hassle-free travel with the NCMC features.  Significance For any feedback and query, kindly mail at [email protected]  Benchmark for Digital Payments:  Combining UPI and NCMC features with the RuPay card sets a new benchmark in the digital payments industry, offering users flexibility and ease for both daily expenses and travel.  Wide Usability:  The extensive acceptance of the RuPay card network enhances the utility of these cards, ensuring broad usability across various platforms and services throughout India.  About UPI  Introduction:  Unified Payments Interface (UPI) is an instant real-time payment system launched by the National Payments Corporation of India (NPCI) in 2016 for inter-bank transactions via mobile phones.  Transaction Volume Growth:  According to the Worldline India Digital Payments Report H2 2023, UPI transaction volumes in the second half of 2023 increased by 56% to 65.77 billion For any feedback and query, kindly mail at [email protected]  from 42.09 billion in H2 2022.  About NCMC  Launch and Purpose:  Prime Minister Narendra Modi launched the first indigenously developed National Common Mobility Card (NCMC) on March 4, 2019, in Ahmedabad, Gujarat.  Card Features:  NCMC is an interoperable transport card developed by the Ministry of Housing and Urban Affairs (MoHUA) and enabled through the RuPay card mechanism. 3.2 SWIFT Partners with Axis Bank to Launch AI Pilot to Tackle Payment Fraud SWIFT and Axis Bank AI-Driven Pilot: Partnership Launch: SWIFT has partnered with Axis Bank, a leading Indian private sector bank, to launch an AI-driven pilot aimed at preventing fraud in cross-border payments.  Objective of the AI Pilot:  The pilot aims to create a secure infrastructure for financial institutions to For any feedback and query, kindly mail at [email protected]  exchange important information while preserving privacy.  About the AI Pilot  Global Participation:  The initiative involves major global banks including:  Bank of New York Mellon Corporation (BNY Mellon) from the USA  Deutsche Bank AG from Germany  De Nederlandsche Bank (DNB) from Norway  HSBC Holdings plc from the UK  Intesa Sanpaolo from Italy  Standard Bank from South Africa  These banks will utilize secure data collaboration and federated learning technologies.  Fraud Detection Mechanism:  AI algorithms will analyze historical transaction data to detect anomalies indicative of fraud.  The pilot will use both real-time and data-driven approaches to refine the model For any feedback and query, kindly mail at [email protected]  for broader application across the SWIFT network.  Enhanced Monitoring and Reporting:  The pilot will improve monitoring and reporting of fraud, allowing financial institutions to track transactions in real-time and generate detailed reports.  Context on Banking Fraud:  According to Reserve Bank of India (RBI) data, there were 36,075 fraud cases in the banking sector in FY24.  Fraud cases have increased approximately 300% over the last two years.  Additional SWIFT AI Experiments  Announcement Details:  On May 30, 2024, SWIFT announced two AI-based experiments with its member banks to explore AI technology for preventing cross-border payment fraud.  First Pilot:  Aims to enhance SWIFT’s existing Payment Controls service to detect anomalies that could indicate fraud.  Second Pilot: For any feedback and query, kindly mail at [email protected]   Involves 10 leading financial institutions using AI to analyze anonymously-shared data from various sources to strengthen the international financial system. 3.3 Paytm Launches India’s First NFC Card Soundbox  Paytm’s NFC Card Sound Box Launch:  Company and Product Launch:  One97 Communications Limited (OCL), Paytm's parent company based in Noida, Uttar Pradesh, has launched India's first Near Field Communication (NFC) Card Sound Box.  Product Overview:  The NFC Card Sound Box is a two-in-one mobile Quick Response (QR) payment device.  It combines NFC card payment technology with mobile QR payments.  Key Features:  Cost-Effective Solution:  Designed for offline merchants, it allows customers to make payments by tapping a debit or credit card or scanning a QR code. For any feedback and query, kindly mail at [email protected]  Instant Audio Confirmation:  Provides immediate audio feedback upon transaction completion.  Display Screen:  Features a screen to show transaction amounts.  Long Battery Life:  Battery can last up to 10 days on a single charge.  Merchant Benefits:  Merchants can accept NFC-based debit and credit cards.  Also supports mobile payments from any UPI app with a single device.  Designed to meet the needs of offline merchants across India.  Multilingual Support:  Notifications available in 11 languages:  English  Hindi  Gujarati  Bangla For any feedback and query, kindly mail at [email protected]  Odia  Marathi  Punjabi  Telugu  Malayalam  Tamil  Kannada  Technology Note:  NFC Technology:  NFC (Near Field Communication) allows wireless data transfer between devices that are very close to each other, typically within a few centimeters. For any feedback and query, kindly mail at [email protected]  4. International Organization Current Affairs 4.1 G20 Agrees on Brazil’s Billionaire Tax Proposal to Tackle Taxation of Ultra-Rich  G20 Rio de Janeiro Ministerial Declaration on International Tax Cooperation  Key Points:  First-Ever Joint Ministerial Declaration:  Issued by G20 finance ministers and central bankers.  Focuses on effective taxation of “ultra-high-net-worth individuals.”  Adoption Details:  Event: 3rd G20 Finance Ministers and Central Bank Governors Meeting.  Location: Rio de Janeiro, Brazil.  Declaration Emphasis:  Cooperative engagement.  Respecting tax sovereignty.  Brazil's Proposal:  Proposed Tax: For any feedback and query, kindly mail at [email protected]  A 2% minimum tax on the world’s richest billionaires.  Made a top priority for the upcoming G20 summit (November 18-19, 2024) in Rio de Janeiro, Brazil.  Support and Opposition:  Supporting Countries:  France  Spain  Colombia  African Union  South Africa  Opposing Countries:  Germany  United States of America (USA)  Context and Implications:  Cooperative Tax Engagement: Aims to promote fair and effective international tax practices. For any feedback and query, kindly mail at [email protected]   Tax Sovereignty: Ensures respect for each country's right to determine its own tax policies.  Upcoming G20 Summit: The proposal will be a significant agenda item, reflecting its importance in international tax policy discussions. 4.2 India-UK Launched Technology Security Initiative (TSI)  Launch of Technology Security Initiative (TSI) between India and the UK:  Initiative Launch:  India and the UK have launched the Technology Security Initiative (TSI) to boost economic growth and strengthen bilateral collaboration.  The initiative was spearheaded by the National Security Advisors (NSAs) of both countries.  Basis of TSI:  The TSI is based on the ambitious cooperation agenda set out in the India-UK Roadmap 2030.  About TSI  Expansion of Collaboration: For any feedback and query, kindly mail at [email protected]  The TSI aims to expand collaboration in Critical and Emerging Technologies (CET) across priority sectors such as:  Telecom  Critical minerals  Semiconductors  Artificial Intelligence (AI)  Quantum technologies  Biotechnology  Advanced materials  Fostering Collaborations:  The initiative will foster collaborations between government, private sector, academia, and Research and Development (R&D) institutions.  Fact Sheet Launch:  A Fact Sheet focusing on specific technologies and areas of cooperation was also launched.  The Fact Sheet provides accurate guidance to stakeholders, particularly industry For any feedback and query, kindly mail at [email protected]  and academia, and assists in future collaboration.  Key Points  Bilateral Mechanism:  Both countries agreed to set up a bilateral mechanism led by the Ministry of External Affairs (MEA), Government of India (GoI), and the UK Government.  This mechanism will promote critical and emerging technology trade and collaboration, including resolving relevant licensing and regulatory issues.  Additional Discussions:  Discussions included bilateral cooperation in the field of climate and the green economy.  The Migration and Mobility partnership between the two countries was also discussed to strengthen people-to-people ties.  India-UK Free Trade Agreement (FTA):  Both countries appreciated the significant progress made in the India-UK FTA negotiations.  They expressed hope for the early conclusion of a mutually beneficial FTA. For any feedback and query, kindly mail at [email protected]   About India-UK Free Trade Agreement  FTA Talks:  Talks for the Free Trade Agreement between India and the UK initially started in January 2022 under then-UK Prime Minister Boris Johnson.  The FTA aims to double trade between India and the UK from the 2022 level of USD 50 billion by 2030.  So far, 13 rounds of negotiations have been held between India and the UK related to the FTA. 4.3 Ministry of Ayush & WHO signed USD 85 milliion Donor Agreement for GTMC in Gujarat  Ministry of Ayush and WHO Donor Agreement:  Agreement Signing:  The Ministry of Ayush, Government of India (GoI), and the World Health Organization (WHO) signed a donor agreement during an event in Geneva, Switzerland.  About the Donor Agreement For any feedback and query, kindly mail at [email protected]  Investment Commitment:  This agreement is part of a USD 250 million investment from India to support the establishment of the WHO Global Traditional Medicine Centre (GTMC) in 2022.  Financial Support:  India will donate USD 85 million over a period of 10 years (2022-2032) to support the operations of the WHO GTMC at Jamnagar, Gujarat.  Establishment Recognition:  The agreement recognizes the establishment of the WHO GTMC as a key knowledge hub for evidence-based Traditional Complementary and Integrative Medicine (TCIM), aiming to improve human and environmental health and well- being.  About WHO GTMC  Official Establishment:  The GTMC was officially established on March 25, 2022, with the signing of a Host Country Agreement, making it the first and only global out-posted centre for traditional medicine. For any feedback and query, kindly mail at [email protected]  Operational Status:  The WHO-GTMC’s interim office is already operational, focusing on implementing capacity-building and training programs relevant to its objectives.  Training Programs:  These programs include campus-based, residential, and web-based training in collaboration with the WHO Academy and other strategic partners.  Key Points of Collaboration  Benchmark Documents:  The Ministry of Ayush and WHO have collaborated on creating benchmark documents for training and practice in the Ayurvedic, Unani, and Siddha systems.  Terminology Establishment:  They have established WHO terminology for these traditional medicine practices.  ICD-11 Integration:  The collaboration introduced a second module to the International Classification of Diseases (ICD)-11’s Traditional Medicine Chapter.  Technology and Apps: For any feedback and query, kindly mail at [email protected]   Developed apps such as M-Yoga in collaboration with WHO.  Pharmacopoeia Support:  Supported the International Pharmacopoeia of Herbal Medicine (IPHM). 4.4 India needs 75 yrs to Reach Quarter of US per capita GDP: WDR 2024  World Development Report 2024: The Middle-Income Trap  Overview of the Report:  Title: The World Bank released the report titled ‘World Development Report 2024: The Middle-Income Trap.’  Focus: The report highlights the challenges faced by middle-income countries in achieving high-income status.  Key Insights:  Income Per Capita Projections:  India: It would take nearly 75 years to reach one-quarter of the United States' income per capita.  China: Expected to take more than 10 years to achieve the same milestone.  Indonesia: Estimated to take nearly 70 years to reach one-quarter of the U.S. For any feedback and query, kindly mail at [email protected]  income per capita.  Middle-Income Trap:  Definition:  The report identifies a "middle-income trap" as a situation where countries struggle to transition from middle-income to high-income status.  Trap Threshold:  Countries typically hit this trap at about 10% of the USA’s GDP per person, approximately USD 8,000 today.  Current Global Context:  Middle-Income Countries:  Total: 108 middle-income countries with annual GDP per capita between USD 1,136 and USD 13,845.  Economic Output: These countries account for 40% of the world’s total economic output.  Carbon Emissions: Responsible for nearly two-thirds of global carbon emissions.  Population: Home to 6 billion people, which is 75% of the global population. For any feedback and query, kindly mail at [email protected]  Poverty Statistics:  Extreme Poverty: Two out of every three people living in extreme poverty are in middle-income countries.  Transition to High-Income Status:  Successful Transitions: Only 34 middle-income economies have transitioned to high-income status since 1990.  Key Factors: Many successful transitions are attributed to being EU beneficiaries or discovering oil.  Challenges in Middle-Income Countries:  Firm Growth:  In countries like India, Mexico, and Peru, firms typically double in size over 40 years, whereas in the USA, they grow seven-fold in the same period.  Small Firm Dominance:  India, Peru, Mexico: Around 90% of firms have fewer than five employees, with only a small fraction having 10 or more employees.  Proposed Strategies for Escaping the Trap: For any feedback and query, kindly mail at [email protected]  Three-Phased Strategy (3i Strategy):  Investment Phase (1i):  Target: Low-Income Countries (LICs).  Focus: Increase investment in various sectors.  Infusion Phase (2i):  Target: Lower-Middle-Income Countries (LMICs).  Focus: Adopt and spread new technologies from abroad across the economy.  Innovation Phase (3i):  Target: Upper-Middle-Income Countries (UMICs).  Focus: No longer merely borrow ideas from global technology frontiers but push the frontier themselves.  Examples of Successful Implementation:  South Korea:  Historical Data: In 1960, South Korea's Per Capita Income (PCI) was just USD 1,200.  Present Data: By the end of 2023, this number climbed to USD 33,000. For any feedback and query, kindly mail at [email protected]   Other Examples:  Poland and Chile: Both countries are also implementing the 3i strategy successfully.  Summary:  The World Development Report 2024 provides a comprehensive analysis of the challenges faced by middle-income countries and outlines a strategic roadmap for these countries to escape the middle-income trap and achieve high-income status. 4.5 India Retained 8th Position in Global Agriculture Exports: WTO World Trade Statistical Review 2023: Agricultural Export Rankings India’s Position: Rank: India is the world’s 8th largest exporter of agricultural products in 2023. Export Value: India’s agricultural exports declined from USD 55 billion in 2022 to USD 51 billion in 2023.  Top Exporters:  European Union (EU): 1st position with exports valued at USD 836 billion. For any feedback and query, kindly mail at [email protected]  United States of America (USA): 2nd position with exports valued at USD 198 billion.  Brazil: 3rd position with exports valued at USD 157 billion.  About the World Trade Statistical Review 2023:  Interactive Tool: The report is a new digital platform presenting key data and trends for international merchandise and commercial services trade in 2023.  Features:  Allows users to view the latest trade trends in both value and volume.  Users can filter data by economy, region, grouping, product group, and services sector.  Reasons for Decline in India’s Exports:  Geopolitical Factors:  Issues such as the Red Sea crisis and the Russian-Ukraine war have impacted regulated commodities like rice, wheat, sugar, and onions.  Export Bans:  Government of India imposed bans on wheat exports in May 2022, non-basmati For any feedback and query, kindly mail at [email protected]  rice in July 2023, and sugar in October 2023, contributing to the decline.  Key Findings:  Top 10 Exporters of Agricultural Products:  China: USD 95 billion  Canada: USD 88 billion  Indonesia: USD 59 billion  Thailand: USD 53 billion  India: USD 51 billion  Mexico: USD 50 billion  Australia: USD 50 billion  Share: The top 10 exporters represented 71.9% of global agricultural exports in 2023.  Export Changes:  Brazil, EU, and Thailand: The only economies among the top 10 that saw increases in their exports by 6%, 5%, and 0.2%, respectively, in 2023.  Other Economies: The remaining 7 economies experienced a decrease in their For any feedback and query, kindly mail at [email protected]  agricultural exports.  Regional Highlights:  EU: Global exports increased to USD 836 billion in 2023, up from USD 799 billion in 2022.  USA: Retained 2nd position despite a decrease in exports from USD 222 billion in 2022 to USD 198 billion in 2023.  Brazil: Exports increased from USD 148 billion in 2022 to USD 157 billion in 2023. 4.6 Part 1: Overview of the Paris 2024 Summer Olympics Overview of the Paris 2024 Summer Olympics (Part 1) Event Details: The 2024 Summer Olympics, officially known as the Games of the XXXIII Olympiad, are held in Paris, France from July 26 to August 11, 2024.  The opening ceremony took place on the Seine River in Paris on July 26, 2024, marking the first time in modern Olympic history that an opening ceremony was held outside a stadium.  Key Aspects of Paris 2024: For any feedback and query, kindly mail at [email protected]  Motto: “Games Wide Open” (French: Ouvrons grand les Jeux).  Official Musical Theme: “Parade” composed by French composer Victor le Masne.  Mascot: The Phryges, representing freedom and historical figures of the French Republic, featuring blue, white, and red colors with the Paris 2024 logo.  Participants and Events:  Approximately 10,500 athletes from 203 National Olympic Committees are competing across 32 sports and 329 events.  New Olympic Sports: Breakdancing (Breaking) makes its debut; Surfing, skateboarding, sport climbing, and 3×3 basketball return after debuting in Tokyo 2020.  Exclusions: Russia and Belarus are banned due to their involvement in the Ukraine war, although some individual athletes from these countries can compete as “Individual Neutral Athletes” (AINs).  India at the 2024 Olympics:  Representation: India has around 117 athletes (70 men and 47 women) participating in 16 sports across 69 medal events. For any feedback and query, kindly mail at [email protected]  Oldest Athlete: Rohan Bopanna, a 44-year-old tennis player, is the oldest Indian athlete in the 2024 Olympics, 17 years younger than the oldest athlete overall.  Indian Medal Winners (as of August 7, 2024):  Manu Bhaker:  Bronze in Women’s 10m Air Pistol, becoming the first Indian woman to win a medal in shooting.  Bronze in Mixed 10m Air Pistol with Sarabjot Singh, marking India’s first-ever medal in a shooting team event. Bhaker also became the first markswoman to win two Olympic medals in a single edition.  Sarabjot Singh:  Bronze in Mixed 10m Air Pistol with Manu Bhaker.  Swapnil Kusale:  Bronze in Men’s 50m Rifle Three Positions, India’s first-ever Olympic medal in this category.  Indian Shooting Medals History:  Rajyavardhan Singh Rathore: Silver in Men’s Double Trap, Athens 2004. For any feedback and query, kindly mail at [email protected]  Abhinav Bindra: Gold in Men’s 10m Air Rifle, Beijing 2008.  Gagan Narang: Bronze in Men’s 10m Air Rifle, London 2012.  Vijay Kumar: Silver in Men’s 25m Rapid Fire Pistol, London 2012.  Significant Results for Indian Athletes:  Table Tennis: Manika Batra became the first Indian to reach the pre-quarterfinals.  Archery: Dhiraj Bommadevara and Ankita Bhakat finished fourth in mixed team archery.  Shooting:  Arjun Babuta finished fourth in Men’s 10m Air Rifle.  Manu Bhaker finished fourth in Women’s 25m Pistol.  Maheshwari Chauhan and Anantjeet Singh Naruka finished fourth in Skeet Mixed Team.  Badminton: Lakshya Sen finished fourth in Men’s Singles, becoming the first Indian male shuttler to reach the semi-finals.  Weightlifting: Mirabai Chanu finished fourth in the Women’s 49kg event, having previously won silver at Tokyo 2020. For any feedback and query, kindly mail at [email protected]  Notable Olympic Achievements:  Novak Djokovic: Won gold in Men’s Singles Tennis, completing the "Golden Slam" and becoming the 5th player to achieve this.  Cindy Winner Ngamba: Won the first-ever Olympic medal for the Refugee Olympic Team, a bronze in Women’s Boxing 75kg.  Simone Biles: Won 3 golds and 1 silver, increasing her career total to 7 golds and 11 medals overall.  Katie Ledecky: Won her 9th Olympic gold medal, equaling the all-time women’s record. Total Olympic medal count is 14.  Léon Marchand: Broke 4 Olympic records and won 4 gold medals in swimming.  Pan Zhanle: Set a new world record in the Men’s 100m Freestyle.  Bobby Finke: Set a world record in the Men’s 1500m Freestyle.  USA Mixed 4x400m Relay Team: Set a new world record with a time of 3:07.41.  Special Recognition:  Filippo Grandi: United Nations High Commissioner for Refugees received the Olympic Laurel, becoming the third recipient of this honor. For any feedback and query, kindly mail at [email protected]  5. National ESI & Finance Current Affairs 5.1 MSDE Expands Model Skill Loan Scheme; Raises Loan Limit To Rs 7.5 lakh  Launch of Enhanced Model Skill Loan Scheme  Introduction:  Union Minister of State (MoS) Jayant Chaudhary (Independent Charge/IC), Ministry of State for Skill Development and Entrepreneurship (MSDE), launched an enhanced ‘Model Skill Loan Scheme.’  Key Changes:  Increased Loan Limit:  The maximum loan limit has been increased to Rs 7.5 lakh from the previous Rs 1.5 lakh.  Announcement:  The revised scheme was announced in the Union Budget 2024-2025.  Beneficiaries:  Aims to benefit 25,000 students annually. For any feedback and query, kindly mail at [email protected]  Aim:  To bridge the financial gap for ambitious candidates seeking skill training by providing necessary financial support.  Eligibility:  Eligible Lenders:  Includes Non-Banking Financial Companies (NBFCs), NBFC-Micro-Finance Institutions (MFIs), and Small Finance Banks (SFBs) in addition to private, public, and foreign banks.  Guarantee Against Default:  Loans will be backed by a guarantee against default up to 75% of the loan disbursed.  Background:  Previous Scheme:  Builds upon the Credit Guarantee Fund Scheme for Skill Development (CGFSSD), launched in 2015.  Challenges Faced: For any feedback and query, kindly mail at [email protected]   The previous scheme faced challenges due to high course fees and inadequate fund utilization.  As of March 2024, loans of Rs 115.75 crore had been given to 10,077 borrowers, highlighting the need for improvement.  Objective:  To ensure that candidates have access to financial resources necessary to pursue skill development courses and enhance their employability. 5.2 RBI’s Digital Payments Index increases 12.6% Y-o-Y in March 2024  RBI’s Digital Payments Index (RBI-DPI) Update  Current Index Value:  RBI-DPI increased to 445.5 at the end of March 2024.  This marks a 12.6% Year-on-Year (Y-o-Y) increase compared to March 2023.  Previous values:  418.77 in September 2023.  395.57 in March 2023.  Purpose of RBI-DPI: For any feedback and query, kindly mail at [email protected]  Measures the adoption and extent of online transactions across India.  Indicates a continuous rise in digital payment adoption.  About RBI-DPI  Introduction:  Introduced by RBI in January 2021.  Base year for the index is March 2018.  Index Parameters:  Payment Enablers: 25% weight.  Payment Infrastructure Demand-side factors: 10% weight.  Payment Infrastructure Supply-side factors: 15% weight.  Payment Performance: 45% weight.  Consumer Centricity: 5% weight.  Drivers of Growth:  Significant advancements in payment performance.  Improvements in payment infrastructure across India.  Explanation and Context For any feedback and query, kindly mail at [email protected]  Current Value Increase:  The increase to 445.5 shows enhanced digital payment activities and acceptance across India.  Parameters and Their Impact:  Payment Enablers: Reflects the supportive measures and policies encouraging digital payments.  Payment Infrastructure Demand-side factors: Measures consumer access and demand for digital payment solutions.  Payment Infrastructure Supply-side factors: Indicates the availability and quality of payment infrastructure provided by the industry.  Payment Performance: Evaluates the efficiency and volume of digital payment transactions.  Consumer Centricity: Assesses consumer satisfaction and trust in digital payment systems.  Overall Implication:  The rising index value demonstrates the effectiveness of RBI’s efforts to promote For any feedback and query, kindly mail at [email protected]  digital payments, enhance infrastructure, and improve user experience. 5.3 Union Minister Dharmendra Pradhan Launches NATS 2.0 Portal; Disburses Rs 100 crore Stipend  Launch of National Apprenticeship and Training Scheme (NATS) 2.0 Portal:  Event Overview:  Launched by: Union Minister Dharmendra Pradhan, Ministry of Education (MoE)  Location: New Delhi, Delhi  Key Initiative: Stipends of Rs 100 crore disbursed to young graduates and diploma holders through Direct Benefit Transfer (DBT) mode.  Training and Sectors:  On-the-Job Training Sectors:  Information Technology/Information Technology Enabled Services (IT/ITes)  Manufacturing  Automobile Industries  About NATS 2.0 Portal:  Development: Developed in-house by the MoE with support from the All India For any feedback and query, kindly mail at [email protected]  Council for Technical Education (AICTE) and Board of Apprenticeship Training / Practical Training (BOAT/BOPT).  Features:  One-stop solution for managing apprenticeship lifecycle activities.  Activities include student registration, vacancy advertisement, student applications, contract creation, certification, reporting, and stipend disbursement using DBT.  Purpose:  Democratizes apprenticeship opportunities.  Bridges skill gaps.  Fulfills the aspirations of youth.  Prepares youth for future careers and provides employment.  Industry Utilization:  Platform Use: Industries use the platform to manage contracts and vacancies.  Top Industries Recognized:  Cognizant Technology Solutions Private Limited For any feedback and query, kindly mail at [email protected]   Infosys Limited  Tech Mahindra Private Limited  Functionality and Usage:  Current Status: Portal is fully functional.  MoE's Role: Uses the portal to carry out the end-to-end DBT process.  Key Points:  DBT Stipend Payment:  Initiative: Government of India (GoI) initiated payment of its share of the stipend directly to apprentice’s bank accounts through DBT in 2024.  Objective: Ensure stipendiary benefits of NATS are delivered to intended apprentices in a timely, efficient, and transparent manner.  Alignment with NEP 2020:  Guidelines Issued: University Grants Commission (UGC) and AICTE issued draft guidelines for Apprenticeship Embedded Degree Programmes (AEDPs). 5.4 MoHFW issues SOPs for Transporting Human Organs through Various Modes of Travel For any feedback and query, kindly mail at [email protected]  Ministry of Health and Family Welfare (MoHFW) Introduces SOPs for Human Organ Transportation  Introduction of SOPs:  The Ministry of Health and Family Welfare (MoHFW) has introduced Standard Operating Procedures (SOPs) for the transportation of human organs via air, road, rail, and waterways.  Aim:  The primary goal is to expedite the transport of live organs between hospitals or cities, ensuring timely delivery due to the organ’s limited shelf life and the need to coordinate multiple agencies effectively.  Background  Collaborative Development:  The SOPs were developed in collaboration with the National Institution for Transforming India (NITI) Aayog and consultations with several ministries, including:  Ministry of Civil Aviation (MoCA) For any feedback and query, kindly mail at [email protected]  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)  Ministry of Defence (MoD)  India’s Global Ranking:  India ranks 3rd globally in organ transplants and 2nd in corneal transplants.  In 2023, India recorded over 1,000 deceased organ donations for the first time, with annual transplants increasing from 4,990 in 2013 to 17,168 in 2023.  Key Points of the SOPs  Guidelines for Transporting Organs:  The SOPs provide comprehensive guidelines for transporting organs when donors and recipients are in different locations.  They include priority measures for air travel, such as special arrangements for medical personnel and “green corridors” for ambulances. For any feedback and query, kindly mail at [email protected]   Air Travel Provisions:  Airlines can request priority take-off and landing to expedite organ transportation.  Assistance will be provided for the organ’s transport from the aircraft to the ambulance.  Road and Metro Transport:  Green corridors will be established for road and metro transport to ensure unobstructed passage and quick delivery.  Designated nodal officers will handle coordination and security during transport.  Shipping and Handling:  The SOPs cover all modes of transport, including metro transit and shipping.  The organ box must be kept upright and vertical at a 90-degree angle during transport.  A "handle with care" label must be attached to the organ box to ensure proper handling. 5.5 QCI Introduces QCI Surajya Recognition & Ranking Framework to Drive For any feedback and query, kindly mail at [email protected]  Excellence in Key Sectors  Introduction of QCI Surajya Recognition & Ranking Framework  Overview of the Framework:  Purpose:  The Quality Council of India (QCI), an autonomous body under the Ministry of Commerce and Industry (MoC&I), has introduced the QCI Surajya Recognition & Ranking Framework.  The framework is designed to drive excellence among states to improve citizens’ quality of life, aligned with the vision of Viksit Bharat (Developed India) by 2047.  Pillars of the Framework:  The framework is categorized under four pillars:  Shiksha (Education)  Swasthya (Health)  Samriddhi (Prosperity)  Sushasan (Governance)  Objective: For any feedback and query, kindly mail at [email protected]  Promoting High Standards:  The framework aims to promote high standards, best practices, and continuous improvement across key sectors in India.  It encourages states to achieve and maintain the highest standards of excellence, contributing to the overall development of the nation.  Surajya Recognition:  Acknowledgement of Excellence:  The Surajya Recognition acknowledges the outstanding performance and commitment to quality by states and organizations in the four vital areas of Shiksha, Swasthya, Samriddhi, and Sushasan.  Future Vision:  This initiative aligns with the Government of India’s vision of making India a developed nation by 2047, which will be the 100th year of independence.  August 2024 Rankings:  Benchmark for National Excellence:  The QCI Surajya Recognition & Ranking Framework, starting with the August 2024 For any feedback and query, kindly mail at [email protected]  rankings, sets a new benchmark for national excellence.  It recognizes and rewards states and organizations excelling in quality and innovation.  Ranking Methodology:  The rankings incorporate both monthly and cumulative figures across various initiatives to ensure a comprehensive and balanced evaluation.  Ranking Categories Covered:  Shiksha:  Highest number of Accreditations, Assessments, and Ratings.  Top Performers:  State: Uttar Pradesh (UP)  Union Territory: New Delhi  Swasthya:  Complete Certification in the Ayushman Arogya Yojana (National Accreditation Board for Hospitals & Healthcare Providers - NABH).  Top Performers: For any feedback and query, kindly mail at [email protected]  States: Chhattisgarh, Karnataka, Kerala, Rajasthan, Mizoram, and Manipur  Union Territories:  1st: Chandigarh with 100% certification  2nd: Jammu & Kashmir (J&K) with 71.43% certification  Medical Entry Level Testing Labs (MELT) Rankings:  (National Accreditation Board for Testing and Calibration Laboratories - NABL).  Top Performers:  States: Tamil Nadu (TN) and Maharashtra  Union Territories:  1st: New Delhi  2nd: Jammu & Kashmir (J&K)  Samriddhi:  Highest number of Zero Defect and Zero Effect (ZED) Certifications (Micro category).  Top Performers:  States: Gujarat, Karnataka, and Rajasthan For any feedback and query, kindly mail at [email protected]   Union Territories: Jammu & Kashmir (J&K) and New Delhi  MSME Competitive LEAN Scheme (MCLS):  (Micro, Small, and Medium Enterprises - Lean Manufacturing or Lean Production).  Top Performers:  States: Maharashtra and Bihar  Future Inclusion:  The Sushasan (Governance) category will be included in future editions of the rankings, further enhancing the comprehensive evaluation of state performances. 5.6 DAY-NRLM Launches Million Designers, Billion Dreams with LEAP Launch of ‘Million Designers, Billion Dreams’ Initiative Introduction to the Initiative: Launch by DAY-NRLM: The Deendayal Antyodaya Yojana–National Rural Livelihoods Mission (DAY-NRLM) launched the ‘Million Designers, Billion Dreams’ initiative in collaboration with Leap Designs.  The initiative aims to empower individuals across India with systems design For any feedback and query, kindly mail at [email protected]  expertise to address complex societal challenges.  Target Audience:  Focus on Rural Leaders:  The initiative targets rural leaders, frontline change agents, and village entrepreneurs.  These groups will be equipped with systems design skills to better tackle challenges within their communities.  Program Goals:  Skill Enhancement:  The program aims to enhance participants’ proficiency in design frameworks.  It promotes collaboration among various stakeholders, fostering confidence and a sense of agency among participants.  This is expected to drive innovation and solve complex challenges in rural areas.  Expected Outcomes:  Broad Impact:  The initiative expects to increase the number of individuals with systems design For any feedback and query, kindly mail at [email protected]  know-how.  It aims to drive innovation across sectors, contributing to India’s positioning as a global leader in design and innovation.  Additionally, the program is expected to support sustainable development across India.  Background of LEAP:  Origins of LEAP:  LEAP Designs emerged from the multidisciplinary work of the Design Laboratory at Harvard T.H. Chan School of Public Health (D-Lab) and the Transform Rural India Foundation (TRIF).  The initiative received seed investment from the Bill and Melinda Gates Foundation (BMGF), enabling its collaboration with DAY-NRLM.  Significance:  Empowerment and Innovation:  The initiative represents a significant step towards empowering rural communities in India. For any feedback and query, kindly mail at [email protected]   By providing design skills, it seeks to foster local solutions to complex problems, driving sustainable development and innovation throughout the country. 5.7 IIT Indore and DRDO Developed Energy-Harvesting, GPS Tracking Shoes  Energy-Harvesting Shoes with GPS Tracking Developed by IIT Indore and DRDO  Partnership and Development:  Collaborators: The Indian Institute of Technology (IIT) Indore, located in Madhya Pradesh (MP), has developed energy-harvesting shoes in partnership with the Defence Research and Development Organisation (DRDO) under the Ministry of Defence (MoD).  Purpose: These shoes are specifically designed for soldiers and integrate technology to both generate electricity and track the real-time location of the wearer.  Initial Supply: The first batch of 10 pairs of these innovative shoes has already been supplied to DRDO units by IIT Indore.  Key Features:  Technology and Design: For any feedback and query, kindly mail at [email protected]   Guidance: Developed under the guidance of Professor IA Palani from IIT Indore.  TENG Technology: Utilizes Tribo-Electric Nanogenerator (TENG) technology, which generates electricity with each step taken. The generated electricity is stored in a device fixed in the soles of the shoes and can power small appliances.  GPS and RFID Integration: Equipped with Global Positioning System (GPS) and Radio Frequency Identification (RFID) technologies for real-time location tracking.  Benefits:  Monitoring and Tracking:  Alzheimer’s Patients and Children: TENG technology can aid in monitoring the location of senior citizens with Alzheimer’s, school children, and climbers.  Attendance and Work Tracking: Useful for tracking attendance and monitoring work in factory settings.  Sports Performance: Helps sports persons analyze their movements and improve their performance. 5.8 Indian Gold Sector Established 1st Self-Regulatory Body to Boost Consumer Trust For any feedback and query, kindly mail at [email protected]  Establishment of Indian Association for Gold Excellence and Standards (IAGES)  Overview:  Formation: The Indian Gold sector, supported by the World Gold Council (WGC), has established the first self-regulatory body named the Indian Association for Gold Excellence and Standards (IAGES).  Purpose: To enhance consumer trust by promoting fair, transparent, and sustainable practices in the gold industry.  Scope of IAGES:  Coverage: IAGES will encompass the entire value chain of the gold industry, including:  Bullion trade  Refinery  Trading  Manufacturing  Retailing  Digital platforms For any feedback and query, kindly mail at [email protected]  Key Points:  Industry Bodies Involved:  Existing associations such as the Indian Bullion and Jewellers Association (IBJA), All India Gems and Jewellery Council of India (GJC), and the Gem and Jewellery Export Promotion Council (GJEPC) will be part of IAGES.  Accreditation and Logo:  IAGES Logo: The association will issue an IAGES logo to members who pass a strict audit.  Significance: Displaying the logo indicates adherence to high standards of business integrity and processes.  Promotion and Support:  World Gold Council (WGC) Role: WGC will promote IAGES among retail consumers and provide financial support for its campaign.  Additional Notes:  Gold Demand Trends:  Recent Decrease: Gold demand in India decreased by 5% in the June quarter of For any feedback and query, kindly mail at [email protected]  2024 compared to the previous year.  Future Outlook: Consumption is expected to improve in the second half of 2024 due to a correction in local prices following a reduction in import taxes.  India’s Position:  Global Ranking: India is the second-largest gold consumer in the world, following China. 5.9 GoI Relaxed Long Term Capital Gains Rules for Property Owners  Relaxed Long Term Capital Gains (LTCG) Rules on Real Estate  New Tax Rate Options:  Choice of Rates:  Property owners can now choose between two tax rates for properties purchased before July 23, 2024.  20% Rate with Indexation Benefits: Allows adjustment for inflation.  12.5% Rate without Indexation: No adjustment for inflation.  Explanation of Indexation:  Indexation Method: For any feedback and query, kindly mail at [email protected]  Adjusts capital gains by accounting for inflation during the ownership period.  Uses the Cost Price Index (CPI) to adjust the property’s purchase price.  Background Information:  July 2024 Proposal:  Union Minister Nirmala Sitharaman proposed reducing LTCG tax from 20% to 12.5% in the Union Budget for FY25.  The benefit of indexation was removed in this proposal.  Definition of Long-Term Assets:  Real estate assets are considered long-term if held for a minimum of 24 months (2 years).  Eligibility and Exclusions:  Eligible Taxpayers:  Individuals and Hindu Undivided Families (HUFs) who acquired property before July 23, 2024.  Exclusions:  Non-Resident Indians (NRIs), companies, and Limited Liability Partnerships (LLPs) For any feedback and query, kindly mail at [email protected]  are not eligible.  Types of Properties:  The new rules apply to both residential and commercial properties.  Tax Rate Options:  12.5% Rate Without Indexation:  Taxpayers choosing this rate will pay 12.5% on capital gains without adjusting for inflation.  20% Rate With Indexation:  Taxpayers choosing this rate will pay 20% on capital gains but can adjust the purchase price for inflation using the Cost Inflation Index (CII) provided by the Central Board of Direct Taxes (CBDT).  Choice of Indexation Benefit:  Availability:  Indexation benefit is available only for long-term capital gains from immovable assets acquired before July 23, 2024. For any feedback and query, kindly mail at [email protected]  6. State ESI & Finance Current Affairs 6.1 AP Govt Renames 6 Student Welfare Schemes after Prominent Educational Pioneers  Renaming of Andhra Pradesh Student Welfare Schemes  The Education Department of Andhra Pradesh (AP) Government has renamed six student welfare schemes, previously named after former Chief Minister Yeduguri Sandinti (YS) Jagan Mohan Reddy. The schemes now bear the names of eminent personalities in education, reflecting significant contributions to the field.  Renamed Schemes:  Talliki Vandanam:  Former Name: Jagananna Amma Vodi  Description: Offers financial aid to mothers for their children’s education.  Launch Year: 2020  Details: Deposits Rs 15,000 in the bank account of the student’s mother to encourage parents to send their children to school. For any feedback and query, kindly mail at [email protected]  Sarvepalli Radhakrishnan Vidya Mitra:  Former Name: Jagananna Vidya Kanuka  Description: Provides education kits including school bags and books.  Launch Year: 2021  Details: Aims to improve the learning outcomes of students from government schools of Class I to X by providing them with a kit.  Dokka Seethamma Madhyahana Badi Bojanam:  Former Name: Jagananna Gorumudda  Description: Mid-day meal scheme for public school students.  Launch Year: 2020  Details: Improves the nutrition of students by providing quality nutritious food, modifying the menu of the mid-day meal scheme.  Mana Badi-Mana Bhavishyaktu:  Former Name: Mana Badi Nadu Nedu  Description: Focuses on school renovation.  Launch Year: 2019 For any feedback and query, kindly mail at [email protected]  Details: Aims to improve learning outcomes and decrease the dropout rate in all schools.  Balika Raksha:  Former Name: Sweccha  Description: Provides free sanitary napkins for female students.  Launch Year: 2021  Details: Ensures the availability of free sanitary napkins to adolescent girls studying in government educational institutions.  Abdul Kalam Prathiba Puraskaram:  Former Name: Jagananna Animutyalu  Description: Provides financial rewards to government school students who topped examinations.  Details:  State-Level Rewards:  Rs 1 lakh for the state-level topper in the SSC examination.  Rs 75,000 for the second topper. For any feedback and query, kindly mail at [email protected]   Rs 50,000 for the third topper.  District-Level Rewards:  Rs 50,000 for the first ranker.  Rs 30,000 for the second ranker.  Rs 15,000 for the third ranker.  Additional Rewards:  Rs 1 lakh for 26 students who are state-level group-wise toppers.  Rs 15,000 each for 662 students who are branch-wise toppers at the constituency level. 6.2 Jharkhand CM Hemant Soren Launches ‘Upasthiti Portal’ To Ensure Healthcare Attendance  Launch of 'Upasthiti' Attendance Portal in Jharkhand:  Purpose of the Portal:  Objective:  The 'Upasthiti' Portal was launched to ensure the daily attendance of doctors, para-medical staff, and other employees working under the health department in For any feedback and query, kindly mail at [email protected]  Jharkhand.  Features and Functionality:  Biometric Attendance:  The portal will facilitate the cross-verification of biometric attendance for health department staff, ensuring accuracy and accountability.  Key Figures:  Launch by Chief Minister:  The portal was launched by Hemant Soren, the Chief Minister (CM) of Jharkhand, as part of efforts to improve efficiency within the health department. 6.3 Home Minister Amit Shah Inaugurated 24×7 Water Supply Project at Manimajra, Chandigarh  24×7 Water Supply Project at Manimajra, Chandigarh  Inauguration:  Event: Union Minister Amit Shah, from the Ministry of Home Affairs (MoHA), inaugurated the 24×7 Water Supply Project at Manimajra, Chandigarh.  Dignitaries Present: Gulab Chand Kataria, Governor of Punjab and Administrator For any feedback and query, kindly mail at [email protected]  of Chandigarh, attended the inauguration.  Project Costs:  Completion Cost: Approximately Rs 75 crore.  Maintenance Budget: Rs 85 crore allocated for maintenance over 15 years.  Project Objectives:  Goals: To enhance water quality, reliability, and effective supply-demand management.  Key Features:  Pipeline Infrastructure:  Length: 22 kilometers of water supply pipeline installed.  Coverage: Serves an area of 855 acres.  Beneficiaries: Over 1 lakh residents in Manimajra will benefit from this project.  Water Storage and Supply:  Underground Reservoirs: Two large underground water reservoirs established, each with a capacity of 2 Million Gallons per Day (MGPD).  24-Hour Availability: Designed to ensure continuous water availability. For any feedback and query, kindly mail at [email protected]   Smart Technologies:  Smart Meters: Installed for early detection of water leaks. Consumers will no longer bear the cost of leakage.  Variable Frequency Drive (VFD) Pump: Installed to maintain consistent water pressure.  This project is part of the Smart City Mission (SCM) and aims to significantly improve water supply infrastructure and management in Manimajra. 6.4 Gujarat CM Inaugurates IACC’s First MSME Centre of Excellence in India Inauguration of IACC-MSME Centre of Excellence (CoE) Event Details: Bhupendra Patel, Chief Minister of Gujarat, inaugurated the Indo-American Chamber of Commerce (IACC)’s first “IACC-MSME Centre of Excellence (CoE)” at the KCG auditorium, i-HUB campus in Ahmedabad, Gujarat.  The centre aims to upgrade and strengthen Micro, Small, and Medium Enterprises (MSMEs) to align them with global export markets.  About IACC-MSME CoE: For any feedback and query, kindly mail at [email protected]   Industrial Relations:  The centre will enhance industrial relations between India and the United States of America (USA).  Objectives:  It is designed to equip MSMEs with essential skills and knowledge to navigate global markets and improve their export capabilities.  Strategic Importance:  This initiative is part of the IACC’s strategy to strengthen economic relations between India and the USA by addressing challenges faced by Indian MSMEs and facilitating their access to the American market. 6.5 Assam CM Himanta Sarma Launches Mukhya Mantrir Nijut Moina Asoni Scheme to Fight against Child Marriage  Mukhya Mantrir Nijut Moina Asoni (MMNMA) Scheme Launch  Event Details:  Assam Chief Minister Himanta Biswa Sarma launched the Mukhya Mantrir Nijut Moina Asoni (MMNMA) scheme at Lok Sewa Bhawan in Guwahati, Assam. For any feedback and query, kindly mail at [email protected]  The scheme is aimed at combating child marriage in Assam by 2026.  Financial Overview:  The scheme is expected to cost around Rs. 300 crore in the first year and Rs. 1500 crore over 5 years.  Support Details:  10 lakh (one million) girls will receive financial grants as admission incentives to pursue higher education.  Objective of MMNMA:  The scheme is designed to increase girls' enrollment in Government and Venture Educational Institutions (VEIs) for Higher Secondary (HS) 1st year, Graduation (1st year), and Post Graduation (PG) 1st year.  It does not apply to Private Education Institutions (PEIs).  It complements the existing “Free Admission” scheme of the government.  Benefits:  Eligibility:  Girls from all economic backgrounds are eligible for this scheme. For any feedback and query, kindly mail at [email protected]  Financial Incentives:  Class 11th: Eligible students will receive Rs. 1000 per month until they complete their Class 12 board exams.  Graduation (1st year): Eligible students will receive Rs. 1250 per month for the duration of their graduation (3-4 years).  Post Graduation (1st year) or B.Ed.: Eligible students will receive Rs. 2500 per month until they complete their courses.  Payment:  The amount will be transferred to the students' bank accounts on the 11th of every month.  Impact:  The scheme aims to protect children's rights to education, health, and protection, delay early marriage, and reduce teenage motherhood.  Eligibility Criteria:  Open to all girls who are legal residents of Assam.  Married girls (except those in PG and B.Ed. programs) and in-service B.Ed. For any feedback and query, kindly mail at [email protected]  candidates are not eligible.  Daughters of Ministers, Members of Parliament (MPs), and Members of the Legislative Assembly (MLAs) are not eligible.  Girls who receive scooters under the Banikanta Kakati Award (Pragyan Bharati Scheme) by the Assam Government are also ineligible. For any feedback and query, kindly mail at [email protected]  7. Bank & Insurance Current Affairs 7.1 LIC launched 4 Term Insurance Products for Youth  LIC Launches Four New Insurance Products for Youth  Overview of LIC’s Yuva Term/Digi Term:  Product Introduction:  LIC has introduced two new term insurance products: LIC’s Yuva Term, available offline, and LIC’s Digi Term, available online.  Availability:  Yuva Term can be purchased offline through licensed agents, corporate agents,